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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 20, 2025
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AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)
American Homes 4 Rent Maryland 001-36013 46-1229660
American Homes 4 Rent, L.P. Delaware 333-221878-02 80-0860173
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
280 Pilot Road
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
(805) 413-5300
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbols Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value AMH New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value AMH-G New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value AMH-H New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition

On February 20, 2025, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024, together with a Fourth Quarter 2024 Earnings Release and Supplemental Information Package. A copy of the press release and the Fourth Quarter 2024 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated February 20, 2025 concerning financial results, including financial tables

Exhibit 99.2—Fourth Quarter 2024 Earnings Release and Supplemental Information Package

Exhibit 104—Cover Page Interactive Data File (embedded within the inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: February 20, 2025
AMERICAN HOMES 4 RENT
By: /s/ Sara Vogt-Lowell
Sara Vogt-Lowell
Chief Administrative Officer, Chief Legal Officer and Secretary

AMERICAN HOMES 4 RENT, L.P.
By:
American Homes 4 Rent, its General Partner
By: /s/ Sara Vogt-Lowell
Sara Vogt-Lowell
Chief Administrative Officer, Chief Legal Officer and Secretary


EX-99.1 2 amh1231248kexhibit991.htm EX-99.1 Document
Exhibit 99.1
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News Release
AMH Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
15% Increase in Quarterly Distribution
LAS VEGAS, Feb. 20, 2025—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter and full year ended December 31, 2024.
Highlights
•Rents and other single-family property revenues increased 6.8% year-over-year to $436.6 million for the fourth quarter of 2024.
•Net income attributable to common shareholders totaled $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024, compared to $76.6 million, or $0.21 per diluted share, for the fourth quarter of 2023.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 5.7% year-over-year to $0.45 per FFO share and unit for the fourth quarter of 2024 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 5.9% year-over-year to $0.41 per FFO share and unit for the fourth quarter of 2024.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2024.
•Achieved Same-Home Average Occupied Days Percentage of 95.4% and new, renewal and blended rate growth of 0.2%, 4.9% and 3.3%, respectively. The Company executed on its previously communicated end of year strategy to optimize revenue by strengthening occupancy in advance of spring leasing season. For October, November and December, Same-Home Average Occupied Days Percentage was 95.2%, 95.4%, and 95.6%, respectively, and new lease spreads were 2.0%, -0.9%, and 0.0%, respectively, reflecting positive trajectory heading into 2025.
•Delivered a total of 463 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2024.
•Issued $500.0 million of 5.250% unsecured senior notes due 2035 during the fourth quarter of 2024 with an effective interest rate of 5.08% after reflecting the beneficial impact of treasury rate locks, raising net proceeds of $494.2 million.
•Raised common share dividend by 15% to $0.30 in the first quarter of 2025.
“AMH had a solid finish to 2024 with strong leasing momentum that drove positive occupancy absorption in both November and December, resulting in full year Core FFO per share growth of 6.6%,” said Bryan Smith, AMH’s Chief Executive Officer. “As we look ahead to 2025 and beyond, we believe that our best-in-class operating platform and responsible approach to growth will position us to remain at the forefront of the residential industry and to deliver stable and consistent results and returns for years to come.”
Fourth Quarter 2024 Financial Results
Net income attributable to common shareholders totaled $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024, compared to $76.6 million, or $0.21 per diluted share, for the fourth quarter of 2023. The increase was primarily due to higher net gains on property sales.
Rents and other single-family property revenues increased 6.8% to $436.6 million for the fourth quarter of 2024, compared to $408.7 million for the fourth quarter of 2023. Revenue growth was primarily driven by higher rental rates.
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Core NOI from our total portfolio increased 8.5% to $255.6 million for the fourth quarter of 2024, compared to $235.6 million for the fourth quarter of 2023. This growth was driven by a 7.6% increase in core revenues resulting primarily from higher rental rates, partially offset by a 5.9% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 4.0% to $334.7 million for the fourth quarter of 2024, compared to $321.9 million for the fourth quarter of 2023, which was driven by a 4.7% increase in Average Monthly Realized Rent per property, partially offset by a 70 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.8% to $113.6 million for the fourth quarter of 2024, compared to $108.5 million for the fourth quarter of 2023, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net, property management expenses, net and property tax expense, which was lower than previously anticipated. As a result, Core NOI from Same-Home properties increased 3.6% to $221.0 million for the fourth quarter of 2024, compared to $213.4 million for the fourth quarter of 2023.
Core FFO attributable to common share and unit holders was $191.7 million, or $0.45 per FFO share and unit, for the fourth quarter of 2024, compared to $178.6 million, or $0.43 per FFO share and unit, for the fourth quarter of 2023. Adjusted FFO attributable to common share and unit holders was $172.9 million, or $0.41 per FFO share and unit, for the fourth quarter of 2024, compared to $160.8 million, or $0.39 per FFO share and unit, for the fourth quarter of 2023. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Full Year 2024 Financial Results
Net income attributable to common shareholders totaled $398.5 million, or $1.08 per diluted share, for the year ended December 31, 2024, compared to $366.2 million, or $1.01 per diluted share, for the year ended December 31, 2023. The increase was primarily due to growth in rents and other single-family property revenues exceeding increases in total expenses, higher net gains on property sales and an increase in other income and expense, net, partially offset by a $6.3 million loss on early extinguishment of debt for the year ended December 31, 2024.
Rents and other single-family property revenues increased 6.5% to $1.73 billion for the year ended December 31, 2024, compared to $1.62 billion for the year ended December 31, 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 8.1% to $978.3 million for the year ended December 31, 2024, compared to $904.8 million for the year ended December 31, 2023. This growth was driven by a 7.0% increase in core revenues resulting primarily from higher rental rates, partially offset by a 5.1% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 5.0% to $1.33 billion for the year ended December 31, 2024, compared to $1.27 billion for the year ended December 31, 2023, which was driven by a 5.3% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $457.9 million for the year ended December 31, 2024, compared to $438.9 million for the year ended December 31, 2023, primarily driven by an annual increase in property tax expense. As a result, Core NOI from Same-Home properties increased 5.3% to $870.4 million for the year ended December 31, 2024, compared to $826.2 million for the year ended December 31, 2023.
Core FFO attributable to common share and unit holders was $743.6 million, or $1.77 per FFO share and unit, for the year ended December 31, 2024, compared to $688.5 million, or $1.66 per FFO share and unit, for the year ended December 31, 2023. Adjusted FFO attributable to common share and unit holders was $663.3 million, or $1.58 per FFO share and unit, for the year ended December 31, 2024, compared to $609.3 million, or $1.47 per FFO share and unit, for the year ended December 31, 2023. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
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Portfolio
Average Occupied Days Percentage was 94.2% for the fourth quarter of 2024, compared to 95.1% for the third quarter of 2024.
Investments
As of December 31, 2024, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,531 homes, compared to 58,899 homes as of September 30, 2024, an increase of 1,632 homes during the fourth quarter of 2024, which included 1,673 homes acquired through a bulk portfolio acquisition, 339 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 6 homes acquired through our traditional acquisition channel, partially offset by 386 homes identified for sale. During the fourth quarter of 2024, we also developed an additional 124 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 463 total home deliveries through our AMH Development Program. As of December 31, 2024, the Company had 805 properties held for sale and 3,376 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the fourth quarter of 2024, the Company issued and physically settled 2,987,024 Class A common shares under its At-the-Market Program that were previously sold under forward sale agreements during the first quarter of 2024, receiving net proceeds of $109.8 million after commissions and other expenses of $0.8 million.
During the fourth quarter 2024, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $500.0 million of 5.250% unsecured senior notes with a maturity date of March 15, 2035 (the “2035 Notes”), which have been effectively hedged at 5.08% through the use of treasury locks. Interest on the 2035 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2025. The Operating Partnership received aggregate net proceeds of $494.2 million from this offering, after underwriting fees of approximately $3.2 million and a $2.6 million discount, and before offering costs of $1.1 million.
As of December 31, 2024, the Company had cash and cash equivalents of $199.4 million and total outstanding debt of $5.1 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.4% and a weighted-average term to maturity of 12.0 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility at the end of the year. During the fourth quarter of 2024, the Company generated $63.0 million of Retained Cash Flow and sold 587 properties generating $179.9 million of net proceeds. Additionally, the Company’s AMH 2015-SFR1 and AMH 2015-SFR2 securitizations, which had a total balance of $925.4 million as of December 31, 2024, have anticipated repayment dates in 2025. In February 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025, which had a balance of $494.9 million as of December 31, 2024.
Hurricanes Update
During the third and fourth quarters of 2024, Hurricanes Beryl, Debby, Helene and Milton impacted certain properties in our Texas, Florida, Georgia and Carolinas markets. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits.
During the fourth quarter of 2024, the Company recognized a $5.0 million hurricane-related charge primarily related to actual and estimated accruals, net of related insurance claims. The Company previously recognized a $3.9 million hurricane-related charge in the third quarter of 2024 related to actual and estimated accruals for repairs during that time period. These charges have been excluded from Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and our total and Same-Home Core NOI results.
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Sustainability Update
In the first quarter of 2025, the Company published its Green Bond Allocation Report describing the allocation of its January 2024 green bond proceeds and related environmental impact metrics. As of December 31, 2024, 83% of the $595.5 million net proceeds from our green bond issuance have been allocated to projects which meet the eligibility criteria described in the prospectus supplement related to the offering. The full report can be downloaded on the Company’s website at www.amh.com, under “Investor relations.”
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Core FFO attributable to common share and unit holders $1.80 - $1.86
Core FFO attributable to common share and unit holders growth 1.7% - 5.1%
Same-Home
Core revenues growth 2.50% - 4.50%
Core property operating expenses growth 3.00% - 5.00%
Core NOI growth 2.25% - 4.25%
Full Year 2025
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries  1,800 - 2,000 $700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex — $100 - $200 million
Total capital investment (wholly owned and pro rata JV)  1,800 - 2,000 $0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)  2,200 - 2,400 $1.0 - $1.2 billion
Full Year 2025 Guidance Commentary
Operating Outlook:
•Same-Home core revenues growth reflects (1) Average Occupied Days Percentage in the low 96% area consistent with 2024, (2) Average Monthly Realized Rent growth in the high 3.0% area, and (3) bad debt expense in the low 1% area as a percentage of rents for the full year.
•Same-Home core property operating expenses growth reflects (1) expectation for moderating 2025 property tax growth between 3.50% and 5.50% and (2) 2.50% to 4.50% growth in all other core property operating expenses, excluding property taxes.
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Capital Plan:
•In addition to the Company’s $0.8 - $1.0 billion total wholly-owned and pro rata JV capital investment program, the Company’s AMH 2015-SFR1 and AMH 2015-SFR2 securitizations, which had a total outstanding balance of $925.4 million and weighted average in-place interest rate of 4.24% as of December 31, 2024, have anticipated repayment dates in 2025.
•In February 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025 and plans to pay off the AMH 2015-SFR2 securitization over the course of 2025 based on capital markets conditions.
•The Company expects to fund its 2025 capital plan through a combination of Retained Cash Flow, approximately $400 - $500 million of recycled capital from dispositions, as well as debt capital, including partial proceeds from the December 2024 unsecured bond issuance. As of December 31, 2024, the Company’s $1.25 billion revolving credit facility remained fully undrawn.
Reconciliation of Core FFO attributable to common share and unit holders from 2024 to 2025 Guidance Midpoint
Per FFO Share
and Unit
2024 Core FFO attributable to common share and unit holders $ 1.77 
Same-Home Core NOI 0.07 
Non-Same-Home Core NOI (1)
 0.13 
Disposition program (0.04)
Amortization of IT software assets (2)
 (0.01)
Financing costs (share count and interest) (3)
 (0.09)
2025 Core FFO attributable to common share and unit holders - Guidance Midpoint $ 1.83 
2025 Core FFO attributable to common share and unit holders growth - Guidance Midpoint 3.4  %
(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2025 Same-Home portfolio, including 2024 wholly-owned property additions, and (ii) contribution from 2025 wholly-owned property additions.
(2)Amortization of IT software assets increase reflects investments from prior years into IT systems supporting our industry-leading property management platform.
(3)Financing costs (share count and interest) change is primarily related to the funding of the Company’s investment programs, including the fourth quarter 2024 portfolio acquisition of nearly 1,700 homes, and the impact from both the 2024 securitization refinancings and the 2025 securitization anticipated repayments.
Additional Information
A copy of the Company’s Fourth Quarter 2024 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.
Conference Call
A conference call is scheduled on Friday, February 21, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 2024 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, March 7, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13750434#, or by using the link at www.amh.com, under “Investor relations.”
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About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.
In recent years, we’ve been named one of U.S. News 2024 Best Real Estate Companies to Work For, Fortune’s 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2024 Most Loved Workplace®, a 2024 Top U.S. Homebuilder by Builder100, and one of America’s Most Responsible Companies 2025 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of December 31, 2024, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.
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AMH
Consolidated Balance Sheets
(Amounts in thousands, except share data)
December 31, 2024 December 31, 2023
(Unaudited)
Assets    
Single-family properties:    
Land $ 2,370,006  $ 2,234,301 
Buildings and improvements 11,559,461  10,651,388 
Single-family properties in operation 13,929,467  12,885,689 
Less: accumulated depreciation (3,048,868) (2,719,970)
Single-family properties in operation, net 10,880,599  10,165,719 
Single-family properties under development and development land 1,272,284  1,409,424 
Single-family properties and land held for sale, net 212,808  182,082 
Total real estate assets, net 12,365,691  11,757,225 
Cash and cash equivalents 199,413  59,385 
Restricted cash 150,803  162,476 
Rent and other receivables 48,452  42,823 
Escrow deposits, prepaid expenses and other assets 337,379  406,138 
Investments in unconsolidated joint ventures 159,134  114,198 
Asset-backed securitization certificates —  25,666 
Goodwill 120,279  120,279 
Total assets $ 13,381,151  $ 12,688,190 
Liabilities    
Revolving credit facility $ —  $ 90,000 
Asset-backed securitizations, net 924,344  1,871,421 
Unsecured senior notes, net 4,086,418  2,500,226 
Accounts payable and accrued expenses 521,759  573,660 
Total liabilities 5,532,521  5,035,307 
Commitments and contingencies    
Equity    
Shareholders' equity:    
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 368,987,993 and 364,296,431 shares issued and outstanding at December 31, 2024 and 2023, respectively)
 3,690  3,643 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at December 31, 2024 and 2023)
 6  6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at December 31, 2024 and 2023)
 92  92 
Additional paid-in capital 7,529,008  7,357,848 
Accumulated deficit (380,632) (394,908)
Accumulated other comprehensive income 7,852  843 
Total shareholders' equity 7,160,016  6,967,524 
Noncontrolling interest 688,614  685,359 
Total equity 7,848,630  7,652,883 
Total liabilities and equity $ 13,381,151  $ 12,688,190 

