EX-99.23amh1231258kexhibit992.htmEX-99.2 Document

AMH

Table of Contents

Summary

Earnings Press Release

Select Non-GAAP Reconciliations – Core Net Operating Income

Fact Sheet

Financial Information

Consolidated Statements of Operations

Funds from Operations

Core Net Operating Income – Total Portfolio

Same-Home Results

Consolidated Balance Sheets

Debt Summary

Capital Structure and Credit Metrics

Property and Other Information

Top 20 Markets Summary

Property Additions and Dispositions

AMH Development Pipeline Summary

Lease Expirations, Share Repurchase History and ATM Share History

2026 Guidance

Defined Terms and Non-GAAP Reconciliations

AMH

Earnings Press Release

AMH Reports Fourth Quarter and Full Year 2025 Financial and Operating Results

10% Increase in Quarterly Distribution

LAS VEGAS, Feb. 19, 2026—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter and full year ended December 31, 2025.

Highlights

•Rents and other single-family property revenues increased 4.2% year-over-year to $455.0 million for the fourth quarter of 2025.

•Net income attributable to common shareholders totaled $123.8 million, or $0.33 per diluted share, for the fourth quarter of 2025, compared to $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 4.1% year-over-year to $0.47 per FFO share and unit for the fourth quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 6.5% year-over-year to $0.44 per FFO share and unit for the fourth quarter of 2025.

•Core Net Operating Income (“T1Core NOI”) from Same-Home properties increased by 3.5% year-over-year for the fourth quarter of 2025.

•Achieved Same-Home Average Occupied Days Percentage of 95.0% in the fourth quarter of 2025, while generating 2.8% blended rate growth driven by lease spreads of 4.2% and -0.3% on renewals and new leases, respectively.

•T2Delivered a total of 490 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2025.

•T3Repurchased and retired 4.7 million of our outstanding Class A common shares at a weighted-average price of $31.77 per share and a total price of $150.0 million in the fourth quarter of 2025. In January 2026, additionally repurchased and retired 3.7 million of our outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million.

•Raised common share dividend by 10% to $0.33 per share in the first quarter of 2026.

“T4At a time when housing affordability remains under pressure, AMH is focused on being part of the solution by expanding housing choice and supply,” stated Bryan Smith, AMH’s Chief Executive Officer. “One in three American households rent their home, and we are committed to providing them a high-quality, accessible housing option. Since the inception of our ground up development program, we have contributed over 14,000 newly built homes to the nation’s housing stock.

Our results in 2025 and outlook for 2026 reflect continued focus on expanding the nation’s housing supply, elevating the resident experience, and creating value for all our stakeholders.”

Fourth Quarter 2025 Financial Results

Net income attributable to common shareholders totaled $123.8 million, or $0.33 per diluted share, for the fourth quarter of 2025, compared to $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, largely offset by lower net gains on property sales.

Rents and other single-family property revenues increased 4.2% to $455.0 million for the fourth quarter of 2025, compared to $436.6 million for the fourth quarter of 2024. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 5.0% to $268.3 million for the fourth quarter of 2025, compared to $255.6 million for the fourth quarter of 2024. This growth was driven by a 4.0% increase in core revenues resulting primarily from higher rental rates, partially offset by a 2.1% increase in core property operating expenses.

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

AMH

Earnings Press Release (continued)

For the Company’s Same-Home portfolio, core revenues increased 3.0% to $351.6 million for the fourth quarter of 2025, compared to $341.4 million for the fourth quarter of 2024, which was driven by a 3.0% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. T5Core property operating expenses from Same-Home properties increased 2.0% to $116.5 million for the fourth quarter of 2025, compared to $114.2 million for the fourth 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 3.5% to $235.1 million for the fourth quarter of 2025, compared to $227.2 million for the fourth quarter of 2024.

Core FFO attributable to common share and unit holders was $199.3 million, or $0.47 per FFO share and unit, for the fourth quarter of 2025, compared to $191.7 million, or $0.45 per FFO share and unit, for the fourth quarter of 2024. Adjusted FFO attributable to common share and unit holders was $183.9 million, or $0.44 per FFO share and unit, for the fourth quarter of 2025, compared to $172.9 million, or $0.41 per FFO share and unit, for the fourth quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Full Year 2025 Financial Results

Net income attributable to common shareholders totaled $439.0 million, or $1.18 per diluted share, for the year ended December 31, 2025, compared to $398.5 million, or $1.08 per diluted share, 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.

Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025, compared to $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.

Core NOI from our total portfolio increased 7.9% to $1.06 billion for the year ended December 31, 2025, compared to $978.3 million for the year ended December 31, 2024. This growth was driven by a 6.8% increase in core revenues resulting primarily from an increase in our average occupied portfolio and higher rental rates, partially offset by a 4.6% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.0% to $1.41 billion for the year ended December 31, 2025, compared to $1.35 billion for the year ended December 31, 2024, which was driven by a 3.7% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents. Core property operating expenses from Same-Home properties increased 2.8% to $475.8 million for the year ended December 31, 2025, compared to $462.9 million for the year ended December 31, 2024, which reflects lower than expected annual increases in property tax expense as well as effective cost controls. As a result, Core NOI from Same-Home properties increased 4.7% to $932.2 million for the year ended December 31, 2025, compared to $890.6 million for the year ended December 31, 2024.

Core FFO attributable to common share and unit holders was $788.7 million, or $1.87 per FFO share and unit, for the year ended December 31, 2025, compared to $743.6 million, or $1.77 per FFO share and unit, for the year ended December 31, 2024. Adjusted FFO attributable to common share and unit holders was $712.5 million, or $1.69 per FFO share and unit, for the year ended December 31, 2025, compared to $663.3 million, or $1.58 per FFO share and unit, for the year ended December 31, 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

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

AMH

Earnings Press Release (continued)

Investments

As of December 31, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,337 homes, compared to 60,664 homes as of September 30, 2025, a decrease of 327 homes during the fourth quarter of 2025, which included 759 homes identified for sale, partially offset by 415 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 17 homes acquired through our National Builder Program and traditional acquisition channel. During the fourth quarter of 2025, we also developed an additional 75 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 490 total home deliveries through our AMH Development Program. As of December 31, 2025, the Company had 1,142 properties held for sale and 3,785 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the fourth quarter of 2025, the Company repurchased and retired 4.7 million of its outstanding Class A common shares at a weighted-average price of $31.77 per share and a total price of $150.0 million. In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under its 2018 share repurchase program and repurchased 3.7 million of its outstanding Class A common shares 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 a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status.

As of December 31, 2025, the Company had cash and cash equivalents of $108.5 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 8.1 years, which includes $360.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the fourth quarter of 2025, the Company generated $57.7 million of Retained Cash Flow and sold 646 properties, generating $192.9 million of net proceeds.

