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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): July 30, 2026
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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 July 30, 2026, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended June 30, 2026, together with a Second Quarter 2026 Earnings Release and Supplemental Information Package. A copy of the press release and the Second Quarter 2026 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 July 30, 2026 concerning financial results, including financial tables

Exhibit 99.2—Second Quarter 2026 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: July 30, 2026
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 amh0630268kexhibit991.htm EX-99.1 Document
Exhibit 99.1
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News Release
 
AMH Reports Second Quarter 2026 Financial and Operating Results
Raises Full Year 2026 Guidance
LAS VEGAS, July 30, 2026—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 ended June 30, 2026.
Highlights
•Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026.
•Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 5.2% year-over-year to $0.49 per FFO share and unit for the second quarter of 2026 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.3% year-over-year to $0.45 per FFO share and unit for the second quarter of 2026.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026.
•Achieved Same-Home Average Occupied Days Percentage of 96.0% in the second quarter of 2026, while generating 2.7% blended rate growth driven by lease spreads of 3.2% and 1.4% on renewals and new leases, respectively.
•July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%.
•Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2026.
•Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026.
•Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.95, representing anticipated full year growth of 4.3% over prior year.
“AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint,” stated Bryan Smith, AMH’s Chief Executive Officer.
“Additionally, the recent passage of the 21st Century ROAD to Housing Act reflects a thoughtful approach by policymakers to address housing affordability and recognizes the valuable role that single-family rental housing plays in the broader housing ecosystem. Notably, the law reinforces the importance of our integrated operating platform and AMH Development Program which has delivered more than 15,000 new homes across the country.”
Second Quarter 2026 Financial Results
Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on
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property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Rents and other single-family property revenues increased 2.8% to $470.1 million for the second quarter of 2026, compared to $457.5 million for the second quarter of 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.3% to $275.4 million for the second quarter of 2026, compared to $264.1 million for the second quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.2% decrease in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 2.3% to $371.3 million for the second quarter of 2026, compared to $362.8 million for the second quarter of 2025, which was driven by a 2.6% increase in Average Monthly Realized Rent per property, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the second quarter of 2026, compared to $123.4 million for the second quarter of 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 2.7% to $245.8 million for the second quarter of 2026, compared to $239.4 million for the second quarter of 2025.
Core FFO attributable to common share and unit holders was $202.8 million, or $0.49 per FFO share and unit, for the second quarter of 2026, compared to $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025. Adjusted FFO attributable to common share and unit holders was $186.0 million, or $0.45 per FFO share and unit, for the second quarter of 2026, compared to $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Year-to-Date 2026 Financial Results
Net income attributable to common shareholders totaled $241.4 million, or $0.66 per diluted share, for the six-month period ended June 30, 2026, compared to $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Rents and other single-family property revenues increased 2.8% to $942.1 million for the six-month period ended June 30, 2026, compared to $916.8 million for the six-month period ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.5% to $546.5 million for the six-month period ended June 30, 2026, compared to $523.0 million for the six-month period ended June 30, 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.7% decrease in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 2.4% to $735.8 million for the six-month period ended June 30, 2026, compared to $718.5 million for the six-month period ended June 30, 2025, which was driven by a 2.8% increase in Average Monthly Realized Rent per property, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six-month period ended June 30, 2026, compared to $243.2 million for the six-month period ended June 30, 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 3.3% to $490.9 million for the six-month period ended June 30, 2026, compared to $475.4 million for the six-month period ended June 30, 2025.
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Core FFO attributable to common share and unit holders was $402.9 million, or $0.98 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025. Adjusted FFO attributable to common share and unit holders was $373.4 million, or $0.90 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Investments
As of June 30, 2026, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,482 homes, compared to 60,200 homes as of March 31, 2026, an increase of 282 homes during the second quarter of 2026, which included 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the second quarter of 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of June 30, 2026, the Company had 701 properties held for sale and 3,961 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the second quarter of 2026, the Company repurchased and retired 4.1 million of its outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million.
As of June 30, 2026, the Company had cash and cash equivalents of $83.7 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.6 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2026, the Company generated $50.1 million of Retained Cash Flow and sold 608 properties, generating $181.2 million of net proceeds.
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2026 Guidance
Set forth below are the Company’s current expectations with respect to full year 2026 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 2026 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 real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2026
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97
Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%
Same-Home
Core revenues growth 1.25% - 3.25% 1.50% - 3.00%
Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%
Core NOI growth 1.00% - 3.00% 1.40% - 3.40%
Full Year 2026
(Unchanged)
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million
JV development deliveries (1)
400 - 600 $150 - $250 million
Total gross capital investment (1)
1,700 - 2,100 $650 - $850 million
(1)JV deliveries and capital investment reflected at 100%.
Changes to Full Year 2026 Guidance
•$0.03 incremental Core FFO per share driven by:
◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,
◦Increased Non-Same-Home portfolio Core NOI growth from similar expense benefits as Same-Home portfolio as well as incremental Core NOI contribution from solid initial lease-up of AMH Development deliveries, and
◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.
Additional Information
A copy of the Company’s Second Quarter 2026 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.

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Conference Call
A conference call is scheduled on Friday, July 31, 2026 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2026 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, August 14, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13761126#, or by using the link at www.amh.com, under “Investor relations.”
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 developing, renovating, leasing and managing homes as rental properties.
In recent years, we’ve been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of America’s Best Companies 2026 by TIME and Statista. As of June 30, 2026, 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, AMH Living, LLC 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 2026 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, 2025 and in the Company’s subsequent filings with the SEC.
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AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)

June 30, 2026 December 31, 2025
(Unaudited)
Assets
Single-family properties:
Land $ 2,446,061  $ 2,406,467 
Buildings and improvements 12,222,317  11,971,961 
Single-family properties in operation 14,668,378  14,378,428 
Less: accumulated depreciation (3,540,311) (3,366,795)
Single-family properties in operation, net 11,128,067  11,011,633 
Single-family properties under development and development land 989,611  1,233,586 
Single-family properties and land held for sale, net 208,376  225,861 
Total real estate assets, net 12,326,054  12,471,080 
Cash and cash equivalents 83,670  108,516 
Restricted cash 174,029  122,174 
Rent and other receivables 45,369  43,119 
Escrow deposits, prepaid expenses and other assets 224,414  228,017 
Investments in unconsolidated joint ventures 147,283  148,935 
Goodwill 120,279  120,279 
Total assets $ 13,121,098  $ 13,242,120 
 
Liabilities
Revolving credit facility $ 390,000  $ 360,000 
Unsecured senior notes, net 4,740,117  4,735,735 
Accounts payable and accrued expenses 511,966  436,879 
Total liabilities 5,642,083  5,532,614 
 
Commitments and contingencies
 
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 359,179,944 and 366,021,665 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)
 3,592  3,660 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2026 and December 31, 2025)
 6  6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2026 and December 31, 2025)
 92  92 
Additional paid-in capital 7,183,780  7,411,003 
Accumulated deficit (385,896) (387,643)
Accumulated other comprehensive income 6,005  6,630 
Total shareholders’ equity 6,807,579  7,033,748 
Noncontrolling interest 671,436  675,758 
Total equity 7,479,015  7,709,506 
 
Total liabilities and equity $ 13,121,098  $ 13,242,120 
    

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

For the Three Months Ended
June 30,		 For the Six Months Ended
June 30,
  2026 2025 2026 2025
Rents and other single-family property revenues $ 470,104  $ 457,503  $ 942,128  $ 916,779 
 
Expenses:
Property operating expenses 161,943  160,089  330,652  327,619 
Property management expenses 33,844  34,412  67,128  68,593 
General and administrative expense 21,659  20,008  42,991  39,679 
Interest expense 49,527  46,303  97,749  91,729 
Acquisition, disposition and other transaction costs 3,195  2,655  6,255  5,716 
Depreciation and amortization 127,606  126,939  254,950  251,867 
Total expenses 397,774  390,406  799,725  785,203 
 
Gain on sale and impairment of single-family properties and other, net 59,432  51,908  137,876  113,924 
Loss on early extinguishment of debt —  —  —  (216)
Other income and expense, net 1,157  4,619  1,484  7,053 
 
Net income 132,919  123,624  281,763  252,337 
 
Noncontrolling interest 15,807  14,585  33,397  29,840 
Dividends on preferred shares 3,486  3,486  6,972  6,972 
 