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AMH
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
For the Three Months Ended
December 31,		 For the Years Ended
December 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited)
Rents and other single-family property revenues $ 436,593  $ 408,657  $ 1,728,697  $ 1,623,605 
Expenses:
Property operating expenses 148,455  142,797  625,883  599,459 
Property management expenses 33,564  31,112  129,321  123,363 
General and administrative expense 20,765  18,487  83,590  74,615 
Interest expense 44,485  35,091  165,351  140,198 
Acquisition and other transaction costs 3,326  4,260  12,192  16,910 
Depreciation and amortization 123,990  115,771  477,010  456,550 
Hurricane-related charges, net 4,980  —  8,884  — 
Total expenses 379,565  347,518  1,502,231  1,411,095 
Gain on sale and impairment of single-family properties and other, net 80,266  29,082  225,756  209,834 
Loss on early extinguishment of debt —  —  (6,323) — 
Other income and expense, net 6,579  716  22,243  9,798 
Net income 143,873  90,937  468,142  432,142 
Noncontrolling interest 17,157  10,834  55,716  51,974 
Dividends on preferred shares 3,486  3,486  13,944  13,944 
Net income attributable to common shareholders $ 123,230  $ 76,617  $ 398,482  $ 366,224 
Weighted-average common shares outstanding:
Basic 369,378,385  362,954,405  367,454,012  362,024,968 
Diluted 369,907,657  363,396,325  367,989,537  362,477,216 
Net income attributable to common shareholders per share:
Basic $ 0.33  $ 0.21  $ 1.08  $ 1.01 
Diluted $ 0.33  $ 0.21  $ 1.08  $ 1.01 

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Defined Terms

Average Monthly Realized Rent
For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage
The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.

Occupied Property
A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Recurring Capital Expenditures
For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

Same-Home Property
A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property
A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

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Non-GAAP Financial Measures
This press release and the Fourth Quarter 2024 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Fourth Quarter 2024 Earnings Release and Supplemental Information Package.

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Funds from Operations attributable to common share and unit holders and Retained Cash Flow
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

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The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three months and the years ended December 31, 2024 and 2023 (amounts in thousands, except share and per share data):
  For the Three Months Ended
December 31,		 For the Years Ended
December 31,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income attributable to common shareholders $ 123,230  $ 76,617  $ 398,482  $ 366,224 
Adjustments:
Noncontrolling interests in the Operating Partnership 17,157  10,834  55,716  51,974 
Gain on sale and impairment of single-family properties and other, net (80,266) (29,082) (225,756) (209,834)
Adjustments for unconsolidated joint ventures 813  1,331  4,722  3,711 
Depreciation and amortization 123,990  115,771  477,010  456,550 
Less: depreciation and amortization of non-real estate assets (5,093) (4,515) (19,447) (17,417)
FFO attributable to common share and unit holders $ 179,831  $ 170,956  $ 690,727  $ 651,208 
Adjustments:  
Acquisition, other transaction costs and other 3,326  4,260  12,192  16,910 
Noncash share-based compensation - general and administrative 2,618  2,494  20,617  16,379 
Noncash share-based compensation - property management 987  879  4,814  4,030 
Hurricane-related charges, net 4,980  —  8,884  — 
Loss on early extinguishment of debt —  —  6,323  — 
Core FFO attributable to common share and unit holders $ 191,742  $ 178,589  $ 743,557  $ 688,527 
Recurring Capital Expenditures (17,666) (17,019) (76,281) (76,098)
Leasing costs (1,134) (745) (3,966) (3,113)
Adjusted FFO attributable to common share and unit holders $ 172,942  $ 160,825  $ 663,310  $ 609,316 
Common distributions (109,968) (91,375) (437,638) (365,552)
Retained Cash Flow $ 62,974  $ 69,450  $ 225,672  $ 243,764 
Per FFO share and unit:    
FFO attributable to common share and unit holders $ 0.43  $ 0.41  $ 1.65  $ 1.57 
Core FFO attributable to common share and unit holders $ 0.45  $ 0.43  $ 1.77  $ 1.66 
Adjusted FFO attributable to common share and unit holders $ 0.41  $ 0.39  $ 1.58  $ 1.47 
Weighted-average FFO shares and units:
Common shares outstanding 369,378,385  362,954,405  367,454,012  362,024,968 
Share-based compensation plan and forward sale equity contracts (1)
 1,012,895  913,602  948,910  828,424 
Operating partnership units 51,376,980  51,376,980  51,376,980  51,376,980 
Total weighted-average FFO shares and units 421,768,260  415,244,987  419,779,902  414,230,372 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.
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The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months and the years ended December 31, 2024 and 2023:
For the Three Months Ended
December 31,		 For the Years Ended
December 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income per common share–diluted $ 0.33  $ 0.21  $ 1.08  $ 1.01 
Adjustments:
Conversion from GAAP share count (0.04) (0.03) (0.13) (0.13)
Noncontrolling interests in the Operating Partnership 0.04  0.03  0.13  0.13 
Gain on sale and impairment of single-family properties and other, net (0.18) (0.07) (0.53) (0.51)
Adjustments for unconsolidated joint ventures —  —  0.01  0.01 
Depreciation and amortization 0.30  0.28  1.14  1.10 
Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.05) (0.04)
FFO attributable to common share and unit holders $ 0.43  $ 0.41  $ 1.65  $ 1.57 
Adjustments:
Acquisition, other transaction costs and other 0.01  0.01  0.03  0.04 
Noncash share-based compensation - general and administrative —  0.01  0.04  0.04 
Noncash share-based compensation - property management —  —  0.01  0.01 
Hurricane-related charges, net 0.01  —  0.02  — 
Loss on early extinguishment of debt —  —  0.02  — 
Core FFO attributable to common share and unit holders $ 0.45  $ 0.43  $ 1.77  $ 1.66 
Recurring Capital Expenditures (0.04) (0.04) (0.18) (0.18)
Leasing costs —  —  (0.01) (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.41  $ 0.39  $ 1.58  $ 1.47 
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Core Net Operating Income
Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.
Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

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The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months and the years ended December 31, 2024 and 2023 (amounts in thousands):
For the Three Months Ended
December 31,		 For the Years Ended
December 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 436,593  $ 408,657  $ 1,728,697  $ 1,623,605 
Tenant charge-backs (49,108) (48,506) (221,431) (215,555)
Core revenues 387,485  360,151  1,507,266  1,408,050 
Less: Non-Same-Home core revenues (52,812) (38,271) (178,981) (142,882)
Same-Home core revenues $ 334,673  $ 321,880  $ 1,328,285  $ 1,265,168 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 148,455  $ 142,797  $ 625,883  $ 599,459 
Property management expenses 33,564  31,112  129,321  123,363 
Noncash share-based compensation - property management (987) (879) (4,814) (4,030)
Expenses reimbursed by tenant charge-backs (49,108) (48,506) (221,431) (215,555)
Core property operating expenses 131,924  124,524  528,959  503,237 
Less: Non-Same-Home core property operating expenses (18,293) (16,056) (71,068) (64,309)
Same-Home core property operating expenses $ 113,631  $ 108,468  $ 457,891  $ 438,928 
Core NOI and Same-Home Core NOI
Net income $ 143,873  $ 90,937  $ 468,142  $ 432,142 
Hurricane-related charges, net 4,980  —  8,884  — 
Loss on early extinguishment of debt —  —  6,323  — 
Gain on sale and impairment of single-family properties and other, net (80,266) (29,082) (225,756) (209,834)
Depreciation and amortization 123,990  115,771  477,010  456,550 
Acquisition and other transaction costs 3,326  4,260  12,192  16,910 
Noncash share-based compensation - property management 987  879  4,814  4,030 
Interest expense 44,485  35,091  165,351  140,198 
General and administrative expense 20,765  18,487  83,590  74,615 
Other income and expense, net (6,579) (716) (22,243) (9,798)
Core NOI 255,561  235,627  978,307  904,813 
Less: Non-Same-Home Core NOI (34,519) (22,215) (107,913) (78,573)
Same-Home Core NOI $ 221,042  $ 213,412  $ 870,394  $ 826,240 

Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
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EX-99.2 3 amh1231248kexhibit992.htm EX-99.2 Document

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AMH
Table of Contents
Summary
Financial Information
Property and Other Information

2


AMH
Earnings Press Release
AMH Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
15% Increase in Quarterly Distribution
LAS VEGAS, Feb. 20, 2025—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter and full year ended December 31, 2024.
Highlights
•Rents and other single-family property revenues increased 6.8% year-over-year to $436.6 million for the fourth quarter of 2024.
•Net income attributable to common shareholders totaled $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024, compared to $76.6 million, or $0.21 per diluted share, for the fourth quarter of 2023.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 5.7% year-over-year to $0.45 per FFO share and unit for the fourth quarter of 2024 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 5.9% year-over-year to $0.41 per FFO share and unit for the fourth quarter of 2024.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2024.
•Achieved Same-Home Average Occupied Days Percentage of 95.4% and new, renewal and blended rate growth of 0.2%, 4.9% and 3.3%, respectively. The Company executed on its previously communicated end of year strategy to optimize revenue by strengthening occupancy in advance of spring leasing season. For October, November and December, Same-Home Average Occupied Days Percentage was 95.2%, 95.4%, and 95.6%, respectively, and new lease spreads were 2.0%, -0.9%, and 0.0%, respectively, reflecting positive trajectory heading into 2025.
•Delivered a total of 463 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2024.
•Issued $500.0 million of 5.250% unsecured senior notes due 2035 during the fourth quarter of 2024 with an effective interest rate of 5.08% after reflecting the beneficial impact of treasury rate locks, raising net proceeds of $494.2 million.
•Raised common share dividend by 15% to $0.30 in the first quarter of 2025.
“AMH had a solid finish to 2024 with strong leasing momentum that drove positive occupancy absorption in both November and December, resulting in full year Core FFO per share growth of 6.6%,” said Bryan Smith, AMH’s Chief Executive Officer. “As we look ahead to 2025 and beyond, we believe that our best-in-class operating platform and responsible approach to growth will position us to remain at the forefront of the residential industry and to deliver stable and consistent results and returns for years to come.”
Fourth Quarter 2024 Financial Results
Net income attributable to common shareholders totaled $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024, compared to $76.6 million, or $0.21 per diluted share, for the fourth quarter of 2023. The increase was primarily due to higher net gains on property sales.
Rents and other single-family property revenues increased 6.8% to $436.6 million for the fourth quarter of 2024, compared to $408.7 million for the fourth quarter of 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 8.5% to $255.6 million for the fourth quarter of 2024, compared to $235.6 million for the fourth quarter of 2023. This growth was driven by a 7.6% increase in core revenues resulting primarily from higher rental rates, partially offset by a 5.9% increase in core property operating expenses.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3


AMH
Earnings Press Release (continued)
For the Company’s Same-Home portfolio, core revenues increased 4.0% to $334.7 million for the fourth quarter of 2024, compared to $321.9 million for the fourth quarter of 2023, which was driven by a 4.7% increase in Average Monthly Realized Rent per property, partially offset by a 70 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.8% to $113.6 million for the fourth quarter of 2024, compared to $108.5 million for the fourth quarter of 2023, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net, property management expenses, net and property tax expense, which was lower than previously anticipated. As a result, Core NOI from Same-Home properties increased 3.6% to $221.0 million for the fourth quarter of 2024, compared to $213.4 million for the fourth quarter of 2023.
Core FFO attributable to common share and unit holders was $191.7 million, or $0.45 per FFO share and unit, for the fourth quarter of 2024, compared to $178.6 million, or $0.43 per FFO share and unit, for the fourth quarter of 2023. Adjusted FFO attributable to common share and unit holders was $172.9 million, or $0.41 per FFO share and unit, for the fourth quarter of 2024, compared to $160.8 million, or $0.39 per FFO share and unit, for the fourth quarter of 2023. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Full Year 2024 Financial Results
Net income attributable to common shareholders totaled $398.5 million, or $1.08 per diluted share, for the year ended December 31, 2024, compared to $366.2 million, or $1.01 per diluted share, for the year ended December 31, 2023. The increase was primarily due to growth in rents and other single-family property revenues exceeding increases in total expenses, higher net gains on property sales and an increase in other income and expense, net, partially offset by a $6.3 million loss on early extinguishment of debt for the year ended December 31, 2024.
Rents and other single-family property revenues increased 6.5% to $1.73 billion for the year ended December 31, 2024, compared to $1.62 billion for the year ended December 31, 2023. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 8.1% to $978.3 million for the year ended December 31, 2024, compared to $904.8 million for the year ended December 31, 2023. This growth was driven by a 7.0% increase in core revenues resulting primarily from higher rental rates, partially offset by a 5.1% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 5.0% to $1.33 billion for the year ended December 31, 2024, compared to $1.27 billion for the year ended December 31, 2023, which was driven by a 5.3% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $457.9 million for the year ended December 31, 2024, compared to $438.9 million for the year ended December 31, 2023, primarily driven by an annual increase in property tax expense. As a result, Core NOI from Same-Home properties increased 5.3% to $870.4 million for the year ended December 31, 2024, compared to $826.2 million for the year ended December 31, 2023.
Core FFO attributable to common share and unit holders was $743.6 million, or $1.77 per FFO share and unit, for the year ended December 31, 2024, compared to $688.5 million, or $1.66 per FFO share and unit, for the year ended December 31, 2023. Adjusted FFO attributable to common share and unit holders was $663.3 million, or $1.58 per FFO share and unit, for the year ended December 31, 2024, compared to $609.3 million, or $1.47 per FFO share and unit, for the year ended December 31, 2023. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4


AMH
Earnings Press Release (continued)
Portfolio
Average Occupied Days Percentage was 94.2% for the fourth quarter of 2024, compared to 95.1% for the third quarter of 2024.
Investments
As of December 31, 2024, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,531 homes, compared to 58,899 homes as of September 30, 2024, an increase of 1,632 homes during the fourth quarter of 2024, which included 1,673 homes acquired through a bulk portfolio acquisition, 339 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 6 homes acquired through our traditional acquisition channel, partially offset by 386 homes identified for sale. During the fourth quarter of 2024, we also developed an additional 124 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 463 total home deliveries through our AMH Development Program. As of December 31, 2024, the Company had 805 properties held for sale and 3,376 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the fourth quarter of 2024, the Company issued and physically settled 2,987,024 Class A common shares under its At-the-Market Program that were previously sold under forward sale agreements during the first quarter of 2024, receiving net proceeds of $109.8 million after commissions and other expenses of $0.8 million.
During the fourth quarter 2024, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $500.0 million of 5.250% unsecured senior notes with a maturity date of March 15, 2035 (the “2035 Notes”), which have been effectively hedged at 5.08% through the use of treasury locks. Interest on the 2035 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2025. The Operating Partnership received aggregate net proceeds of $494.2 million from this offering, after underwriting fees of approximately $3.2 million and a $2.6 million discount, and before offering costs of $1.1 million.
As of December 31, 2024, the Company had cash and cash equivalents of $199.4 million and total outstanding debt of $5.1 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.4% and a weighted-average term to maturity of 12.0 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility at the end of the year. During the fourth quarter of 2024, the Company generated $63.0 million of Retained Cash Flow and sold 587 properties generating $179.9 million of net proceeds. Additionally, the Company’s AMH 2015-SFR1 and AMH 2015-SFR2 securitizations, which had a total balance of $925.4 million as of December 31, 2024, have anticipated repayment dates in 2025. In February 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025, which had a balance of $494.9 million as of December 31, 2024.
Hurricanes Update
During the third and fourth quarters of 2024, Hurricanes Beryl, Debby, Helene and Milton impacted certain properties in our Texas, Florida, Georgia and Carolinas markets. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits.
During the fourth quarter of 2024, the Company recognized a $5.0 million hurricane-related charge primarily related to actual and estimated accruals, net of related insurance claims. The Company previously recognized a $3.9 million hurricane-related
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
5


AMH
Earnings Press Release (continued)
charge in the third quarter of 2024 related to actual and estimated accruals for repairs during that time period. These charges have been excluded from Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and our total and Same-Home Core NOI results.
Sustainability Update
In the first quarter of 2025, the Company published its Green Bond Allocation Report describing the allocation of its January 2024 green bond proceeds and related environmental impact metrics. As of December 31, 2024, 83% of the $595.5 million net proceeds from our green bond issuance have been allocated to projects which meet the eligibility criteria described in the prospectus supplement related to the offering. The full report can be downloaded on the Company’s website at www.amh.com, under “Investor relations.”

2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Core FFO attributable to common share and unit holders $1.80 - $1.86
Core FFO attributable to common share and unit holders growth 1.7% - 5.1%
Same-Home
Core revenues growth 2.50% - 4.50%
Core property operating expenses growth 3.00% - 5.00%
Core NOI growth 2.25% - 4.25%
Full Year 2025
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries  1,800 - 2,000 $700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex — $100 - $200 million
Total capital investment (wholly owned and pro rata JV)  1,800 - 2,000 $0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)  2,200 - 2,400 $1.0 - $1.2 billion
Full Year 2025 Guidance Commentary
Operating Outlook:
•Same-Home core revenues growth reflects (1) Average Occupied Days Percentage in the low 96% area consistent with 2024, (2) Average Monthly Realized Rent growth in the high 3.0% area, and (3) bad debt expense in the low 1% area as a percentage of rents for the full year.
•Same-Home core property operating expenses growth reflects (1) expectation for moderating 2025 property tax growth between 3.50% and 5.50% and (2) 2.50% to 4.50% growth in all other core property operating expenses, excluding property taxes.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
6