Sustainability Update

In the first quarter of 2026, the Company published its Green Bond Allocation Report describing the allocation of its January 2024 green bond proceeds and related environmental impact metrics. As of December 31, 2025, 100% of the $595.5 million net proceeds from our green bond issuance have been allocated to projects which meet the eligibility criteria described in the prospectus supplement related to the offering. The full report can be downloaded on the Company’s website at www.amh.com, under “Investor relations.”

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

AMH

Earnings Press Release (continued)

2026 Guidance

Set forth below are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net.

The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

Full Year 2026

Core FFO attributable to common share and unit holders

$1.89 - $1.95

Core FFO attributable to common share and unit holders growth

1.1% - 4.3%

Same-Home

Core revenues growth

1.25% - 3.25%

Core property operating expenses growth

1.75% - 3.75%

Core NOI growth

1.00% - 3.00%

Full Year 2026

Investment Program

Properties

Investment

Wholly owned acquisitions

—

Wholly owned development deliveries

1,300 - 1,500

$500 - $600 million

JV development deliveries (1)

400 - 600

$150 - $250 million

Total gross capital investment (1)

1,700 - 2,100

$650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.

Full Year 2026 Guidance Commentary

Operating Outlook:

•Same-Home core revenues growth reflects (1) Average Occupied Days Percentage in the high 95% area (approximately 25 basis points lower than 2025), (2) Average Monthly Realized Rent growth in the 2.5% area, and (3) fees and bad debt expense similar to 2025 levels as a percentage of revenue for the full year.

•Same-Home core property operating expenses growth reflects (1) expectation for 2026 property tax growth between 2.0% and 4.0% and (2) 1.5% to 3.5% growth in all other core property operating expenses, excluding property taxes.

Capital Plan:

•Outlook contemplates strategic continuity and growth from the Company’s internal AMH Development Program with prudently sized capital investment given the current capital markets environment. T6The Company expects to fund its 2026 wholly-owned development deliveries primarily using $400 - $600 million of recycled capital from dispositions.

•2026 outlook contemplates $115 million of share repurchases already executed in January 2026.

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

AMH

Earnings Press Release (continued)

Reconciliation of Core FFO attributable to common share and unit holders from 2025 to 2026 Guidance Midpoint

Per FFO Share

and Unit

2025 Core FFO attributable to common share and unit holders

1.87

Same-Home Core NOI

0.05

Non-Same-Home Core NOI (1)

0.07

Disposition program

(0.05)

Financing costs (2)

(0.04)

Share repurchases (3)

0.03

General and administrative expense and amortization of IT software assets (4)

(0.01)

2026 Core FFO attributable to common share and unit holders - Guidance Midpoint

1.92

2026 Core FFO attributable to common share and unit holders growth - Guidance Midpoint

2.7

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2026 Same-Home portfolio, including 2025 wholly-owned property additions, and (ii) contribution from 2026 wholly-owned property additions.

(2)Financing costs are primarily related to funding the Company’s investment programs, including common share repurchases, and impact from 2025 securitization refinancings.

(3)Reflects impact of common share repurchases in the fourth quarter of 2025 and January 2026.

(4)General and administrative expense and amortization of IT software assets reflects (i) inflationary increases and (ii) investments from prior years into IT systems supporting our industry-leading property management platform.

Additional Information

A copy of the Company’s Fourth 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.

Conference Call

A conference call is scheduled on Friday, February 20, 2026 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 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 Friday, March 6, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13757455#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on developing, renovating, leasing and managing homes as rental properties.

In recent years, we’ve been named a 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 December 31, 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.

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

AMH

Earnings Press Release (continued)

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package.

The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law.

For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s subsequent filings with the SEC.

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

AMH

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months and the years ended December 31, 2025 and 2024:

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Core revenues and Same-Home core revenues

Rents and other single-family property revenues

454,991

436,593

1,850,234

1,728,697

Tenant charge-backs

(52,063)

(49,108)

(241,224)

(221,431)

Core revenues

402,928

387,485

1,609,010

1,507,266

Less: Non-Same-Home core revenues

(51,319)

(46,117)

(201,045)

(153,730)

Same-Home core revenues

351,609

341,368

1,407,965

1,353,536

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

Property operating expenses

154,731

148,455

663,954

625,883

Property management expenses

32,831

33,564

134,808

129,321

Noncash share-based compensation - property management

(843)

(987)

(4,090)

(4,814)

Expenses reimbursed by tenant charge-backs

(52,063)

(49,108)

(241,224)

(221,431)

Core property operating expenses

134,656

131,924

553,448

528,959

Less: Non-Same-Home core property operating expenses

(18,168)

(17,753)

(77,679)

(66,016)

Same-Home core property operating expenses

116,488

114,171

475,769

462,943

Core NOI and Same-Home Core NOI

Net income

144,254

143,873

513,392

468,142

Hurricane-related charges, net

—

4,980

—

8,884

Loss on early extinguishment of debt

—

396

6,323

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

(69,916)

(80,266)

(231,460)

(225,756)

Depreciation and amortization

125,818

123,990

504,341

477,010

Acquisition and other transaction costs

2,882

3,326

12,259

12,192

Noncash share-based compensation - property management

843

987

4,090

4,814

Interest expense

45,270

44,485

185,198

165,351

General and administrative expense

22,824

20,765

83,006

83,590

Other income and expense, net

(3,703)

(6,579)

(15,660)

(22,243)

Core NOI

268,272

255,561

1,055,562

978,307

Less: Non-Same-Home Core NOI

(33,151)

(28,364)

(123,366)

(87,714)

Same-Home Core NOI

235,121

227,197

932,196

890,593

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

AMH

Select Non-GAAP Reconciliations – Core Net Operating Income (continued)

(Amounts in thousands)

(Unaudited)

For the Three Months Ended

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Core revenues and Same-Home core revenues

Rents and other single-family property revenues

454,991

478,464

457,503

459,276

436,593

Tenant charge-backs

(52,063)

(72,843)

(52,457)

(63,861)

(49,108)

Core revenues

402,928

405,621

405,046

395,415

387,485

Less: Non-Same-Home core revenues

(51,319)

(50,237)

(51,134)

(48,355)

(46,117)

Same-Home core revenues

351,609

355,384

353,912

347,060

341,368

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

Property operating expenses

154,731

181,604

160,089

167,530

148,455

Property management expenses

32,831

33,384

34,412

34,181

33,564

Noncash share-based compensation - property management

(843)

(864)

(1,137)

(1,246)

(987)

Expenses reimbursed by tenant charge-backs

(52,063)

(72,843)

(52,457)

(63,861)

(49,108)

Core property operating expenses

134,656

141,281

140,907

136,604

131,924

Less: Non-Same-Home core property operating expenses

(18,168)

(20,550)

(19,867)

