EX-99.2 3 amh0331258kexhibit992.htm EX-99.2

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AMH

Table of Contents

Summary
Earnings Press Release			3
Select Non-GAAP Reconciliations – Core Net Operating Income			7
Fact Sheet			9
Financial Information
Condensed Consolidated Statements of Operations			10
Funds from Operations			11
Core Net Operating Income – Total Portfolio			12
Same-Home Results			13
Condensed Consolidated Balance Sheets			16
Debt Summary			17
Capital Structure and Credit Metrics			18
Property and Other Information
Top 20 Markets Summary			19
Property Additions and Dispositions			20
AMH Development Pipeline Summary			21
Lease Expirations, Share Repurchase History and ATM Share History			22
2025 Guidance			23
Defined Terms and Non-GAAP Reconciliations			24

						2

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AMH

Earnings Press Release

AMH Reports First Quarter 2025 Financial and Operating Results

Delivered Strong First Quarter with Accelerating Monthly Occupancy and Rate Growth

LAS VEGAS, May 1, 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 March 31, 2025.

Highlights

•Rents and other single-family property revenues increased 8.4% year-over-year to $459.3 million for the first quarter of 2025.

•Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first quarter of 2024.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.6% year-over-year to $0.46 per FFO share and unit for the first quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 5.4% year-over-year to $0.42 per FFO share and unit for the first quarter of 2025.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.4% year-over-year for the first quarter of 2025.

•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the first quarter of 2025, while generating 1.4% rate growth on new leases and 4.5% rate growth on renewals, resulting in 3.6% blended rate growth.

•Spring leasing season continues to further strengthen with preliminary April Same-Home Average Occupied Days Percentage of 96.3%, rate growth on new leases of 3.9% and rate growth on renewals of 4.4%.

•Delivered a total of 545 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2025.

•In April 2025, S&P Global Ratings affirmed the Company’s ‘BBB’ issuer credit rating and revised its outlook to ‘Positive’ from ‘Stable’.

“AMH started the year off strong, delivering $0.46 of Core FFO per share for the first quarter which represents 6.6% growth over the same period last year,” stated Bryan Smith, AMH’s Chief Executive Officer. “As we enter our busy leasing season during a time of economic uncertainty, we continue to have confidence in our strong industry fundamentals and proven business model. Further, with our investment grade balance sheet, diversified portfolio footprint, leading operating platform, and strong resident base, AMH is well-positioned for strength and resiliency.”

First Quarter 2025 Financial Results

Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first 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 8.4% to $459.3 million for the first quarter of 2025, compared to $423.6 million for the first quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the first quarter of 2025, compared to 56,065 homes for the first quarter of 2024, as well as higher rental rates.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						3

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AMH

Earnings Press Release (continued)

Core NOI from our total portfolio increased 8.9% to $258.8 million for the first quarter of 2025, compared to $237.7 million for the first quarter of 2024. This growth was driven by an 8.0% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 6.3% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.3% to $357.8 million for the first quarter of 2025, compared to $342.9 million for the first quarter of 2024, which was driven by a 4.5% increase in Average Monthly Realized Rent per property, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the first quarter of 2025, compared to $116.8 million for the first quarter of 2024, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net and property management expenses, net. The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is 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 4.4% to $236.1 million for the first quarter of 2025, compared to $226.1 million for the first quarter of 2024.

Core FFO attributable to common share and unit holders was $194.7 million, or $0.46 per FFO share and unit, for the first quarter of 2025, compared to $180.9 million, or $0.43 per FFO share and unit, for the first quarter of 2024. Adjusted FFO attributable to common share and unit holders was $176.6 million, or $0.42 per FFO share and unit, for the first quarter of 2025, compared to $166.0 million, or $0.40 per FFO share and unit, for the first quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Portfolio

Average Occupied Days Percentage was 94.8% for the first quarter of 2025, compared to 94.2% for the fourth quarter of 2024.

Investments

As of March 31, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,700 homes, compared to 60,531 homes as of December 31, 2024, an increase of 169 homes during the first quarter of 2025, which included 424 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 13 homes acquired through our traditional acquisition channel, partially offset by 268 homes identified for sale. During the first quarter of 2025, we also developed an additional 121 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 545 total home deliveries through our AMH Development Program. As of March 31, 2025, the Company had 661 properties held for sale and 3,487 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the first quarter of 2025, the Company paid off the outstanding principal of approximately $493.2 million on the AMH 2015-SFR1 asset-backed securitization.

As of March 31, 2025, the Company had cash and cash equivalents of $69.7 million and total outstanding debt of $5.0 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 10.3 years, which includes $410.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the first quarter of 2025, the Company generated $49.5 million of Retained Cash Flow and sold 416 properties, generating $134.5 million of net proceeds. Additionally, the Company’s AMH 2015-SFR2 securitization, which had a balance of $429.0 million as of March 31, 2025, has an anticipated repayment date in 2025.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						4

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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 (Unchanged)
Core FFO attributable to common share and unit holders			$1.80 - $1.86
Core FFO attributable to common share and unit holders growth			1.7% - 5.1%
Same-Home
Core revenues growth			2.50% - 4.50%
Core property operating expenses growth			3.00% - 5.00%
Core NOI growth			2.25% - 4.25%

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

Additional Information

A copy of the Company’s First 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, May 2, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 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, May 16, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13752374#, or by using the link at www.amh.com, under “Investor relations.”

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						5

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AMH

Earnings Press Release (continued)

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. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

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 March 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.