AMH
Earnings Press Release (continued)
Capital Plan:
•In addition to the Company’s $0.8 - $1.0 billion total wholly-owned and pro rata JV capital investment program, the Company’s AMH 2015-SFR1 and AMH 2015-SFR2 securitizations, which had a total outstanding balance of $925.4 million and weighted average in-place interest rate of 4.24% as of December 31, 2024, have anticipated repayment dates in 2025.
•In February 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025 and plans to pay off the AMH 2015-SFR2 securitization over the course of 2025 based on capital markets conditions.
•The Company expects to fund its 2025 capital plan through a combination of Retained Cash Flow, approximately $400 - $500 million of recycled capital from dispositions, as well as debt capital, including partial proceeds from the December 2024 unsecured bond issuance. As of December 31, 2024, the Company’s $1.25 billion revolving credit facility remained fully undrawn.
Reconciliation of Core FFO attributable to common share and unit holders from 2024 to 2025 Guidance Midpoint
Per FFO Share
and Unit
2024 Core FFO attributable to common share and unit holders $ 1.77 
Same-Home Core NOI 0.07 
Non-Same-Home Core NOI (1)
 0.13 
Disposition program (0.04)
Amortization of IT software assets (2)
 (0.01)
Financing costs (share count and interest) (3)
 (0.09)
2025 Core FFO attributable to common share and unit holders - Guidance Midpoint $ 1.83 
2025 Core FFO attributable to common share and unit holders growth - Guidance Midpoint 3.4  %
(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2025 Same-Home portfolio, including 2024 wholly-owned property additions, and (ii) contribution from 2025 wholly-owned property additions.
(2)Amortization of IT software assets increase reflects investments from prior years into IT systems supporting our industry-leading property management platform.
(3)Financing costs (share count and interest) change is primarily related to the funding of the Company’s investment programs, including the fourth quarter 2024 portfolio acquisition of nearly 1,700 homes, and the impact from both the 2024 securitization refinancings and the 2025 securitization anticipated repayments.
Additional Information
A copy of the Company’s Fourth Quarter 2024 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.
Conference Call
A conference call is scheduled on Friday, February 21, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 2024 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, March 7, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13750434#, or by using the link at www.amh.com, under “Investor relations.”
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
7


AMH
Earnings Press Release (continued)
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.
In recent years, we’ve been named one of U.S. News 2024 Best Real Estate Companies to Work For, Fortune’s 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2024 Most Loved Workplace®, a 2024 Top U.S. Homebuilder by Builder100, and one of America’s Most Responsible Companies 2025 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of December 31, 2024, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
8


AMH
Select Non-GAAP Reconciliations – Core Net Operating Income
(Amounts in thousands)
(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months and the years ended December 31, 2024 and 2023:
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 436,593  $ 408,657  $ 1,728,697  $ 1,623,605 
Tenant charge-backs (49,108) (48,506) (221,431) (215,555)
Core revenues 387,485  360,151  1,507,266  1,408,050 
Less: Non-Same-Home core revenues (52,812) (38,271) (178,981) (142,882)
Same-Home core revenues $ 334,673  $ 321,880  $ 1,328,285  $ 1,265,168 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 148,455  $ 142,797  $ 625,883  $ 599,459 
Property management expenses 33,564  31,112  129,321  123,363 
Noncash share-based compensation - property management (987) (879) (4,814) (4,030)
Expenses reimbursed by tenant charge-backs (49,108) (48,506) (221,431) (215,555)
Core property operating expenses 131,924  124,524  528,959  503,237 
Less: Non-Same-Home core property operating expenses (18,293) (16,056) (71,068) (64,309)
Same-Home core property operating expenses $ 113,631  $ 108,468  $ 457,891  $ 438,928 
Core NOI and Same-Home Core NOI
Net income $ 143,873  $ 90,937  $ 468,142  $ 432,142 
Hurricane-related charges, net 4,980  —  8,884  — 
Loss on early extinguishment of debt —  —  6,323  — 
Gain on sale and impairment of single-family properties and other, net (80,266) (29,082) (225,756) (209,834)
Depreciation and amortization 123,990  115,771  477,010  456,550 
Acquisition and other transaction costs 3,326  4,260  12,192  16,910 
Noncash share-based compensation - property management 987  879  4,814  4,030 
Interest expense 44,485  35,091  165,351  140,198 
General and administrative expense 20,765  18,487  83,590  74,615 
Other income and expense, net (6,579) (716) (22,243) (9,798)
Core NOI 255,561  235,627  978,307  904,813 
Less: Non-Same-Home Core NOI (34,519) (22,215) (107,913) (78,573)
Same-Home Core NOI $ 221,042  $ 213,412  $ 870,394  $ 826,240 

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
9


AMH
Select Non-GAAP Reconciliations – Core Net Operating Income (continued)
(Amounts in thousands)
(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:
For the Three Months Ended
Dec 31,
2024		 Sep 30,
2024		 Jun 30,
2024		 Mar 31,
2024		 Dec 31,
2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 436,593  $ 445,055  $ 423,494  $ 423,555  $ 408,657 
Tenant charge-backs (49,108) (67,615) (47,371) (57,337) (48,506)
Core revenues 387,485  377,440  376,123  366,218  360,151 
Less: Non-Same-Home core revenues (52,812) (43,273) (43,049) (39,847) (38,271)
Same-Home core revenues $ 334,673  $ 334,167  $ 333,074  $ 326,371  $ 321,880 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 148,455  $ 172,031  $ 149,470  $ 155,927  $ 142,797 
Property management expenses 33,564  31,973  32,382  31,402  31,112 
Noncash share-based compensation - property management (987) (1,043) (1,340) (1,444) (879)
Expenses reimbursed by tenant charge-backs (49,108) (67,615) (47,371) (57,337) (48,506)
Core property operating expenses 131,924  135,346  133,141  128,548  124,524 
Less: Non-Same-Home core property operating expenses (18,293) (18,239) (17,361) (17,175) (16,056)
Same-Home core property operating expenses $ 113,631  $ 117,107  $ 115,780  $ 111,373  $ 108,468 
Core NOI and Same-Home Core NOI
Net income $ 143,873  $ 87,640  $ 108,534  $ 128,095  $ 90,937 
Hurricane-related charges, net 4,980  3,904  —  —  — 
Loss on early extinguishment of debt —  5,306  63  954  — 
Gain on sale and impairment of single-family properties and other, net (80,266) (32,697) (43,892) (68,901) (29,082)
Depreciation and amortization 123,990  119,691  117,603  115,726  115,771 
Acquisition and other transaction costs 3,326  2,605  2,937  3,324  4,260 
Noncash share-based compensation - property management 987  1,043  1,340  1,444  879 
Interest expense 44,485  43,611  38,678  38,577  35,091 
General and administrative expense 20,765  19,247  21,693  21,885  18,487 
Other income and expense, net (6,579) (8,256) (3,974) (3,434) (716)
Core NOI 255,561  242,094  242,982  237,670  235,627 
Less: Non-Same-Home Core NOI (34,519) (25,034) (25,688) (22,672) (22,215)
Same-Home Core NOI $ 221,042  $ 217,060  $ 217,294  $ 214,998  $ 213,412 
Unencumbered Core NOI and Encumbered Core NOI
Core NOI $ 255,561  $ 242,094  $ 242,982  $ 237,670  $ 235,627 
Less: Encumbered Core NOI (1)
 (34,276) (33,458) (33,816) (33,606) (33,590)
Unencumbered Core NOI (1)
 $ 221,285  $ 208,636  $ 209,166  $ 204,064  $ 202,037 
(1)Encumbered Core NOI and Unencumbered Core NOI are recast for prior periods to reflect the encumbered and unencumbered portfolios as of the end of the quarter subsequent to securitization payoffs.




Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
10


AMH
Fact Sheet
(Amounts in thousands, except per share and property data)
(Unaudited)

For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Operating Data
Net income attributable to common shareholders $ 123,230  $ 76,617  $ 398,482  $ 366,224 
Core revenues $ 387,485  $ 360,151  $ 1,507,266  $ 1,408,050 
Core NOI $ 255,561  $ 235,627  $ 978,307  $ 904,813 
Core NOI margin 66.0  % 65.4  % 64.9  % 64.3  %
Fully Adjusted EBITDAre $ 226,006  $ 203,917  $ 862,052  $ 780,875 
Fully Adjusted EBITDAre Margin 57.8  % 56.1  % 56.7  % 55.0  %
Per FFO share and unit:
FFO attributable to common share and unit holders $ 0.43  $ 0.41  $ 1.65  $ 1.57 
Core FFO attributable to common share and unit holders $ 0.45  $ 0.43  $ 1.77  $ 1.66 
Adjusted FFO attributable to common share and unit holders $ 0.41  $ 0.39  $ 1.58  $ 1.47 
Dec 31,
2024		 Sep 30,
2024		 Jun 30,
2024		 Mar 31,
2024		 Dec 31,
2023
Selected Balance Sheet Information - end of period
Single-family properties in operation, net $ 10,880,599  $ 10,398,690  $ 10,295,131  $ 10,217,286  $ 10,165,719 
Total assets $ 13,381,151  $ 12,844,285  $ 13,303,940  $ 12,761,092  $ 12,688,190 
Outstanding borrowings under revolving credit facility $ —  $ —  $ —  $ —  $ 90,000 
Total Debt $ 5,075,391  $ 4,578,772  $ 5,055,355  $ 4,561,186  $ 4,517,158 
Total Capitalization $ 21,059,213  $ 20,851,847  $ 20,813,612  $ 20,154,156  $ 19,717,611 
Total Debt to Total Capitalization 24.1  % 22.0  % 24.3  % 22.6  % 22.9  %
Net Debt and Preferred Shares to Adjusted EBITDAre 5.4 x 5.0 x 5.1 x 5.3 x 5.4 x
NYSE AMH Class A common share closing price $ 37.42  $ 38.39  $ 37.16  $ 36.78  $ 35.96 
Portfolio Data - end of period
Occupied single-family properties 57,486  55,726  56,669  56,362  55,768 
Single-family properties leased, not yet occupied 378  347  407  418  251 
Single-family properties in turnover process 2,098  2,271  1,543  1,491  2,053 
Single-family properties recently renovated or developed 565  544  240  337  384 
Single-family properties newly acquired and under renovation
 4  11  1  7  14 
Total single-family properties, excluding properties held for sale 60,531  58,899  58,860  58,615  58,470 
Single-family properties held for sale 805  1,003  633  728  862 
Total single-family properties wholly owned 61,336  59,902  59,493  59,343  59,332 
Single-family properties managed under joint ventures 3,376  3,271  3,167  3,004  2,978 
Total single-family properties wholly owned and managed 64,712  63,173  62,660  62,347  62,310 
Total Average Occupied Days Percentage (1)
 94.2  % 95.1  % 95.8  % 95.3  % 95.0  %
Same-Home Average Occupied Days Percentage (51,958 properties) 95.4  % 96.2  % 96.8  % 96.2  % 96.1  %
Other Data
Distributions declared per common share $ 0.26  $ 0.26  $ 0.26  $ 0.26  $ 0.22 
Distributions declared per Series G perpetual preferred share $ 0.37  $ 0.37  $ 0.37  $ 0.37  $ 0.37 
Distributions declared per Series H perpetual preferred share $ 0.39  $ 0.39  $ 0.39  $ 0.39  $ 0.39 
(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
11


AMH
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)

