EX-99.23amh0930258kexhibit992.htmEX-99.2 Document
AMH
Table of Contents
Summary
Earnings Press Release
3
Select Non-GAAP Reconciliations – Core Net Operating Income
8
Fact Sheet
10
Financial Information
Condensed Consolidated Statements of Operations
11
Funds from Operations
12
Core Net Operating Income – Total Portfolio
13
Same-Home Results
14
Condensed Consolidated Balance Sheets
17
Debt Summary
18
Capital Structure and Credit Metrics
19
Property and Other Information
Top 20 Markets Summary
20
Property Additions and Dispositions
21
AMH Development Pipeline Summary
22
Lease Expirations, Share Repurchase History and ATM Share History
23
2025 Guidance
24
Defined Terms and Non-GAAP Reconciliations
25
2
AMH
Earnings Press Release
AMH Reports Third Quarter 2025 Financial and Operating Results
Raises Full Year 2025 Guidance
LAS VEGAS, October 29, 2025—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended September 30, 2025.
Highlights
•Rents and other single-family property revenues increased 7.5% year-over-year to $478.5 million for the third quarter of 2025.
•Net income attributable to common shareholders totaled $99.7 million, or $0.27 per diluted share, for the third quarter of 2025, compared to $73.8 million, or $0.20 per diluted share, for the third quarter of 2024.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.2% year-over-year to $0.47 per FFO share and unit for the third quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 9.1% year-over-year to $0.42 per FFO share and unit for the third quarter of 2025.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.6% year-over-year for the third quarter of 2025.
•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the third quarter of 2025, while generating 3.6% blended rate growth driven by 4.0% rate growth on renewals and 2.5% rate growth on new leases.
•T1Delivered 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 third quarter of 2025.
•T2Paid off our final asset-backed securitization, AMH 2015-SFR2, in the third quarter of 2025, resulting in a fully unencumbered balance sheet.
•T3Raised Full Year 2025 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.87, representing anticipated full year growth of 5.6% over prior year.
“Our solid third quarter results once again demonstrate the benefits of the AMH strategy and outstanding execution from our team, driving Core FFO per share growth of 6.2%,” stated Bryan Smith, AMH’s Chief Executive Officer. “As we head into 2026, we are focused on driving momentum and leaning into the AMH strategy that continues to deliver industry-leading earnings growth and long-term shareholder value.”
Third Quarter 2025 Financial Results
Net income attributable to common shareholders totaled $99.7 million, or $0.27 per diluted share, for the third quarter of 2025, compared to $73.8 million, or $0.20 per diluted share, for the third quarter of 2024. 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.
Rents and other single-family property revenues increased 7.5% to $478.5 million for the third quarter of 2025, compared to $445.1 million for the third quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,689 homes for the third quarter of 2025, compared to 56,198 homes for the third quarter of 2024, as well as higher rental rates.
Core NOI from our total portfolio increased 9.2% to $264.3 million for the third quarter of 2025, compared to $242.1 million for the third quarter of 2024. This growth was driven by a 7.5% increase in core revenues resulting from an increase in our average occupied portfolio and higher rental rates, partially offset by a 4.4% increase in core property operating expenses.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3
AMH
Earnings Press Release (continued)
For the Company’s Same-Home portfolio, core revenues increased 3.8% to $357.8 million for the third quarter of 2025, compared to $344.7 million for the third quarter of 2024, which was driven by a 3.5% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 2.4% to $123.0 million for the third quarter of 2025, compared to $120.2 million for the third quarter of 2024, primarily driven by lower than expected annual increases in property tax expense as well as effective cost controls further benefitted by the Company’s lease expiration management initiative, which was designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season. As a result, Core NOI from Same-Home properties increased 4.6% to $234.8 million for the third quarter of 2025, compared to $224.6 million for the third quarter of 2024.
Core FFO attributable to common share and unit holders was $196.7 million, or $0.47 per FFO share and unit, for the third quarter of 2025, compared to $183.8 million, or $0.44 per FFO share and unit, for the third quarter of 2024. Adjusted FFO attributable to common share and unit holders was $175.5 million, or $0.42 per FFO share and unit, for the third quarter of 2025, compared to $159.7 million, or $0.38 per FFO share and unit, for the third quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Year-to-Date 2025 Financial Results
Net income attributable to common shareholders totaled $315.2 million, or $0.85 per diluted share, for the nine-month period ended September 30, 2025, compared to $275.3 million, or $0.75 per diluted share, for the nine-month period ended September 30, 2024. 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.
Rents and other single-family property revenues increased 8.0% to $1.4 billion for the nine-month period ended September 30, 2025, compared to $1.3 billion for the nine-month period ended September 30, 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,778 homes for the nine-month period ended September 30, 2025, compared to 56,131 homes for the nine-month period ended September 30, 2024, as well as higher rental rates.
Core NOI from our total portfolio increased 8.9% to $787.3 million for the nine-month period ended September 30, 2025, compared to $722.7 million for the nine-month period ended September 30, 2024. This growth was driven by a 7.7% increase in core revenues resulting from an increase in our average occupied portfolio and higher rental rates, partially offset by a 5.5% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 4.2% to $1.1 billion for the nine-month period ended September 30, 2025, compared to $1.0 billion for the nine-month period ended September 30, 2024, which was driven by a 3.9% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 10 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 3.3% to $364.6 million for the nine-month period ended September 30, 2025, compared to $353.1 million for the nine-month period ended September 30, 2024, which was benefitted in part by lower than expected annual increases in property tax expense.
As a result, Core NOI from Same-Home properties increased 4.7% to $702.9 million for the nine-month period ended September 30, 2025, compared to $671.7 million for the nine-month period ended September 30, 2024.
Core FFO attributable to common share and unit holders was $589.4 million, or $1.39 per FFO share and unit, for the nine-month period ended September 30, 2025, compared to $551.8 million, or $1.32 per FFO share and unit, for the nine-month period ended September 30, 2024. Adjusted FFO attributable to common share and unit holders was $528.6 million, or $1.25 per FFO share and unit, for the nine-month period ended September 30, 2025, compared to $490.4 million, or $1.17 per FFO
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4
AMH
Earnings Press Release (continued)
share and unit, for the nine-month period ended September 30, 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.
Investments
As of September 30, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,664 homes, compared to 60,596 homes as of June 30, 2025, an increase of 68 homes during the third quarter of 2025, which included 539 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 48 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 519 homes identified for sale. During the third quarter of 2025, we also developed an additional 112 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of September 30, 2025, the Company had 1,028 properties held for sale and 3,721 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the third quarter of 2025, the Company paid off the outstanding principal of approximately $426.1 million on the AMH 2015-SFR2 asset-backed securitization, resulting in a fully unencumbered balance sheet.