Net income attributable to common shareholders $ 113,626  $ 105,553  $ 241,394  $ 215,525 
 
Weighted-average common shares outstanding:
Basic 360,629,168  370,692,250  362,445,489  370,538,451 
Diluted 360,808,221  371,059,970  362,643,354  370,916,988 
 
Net income attributable to common shareholders per share:
Basic $ 0.31  $ 0.28  $ 0.66  $ 0.58 
Diluted $ 0.31  $ 0.28  $ 0.66  $ 0.58 

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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 Second Quarter 2026 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 Second Quarter 2026 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 real estate 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, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (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.
10

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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 and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data):
  For the Three Months Ended
June 30,		 For the Six Months Ended
June 30,
  2026 2025 2026 2025
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income attributable to common shareholders $ 113,626  $ 105,553  $ 241,394  $ 215,525 
Adjustments:        
Noncontrolling interests in the Operating Partnership 15,807  14,585  33,397  29,840 
Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)
Adjustments for unconsolidated real estate joint ventures 2,158  1,821  4,071  3,305 
Depreciation and amortization 127,606  126,939  254,950  251,867 
Less: depreciation and amortization of non-real estate assets (5,727) (5,511) (11,390) (10,876)
FFO attributable to common share and unit holders $ 194,038  $ 191,479  $ 384,546  $ 375,737 
Adjustments:      
Acquisition, disposition, other transaction costs and other 3,364  1,445  7,366  5,535 
Noncash share-based compensation - general and administrative 4,323  3,987  8,768  8,854 
Noncash share-based compensation - property management 1,067  1,137  2,188  2,383 
Loss on early extinguishment of debt —  —  —  216 
Core FFO attributable to common share and unit holders $ 202,792  $ 198,048  $ 402,868  $ 392,725 
Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)
Leasing costs (947) (1,098) (1,574) (2,337)
Adjusted FFO attributable to common share and unit holders $ 185,976  $ 176,435  $ 373,360  $ 353,044 
Common distributions (135,855) (127,152) (272,738) (254,289)
Retained Cash Flow $ 50,121  $ 49,283  $ 100,622  $ 98,755 
Per FFO share and unit:      
FFO attributable to common share and unit holders $ 0.47  $ 0.45  $ 0.93  $ 0.89 
Core FFO attributable to common share and unit holders $ 0.49  $ 0.47  $ 0.98  $ 0.93 
Adjusted FFO attributable to common share and unit holders $ 0.45  $ 0.42  $ 0.90  $ 0.84 
Weighted-average FFO shares and units:
Common shares outstanding 360,629,168  370,692,250  362,445,489  370,538,451 
Share-based compensation plan (1)
418,654  692,590  448,029  726,881 
Operating partnership units 50,136,980  51,228,628  50,144,605  51,302,394 
Total weighted-average FFO shares and units 411,184,802  422,613,468  413,038,123  422,567,726 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options under the treasury stock method.

11

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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 and six months ended June 30, 2026 and 2025:
For the Three Months Ended
June 30,		 For the Six Months Ended
June 30,
2026 2025 2026 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income per common share–diluted $ 0.31  $ 0.28  $ 0.66  $ 0.58 
Adjustments:
Conversion from GAAP share count (0.04) (0.03) (0.08) (0.07)
Noncontrolling interests in the Operating Partnership 0.04  0.03  0.08  0.07 
Gain on sale and impairment of single-family properties and other, net (0.14) (0.12) (0.33) (0.27)
Adjustments for unconsolidated real estate joint ventures 0.01  —  0.01  0.01 
Depreciation and amortization 0.31  0.30  0.62  0.60 
Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.03) (0.03)
FFO attributable to common share and unit holders $ 0.47  $ 0.45  $ 0.93  $ 0.89 
Adjustments:
Acquisition, disposition, other transaction costs and other 0.01  —  0.03  0.01 
Noncash share-based compensation - general and administrative 0.01  0.01  0.02  0.02 
Noncash share-based compensation - property management —  0.01  —  0.01 
Core FFO attributable to common share and unit holders $ 0.49  $ 0.47  $ 0.98  $ 0.93 
Recurring Capital Expenditures (0.04) (0.04) (0.08) (0.08)
Leasing costs —  (0.01) —  (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.45  $ 0.42  $ 0.90  $ 0.84 
12

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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, disposition 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).

13

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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 and six months ended June 30, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
June 30,		 For the Six Months Ended
June 30,
2026 2025 2026 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 470,104  $ 457,503  $ 942,128  $ 916,779 
Tenant charge-backs (54,114) (52,457) (120,014) (116,318)
Core revenues 415,990  405,046  822,114  800,461 
Less: Non-Same-Home core revenues (44,716) (42,229) (86,340) (81,917)
Same-Home core revenues $ 371,274  $ 362,817  $ 735,774  $ 718,544 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 161,943  $ 160,089  $ 330,652  $ 327,619 
Property management expenses 33,844  34,412  67,128  68,593 
Noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)
Expenses reimbursed by tenant charge-backs (54,114) (52,457) (120,014) (116,318)
Core property operating expenses 140,606  140,907  275,578  277,511 
Less: Non-Same-Home core property operating expenses (15,113) (17,489) (30,714) (34,354)
Same-Home core property operating expenses $ 125,493  $ 123,418  $ 244,864  $ 243,157 
Core NOI and Same-Home Core NOI
Net income $ 132,919  $ 123,624  $ 281,763  $ 252,337 
Loss on early extinguishment of debt —  —  —  216 
Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)
Depreciation and amortization 127,606  126,939  254,950  251,867 
Acquisition, disposition and other transaction costs 3,195  2,655  6,255  5,716 
Noncash share-based compensation - property management 1,067  1,137  2,188  2,383 
Interest expense 49,527  46,303  97,749  91,729 
General and administrative expense 21,659  20,008  42,991  39,679 
Other income and expense, net (1,157) (4,619) (1,484) (7,053)
Core NOI 275,384  264,139  546,536  522,950 
Less: Non-Same-Home Core NOI (29,603) (24,740) (55,626) (47,563)
Same-Home Core NOI $ 245,781  $ 239,399  $ 490,910  $ 475,387 

Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
14
EX-99.2 3 amh0630268kexhibit992.htm EX-99.2 Document

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AMH
Table of Contents
2


AMH
Earnings Press Release
AMH Reports Second Quarter 2026 Financial and Operating Results
Raises Full Year 2026 Guidance
LAS VEGAS, July 30, 2026—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 ended June 30, 2026.
Highlights
•Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026.
•Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 5.2% year-over-year to $0.49 per FFO share and unit for the second quarter of 2026 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.3% year-over-year to $0.45 per FFO share and unit for the second quarter of 2026.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026.
•Achieved Same-Home Average Occupied Days Percentage of 96.0% in the second quarter of 2026, while generating 2.7% blended rate growth driven by lease spreads of 3.2% and 1.4% on renewals and new leases, respectively.
•July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%.
•Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2026.
•Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026.
•Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.95, representing anticipated full year growth of 4.3% over prior year.
“AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint,” stated Bryan Smith, AMH’s Chief Executive Officer.
“Additionally, the recent passage of the 21st Century ROAD to Housing Act reflects a thoughtful approach by policymakers to address housing affordability and recognizes the valuable role that single-family rental housing plays in the broader housing ecosystem. Notably, the law reinforces the importance of our integrated operating platform and AMH Development Program which has delivered more than 15,000 new homes across the country.”
Second Quarter 2026 Financial Results
Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3