For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
(Unaudited) (Unaudited) (Unaudited)
Rents and other single-family property revenues $ 436,593  $ 408,657  $ 1,728,697  $ 1,623,605 
Expenses:
Property operating expenses 148,455  142,797  625,883  599,459 
Property management expenses 33,564  31,112  129,321  123,363 
General and administrative expense 20,765  18,487  83,590  74,615 
Interest expense 44,485  35,091  165,351  140,198 
Acquisition and other transaction costs 3,326  4,260  12,192  16,910 
Depreciation and amortization 123,990  115,771  477,010  456,550 
Hurricane-related charges, net 4,980  —  8,884  — 
Total expenses 379,565  347,518  1,502,231  1,411,095 
Gain on sale and impairment of single-family properties and other, net 80,266  29,082  225,756  209,834 
Loss on early extinguishment of debt —  —  (6,323) — 
Other income and expense, net 6,579  716  22,243  9,798 
Net income 143,873  90,937  468,142  432,142 
Noncontrolling interest 17,157  10,834  55,716  51,974 
Dividends on preferred shares 3,486  3,486  13,944  13,944 
Net income attributable to common shareholders $ 123,230  $ 76,617  $ 398,482  $ 366,224 
Weighted-average common shares outstanding:
Basic 369,378,385  362,954,405  367,454,012  362,024,968 
Diluted 369,907,657  363,396,325  367,989,537  362,477,216 
Net income attributable to common shareholders per share:
Basic $ 0.33  $ 0.21  $ 1.08  $ 1.01 
Diluted $ 0.33  $ 0.21  $ 1.08  $ 1.01 
    

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
12


AMH
Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

  For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
  2024 2023 2024 2023
Net income attributable to common shareholders $ 123,230  $ 76,617  $ 398,482  $ 366,224 
Adjustments:
Noncontrolling interests in the Operating Partnership 17,157  10,834  55,716  51,974 
Gain on sale and impairment of single-family properties and other, net (80,266) (29,082) (225,756) (209,834)
Adjustments for unconsolidated joint ventures 813  1,331  4,722  3,711 
Depreciation and amortization 123,990  115,771  477,010  456,550 
Less: depreciation and amortization of non-real estate assets (5,093) (4,515) (19,447) (17,417)
FFO attributable to common share and unit holders $ 179,831  $ 170,956  $ 690,727  $ 651,208 
Adjustments:  
Acquisition, other transaction costs and other 3,326  4,260  12,192  16,910 
Noncash share-based compensation - general and administrative 2,618  2,494  20,617  16,379 
Noncash share-based compensation - property management 987  879  4,814  4,030 
Hurricane-related charges, net 4,980  —  8,884  — 
Loss on early extinguishment of debt —  —  6,323  — 
Core FFO attributable to common share and unit holders $ 191,742  $ 178,589  $ 743,557  $ 688,527 
Recurring Capital Expenditures (17,666) (17,019) (76,281) (76,098)
Leasing costs (1,134) (745) (3,966) (3,113)
Adjusted FFO attributable to common share and unit holders $ 172,942  $ 160,825  $ 663,310  $ 609,316 
Per FFO share and unit:    
FFO attributable to common share and unit holders $ 0.43  $ 0.41  $ 1.65  $ 1.57 
Core FFO attributable to common share and unit holders $ 0.45  $ 0.43  $ 1.77  $ 1.66 
Adjusted FFO attributable to common share and unit holders $ 0.41  $ 0.39  $ 1.58  $ 1.47 
Weighted-average FFO shares and units:
Common shares outstanding 369,378,385  362,954,405  367,454,012  362,024,968 
Share-based compensation plan and forward sale equity contracts (1)
 1,012,895  913,602  948,910  828,424 
Operating partnership units 51,376,980  51,376,980  51,376,980  51,376,980 
Total weighted-average FFO shares and units 421,768,260  415,244,987  419,779,902  414,230,372 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
13


AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Rents from single-family properties $ 383,848  $ 356,790  $ 1,491,810  $ 1,396,862 
Fees from single-family properties 8,925  7,893  33,154  30,755 
Bad debt (5,288) (4,532) (17,698) (19,567)
Core revenues 387,485  360,151  1,507,266  1,408,050 
Property tax expense 60,850  59,213  252,406  239,425 
HOA fees, net (1)
 6,946  6,663  26,911  25,768 
R&M and turnover costs, net (1)
 28,648  25,551  113,206  108,373 
Insurance 4,958  4,736  19,821  17,948 
Property management expenses, net (2)
 30,522  28,361  116,615  111,723 
Core property operating expenses 131,924  124,524  528,959  503,237 
Core NOI $ 255,561  $ 235,627  $ 978,307  $ 904,813 
Core NOI margin 66.0  % 65.4  % 64.9  % 64.3  %
For the Three Months Ended
Dec 31, 2024
Same-Home Properties Stabilized
Properties
Non-Stabilized
Properties (3)
Held for Sale and Other Properties (4)
 Total
Single-Family
Properties Wholly Owned
Property count 51,958  4,995  3,567  816  61,336 
Average Occupied Days Percentage 95.4  % 93.2  % 76.6  % 48.7  % 93.6  %
Rents from single-family properties $ 331,242  $ 34,251  $ 15,750  $ 2,605  $ 383,848 
Fees from single-family properties 7,711  809  321  84  8,925 
Bad debt (4,280) (373) (390) (245) (5,288)
Core revenues 334,673  34,687  15,681  2,444  387,485 
Property tax expense 53,768  3,394  2,721  967  60,850 
HOA fees, net (1)
 6,070  569  294  13  6,946 
R&M and turnover costs, net (1)
 24,239  1,767  1,767  875  28,648 
Insurance 4,256  330  314  58  4,958 
Property management expenses, net (2)
 25,298  2,567  2,241  416  30,522 
Core property operating expenses 113,631  8,627  7,337  2,329  131,924 
Core NOI $ 221,042  $ 26,060  $ 8,344  $ 115  $ 255,561 
Core NOI margin 66.0  % 75.1  % 53.2  % 4.7  % 66.0  %
    
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
(3)Includes 838 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,729 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions) or properties currently out of service due to a casualty loss.
(4)Includes 805 properties held for sale, 4 properties newly acquired and under renovation that are not yet placed into service and 7 properties identified for future sale. Average Occupied Days Percentage is calculated based only on properties held for sale.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
14


AMH
Same-Home Results – Quarterly and Full Year Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 Change 2024 2023 Change
Number of Same-Home properties 51,958  51,958  51,958  51,958 
Average Occupied Days Percentage 95.4  % 96.1  % (0.7) % 96.2  % 96.7  % (0.5) %
Average Monthly Realized Rent per Property $ 2,227  $ 2,126  4.7  % $ 2,189  $ 2,078  5.3  %
Turnover Rate 6.1  % 6.4  % (0.3) % 27.5  % 29.7  % (2.2) %
Core NOI:
Rents from single-family properties $ 331,242  $ 318,403  4.0  % $ 1,313,101  $ 1,253,000  4.8  %
Fees from single-family properties 7,711  6,936  11.2  % 28,843  27,008  6.8  %
Bad debt (4,280) (3,459) 23.7  % (13,659) (14,840) (8.0) %
Core revenues 334,673  321,880  4.0  % 1,328,285  1,265,168  5.0  %
Property tax expense 53,768  52,687  2.1  % 222,855  212,121  5.1  %
HOA fees, net (1)
 6,070  5,821  4.3  % 23,745  22,855  3.9  %
R&M and turnover costs, net (1)
 24,239  21,870  10.8  % 96,397  92,808  3.9  %
Insurance 4,256  4,111  3.5  % 16,859  15,780  6.8  %
Property management expenses, net (2)
 25,298  23,979  5.5  % 98,035  95,364  2.8  %
Core property operating expenses 113,631  108,468  4.8  % 457,891  438,928  4.3  %
Core NOI $ 221,042  $ 213,412  3.6  % $ 870,394  $ 826,240  5.3  %
Core NOI margin 66.0  % 66.3  % 65.5  % 65.3  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 15,389  $ 14,696  4.7  % $ 67,370  $ 66,156  1.8  %
Per property:
Average Recurring Capital Expenditures $ 296  $ 283  4.7  % $ 1,297  $ 1,273  1.8  %
Average R&M and turnover costs, net, plus
   Recurring Capital Expenditures
 $ 763  $ 704  8.4  % $ 3,152  $ 3,059  3.0  %
Property Enhancing Capex $ 7,305  $ 7,406  $ 33,313  $ 47,741 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
15


AMH
Same-Home Results – Sequential Quarterly Results
(Amounts in thousands, except per property data)
(Unaudited)

For the Three Months Ended
Dec 31,
2024		 Sep 30,
2024		 Jun 30,
2024		 Mar 31,
2024		 Dec 31,
2023
Average Occupied Days Percentage 95.4  % 96.2  % 96.8  % 96.2  % 96.1  %
Average Monthly Realized Rent per Property $ 2,227  $ 2,208  $ 2,178  $ 2,147  $ 2,126 
Average Change in Rent for Renewals 4.9  % 5.2  % 5.2  % 5.9  % 6.0  %
Average Change in Rent for Re-Leases 0.2  % 5.2  % 5.7  % 4.8  % 4.2  %
Average Blended Change in Rent 3.3  % 5.2  % 5.3  % 5.6  % 5.4  %
Core NOI:
Rents from single-family properties $ 331,242  $ 331,126  $ 328,584  $ 322,149  $ 318,403 
Fees from single-family properties 7,711  7,087  7,034  7,011  6,936 
Bad debt (4,280) (4,046) (2,544) (2,789) (3,459)
Core revenues 334,673  334,167  333,074  326,371  321,880 
Property tax expense 53,768  55,842  56,583  56,662  52,687 
HOA fees, net (1)
 6,070  6,065  5,981  5,629  5,821 
R&M and turnover costs, net (1)
 24,239  26,751  24,303  21,104  21,870 
Insurance 4,256  4,251  4,205  4,147  4,111 
Property management expenses, net (2)
 25,298  24,198  24,708  23,831  23,979 
Core property operating expenses 113,631  117,107  115,780  111,373  108,468 
Core NOI $ 221,042  $ 217,060  $ 217,294  $ 214,998  $ 213,412 
Core NOI margin 66.0  % 65.0  % 65.2  % 65.9  % 66.3  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 15,389  $ 20,557  $ 18,833  $ 12,591  $ 14,696 
Per property:
Average Recurring Capital Expenditures $ 296  $ 397  $ 362  $ 242  $ 283 
Average R&M and turnover costs, net, plus
   Recurring Capital Expenditures
 $ 763  $ 910  $ 830  $ 649  $ 704 
Property Enhancing Capex $ 7,305  $ 9,694  $ 8,252  $ 8,062  $ 7,406 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
16


AMH
Same-Home Results – Operating Metrics by Market

Market Number of Properties Gross Book Value per Property % of
4Q24 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA 5,114  $ 220,658  9.5  % 4.1  % (0.5) % 2.6  %
Dallas-Fort Worth, TX 3,603  174,880  6.1  % 4.1  % (3.0) % 1.8  %
Charlotte, NC 3,738  215,184  7.4  % 4.9  % —  % 3.1  %
Nashville, TN 2,955  244,091  7.1  % 4.4  % 0.3  % 3.1  %
Phoenix, AZ 2,862  212,889  6.2  % 3.1  % (4.9) % 0.3  %
Indianapolis, IN 2,751  174,633  4.2  % 6.4  % 2.0  % 4.7  %
Jacksonville, FL 2,757  209,103  4.9  % 4.3  % (2.3) % 1.9  %
Tampa, FL 2,483  222,380  4.7  % 5.7  % (0.6) % 3.6  %
Houston, TX 2,158  178,980  2.8  % 4.2  % —  % 3.0  %
Cincinnati, OH 2,039  196,917  3.9  % 6.8  % 3.4  % 5.4  %
Raleigh, NC 2,036  199,999  3.8  % 3.9  % (0.3) % 2.5  %
Columbus, OH 2,032  192,007  3.8  % 6.3  % 2.7  % 5.3  %
Salt Lake City, UT 1,825  302,333  4.6  % 5.2  % 2.2  % 4.3  %
Orlando, FL 1,580  206,471  3.0  % 4.4  % (1.0) % 2.7  %
Las Vegas, NV 1,562  253,656  3.3  % 6.4  % 0.1  % 4.8  %
Greater Chicago area, IL and IN 1,487  193,549  2.7  % 7.0  % 6.9  % 6.9  %
Charleston, SC 1,442  230,279  2.8  % 5.6  % 3.1  % 4.6  %
San Antonio, TX 1,090  196,987  1.6  % 2.5  % (6.7) % (0.1) %
Savannah/Hilton Head, SC 963  204,638  1.9  % 6.5  % 5.7  % 6.2  %
Seattle, WA 907  324,325  2.3  % 6.0  % 2.0  % 4.5  %
All Other (2)
 6,574  222,645  13.4  % 4.8  % 0.6  % 3.3  %
Total/Average 51,958  $ 214,622  100.0  % 4.9  % 0.2  % 3.3  %