(19,094)

(17,753)

Same-Home core property operating expenses

116,488

120,731

121,040

117,510

114,171

Core NOI and Same-Home Core NOI

Net income

144,254

116,801

123,624

128,713

143,873

Hurricane-related charges, net

—

4,980

Loss on early extinguishment of debt

—

180

—

216

—

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

(69,916)

(47,620)

(51,908)

(62,016)

(80,266)

Depreciation and amortization

125,818

126,656

126,939

124,928

123,990

Acquisition and other transaction costs

2,882

3,661

2,655

3,061

3,326

Noncash share-based compensation - property management

843

864

1,137

1,246

987

Interest expense

45,270

48,199

46,303

45,426

44,485

General and administrative expense

22,824

20,503

20,008

19,671

20,765

Other income and expense, net

(3,703)

(4,904)

(4,619)

(2,434)

(6,579)

Core NOI

268,272

264,340

264,139

258,811

255,561

Less: Non-Same-Home Core NOI

(33,151)

(29,687)

(31,267)

(29,261)

(28,364)

Same-Home Core NOI

235,121

234,653

232,872

229,550

227,197

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

AMH

Fact Sheet

(Amounts in thousands, except per share and property data)

(Unaudited)

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Operating Data

Net income attributable to common shareholders

123,808

123,230

439,030

398,482

Core revenues

402,928

387,485

1,609,010

1,507,266

Core NOI

268,272

255,561

1,055,562

978,307

Core NOI margin

66.6

66.0

65.6

64.9

Fully Adjusted EBITDAre

238,397

226,006

933,927

862,052

Fully Adjusted EBITDAre Margin

58.5

57.8

57.5

56.7

Per FFO share and unit:

FFO attributable to common share and unit holders

0.46

0.43

1.79

1.65

Core FFO attributable to common share and unit holders

0.47

0.45

1.87

1.77

Adjusted FFO attributable to common share and unit holders

0.44

0.41

1.69

1.58

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Selected Balance Sheet Information - end of period

Single-family properties in operation, net

11,011,633

11,035,893

10,947,696

10,932,960

10,880,599

Total assets

13,242,120

13,253,466

13,592,318

13,289,223

13,381,151

Outstanding borrowings under revolving credit facility

360,000

110,000

—

410,000

—

Total Debt

5,160,000

4,910,000

5,227,529

4,989,015

5,075,391

Total Capitalization

18,779,992

19,164,198

20,669,137

21,157,336

21,059,213

Total Debt to Total Capitalization

27.5

25.6

25.3

23.6

24.1

Net Debt and Preferred Shares to Adjusted EBITDAre

5.2 x

5.1 x

5.2 x

5.3 x

5.4 x

NYSE AMH Class A common share closing price

32.10

33.25

36.07

37.81

37.42

Portfolio Data - end of period

Occupied single-family properties

56,756

57,061

58,317

58,246

57,486

Single-family properties leased, not yet occupied

543

478

406

567

378

Single-family properties in turnover process

2,837

2,867

1,753

1,619

2,098

Single-family properties recently renovated or developed

195

245

118

257

565

Single-family properties newly acquired and under renovation

Total single-family properties, excluding properties held for sale

60,337

60,664

60,596

60,700

60,531

Single-family properties held for sale

1,142

1,028

904

661

805

Total single-family properties wholly owned

61,479

61,692

61,500

61,361

61,336

Single-family properties managed under joint ventures

3,785

3,721

3,616

3,487

3,376

Total single-family properties wholly owned and managed

65,264

65,413

65,116

64,848

64,712

Total Average Occupied Days Percentage (1)

94.4

95.2

95.7

94.8

94.2

Same-Home Average Occupied Days Percentage (52,757 properties)

95.0

96.4

96.6

96.0

95.3

Other Data

Distributions declared per common share

0.30

0.26

Distributions declared per Series G perpetual preferred share

0.37

Distributions declared per Series H perpetual preferred share

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.

AMH

Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

(Unaudited)

Rents and other single-family property revenues

454,991

436,593

1,850,234

1,728,697

Expenses:

Property operating expenses

154,731

148,455

663,954

625,883

Property management expenses

32,831

33,564

134,808

129,321

General and administrative expense

22,824

20,765

83,006

83,590

Interest expense

45,270

44,485

185,198

165,351

Acquisition and other transaction costs

2,882

3,326

12,259

12,192

Depreciation and amortization

125,818

123,990

504,341

477,010

Hurricane-related charges, net

—

4,980

—

8,884

Total expenses

384,356

379,565

1,583,566

1,502,231

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

69,916

80,266

231,460

225,756

Loss on early extinguishment of debt

—

(396)

(6,323)

Other income and expense, net

3,703

6,579

15,660

22,243

Net income

144,254

143,873

513,392

468,142

Noncontrolling interest

16,960

17,157

60,418

55,716

Dividends on preferred shares

3,486

13,944

Net income attributable to common shareholders

123,808

123,230

439,030

398,482

Weighted-average common shares outstanding:

Basic

369,871,273

369,378,385

370,556,400

367,454,012

Diluted

370,182,859

369,907,657

370,906,582

367,989,537

Net income attributable to common shareholders per share:

Basic

0.33

1.18

1.08

Diluted

0.33

1.18

1.08

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

AMH

Funds from Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Net income attributable to common shareholders

123,808

123,230

439,030

398,482

Adjustments:

Noncontrolling interests in the Operating Partnership

16,960

17,157

60,418

55,716

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

(69,916)

(80,266)

(231,460)

(225,756)

Adjustments for unconsolidated real estate joint ventures

1,717

813

6,940

4,722

Depreciation and amortization

125,818

123,990

504,341

477,010

Less: depreciation and amortization of non-real estate assets

(5,761)

(5,093)

(22,333)

(19,447)

FFO attributable to common share and unit holders

192,626

179,831

756,936

690,727

Adjustments:

Acquisition, other transaction costs and other

2,487

3,326

11,180

12,192

Noncash share-based compensation - general and administrative

3,307

2,618

16,078

20,617

Noncash share-based compensation - property management

843

987

4,090

4,814

Hurricane-related charges, net

—

4,980

—

8,884

Loss on early extinguishment of debt

—

396

6,323

Core FFO attributable to common share and unit holders

199,263

191,742

788,680

743,557

Recurring Capital Expenditures

(14,862)

(17,666)

(72,605)

(76,281)

Leasing costs

(521)

(1,134)

(3,623)

(3,966)

Adjusted FFO attributable to common share and unit holders

183,880

172,942

712,452

663,310

Per FFO share and unit:

FFO attributable to common share and unit holders

0.46

0.43

1.79

1.65

Core FFO attributable to common share and unit holders

0.47

0.45

1.87

1.77

Adjusted FFO attributable to common share and unit holders

0.44

0.41

1.69

1.58

Weighted-average FFO shares and units:

Common shares outstanding

369,871,273

369,378,385

370,556,400

367,454,012

Share-based compensation plan and forward sale equity contracts (1)

669,003

1,012,895

688,874

948,910

Operating partnership units

50,650,893

51,376,980

50,994,514

51,376,980

Total weighted-average FFO shares and units

421,191,169

421,768,260

422,239,788

419,779,902

(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, if applicable.

