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 (“Core 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.
•Delivered 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.
•Repurchased 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.
“At 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.
3
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. Core 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.
4
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.
5
AMH
Earnings Press Release (continued)
2026 Guidance
Set forth below are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition 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. 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.
6
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.
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.
8
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
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
9
AMH
Select Non-GAAP Reconciliations – Core Net Operating Income (continued)
(Amounts in thousands)
(Unaudited)
The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the trailing five quarters:
For the Three Months Ended
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
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.
13
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
70
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.
14
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
52,757
52,757
52,757
Average Occupied Days Percentage
95.0
%
95.3
%
(0.3)
%
96.0
%
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.
15
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.
16
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
%
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
%
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
%
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.
17
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
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
6
6
Preferred shares
92
92
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.
18
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.
19
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.
20
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.
21
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
54
—
$
396,490
191
—
$
375,617
Orlando, FL
50
—
440,414
200
—
422,908
Las Vegas, NV
46
—
456,282
239
—
434,723
Phoenix, AZ
40
—
358,051
130
—
369,747
Jacksonville, FL
38
—
374,491
172
3
371,877
Tampa, FL
34
—
395,410
233
—
388,876
Columbus, OH
32
1
389,996
121
2
379,807
Tucson, AZ
28
—
403,883
172
—
394,017
Charleston, SC
24
—
387,620
80
—
387,605
Seattle, WA
20
—
540,142
68
—
546,902
Charlotte, NC
20
—
409,143
82
—
378,813
Boise, ID
16
—
417,677
62
—
429,955
Greenville, SC
—
15
253,276
—
44
274,475
Nashville, TN
7
—
486,834
79
—
460,180
Denver, CO
6
—
501,397
50
—
485,758
Greensboro, NC
—
1
285,989
—
1
285,989
Savannah/Hilton Head, SC
—
—
—
—
24
333,808
Oklahoma City, OK
—
—
—
—
5
243,122
Cincinnati, OH
—
—
—
—
3
337,147
Indianapolis, IN
—
—
—
—
1
290,366
Total/Average
415
17
$
407,565
1,879
83
$
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
85
$
289,501
213
$
298,865
Houston, TX
107
39
218,485
126
234,452
Dallas-Fort Worth, TX
98
80
262,649
190
281,968
Tampa, FL
85
29
304,646
105
323,030
San Antonio, TX
79
19
207,459
64
205,169
Phoenix, AZ
69
57
328,604
139
344,487
Greater Chicago area, IL and IN
66
10
253,180
27
279,607
Charlotte, NC
64
29
345,708
76
355,448
Orlando, FL
48
22
310,190
91
317,891
Raleigh, NC
44
19
274,603
48
305,775
Austin, TX
41
24
254,664
87
268,400
Jacksonville, FL
37
30
264,081
65
285,787
Indianapolis, IN
37
16
260,946
47
260,792
Tucson, AZ
25
20
260,421
40
263,741
Memphis, TN
23
11
279,338
34
267,143
Columbus, OH
22
16
307,238
36
306,456
Nashville, TN
21
12
292,519
62
346,035
Las Vegas, NV
20
22
374,067
49
389,944
Savannah/Hilton Head, SC
18
26
271,107
45
276,531
Charleston, SC
17
6
353,906
16
336,298
All Other (1)
94
74
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.
22
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
80
388,000
2,470
1,095
Boise, ID
62
430,000
2,410
287
Salt Lake City, UT
61
490,000
2,920
246
Raleigh, NC
—
—
—
66
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.
23
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.
24
AMH
2026 Guidance
Set forth below are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition 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. 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.
25
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
%
(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.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
26
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.
27
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
230,000
230,000
230,000
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
28
AMH
Defined Terms and Non-GAAP Reconciliations (continued)
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.
29
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
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
%
30
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
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.
31
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):
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
32
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
$
0.33
$
1.18
$
1.08
Adjustments:
Conversion from GAAP share count
(0.04)
(0.04)
(0.14)
(0.13)
Noncontrolling interests in the Operating Partnership
0.04
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
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)
(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
0.03
Noncash share-based compensation - general and administrative
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)
(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.
33
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.
34
AMH
Defined Terms and Non-GAAP Reconciliations (continued)
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.
35
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