 Average Occupied Days Percentage  Average Monthly Realized Rent per Property
Market 4Q24 QTD 4Q23 QTD Change 4Q24 QTD 4Q23 QTD Change
Atlanta, GA 95.3  % 96.1  % (0.8) % $ 2,256  $ 2,150  4.9  %
Dallas-Fort Worth, TX 95.3  % 96.0  % (0.7) % 2,301  2,197  4.7  %
Charlotte, NC 95.8  % 96.2  % (0.4) % 2,178  2,069  5.3  %
Nashville, TN 95.6  % 96.4  % (0.8) % 2,351  2,247  4.6  %
Phoenix, AZ 95.6  % 94.6  % 1.0  % 2,140  2,060  3.9  %
Indianapolis, IN 96.1  % 96.9  % (0.8) % 1,890  1,795  5.3  %
Jacksonville, FL 95.1  % 95.2  % (0.1) % 2,167  2,075  4.4  %
Tampa, FL 94.4  % 95.3  % (0.9) % 2,391  2,289  4.5  %
Houston, TX 95.2  % 97.3  % (2.1) % 2,075  1,988  4.4  %
Cincinnati, OH 95.6  % 96.6  % (1.0) % 2,153  2,043  5.4  %
Raleigh, NC 96.1  % 96.4  % (0.3) % 2,049  1,950  5.1  %
Columbus, OH 96.2  % 96.3  % (0.1) % 2,193  2,077  5.6  %
Salt Lake City, UT 95.5  % 96.9  % (1.4) % 2,457  2,362  4.0  %
Orlando, FL 94.9  % 95.6  % (0.7) % 2,366  2,244  5.4  %
Las Vegas, NV 95.3  % 95.9  % (0.6) % 2,244  2,154  4.2  %
Greater Chicago area, IL and IN 96.5  % 96.8  % (0.3) % 2,480  2,329  6.5  %
Charleston, SC 94.6  % 97.7  % (3.1) % 2,297  2,209  4.0  %
San Antonio, TX 94.7  % 95.2  % (0.5) % 1,945  1,914  1.6  %
Savannah/Hilton Head, SC 95.1  % 97.4  % (2.3) % 2,256  2,096  7.6  %
Seattle, WA 95.0  % 96.1  % (1.1) % 2,812  2,664  5.6  %
All Other (2)
 95.3  % 95.9  % (0.6) % 2,208  2,107  4.8  %
Total/Average 95.4  % 96.1  % (0.7) % $ 2,227  $ 2,126  4.7  %
(1)Reflected for the three months ended December 31, 2024.
(2)Represents 15 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17


AMH
Consolidated Balance Sheets
(Amounts in thousands)
Dec 31, 2024 Dec 31, 2023
(Unaudited)
Assets    
Single-family properties:    
Land $ 2,370,006  $ 2,234,301 
Buildings and improvements 11,559,461  10,651,388 
Single-family properties in operation 13,929,467  12,885,689 
Less: accumulated depreciation (3,048,868) (2,719,970)
Single-family properties in operation, net 10,880,599  10,165,719 
Single-family properties under development and development land 1,272,284  1,409,424 
Single-family properties and land held for sale, net 212,808  182,082 
Total real estate assets, net 12,365,691  11,757,225 
Cash and cash equivalents 199,413  59,385 
Restricted cash 150,803  162,476 
Rent and other receivables 48,452  42,823 
Escrow deposits, prepaid expenses and other assets 337,379  406,138 
Investments in unconsolidated joint ventures 159,134  114,198 
Asset-backed securitization certificates —  25,666 
Goodwill 120,279  120,279 
Total assets $ 13,381,151  $ 12,688,190 
Liabilities    
Revolving credit facility $ —  $ 90,000 
Asset-backed securitizations, net 924,344  1,871,421 
Unsecured senior notes, net 4,086,418  2,500,226 
Accounts payable and accrued expenses 521,759  573,660 
Total liabilities 5,532,521  5,035,307 
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares 3,690  3,643 
Class B common shares 6  6 
Preferred shares 92  92 
Additional paid-in capital 7,529,008  7,357,848 
Accumulated deficit (380,632) (394,908)
Accumulated other comprehensive income 7,852  843 
Total shareholders' equity 7,160,016  6,967,524 
Noncontrolling interest 688,614  685,359 
Total equity 7,848,630  7,652,883 
Total liabilities and equity $ 13,381,151  $ 12,688,190 
    

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
18


AMH
Debt Summary as of December 31, 2024
(Amounts in thousands)
(Unaudited)

Secured Unsecured Total Balance % of Total
Interest Rate (1)
Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)
 $ —  $ —  $ —  —  % 5.44  % 4.5
Total floating rate debt —  —  —  —  % 5.44  % 4.5
Fixed rate debt:
AMH 2015-SFR1 securitization (4)
 494,868  —  494,868  9.8  % 4.14  % 20.3
AMH 2015-SFR2 securitization 430,523  —  430,523  8.5  % 4.36  % 20.8
2028 unsecured senior notes —  500,000  500,000  9.9  % 4.08  % 3.1
2029 unsecured senior notes —  400,000  400,000  7.9  % 4.90  % 4.1
2031 unsecured senior notes —  450,000  450,000  8.9  % 2.46  % 6.5
2032 unsecured senior notes —  600,000  600,000  11.7  % 3.63  % 7.3
2034 unsecured senior notes I —  600,000  600,000  11.7  % 5.50  % 9.1
2034 unsecured senior notes II —  500,000  500,000  9.9  % 5.50  % 9.5
2035 unsecured senior notes —  500,000  500,000  9.9  % 5.08  % 10.2
2051 unsecured senior notes —  300,000  300,000  5.9  % 3.38  % 26.6
2052 unsecured senior notes —  300,000  300,000  5.9  % 4.30  % 27.3
Total fixed rate debt 925,391  4,150,000  5,075,391  100.0  % 4.35  % 12.0
Total Debt $ 925,391  $ 4,150,000  5,075,391  100.0  % 4.35  % 12.0
Unamortized discounts and loan costs (64,629)
Total debt per balance sheet $ 5,010,762 
Maturity Schedule by Year (2)
 Total Debt % of Total
2025 $ 10,302  0.2  %
2026 10,302  0.2  %
2027 10,302  0.2  %
2028 510,302  10.1  %
2029 410,302  8.1  %
Thereafter 4,123,881  81.2  %
Total $ 5,075,391  100.0  %
(1)Interest rates are as of December 31, 2024 and reflect the effect of any hedging instruments, as applicable.
(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. The AMH 2015-SFR1 securitization and AMH 2015-SFR2 securitization have anticipated repayment dates of April 9, 2025 and October 9, 2025, respectively. If the securitizations are not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.
(3)The revolving credit facility bears interest at the Secured Overnight Financing Rate plus a 0.10% spread adjustment and a margin of 0.85% as of December 31, 2024.
(4)The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025.
Interest Expense Reconciliation
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
(Amounts in thousands) 2024 2023 2024 2023
Interest expense per income statement and included in Core FFO attributable to common share and unit holders $ 44,485  $ 35,091  $ 165,351  $ 140,198 
Less: amortization of discounts, loan costs and cash flow hedges (2,523) (3,086) (11,489) (12,279)
Add: capitalized interest 12,896  14,241  53,143  55,232 
Cash interest $ 54,858  $ 46,246  $ 207,005  $ 183,151 

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
19


AMH
Capital Structure and Credit Metrics as of December 31, 2024
(Amounts in thousands, except share and per share data)
(Unaudited)

Total Capitalization
Total Debt $ 5,075,391  24.1  %
Total preferred shares 230,000  1.1  %
Common equity at market value:
Common shares outstanding 369,623,068 
Operating partnership units 51,376,980 
Total shares and units 421,000,048 
NYSE AMH Class A common share closing price at December 31, 2024 $ 37.42 
Market value of common shares and operating partnership units 15,753,822  74.8  %
Total Capitalization $ 21,059,213  100.0  %

Preferred Shares
Earliest
Redemption Date		 Outstanding Shares Per Share Total Annual Dividend Per Share Annual Dividend Amount
Series
5.875% Series G Perpetual Preferred Shares 7/17/2022 4,600,000  $ 25.00  $ 115,000  $ 1.469  $ 6,756 
6.250% Series H Perpetual Preferred Shares 9/19/2023 4,600,000  $ 25.00  115,000  $ 1.563  7,188 
Total preferred shares 9,200,000  $ 230,000  $ 13,944 

Credit Ratios Credit Ratings
Net Debt and Preferred Shares to Adjusted EBITDAre 5.4 x Rating Agency Rating Outlook
Fixed Charge Coverage 4.3 x Moody's Investor Service Baa2 Stable
Unencumbered Core NOI percentage 86.2  % S&P Global Ratings BBB Stable
Unsecured Senior Notes Covenant Ratios Requirement Actual
Ratio of Indebtedness to Total Assets < 60.0  % 31.3  %
Ratio of Secured Debt to Total Assets < 40.0  % 5.7  %
Ratio of Unencumbered Assets to Unsecured Debt > 150.0  % 351.7  %
Ratio of Consolidated Income Available for Debt Service to Interest Expense > 1.50 x 4.50 x
Unsecured Credit Facility Covenant Ratios Requirement Actual
Ratio of Total Indebtedness to Total Asset Value < 60.0% 28.7  %
Ratio of Secured Indebtedness to Total Asset Value < 40.0% 5.4  %
Ratio of Unsecured Indebtedness to Unencumbered Asset Value < 60.0% 28.9  %
Ratio of EBITDA to Fixed Charges > 1.50 x 3.88 x
Ratio of Unencumbered NOI to Unsecured Interest Expense > 1.75 x 5.54 x