As of September 30, 2025, the Company had cash and cash equivalents of $45.6 million and total outstanding debt of $4.9 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 8.6 years, which includes $110.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the third quarter of 2025, the Company generated $48.9 million of Retained Cash Flow and sold 395 properties, generating $124.6 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)
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net.
The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Previous Guidance
Current Guidance
Core FFO attributable to common share and unit holders
$1.84 - $1.88
$1.86 - $1.88
Core FFO attributable to common share and unit holders growth
4.0% - 6.2%
5.1% - 6.2%
Same-Home
Core revenues growth
3.00% - 4.50%
3.25% - 4.25%
Core property operating expenses growth
3.00% - 4.50%
2.75% - 3.75%
Core NOI growth
2.75% - 4.75%
3.50% - 4.50%
Full Year 2025
(Unchanged)
Investment Program
Properties
Investment
Wholly owned acquisitions
—
—
Wholly owned development deliveries
1,800 - 2,000
$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex
—
$100 - $200 million
T4Total capital investment (wholly owned and pro rata JV)
1,800 - 2,000
$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)
2,200 - 2,400
$1.0 - $1.2 billion
Changes to Full Year 2025 Guidance
•Raised Core FFO guidance midpoint by $0.01 per share based on increased expectations for Core NOI growth driven by better than expected property tax expense outlook as well as modestly improved full year outlook on financing costs and Other income and expense, net.
Additional Information
A copy of the Company’s Third Quarter 2025 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 Thursday, October 30, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2025 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 Thursday, November 13, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13755777#, 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 acquiring, developing, renovating, leasing and managing homes as rental properties.
In recent years, we’ve been named a 2025 Great Place to Work®, a 2025 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of September 30, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package.
The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law.
For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
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 nine months ended September 30, 2025 and 2024:
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues
$
478,464
$
445,055
$
1,395,243
$
1,292,104
Tenant charge-backs
(72,843)
(67,615)
(189,161)
(172,323)
Core revenues
405,621
377,440
1,206,082
1,119,781
Less: Non-Same-Home core revenues
(47,795)
(32,705)
(138,545)
(94,991)
Same-Home core revenues
$
357,826
$
344,735
$
1,067,537
$
1,024,790
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses
$
181,604
$
172,031
$
509,223
$
477,428
Property management expenses
33,384
31,973
101,977
95,757
Noncash share-based compensation - property management
(864)
(1,043)
(3,247)
(3,827)
Expenses reimbursed by tenant charge-backs
(72,843)
(67,615)
(189,161)
(172,323)
Core property operating expenses
141,281
135,346
418,792
397,035
Less: Non-Same-Home core property operating expenses
(18,244)
(15,169)
(54,176)
(43,918)
Same-Home core property operating expenses
$
123,037
$
120,177
$
364,616
$
353,117
Core NOI and Same-Home Core NOI
Net income
$
116,801
$
87,640
$
369,138
$
324,269
Hurricane-related charges, net
—
3,904
—
3,904
Loss on early extinguishment of debt
180
5,306
396
6,323
Gain on sale and impairment of single-family properties and other, net
(47,620)
(32,697)
(161,544)
(145,490)
Depreciation and amortization
126,656
119,691
378,523
353,020
Acquisition and other transaction costs
3,661
2,605
9,377
8,866
Noncash share-based compensation - property management
864
1,043
3,247
3,827
Interest expense
48,199
43,611
139,928
120,866
General and administrative expense
20,503
19,247
60,182
62,825
Other income and expense, net
(4,904)
(8,256)
(11,957)
(15,664)
Core NOI
264,340
242,094
787,290
722,746
Less: Non-Same-Home Core NOI
(29,551)
(17,536)
(84,369)
(51,073)
Same-Home Core NOI
$
234,789
$
224,558
$
702,921
$
671,673
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
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Sep 30,
2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues
$
478,464
$
457,503
$
459,276
$
436,593
$
445,055
Tenant charge-backs
(72,843)
(52,457)
(63,861)
(49,108)
(67,615)
Core revenues
405,621
405,046
395,415
387,485
377,440
Less: Non-Same-Home core revenues
(47,795)
(46,830)
(43,920)
(41,750)
(32,705)
Same-Home core revenues
$
357,826
$
358,216
$
351,495
$
345,735
$
344,735
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses
$
181,604
$
160,089
$
167,530
$
148,455
$
172,031
Property management expenses
33,384
34,412
34,181
33,564
31,973
Noncash share-based compensation - property management
(864)
(1,137)
(1,246)
(987)
(1,043)
Expenses reimbursed by tenant charge-backs
(72,843)
(52,457)
(63,861)
(49,108)
(67,615)
Core property operating expenses
141,281
140,907
136,604
131,924
135,346
Less: Non-Same-Home core property operating expenses
(18,244)
(18,287)
(17,645)
(16,300)
(15,169)
Same-Home core property operating expenses
$
123,037
$
122,620
$
118,959
$
115,624
$
120,177
Core NOI and Same-Home Core NOI
Net income
$
116,801
$
123,624
$
128,713
$
143,873
$
87,640
Hurricane-related charges, net
—
—
—
4,980
3,904
Loss on early extinguishment of debt
180
—
216
—
5,306
Gain on sale and impairment of single-family properties and other, net
(47,620)
(51,908)
(62,016)
(80,266)
(32,697)
Depreciation and amortization
126,656
126,939
124,928
123,990
119,691
Acquisition and other transaction costs
3,661
2,655
3,061
3,326
2,605
Noncash share-based compensation - property management
864
1,137
1,246
987
1,043
Interest expense
48,199
46,303
45,426
44,485
43,611
General and administrative expense
20,503
20,008
19,671
20,765
19,247
Other income and expense, net
(4,904)
(4,619)
(2,434)
(6,579)
(8,256)
Core NOI
264,340
264,139
258,811
255,561
242,094
Less: Non-Same-Home Core NOI
(29,551)
(28,543)
(26,275)
(25,450)
(17,536)
Same-Home Core NOI
$
234,789
$
235,596
$
232,536
$
230,111
$
224,558
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
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Operating Data
Net income attributable to common shareholders
$
99,697
$
73,821
$
315,222
$
275,252
Core revenues
$
405,621
$
377,440
$
1,206,082
$
1,119,781
Core NOI
$
264,340
$
242,094
$
787,290
$
722,746
Core NOI margin
65.2
%
64.1
%
65.3
%
64.5
%
Fully Adjusted EBITDAre
$
232,909
$
211,737
$
695,530
$
636,046
Fully Adjusted EBITDAre Margin
56.9
%
55.5
%
57.2
%
56.3
%
Per FFO share and unit:
FFO attributable to common share and unit holders
$
0.45
$
0.40
$
1.34
$
1.22
Core FFO attributable to common share and unit holders
$
0.47
$
0.44
$
1.39
$
1.32
Adjusted FFO attributable to common share and unit holders
$
0.42
$
0.38
$
1.25
$
1.17
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Sep 30,
2024
Selected Balance Sheet Information - end of period
