American Homes 4 Rent (AMH)

CIK: 0001562401. SIC: 6798 Real Estate Investment Trusts. Latest 10-K as of: 2026-02-20.

SIC breadcrumb: Finance, Insurance, And Real Estate > Holding And Other Investment Offices > SIC 6798 Real Estate Investment Trusts

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1562401. Latest filing source: 0001562401-26-000010.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562401.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562401.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001562401-26-000032.

Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high. Filing date: 2026-05-07. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Overview

We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.

As of March 31, 2026, we owned 61,237 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,361 single-family properties in 24 states, including 661 properties held for sale, as of March 31, 2025. As of March 31, 2026, 57,112 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,246 of our total properties (excluding properties held for sale) as of March 31, 2025. Also, as of March 31, 2026, the Company had an additional 3,858 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,487 properties held in unconsolidated joint ventures as of March 31, 2025. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of March 31, 2026:

Total Single-Family Properties (1)

Market

Number of Single-Family Properties

% of Total Single-Family Properties

Gross Book Value (millions)

% of Gross Book Value Total

Avg. Gross Book Value per Property

Avg.

Sq. Ft.

Avg. Property Age (years)

Avg. Year

Purchased or Delivered

Atlanta, GA

5,921 

9.8 

%

$

1,448.7 

10.0 

%

$

244,686 

2,201 

17.5

2017

Charlotte, NC

4,205 

7.0 

%

994.6 

6.9 

%

236,530 

2,122 

19.0

2016

Dallas-Fort Worth, TX

3,595 

6.0 

%

646.5 

4.5 

%

179,822 

2,080 

21.6

2014

Jacksonville, FL

3,398 

5.6 

%

818.7 

5.7 

%

240,971 

1,934 

14.4

2017

Nashville, TN

3,372 

5.6 

%

890.2 

6.1 

%

264,014 

2,125 

17.2

2016

Phoenix, AZ

3,290 

5.5 

%

765.7 

5.3 

%

232,764 

1,870 

19.7

2016

Tampa, FL

3,081 

5.1 

%

805.2 

5.6 

%

261,387 

1,964 

14.4

2017

Indianapolis, IN

2,981 

5.0 

%

547.1 

3.8 

%

183,515 

1,931 

22.9

2015

Las Vegas, NV

2,764 

4.6 

%

900.3 

6.2 

%

325,740 

1,976 

10.6

2018

Columbus, OH

2,262 

3.8 

%

494.9 

3.4 

%

218,822 

1,912 

21.0

2016

Houston, TX

2,223 

3.7 

%

407.5 

2.8 

%

183,320 

2,061 

20.2

2015

Orlando, FL

2,216 

3.7 

%

581.5 

4.0 

%

262,428 

1,950 

15.8

2017

Raleigh, NC

2,124 

3.5 

%

439.2 

3.0 

%

206,798 

1,899 

19.4

2015

Cincinnati, OH

2,079 

3.5 

%

421.1 

2.9 

%

202,561 

1,844 

23.2

2014

Salt Lake City, UT

1,929 

3.2 

%

596.7 

4.1 

%

309,330 

2,244 

19.0

2016

Charleston, SC

1,678 

2.8 

%

422.6 

2.9 

%

251,885 

1,964 

13.3

2017

Greater Chicago area, IL and IN

1,492 

2.5 

%

293.0 

2.0 

%

196,405 

1,869 

24.5

2013

Boise, ID

1,112 

1.8 

%

359.5 

2.5 

%

323,342 

1,886 

11.1

2018

Seattle, WA

1,096 

1.8 

%

393.3 

2.7 

%

358,886 

2,006 

14.3

2018

San Antonio, TX

1,079 

1.8 

%

223.1 

1.5 

%

206,836 

1,901 

16.5

2016

All Other (2)

8,303 

13.7 

%

2,027.7 

14.1 

%

244,213 

1,932 

18.9

2017

Total/Average

60,200 

100.0 

%

$

14,477.1 

100.0 

%

$

240,483 

2,001 

18.1

2016

(1)Excludes 1,037 single-family properties held for sale as of March 31, 2026.

(2)Represents 16 markets in 15 states.