AMH
Earnings Press Release (continued)
Rents and other single-family property revenues increased 2.8% to $470.1 million for the second quarter of 2026, compared to $457.5 million for the second quarter of 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.3% to $275.4 million for the second quarter of 2026, compared to $264.1 million for the second quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.2% decrease in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 2.3% to $371.3 million for the second quarter of 2026, compared to $362.8 million for the second quarter of 2025, which was driven by a 2.6% increase in Average Monthly Realized Rent per property, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the second quarter of 2026, compared to $123.4 million for the second quarter of 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 2.7% to $245.8 million for the second quarter of 2026, compared to $239.4 million for the second quarter of 2025.
Core FFO attributable to common share and unit holders was $202.8 million, or $0.49 per FFO share and unit, for the second quarter of 2026, compared to $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025. Adjusted FFO attributable to common share and unit holders was $186.0 million, or $0.45 per FFO share and unit, for the second quarter of 2026, compared to $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Year-to-Date 2026 Financial Results
Net income attributable to common shareholders totaled $241.4 million, or $0.66 per diluted share, for the six-month period ended June 30, 2026, compared to $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Rents and other single-family property revenues increased 2.8% to $942.1 million for the six-month period ended June 30, 2026, compared to $916.8 million for the six-month period ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.5% to $546.5 million for the six-month period ended June 30, 2026, compared to $523.0 million for the six-month period ended June 30, 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.7% decrease in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 2.4% to $735.8 million for the six-month period ended June 30, 2026, compared to $718.5 million for the six-month period ended June 30, 2025, which was driven by a 2.8% increase in Average Monthly Realized Rent per property, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six-month period ended June 30, 2026, compared to $243.2 million for the six-month period ended June 30, 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 3.3% to $490.9 million for the six-month period ended June 30, 2026, compared to $475.4 million for the six-month period ended June 30, 2025.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4


AMH
Earnings Press Release (continued)
Core FFO attributable to common share and unit holders was $402.9 million, or $0.98 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025. Adjusted FFO attributable to common share and unit holders was $373.4 million, or $0.90 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Investments
As of June 30, 2026, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,482 homes, compared to 60,200 homes as of March 31, 2026, an increase of 282 homes during the second quarter of 2026, which included 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the second quarter of 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of June 30, 2026, the Company had 701 properties held for sale and 3,961 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the second quarter of 2026, the Company repurchased and retired 4.1 million of its outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million.
As of June 30, 2026, the Company had cash and cash equivalents of $83.7 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.6 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2026, the Company generated $50.1 million of Retained Cash Flow and sold 608 properties, generating $181.2 million of net proceeds.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
5


AMH
Earnings Press Release (continued)
2026 Guidance
Set forth below are the Company’s current expectations with respect to full year 2026 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 2026 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 real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2026
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97
Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%
Same-Home
Core revenues growth 1.25% - 3.25% 1.50% - 3.00%
Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%
Core NOI growth 1.00% - 3.00% 1.40% - 3.40%
Full Year 2026
(Unchanged)
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million
JV development deliveries (1)
400 - 600 $150 - $250 million
Total gross capital investment (1)
1,700 - 2,100 $650 - $850 million
(1)JV deliveries and capital investment reflected at 100%.
Changes to Full Year 2026 Guidance
•$0.03 incremental Core FFO per share driven by:
◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,
◦Increased Non-Same-Home portfolio Core NOI growth from similar expense benefits as Same-Home portfolio as well as incremental Core NOI contribution from solid initial lease-up of AMH Development deliveries, and
◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.

Additional Information
A copy of the Company’s Second Quarter 2026 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.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
6


AMH
Earnings Press Release (continued)
Conference Call
A conference call is scheduled on Friday, July 31, 2026 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2026 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, August 14, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13761126#, or by using the link at www.amh.com, under “Investor relations.”
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 developing, renovating, leasing and managing homes as rental properties.
In recent years, we’ve been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of America’s Best Companies 2026 by TIME and Statista. As of June 30, 2026, 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, AMH Living, LLC 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 2026 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, 2025 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.
7


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 and six months ended June 30, 2026 and 2025:
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 470,104  $ 457,503  $ 942,128  $ 916,779 
Tenant charge-backs (54,114) (52,457) (120,014) (116,318)
Core revenues 415,990  405,046  822,114  800,461 
Less: Non-Same-Home core revenues (44,716) (42,229) (86,340) (81,917)
Same-Home core revenues $ 371,274  $ 362,817  $ 735,774  $ 718,544 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 161,943  $ 160,089  $ 330,652  $ 327,619 
Property management expenses 33,844  34,412  67,128  68,593 
Noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)
Expenses reimbursed by tenant charge-backs (54,114) (52,457) (120,014) (116,318)
Core property operating expenses 140,606  140,907  275,578  277,511 
Less: Non-Same-Home core property operating expenses (15,113) (17,489) (30,714) (34,354)
Same-Home core property operating expenses $ 125,493  $ 123,418  $ 244,864  $ 243,157 
Core NOI and Same-Home Core NOI
Net income $ 132,919  $ 123,624  $ 281,763  $ 252,337 
Loss on early extinguishment of debt —  —  —  216 
Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)
Depreciation and amortization 127,606  126,939  254,950  251,867 
Acquisition, disposition and other transaction costs 3,195  2,655  6,255  5,716 
Noncash share-based compensation - property management 1,067  1,137  2,188  2,383 
Interest expense 49,527  46,303  97,749  91,729 
General and administrative expense 21,659  20,008  42,991  39,679 
Other income and expense, net (1,157) (4,619) (1,484) (7,053)
Core NOI 275,384  264,139  546,536  522,950 
Less: Non-Same-Home Core NOI (29,603) (24,740) (55,626) (47,563)
Same-Home Core NOI $ 245,781  $ 239,399  $ 490,910  $ 475,387 

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 (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 and Same-Home Core NOI to their respective GAAP metrics for the trailing five quarters:
For the Three Months Ended
Jun 30,
2026		 Mar 31,
2026		 Dec 31,
2025		 Sep 30,
2025		 Jun 30,
2025
Core revenues and Same-Home core revenues
Rents and other single-family property revenues $ 470,104  $ 472,024  $ 454,991  $ 478,464  $ 457,503 
Tenant charge-backs (54,114) (65,900) (52,063) (72,843) (52,457)
Core revenues 415,990  406,124  402,928  405,621  405,046 
Less: Non-Same-Home core revenues (44,716) (41,624) (40,628) (41,076) (42,229)
Same-Home core revenues $ 371,274  $ 364,500  $ 362,300  $ 364,545  $ 362,817 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses $ 161,943  $ 168,709  $ 154,731  $ 181,604  $ 160,089 
Property management expenses 33,844  33,284  32,831  33,384  34,412 
Noncash share-based compensation - property management (1,067) (1,121) (843) (864) (1,137)
Expenses reimbursed by tenant charge-backs (54,114) (65,900) (52,063) (72,843) (52,457)
Core property operating expenses 140,606  134,972  134,656  141,281  140,907 
Less: Non-Same-Home core property operating expenses (15,113) (15,601) (16,326) (17,789) (17,489)
Same-Home core property operating expenses $ 125,493  $ 119,371  $ 118,330  $ 123,492  $ 123,418 
Core NOI and Same-Home Core NOI
Net income $ 132,919  $ 148,844  $ 144,254  $ 116,801  $ 123,624 
Loss on early extinguishment of debt —  —  —  180  — 
Gain on sale and impairment of single-family properties and other, net (59,432) (78,444) (69,916) (47,620) (51,908)
Depreciation and amortization 127,606  127,344  125,818  126,656  126,939 
Acquisition, disposition and other transaction costs 3,195  3,060  2,882  3,661  2,655 
Noncash share-based compensation - property management 1,067  1,121  843  864  1,137 
Interest expense 49,527  48,222  45,270  48,199  46,303 
General and administrative expense 21,659  21,332  22,824  20,503  20,008 
Other income and expense, net (1,157) (327) (3,703) (4,904) (4,619)
Core NOI 275,384  271,152  268,272  264,340  264,139 
Less: Non-Same-Home Core NOI (29,603) (26,023) (24,302) (23,287) (24,740)
Same-Home Core NOI $ 245,781  $ 245,129  $ 243,970  $ 241,053  $ 239,399 