Single-family properties in operation, net
$
11,035,893
$
10,947,696
$
10,932,960
$
10,880,599
$
10,398,690
Total assets
$
13,253,466
$
13,592,318
$
13,289,223
$
13,381,151
$
12,844,285
Outstanding borrowings under revolving credit facility
$
110,000
$
—
$
410,000
$
—
$
—
Total Debt
$
4,910,000
$
5,227,529
$
4,989,015
$
5,075,391
$
4,578,772
Total Capitalization
$
19,164,198
$
20,669,137
$
21,157,336
$
21,059,213
$
20,851,847
Total Debt to Total Capitalization
25.6
%
25.3
%
23.6
%
24.1
%
22.0
%
Net Debt and Preferred Shares to Adjusted EBITDAre
5.1 x
5.2 x
5.3 x
5.4 x
5.0 x
NYSE AMH Class A common share closing price
$
33.25
$
36.07
$
37.81
$
37.42
$
38.39
Portfolio Data - end of period
Occupied single-family properties
57,061
58,317
58,246
57,486
55,726
Single-family properties leased, not yet occupied
478
406
567
378
347
Single-family properties in turnover process
2,867
1,753
1,619
2,098
2,271
Single-family properties recently renovated or developed
245
118
257
565
544
Single-family properties newly acquired and under renovation
13
2
11
4
11
Total single-family properties, excluding properties held for sale
60,664
60,596
60,700
60,531
58,899
Single-family properties held for sale
1,028
904
661
805
1,003
Total single-family properties wholly owned
61,692
61,500
61,361
61,336
59,902
Single-family properties managed under joint ventures
3,721
3,616
3,487
3,376
3,271
Total single-family properties wholly owned and managed
65,413
65,116
64,848
64,712
63,173
Total Average Occupied Days Percentage (1)
95.2
%
95.7
%
94.8
%
94.2
%
95.1
%
Same-Home Average Occupied Days Percentage (53,412 properties)
95.9
%
96.5
%
96.0
%
95.4
%
96.1
%
Other Data
Distributions declared per common share
$
0.30
$
0.30
$
0.30
$
0.26
$
0.26
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
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Rents and other single-family property revenues
$
478,464
$
445,055
$
1,395,243
$
1,292,104
Expenses:
Property operating expenses
181,604
172,031
509,223
477,428
Property management expenses
33,384
31,973
101,977
95,757
General and administrative expense
20,503
19,247
60,182
62,825
Interest expense
48,199
43,611
139,928
120,866
Acquisition and other transaction costs
3,661
2,605
9,377
8,866
Depreciation and amortization
126,656
119,691
378,523
353,020
Hurricane-related charges, net
—
3,904
—
3,904
Total expenses
414,007
393,062
1,199,210
1,122,666
Gain on sale and impairment of single-family properties and other, net
47,620
32,697
161,544
145,490
Loss on early extinguishment of debt
(180)
(5,306)
(396)
(6,323)
Other income and expense, net
4,904
8,256
11,957
15,664
Net income
116,801
87,640
369,138
324,269
Noncontrolling interest
13,618
10,333
43,458
38,559
Dividends on preferred shares
3,486
3,486
10,458
10,458
Net income attributable to common shareholders
$
99,697
$
73,821
$
315,222
$
275,252
Weighted-average common shares outstanding:
Basic
371,248,842
366,981,466
370,721,279
366,757,369
Diluted
371,580,911
367,600,636
371,084,326
367,294,979
Net income attributable to common shareholders per share:
Basic
$
0.27
$
0.20
$
0.85
$
0.75
Diluted
$
0.27
$
0.20
$
0.85
$
0.75
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
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Net income attributable to common shareholders
$
99,697
$
73,821
$
315,222
$
275,252
Adjustments:
Noncontrolling interests in the Operating Partnership
13,618
10,333
43,458
38,559
Gain on sale and impairment of single-family properties and other, net
(47,620)
(32,697)
(161,544)
(145,490)
Adjustments for unconsolidated real estate joint ventures
1,918
1,116
5,223
3,909
Depreciation and amortization
126,656
119,691
378,523
353,020
Less: depreciation and amortization of non-real estate assets
(5,696)
(4,930)
(16,572)
(14,354)
FFO attributable to common share and unit holders
$
188,573
$
167,334
$
564,310
$
510,896
Adjustments:
Acquisition, other transaction costs and other
3,158
2,605
8,693
8,866
Noncash share-based compensation - general and administrative
3,917
3,601
12,771
17,999
Noncash share-based compensation - property management
864
1,043
3,247
3,827
Hurricane-related charges, net
—
3,904
—
3,904
Loss on early extinguishment of debt
180
5,306
396
6,323
Core FFO attributable to common share and unit holders
$
196,692
$
183,793
$
589,417
$
551,815
Recurring Capital Expenditures
(20,399)
(23,088)
(57,743)
(58,615)
Leasing costs
(765)
(995)
(3,102)
(2,832)
Adjusted FFO attributable to common share and unit holders
$
175,528
$
159,710
$
528,572
$
490,368
Per FFO share and unit:
FFO attributable to common share and unit holders
$
0.45
$
0.40
$
1.34
$
1.22
Core FFO attributable to common share and unit holders
$
0.47
$
0.44
$
1.39
$
1.32
Adjusted FFO attributable to common share and unit holders
$
0.42
$
0.38
$
1.25
$
1.17
Weighted-average FFO shares and units:
Common shares outstanding
371,248,842
366,981,466
370,721,279
366,757,369
Share-based compensation plan and forward sale equity contracts (1)
632,730
1,015,421
695,497
927,581
Operating partnership units
50,732,415
51,376,980
51,110,313
51,376,980
Total weighted-average FFO shares and units
422,613,987
419,373,867
422,527,089
419,061,930
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
12
AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Rents from single-family properties
$
400,494
$
374,499
$
1,189,363
$
1,107,962
Fees from single-family properties
9,456
8,084
28,388
24,229
Bad debt
(4,329)
(5,143)
(11,669)
(12,410)
Core revenues
405,621
377,440
1,206,082
1,119,781
Property tax expense
67,037
62,942
200,096
191,556
HOA fees, net (1)
7,308
6,913
21,471
19,965
R&M and turnover costs, net (1)
32,102
31,449
91,191
84,558
Insurance
4,794
5,138
14,339
14,863
Property management expenses, net (2)
30,040
28,904
91,695
86,093
Core property operating expenses
141,281
135,346
418,792
397,035
Core NOI
$
264,340
$
242,094
$
787,290
$
722,746
Core NOI margin
65.2
%
64.1
%
65.3
%
64.5
%
For the Three Months Ended
Sep 30, 2025
Same-Home Properties
Stabilized Properties
Non-Stabilized Properties (3)
Held for Sale and Other Properties (4)
Total
Single-Family
Properties Wholly Owned
Property count
53,412
3,823
3,416
1,041
61,692
Average Occupied Days Percentage
95.9
%
95.8
%
82.2
%
42.7
%
94.3
%
Rents from single-family properties
$
352,997
$
27,730
$
16,934
$
2,833
$
400,494
Fees from single-family properties
8,179
720
455
102
9,456
Bad debt
(3,350)
(216)
(395)
(368)
(4,329)
Core revenues
357,826
28,234
16,994
2,567
405,621
Property tax expense
58,955
4,100
3,114
868
67,037
HOA fees, net (1)
6,671
347
246
44
7,308
R&M and turnover costs, net (1)
27,951
1,070
2,366
715
32,102
Insurance
4,147
384
202
61
4,794
Property management expenses, net (2)
25,313
2,128
2,313
286
30,040
Core property operating expenses
123,037
8,029
8,241
1,974
141,281
Core NOI
$
234,789
$
20,205
$
8,753
$
593
$
264,340
Core NOI margin
65.6
%
71.6
%
51.5
%
23.1
%
65.2
%
(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 1,353 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,063 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions) or properties currently out of service due to a casualty loss.