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
20


AMH
Top 20 Markets Summary as of December 31, 2024
Property Information (1)
Market Number of
Properties		 Percentage
of Total
Properties		 Gross Book
Value per
Property		 Avg.
Sq. Ft.		 Avg. Age
(years)
Atlanta, GA 6,027  10.0  % $ 235,586  2,196  17.3 
Charlotte, NC 4,258  7.0  % 229,833  2,119  18.3 
Dallas-Fort Worth, TX 3,870  6.4  % 178,281  2,086  20.5 
Phoenix, AZ 3,311  5.5  % 220,968  1,848  19.6 
Nashville, TN 3,370  5.6  % 256,144  2,122  16.4 
Jacksonville, FL 3,297  5.4  % 228,092  1,925  14.4 
Tampa, FL 2,964  4.9  % 243,244  1,949  15.1 
Indianapolis, IN 3,054  5.0  % 181,981  1,937  21.6 
Houston, TX 2,421  4.0  % 182,667  2,068  19.0 
Las Vegas, NV 2,550  4.2  % 307,535  1,960  10.9 
Raleigh, NC 2,223  3.7  % 203,831  1,893  18.3 
Columbus, OH 2,181  3.6  % 202,517  1,890  21.5 
Cincinnati, OH 2,107  3.5  % 199,826  1,843  21.9 
Orlando, FL 2,126  3.5  % 237,928  1,928  17.0 
Salt Lake City, UT 1,937  3.2  % 307,912  2,244  17.8 
Charleston, SC 1,616  2.7  % 240,168  1,964  13.2 
Greater Chicago area, IL and IN 1,523  2.5  % 193,875  1,868  23.3 
San Antonio, TX 1,222  2.0  % 202,129  1,914  15.8 
Savannah/Hilton Head, SC 1,056  1.7  % 216,039  1,886  16.1 
Seattle, WA 1,014  1.7  % 339,864  2,010  14.4 
All Other (3)
 8,404  13.9  % 246,395  1,922  17.3 
Total/Average 60,531  100.0  % $ 230,121  1,996  17.7 
Leasing Information (1)
Market
Avg. Occupied Days
Percentage (2)
Avg. Monthly Realized Rent
per Property (2)
Avg. Change in Rent for Renewals (2)
Avg. Change in Rent for Re-Leases (2)
Avg. Blended Change in
Rent (2)
Atlanta, GA 94.4  % $ 2,279  4.3  % (0.3) % 2.8  %
Charlotte, NC 95.8  % 2,201  5.2  % 0.4  % 3.5  %
Dallas-Fort Worth, TX 95.4  % 2,299  4.1  % (2.9) % 1.8  %
Phoenix, AZ 94.7  % 2,136  3.2  % (4.6) % 0.6  %
Nashville, TN 94.8  % 2,370  4.6  % 0.7  % 3.4  %
Jacksonville, FL 93.3  % 2,184  4.6  % (2.1) % 2.3  %
Tampa, FL 92.9  % 2,428  5.4  % (0.7) % 3.4  %
Indianapolis, IN 96.3  % 1,887  6.4  % 1.9  % 4.6  %
Houston, TX 95.4  % 2,063  4.2  % —  % 3.0  %
Las Vegas, NV 90.2  % 2,321  7.4  % (0.2) % 5.6  %
Raleigh, NC 95.9  % 2,055  3.9  % (0.4) % 2.4  %
Columbus, OH 94.7  % 2,208  6.4  % 2.9  % 5.3  %
Cincinnati, OH 95.4  % 2,154  6.8  % 3.2  % 5.4  %
Orlando, FL 91.5  % 2,395  4.4  % (0.7) % 2.9  %
Salt Lake City, UT 93.9  % 2,456  5.2  % 2.1  % 4.3  %
Charleston, SC 92.3  % 2,302  5.6  % 3.1  % 4.6  %
Greater Chicago area, IL and IN 96.4  % 2,480  7.4  % 6.8  % 7.2  %
San Antonio, TX 94.3  % 1,947  2.6  % (6.6) % (0.2) %
Savannah/Hilton Head, SC 94.3  % 2,270  6.2  % 5.4  % 5.9  %
Seattle, WA 94.2  % 2,840  6.1  % 2.1  % 4.6  %
All Other (3)
 93.0  % 2,206  4.8  % 0.5  % 3.2  %
Total/Average 94.2  % $ 2,239  5.0  % 0.3  % 3.4  %
(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.
(2)Reflected for the three months ended December 31, 2024.
(3)Represents 17 markets in 16 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
21


AMH
Property Additions
4Q24 Additions 2024 Additions
Market Number of Properties
Average
Total Investment Cost
 Number of Properties
Average
Total Investment Cost
Oklahoma City, OK 489  $ 240,863  489  $ 240,863 
Indianapolis, IN 253  253,072  253  253,072 
Atlanta, GA 187  393,340  360  384,451 
Kansas City, MO 162  301,999  162  301,999 
Charlotte, NC 145  356,427  220  359,910 
Houston, TX 140  235,426  140  235,426 
Las Vegas, NV 129  430,405  463  407,620 
Memphis, TN 87  284,724  87  284,724 
Dallas-Fort Worth, TX 57  288,477  57  288,477 
San Antonio, TX 54  247,117  54  247,117 
Tucson, AZ 45  353,458  127  349,960 
Raleigh, NC 45  329,718  73  294,426 
Jacksonville, FL 42  300,044  228  341,731 
Nashville, TN 36  411,248  110  418,358 
Phoenix, AZ 30  384,596  77  401,298 
Columbus, OH 25  383,917  50  381,550 
Orlando, FL 24  375,626  221  368,769 
Charleston, SC 20  453,965  91  385,450 
Tampa, FL 18  372,384  173  379,354 
Boise, ID 7  439,026  76  441,598 
All Other (1)
 23  429,481  213  442,835 
Total/Average 2,018  $ 305,275  3,724  $ 342,239 
(1)Represents 6 markets in 5 states.

Property Dispositions
Dec 31, 2024 Single-Family Properties Held for Sale 4Q24 Dispositions 2024 Dispositions
Market Number of Properties Average
Net Proceeds per Property		 Number of Properties Average
Net Proceeds per Property
Dallas-Fort Worth, TX 81  100  $ 284,216  250  $ 293,815 
Greater Chicago area, IL and IN 70  10  253,362  38  266,657 
Atlanta, GA 66  71  315,688  174  318,620 
Houston, TX 62  40  245,509  181  241,066 
Inland Empire, CA 61  2  451,146  25  458,360 
Tampa, FL 50  42  338,173  95  357,378 
Phoenix, AZ 49  39  341,221  122  353,886 
Orlando, FL 40  20  369,931  86  344,790 
Austin, TX 38  46  257,469  129  278,242 
Charlotte, NC 36  13  355,414  44  347,744 
San Antonio, TX 26  46  209,458  101  226,586 
Nashville, TN 26  26  353,766  53  345,856 
Indianapolis, IN 22  17  240,454  58  247,154 
Raleigh, NC 16  6  342,936  21  329,102 
Salt Lake City, UT 15  8  658,073  15  694,605 
Cincinnati, OH 13  7  250,463  15  236,921 
Las Vegas, NV 13  11  419,691  30  412,953 
Bay Area, CA 12  —  —  2  642,259 
Central Valley, CA 12  —  —  4  323,345 
Jacksonville, FL 12  11  301,925  29  320,651 
All Other (1)
 85  72  340,203  233  331,335 
Total/Average 805  587  $ 306,463  1,705  $ 310,845 
(1)Represents 17 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
22


AMH
AMH Development Pipeline Summary as of December 31, 2024 (1)
2024 Deliveries Dec 31, 2024
Lots for
Future Delivery
Market Number of Properties Average Total Investment Cost Average
Monthly Rent
Las Vegas, NV 515  $ 397,000  $ 2,510  789 
Phoenix, AZ 281  363,000  2,280  1,378 
Atlanta, GA 269  385,000  2,580  723 
Orlando, FL 221  369,000  2,530  852 
Jacksonville, FL 201  351,000  2,310  547 
Tampa, FL 173  379,000  2,720  515 
Nashville, TN 140  437,000  2,750  234 
Denver, CO 115  499,000  2,900  513 
Seattle, WA 102  461,000  3,130  404 
Charleston, SC 91  385,000  2,540  876 
Boise, ID 76  442,000  2,430  332 
Charlotte, NC 75  367,000  2,710  361 
Salt Lake City, UT 49  376,000  2,400  268 
Columbus, OH 48  382,000  2,690  565 
Raleigh, NC —  —  —  66 
Total/Average 2,356  $ 393,000  $ 2,560  8,423 
Lots optioned 1,800 
Total lots owned and optioned 10,223 

Estimated Delivery Timing
Dec 31, 2023
Lots for
Future Delivery
2024
Net Additions/(Reductions) (3)
 2024
Deliveries
Full Year Estimated 2025 Deliveries (1)
Deliveries
Thereafter (1)
Wholly-owned development pipeline (2)
 11,508 (50) 2,000 1,800 - 2,000 7,558
Joint venture development pipeline (2)(4)
 1,121 — 356 ~ 400 365
Total development pipeline 12,629 (50) 2,356 2,200 - 2,400 7,923
(1)Reflects the Company’s latest development program results and estimates as of February 20, 2025.
(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.
(3)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.
(4)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
23


AMH
Lease Expirations
MTM 1Q25 2Q25 3Q25 4Q25 Thereafter
Lease expirations 2,124  13,434  14,813  12,387  7,263  7,843 

Share Repurchase History
(Amounts in thousands, except share and per share data)
Share Repurchases
Period Common Shares Repurchased Purchase Price Avg. Price Paid Per Share
2023 —  $ —  $ — 
1Q24 —  —  — 
2Q24 —  —  — 
3Q24 —  —  — 
4Q24 —  —  — 
Total —  —  $ — 
 Remaining authorization: $ 265,067 


ATM Share History
(Amounts in thousands, except share and per share data)
ATM Shares Sold Directly ATM Shares Sold Forward
Period Common Shares Sold Directly Gross Proceeds Avg. Issuance Price Per Share Common Shares Sold Forward Future Gross Proceeds Avg. Price Per Share Period Settled Total ATM Gross Proceeds
2023 2,799,683  $ 101,958  $ 36.42  —  $ —  $ —  $ 101,958 
1Q24 932,746  33,756  36.19  2,987,024  110,616  37.03  4Q24 144,372 
2Q24 —  —  —  —  —  —  — 
3Q24 —  —  —  —  —  —  — 
4Q24 —  —  —  —  —  —  — 
246,330 
 Remaining authorization: $ 753,670 


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
24


AMH
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary
Full Year 2025
Core FFO attributable to common share and unit holders $1.80 - $1.86
Core FFO attributable to common share and unit holders growth 1.7% - 5.1%
Same-Home
Core revenues growth 2.50% - 4.50%
Core property operating expenses growth 3.00% - 5.00%
Core NOI growth 2.25% - 4.25%
Full Year 2025
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries  1,800 - 2,000 $700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex — $100 - $200 million
Total capital investment (wholly owned and pro rata JV)  1,800 - 2,000 $0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)  2,200 - 2,400 $1.0 - $1.2 billion
Full Year 2025 Guidance Commentary
Operating Outlook:
•Same-Home core revenues growth reflects (1) Average Occupied Days Percentage in the low 96% area consistent with 2024, (2) Average Monthly Realized Rent growth in the high 3.0% area, and (3) bad debt expense in the low 1% area as a percentage of rents for the full year.
•Same-Home core property operating expenses growth reflects (1) expectation for moderating 2025 property tax growth between 3.50% and 5.50% and (2) 2.50% to 4.50% growth in all other core property operating expenses, excluding property taxes.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
25