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.						6

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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 ended March 31, 2025 and 2024:

			For the Three Months Ended Mar 31,
			2025						2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	459,276					$	423,555
Tenant charge-backs			(63,861)						(57,337)
Core revenues			395,415						366,218
Less: Non-Same-Home core revenues			(37,640)						(23,354)
Same-Home core revenues			$	357,775					$	342,864

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	167,530					$	155,927
Property management expenses			34,181						31,402
Noncash share-based compensation - property management			(1,246)						(1,444)
Expenses reimbursed by tenant charge-backs			(63,861)						(57,337)
Core property operating expenses			136,604						128,548
Less: Non-Same-Home core property operating expenses			(14,953)						(11,798)
Same-Home core property operating expenses			$	121,651					$	116,750

Core NOI and Same-Home Core NOI
Net income			$	128,713					$	128,095
Loss on early extinguishment of debt			216						954
Gain on sale and impairment of single-family properties and other, net			(62,016)						(68,901)
Depreciation and amortization			124,928						115,726
Acquisition and other transaction costs			3,061						3,324
Noncash share-based compensation - property management			1,246						1,444
Interest expense			45,426						38,577
General and administrative expense			19,671						21,885
Other income and expense, net			(2,434)						(3,434)
Core NOI			258,811						237,670
Less: Non-Same-Home Core NOI			(22,687)						(11,556)
Same-Home Core NOI			$	236,124					$	226,114

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						7

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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, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:

			For the Three Months Ended
			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	459,276					$	436,593					$	445,055					$	423,494					$	423,555
Tenant charge-backs			(63,861)						(49,108)						(67,615)						(47,371)						(57,337)
Core revenues			395,415						387,485						377,440						376,123						366,218
Less: Non-Same-Home core revenues			(37,640)						(34,909)						(25,777)						(25,729)						(23,354)
Same-Home core revenues			$	357,775					$	352,576					$	351,663					$	350,394					$	342,864

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	167,530					$	148,455					$	172,031					$	149,470					$	155,927
Property management expenses			34,181						33,564						31,973						32,382						31,402
Noncash share-based compensation - property management			(1,246)						(987)						(1,043)						(1,340)						(1,444)
Expenses reimbursed by tenant charge-backs			(63,861)						(49,108)						(67,615)						(47,371)						(57,337)
Core property operating expenses			136,604						131,924						135,346						133,141						128,548
Less: Non-Same-Home core property operating expenses			(14,953)						(13,882)						(12,726)						(11,946)						(11,798)
Same-Home core property operating expenses			$	121,651					$	118,042					$	122,620					$	121,195					$	116,750

Core NOI and Same-Home Core NOI
Net income			$	128,713					$	143,873					$	87,640					$	108,534					$	128,095
Hurricane-related charges, net			—						4,980						3,904						—						—
Loss on early extinguishment of debt			216						—						5,306						63						954
Gain on sale and impairment of single-family properties and other, net			(62,016)						(80,266)						(32,697)						(43,892)						(68,901)
Depreciation and amortization			124,928						123,990						119,691						117,603						115,726
Acquisition and other transaction costs			3,061						3,326						2,605						2,937						3,324
Noncash share-based compensation - property management			1,246						987						1,043						1,340						1,444
Interest expense			45,426						44,485						43,611						38,678						38,577
General and administrative expense			19,671						20,765						19,247						21,693						21,885
Other income and expense, net			(2,434)						(6,579)						(8,256)						(3,974)						(3,434)
Core NOI			258,811						255,561						242,094						242,982						237,670
Less: Non-Same-Home Core NOI			(22,687)						(21,027)						(13,051)						(13,783)						(11,556)
Same-Home Core NOI			$	236,124					$	234,534					$	229,043					$	229,199					$	226,114

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	258,811					$	255,561					$	242,094					$	242,982					$	237,670
Less: Encumbered Core NOI (1)			(16,553)						(16,090)						(15,765)						(15,874)						(15,756)
Unencumbered Core NOI (1)			$	242,258					$	239,471					$	226,329					$	227,108					$	221,914

(1)Encumbered Core NOI and Unencumbered Core NOI are recast for prior periods to reflect the encumbered and unencumbered portfolios as of the end of the quarter subsequent to securitization payoffs.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						8

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AMH

Fact Sheet

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2025						2024
Operating Data
Net income attributable to common shareholders			$	109,972					$	109,289
Core revenues			$	395,415					$	366,218
Core NOI			$	258,811					$	237,670
Core NOI margin			65.5		%				64.9		%
Fully Adjusted EBITDAre			$	230,886					$	212,736
Fully Adjusted EBITDAre Margin			57.9		%				57.6		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.44					$	0.40
Core FFO attributable to common share and unit holders			$	0.46					$	0.43
Adjusted FFO attributable to common share and unit holders			$	0.42					$	0.40

			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	10,932,960					$	10,880,599					$	10,398,690					$	10,295,131					$	10,217,286
Total assets			$	13,289,223					$	13,381,151					$	12,844,285					$	13,303,940					$	12,761,092
Outstanding borrowings under revolving credit facility			$	410,000					$	—					$	—					$	—					$	—
Total Debt			$	4,989,015					$	5,075,391					$	4,578,772					$	5,055,355					$	4,561,186
Total Capitalization			$	21,157,336					$	21,059,213					$	20,851,847					$	20,813,612					$	20,154,156
Total Debt to Total Capitalization			23.6		%				24.1		%				22.0		%				24.3		%				22.6		%
Net Debt and Preferred Shares to Adjusted EBITDAre			5.3 x						5.4 x						5.0 x						5.1 x						5.3 x
NYSE AMH Class A common share closing price			$	37.81					$	37.42					$	38.39					$	37.16					$	36.78