(4)Includes 1,028 properties held for sale and 13 properties newly acquired and under renovation that are not yet placed into service. 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
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
Change
2025
2024
Change
Number of Same-Home properties
53,412
53,412
53,412
53,412
Average Occupied Days Percentage
95.9
%
96.1
%
(0.2)
%
96.2
%
96.3
%
(0.1)
%
Average Monthly Realized Rent per Property
$
2,296
$
2,218
3.5
%
$
2,274
$
2,188
3.9
%
Turnover Rate
7.3
%
7.9
%
(0.6)
%
21.5
%
21.7
%
(0.2)
%
Turnover Rate - TTM
27.4
%
N/A
27.4
%
N/A
Core NOI:
Rents from single-family properties
$
352,997
$
341,556
3.3
%
$
1,051,672
$
1,012,730
3.8
%
Fees from single-family properties
8,179
7,264
12.6
%
24,577
21,681
13.4
%
Bad debt
(3,350)
(4,085)
(18.0)
%
(8,712)
(9,621)
(9.4)
%
Core revenues
357,826
344,735
3.8
%
1,067,537
1,024,790
4.2
%
Property tax expense
58,955
57,319
2.9
%
176,223
173,369
1.6
%
HOA fees, net (1)
6,671
6,271
6.4
%
19,279
18,214
5.8
%
R&M and turnover costs, net (1)
27,951
27,348
2.2
%
79,049
73,824
7.1
%
Insurance
4,147
4,399
(5.7)
%
12,474
13,019
(4.2)
%
Property management expenses, net (2)
25,313
24,840
1.9
%
77,591
74,691
3.9
%
Core property operating expenses
123,037
120,177
2.4
%
364,616
353,117
3.3
%
Core NOI
$
234,789
$
224,558
4.6
%
$
702,921
$
671,673
4.7
%
Core NOI margin
65.6
%
65.1
%
65.8
%
65.5
%
Selected Property Expenditure Details:
Recurring Capital Expenditures
$
18,366
$
20,245
(9.3)
%
$
51,531
$
51,367
0.3
%
Per property:
Average Recurring Capital Expenditures
$
344
$
379
(9.3)
%
$
965
$
962
0.3
%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$
867
$
891
(2.7)
%
$
2,445
$
2,344
4.3
%
Property Enhancing Capex
$
8,595
$
9,320
$
25,358
$
25,474
(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
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Sep 30,
2024
Average Occupied Days Percentage
95.9
%
96.5
%
96.0
%
95.4
%
96.1
%
Average Monthly Realized Rent per Property
$
2,296
$
2,277
$
2,253
$
2,238
$
2,218
Average Change in Rent for Renewals
4.0
%
4.4
%
4.5
%
5.0
%
5.2
%
Average Change in Rent for Re-Leases
2.5
%
4.1
%
1.4
%
0.3
%
5.3
%
Average Blended Change in Rent
3.6
%
4.3
%
3.6
%
3.4
%
5.2
%
Core NOI:
Rents from single-family properties
$
352,997
$
352,148
$
346,527
$
341,908
$
341,556
Fees from single-family properties
8,179
8,215
8,183
7,915
7,264
Bad debt
(3,350)
(2,147)
(3,215)
(4,088)
(4,085)
Core revenues
357,826
358,216
351,495
345,735
344,735
Property tax expense
58,955
58,251
59,017
54,567
57,319
HOA fees, net (1)
6,671
6,502
6,106
6,282
6,271
R&M and turnover costs, net (1)
27,951
27,576
23,522
24,432
27,348
Insurance
4,147
4,108
4,219
4,404
4,399
Property management expenses, net (2)
25,313
26,183
26,095
25,939
24,840
Core property operating expenses
123,037
122,620
118,959
115,624
120,177
Core NOI
$
234,789
$
235,596
$
232,536
$
230,111
$
224,558
Core NOI margin
65.6
%
65.8
%
66.2
%
66.6
%
65.1
%
Selected Property Expenditure Details:
Recurring Capital Expenditures
$
18,366
$
18,292
$
14,873
$
15,165
$
20,245
Per property:
Average Recurring Capital Expenditures
$
344
$
342
$
279
$
284
$
379
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$
867
$
859
$
719
$
741
$
891
Property Enhancing Capex
$
8,595
$
8,082
$
8,681
$
7,087
$
9,320
(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
3Q25 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA
5,246
$
228,387
9.5
%
3.2
%
1.1
%
2.7
%
Charlotte, NC
3,853
223,267
7.5
%
3.9
%
3.2
%
3.7
%
Dallas-Fort Worth, TX
3,517
176,606
5.7
%
3.3
%
—
%
2.5
%
Nashville, TN
3,098
251,718
7.0
%
3.2
%
2.7
%
3.1
%
Jacksonville, FL
2,923
218,991
4.8
%
3.1
%
0.3
%
2.3
%
Phoenix, AZ
2,897
220,296
5.9
%
4.3
%
(3.0)
%
2.5
%
Indianapolis, IN
2,741
176,521
4.0
%
5.1
%
5.8
%
5.3
%
Tampa, FL
2,613
233,232
4.5
%
3.8
%
1.1
%
3.2
%
Houston, TX
2,110
180,583
2.9
%
4.0
%
(0.9)
%
3.0
%
Columbus, OH
2,066
199,069
4.0
%
6.0
%
7.4
%
6.3
%
Raleigh, NC
2,054
202,970
3.6
%
3.4
%
2.0
%
3.1
%
Cincinnati, OH
2,059
199,925
4.0
%
5.0
%
9.2
%
6.0
%
Las Vegas, NV
1,981
286,007
4.2
%
3.0
%
(0.6)
%
2.0
%
Salt Lake City, UT
1,864
304,986
4.5
%
4.9
%
4.7
%
4.8
%
Orlando, FL
1,744
223,329
3.1
%
3.3
%
—
%
2.5
%
Greater Chicago area, IL and IN
1,479
195,166
2.7
%
6.7
%
11.1
%
7.7
%
Charleston, SC
1,394
231,717
2.7
%
3.3
%
3.0
%
3.2
%
San Antonio, TX
1,044
201,404
1.4
%
3.2
%
(4.5)
%
0.9
%
Savannah/Hilton Head, SC
970
211,547
1.9
%
4.8
%
2.7
%
4.3
%
Seattle, WA
931
330,984
2.4
%
7.5
%
7.0
%
7.4
%
All Other (2)