AMH
2025 Guidance (continued)

Capital Plan:
•In addition to the Company’s $0.8 - $1.0 billion total wholly-owned and pro rata JV capital investment program, the Company’s AMH 2015-SFR1 and AMH 2015-SFR2 securitizations, which had a total outstanding balance of $925.4 million and weighted average in-place interest rate of 4.24% as of December 31, 2024, have anticipated repayment dates in 2025.
•In February 2025, the Company provided notice of its intent to pay off the AMH 2015-SFR1 securitization during the second quarter of 2025 and plans to pay off the AMH 2015-SFR2 securitization over the course of 2025 based on capital markets conditions.
•The Company expects to fund its 2025 capital plan through a combination of Retained Cash Flow, approximately $400 - $500 million of recycled capital from dispositions, as well as debt capital, including partial proceeds from the December 2024 unsecured bond issuance. As of December 31, 2024, the Company’s $1.25 billion revolving credit facility remained fully undrawn.
Reconciliation of Core FFO attributable to common share and unit holders from 2024 to 2025 Guidance Midpoint
Per FFO Share
and Unit
2024 Core FFO attributable to common share and unit holders $ 1.77 
Same-Home Core NOI 0.07 
Non-Same-Home Core NOI (1)
 0.13 
Disposition program (0.04)
Amortization of IT software assets (2)
 (0.01)
Financing costs (share count and interest) (3)
 (0.09)
2025 Core FFO attributable to common share and unit holders - Guidance Midpoint $ 1.83 
2025 Core FFO attributable to common share and unit holders growth - Guidance Midpoint 3.4  %
(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2025 Same-Home portfolio, including 2024 wholly-owned property additions, and (ii) contribution from 2025 wholly-owned property additions.
(2)Amortization of IT software assets increase reflects investments from prior years into IT systems supporting our industry-leading property management platform.
(3)Financing costs (share count and interest) change is primarily related to the funding of the Company’s investment programs, including the fourth quarter 2024 portfolio acquisition of nearly 1,700 homes, and the impact from both the 2024 securitization refinancings and the 2025 securitization anticipated repayments.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
26


AMH
Defined Terms and Non-GAAP Reconciliations
(Unaudited)

Average Blended Change in Rent
The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases
The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals
The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent
For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage
The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost
Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI
Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
27


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

Refer to Select Non-GAAP Reconciliations – Core Net Operating Income for reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics.
Credit Ratios
We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.
Net Debt and Preferred Shares to Adjusted EBITDAre
(Amounts in thousands) Dec 31,
2024		 Sep 30,
2024		 Jun 30,
2024		 Mar 31,
2024		 Dec 31,
2023
Total Debt $ 5,075,391  $ 4,578,772  $ 5,055,355  $ 4,561,186  $ 4,517,158 
Less: cash and cash equivalents (199,413) (162,477) (718,380) (124,826) (59,385)
Less: asset-backed securitization certificates —  —  —  —  (25,666)
Less: restricted cash related to securitizations (26,588) (26,273) (37,112) (33,243) (42,278)
Net debt $ 4,849,390  $ 4,390,022  $ 4,299,863  $ 4,403,117  $ 4,389,829 
Preferred shares at liquidation value 230,000  230,000  230,000  230,000  230,000 
Net debt and preferred shares $ 5,079,390  $ 4,620,022  $ 4,529,863  $ 4,633,117  $ 4,619,829 
Adjusted EBITDAre - TTM $ 942,299  $ 919,174  $ 896,679  $ 875,707  $ 860,086 
Net Debt and Preferred Shares to Adjusted EBITDAre 5.4 x 5.0 x 5.1 x 5.3 x 5.4 x
Fixed Charge Coverage
(Amounts in thousands) For the Trailing Twelve Months Ended
Dec 31, 2024
Interest expense per income statement $ 165,351 
Less: amortization of discounts, loan costs and cash flow hedges (11,489)
Add: capitalized interest 53,143 
Cash interest 207,005 
Dividends on preferred shares 13,944 
Fixed charges $ 220,949 
Adjusted EBITDAre - TTM $ 942,299 
Fixed Charge Coverage 4.3 x
Unencumbered Core NOI Percentage
For the Three Months Ended For the Trailing Twelve Months Ended
Dec 31, 2024
(Amounts in thousands) Mar 31,
2024		 Jun 30,
2024		 Sep 30,
2024		 Dec 31,
2024
Unencumbered Core NOI (1)
 $ 204,064  $ 209,166  $ 208,636  $ 221,285  $ 843,151 
Core NOI 237,670  242,982  242,094  255,561  978,307 
Unencumbered Core NOI Percentage 86.2  %
(1)Unencumbered Core NOI is recast for prior periods to reflect the unencumbered portfolio as of the end of the quarter subsequent to securitization payoffs.
28


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

29


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three months and the years ended December 31, 2024 and 2023 (amounts in thousands):
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Net income $ 143,873  $ 90,937  $ 468,142  $ 432,142 
Interest expense 44,485  35,091  165,351  140,198 
Depreciation and amortization 123,990  115,771  477,010  456,550 
EBITDA $ 312,348  $ 241,799  $ 1,110,503  $ 1,028,890 
Gain on sale and impairment of single-family properties and other, net (80,266) (29,082) (225,756) (209,834)
Adjustments for unconsolidated joint ventures 813  1,331  4,722  3,711 
EBITDAre $ 232,895  $ 214,048  $ 889,469  $ 822,767 
Noncash share-based compensation - general and administrative 2,618  2,494  20,617  16,379 
Noncash share-based compensation - property management 987  879  4,814  4,030 
Acquisition, other transaction costs and other 3,326  4,260  12,192  16,910 
Hurricane-related charges, net 4,980  —  8,884  — 
Loss on early extinguishment of debt —  —  6,323  — 
Adjusted EBITDAre $ 244,806  $ 221,681  $ 942,299  $ 860,086 
Recurring Capital Expenditures (17,666) (17,019) (76,281) (76,098)
Leasing costs (1,134) (745) (3,966) (3,113)
Fully Adjusted EBITDAre $ 226,006  $ 203,917  $ 862,052  $ 780,875 
Rents and other single-family property revenues $ 436,593  $ 408,657  $ 1,728,697  $ 1,623,605 
Less: tenant charge-backs (49,108) (48,506) (221,431) (215,555)
Adjustments for unconsolidated joint ventures - income 3,844  3,057  14,419  10,760 
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures $ 391,329  $ 363,208  $ 1,521,685  $ 1,418,810 
Adjusted EBITDAre Margin 62.6  % 61.0  % 61.9  % 60.6  %
Fully Adjusted EBITDAre Margin 57.8  % 56.1  % 56.7  % 55.0  %

30


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve-month periods (amounts in thousands):
For the Trailing Twelve Months Ended
Dec 31,
2024		 Sep 30,
2024		 Jun 30,
2024		 Mar 31,
2024		 Dec 31,
2023
Net income $ 468,142  $ 415,206  $ 415,658  $ 422,538  $ 432,142 
Interest expense 165,351  155,957  146,727  142,893  140,198 
Depreciation and amortization 477,010  468,791  463,963  459,559  456,550 
EBITDA $ 1,110,503  $ 1,039,954  $ 1,026,348  $ 1,024,990  $ 1,028,890 
Gain on sale and impairment of single-family properties and other, net (225,756) (174,572) (175,210) (194,076) (209,834)
Adjustments for unconsolidated joint ventures 4,722  5,240  4,936  4,798  3,711 
EBITDAre $ 889,469  $ 870,622  $ 856,074  $ 835,712  $ 822,767 
Noncash share-based compensation - general and administrative 20,617  20,493  21,052  19,475  16,379 
Noncash share-based compensation - property management 4,814  4,706  4,616  4,408  4,030 
Acquisition, other transaction costs and other 12,192  13,126  13,920  15,158  16,910 
Hurricane-related charges, net 8,884  3,904  —  —  — 
Loss on early extinguishment of debt 6,323  6,323  1,017  954  — 
Adjusted EBITDAre $ 942,299  $ 919,174  $ 896,679  $ 875,707  $ 860,086 
Estimated Total Investment Cost
Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

31


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Property management expenses $ 33,564  $ 31,112  $ 129,321  $ 123,363 
Less: tenant charge-backs (2,055) (1,872) (7,892) (7,610)
Less: noncash share-based compensation - property management (987) (879) (4,814) (4,030)
Property management expenses, net $ 30,522  $ 28,361  $ 116,615  $ 111,723 
General and administrative expense $ 20,765  $ 18,487  $ 83,590  $ 74,615 
Less: noncash share-based compensation - general and administrative (2,618) (2,494) (20,617) (16,379)
General and administrative expense, net $ 18,147  $ 15,993  $ 62,973  $ 58,236 


32


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months and the years ended December 31, 2024 and 2023:
For the Three Months Ended
Dec 31,		 For the Years Ended
Dec 31,
2024 2023 2024 2023
Net income per common share–diluted $ 0.33  $ 0.21  $ 1.08  $ 1.01 
Adjustments:
Conversion from GAAP share count (0.04) (0.03) (0.13) (0.13)
Noncontrolling interests in the Operating Partnership 0.04  0.03  0.13  0.13 
Gain on sale and impairment of single-family properties and other, net (0.18) (0.07) (0.53) (0.51)
Adjustments for unconsolidated joint ventures —  —  0.01  0.01 
Depreciation and amortization 0.30  0.28  1.14  1.10 
Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.05) (0.04)
FFO attributable to common share and unit holders $ 0.43  $ 0.41  $ 1.65  $ 1.57 
Adjustments:
Acquisition, other transaction costs and other 0.01  0.01  0.03  0.04 
Noncash share-based compensation - general and administrative —  0.01  0.04  0.04 
Noncash share-based compensation - property management —  —  0.01  0.01 
Hurricane-related charges, net 0.01  —  0.02  — 
Loss on early extinguishment of debt —  —  0.02  — 
Core FFO attributable to common share and unit holders $ 0.45  $ 0.43  $ 1.77  $ 1.66 
Recurring Capital Expenditures (0.04) (0.04) (0.18) (0.18)
Leasing costs —  —  (0.01) (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.41  $ 0.39  $ 1.58  $ 1.47 

FFO Shares and Units
Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property
A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Property Enhancing Capex
Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures
For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.
33


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Retained Cash Flow
Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):
For the Three Months Ended
Dec 31, 2024
Adjusted FFO attributable to common share and unit holders $ 172,942 
Common distributions (109,968)
Retained Cash Flow $ 62,974 

Same-Home Property
A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property
A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Total Capitalization
Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Total Debt
Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

Turnover Rate
The number of tenant move-outs during the period divided by the total number of properties.

34


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios
Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, the Seventh Supplemental Indenture dated as of January 30, 2024 for the 2034 Unsecured Senior Notes I, the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, and the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of July 16, 2024, which has been filed as an exhibit to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent filings with the SEC.
35


Executive Management
Bryan Smith Sara Vogt-Lowell
Chief Executive Officer Chief Administrative Officer, Chief Legal Officer and Secretary
Chris Lau
Chief Financial Officer and Senior Executive Vice President





AMH Diversified Portfolio



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