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


AMH
Fact Sheet
(Amounts in thousands, except per share and property data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Operating Data
Net income attributable to common shareholders $ 113,626  $ 105,553  $ 241,394  $ 215,525 
Core revenues $ 415,990  $ 405,046  $ 822,114  $ 800,461 
Core NOI $ 275,384  $ 264,139  $ 546,536  $ 522,950 
Core NOI margin 66.2  % 65.2  % 66.5  % 65.3  %
Fully Adjusted EBITDAre $ 244,716  $ 231,735  $ 489,471  $ 462,621 
Fully Adjusted EBITDAre Margin 58.3  % 56.7  % 59.0  % 57.3  %
Per FFO share and unit:
FFO attributable to common share and unit holders $ 0.47  $ 0.45  $ 0.93  $ 0.89 
Core FFO attributable to common share and unit holders $ 0.49  $ 0.47  $ 0.98  $ 0.93 
Adjusted FFO attributable to common share and unit holders $ 0.45  $ 0.42  $ 0.90  $ 0.84 
Jun 30,
2026		 Mar 31,
2026		 Dec 31,
2025		 Sep 30,
2025		 Jun 30,
2025
Selected Balance Sheet Information - end of period
Single-family properties in operation, net $ 11,128,067  $ 11,033,809  $ 11,011,633  $ 11,035,893  $ 10,947,696 
Total assets $ 13,121,098  $ 13,175,038  $ 13,242,120  $ 13,253,466  $ 13,592,318 
Outstanding borrowings under revolving credit facility $ 390,000  $ 390,000  $ 360,000  $ 110,000  $ — 
Total Debt $ 5,190,000  $ 5,190,000  $ 5,160,000  $ 4,910,000  $ 5,227,529 
Total Capitalization $ 19,161,591  $ 16,977,003  $ 18,779,992  $ 19,164,198  $ 20,669,137 
Total Debt to Total Capitalization 27.1  % 30.6  % 27.5  % 25.6  % 25.3  %
Net Debt and Preferred Shares to Adjusted EBITDAre 5.2 x 5.3 x 5.2 x 5.1 x 5.2 x
NYSE AMH Class A common share closing price $ 33.52  $ 27.92  $ 32.10  $ 33.25  $ 36.07 
Portfolio Data - end of period
Occupied single-family properties 57,897  57,112  56,756  57,061  58,317 
Single-family properties leased, not yet occupied 835  723  543  478  406 
Single-family properties in turnover process 1,662  2,179  2,837  2,867  1,753 
Single-family properties recently renovated or developed 88  186  195  245  118 
Single-family properties newly acquired and under renovation —  —  6  13  2 
Total single-family properties, excluding properties held for sale 60,482  60,200  60,337  60,664  60,596 
Single-family properties held for sale 701  1,037  1,142  1,028  904 
Total single-family properties wholly owned 61,183  61,237  61,479  61,692  61,500 
Single-family properties managed under joint ventures 3,961  3,858  3,785  3,721  3,616 
Total single-family properties wholly owned and managed 65,144  65,095  65,264  65,413  65,116 
Total Average Occupied Days Percentage (1)
95.6  % 94.7  % 94.4  % 95.2  % 95.7  %
Same-Home Average Occupied Days Percentage (53,935 properties) 96.0  % 95.2  % 95.2  % 96.3  % 96.4  %
Other Data
Distributions declared per common share $ 0.33 $ 0.33 $ 0.30 $ 0.30 $ 0.30
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.
10


AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Rents and other single-family property revenues $ 470,104  $ 457,503  $ 942,128  $ 916,779 
​
Expenses:      
Property operating expenses 161,943  160,089  330,652  327,619 
Property management expenses 33,844  34,412  67,128  68,593 
General and administrative expense 21,659  20,008  42,991  39,679 
Interest expense 49,527  46,303  97,749  91,729 
Acquisition, disposition and other transaction costs 3,195  2,655  6,255  5,716 
Depreciation and amortization 127,606  126,939  254,950  251,867 
Total expenses 397,774  390,406  799,725  785,203 
​
Gain on sale and impairment of single-family properties and other, net 59,432  51,908  137,876  113,924 
Loss on early extinguishment of debt —  —  —  (216)
Other income and expense, net 1,157  4,619  1,484  7,053 
​
Net income 132,919  123,624  281,763  252,337 
​
Noncontrolling interest 15,807  14,585  33,397  29,840 
Dividends on preferred shares 3,486  3,486  6,972  6,972 
​
Net income attributable to common shareholders $ 113,626  $ 105,553  $ 241,394  $ 215,525 
​
Weighted-average common shares outstanding:
Basic 360,629,168  370,692,250  362,445,489  370,538,451 
Diluted 360,808,221  371,059,970  362,643,354  370,916,988 
​
Net income attributable to common shareholders per share:
Basic $ 0.31  $ 0.28  $ 0.66  $ 0.58 
Diluted $ 0.31  $ 0.28  $ 0.66  $ 0.58 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
11


AMH
Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Net income attributable to common shareholders $ 113,626  $ 105,553  $ 241,394  $ 215,525 
Adjustments:  
Noncontrolling interests in the Operating Partnership 15,807  14,585  33,397  29,840 
Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)
Adjustments for unconsolidated real estate joint ventures 2,158  1,821  4,071  3,305 
Depreciation and amortization 127,606  126,939  254,950  251,867 
Less: depreciation and amortization of non-real estate assets (5,727) (5,511) (11,390) (10,876)
FFO attributable to common share and unit holders $ 194,038  $ 191,479  $ 384,546  $ 375,737 
Adjustments:
Acquisition, disposition, other transaction costs and other 3,364  1,445  7,366  5,535 
Noncash share-based compensation - general and administrative 4,323  3,987  8,768  8,854 
Noncash share-based compensation - property management 1,067  1,137  2,188  2,383 
Loss on early extinguishment of debt —  —  —  216 
Core FFO attributable to common share and unit holders $ 202,792  $ 198,048  $ 402,868  $ 392,725 
Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)
Leasing costs (947) (1,098) (1,574) (2,337)
Adjusted FFO attributable to common share and unit holders $ 185,976  $ 176,435  $ 373,360  $ 353,044 
Per FFO share and unit:  
FFO attributable to common share and unit holders $ 0.47  $ 0.45  $ 0.93  $ 0.89 
Core FFO attributable to common share and unit holders $ 0.49  $ 0.47  $ 0.98  $ 0.93 
Adjusted FFO attributable to common share and unit holders $ 0.45  $ 0.42  $ 0.90  $ 0.84 
​
Weighted-average FFO shares and units:
Common shares outstanding 360,629,168  370,692,250  362,445,489  370,538,451 
Share-based compensation plan (1)
418,654  692,590  448,029  726,881 
Operating partnership units 50,136,980  51,228,628  50,144,605  51,302,394 
Total weighted-average FFO shares and units 411,184,802  422,613,468  413,038,123  422,567,726 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options under the treasury stock method.

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


AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Rents from single-family properties $ 408,698  $ 398,538  $ 808,686  $ 788,869 
Fees from single-family properties 10,609  9,553  20,873  18,932 
Bad debt (3,317) (3,045) (7,445) (7,340)
Core revenues 415,990  405,046  822,114  800,461 
Property tax expense 68,107  66,119  136,287  133,059 
HOA fees, net (1)
7,245  7,349  14,078  14,163 
R&M and turnover costs, net (1)
30,553  31,808  56,142  59,089 
Insurance 4,272  4,614  8,823  9,545 
Property management expenses, net (2)
30,429  31,017  60,248  61,655 
Core property operating expenses 140,606  140,907  275,578  277,511 
Core NOI $ 275,384  $ 264,139  $ 546,536  $ 522,950 
Core NOI margin 66.2  % 65.2  % 66.5  % 65.3  %
    
For the Three Months Ended
Jun 30, 2026
Same-Home Properties Stabilized Properties
Non-Stabilized Properties (3)
Held for Sale and Other Properties (4)
Total
Single-Family
Properties Wholly Owned
Property count 53,935  3,469  3,078  701  61,183 
Average Occupied Days Percentage 96.0  % 95.9  % 87.3  % 51.1  % 95.1  %
Rents from single-family properties $ 364,634  $ 25,230  $ 16,547  $ 2,287  $ 408,698 
Fees from single-family properties 9,289  724  491  105  10,609 
Bad debt (2,649) (160) (259) (249) (3,317)
Core revenues 371,274  25,794  16,779  2,143  415,990 
Property tax expense 60,903  3,876  2,746  582  68,107 
HOA fees, net (1)
6,681  320  195  49  7,245 
R&M and turnover costs, net (1)
27,580  1,181  1,513  279  30,553 
Insurance 3,784  281  159  48  4,272 
Property management expenses, net (2)
26,545  1,820  1,844  220  30,429 
Core property operating expenses 125,493  7,478  6,457  1,178  140,606 
Core NOI $ 245,781  $ 18,316  $ 10,322  $ 965  $ 275,384 
Core NOI margin 66.2  % 71.0  % 61.5  % 45.0  % 66.2  %
(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 1,488 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,590 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)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.
13