6,828
234,414
13.7
%
3.6
%
2.8
%
3.4
%
Total/Average
53,412
$
223,024
100.0
%
4.0
%
2.5
%
3.6
%
Average Occupied Days Percentage
Average Monthly Realized Rent per Property
Market
3Q25 QTD
3Q24 QTD
Change
3Q25 QTD
3Q24 QTD
Change
Atlanta, GA
95.9
%
96.1
%
(0.2)
%
$
2,321
$
2,256
2.9
%
Charlotte, NC
96.2
%
96.5
%
(0.3)
%
2,252
2,170
3.8
%
Dallas-Fort Worth, TX
96.0
%
96.3
%
(0.3)
%
2,347
2,285
2.7
%
Nashville, TN
96.1
%
96.0
%
0.1
%
2,406
2,334
3.1
%
Jacksonville, FL
95.6
%
95.4
%
0.2
%
2,208
2,160
2.2
%
Phoenix, AZ
95.3
%
95.4
%
(0.1)
%
2,185
2,129
2.6
%
Indianapolis, IN
96.6
%
96.5
%
0.1
%
1,971
1,870
5.4
%
Tampa, FL
94.9
%
95.7
%
(0.8)
%
2,464
2,396
2.8
%
Houston, TX
96.6
%
96.5
%
0.1
%
2,134
2,056
3.8
%
Columbus, OH
97.1
%
96.6
%
0.5
%
2,291
2,180
5.1
%
Raleigh, NC
96.0
%
96.6
%
(0.6)
%
2,106
2,038
3.3
%
Cincinnati, OH
96.5
%
96.7
%
(0.2)
%
2,252
2,128
5.8
%
Las Vegas, NV
94.7
%
95.8
%
(1.1)
%
2,338
2,281
2.5
%
Salt Lake City, UT
96.0
%
96.4
%
(0.4)
%
2,532
2,434
4.0
%
Orlando, FL
96.4
%
94.9
%
1.5
%
2,418
2,374
1.9
%
Greater Chicago area, IL and IN
96.8
%
97.0
%
(0.2)
%
2,617
2,436
7.4
%
Charleston, SC
94.6
%
96.1
%
(1.5)
%
2,356
2,282
3.2
%
San Antonio, TX
95.2
%
96.3
%
(1.1)
%
1,948
1,947
0.1
%
Savannah/Hilton Head, SC
95.4
%
95.7
%
(0.3)
%
2,346
2,232
5.1
%
Seattle, WA
96.3
%
95.9
%
0.4
%
2,911
2,782
4.6
%
All Other (2)
95.9
%
95.7
%
0.2
%
2,275
2,199
3.5
%
Total/Average
95.9
%
96.1
%
(0.2)
%
$
2,296
$
2,218
3.5
%
(1)Reflected for the three months ended September 30, 2025.
(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)
Sep 30, 2025
Dec 31, 2024
(Unaudited)
Assets
Single-family properties:
Land
$
2,404,153
$
2,370,006
Buildings and improvements
11,930,388
11,559,461
Single-family properties in operation
14,334,541
13,929,467
Less: accumulated depreciation
(3,298,648)
(3,048,868)
Single-family properties in operation, net
11,035,893
10,880,599
Single-family properties under development and development land
1,215,323
1,272,284
Single-family properties and land held for sale, net
219,637
212,808
Total real estate assets, net
12,470,853
12,365,691
Cash and cash equivalents
45,631
199,413
Restricted cash
130,104
150,803
Rent and other receivables
56,493
48,452
Escrow deposits, prepaid expenses and other assets
268,120
337,379
Investments in unconsolidated joint ventures
161,986
159,134
Goodwill
120,279
120,279
Total assets
$
13,253,466
$
13,381,151
Liabilities
Revolving credit facility
$
110,000
$
—
Asset-backed securitizations, net
—
924,344
Unsecured senior notes, net
4,733,543
4,086,418
Accounts payable and accrued expenses
571,956
521,759
Total liabilities
5,415,499
5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares
3,705
3,690
Class B common shares
6
6
Preferred shares
92
92
Additional paid-in capital
7,550,962
7,529,008
Accumulated deficit
(400,445)
(380,632)
Accumulated other comprehensive income
6,944
7,852
Total shareholders’ equity
7,161,264
7,160,016
Noncontrolling interest
676,703
688,614
Total equity
7,837,967
7,848,630
Total liabilities and equity
$
13,253,466
$
13,381,151
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17
AMH
Debt Summary as of September 30, 2025
(Amounts in thousands)
(Unaudited)
Unsecured Balance
% of Total
Interest Rate (1)
Years to Maturity (2)
Floating rate debt:
Revolving credit facility (2)
$
110,000
2.2
%
5.19
%
3.8
Total floating rate debt
110,000
2.2
%
5.19
%
3.8
Fixed rate debt:
2028 unsecured senior notes
500,000
10.2
%
4.08
%
2.4
2029 unsecured senior notes
400,000
8.1
%
4.90
%
3.4
2030 unsecured senior notes
650,000
13.3
%
4.95
%
4.7
2031 unsecured senior notes
450,000
9.2
%
2.46
%
5.8
2032 unsecured senior notes
600,000
12.2
%
3.63
%
6.5
2034 unsecured senior notes I
600,000
12.2
%
5.50
%
8.3
2034 unsecured senior notes II
500,000
10.2
%
5.50
%
8.8
2035 unsecured senior notes
500,000
10.2
%
5.08
%
9.5
2051 unsecured senior notes
300,000
6.1
%
3.38
%
25.8
2052 unsecured senior notes
300,000
6.1
%
4.30
%
26.6
Total fixed rate debt
4,800,000
97.8
%
4.46
%
8.7
Total Debt
4,910,000
100.0
%
4.47
%
8.6
Unamortized discounts and loan costs
(66,457)
Total debt per balance sheet
$
4,843,543
Maturity Schedule by Year (2)
Total Debt
% of Total
Remaining 2025
$
—
—
%
2026
—
—
%
2027
—
—
%
2028
500,000
10.2
%
2029
510,000
10.4
%
Thereafter
3,900,000
79.4
%
Total
$
4,910,000
100.0
%
(1)Interest rates are as of September 30, 2025 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 0.10% spread adjustment and a margin of 0.85% as of period end.