29

The following table summarizes certain key leasing metrics as of March 31, 2026:

Total Single-Family Properties (1)

Market

Avg. Occupied Days

Percentage (2)

Avg. Monthly Realized Rent per Property (3)

Avg. Original Lease Term (months) (4)

Avg. Remaining Lease Term (months) (4)

Avg. Blended Change in

Rent (5)

Atlanta, GA

94.1 

%

$

2,361 

12.7 

6.1 

1.6 

%

Charlotte, NC

95.7 

%

2,302 

12.5 

5.8 

3.2 

%

Dallas-Fort Worth, TX

95.5 

%

2,374 

12.5 

5.8 

1.6 

%

Jacksonville, FL

94.1 

%

2,245 

12.8 

6.7 

1.8 

%

Nashville, TN

94.5 

%

2,449 

12.6 

6.1 

1.7 

%

Phoenix, AZ

94.1 

%

2,200 

12.0 

5.6 

1.3 

%

Tampa, FL

93.9 

%

2,510 

12.9 

6.7 

1.1 

%

Indianapolis, IN

96.0 

%

2,004 

12.6 

6.3 

3.4 

%

Las Vegas, NV

94.6 

%

2,395 

12.9 

6.3 

1.5 

%

Columbus, OH

95.3 

%

2,376 

12.8 

7.0 

3.8 

%

Houston, TX

96.1 

%

2,134 

12.5 

5.8 

2.8 

%

Orlando, FL

94.2 

%

2,466 

12.6 

6.2 

2.1 

%

Raleigh, NC

94.9 

%

2,128 

12.6 

6.2 

1.8 

%

Cincinnati, OH

96.1 

%

2,290 

12.7 

6.6 

5.0 

%

Salt Lake City, UT

94.6 

%

2,576 

12.7 

6.4 

2.0 

%

Charleston, SC

94.0 

%

2,389 

12.6 

6.2 

2.8 

%

Greater Chicago area, IL and IN

96.1 

%

2,668 

12.6 

6.8 

6.1 

%

Boise, ID

94.0 

%

2,339 

12.5 

5.8 

3.5 

%

Seattle, WA

94.6 

%

2,981 

11.9 

6.0 

3.1 

%

San Antonio, TX

95.0 

%

1,955 

12.6 

5.7 

(1.0)

%

All Other (6)

93.9 

%

2,278 

12.7 

6.2 

2.0 

%

Total/Average

94.7 

%

$

2,331 

12.6 

6.2 

2.3 

%

(1)Excludes 1,037 single-family properties held for sale as of March 31, 2026.

(2)For the three months ended March 31, 2026, Average Occupied Days Percentage represents 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.

(3)For the three months ended March 31, 2026, 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 is adjusted to reflect the number of days of ownership.

(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2026, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6)Represents 16 markets in 15 states.

We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Property Development, Acquisitions and Dispositions

Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated

30

based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

During the three months ended March 31, 2026, we developed 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program, offset by 594 homes identified for sale. During the three months ended March 31, 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of March 31, 2026 and December 31, 2025, there were 1,037 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended March 31, 2026 and 2025, we sold 710 and 416 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Property Operations

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately four to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $500,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are a

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-20. Report date: 2025-12-31.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those set forth under Part I, “Item 1A. Risk Factors” in this report.

This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024. A discussion of the year ended December 31, 2023 is available at Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.

As of December 31, 2025, we owned 61,479 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 1,142 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024. As of December 31, 2025, 56,756 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024. Also, as of December 31, 2025, the Company had an additional 3,785 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of December 31, 2025:

Total Single-Family Properties (1)

Market

Number of Single-Family Properties

% of Total Single-Family Properties

Gross Book Value (millions)

% of Gross Book Value Total

Avg. Gross Book Value per Property

Avg.

Sq. Ft.

Avg. Property Age (years)