AMH
Same-Home Results – Quarterly and Year-to-Date Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 Change 2026 2025 Change
Number of Same-Home properties 53,935  53,935  53,935  53,935 
Average Occupied Days Percentage 96.0  % 96.4  % (0.4) % 95.6  % 96.1  % (0.5) %
Average Monthly Realized Rent per Property $ 2,346  $ 2,286  2.6  % $ 2,338  $ 2,274  2.8  %
Turnover Rate 8.1  % 7.5  % 0.6  % 15.4  % 14.4  % 1.0  %
Turnover Rate - TTM 27.3  % N/A 27.3  % N/A
Core NOI:
Rents from single-family properties $ 364,634  $ 356,626  2.2  % $ 723,291  $ 707,327  2.3  %
Fees from single-family properties 9,289  8,355  11.2  % 18,300  16,645  9.9  %
Bad debt (2,649) (2,164) 22.4  % (5,817) (5,428) 7.2  %
Core revenues 371,274  362,817  2.3  % 735,774  718,544  2.4  %
Property tax expense 60,903  58,926  3.4  % 121,123  118,415  2.3  %
HOA fees, net (1)
6,681  6,516  2.5  % 13,021  12,621  3.2  %
R&M and turnover costs, net (1)
27,580  27,421  0.6  % 50,418  50,971  (1.1) %
Insurance 3,784  4,158  (9.0) % 7,761  8,415  (7.8) %
Property management expenses, net (2)
26,545  26,397  0.6  % 52,541  52,735  (0.4) %
Core property operating expenses 125,493  123,418  1.7  % 244,864  243,157  0.7  %
Core NOI $ 245,781  $ 239,399  2.7  % $ 490,910  $ 475,387  3.3  %
Core NOI margin 66.2  % 66.0  % 66.7  % 66.2  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 14,487  $ 18,084  (19.9) % $ 25,494  $ 33,009  (22.8) %
Per property:
Average Recurring Capital Expenditures $ 269  $ 335  (19.9) % $ 473  $ 612  (22.8) %
Average R&M and turnover costs, net, plus
    Recurring Capital Expenditures
 $ 780  $ 844  (7.6) % $ 1,407  $ 1,557  (9.6) %
Property Enhancing Capex $ 10,113  $ 7,950  $ 17,931  $ 16,583 
(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.
14


AMH
Same-Home Results – Sequential Quarterly Results
(Amounts in thousands, except per property data)
(Unaudited)
For the Three Months Ended
Jun 30,
2026		 Mar 31,
2026		 Dec 31,
2025		 Sep 30,
2025		 Jun 30,
2025
Average Occupied Days Percentage 96.0  % 95.2  % 95.2  % 96.3  % 96.4  %
Average Monthly Realized Rent per Property $ 2,346  $ 2,329  $ 2,317  $ 2,306  $ 2,286 
Average Change in Rent for Renewals 3.2  % 3.2  % 4.1  % 4.0  % 4.4  %
Average Change in Rent for Re-Leases 1.4  % (0.8) % (0.7) % 2.5  % 4.0  %
Average Blended Change in Rent 2.7  % 2.2  % 2.6  % 3.6  % 4.3  %
Core NOI:
Rents from single-family properties $ 364,634  $ 358,657  $ 357,095  $ 359,261  $ 356,626 
Fees from single-family properties 9,289  9,011  8,360  8,301  8,355 
Bad debt (2,649) (3,168) (3,155) (3,017) (2,164)
Core revenues 371,274  364,500  362,300  364,545  362,817 
Property tax expense 60,903  60,220  58,077  59,993  58,926 
HOA fees, net (1)
6,681  6,340  6,351  6,692  6,516 
R&M and turnover costs, net (1)
27,580  22,838  24,334  27,114  27,421 
Insurance 3,784  3,977  4,205  4,197  4,158 
Property management expenses, net (2)
26,545  25,996  25,363  25,496  26,397 
Core property operating expenses 125,493  119,371  118,330  123,492  123,418 
Core NOI $ 245,781  $ 245,129  $ 243,970  $ 241,053  $ 239,399 
Core NOI margin 66.2  % 67.3  % 67.3  % 66.1  % 66.0  %
Selected Property Expenditure Details:
Recurring Capital Expenditures $ 14,487  $ 11,007  $ 12,998  $ 17,695  $ 18,084 
Per property:
Average Recurring Capital Expenditures $ 269  $ 204  $ 241  $ 328  $ 335 
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
 $ 780  $ 627  $ 692  $ 831  $ 844 
Property Enhancing Capex $ 10,113  $ 7,818  $ 6,945  $ 7,891  $ 7,950 
(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 – Operating Metrics by Market
Market Number of Properties Avg. Gross Book Value per Property % of
2Q26 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA 5,338  $ 235,333  9.5  % 2.8  % (0.1) % 1.9  %
Charlotte, NC 3,886  230,215  7.8  % 2.9  % 2.7  % 2.9  %
Dallas-Fort Worth, TX 3,421  177,906  5.8  % 2.9  % (0.4) % 2.1  %
Nashville, TN 3,153  258,329  6.9  % 3.0  % 1.3  % 2.5  %
Jacksonville, FL 3,062  229,696  5.0  % 2.8  % 0.2  % 2.0  %
Phoenix, AZ 2,872  224,503  5.5  % 2.5  % (1.4) % 1.4  %
Indianapolis, IN 2,713  177,769  3.8  % 4.9  % 4.6  % 4.8  %
Tampa, FL 2,629  244,669  4.7  % 2.3  % (2.5) % 0.8  %
Las Vegas, NV 2,208  300,601  4.7  % 2.2  % 0.3  % 1.6  %
Houston, TX 2,053  181,552  2.8  % 3.7  % (1.2) % 2.4  %
Raleigh, NC 2,053  205,079  3.5  % 2.9  % (0.4) % 1.9  %
Cincinnati, OH 2,052  202,071  3.8  % 4.2  % 6.5  % 4.9  %
Columbus, OH 2,017  202,244  3.8  % 4.5  % 5.9  % 4.8  %
Salt Lake City, UT 1,886  307,515  4.6  % 3.5  % 3.1  % 3.4  %
Orlando, FL 1,804  239,788  3.2  % 3.0  % (0.1) % 2.2  %
Greater Chicago area, IL and IN 1,474  197,415  2.6  % 5.5  % 9.1  % 6.2  %
Charleston, SC 1,426  239,222  2.8  % 3.1  % 2.8  % 3.0  %
San Antonio, TX 996  203,820  1.3  % 1.7  % (5.5) % —  %
Boise, ID 1,002  308,997  2.3  % 3.4  % 6.7  % 4.7  %
Seattle, WA 968  340,146  2.5  % 3.9  % 5.2  % 4.3  %
All Other (2)
6,922  229,917  13.1  % 3.1  % 1.0  % 2.4  %
Total/Average 53,935  $ 230,012  100.0  % 3.2  % 1.4  % 2.7  %
 Average Occupied Days Percentage  Average Monthly Realized Rent per Property
Market 2Q26 QTD 2Q25 QTD Change 2Q26 QTD 2Q25 QTD Change
Atlanta, GA 95.3  % 95.9  % (0.6) % $ 2,360  $ 2,319  1.8  %
Charlotte, NC 96.9  % 96.8  % 0.1  % 2,330  2,255  3.3  %
Dallas-Fort Worth, TX 95.9  % 96.0  % (0.1) % 2,368  2,328  1.7  %
Nashville, TN 95.7  % 96.4  % (0.7) % 2,463  2,408  2.3  %
Jacksonville, FL 96.0  % 96.3  % (0.3) % 2,254  2,207  2.1  %
Phoenix, AZ 94.4  % 95.5  % (1.1) % 2,215  2,180  1.6  %
Indianapolis, IN 96.7  % 96.6  % 0.1  % 2,021  1,941  4.1  %
Tampa, FL 95.5  % 96.1  % (0.6) % 2,506  2,462  1.8  %
Las Vegas, NV 95.6  % 95.4  % 0.2  % 2,400  2,352  2.0  %
Houston, TX 95.3  % 96.5  % (1.2) % 2,156  2,109  2.2  %
Raleigh, NC 95.7  % 97.1  % (1.4) % 2,135  2,087  2.3  %
Cincinnati, OH 96.6  % 97.8  % (1.2) % 2,332  2,217  5.2  %
Columbus, OH 97.5  % 97.5  % —  % 2,387  2,265  5.4  %
Salt Lake City, UT 96.1  % 97.0  % (0.9) % 2,599  2,513  3.4  %
Orlando, FL 96.0  % 96.3  % (0.3) % 2,474  2,413  2.5  %
Greater Chicago area, IL and IN 97.4  % 97.9  % (0.5) % 2,707  2,562  5.7  %
Charleston, SC 97.0  % 95.4  % 1.6  % 2,411  2,341  3.0  %
San Antonio, TX 95.0  % 95.3  % (0.3) % 1,944  1,954  (0.5) %
Boise, ID 96.7  % 96.2  % 0.5  % 2,373  2,291  3.6  %
Seattle, WA 97.3  % 96.8  % 0.5  % 2,986  2,888  3.4  %
All Other (2)
95.8  % 96.6  % (0.8) % 2,320  2,262  2.6  %
Total/Average 96.0  % 96.4  % (0.4) % $ 2,346  $ 2,286  2.6  %
(1)Reflected for the three months ended June 30, 2026.
(2)Represents 14 markets in 12 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
16


AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands)
Jun 30, 2026 Dec 31, 2025
(Unaudited)
Assets
Single-family properties:
Land $ 2,446,061  $ 2,406,467 
Buildings and improvements 12,222,317  11,971,961 
Single-family properties in operation 14,668,378  14,378,428 
Less: accumulated depreciation (3,540,311) (3,366,795)
Single-family properties in operation, net 11,128,067  11,011,633 
Single-family properties under development and development land 989,611  1,233,586 
Single-family properties and land held for sale, net 208,376  225,861 
Total real estate assets, net 12,326,054  12,471,080 
Cash and cash equivalents 83,670  108,516 
Restricted cash 174,029  122,174 
Rent and other receivables 45,369  43,119 
Escrow deposits, prepaid expenses and other assets 224,414  228,017 
Investments in unconsolidated joint ventures 147,283  148,935 
Goodwill 120,279  120,279 
Total assets $ 13,121,098  $ 13,242,120 
 
Liabilities
Revolving credit facility $ 390,000  $ 360,000 
Unsecured senior notes, net 4,740,117  4,735,735 
Accounts payable and accrued expenses 511,966  436,879 
Total liabilities 5,642,083  5,532,614 
 
Commitments and contingencies
 
Equity
Shareholders’ equity:
Class A common shares 3,592  3,660 
Class B common shares 6  6 
Preferred shares 92  92 
Additional paid-in capital 7,183,780  7,411,003 
Accumulated deficit (385,896) (387,643)
Accumulated other comprehensive income 6,005  6,630 
Total shareholders’ equity 6,807,579  7,033,748 
Noncontrolling interest 671,436  675,758 
Total equity 7,479,015  7,709,506 
 
Total liabilities and equity $ 13,121,098  $ 13,242,120 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17


AMH
Debt Summary as of June 30, 2026
(Amounts in thousands)
(Unaudited)
Unsecured Balance  % of Total
Interest Rate (1)
 Years to Maturity (2)
Floating rate debt:
Revolving credit facility (2)
$ 390,000  7.5  % 4.53  % 3.0
Total floating rate debt 390,000  7.5  % 4.53  % 3.0
 
Fixed rate debt:
2028 unsecured senior notes 500,000  9.6  % 4.08  % 1.6
2029 unsecured senior notes 400,000  7.7  % 4.90  % 2.6
2030 unsecured senior notes 650,000  12.5  % 4.95  % 4.0
2031 unsecured senior notes 450,000  8.7  % 2.46  % 5.0
2032 unsecured senior notes 600,000  11.6  % 3.63  % 5.8
2034 unsecured senior notes I 600,000  11.6  % 5.50  % 7.6
2034 unsecured senior notes II 500,000  9.6  % 5.50  % 8.0
2035 unsecured senior notes 500,000  9.6  % 5.08  % 8.7
2051 unsecured senior notes 300,000  5.8  % 3.38  % 25.1
2052 unsecured senior notes 300,000  5.8  % 4.30  % 25.8
Total fixed rate debt 4,800,000  92.5  % 4.46  % 8.0
 
Total Debt 5,190,000  100.0  % 4.46  % 7.6
 
Unamortized discounts and loan costs (59,883)
Total debt per balance sheet $ 5,130,117 
Maturity Schedule by Year (2)
Total Debt % of Total
Remaining 2026 $ —  —  %
2027 —  —  %
2028 500,000  9.6  %
2029 790,000  15.2  %
2030 650,000  12.5  %
Thereafter 3,250,000  62.7  %
Total $ 5,190,000  100.0  %
(1)Interest rates are as of period end and reflect the effect of any hedging instruments, as applicable.
(2)The revolving credit facility is reflected on a fully extended basis and bears interest at the Secured Overnight Financing Rate plus a margin of 0.85% as of period end.

Interest Expense Reconciliation
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Interest expense per income statement and included in Core FFO attributable to common share and unit holders $ 49,527  $ 46,303  $ 97,749  $ 91,729 
Less: amortization of discounts, loan costs and cash flow hedges (2,415) (2,463) (4,823) (4,948)
Add: capitalized interest 11,671  14,219  24,658  28,073 
Cash interest $ 58,783  $ 58,059  $ 117,584  $ 114,854 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
18


AMH
Capital Structure and Credit Metrics as of June 30, 2026
(Amounts in thousands, except share and per share data)
(Unaudited)
Total Capitalization
Total Debt $ 5,190,000  27.1  %
Total preferred shares 230,000  1.2  %
Common equity at market value:
Common shares outstanding 359,815,019 
Operating partnership units 50,136,980 
Total shares and units 409,951,999 
NYSE AMH Class A common share closing price at June 30, 2026 $ 33.52 
Market value of common shares and operating partnership units 13,741,591  71.7  %
Total Capitalization $ 19,161,591  100.0  %
Preferred Shares Earliest Redemption Date Outstanding Shares Annual Dividend
Per Share		 Annual Dividend
Amount
Series Per Share Total
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 5.2 x Rating Agency Rating Outlook
Fixed Charge Coverage 4.2 x Moody's Investor Service Baa2 Stable
Unencumbered Core NOI percentage (1)
100.0  % S&P Global Ratings BBB Stable
(1)The Company’s portfolio is fully unencumbered.
Unsecured Senior Notes Covenant Ratios Requirement Actual
Ratio of Indebtedness to Total Assets < 60.0  % 31.6  %
Ratio of Secured Debt to Total Assets < 40.0  % —  %
Ratio of Unencumbered Assets to Unsecured Debt > 150.0  % 316.7  %
Ratio of Consolidated Income Available for Debt Service to Interest Expense > 1.50 x 4.34 x
Unsecured Credit Facility Covenant Ratios Requirement Actual
Ratio of Total Indebtedness to Total Asset Value < 60.0  % 28.6  %
Ratio of Secured Indebtedness to Total Asset Value < 40.0  % 0.7  %
Ratio of Unsecured Indebtedness to Unencumbered Asset Value < 60.0  % 29.7  %
Ratio of EBITDA to Fixed Charges > 1.50 x 4.00 x
Ratio of Unencumbered NOI to Unsecured Interest Expense > 1.75 x 4.78 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
19