Portfolio Data - end of period
Occupied single-family properties			58,246						57,486						55,726						56,669						56,362
Single-family properties leased, not yet occupied			567						378						347						407						418
Single-family properties in turnover process			1,619						2,098						2,271						1,543						1,491
Single-family properties recently renovated or developed			257						565						544						240						337
Single-family properties newly acquired and under renovation			11						4						11						1						7
Total single-family properties, excluding properties held for sale			60,700						60,531						58,899						58,860						58,615
Single-family properties held for sale			661						805						1,003						633						728
Total single-family properties wholly owned			61,361						61,336						59,902						59,493						59,343
Single-family properties managed under joint ventures			3,487						3,376						3,271						3,167						3,004
Total single-family properties wholly owned and managed			64,848						64,712						63,173						62,660						62,347
Total Average Occupied Days Percentage (1)			94.8		%				94.2		%				95.1		%				95.8		%				95.3		%
Same-Home Average Occupied Days Percentage (54,472 properties)			95.9		%				95.4		%				96.1		%				96.7		%				96.1		%

Other Data
Distributions declared per common share			$	0.30					$	0.26					$	0.26					$	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.						9

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AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2025						2024
Rents and other single-family property revenues			$	459,276					$	423,555
Expenses:
Property operating expenses			167,530						155,927
Property management expenses			34,181						31,402
General and administrative expense			19,671						21,885
Interest expense			45,426						38,577
Acquisition and other transaction costs			3,061						3,324
Depreciation and amortization			124,928						115,726
Total expenses			394,797						366,841
Gain on sale and impairment of single-family properties and other, net			62,016						68,901
Loss on early extinguishment of debt			(216)						(954)
Other income and expense, net			2,434						3,434
Net income			128,713						128,095
Noncontrolling interest			15,255						15,320
Dividends on preferred shares			3,486						3,486
Net income attributable to common shareholders			$	109,972					$	109,289
Weighted-average common shares outstanding:
Basic			370,372,388						366,513,257
Diluted			370,761,741						366,972,293
Net income attributable to common shareholders per share:
Basic			$	0.30					$	0.30
Diluted			$	0.30					$	0.30

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						10

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AMH

Funds from Operations

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2025						2024
Net income attributable to common shareholders			$	109,972					$	109,289
Adjustments:
Noncontrolling interests in the Operating Partnership			15,255						15,320
Gain on sale and impairment of single-family properties and other, net			(62,016)						(68,901)
Adjustments for unconsolidated real estate joint ventures			1,484						1,597
Depreciation and amortization			124,928						115,726
Less: depreciation and amortization of non-real estate assets			(5,365)						(4,655)
FFO attributable to common share and unit holders			$	184,258					$	168,376
Adjustments:
Acquisition, other transaction costs and other			4,090						3,324
Noncash share-based compensation - general and administrative			4,867						6,839
Noncash share-based compensation - property management			1,246						1,444
Loss on early extinguishment of debt			216						954
Core FFO attributable to common share and unit holders			$	194,677					$	180,937
Recurring Capital Expenditures			(16,829)						(14,124)
Leasing costs			(1,239)						(795)
Adjusted FFO attributable to common share and unit holders			$	176,609					$	166,018
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.44					$	0.40
Core FFO attributable to common share and unit holders			$	0.46					$	0.43
Adjusted FFO attributable to common share and unit holders			$	0.42					$	0.40
Weighted-average FFO shares and units:
Common shares outstanding			370,372,388						366,513,257
Share-based compensation plan and forward sale equity contracts (1)			761,171						878,863
Operating partnership units			51,376,980						51,376,980
Total weighted-average FFO shares and units			422,510,539						418,769,100

(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.						11

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AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended Mar 31,
			2025						2024
Rents from single-family properties			$	390,331					$	362,049
Fees from single-family properties			9,379						8,001
Bad debt			(4,295)						(3,832)
Core revenues			395,415						366,218
Property tax expense			66,940						64,588
HOA fees, net (1)			6,814						6,314
R&M and turnover costs, net (1)			27,281						24,846
Insurance			4,931						4,777
Property management expenses, net (2)			30,638						28,023
Core property operating expenses			136,604						128,548
Core NOI			$	258,811					$	237,670
Core NOI margin			65.5		%				64.9		%

    

			For the Three Months Ended Mar 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			54,472						2,815						3,402						672						61,361
Average Occupied Days Percentage			95.9		%				86.5		%				83.6		%				55.1		%				94.4		%
Rents from single-family properties			$	352,914					$	18,333					$	16,741					$	2,343					$	390,331
Fees from single-family properties			8,369						535						436						39						9,379
Bad debt			(3,508)						(145)						(238)						(404)						(4,295)
Core revenues			357,775						18,723						16,939						1,978						395,415
Property tax expense			60,270						3,030						3,106						534						66,940
HOA fees, net (1)			6,220						228						301						65						6,814
R&M and turnover costs, net (1)			24,200						1,054						1,530						497						27,281
Insurance			4,318						294						268						51						4,931
Property management expenses, net (2)			26,643						1,527						2,360						108						30,638
Core property operating expenses			121,651						6,133						7,565						1,255						136,604
Core NOI			$	236,124					$	12,590					$	9,374					$	723					$	258,811
Core NOI margin			66.0		%				67.2		%				55.3		%				36.6		%				65.5		%

(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 1,013 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,389 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 661 properties held for sale and 11 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.						12

