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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.

•Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2025.

•Paid off our final asset-backed securitization, AMH 2015-SFR2, in the third quarter of 2025, resulting in a fully unencumbered balance sheet.

•Raised 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

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.

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)


	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

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


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		%


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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.


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Executive Management

Bryan Smith						Sara Vogt-Lowell
Chief Executive Officer						Chief Administrative Officer, Chief Legal Officer and Secretary

Chris Lau
Chief Financial Officer and Senior Executive Vice President


AMH Diversified Portfolio


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