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

AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Rents from single-family properties

397,680

383,848

1,587,043

1,491,810

Fees from single-family properties

9,514

8,925

37,902

33,154

Bad debt

(4,266)

(5,288)

(15,935)

(17,698)

Core revenues

402,928

387,485

1,609,010

1,507,266

Property tax expense

64,941

60,850

265,037

252,406

HOA fees, net (1)

7,185

6,946

28,656

26,911

R&M and turnover costs, net (1)

28,108

28,648

119,299

113,206

Insurance

4,793

4,958

19,132

19,821

Property management expenses, net (2)

29,629

30,522

121,324

116,615

Core property operating expenses

134,656

131,924

553,448

528,959

Core NOI

268,272

255,561

1,055,562

978,307

Core NOI margin

66.6

66.0

65.6

64.9

For the Three Months Ended

Dec 31, 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

52,757

4,304

3,270

1,148

61,479

Average Occupied Days Percentage

95.0

95.5

83.0

38.4

93.4

Rents from single-family properties

346,850

31,256

16,725

2,849

397,680

Fees from single-family properties

8,129

830

438

117

9,514

Bad debt

(3,370)

(254)

(259)

(383)

(4,266)

Core revenues

351,609

31,832

16,904

2,583

402,928

Property tax expense

56,710

4,380

2,893

958

64,941

HOA fees, net (1)

6,336

323

412

114

7,185

R&M and turnover costs, net (1)

24,471

1,342

1,534

761

28,108

Insurance

4,093

427

203

4,793

Property management expenses, net (2)

24,878

2,216

2,208

327

29,629

Core property operating expenses

116,488

8,688

7,250

2,230

134,656

Core NOI

235,121

23,144

9,654

353

268,272

Core NOI margin

66.9

72.7

57.1

13.7

66.6

(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 1,917 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 1,142 properties held for sale and 6 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.

AMH

Same-Home Results – Quarterly and Full Year Comparisons

(Amounts in thousands, except property and per property data)

(Unaudited)

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

Change

2025

2024

Change

Number of Same-Home properties

52,757

Average Occupied Days Percentage

95.0

95.3

(0.3)

96.0

—

Average Monthly Realized Rent per Property

2,306

2,238

3.0

2,282

2,200

3.7

Turnover Rate

5.5

6.0

(0.5)

26.3

27.8

(1.5)

Core NOI:

Rents from single-family properties

346,850

337,608

2.7

1,387,203

1,337,921

3.7

Fees from single-family properties

8,129

7,809

4.1

32,364

29,188

10.9

Bad debt

(3,370)

(4,049)

(16.8)

(11,602)

(13,573)

(14.5)

Core revenues

351,609

341,368

3.0

1,407,965

1,353,536

4.0

Property tax expense

56,710

53,890

5.2

230,784

225,109

2.5

HOA fees, net (1)

6,336

6,206

2.1

25,342

24,194

4.7

R&M and turnover costs, net (1)

24,471

24,117

1.5

101,804

97,082

4.9

Insurance

4,093

4,337

(5.6)

16,379

17,160

(4.6)

Property management expenses, net (2)

24,878

25,621

(2.9)

101,460

99,398

2.1

Core property operating expenses

116,488

114,171

2.0

475,769

462,943

2.8

Core NOI

235,121

227,197

3.5

932,196

890,593

4.7

Core NOI margin

66.9

66.6

66.2

65.8

Selected Property Expenditure Details:

Recurring Capital Expenditures

13,299

14,994

(11.3)

64,018

65,528

(2.3)

Per property:

Average Recurring Capital Expenditures

252

284

(11.3)

1,213

1,242

(2.3)

Average R&M and turnover costs, net, plus

Recurring Capital Expenditures

716

741

(3.4)

3,143

3,082

2.0

Property Enhancing Capex

7,219

7,067

31,846

32,231

(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.

AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

For the Three Months Ended

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Average Occupied Days Percentage

95.0

96.4

96.6

96.0

95.3

Average Monthly Realized Rent per Property

2,306

2,297

2,276

2,250

2,238

Average Change in Rent for Renewals

4.2

4.0

4.4

4.5

5.0

Average Change in Rent for Re-Leases

(0.3)

2.5

4.1

1.4

0.3

Average Blended Change in Rent

2.8

3.6

4.3

3.6

3.4

Core NOI:

Rents from single-family properties

346,850

350,303

347,877

342,173

337,608

Fees from single-family properties

8,129

8,061

8,103

8,071

7,809

Bad debt

(3,370)

(2,980)

(2,068)

(3,184)

(4,049)

Core revenues

351,609

355,384

353,912

347,060

341,368

Property tax expense

56,710

58,237

57,546

58,291

53,890

HOA fees, net (1)

6,336

6,562

6,414

6,030

6,206

R&M and turnover costs, net (1)

24,471

26,889

27,186

23,258

24,117

Insurance

4,093

4,084

4,046

4,156

4,337

Property management expenses, net (2)

24,878

24,959

25,848

25,775

25,621

Core property operating expenses

116,488

120,731

121,040

117,510

114,171

Core NOI

235,121

234,653

232,872

229,550

227,197

Core NOI margin

66.9

66.0

65.8

66.1

66.6

Selected Property Expenditure Details:

Recurring Capital Expenditures

13,299

17,946

18,033

14,740

14,994

Per property:

Average Recurring Capital Expenditures

252

340

342

279

284

Average R&M and turnover costs, net, plus

Recurring Capital Expenditures

716

850

857

720

741

Property Enhancing Capex

7,219

8,030

7,947

8,650

7,067

(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.