Interest Expense Reconciliation
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Interest expense per income statement and included in Core FFO attributable to common share and unit holders
$
48,199
$
43,611
$
139,928
$
120,866
Less: amortization of discounts, loan costs and cash flow hedges
(2,670)
(3,006)
(7,618)
(8,966)
Add: capitalized interest
13,714
12,894
41,787
40,247
Cash interest
$
59,243
$
53,499
$
174,097
$
152,147
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 September 30, 2025
(Amounts in thousands, except share and per share data)
(Unaudited)
Total Capitalization
Total Debt
$
4,910,000
25.6
%
Total preferred shares
230,000
1.2
%
Common equity at market value:
Common shares outstanding
371,103,396
Operating partnership units
50,676,980
Total shares and units
421,780,376
NYSE AMH Class A common share closing price at September 30, 2025
$
33.25
Market value of common shares and operating partnership units
14,024,198
73.2
%
Total Capitalization
$
19,164,198
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
5.1 x
Rating Agency
Rating
Outlook
Fixed Charge Coverage
4.1 x
Moody's Investor Service
Baa2
Stable
Unencumbered Core NOI percentage (1)
100.0
%
S&P Global Ratings
BBB
Positive
(1)The Company’s portfolio is fully unencumbered.
Unsecured Senior Notes Covenant Ratios
Requirement
Actual
Ratio of Indebtedness to Total Assets
<
60.0
%
30.1
%
Ratio of Secured Debt to Total Assets
<
40.0
%
—
%
Ratio of Unencumbered Assets to Unsecured Debt
>
150.0
%
332.3
%
Ratio of Consolidated Income Available for Debt Service to Interest Expense
>
1.50 x
4.32 x
Unsecured Credit Facility Covenant Ratios
Requirement
Actual
Ratio of Total Indebtedness to Total Asset Value
<
60.0
%
27.9
%
Ratio of Secured Indebtedness to Total Asset Value
<
40.0
%
0.7
%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value
<
60.0
%
29.4
%
Ratio of EBITDA to Fixed Charges
>
1.50 x
3.84 x
Ratio of Unencumbered NOI to Unsecured Interest Expense
>
1.75 x
5.30 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 September 30, 2025
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
6,013
9.9
%
$
240,282
2,197
17.5
Charlotte, NC
4,257
7.0
%
233,471
2,119
18.7
Dallas-Fort Worth, TX
3,725
6.1
%
179,224
2,082
21.2
Nashville, TN
3,401
5.6
%
264,864
2,123
16.8
Jacksonville, FL
3,376
5.6
%
235,884
1,930
14.4
Phoenix, AZ
3,305
5.4
%
227,866
1,859
19.7
Indianapolis, IN
3,009
5.0
%
182,740
1,931
22.4
Tampa, FL
3,099
5.1
%
253,672
1,959
14.7
Las Vegas, NV
2,701
4.5
%
319,296
1,971
10.6
Houston, TX
2,302
3.8
%
182,713
2,064
19.7
Raleigh, NC
2,160
3.6
%
205,805
1,899
19.0
Columbus, OH
2,232
3.7
%
214,622
1,902
21.3
Orlando, FL
2,211
3.6
%
252,418
1,946
16.3
Cincinnati, OH
2,098
3.5
%
201,615
1,842
22.7
Salt Lake City, UT
1,930
3.2
%
308,431
2,242
18.5
Charleston, SC
1,653
2.7
%
246,128
1,962
13.4
Greater Chicago area, IL and IN
1,508
2.5
%
195,395
1,870
24.1
San Antonio, TX
1,156
1.9
%
205,575
1,910
16.2
Boise, ID
1,100
1.8
%
320,300
1,882
10.8
Savannah/Hilton Head, SC
1,043
1.7
%
220,717
1,885
16.5
All Other (3)
8,385
13.8
%
254,979
1,946
17.9
Total/Average
60,664
100.0
%
$
236,294
1,999
17.9
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
95.0
%
$
2,334
3.3
%
1.4
%
2.8
%
Charlotte, NC
95.7
%
2,272
4.0
%
3.3
%
3.8
%
Dallas-Fort Worth, TX
95.6
%
2,347
3.3
%
(0.4)
%
2.5
%
Nashville, TN
95.8
%
2,422
3.3
%
2.7
%
3.1
%
Jacksonville, FL
95.1
%
2,226
3.1
%
0.6
%
2.4
%
Phoenix, AZ
94.6
%
2,183
4.4
%
(2.8)
%
2.7
%
Indianapolis, IN
96.3
%
1,972
5.1
%
5.7
%
5.3
%
Tampa, FL
93.7
%
2,498
3.8
%
1.1
%
3.2
%
Las Vegas, NV
93.8
%
2,383
3.1
%
(0.4)
%
2.2
%
Houston, TX
95.8
%
2,121
4.3
%
(1.0)
%
3.1
%
Raleigh, NC
95.9
%
2,110
3.4
%
2.1
%
3.1
%
Columbus, OH
96.2
%
2,309
5.9
%
7.5
%
6.3
%
Orlando, FL
95.4
%
2,442
3.1
%
(0.2)
%
2.3
%
Cincinnati, OH
96.4
%
2,253
5.0
%
9.1
%
6.0
%
Salt Lake City, UT
95.8
%
2,530
4.9
%
4.6
%
4.8
%
Charleston, SC
93.2
%
2,373
3.2
%
3.1
%
3.2
%
Greater Chicago area, IL and IN
96.7
%
2,620
6.8
%
11.1
%
7.8
%
San Antonio, TX
93.7
%
1,947
3.1
%
(4.7)
%
0.6
%
Boise, ID
94.7
%
2,325
3.6
%
3.7
%
3.6
%
Savannah/Hilton Head, SC
94.8
%
2,350
4.8
%
2.6
%
4.2
%
All Other (3)
94.9
%
2,346
4.3
%
3.3
%
4.1
%
Total/Average
95.2
%
$
2,306
4.0
%
2.4
%
3.6
%
(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 September 30, 2025.