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AMH

Same-Home Results – Quarterly Comparisons

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2025						2024						Change
Number of Same-Home properties			54,472						54,472
Average Occupied Days Percentage			95.9		%				96.1		%				(0.2)		%
Average Monthly Realized Rent per Property			$	2,252					$	2,155					4.5		%
Turnover Rate			7.0		%				6.4		%				0.6		%
Turnover Rate - TTM			28.1		%				N/A
Core NOI:
Rents from single-family properties			$	352,914					$	338,475					4.3		%
Fees from single-family properties			8,369						7,356						13.8		%
Bad debt			(3,508)						(2,967)						18.2		%
Core revenues			357,775						342,864						4.3		%
Property tax expense			60,270						59,420						1.4		%
HOA fees, net (1)			6,220						5,879						5.8		%
R&M and turnover costs, net (1)			24,200						22,120						9.4		%
Insurance			4,318						4,368						(1.1)		%
Property management expenses, net (2)			26,643						24,963						6.7		%
Core property operating expenses			121,651						116,750						4.2		%
Core NOI			$	236,124					$	226,114					4.4		%
Core NOI margin			66.0		%				65.9		%
Selected Property Expenditure Details:
Recurring Capital Expenditures			$	15,334					$	12,828					19.5		%
Per property:
Average Recurring Capital Expenditures			$	282					$	235					19.5		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	726					$	642					13.1		%
Property Enhancing Capex			$	9,006					$	8,119

(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.						13

---

AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

			For the Three Months Ended
			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Average Occupied Days Percentage			95.9		%				95.4		%				96.1		%				96.7		%				96.1		%
Average Monthly Realized Rent per Property			$	2,252					$	2,237					$	2,218					$	2,187					$	2,155
Average Change in Rent for Renewals			4.5		%				5.0		%				5.2		%				5.2		%				5.9		%
Average Change in Rent for Re-Leases			1.4		%				0.3		%				5.3		%				5.7		%				4.9		%
Average Blended Change in Rent			3.6		%				3.4		%				5.2		%				5.3		%				5.6		%
Core NOI:
Rents from single-family properties			$	352,914					$	348,739					$	348,374					$	345,701					$	338,475
Fees from single-family properties			8,369						8,087						7,428						7,391						7,356
Bad debt			(3,508)						(4,250)						(4,139)						(2,698)						(2,967)
Core revenues			357,775						352,576						351,663						350,394						342,864
Property tax expense			60,270						55,748						58,516						59,198						59,420
HOA fees, net (1)			6,220						6,398						6,385						6,311						5,879
R&M and turnover costs, net (1)			24,200						24,934						27,882						25,338						22,120
Insurance			4,318						4,507						4,502						4,455						4,368
Property management expenses, net (2)			26,643						26,455						25,335						25,893						24,963
Core property operating expenses			121,651						118,042						122,620						121,195						116,750
Core NOI			$	236,124					$	234,534					$	229,043					$	229,199					$	226,114
Core NOI margin			66.0		%				66.5		%				65.1		%				65.4		%				65.9		%
Selected Property Expenditure Details:
Recurring Capital Expenditures			$	15,334					$	15,422					$	20,652					$	19,019					$	12,828
Per property:
Average Recurring Capital Expenditures			$	282					$	283					$	379					$	349					$	235
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	726					$	741					$	891					$	814					$	642
Property Enhancing Capex			$	9,006					$	7,172					$	9,458					$	8,339					$	8,119

(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

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AMH

Same-Home Results – Operating Metrics by Market

Market						Number of Properties						Gross Book Value per Property						% of 1Q25 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA						5,364						$	226,858					9.8		%				3.7		%				(0.5)		%				2.4		%
Charlotte, NC						3,893						221,946						7.4		%				4.6		%				3.8		%				4.4		%
Dallas-Fort Worth, TX						3,627						175,815						5.7		%				4.1		%				(0.3)		%				3.0		%
Nashville, TN						3,118						250,833						6.9		%				4.3		%				0.2		%				3.2		%
Jacksonville, FL						2,981						217,347						4.8		%				4.2		%				(0.7)		%				2.5		%
Phoenix, AZ						2,976						219,077						6.1		%				4.1		%				(1.1)		%				3.0		%
Indianapolis, IN						2,776						175,852						3.9		%				5.8		%				4.5		%				5.5		%
Tampa, FL						2,675						232,381						4.6		%				4.4		%				0.7		%				3.3		%
Houston, TX						2,182						179,867						3.0		%				3.7		%				1.7		%				3.2		%
Columbus, OH						2,104						197,700						3.9		%				6.0		%				4.2		%				5.5		%
Raleigh, NC						2,093						201,362						3.7		%				3.8		%				1.0		%				3.1		%
Cincinnati, OH						2,069						198,888						3.9		%				5.9		%				5.1		%				5.7		%
Las Vegas, NV						2,017						284,258						4.1		%				4.3		%				0.9		%				3.4		%
Salt Lake City, UT						1,869						304,420						4.5		%				6.0		%				2.6		%				4.9		%
Orlando, FL						1,796						221,276						3.0		%				3.7		%				(0.6)		%				2.3		%
Greater Chicago area, IL and IN						1,487						194,130						2.6		%				6.6		%				8.4		%				7.1		%
Charleston, SC						1,406						230,959						2.7		%				4.4		%				2.6		%				3.7		%
San Antonio, TX						1,104						199,759						1.5		%				2.0		%				(6.8)		%				(0.1)		%
Savannah/Hilton Head, SC						1,003						210,069						1.9		%				5.4		%				3.4		%				4.7		%
Seattle, WA						937						330,032						2.3		%				5.3		%				4.6		%				5.1		%
All Other (2)						6,995						232,830						13.7		%				4.5		%				1.9		%				3.7		%
Total/Average						54,472						$	221,655					100.0		%				4.5		%				1.4		%				3.6		%