Avg. Year

Purchased or Delivered

Atlanta, GA

5,944 

9.9 

%

$

1,444.2 

10.0 

%

$

242,982 

2,201 

17.4 

2017

Charlotte, NC

4,237 

7.0 

%

995.8 

6.9 

%

235,026 

2,120 

18.8 

2016

Dallas-Fort Worth, TX

3,663 

6.1 

%

657.2 

4.6 

%

179,413 

2,080 

21.4 

2014

Nashville, TN

3,392 

5.6 

%

893.4 

6.2 

%

263,393 

2,125 

17.0 

2016

Jacksonville, FL

3,382 

5.6 

%

806.5 

5.6 

%

238,489 

1,933 

14.4 

2017

Phoenix, AZ

3,282 

5.4 

%

754.5 

5.2 

%

229,918 

1,865 

19.7 

2016

Indianapolis, IN

2,993 

5.0 

%

547.8 

3.8 

%

183,011 

1,931 

22.6 

2015

Tampa, FL

3,057 

5.1 

%

785.1 

5.5 

%

256,851 

1,961 

14.6 

2017

Las Vegas, NV

2,733 

4.5 

%

881.9 

6.1 

%

322,690 

1,974 

10.6 

2018

Houston, TX

2,250 

3.7 

%

411.5 

2.9 

%

182,903 

2,061 

19.9 

2015

Raleigh, NC

2,147 

3.6 

%

443.0 

3.1 

%

206,345 

1,900 

19.2 

2015

Columbus, OH

2,251 

3.7 

%

483.3 

3.4 

%

214,733 

1,907 

21.2 

2016

Orlando, FL

2,227 

3.7 

%

573.8 

4.0 

%

257,690 

1,950 

16.1 

2017

Cincinnati, OH

2,092 

3.5 

%

422.7 

2.9 

%

202,032 

1,843 

22.9 

2014

Salt Lake City, UT

1,931 

3.2 

%

596.5 

4.1 

%

308,906 

2,243 

18.8 

2016

Charleston, SC

1,665 

2.8 

%

414.3 

2.9 

%

248,812 

1,964 

13.4 

2017

Greater Chicago area, IL and IN

1,500 

2.5 

%

294.3 

2.0 

%

196,177 

1,872 

24.3 

2013

San Antonio, TX

1,105 

1.8 

%

227.8 

1.6 

%

206,196 

1,901 

16.4 

2016

Boise, ID

1,107 

1.8 

%

356.6 

2.5 

%

322,219 

1,884 

10.9 

2018

Savannah/Hilton Head, SC

1,024 

1.7 

%

227.0 

1.6 

%

221,680 

1,884 

16.7 

2017

All Other (2)

8,355 

13.8 

%

2,161.2 

15.1 

%

258,671 

1,947 

18.3 

2017

Total/Average

60,337 

100.0 

%

$

14,378.4 

100.0 

%

$

238,302 

2,001 

18.0 

2016

(1)Excludes 1,142 single-family properties held for sale as of December 31, 2025.

(2)Represents 16 markets in 15 states.

26

The following table summarizes certain key leasing metrics as of December 31, 2025:

Total Single-Family Properties (1)

Market

Avg. Occupied Days Percentage (2)

Avg. Monthly Realized Rent per Property (3)

Avg. Original Lease Term (months) (4)

Avg. Remaining Lease Term (months) (4)

Avg. Blended Change in Rent (5)

Atlanta, GA

94.1 

%

$

2,349 

12.9 

5.5 

1.7 

%

Charlotte, NC

95.1 

%

2,281 

12.7 

5.7 

2.8 

%

Dallas-Fort Worth, TX

95.4 

%

2,344 

12.7 

5.6 

1.4 

%

Nashville, TN

94.5 

%

2,438 

12.8 

5.8 

2.3 

%

Jacksonville, FL

93.8 

%

2,232 

12.8 

5.9 

0.9 

%

Phoenix, AZ

94.5 

%

2,184 

12.0 

5.4 

1.5 

%

Indianapolis, IN

95.5 

%

1,988 

12.9 

5.8 

4.1 

%

Tampa, FL

92.8 

%

2,510 

13.0 

6.4 

0.7 

%

Las Vegas, NV

94.0 

%

2,397 

13.0 

5.7 

1.0 

%

Houston, TX

96.4 

%

2,121 

12.7 

5.6 

1.9 

%

Raleigh, NC

94.6 

%

2,114 

12.9 

5.7 

1.7 

%

Columbus, OH

94.1 

%

2,349 

13.0 

6.2 

5.9 

%

Orlando, FL

93.7 

%

2,459 

12.6 

5.7 

1.5 

%

Cincinnati, OH

95.5 

%

2,275 

13.0 

6.2 

6.1 

%

Salt Lake City, UT

94.6 

%

2,562 

12.7 

5.9 

3.6 

%

Charleston, SC

93.0 

%

2,374 

12.7 

6.3 

2.4 

%

Greater Chicago area, IL and IN

95.4 

%

2,649 

12.8 

5.7 

8.3 

%

San Antonio, TX

94.7 

%

1,943 

12.7 

5.4 

(0.4)

%

Boise, ID

94.7 

%

2,355 

12.5 

5.3 

2.6 

%

Savannah/Hilton Head, SC

93.5 

%

2,355 

12.6 

5.6 

3.0 

%

All Other (6)

93.9 

%

2,354 

12.8 

5.7 

2.8 

%

Total/Average

94.4 

%

$

2,318 

12.8 

5.8 

2.5 

%

(1)Excludes 1,142 single-family properties held for sale as of December 31, 2025.

(2)For the year ended December 31, 2025, Average Occupied Days Percentage represents 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.

(3)For the year ended December 31, 2025, 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 year, this is adjusted to reflect the number of days of ownership.

(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6)Represents 16 markets in 15 states.

We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Property Development, Acquisitions and Dispositions

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. We are primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable

27

opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

During the year ended December 31, 2025, we developed or acquired 1,962 homes, including 1,879 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 83 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 2,156 homes identified for sale. During the year ended December 31, 2025, we also developed an additional 443 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,322 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of December 31, 2025 and 2024, there were 1,142 and 805 properties, respectively, as well as certain land lots, classified as held for sale. During the years ended December 31, 2025 and 2024, we sold 1,827 and 1,705 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Property Operations

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately four to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $500,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable. In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. Typically, it takes approximately 20 to 60 days to complete the turnover process.