AMH

Same-Home Results – Operating Metrics by Market

Market

Number of Properties

Avg. Gross Book Value per Property

% of

4Q25 NOI

Avg. Change in Rent for Renewals (1)

Avg. Change in Rent for Re-Leases (1)

Avg. Blended Change in

Rent (1)

Atlanta, GA

5,157

229,307

9.6

3.4

(1.6)

2.0

Charlotte, NC

3,813

223,998

7.6

3.7

1.3

3.1

Dallas-Fort Worth, TX

3,472

176,807

6.0

3.5

(3.4)

1.4

Nashville, TN

3,076

252,204

7.0

3.8

0.2

2.5

Jacksonville, FL

2,890

220,061

4.6

3.3

(3.1)

1.3

Phoenix, AZ

2,842

220,945

5.6

3.8

(5.0)

1.4

Indianapolis, IN

2,728

176,783

4.1

5.0

2.2

4.1

Tampa, FL

2,553

234,352

4.4

3.5

(3.1)

1.2

Houston, TX

2,078

180,843

3.1

3.0

(1.7)

2.1

Columbus, OH

2,047

199,605

4.0

6.3

5.4

6.1

Raleigh, NC

2,035

203,313

3.5

(0.1)

2.4

Cincinnati, OH

2,052

200,405

4.1

6.2

5.9

6.1

Las Vegas, NV

1,964

287,206

4.2

3.6

(4.8)

1.0

Salt Lake City, UT

1,862

305,276

4.5

5.3

0.5

3.6

Orlando, FL

1,710

223,989

3.1

3.8

(1.5)

2.3

Greater Chicago area, IL and IN

1,471

195,885

2.7

8.7

7.7

8.4

Charleston, SC

1,377

232,206

2.8

4.0

0.6

2.7

San Antonio, TX

1,015

202,221

1.5

1.7

(5.1)

0.1

Savannah/Hilton Head, SC

947

212,531

1.9

3.9

1.4

3.0

Seattle, WA

927

330,807

2.3

5.3

3.4

4.8

All Other (2)

6,741

234,531

13.4

4.3

—

3.0

Total/Average

52,757

223,623

100.0

4.2

(0.3)

2.8

Average Occupied Days Percentage

Average Monthly Realized Rent per Property

Market

4Q25 QTD

4Q24 QTD

Change

4Q25 QTD

4Q24 QTD

Change

Atlanta, GA

94.8

95.0

(0.2)

2,331

2,272

2.6

Charlotte, NC

95.5

95.8

(0.3)

2,263

2,193

3.2

Dallas-Fort Worth, TX

95.4

95.5

(0.1)

2,347

2,297

2.2

Nashville, TN

94.6

95.6

(1.0)

2,420

2,365

2.3

Jacksonville, FL

94.6

94.7

(0.1)

2,217

2,175

1.9

Phoenix, AZ

95.0

95.5

(0.5)

2,184

2,143

1.9

Indianapolis, IN

95.5

96.2

(0.7)

1,987

1,889

5.2

Tampa, FL

93.5

94.4

(0.9)

2,470

2,408

2.6

Houston, TX

96.3

95.5

0.8

2,134

2,073

2.9

Columbus, OH

95.4

96.0

(0.6)

2,323

2,200

5.6

Raleigh, NC

94.8

96.3

(1.5)

2,108

2,058

2.4

Cincinnati, OH

95.6

95.5

0.1

2,274

2,155

5.5

Las Vegas, NV

94.9

—

2,354

2,293

2.7

Salt Lake City, UT

94.6

95.5

(0.9)

2,562

2,457

4.3

Orlando, FL

94.7

94.4

0.3

2,434

2,386

2.0

Greater Chicago area, IL and IN

95.4

96.6

(1.2)

2,649

2,484

6.6

Charleston, SC

94.5

94.6

(0.1)

2,361

2,296

2.8

San Antonio, TX

94.9

94.6

0.3

1,944

1,946

(0.1)

Savannah/Hilton Head, SC

94.4

94.7

(0.3)

2,347

2,261

3.8

Seattle, WA

95.1

—

2,944

2,813

4.7

All Other (2)

94.9

95.1

(0.2)

2,283

2,216

3.0

Total/Average

95.0

95.3

(0.3)

2,306

2,238

3.0

(1)Reflected for the three months ended December 31, 2025.

(2)Represents 14 markets in 12 states.

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

AMH

Consolidated Balance Sheets

(Amounts in thousands)

Dec 31, 2025

Dec 31, 2024

(Unaudited)

Assets

Single-family properties:

Land

2,406,467

2,370,006

Buildings and improvements

11,971,961

11,559,461

Single-family properties in operation

14,378,428

13,929,467

Less: accumulated depreciation

(3,366,795)

(3,048,868)

Single-family properties in operation, net

11,011,633

10,880,599

Single-family properties under development and development land

1,233,586

1,272,284

Single-family properties and land held for sale, net

225,861

212,808

Total real estate assets, net

12,471,080

12,365,691

Cash and cash equivalents

108,516

199,413

Restricted cash

122,174

150,803

Rent and other receivables

43,119

48,452

Escrow deposits, prepaid expenses and other assets

228,017

337,379

Investments in unconsolidated joint ventures

148,935

159,134

Goodwill

120,279

Total assets

13,242,120

13,381,151

Liabilities

Revolving credit facility

360,000

—

Asset-backed securitizations, net

—

924,344

Unsecured senior notes, net

4,735,735

4,086,418

Accounts payable and accrued expenses

436,879

521,759

Total liabilities

5,532,614

5,532,521

Commitments and contingencies

Equity

Shareholders' equity:

Class A common shares

3,660

3,690

Class B common shares

Preferred shares

Additional paid-in capital

7,411,003

7,529,008

Accumulated deficit

(387,643)

(380,632)

Accumulated other comprehensive income

6,630

7,852

Total shareholders' equity

7,033,748

7,160,016

Noncontrolling interest

675,758

688,614

Total equity

7,709,506

7,848,630

Total liabilities and equity

13,242,120

13,381,151

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

AMH

Debt Summary as of December 31, 2025

(Amounts in thousands)

(Unaudited)

Unsecured Balance

% of Total

Interest Rate (1)

Years to Maturity (2)

Floating rate debt:

Revolving credit facility (2)

360,000

7.0

4.82

3.5

Total floating rate debt

360,000

7.0

4.82

3.5

Fixed rate debt:

2028 unsecured senior notes

500,000

9.7

4.08

2.1

2029 unsecured senior notes

400,000

7.8

4.90

3.1

2030 unsecured senior notes

650,000

12.6

4.95

4.5

2031 unsecured senior notes

450,000

8.7

2.46

5.5

2032 unsecured senior notes

600,000

11.6

3.63

6.3

2034 unsecured senior notes I

600,000

11.6

5.50

8.1

2034 unsecured senior notes II

500,000

9.7

5.50

8.5

2035 unsecured senior notes

500,000

9.7

5.08

9.2

2051 unsecured senior notes

300,000

5.8

3.38

25.6

2052 unsecured senior notes

300,000

5.8

4.30

26.3

Total fixed rate debt

4,800,000

93.0

4.46

8.5

Total Debt

5,160,000

100.0

4.48

8.1

Unamortized discounts and loan costs

(64,265)

Total debt per balance sheet

5,095,735

Maturity Schedule by Year (2)

Total Debt

% of Total

2026

—

2027

—

2028

500,000

9.7

2029

760,000

14.7

2030

650,000

12.6

Thereafter

3,250,000

63.0

Total

5,160,000

100.0

(1)Interest rates are as of December 31, 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 December 31, 2025.