						Average Occupied Days Percentage																		Average Monthly Realized Rent per Property
Market						1Q25 QTD						1Q24 QTD						Change						1Q25 QTD						1Q24 QTD						Change
Atlanta, GA						95.4		%				95.7		%				(0.3)		%				$	2,280					$	2,191					4.1		%
Charlotte, NC						96.5		%				96.3		%				0.2		%				2,207						2,102						5.0		%
Dallas-Fort Worth, TX						95.8		%				95.3		%				0.5		%				2,311						2,214						4.4		%
Nashville, TN						95.9		%				96.3		%				(0.4)		%				2,364						2,280						3.7		%
Jacksonville, FL						95.4		%				95.8		%				(0.4)		%				2,180						2,112						3.2		%
Phoenix, AZ						95.9		%				94.3		%				1.6		%				2,153						2,095						2.8		%
Indianapolis, IN						97.1		%				97.9		%				(0.8)		%				1,906						1,807						5.5		%
Tampa, FL						95.5		%				95.4		%				0.1		%				2,429						2,335						4.0		%
Houston, TX						96.2		%				97.0		%				(0.8)		%				2,093						1,995						4.9		%
Columbus, OH						96.7		%				96.8		%				(0.1)		%				2,227						2,108						5.6		%
Raleigh, NC						95.9		%				95.9		%				—		%				2,069						1,972						4.9		%
Cincinnati, OH						97.2		%				97.4		%				(0.2)		%				2,184						2,059						6.1		%
Las Vegas, NV						95.4		%				94.9		%				0.5		%				2,309						2,218						4.1		%
Salt Lake City, UT						95.5		%				96.8		%				(1.3)		%				2,483						2,377						4.5		%
Orlando, FL						95.2		%				96.3		%				(1.1)		%				2,388						2,284						4.6		%
Greater Chicago area, IL and IN						97.7		%				97.8		%				(0.1)		%				2,510						2,354						6.6		%
Charleston, SC						94.8		%				96.7		%				(1.9)		%				2,320						2,233						3.9		%
San Antonio, TX						95.5		%				93.8		%				1.7		%				1,939						1,925						0.7		%
Savannah/Hilton Head, SC						94.9		%				96.9		%				(2.0)		%				2,287						2,130						7.4		%
Seattle, WA						96.6		%				96.2		%				0.4		%				2,836						2,694						5.3		%
All Other (2)						95.9		%				95.9		%				—		%				2,227						2,138						4.2		%
Total/Average						95.9		%				96.1		%				(0.2)		%				$	2,252					$	2,155					4.5		%

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

(2)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						15

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AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands)

			Mar 31, 2025						Dec 31, 2024
			(Unaudited)
Assets
Single-family properties:
Land			$	2,383,321					$	2,370,006
Buildings and improvements			11,689,380						11,559,461
Single-family properties in operation			14,072,701						13,929,467
Less: accumulated depreciation			(3,139,741)						(3,048,868)
Single-family properties in operation, net			10,932,960						10,880,599
Single-family properties under development and development land			1,253,962						1,272,284
Single-family properties and land held for sale, net			247,375						212,808
Total real estate assets, net			12,434,297						12,365,691
Cash and cash equivalents			69,698						199,413
Restricted cash			149,160						150,803
Rent and other receivables			52,035						48,452
Escrow deposits, prepaid expenses and other assets			302,990						337,379
Investments in unconsolidated joint ventures			160,764						159,134
Goodwill			120,279						120,279
Total assets			$	13,289,223					$	13,381,151
Liabilities
Revolving credit facility			$	410,000					$	—
Asset-backed securitizations, net			428,479						924,344
Unsecured senior notes, net			4,088,223						4,086,418
Accounts payable and accrued expenses			520,410						521,759
Total liabilities			5,447,112						5,532,521
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares			3,695						3,690
Class B common shares			6						6
Preferred shares			92						92
Additional paid-in capital			7,526,294						7,529,008
Accumulated deficit			(382,384)						(380,632)
Accumulated other comprehensive income			6,186						7,852
Total shareholders’ equity			7,153,889						7,160,016
Noncontrolling interest			688,222						688,614
Total equity			7,842,111						7,848,630
Total liabilities and equity			$	13,289,223					$	13,381,151

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						16

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AMH

Debt Summary as of March 31, 2025

(Amounts in thousands)

(Unaudited)

			Secured						Unsecured						Total Balance						% of Total						Interest Rate (1)						Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)			$	—					$	410,000					$	410,000					8.2		%				5.36		%				4.3
Total floating rate debt			—						410,000						410,000						8.2		%				5.36		%				4.3
Fixed rate debt:
AMH 2015-SFR2 securitization			429,015						—						429,015						8.6		%				4.36		%				20.5
2028 unsecured senior notes			—						500,000						500,000						10.0		%				4.08		%				2.9
2029 unsecured senior notes			—						400,000						400,000						8.0		%				4.90		%				3.9
2031 unsecured senior notes			—						450,000						450,000						9.0		%				2.46		%				6.3
2032 unsecured senior notes			—						600,000						600,000						12.1		%				3.63		%				7.0
2034 unsecured senior notes I			—						600,000						600,000						12.1		%				5.50		%				8.8
2034 unsecured senior notes II			—						500,000						500,000						10.0		%				5.50		%				9.3
2035 unsecured senior notes			—						500,000						500,000						10.0		%				5.08		%				10.0
2051 unsecured senior notes			—						300,000						300,000						6.0		%				3.38		%				26.3
2052 unsecured senior notes			—						300,000						300,000						6.0		%				4.30		%				27.1
Total fixed rate debt			429,015						4,150,000						4,579,015						91.8		%				4.38		%				10.9
Total Debt			$	429,015					$	4,560,000					4,989,015						100.0		%				4.46		%				10.3
Unamortized discounts and loan costs															(62,313)
Total debt per balance sheet															$	4,926,702

Maturity Schedule by Year (2)			Total Debt						% of Total
Remaining 2025			$	3,582					0.1		%
2026			4,776						0.1		%
2027			4,776						0.1		%
2028			504,776						10.1		%
2029			814,776						16.3		%
Thereafter			3,656,329						73.3		%
Total			$	4,989,015					100.0		%

(1)Interest rates are as of March 31, 2025 and reflect the effect of any hedging instruments, as applicable.