(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
3Q25 Additions
YTD 3Q25 Additions
Market
Number of Properties
Average
Total Investment Cost
Number of Properties
Average
Total Investment Cost
Tampa, FL
75
$
381,268
199
$
383,974
Orlando, FL
61
433,151
150
417,105
Las Vegas, NV
60
446,999
193
429,520
Columbus, OH
56
376,470
90
378,031
Tucson, AZ
48
397,174
144
392,285
Phoenix, AZ
42
392,364
90
394,650
Jacksonville, FL
39
373,923
137
373,291
Charlotte, NC
34
371,428
62
371,460
Atlanta, GA
33
390,683
137
368,881
Greenville, SC
29
282,062
29
282,062
Nashville, TN
27
449,161
72
455,367
Seattle, WA
21
537,456
48
549,030
Charleston, SC
16
380,907
56
386,540
Denver, CO
15
495,113
44
484,012
Boise, ID
15
418,279
46
434,227
Savannah/Hilton Head, SC
9
315,383
24
333,167
Oklahoma City, OK
5
243,122
5
243,122
Indianapolis, IN
1
290,366
1
290,366
Cincinnati, OH
1
333,303
3
337,147
Total/Average
587
$
399,717
1,530
$
400,891
Property Dispositions
Sep 30, 2025 Single-Family Properties
Held for Sale
3Q25 Dispositions
YTD 3Q25 Dispositions
Market
Number of Properties
Average
Net Proceeds per Property
Number of Properties
Average
Net Proceeds per Property
Dallas-Fort Worth, TX
116
20
$
272,333
110
$
296,019
Houston, TX
94
32
221,154
87
241,609
Atlanta, GA
89
50
299,700
128
305,083
Greater Chicago area, IL and IN
68
8
311,690
17
295,153
Phoenix, AZ
63
19
327,833
82
355,528
Charlotte, NC
53
19
339,702
47
361,458
Raleigh, NC
49
12
307,546
29
326,198
San Antonio, TX
47
15
188,016
45
204,202
Austin, TX
39
20
278,601
63
273,632
Tampa, FL
38
24
308,031
76
330,045
Indianapolis, IN
37
14
244,771
31
260,712
Orlando, FL
36
19
307,462
69
320,347
Jacksonville, FL
35
13
321,170
35
304,392
Las Vegas, NV
28
9
387,992
27
402,882
Tucson, AZ
26
10
266,172
20
267,060
Savannah/Hilton Head, SC
25
9
291,892
19
283,953
Columbus, OH
24
11
311,207
20
305,830
Memphis, TN
21
11
273,671
23
261,311
Nashville, TN
17
16
381,674
50
358,878
Salt Lake City, UT
14
7
654,216
15
658,274
All Other (1)
109
57
405,798
188
386,072
Total/Average
1,028
395
$
315,533
1,181
$
321,544
(1)Represents 22 markets in 15 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 September 30, 2025 (1)
YTD 3Q25 Deliveries
Sep 30, 2025
Lots for
Future Delivery
Market
Number of Properties
Average Total Investment Cost
Average
Monthly Rent
Las Vegas, NV
280
$
412,000
$
2,500
611
Phoenix, AZ
279
375,000
2,200
1,145
Tampa, FL
199
384,000
2,670
370
Atlanta, GA
154
374,000
2,500
932
Orlando, FL
150
417,000
2,610
507
Jacksonville, FL
134
376,000
2,380
388
Nashville, TN
128
471,000
2,780
107
Denver, CO
94
522,000
3,170
477
Seattle, WA
90
479,000
3,220
575
Columbus, OH
89
378,000
2,700
586
Charlotte, NC
87
359,000
2,480
276
Charleston, SC
56
387,000
2,460
1,119
Boise, ID
46
434,000
2,460
303
Salt Lake City, UT
46
480,000
2,930
261
Raleigh, NC
—
—
—
66
Total/Average
1,832
$
408,000
$
2,580
7,723
Lots optioned
524
Total lots owned and optioned
8,247
Estimated Delivery Timing
Dec 31, 2024
Lots for
Future Delivery
YTD 3Q25
Net Additions/(Reductions) (3)
YTD 3Q25
Deliveries
Full Year Estimated 2025 Deliveries (1)
Deliveries Thereafter (1)
Wholly-owned development pipeline (2)
9,458
(490)
1,464
1,800 - 2,000
7,068
Joint venture development pipeline (2)(4)
765
346
368
~400
711
Total development pipeline
10,223
(144)
1,832
2,200 - 2,400
7,779
(1)Reflects the Company’s latest development program results and estimates as of October 29, 2025.
(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.
(3)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.
(4)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
22
AMH
Lease Expirations
MTM
4Q25
1Q26
2Q26
3Q26
Thereafter
Lease expirations
1,814
6,697
16,900
16,487
11,216
4,425
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
—
—
—
1Q25
—
—
—
2Q25
—
—
—
3Q25
—
—
—
Total
—
—
$
—
Remaining authorization:
$
265,067
ATM Share History
(Amounts in thousands, except share and per share data)
ATM Shares Sold Directly
ATM Shares Sold Forward
Period
Common Shares Sold Directly
Gross Proceeds
Avg. Issuance Price Per Share
Common Shares Sold Forward
Future Gross Proceeds
Avg. Price Per Share
Period Settled
Total ATM Gross Proceeds
2023
2,799,683
$
101,958
$
36.42
—
$
—
$
—
$
101,958
2024
932,746
33,756
36.19
2,987,024
110,616
37.03
4Q24
144,372
1Q25
—
—
—
—
—
—
—
2Q25
—
—
—
—
—
—
—
3Q25
—
—
—
—
—
—
—
246,330
Remaining authorization:
$
753,670
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
23
AMH
2025 Guidance
Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net.
The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025
Previous Guidance
Current Guidance
Core FFO attributable to common share and unit holders
$1.84 - $1.88
$1.86 - $1.88
Core FFO attributable to common share and unit holders growth
4.0% - 6.2%
5.1% - 6.2%
Same-Home
Core revenues growth
3.00% - 4.50%
3.25% - 4.25%
Core property operating expenses growth
3.00% - 4.50%
2.75% - 3.75%
Core NOI growth
2.75% - 4.75%
3.50% - 4.50%
Full Year 2025
(Unchanged)
Investment Program
Properties
Investment
Wholly owned acquisitions
—
—
Wholly owned development deliveries
1,800 - 2,000
$700 - $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex
—
$100 - $200 million
Total capital investment (wholly owned and pro rata JV)
1,800 - 2,000
$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)
2,200 - 2,400
$1.0 - $1.2 billion
Changes to Full Year 2025 Guidance
•Raised Core FFO guidance midpoint by $0.01 per share based on increased expectations for Core NOI growth driven by better than expected property tax expense outlook as well as modestly improved full year outlook on financing costs and Other income and expense, net.