Interest Expense Reconciliation

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Interest expense per income statement and included in Core FFO attributable to common share and unit holders

45,270

44,485

185,198

165,351

Less: amortization of discounts, loan costs and cash flow hedges

(2,421)

(2,523)

(10,039)

(11,489)

Add: capitalized interest

13,421

12,896

55,208

53,143

Cash interest

56,270

54,858

230,367

207,005

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

AMH

Capital Structure and Credit Metrics as of December 31, 2025

(Amounts in thousands, except share and per share data)

(Unaudited)

Total Capitalization

Total Debt

5,160,000

27.5

Total preferred shares

230,000

1.2

Common equity at market value:

Common shares outstanding

366,656,740

Operating partnership units

50,476,980

Total shares and units

417,133,720

NYSE AMH Class A common share closing price at December 31, 2025

32.10

Market value of common shares and operating partnership units

13,389,992

71.3

Total Capitalization

18,779,992

100.0

Preferred Shares

Earliest

Redemption Date

Outstanding Shares

Per Share

Total

Annual Dividend Per Share

Annual Dividend Amount

Series

5.875% Series G Perpetual Preferred Shares

7/17/2022

4,600,000

25.00

115,000

1.469

6,756

6.250% Series H Perpetual Preferred Shares

9/19/2023

4,600,000

25.00

115,000

1.563

7,188

Total preferred shares

9,200,000

230,000

13,944

Credit Ratios

Credit Ratings

Net Debt and Preferred Shares to Adjusted EBITDAre

5.2 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.1 x

Moody's Investor Service

Baa2

Stable

Unencumbered Core NOI percentage (1)

100

S&P Global Ratings

BBB

Stable (2)

(1)The Company’s portfolio is fully unencumbered.

(2)In January 2026, the Company was placed on stable outlook by S&P Global Ratings.

Unsecured Senior Notes Covenant Ratios

Requirement

Actual

Ratio of Indebtedness to Total Assets

60.0

31.5

Ratio of Secured Debt to Total Assets

40.0

—

Ratio of Unencumbered Assets to Unsecured Debt

150.0

317.7

Ratio of Consolidated Income Available for Debt Service to Interest Expense

1.50 x

4.33 x

Unsecured Credit Facility Covenant Ratios

Requirement

Actual

Ratio of Total Indebtedness to Total Asset Value

60.0%

28.0

Ratio of Secured Indebtedness to Total Asset Value

40.0%

0.7

Ratio of Unsecured Indebtedness to Unencumbered Asset Value

60.0%

29.5

Ratio of EBITDA to Fixed Charges

1.50 x

3.89 x

Ratio of Unencumbered NOI to Unsecured Interest Expense

1.75 x

5.06 x

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

AMH

Top 20 Markets Summary as of December 31, 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

5,944

9.9

242,982

2,201

17.4

Charlotte, NC

4,237

7.0

235,026

2,120

18.8

Dallas-Fort Worth, TX

3,663

6.1

179,413

2,080

21.4

Nashville, TN

3,392

5.6

263,393

2,125

17.0

Jacksonville, FL

3,382

5.6

238,489

1,933

14.4

Phoenix, AZ

3,282

5.4

229,918

1,865

19.7

Indianapolis, IN

2,993

5.0

183,011

1,931

22.6

Tampa, FL

3,057

5.1

256,851

1,961

14.6

Las Vegas, NV

2,733

4.5

322,690

1,974

10.6

Houston, TX

2,250

3.7

182,903

2,061

19.9

Raleigh, NC

2,147

3.6

206,345

1,900

19.2

Columbus, OH

2,251

3.7

214,733

1,907

21.2

Orlando, FL

2,227

3.7

257,690

1,950

16.1

Cincinnati, OH

2,092

3.5

202,032

1,843

22.9

Salt Lake City, UT

1,931

3.2

308,906

2,243

18.8

Charleston, SC

1,665

2.8

248,812

1,964

13.4

Greater Chicago area, IL and IN

1,500

2.5

196,177

1,872

24.3

San Antonio, TX

1,105

1.8

206,196

1,901

16.4

Boise, ID

1,107

1.8

322,219

1,884

10.9

Savannah/Hilton Head, SC

1,024

1.7

221,680

1,884

16.7

All Other (3)

8,355

13.8

258,671

1,947

18.3

Total/Average

60,337

100.0

238,302

2,001

18.0

Leasing Information (1)

Market

Avg. Occupied Days

Percentage (2)

Avg. Monthly Realized Rent

per Property (2)

Avg. Change in Rent for

Renewals (2)

Avg. Change in Rent for

Re-Leases (2)

Avg. Blended Change

in Rent (2)

Atlanta, GA

94.1

2,349

3.3

(1.8)

1.7

Charlotte, NC

95.1

2,281

3.7

0.7

2.8

Dallas-Fort Worth, TX

95.4

2,344

3.5

(3.3)

1.4

Nashville, TN

94.5

2,438

3.8

(0.3)

2.3

Jacksonville, FL

93.8

2,232

3.2

(3.5)

0.9

Phoenix, AZ

94.5

2,184

3.9

(5.1)

1.5

Indianapolis, IN

95.5

1,988

5.2

1.9

4.1

Tampa, FL

92.8

2,510

3.4

(3.7)

0.7

Las Vegas, NV

94.0

2,397

3.6

(4.7)

1.0

Houston, TX

96.4

2,121

3.0

(2.2)

1.9

Raleigh, NC

94.6

2,114

3.5

(1.6)

1.7

Columbus, OH

94.1

2,349

6.2

5.0

5.9

Orlando, FL

93.7

2,459

3.6

(3.1)

1.5

Cincinnati, OH

95.5

2,275

6.2

5.9

6.1

Salt Lake City, UT

94.6

2,562

5.3

0.5

3.6

Charleston, SC

93.0

2,374

4.2

(0.1)

2.4

Greater Chicago area, IL and IN

95.4

2,649

8.7

7.5

8.3

San Antonio, TX

94.7

1,943

1.7

(5.7)

(0.4)

Boise, ID

94.7

2,355

4.8

(0.2)

2.6

Savannah/Hilton Head, SC

93.5

2,355

3.9

1.4

3.0

All Other (3)

93.9

2,354

4.4

(0.5)

2.8

Total/Average

94.4

2,318

4.1

(0.8)

2.5

(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.

(2)Reflected for the three months ended December 31, 2025.

(3)Represents 16 markets in 15 states.