(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.

(3)The revolving credit facility 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 Mar 31,
(Amounts in thousands)			2025						2024
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	45,426					$	38,577
Less: amortization of discounts, loan costs and cash flow hedges			(2,485)						(3,056)
Add: capitalized interest			13,854						14,222
Cash interest			$	56,795					$	49,743

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						17

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AMH

Capital Structure and Credit Metrics as of March 31, 2025

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

(Unaudited)

Total Capitalization
Total Debt												$	4,989,015					23.6		%
Total preferred shares												230,000						1.1		%
Common equity at market value:
Common shares outstanding						370,160,196
Operating partnership units						51,376,980
Total shares and units						421,537,176
NYSE AMH Class A common share closing price at March 31, 2025						$	37.81
Market value of common shares and operating partnership units												15,938,321						75.3		%
Total Capitalization												$	21,157,336					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

5.3 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.2 x

Moody's Investor Service

Baa2

Stable

Unencumbered Core NOI percentage

93.6

%

S&P Global Ratings

BBB

Positive (1)

(1)In April 2025, the Company was placed on positive outlook by S&P Global Ratings.

Unsecured Senior Notes Covenant Ratios						Requirement									Actual
Ratio of Indebtedness to Total Assets						<			60.0		%				30.8		%
Ratio of Secured Debt to Total Assets						<			40.0		%				2.6		%
Ratio of Unencumbered Assets to Unsecured Debt						>			150.0		%				338.5		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense						>			1.50 x						4.45 x

Unsecured Credit Facility Covenant Ratios						Requirement									Actual
Ratio of Total Indebtedness to Total Asset Value						<			60.0		%				28.6		%
Ratio of Secured Indebtedness to Total Asset Value						<			40.0		%				2.9		%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value						<			60.0		%				29.6		%
Ratio of EBITDA to Fixed Charges						>			1.50 x						3.85 x
Ratio of Unencumbered NOI to Unsecured Interest Expense						>			1.75 x						5.35 x

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						18

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AMH

Top 20 Markets Summary as of March 31, 2025

Property Information (1)

Market						Number of Properties						Percentage of Total Properties						Gross Book Value per Property						Avg. Sq. Ft.						Avg. Age (years)
Atlanta, GA						6,038						9.9		%				$	237,101					2,196						17.4
Charlotte, NC						4,254						7.0		%				230,886						2,120						18.5
Dallas-Fort Worth, TX						3,839						6.3		%				178,665						2,084						20.7
Nashville, TN						3,372						5.6		%				260,674						2,123						16.6
Jacksonville, FL						3,333						5.5		%				230,543						1,926						14.4
Phoenix, AZ						3,315						5.5		%				222,438						1,850						19.8
Indianapolis, IN						3,049						5.0		%				182,189						1,936						21.9
Tampa, FL						3,004						4.9		%				245,990						1,951						15.0
Las Vegas, NV						2,622						4.3		%				311,759						1,966						10.8
Houston, TX						2,400						4.0		%				182,867						2,065						19.2
Raleigh, NC						2,211						3.6		%				204,482						1,892						18.5
Columbus, OH						2,179						3.6		%				206,395						1,890						21.7
Orlando, FL						2,152						3.5		%				241,418						1,932						16.8
Cincinnati, OH						2,105						3.5		%				200,353						1,843						22.2
Salt Lake City, UT						1,937						3.2		%				308,400						2,243						18.0
Charleston, SC						1,633						2.7		%				242,453						1,962						13.2
Greater Chicago area, IL and IN						1,518						2.5		%				194,276						1,868						23.6
San Antonio, TX						1,215						2.0		%				202,808						1,913						16.0
Boise, ID						1,077						1.8		%				316,132						1,878						10.7
Savannah/Hilton Head, SC						1,064						1.8		%				217,464						1,886						16.2
All Other (3)						8,383						13.8		%				249,135						1,941						17.9
Total/Average						60,700						100.0		%				$	231,840					1,997						17.8

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						94.7		%				$	2,292					3.8		%				(0.4)		%				2.5		%
Charlotte, NC						96.1		%				2,220						4.8		%				4.2		%				4.6		%
Dallas-Fort Worth, TX						95.5		%				2,309						4.1		%				(0.4)		%				3.0		%
Nashville, TN						94.9		%				2,373						4.2		%				0.2		%				3.1		%
Jacksonville, FL						94.2		%				2,193						4.3		%				(0.6)		%				2.7		%
Phoenix, AZ						94.9		%				2,147						4.2		%				(0.8)		%				3.1		%
Indianapolis, IN						97.0		%				1,908						5.8		%				4.4		%				5.5		%
Tampa, FL						94.3		%				2,453						4.5		%				0.6		%				3.4		%
Las Vegas, NV						91.6		%				2,338						4.3		%				1.1		%				3.4		%
Houston, TX						96.0		%				2,076						3.8		%				1.7		%				3.3		%
Raleigh, NC						95.8		%				2,070						3.9		%				1.0		%				3.1		%
Columbus, OH						95.8		%				2,235						6.1		%				4.3		%				5.6		%
Orlando, FL						93.1		%				2,404						3.9		%				(0.6)		%				2.5		%
Cincinnati, OH						97.2		%				2,185						5.9		%				5.3		%				5.7		%
Salt Lake City, UT						94.5		%				2,479						6.2		%				2.5		%				5.0		%
Charleston, SC						92.6		%				2,334						4.5		%				3.0		%				3.9		%
Greater Chicago area, IL and IN						97.6		%				2,508						6.7		%				8.4		%				7.1		%
San Antonio, TX						94.6		%				1,938						2.1		%				(6.8)		%				(0.1)		%
Boise, ID						89.3		%				2,282						4.0		%				0.7		%				2.8		%
Savannah/Hilton Head, SC						94.5		%				2,294						5.3		%				3.1		%				4.6		%
All Other (3)						94.4		%				2,286						4.9		%				2.5		%				4.2		%
Total/Average						94.8		%				$	2,255					4.6		%				1.5		%				3.7		%

(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 March 31, 2025.