AMH
Top 20 Markets Summary as of June 30, 2026
Property Information (1)
Market Number of
Properties		 Percentage
of Total
Properties		 Avg. Gross Book Value per Property Avg.
Sq. Ft.		 Avg. Age
(years)
Atlanta, GA 5,962 9.9  % $ 246,099  2,202 17.6
Charlotte, NC 4,189 6.9  % 237,435  2,121 19.2
Dallas-Fort Worth, TX 3,573 5.9  % 180,229  2,078 21.9
Jacksonville, FL 3,443 5.7  % 243,716  1,935 14.3
Nashville, TN 3,356 5.5  % 264,693  2,127 17.4
Phoenix, AZ 3,313 5.5  % 235,203  1,872 19.7
Tampa, FL 3,111 5.1  % 265,537  1,965 14.2
Indianapolis, IN 2,973 4.9  % 184,088  1,930 23.1
Las Vegas, NV 2,832 4.7  % 329,090  1,978 10.5
Columbus, OH 2,305 3.8  % 224,293  1,921 20.7
Houston, TX 2,213 3.7  % 183,516  2,059 20.4
Orlando, FL 2,227 3.7  % 265,905  1,958 15.5
Raleigh, NC 2,118 3.5  % 207,444  1,900 19.6
Cincinnati, OH 2,078 3.4  % 203,166  1,844 23.4
Salt Lake City, UT 1,925 3.2  % 309,755  2,243 19.2
Charleston, SC 1,696 2.8  % 254,709  1,966 13.3
Greater Chicago area, IL and IN 1,516 2.5  % 197,248  1,874 24.8
Boise, ID 1,122 1.9  % 325,842  1,889 11.2
Seattle, WA 1,114 1.8  % 362,800  2,004 14.2
San Antonio, TX 1,077 1.8  % 207,347  1,902 16.8
All Other (3)
8,339 13.8  % 246,313  1,934 18.5
Total/Average 60,482 100.0  % $ 242,525  2,002 18.1
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 94.7  % $ 2,374  2.9  % —  % 2.1  %
Charlotte, NC 96.7  % 2,330  3.0  % 2.7  % 2.9  %
Dallas-Fort Worth, TX 95.8  % 2,368  3.0  % (0.3) % 2.2  %
Jacksonville, FL 95.6  % 2,261  2.8  % 0.5  % 2.1  %
Nashville, TN 95.9  % 2,474  3.0  % 1.5  % 2.6  %
Phoenix, AZ 94.3  % 2,215  2.7  % (1.2) % 1.7  %
Tampa, FL 94.7  % 2,524  2.3  % (2.5) % 0.8  %
Indianapolis, IN 96.5  % 2,022  4.9  % 4.8  % 4.9  %
Las Vegas, NV 94.8  % 2,428  2.4  % 1.0  % 2.0  %
Columbus, OH 96.8  % 2,420  4.4  % 6.2  % 4.8  %
Houston, TX 95.2  % 2,145  3.8  % (1.4) % 2.5  %
Orlando, FL 95.2  % 2,498  3.0  % 0.1  % 2.2  %
Raleigh, NC 95.7  % 2,138  2.9  % (0.4) % 1.9  %
Cincinnati, OH 96.7  % 2,332  4.2  % 6.5  % 4.9  %
Salt Lake City, UT 96.0  % 2,598  3.5  % 3.2  % 3.4  %
Charleston, SC 95.0  % 2,423  3.1  % 3.2  % 3.1  %
Greater Chicago area, IL and IN 97.3  % 2,705  5.6  % 9.3  % 6.4  %
Boise, ID 96.5  % 2,386  3.5  % 6.9  % 4.7  %
Seattle, WA 96.4  % 3,006  3.7  % 4.9  % 4.1  %
San Antonio, TX 94.8  % 1,945  1.9  % (5.3) % 0.2  %
All Other (3)
95.3  % 2,302  3.3  % 1.2  % 2.6  %
Total/Average 95.6  % $ 2,353  3.2  % 1.5  % 2.7  %
(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 June 30, 2026.
(3)Represents 16 markets in 15 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
20


AMH
Property Additions
2Q26 Additions YTD 2Q26 Additions
Number of Properties Average
Total Investment Cost		 Number of Properties Average
Total Investment Cost
Market AMH Development National Homebuilder
and MLS		 AMH Development National Homebuilder
and MLS
Las Vegas, NV 74  —  $ 436,975  121  —  $ 438,565 
Tampa, FL 71  —  396,844  145  —  398,087 
Jacksonville, FL 62  —  362,191  106  —  366,876 
Columbus, OH 60  —  401,491  99  —  399,121 
Atlanta, GA 51  —  372,366  96  —  371,213 
Orlando, FL 50  —  407,696  95  —  403,743 
Tucson, AZ 44  —  426,901  88  —  426,130 
Phoenix, AZ 37  —  379,071  75  —  383,676 
Charleston, SC 29  —  393,017  58  —  391,471 
Seattle, WA 22  —  514,612  48  —  521,915 
Denver, CO 18  —  482,060  32  —  479,508 
Charlotte, NC 13  —  378,854  20  —  382,891 
Boise, ID 11  —  529,779  16  —  522,839 
Total/Average 542  —  $ 408,470  999  —  $ 408,992 

Property Dispositions
Jun 30, 2026 Single-Family Properties
Held for Sale		 2Q26 Dispositions YTD 2Q26 Dispositions
Market Number of Properties Average
Net Proceeds per Property		 Number of Properties Average
Net Proceeds per Property
Orlando, FL 74  46  $ 334,456  69  $ 324,864 
Houston, TX 70  32  225,077  74  226,974 
Charlotte, NC 64  45  313,036  83  316,740 
Tampa, FL 60  67  307,699  116  300,393 
Dallas-Fort Worth, TX 56  60  260,894  132  255,535 
Atlanta, GA 48  53  310,205  157  302,443 
Raleigh, NC 43  19  321,611  30  314,207 
Greater Chicago area, IL and IN 28  11  296,192  22  291,854 
Jacksonville, FL 22  27  281,240  60  266,797 
Phoenix, AZ 21  32  338,884  92  324,579 
Nashville, TN 21  21  319,352  36  322,178 
Austin, TX 19  18  237,411  43  235,258 
San Antonio, TX 19  33  188,363  88  191,676 
Indianapolis, IN 19  16  229,244  38  241,062 
Columbus, OH 18  23  292,634  49  287,304 
Las Vegas, NV 17  17  390,395  25  377,671 
Salt Lake City, UT 13  5  751,665  7  712,366 
Charleston, SC 13  14  307,157  31  312,042 
Memphis, TN 13  2  278,140  16  255,433 
Seattle, WA 9  2  523,777  8  490,409 
All Other (1)
54  65  309,924  142  303,447 
Total/Average 701  608  $ 298,074  1,318  $ 288,542 
(1)Represents 18 markets in 14 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
21


AMH
AMH Development Pipeline Summary as of June 30, 2026 (1)
YTD 2Q26 Deliveries Jun 30, 2026
Lots for
Future Delivery
Market Number of Properties Average Total Investment Cost Average
Monthly Rent
Phoenix, AZ 163  $ 394,000  $ 2,280  595 
Tampa, FL 145  398,000  2,630  246 
Las Vegas, NV 138  436,000  2,600  481 
Atlanta, GA 129  381,000  2,560  738 
Orlando, FL 128  398,000  2,660  426 
Jacksonville, FL 106  367,000  2,380  227 
Columbus, OH 99  399,000  2,720  528 
Denver, CO 66  481,000  2,990  285 
Charleston, SC 58  391,000  2,460  516 
Seattle, WA 52  514,000  3,050  492 
Charlotte, NC 45  352,000  2,590  189 
Boise, ID 26  478,000  2,780  261 
Salt Lake City, UT 22  467,000  2,620  216 
Raleigh, NC 13  345,000  2,580  182 
Total/Average 1,190  $ 407,000  $ 2,590  5,382 
Lots optioned 356 
Total lots owned and optioned 5,738 

Estimated Delivery Timing
Dec 31, 2025
Lots for
Future Delivery
YTD 2Q26
Net Additions/(Reductions) (3)
YTD 2Q26
Deliveries
Full Year Estimated 2026 Deliveries (1)
Deliveries Thereafter (1)
Wholly-owned development pipeline (2)
7,088 (828) 999 1,300 - 1,500 4,860
Joint venture development pipeline (2)(4)
668 — 191 400 - 600 168
Total development pipeline 7,756 (828) 1,190 1,700 - 2,100 5,028
(1)Reflects the Company’s latest development program results and estimates as of July 30, 2026.
(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.
22


AMH
Lease Expirations
MTM 3Q26 4Q26 1Q27 2Q27 Thereafter
Lease expirations 2,221 10,446 5,937 15,753 19,365 5,010

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 —  $ —  $ — 
2024 —  —  — 
2025 4,721,205  150,000  31.77 
1Q26 3,653,721  115,067  31.49 
2Q26 4,114,576  122,953  29.88 
Total 12,489,502  388,020  $ 31.07 
 Remaining authorization: (1)
$ 377,047 
(1)In February 2026, the Company’s board of trustees authorized a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status.