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

AMH

Property Additions

4Q25 Additions

2025 Additions

Number of Properties

Average

Total Investment Cost

Number of Properties

Average

Total Investment Cost

Market

AMH Development

National Builder and MLS (1)

AMH Development

National Builder and MLS (2)

Atlanta, GA

—

396,490

191

—

375,617

Orlando, FL

—

440,414

200

—

422,908

Las Vegas, NV

—

456,282

239

—

434,723

Phoenix, AZ

—

358,051

130

—

369,747

Jacksonville, FL

—

374,491

172

371,877

Tampa, FL

—

395,410

233

—

388,876

Columbus, OH

389,996

121

379,807

Tucson, AZ

—

403,883

172

—

394,017

Charleston, SC

—

387,620

—

387,605

Seattle, WA

—

540,142

—

546,902

Charlotte, NC

—

409,143

—

378,813

Boise, ID

—

417,677

—

429,955

Greenville, SC

—

253,276

—

274,475

Nashville, TN

—

486,834

—

460,180

Denver, CO

—

501,397

—

485,758

Greensboro, NC

—

285,989

—

285,989

Savannah/Hilton Head, SC

—

333,808

Oklahoma City, OK

—

243,122

Cincinnati, OH

—

337,147

Indianapolis, IN

—

290,366

Total/Average

415

407,565

1,879

401,588

(1)Includes 15 National Builder acquisitions and 2 MLS acquisitions for the three months ended December 31, 2025.

(2)Includes 60 National Builder acquisitions and 23 MLS acquisitions for the year ended December 31, 2025.

Property Dispositions

Dec 31, 2025 Single-Family Properties Held for Sale

4Q25 Dispositions

2025 Dispositions

Market

Number of Properties

Average

Net Proceeds per Property

Number of Properties

Average

Net Proceeds per Property

Atlanta, GA

127

289,501

213

298,865

Houston, TX

107

218,485

126

234,452

Dallas-Fort Worth, TX

262,649

190

281,968

Tampa, FL

304,646

105

323,030

San Antonio, TX

207,459

205,169

Phoenix, AZ

328,604

139

344,487

Greater Chicago area, IL and IN

253,180

279,607

Charlotte, NC

345,708

355,448

Orlando, FL

310,190

317,891

Raleigh, NC

274,603

305,775

Austin, TX

254,664

268,400

Jacksonville, FL

264,081

285,787

Indianapolis, IN

260,946

260,792

Tucson, AZ

260,421

263,741

Memphis, TN

279,338

267,143

Columbus, OH

307,238

306,456

Nashville, TN

292,519

346,035

Las Vegas, NV

374,067

389,944

Savannah/Hilton Head, SC

271,107

276,531

Charleston, SC

353,906

336,298

All Other (1)

409,407

267

410,092

Total/Average

1,142

646

298,546

1,827

313,412

(1)Represents 22 markets in 16 states.

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

AMH

AMH Development Pipeline Summary as of December 31, 2025 (1)

2025 Deliveries

Dec 31, 2025

Lots for

Future Delivery

Market

Number of Properties

Average Total Investment Cost

Average

Monthly Rent

Phoenix, AZ

347

368,000

2,180

1,097

Las Vegas, NV

337

417,000

2,500

578

Tampa, FL

233

389,000

2,650

390

Atlanta, GA

211

379,000

2,510

896

Orlando, FL

200

423,000

2,580

528

Jacksonville, FL

172

373,000

2,340

448

Nashville, TN

135

476,000

2,760

—

Denver, CO

128

526,000

3,080

351

Seattle, WA

121

485,000

3,150

544

Columbus, OH

121

380,000

2,650

627

Charlotte, NC

114

364,000

2,460

249

Charleston, SC

388,000

2,470

1,095

Boise, ID

430,000

2,410

287

Salt Lake City, UT

490,000

2,920

246

Raleigh, NC

—

Total/Average

2,322

410,000

2,560

7,402

Lots optioned

354

Total lots owned and optioned

7,756

Estimated Delivery Timing

Dec 31, 2024

Lots for

Future Delivery

2025

Net Additions/(Reductions) (3)

2025

Deliveries

Full Year Estimated 2026 Deliveries (1)

Deliveries Thereafter (1)

Wholly-owned development pipeline (2)

9,458

(491)

1,879

1,300 - 1,500

5,688

Joint venture development pipeline (2)(4)

765

346

443

400 - 600

168

Total development pipeline

10,223

(145)

2,322

1,700 - 2,100

5,856

(1)Reflects the Company’s latest development program results and estimates as of February 19, 2026.

(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.

(3)Represents the net of lots acquired and optioned and lots transferred to held for sale or disposed during the period.

(4)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

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

AMH

Lease Expirations

MTM

1Q26

2Q26

3Q26

4Q26

Thereafter

Lease expirations

1,580

16,057

16,041

11,020

6,177

6,424

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

—

4Q25

4,721,205

150,000

31.77

Total

4,721,205

150,000

31.77

Remaining authorization: (1)

115,067

(1)In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under its 2018 share repurchase program and repurchased 3.7 million of its outstanding Class A common shares 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 a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status.

ATM Share History

(Amounts in thousands, except share and per share data)

ATM Shares Sold Directly

ATM Shares Sold Forward

Period

Common Shares Sold Directly

Gross Proceeds

Avg. Issuance Price Per Share

Common Shares Sold Forward

Future Gross Proceeds

Avg. Price Per Share

Period Settled

Total ATM Gross Proceeds

2023

2,799,683

101,958

36.42

—

101,958

2024

932,746

33,756

36.19

2,987,024

110,616

37.03

4Q24

144,372

1Q25

—

2Q25

—

3Q25

—

4Q25

—

246,330

Remaining authorization:

753,670

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

AMH

2026 Guidance

Guidance Summary

Full Year 2026

Core FFO attributable to common share and unit holders

$1.89 - $1.95

Core FFO attributable to common share and unit holders growth

1.1% - 4.3%

Same-Home

Core revenues growth

1.25% - 3.25%

Core property operating expenses growth

1.75% - 3.75%

Core NOI growth

1.00% - 3.00%

Full Year 2026

Investment Program

Properties

Investment

Wholly owned acquisitions

—

Wholly owned development deliveries

1,300 - 1,500

$500 - $600 million

JV development deliveries (1)

400 - 600

$150 - $250 million

Total gross capital investment (1)

1,700 - 2,100

$650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.

Full Year 2026 Guidance Commentary

Operating Outlook:

Capital Plan:

•Outlook contemplates strategic continuity and growth from the Company’s internal AMH Development Program with prudently sized capital investment given the current capital markets environment. The Company expects to fund its 2026 wholly-owned development deliveries primarily using $400 - $600 million of recycled capital from dispositions.

•2026 outlook contemplates $115 million of share repurchases already executed in January 2026.