(3)Represents 17 markets in 16 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						19

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AMH

Property Additions

						1Q25 Additions
Market						Number of Properties						Average Total Investment Cost
Las Vegas, NV						77						$	420,548
Tampa, FL						55						386,618
Tucson, AZ						48						359,011
Jacksonville, FL						47						368,445
Atlanta, GA						47						365,667
Orlando, FL						42						397,409
Charleston, SC						22						397,061
Phoenix, AZ						18						402,930
Nashville, TN						16						471,126
Boise, ID						16						468,581
Denver, CO						15						471,369
Seattle, WA						13						550,602
Savannah/Hilton Head, SC						11						343,111
Charlotte, NC						8						384,240
Cincinnati, OH						1						338,768
Columbus, OH						1						350,212
Total/Average						437						$	400,142

Property Dispositions

						Mar 31, 2025 Single-Family Properties Held for Sale						1Q25 Dispositions
Market												Number of Properties						Average Net Proceeds per Property
Greater Chicago area, IL and IN						71						4						$	247,871
Inland Empire, CA						59						4						400,828
Dallas-Fort Worth, TX						57						55						300,478
Houston, TX						56						27						244,781
Atlanta, GA						56						46						314,552
Charlotte, NC						33						15						397,718
Tampa, FL						30						35						339,809
Phoenix, AZ						29						34						372,869
Austin, TX						27						26						275,198
Orlando, FL						26						30						320,072
Nashville, TN						21						19						340,281
San Antonio, TX						20						13						229,249
Raleigh, NC						19						9						339,908
Indianapolis, IN						16						11						255,523
Seattle, WA						12						1						493,055
Salt Lake City, UT						12						7						643,990
Jacksonville, FL						12						11						329,958
Bay Area, CA						11						1						564,435
Central Valley, CA						11						1						336,867
Denver, CO						10						5						465,680
All Other (1)						73						62						319,756
Total/Average						661						416						$	323,303

(1)Represents 18 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						20

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AMH

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

						YTD 1Q25 Deliveries																		Mar 31, 2025 Lots for Future Delivery
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Las Vegas, NV						109						$	405,000					$	2,390					705
Phoenix, AZ						84						345,000						2,050						1,318
Tampa, FL						55						387,000						2,700						478
Atlanta, GA						52						370,000						2,430						902
Jacksonville, FL						47						368,000						2,290						368
Orlando, FL						42						397,000						2,530						595
Nashville, TN						36						433,000						2,780						199
Denver, CO						31						512,000						3,190						500
Seattle, WA						28						466,000						3,090						376
Charleston, SC						22						397,000						2,550						869
Boise, ID						16						469,000						2,390						260
Salt Lake City, UT						15						443,000						2,880						295
Charlotte, NC						8						384,000						2,330						355
Columbus, OH						—						—						—						675
Raleigh, NC						—						—						—						66
Total/Average						545						$	400,000					$	2,500					7,961
Lots optioned																								1,403
Total lots owned and optioned																								9,364

Estimated Delivery Timing

						Dec 31, 2024 Lots for Future Delivery						YTD 1Q25 Net Additions/(Reductions) (3)						YTD 1Q25 Deliveries						Full Year Estimated 2025 Deliveries (1)						Deliveries Thereafter (1)
Wholly-owned development pipeline (2)						9,458						(360)						424						1,800 - 2,000						7,198
Joint venture development pipeline (2)(4)						765						46						121						~ 400						411
Total development pipeline						10,223						(314)						545						2,200 - 2,400						7,609

(1)Reflects the Company’s latest development program results and estimates as of May 1, 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.						21

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AMH

Lease Expirations

						MTM						2Q25						3Q25						4Q25						1Q26						Thereafter
Lease expirations						2,430						13,940						11,988						7,227						17,616						5,612

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						—						—						—
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						—						—						—						—						—						—												—
																																																246,330
																																										Remaining authorization:						$	753,670

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						22

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AMH

2025 Guidance

Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

			Full Year 2025 (Unchanged)
Core FFO attributable to common share and unit holders			$1.80 - $1.86
Core FFO attributable to common share and unit holders growth			1.7% - 5.1%
Same-Home
Core revenues growth			2.50% - 4.50%
Core property operating expenses growth			3.00% - 5.00%
Core NOI growth			2.25% - 4.25%

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

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						23

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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, unencumbered and encumbered portfolios, 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.