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 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)
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Sep 30,
2024
Total Debt
$
4,910,000
$
5,227,529
$
4,989,015
$
5,075,391
$
4,578,772
Less: cash and cash equivalents
(45,631)
(323,258)
(69,698)
(199,413)
(162,477)
Less: restricted cash related to securitizations
(3,114)
(13,188)
(19,122)
(26,588)
(26,273)
Net debt
$
4,861,255
$
4,891,083
$
4,900,195
$
4,849,390
$
4,390,022
Preferred shares at liquidation value
230,000
230,000
230,000
230,000
230,000
Net debt and preferred shares
$
5,091,255
$
5,121,083
$
5,130,195
$
5,079,390
$
4,620,022
Adjusted EBITDAre - TTM
$
1,001,181
$
982,928
$
963,598
$
942,299
$
919,174
Net Debt and Preferred Shares to Adjusted EBITDAre
5.1 x
5.2 x
5.3 x
5.4 x
5.0 x
Fixed Charge Coverage
(Amounts in thousands)
For the Trailing Twelve Months Ended
Sep 30, 2025
Interest expense per income statement
$
184,413
Less: amortization of discounts, loan costs and cash flow hedges
(10,141)
Add: capitalized interest
54,683
Cash interest
228,955
Dividends on preferred shares
13,944
Fixed charges
$
242,899
Adjusted EBITDAre - TTM
$
1,001,181
Fixed Charge Coverage
4.1 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 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 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 nine months ended September 30, 2025 and 2024 (amounts in thousands):
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Net income
$
116,801
$
87,640
$
369,138
$
324,269
Interest expense
48,199
43,611
139,928
120,866
Depreciation and amortization
126,656
119,691
378,523
353,020
EBITDA
$
291,656
$
250,942
$
887,589
$
798,155
Gain on sale and impairment of single-family properties and other, net
(47,620)
(32,697)
(161,544)
(145,490)
Adjustments for unconsolidated real estate joint ventures
1,918
1,116
5,223
3,909
EBITDAre
$
245,954
$
219,361
$
731,268
$
656,574
Noncash share-based compensation - general and administrative
3,917
3,601
12,771
17,999
Noncash share-based compensation - property management
864
1,043
3,247
3,827
Acquisition, other transaction costs and other
3,158
2,605
8,693
8,866
Hurricane-related charges, net
—
3,904
—
3,904
Loss on early extinguishment of debt
180
5,306
396
6,323
Adjusted EBITDAre
$
254,073
$
235,820
$
756,375
$
697,493
Recurring Capital Expenditures
(20,399)
(23,088)
(57,743)
(58,615)
Leasing costs
(765)
(995)
(3,102)
(2,832)
Fully Adjusted EBITDAre
$
232,909
$
211,737
$
695,530
$
636,046
Rents and other single-family property revenues
$
478,464
$
445,055
$
1,395,243
$
1,292,104
Less: tenant charge-backs
(72,843)
(67,615)
(189,161)
(172,323)
Adjustments for unconsolidated joint ventures - income
3,675
3,935
10,839
10,575
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures
$
409,296
$
381,375
$
1,216,921
$
1,130,356
Adjusted EBITDAre Margin
62.1
%
61.8
%
62.2
%
61.7
%
Fully Adjusted EBITDAre Margin
56.9
%
55.5
%
57.2
%
56.3
%
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
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
Sep 30,
2024
Net income
$
513,011
$
483,850
$
468,760
$
468,142
$
415,206
Interest expense
184,413
179,825
172,200
165,351
155,957
Depreciation and amortization
502,513
495,548
486,212
477,010
468,791
EBITDA
$
1,199,937
$
1,159,223
$
1,127,172
$
1,110,503
$
1,039,954
Gain on sale and impairment of single-family properties and other, net
(241,810)
(226,887)
(218,871)
(225,756)
(174,572)
Adjustments for unconsolidated real estate joint ventures
6,036
5,234
4,609
4,722
5,240
EBITDAre
$
964,163
$
937,570
$
912,910
$
889,469
$
870,622
Noncash share-based compensation - general and administrative
15,389
15,073
18,645
20,617
20,493
Noncash share-based compensation - property management
4,234
4,413
4,616
4,814
4,706
Acquisition, other transaction costs and other
12,019
11,466
12,958
12,192
13,126
Hurricane-related charges, net
4,980
8,884
8,884
8,884
3,904
Loss on early extinguishment of debt
396
5,522
5,585
6,323
6,323
Adjusted EBITDAre
$
1,001,181
$
982,928
$
963,598
$
942,299
$
919,174
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 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.
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
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Property management expenses
$
33,384
$
31,973
$
101,977
$
95,757
Less: tenant charge-backs
(2,480)
(2,026)
(7,035)
(5,837)
Less: noncash share-based compensation - property management
(864)
(1,043)
(3,247)
(3,827)
Property management expenses, net
$
30,040
$
28,904
$
91,695
$
86,093
General and administrative expense
$
20,503
$
19,247
$
60,182
$
62,825
Less: noncash share-based compensation - general and administrative
(3,917)
(3,601)
(12,771)
(17,999)
General and administrative expense, net
$
16,586
$
15,646
$
47,411
$
44,826
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 nine months ended September 30, 2025 and 2024:
For the Three Months Ended
Sep 30,
For the Nine Months Ended
Sep 30,
2025
2024
2025
2024
Net income per common share–diluted
$
0.27
$
0.20
$
0.85
$
0.75
Adjustments:
Conversion from GAAP share count
(0.03)
(0.02)
(0.10)
(0.09)
Noncontrolling interests in the Operating Partnership
0.03
0.02
0.10
0.09
Gain on sale and impairment of single-family properties and other, net
(0.11)
(0.08)
(0.38)
(0.35)
Adjustments for unconsolidated real estate joint ventures
—
—
0.01
0.01
Depreciation and amortization
0.30
0.29
0.90
0.84
Less: depreciation and amortization of non-real estate assets
(0.01)
(0.01)
(0.04)
(0.03)
FFO attributable to common share and unit holders
$
0.45
$
0.40
$
1.34
$
1.22
Adjustments:
Acquisition, other transaction costs and other
0.01
0.01
0.01
0.02
Noncash share-based compensation - general and administrative
0.01
0.01
0.03
0.04
Noncash share-based compensation - property management
—
—
0.01
0.01
Hurricane-related charges, net
—
0.01
—
0.01
Loss on early extinguishment of debt
—
0.01
—
0.02
Core FFO attributable to common share and unit holders
$
0.47
$
0.44
$
1.39
$
1.32
Recurring Capital Expenditures
(0.05)
(0.06)
(0.13)
(0.14)
Leasing costs
—
—
(0.01)
(0.01)
Adjusted FFO attributable to common share and unit holders
$
0.42
$
0.38
$
1.25
$
1.17
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
Sep 30, 2025
Adjusted FFO attributable to common share and unit holders
$
175,528
Common distributions
(126,610)
Retained Cash Flow
$
48,918
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, 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, 2024, 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
Corporate Information
Investor Relations
280 Pilot Road
(855) 794-2447
Las Vegas, NV 89119
investors@amh.com
Media Relations
23975 Park Sorrento, Suite 300
Calabasas, CA 91302
(855) 774-4663
media@amh.com
(702) 847-7800
www.amh.com
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | 0 |
| Buybacks share repurchase, buyback program | 3 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Same-Home revenue growth
“Core revenues from Same-Home properties increased 3.8% to $357.8 million for the third quarter of 2025”
Theme · Expense management
“benefitted in part by lower than expected annual increases in property tax expense as well as effective cost controls”
Source: SEC EDGAR · public domain · Highlights by Palanor