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

AMH

2026 Guidance (continued)

Reconciliation of Core FFO attributable to common share and unit holders from 2025 to 2026 Guidance Midpoint

Per FFO Share

and Unit

2025 Core FFO attributable to common share and unit holders

1.87

Same-Home Core NOI

0.05

Non-Same-Home Core NOI (1)

0.07

Disposition program

(0.05)

Financing costs (2)

(0.04)

Share repurchases (3)

0.03

General and administrative expense and amortization of IT software assets (4)

(0.01)

2026 Core FFO attributable to common share and unit holders - Guidance Midpoint

1.92

2026 Core FFO attributable to common share and unit holders growth - Guidance Midpoint

2.7

(2)Financing costs are primarily related to funding the Company’s investment programs, including common share repurchases, and impact from 2025 securitization refinancings.

(3)Reflects impact of common share repurchases in the fourth quarter of 2025 and January 2026.

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

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.

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)

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Total Debt

5,160,000

4,910,000

5,227,529

4,989,015

5,075,391

Less: cash and cash equivalents

(108,516)

(45,631)

(323,258)

(69,698)

(199,413)

Less: restricted cash related to securitizations

—

(3,114)

(13,188)

(19,122)

(26,588)

Net debt

5,051,484

4,861,255

4,891,083

4,900,195

4,849,390

Preferred shares at liquidation value

230,000

Net debt and preferred shares

5,281,484

5,091,255

5,121,083

5,130,195

5,079,390

Adjusted EBITDAre - TTM

1,010,155

1,001,181

982,928

963,598

942,299

Net Debt and Preferred Shares to Adjusted EBITDAre

5.2 x

5.1 x

5.2 x

5.3 x

5.4 x

Fixed Charge Coverage

(Amounts in thousands)

For the Trailing Twelve Months Ended

Dec 31, 2025

Interest expense per income statement

185,198

Less: amortization of discounts, loan costs and cash flow hedges

(10,039)

Add: capitalized interest

55,208

Cash interest

230,367

Dividends on preferred shares

13,944

Fixed charges

244,311

Adjusted EBITDAre - TTM

1,010,155

Fixed Charge Coverage

4.1 x

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Net income

144,254

143,873

513,392

468,142

Interest expense

45,270

44,485

185,198

165,351

Depreciation and amortization

125,818

123,990

504,341

477,010

EBITDA

315,342

312,348

1,202,931

1,110,503

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

(69,916)

(80,266)

(231,460)

(225,756)

Adjustments for unconsolidated real estate joint ventures

1,717

813

6,940

4,722

EBITDAre

247,143

232,895

978,411

889,469

Noncash share-based compensation - general and administrative

3,307

2,618

16,078

20,617

Noncash share-based compensation - property management

843

987

4,090

4,814

Acquisition, other transaction costs and other

2,487

3,326

11,180

12,192

Hurricane-related charges, net

—

4,980

—

8,884

Loss on early extinguishment of debt

—

396

6,323

Adjusted EBITDAre

253,780

244,806

1,010,155

942,299

Recurring Capital Expenditures

(14,862)

(17,666)

(72,605)

(76,281)

Leasing costs

(521)

(1,134)

(3,623)

(3,966)

Fully Adjusted EBITDAre

238,397

226,006

933,927

862,052

Rents and other single-family property revenues

454,991

436,593

1,850,234

1,728,697

Less: tenant charge-backs

(52,063)

(49,108)

(241,224)

(221,431)

Adjustments for unconsolidated joint ventures - income

4,898

3,844

15,737

14,419

Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures

407,826

391,329

1,624,747

1,521,685

Adjusted EBITDAre Margin

62.2

62.6

62.2

61.9

Fully Adjusted EBITDAre Margin

58.5

57.8

57.5

56.7

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve-month periods (amounts in thousands):

For the Trailing Twelve Months Ended

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Dec 31,

2024

Net income

513,392

513,011

483,850

468,760

468,142

Interest expense

185,198

184,413

179,825

172,200

165,351

Depreciation and amortization

504,341

502,513

495,548

486,212

477,010

EBITDA

1,202,931

1,199,937

1,159,223

1,127,172

1,110,503

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

(231,460)

(241,810)

(226,887)

(218,871)

(225,756)

Adjustments for unconsolidated real estate joint ventures

6,940

6,036

5,234

4,609

4,722

EBITDAre

978,411

964,163

937,570

912,910

889,469

Noncash share-based compensation - general and administrative

16,078

15,389

15,073

18,645

20,617

Noncash share-based compensation - property management

4,090

4,234

4,413

4,616

4,814

Acquisition, other transaction costs and other

11,180

12,019

11,466

12,958

12,192

Hurricane-related charges, net

—

4,980

8,884

Loss on early extinguishment of debt

396

5,522

5,585

6,323

Adjusted EBITDAre

1,010,155

1,001,181

982,928

963,598

942,299

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.

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Property management expenses

32,831

33,564

134,808

129,321

Less: tenant charge-backs

(2,359)

(2,055)

(9,394)

(7,892)

Less: noncash share-based compensation - property management

(843)

(987)

(4,090)

(4,814)

Property management expenses, net

29,629

30,522

121,324

116,615

General and administrative expense

22,824

20,765

83,006

83,590

Less: noncash share-based compensation - general and administrative

(3,307)

(2,618)

(16,078)

(20,617)

General and administrative expense, net

19,517

18,147

66,928

62,973

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months and the years ended December 31, 2025 and 2024:

For the Three Months Ended

Dec 31,

For the Years Ended

Dec 31,

2025

2024

2025

2024

Net income per common share–diluted

0.33

1.18

1.08

Adjustments:

Conversion from GAAP share count

(0.04)

(0.14)

(0.13)

Noncontrolling interests in the Operating Partnership

0.04

0.14

0.13

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

(0.17)

(0.18)

(0.55)

(0.53)

Adjustments for unconsolidated real estate joint ventures

—

0.01

Depreciation and amortization

0.31

0.30

1.20

1.14

Less: depreciation and amortization of non-real estate assets

(0.01)

(0.02)

(0.05)

FFO attributable to common share and unit holders

0.46

0.43

1.79

1.65

Adjustments:

Acquisition, other transaction costs and other

—

0.01

0.03

Noncash share-based compensation - general and administrative

0.01

—

0.04

Noncash share-based compensation - property management

—

0.01

Hurricane-related charges, net

—

0.01

—

0.02

Loss on early extinguishment of debt

—

0.02

Core FFO attributable to common share and unit holders

0.47

0.45

1.87

1.77

Recurring Capital Expenditures

(0.03)

(0.04)

(0.17)

(0.18)

Leasing costs

—

(0.01)

Adjusted FFO attributable to common share and unit holders

0.44

0.41

1.69

1.58

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

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

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

For the Three Months Ended

Dec 31, 2025

Adjusted FFO attributable to common share and unit holders

183,880

Common distributions

(126,209)

Retained Cash Flow

57,671

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.

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, 2025, and in the Company’s subsequent filings with the SEC.

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	15	—	5

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.

Source: SEC EDGAR · public domain · Highlights by Palanor