						24

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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, Same-Home Core NOI, Unencumbered Core NOI and Encumbered 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)			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Total Debt			$	4,989,015					$	5,075,391					$	4,578,772					$	5,055,355					$	4,561,186
Less: cash and cash equivalents			(69,698)						(199,413)						(162,477)						(718,380)						(124,826)
Less: restricted cash related to securitizations			(19,122)						(26,588)						(26,273)						(37,112)						(33,243)
Net debt			$	4,900,195					$	4,849,390					$	4,390,022					$	4,299,863					$	4,403,117
Preferred shares at liquidation value			230,000						230,000						230,000						230,000						230,000
Net debt and preferred shares			$	5,130,195					$	5,079,390					$	4,620,022					$	4,529,863					$	4,633,117
Adjusted EBITDAre - TTM			$	963,598					$	942,299					$	919,174					$	896,679					$	875,707
Net Debt and Preferred Shares to Adjusted EBITDAre			5.3 x						5.4 x						5.0 x						5.1 x						5.3 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Mar 31, 2025
Interest expense per income statement			$	172,200
Less: amortization of discounts, loan costs and cash flow hedges			(10,918)
Add: capitalized interest			52,775
Cash interest			214,057
Dividends on preferred shares			13,944
Fixed charges			$	228,001
Adjusted EBITDAre - TTM			$	963,598
Fixed Charge Coverage			4.2 x

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Mar 31, 2025
(Amounts in thousands)			Jun 30, 2024						Sep 30, 2024						Dec 31, 2024						Mar 31, 2025
Unencumbered Core NOI (1)			$	227,108					$	226,329					$	239,471					$	242,258					$	935,166
Core NOI			242,982						242,094						255,561						258,811						999,448
Unencumbered Core NOI Percentage																											93.6		%

(1)Unencumbered Core NOI is recast for prior periods to reflect the unencumbered portfolio as of the end of the quarter subsequent to securitization payoffs.

						25

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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.

						26

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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, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three months ended March 31, 2025 and 2024 (amounts in thousands):

			For the Three Months Ended Mar 31,
			2025						2024
Net income			$	128,713					$	128,095
Interest expense			45,426						38,577
Depreciation and amortization			124,928						115,726
EBITDA			$	299,067					$	282,398
Gain on sale and impairment of single-family properties and other, net			(62,016)						(68,901)
Adjustments for unconsolidated real estate joint ventures			1,484						1,597
EBITDAre			$	238,535					$	215,094
Noncash share-based compensation - general and administrative			4,867						6,839
Noncash share-based compensation - property management			1,246						1,444
Acquisition, other transaction costs and other			4,090						3,324
Loss on early extinguishment of debt			216						954
Adjusted EBITDAre			$	248,954					$	227,655
Recurring Capital Expenditures			(16,829)						(14,124)
Leasing costs			(1,239)						(795)
Fully Adjusted EBITDAre			$	230,886					$	212,736
Rents and other single-family property revenues			$	459,276					$	423,555
Less: tenant charge-backs			(63,861)						(57,337)
Adjustments for unconsolidated joint ventures - income			3,588						2,998
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	399,003					$	369,216
Adjusted EBITDAre Margin			62.4		%				61.7		%
Fully Adjusted EBITDAre Margin			57.9		%				57.6		%

						27

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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
			Mar 31, 2025						Dec 31, 2024						Sep 30, 2024						Jun 30, 2024						Mar 31, 2024
Net income			$	468,760					$	468,142					$	415,206					$	415,658					$	422,538
Interest expense			172,200						165,351						155,957						146,727						142,893
Depreciation and amortization			486,212						477,010						468,791						463,963						459,559
EBITDA			$	1,127,172					$	1,110,503					$	1,039,954					$	1,026,348					$	1,024,990
Gain on sale and impairment of single-family properties and other, net			(218,871)						(225,756)						(174,572)						(175,210)						(194,076)
Adjustments for unconsolidated real estate joint ventures			4,609						4,722						5,240						4,936						4,798
EBITDAre			$	912,910					$	889,469					$	870,622					$	856,074					$	835,712
Noncash share-based compensation - general and administrative			18,645						20,617						20,493						21,052						19,475
Noncash share-based compensation - property management			4,616						4,814						4,706						4,616						4,408
Acquisition, other transaction costs and other			12,958						12,192						13,126						13,920						15,158
Hurricane-related charges, net			8,884						8,884						3,904						—						—
Loss on early extinguishment of debt			5,585						6,323						6,323						1,017						954
Adjusted EBITDAre			$	963,598					$	942,299					$	919,174					$	896,679					$	875,707

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.

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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 Mar 31,
			2025						2024
Property management expenses			$	34,181					$	31,402
Less: tenant charge-backs			(2,297)						(1,935)
Less: noncash share-based compensation - property management			(1,246)						(1,444)
Property management expenses, net			$	30,638					$	28,023
General and administrative expense			$	19,671					$	21,885
Less: noncash share-based compensation - general and administrative			(4,867)						(6,839)
General and administrative expense, net			$	14,804					$	15,046

    

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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 ended March 31, 2025 and 2024:

			For the Three Months Ended Mar 31,
			2025						2024
Net income per common share–diluted			$	0.30					$	0.30
Adjustments:
Conversion from GAAP share count			(0.04)						(0.04)
Noncontrolling interests in the Operating Partnership			0.04						0.04
Gain on sale and impairment of single-family properties and other, net			(0.15)						(0.17)
Depreciation and amortization			0.30						0.28
Less: depreciation and amortization of non-real estate assets			(0.01)						(0.01)
FFO attributable to common share and unit holders			$	0.44					$	0.40
Adjustments:
Acquisition, other transaction costs and other			0.01						0.01
Noncash share-based compensation - general and administrative			0.01						0.02
Core FFO attributable to common share and unit holders			$	0.46					$	0.43
Recurring Capital Expenditures			(0.04)						(0.03)
Adjusted FFO attributable to common share and unit holders			$	0.42					$	0.40

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.

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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 Mar 31, 2025
Adjusted FFO attributable to common share and unit holders			$	176,609
Common distributions			(127,137)
Retained Cash Flow			$	49,472

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.

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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, and the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 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, which has been filed as an exhibit 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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