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 
2024 932,746  33,756  36.19  2,987,024  110,616  37.03  4Q24 144,372 
2025 —  —  —  —  —  —  — 
1Q26 —  —  —  —  —  —  — 
2Q26 —  —  —  —  —  —  — 
246,330 
 Remaining authorization: (1)
$ 1,000,000 
(1)In June 2026, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
23


AMH
2026 Guidance
Set forth below are the Company’s current expectations with respect to full year 2026 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 2026 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 real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2026
Previous Guidance Current Guidance
Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97
Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%
Same-Home
Core revenues growth 1.25% - 3.25% 1.50% - 3.00%
Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%
Core NOI growth 1.00% - 3.00% 1.40% - 3.40%
Full Year 2026
(Unchanged)
Investment Program Properties Investment
Wholly owned acquisitions — —
Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million
JV development deliveries (1)
400 - 600 $150 - $250 million
Total gross capital investment (1)
1,700 - 2,100 $650 - $850 million
(1)JV deliveries and capital investment reflected at 100%.
Changes to Full Year 2026 Guidance
•$0.03 incremental Core FFO per share driven by:
◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,
◦Increased Non-Same-Home portfolio Core NOI growth from similar expense benefits as Same-Home portfolio as well as incremental Core NOI contribution from solid initial lease-up of AMH Development deliveries, and
◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
24


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 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, disposition 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.




25


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 and Same-Home 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) Jun 30,
2026		 Mar 31,
2026		 Dec 31,
2025		 Sep 30,
2025		 Jun 30,
2025
Total Debt $ 5,190,000  $ 5,190,000  $ 5,160,000  $ 4,910,000  $ 5,227,529 
Less: cash and cash equivalents (83,670) (63,301) (108,516) (45,631) (323,258)
Less: restricted cash related to securitizations —  —  —  (3,114) (13,188)
Net debt $ 5,106,330  $ 5,126,699  $ 5,051,484  $ 4,861,255  $ 4,891,083 
Preferred shares at liquidation value 230,000  230,000  230,000  230,000  230,000 
Net debt and preferred shares $ 5,336,330  $ 5,356,699  $ 5,281,484  $ 5,091,255  $ 5,121,083 
Adjusted EBITDAre - TTM $ 1,026,832  $ 1,018,648  $ 1,010,155  $ 1,001,181  $ 982,928 
Net Debt and Preferred Shares to Adjusted EBITDAre 5.2 x 5.3 x 5.2 x 5.1 x 5.2 x
Fixed Charge Coverage
(Amounts in thousands) For the Trailing Twelve Months Ended
Jun 30, 2026
Interest expense per income statement $ 191,218 
Less: amortization of discounts, loan costs and cash flow hedges (9,914)
Add: capitalized interest 51,793 
Cash interest 233,097 
Dividends on preferred shares 13,944 
Fixed charges $ 247,041 
Adjusted EBITDAre - TTM $ 1,026,832 
Fixed Charge Coverage 4.2 x
26


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 real estate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (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.
27


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 and six months ended June 30, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Net income $ 132,919  $ 123,624  $ 281,763  $ 252,337 
Interest expense 49,527  46,303  97,749  91,729 
Depreciation and amortization 127,606  126,939  254,950  251,867 
EBITDA $ 310,052  $ 296,866  $ 634,462  $ 595,933 
 
Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)
Adjustments for unconsolidated real estate joint ventures 2,158  1,821  4,071  3,305 
EBITDAre $ 252,778  $ 246,779  $ 500,657  $ 485,314 
 
Noncash share-based compensation - general and administrative 4,323  3,987  8,768  8,854 
Noncash share-based compensation - property management 1,067  1,137  2,188  2,383 
Acquisition, disposition, other transaction costs and other 3,364  1,445  7,366  5,535 
Loss on early extinguishment of debt —  —  —  216 
Adjusted EBITDAre $ 261,532  $ 253,348  $ 518,979  $ 502,302 
 
Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)
Leasing costs (947) (1,098) (1,574) (2,337)
Fully Adjusted EBITDAre $ 244,716  $ 231,735  $ 489,471  $ 462,621 
 
Rents and other single-family property revenues $ 470,104  $ 457,503  $ 942,128  $ 916,779 
Less: tenant charge-backs (54,114) (52,457) (120,014) (116,318)
Adjustments for unconsolidated joint ventures - income 4,076  3,576  7,991  7,164 
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures $ 420,066  $ 408,622  $ 830,105  $ 807,625 
 
Adjusted EBITDAre Margin 62.3  % 62.0  % 62.5  % 62.2  %
 
Fully Adjusted EBITDAre Margin 58.3  % 56.7  % 59.0  % 57.3  %

28


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
Jun 30,
2026		 Mar 31,
2026		 Dec 31,
2025		 Sep 30,
2025		 Jun 30,
2025
Net income $ 542,818  $ 533,523  $ 513,392  $ 513,011  $ 483,850 
Interest expense 191,218  187,994  185,198  184,413  179,825 
Depreciation and amortization 507,424  506,757  504,341  502,513  495,548 
EBITDA $ 1,241,460  $ 1,228,274  $ 1,202,931  $ 1,199,937  $ 1,159,223 
 
Gain on sale and impairment of single-family properties and other, net (255,412) (247,888) (231,460) (241,810) (226,887)
Adjustments for unconsolidated real estate joint ventures 7,706  7,369  6,940  6,036  5,234 
EBITDAre $ 993,754  $ 987,755  $ 978,411  $ 964,163  $ 937,570 
 
Noncash share-based compensation - general and administrative 15,992  15,656  16,078  15,389  15,073 
Noncash share-based compensation - property management 3,895  3,965  4,090  4,234  4,413 
Acquisition, disposition, other transaction costs and other 13,011  11,092  11,180  12,019  11,466 
Hurricane-related charges, net —  —  —  4,980  8,884 
Loss on early extinguishment of debt 180  180  396  396  5,522 
Adjusted EBITDAre $ 1,026,832  $ 1,018,648  $ 1,010,155  $ 1,001,181  $ 982,928 

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 real estate 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, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (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.






29


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

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, 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
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Property management expenses $ 33,844  $ 34,412  $ 67,128  $ 68,593 
Less: tenant charge-backs (2,348) (2,258) (4,692) (4,555)
Less: noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)
Property management expenses, net $ 30,429  $ 31,017  $ 60,248  $ 61,655 
General and administrative expense $ 21,659  $ 20,008  $ 42,991  $ 39,679 
Less: noncash share-based compensation - general and administrative (4,323) (3,987) (8,768) (8,854)
General and administrative expense, net $ 17,336  $ 16,021  $ 34,223  $ 30,825 
    

30


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 and six months ended June 30, 2026 and 2025:
For the Three Months Ended
Jun 30, 		For the Six Months Ended
Jun 30,
2026 2025 2026 2025
Net income per common share–diluted $ 0.31  $ 0.28  $ 0.66  $ 0.58 
Adjustments:
Conversion from GAAP share count (0.04) (0.03) (0.08) (0.07)
Noncontrolling interests in the Operating Partnership 0.04  0.03  0.08  0.07 
Gain on sale and impairment of single-family properties and other, net (0.14) (0.12) (0.33) (0.27)
Adjustments for unconsolidated real estate joint ventures 0.01  —  0.01  0.01 
Depreciation and amortization 0.31  0.30  0.62  0.60 
Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.03) (0.03)
FFO attributable to common share and unit holders $ 0.47  $ 0.45  $ 0.93  $ 0.89 
Adjustments:
Acquisition, disposition, other transaction costs and other 0.01  —  0.03  0.01 
Noncash share-based compensation - general and administrative 0.01  0.01  0.02  0.02 
Noncash share-based compensation - property management —  0.01  —  0.01 
Core FFO attributable to common share and unit holders $ 0.49  $ 0.47  $ 0.98  $ 0.93 
Recurring Capital Expenditures (0.04) (0.04) (0.08) (0.08)
Leasing costs —  (0.01) —  (0.01)
Adjusted FFO attributable to common share and unit holders $ 0.45  $ 0.42  $ 0.90  $ 0.84 

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.
31


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
Jun 30, 2026
Adjusted FFO attributable to common share and unit holders $ 185,976 
Common distributions (135,855)
Retained Cash Flow $ 50,121 

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.

32


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, the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 Unsecured Senior Notes, and the Tenth Supplemental Indenture dated as of May 13, 2025 for the 2030 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, as amended by Amendment No. 1 to Credit Agreement dated as of May 6, 2025 and Amendment No. 2 to Credit Agreement dated as of April 1, 2026, which have been filed as exhibits 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, 2025, and in the Company’s subsequent filings with the SEC.
33

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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