Revenues

Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants. Typically, our incoming residents have household incomes ranging from $80,000 to $150,000 and primarily consist of families with approximately two adults and one or more children.

28

Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.7% for the year ended December 31, 2025 and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 26.3% and 27.8% during the years ended December 31, 2025 and 2024, respectively.

Expenses

We monitor the following categories of expenses that we believe most significantly affect our results of operations.

Property Operating Expenses

Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control. These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, utility expenses that are generally recovered as “tenant charge-backs” (included in rents and other single-family property revenues), HOA fees (when applicable) and insurance.

Property Management Expenses

As we internally manage our portfolio of single-family properties through our proprietary property management platform, we incur costs such as salary expenses for property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining as well as enhancing our property management platform. As part of developing our property management platform, we continue to make significant investments in our personnel, infrastructure, systems and technology that will impact expenses based on investment programs during the year. We believe that these investments will enable our property management platform to become more efficient over time, especially as our portfolio grows. Also included in property management expenses is noncash share-based compensation expense related to centralized and field property management employees.

Seasonality

We believe that our business and related operating results will be impacted by seasonal factors throughout the year. Historically, we have experienced higher levels of tenant move-outs and move-ins during the late spring and summer months, which impacts both our rental revenues and related turnover costs. Our property operating costs are seasonally impacted in certain markets for expenses such as HVAC repairs, turn costs and landscaping expenses during the summer season. Additionally, our single-family properties are at greater risk in certain markets for adverse weather conditions such as hurricanes in the late summer months and extreme cold weather in the winter months.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expenses, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. In addition, we continue to make corporate level investments to support certain initiatives which will impact expenses based on given investment programs during the year. Also included in general and administrative expense is noncash share-based compensation expense related to corporate administrative employees.

Results of Operations

Net income totaled $513.4 million for the year ended December 31, 2025, compared to $468.1 million for the year ended December 31, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.

As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance. We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or experienced a casualty loss, which allows the performance of these properties to be compared between periods. Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property is classified as stabilized once it has been

29

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. All other properties, including those classified as held for sale or taken out of service as a result of a casualty loss, are classified as Non-Same-Home and Other.

One of the primary financial measures we use in evaluating the operating performance of our single-family properties is Core Net Operating Income (“Core NOI”), which we also present separately for our Same-Home portfolio. Core NOI is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

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

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

30

Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024

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 years ended December 31, 2025 and 2024 (amounts in thousands):

For the Years Ended December 31,

2025

2024

Core revenues and Same-Home core revenues

Rents and other single-family property revenues

$

1,850,234 

$

1,728,697 

Tenant charge-backs

(241,224)

(221,431)

Core revenues

1,609,010 

1,507,266 

Less: Non-Same-Home core revenues

(201,045)

(153,730)

Same-Home core revenues

$

1,407,965 

$

1,353,536 

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses

$

663,954 

$

625,883 

Property management expenses

134,808 

129,321 

Noncash share-based compensation - property management

(4,090)

(4,814)

Expenses reimbursed by tenant charge-backs

(241,224)

(221,431)

Core property operating expenses

553,448 

528,959 

Less: Non-Same-Home core property operating expenses

(77,679)

(66,016)

Same-Home core property operating expenses

$

475,769 

$

462,943 

Core NOI and Same-Home Core NOI

Net income

$

513,392 

$

468,142 

Hurricane-related charges, net

— 

8,884 

Loss on early extinguishment of debt

396 

6,323 

Gain on sale and impairment of single-family properties and other, net

(231,460)

(225,756)

Depreciation and amortization

504,341 

477,010 

Acquisition and other transaction costs

12,259 

12,192 

Noncash share-based compensation - property management

4,090 

4,814 

Interest expense

185,198 

165,351 

General and administrative expense

83,006 

83,590 

Other income and expense, net

(15,660)

(22,243)

Core NOI

1,055,562 

978,307 

Less: Non-Same-Home Core NOI

(123,366)

(87,714)

Same-Home Core NOI

$

932,196 

$

890,593 

31

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the years ended December 31, 2025 and 2024 (amounts in thousands):

For the Year Ended December 31, 2025

Same-Home

Properties (1)

% of

Core Revenue

Non-Same-Home and

Other Properties

% of

Core Revenue

Total

Properties

% of

Core Revenue

Rents from single-family properties

$

1,387,203 

$

199,840 

$

1,587,043 

Fees from single-family properties

32,364 

5,538 

37,902 

Bad debt

(11,602)

(4,333)

(15,935)

Core revenues

1,407,965 

201,045 

1,609,010 

Property tax expense

230,784 

16.4 

%

34,253 

17.0 

%

265,037 

16.5 

%

HOA fees, net (2)

25,342 

1.8 

%

3,314 

1.6 

%

28,656 

1.8 

%

R&M and turnover costs, net (2)

101,804 

7.2 

%

17,495 

8.7 

%

119,299 

7.4 

%

Insurance

16,379 

1.2 

%

2,753 

1.4 

%

19,132 

1.2 

%

Property management expenses, net (3)

101,460 

7.2 

%

19,864 

9.9 

%

121,324 

7.5 

%

Core property operating expenses

475,769 

33.8 

%

77,679 

38.6 

%

553,448 

34.4 

%

Core NOI

$

932,196 

66.2 

%

$

123,366 

61.4 

%

$

1,055,562 

65.6 

%

For the Year Ended December 31, 2024

Same-Home

Properties (1)

% of

Core Revenue

Non-Same-Home and

Other Properties

% of

Core Revenue

Total

Properties

% of

Core Revenue

Rents from single-family properties

$

1,337,921 

$

153,889 

$

1,491,810 

Fees from single-family properties

29,188 

3,966 

33,154 

Bad debt

(13,573)

(4,125)

(17,698)

Core revenues

1,353,536 

153,730 

1,507,266 

Property tax expense

225,109 

16.6 

%

27,297 

17.8 

%

252,406 

16.7 

%

HOA fees, net (2)

24,194 

1.8 

%

2,717 

1.8 

%

26,911 

1.8 

%

R&M and turnover costs, net (2)

97,082 

7.2 

%

16,124 

10.5 

%

113,206 

7.5 

%

Insurance

17,160 

1.3 

%

2,661 

1.7 

%

19,821 

1.3 

%

Property management expenses, net (3)

99,398 

7.3 

%

17,217 

11.1 

%

116,615 

7.8 

%

Core property operating expenses

462,943 

34.2 

%

66,016 

42.9 

%

528,959 

35.1 

%

Core NOI

$

890,593 

65.8 

%

$

87,714 

57.1 

%

$

978,307 

64.9 

%

(1)Includes 52,757 properties that have been stabilized longer than 90 days prior to January 1, 2024.

(2)Presented net of tenant charge-backs.

(3)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025 from $1.73 billion for the year ended December 31, 2024. Revenue growth was primarily driven by an increase in our average occupied portfolio which grew to 57,573 homes for the year ended December 31, 2025, compared to 56,402 homes for the year ended December 31, 2024, as well as higher rental rates.

Property Operating Expenses

Property operating expenses increased 6.1% to $664.0 million for the year ended December 31, 2025 from $625.9 million for the year ended December 31, 2024. The increase was primarily driven by (i) growth in our portfolio which resulted in increases in R&M and turnover costs and (ii) annual increases in property tax expense.

Property Management Expenses

Property management expenses for the years ended December 31, 2025 and 2024 were $134.8 million and $129.3 million, respectively, which included $4.1 million and $4.8 million, respectively, of noncash share-based compensation expense in each period

32

related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 4.0% to $1.41 billion for the year ended December 31, 2025 from $1.35 billion for the year ended December 31, 2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.7% to $2,282 per month for the year ended December 31, 2025 compared to $2,200 per month for the year ended December 31, 2024, as well as higher fees from single-family properties and lower uncollectible rents.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 2.8% to $475.8 million for the year ended December 31, 2025 from $462.9 million for the year ended December 31, 2024 primarily driven by annual increases in property tax expense.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the years ended December 31, 2025 and 2024 was $83.0 million and $83.6 million, respectively, which included $16.1 million and $20.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The decrease in general and administrative expense was primarily due to a decrease in noncash share-based compensation expense, partially offset by increases in information technology costs and personnel related expenses.

Interest Expense 

Interest expense increased 12.0% to $185.2 million for the year ended December 31, 2025 from $165.4 million for the year ended December 31, 2024. The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024, the AMH 2014-SFR3 securitization in August 2024, the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition and other transaction costs for the years ended December 31, 2025 and 2024 were $12.3 million and $12.2 million, respectively, which included $5.6 million of noncash share-based compensation expense in each period related to employees in these functions.

Depreciation and Amortization 

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 5.7% to $504.3 million for the year ended December 31, 2025 from $477.0 million for the year ended December 31, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.

Hurricane-Related Charges, net

Hurricanes Beryl, Debby, Helene and Milton impacted certain properties in our Texas, Florida, Georgia, South Carolina and North Carolina markets during the year ended December 31, 2024. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the year ended December 31, 2024, the Company recognized $12.8 million in gross charges primarily

33

related to actual and estimated accruals for minor repair and remediation costs, partially offset by $3.9 million of related insurance claims, resulting in a net charge of $8.9 million.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the years ended December 31, 2025 and 2024 was $231.5 million and $225.8 million, respectively, which included $34.4 million and $9.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Loss on Early Extinguishment of Debt

Loss on early extinguishment of debt for the years ended December 31, 2025 and 2024 was $0.4 million and $6.3 million, respectively. The decrease was primarily due to lower charges incurred related to the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025 compared to charges incurred related to the termination of our previous revolving credit facility in July 2024 and the payoffs of the AMH 2014-SFR2 securitization in February 2024 and the AMH 2014-SFR3 securitization in August 2024.

Other Income and Expense, net

Other income and expense, net for the years ended December 31, 2025 and 2024 was $15.7 million and $22.2 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The decrease was primarily due to lower interest income.

Critical Accounting Estimates

Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could ultimately differ from these estimates. Listed below are those policies that management believes involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or our results of operations. There are other items within the financial statements that require estimation, but they are not considered critical as they do not require significant judgment or are immaterial.

Investments in Real Estate - Estimating Purchase Price Allocation

Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the total purchase price to individual homes in a portfolio acquisition and allocating the individual purchase price of a home to the acquired components, the Company utilizes its own market knowledge obtained from historical transactions, its AMH Development Program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense. For example, if a greater portion of the fair value is allocated to land, which does not depreciate, our net income would be higher. Typically, we allocate between 10% to 30% of the purchase price of properties to land. For the year ended December 31, 2025, the Company purchased 84 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $23.6 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows.

Impairment of Long-Lived Assets - Estimating Future Cash Flows

We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, sustained losses, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, rental rates and capital

34

requirements that could differ materially from actual results in future periods. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. Because cash flows on properties considered to be long-lived assets to be held and used are considered on an undiscounted basis to determine whether an asset has been impaired, our established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. Excluding the effects of casualty losses, no impairments on operating properties were recorded during the years ended December 31, 2025, 2024 and 2023.

Recent Accounting Pronouncements

See Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, make distributions to our shareholders and OP unitholders, including AMH, and meet other general requirements of our business. Our liquidity, to a certain extent, is subject to general economic, financial, competitive and other factors beyond our control.

Sources of Capital

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives, including drawing on our revolving credit facility.

Our liquidity and capital resources as of December 31, 2025 included $108.5 million of cash and cash equivalents. Additionally, as of December 31, 2025, we had $360.0 million of outstanding borrowings and $3.2 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $886.8 million of remaining borrowing capacity. During the year ended December 31, 2025, the Company issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”), raising net proceeds of $642.5 million before offering costs of $1.3 million. Under our At-the-Market Program discussed below, we also had $753.7 million remaining available for future share issuances as of December 31, 2025. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Uses of Capital

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including interest payments, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, operating lease obligations and purchase commitments to acquire land for our AMH Development Program. During the year ended December 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations. See Note 7. Debt, Note 8. Accounts Payable and Accrued Expenses, Note 14. Commitments and Contingencies and Note 16. Subsequent Events to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of our material short-term and long-term cash requirements.

35

A summary of our contractual obligations as of December 31, 2025 is presented below (amounts in thousands):

Payments by Period

Total

Less than 1 year

Thereafter

Debt maturities (1)

$

5,160,000 

$

— 

$

5,160,000 

Interest on debt obligations (2)

1,854,607 

234,370 

1,620,237 

Operating lease obligations

18,780 

4,353 

14,427 

Purchase obligations (3)

86,543 

53,405 

33,138 

Total

$

7,119,930 

$

292,128 

$

6,827,802 

(1)Amounts represent principal amounts due and exclude unamortized discounts and deferred financing costs.

(2)Represents estimated future interest payments on our debt instruments based on applicable interest rates as of December 31, 2025. For our revolving credit facility, represents estimated future interest payments based on an outstanding balance of $360.0 million as of December 31, 2025 through the fully extended maturity date of July 16, 2029 and these amounts will be impacted by the level of borrowing on our revolving credit facility in the future.

(3)Represents commitments to acquire land relating to our AMH Development Program for an aggregate purchase price of $86.5 million. The timing of these obligations due within one year may be extended beyond December 31, 2026. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

Cash Flows

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the years ended December 31, 2025 and 2024 (amounts in thousands):

For the Years Ended December 31,

2025

2024

Change

Net cash provided by operating activities

$

864,327 

$

811,535 

$

52,792 

Net cash used for investing activities

(328,167)

(825,876)

497,709 

Net cash (used for) provided by financing activities

(655,686)

142,696 

(798,382)

Net (decrease) increase in cash, cash equivalents and restricted cash

$

(119,526)

$

128,355 

$

(247,881)

Operating Activities

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $52.8 million, or 6.5%, from $811.5 million during the year ended December 31, 2024 to $864.3 million during the year ended December 31, 2025 primarily due to increased cash inflows generated from growth in our portfolio and higher rental rates, partially offset by higher cash outflows for property related expenses.

36

Investing Activities

For the Years Ended December 31,

Change

(Amounts in thousands)

2025

2024

Sources of cash from investing activities:

Net proceeds received from sales of single-family properties and other

$

630,352 

$

573,182 

$

57,170 

Distributions from unconsolidated entities

78,702 

116,311 

(37,609)

Proceeds received from storm-related insurance claims

4,020 

— 

4,020 

Proceeds from notes receivable related to the sale of properties

215 

540 

(325)

Proceeds from asset-backed securitization certificates

— 

25,666 

(25,666)

$

713,289 

$

715,699 

$

(2,410)

Uses of cash for investing activities:

Cash paid for development activity

$

(810,507)

$

(845,851)

$

35,344 

Recurring and other capital expenditures for single-family properties

(118,211)

(121,751)

3,540 

Renovations to single-family properties

(40,645)

(34,052)

(6,593)

Cash paid for single-family properties

(23,587)

(495,912)

472,325 

Investment in unconsolidated joint ventures

(15,078)

(19,680)

4,602 

Change in escrow deposits for purchase of single-family properties

(2,495)

5,482 

(7,977)

Cash paid for deposits on land option contracts

— 

(653)

653 

Other investing activities

(30,933)

(29,158)

(1,775)

$

(1,041,456)

$

(1,541,575)

$

500,119 

Net cash used for investing activities

$

(328,167)

$

(825,876)

$

497,709 

Our investing activities are most significantly impacted by the level of investment activity through the development of “built-for-rental” homes through our AMH Development Program, the acquisition of newly built properties through our National Builder Program, and the acquisition of properties through traditional channels, including the availability of bulk portfolio acquisition opportunities. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per-home basis in the future. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Net cash used for investing activities decreased $497.7 million, or 60.3%, from $825.9 million during the year ended December 31, 2024 to $328.2 million during the year ended December 31, 2025. The decrease was primarily attributable to (i) a $499.7 million decrease in cash outflows for the addition of single-family properties to our portfolio primarily due to a nonrecurring bulk portfolio acquisition for $481.7 million during the year ended December 31, 2024 as well as timing of development-related payments, (ii) a $57.2 million increase in net proceeds received from sales of single family properties and other resulting from an increase in properties sold and (iii) $4.0 million in proceeds received from storm-related insurance claims during the year ended December 31, 2025. These changes were partially offset by (i) a $33.0 million decrease in distributions from joint ventures, net of contributions, primarily due to lower cash distributions received with respect to our property and land contributions, (ii) $25.7 million of nonrecurring cash proceeds received during the year ended December 31, 2024 for our AMH 2014-SFR2 Class F asset-backed securitization certificates, (iii) a $3.1 million increase in cash outflows for recurring and other capital expenditures and renovations to single-family properties due to growth in our portfolio and (iv) a $1.8 million increase in cash outflows for other investing activities.

Financing Activities

Net cash used for financing activities was $655.7 million during the year ended December 31, 2025 compared to net cash provided by financing activities of $142.7 million during the year ended December 31, 2024. This change was primarily due to the debt and equity activity described below as well as a $28.0 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program. See Land Option Contracts in Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

Debt

As of December 31, 2025, the Company had outstanding unsecured senior notes with varying maturities starting in 2028 with an aggregate principal amount of $4.8 billion. The Company’s revolving credit facility has a maximum borrowing capacity of

37

$1.25 billion and matures in 2028 with two six-month extension options at the Company’s election if certain conditions are met. During the year ended December 31, 2025, the Company borrowed $770.0 million and paid down $410.0 million on its revolving credit facility, resulting in $360.0 million of outstanding borrowings as of December 31, 2025.

During the year ended December 31, 2025, the Company paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization and the $426.1 million outstanding principal on the AMH 2015-SFR2 securitization, which resulted in $0.4 million of aggregated charges related to legal and bank fees that were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K. During the year ended December 31, 2025, the Company also repaid an additional $6.5 million on its asset-backed securitizations.

During the year ended December 31, 2025, the Company also issued the 2030 Notes, receiving $646.4 million in proceeds, net of discount, and paid $5.2 million in related deferred financing costs.

During the year ended December 31, 2024, the Company paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization and the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $1.5 million of aggregated charges related to legal fees and write-offs of unamortized deferred financing costs. The Company also terminated its previous revolving credit facility during the third quarter of 2024, which resulted in $4.8 million of charges related to the write-off of unamortized deferred financing costs. These charges aggregated to $6.3 million for the year ended December 31, 2024 and were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

During the year ended December 31, 2024, the Company also issued unsecured senior notes in January, June and December, receiving $1.59 billion in proceeds, net of discount, and paid $13.7 million in related deferred financing costs as well as received $8.6 million for the settlement of two treasury locks in connection with the pricing of the 2035 Notes. The Company also entered into a credit agreement with a $1.25 billion sustainability-linked revolving credit facility and paid $11.5 million in related deferred financing costs. During the year ended December 31, 2024, the Company borrowed $400.0 million and paid down $490.0 million on its revolving credit facility as well as repaid an additional $19.8 million on its asset-backed securitizations.

For additional information regarding the Company’s debt issuances, see Note 7. Debt to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

At-the-Market Common Share Offering Program

The Company maintains an at-the-market common share offering 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 (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the year ended December 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller. The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the year ended December 31, 2025, no shares were issued under the At-the-Market Program. As of December 31, 2025, 6,719,453 shares have been issued under the At-the-Market Program and $753.7 million remained available for future share issuances.

When the Company issues common shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

Share Repurchase Program

In 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to

38

time in the open market or in privately negotiated transactions (the “2018 Share Repurchase Program”). All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the year ended December 31, 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million. During the year ended December 31, 2024, the Company did not repurchase and retire any of its Class A common shares or preferred shares. As of December 31, 2025, the Company had a remaining repurchase authorization under the 2018 Share Repurchase Program of up to $115.1 million of its outstanding Class A common shares and up to $250.0 million of its outstanding preferred shares.

In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program, at a weighted-average price of $31.49 per share and a total price of $115.1 million. In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program (the “2026 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. The 2026 Share Repurchase Program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status.

Distributions

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions.

During the years ended December 31, 2025 and 2024, the Company distributed an aggregate $521.2 million and $450.8 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Tax Changes in One Big Beautiful Bill Act

On July 4, 2025, the President signed into law H.R. 1, originally titled the “One Big Beautiful Bill Act” (the “Act”). The Act made several tax changes that impact us and our shareholders, the most significant of which are summarized as follows. First, the Act preserves the eligibility of REIT ordinary dividends for the qualified business income deduction in Section 199A of the Code, and it makes that deduction permanent. Second, effective for taxable years beginning after December 31, 2025, the Act increases the quarterly asset test limit on securities of taxable REIT subsidiaries from 20% to 25%. Finally, for purposes of the limitation on business interest deductions in Section 163(j) of the Code, the Act applies the more favorable earnings before interest, taxes, depreciation and amortization (“EBITDA”) calculation for taxable years starting on or after January 1, 2025, and makes the more favorable EBITDA calculation permanent and, for taxable years beginning on or after January 1, 2026, the Act generally calculates the Section 163(j) limitation prior to the application of any interest capitalization provisions.

Additional Non-GAAP Measures

Funds from Operations (“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 the National Association of Real Estate Investment Trusts (“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 and other transaction costs 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.

39

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 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 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.

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, 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 for the years ended December 31, 2025 and 2024 (amounts in thousands):

For the Years Ended December 31,

2025

2024

Net income attributable to common shareholders

$

439,030 

$

398,482 

Adjustments:

Noncontrolling interests in the Operating Partnership

60,418 

55,716 

Gain on sale and impairment of single-family properties and other, net

(231,460)

(225,756)

Adjustments for unconsolidated real estate joint ventures

6,940 

4,722 

Depreciation and amortization

504,341 

477,010 

Less: depreciation and amortization of non-real estate assets

(22,333)

(19,447)

FFO attributable to common share and unit holders (1)

$

756,936 

$

690,727 

Adjustments:

Acquisition, other transaction costs and other

11,180 

12,192 

Noncash share-based compensation - general and administrative

16,078 

20,617 

Noncash share-based compensation - property management

4,090 

4,814 

Hurricane-related charges, net

— 

8,884 

Loss on early extinguishment of debt

396 

6,323 

Core FFO attributable to common share and unit holders (1)

$

788,680 

$

743,557 

Recurring Capital Expenditures

(72,605)

(76,281)

Leasing costs

(3,623)

(3,966)

Adjusted FFO attributable to common share and unit holders (1)

$

712,452 

$

663,310 

(1)Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s consolidated financial statements. See Note 9. Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre

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 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 and other transaction costs 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

40

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. 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 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.

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the years ended December 31, 2025 and 2024 (amounts in thousands):

For the Years Ended December 31,

2025

2024

Net income

$

513,392 

$

468,142 

Interest expense

185,198 

165,351 

Depreciation and amortization

504,341 

477,010 

EBITDA

$

1,202,931 

$

1,110,503 

Gain on sale and impairment of single-family properties and other, net

(231,460)

(225,756)

Adjustments for unconsolidated real estate joint ventures

6,940 

4,722 

EBITDAre

$

978,411 

$

889,469 

Noncash share-based compensation - general and administrative

16,078 

20,617 

Noncash share-based compensation - property management

4,090 

4,814 

Acquisition, other transaction costs and other

11,180 

12,192 

Hurricane-related charges, net

— 

8,884 

Loss on early extinguishment of debt

396 

6,323 

Adjusted EBITDAre

$

1,010,155 

$

942,299 

Recurring Capital Expenditures

(72,605)

(76,281)

Leasing costs

(3,623)

(3,966)

Fully Adjusted EBITDAre

$

933,927 

$

862,052 

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