10q10k10q10k.net

What changed in American Homes 4 Rent's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of American Homes 4 Rent's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+287 added−292 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-21)

Top changes in American Homes 4 Rent's 2025 10-K

287 paragraphs added · 292 removed · 243 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

60 edited+10 added−11 removed46 unchanged
Biggest changeSee “Risk Factors—Risks Related to Our Business—Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.” Residential Housing Legislation and Regulations Various legislative and regulatory bodies have been focused on the shortage of residential housing in the U.S. and significant increases in the cost of housing.
Biggest changeRisk Factors—Risks Related to Our Business—Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results” and Part I, “Item 1A.
Competition may increase the prices for properties and land that we would like to purchase, reduce the amount of rent we may charge at our properties, reduce the occupancy of our portfolio and adversely impact our ability to achieve attractive yields.
Competition may increase the prices for land that we would like to purchase, reduce the amount of rent we may charge at our properties, reduce the occupancy of our portfolio and adversely impact our ability to achieve attractive yields.
The information contained on our website is not part of or incorporated by reference in this report. 1 Our Business and Growth Strategies Our primary objective is to generate attractive risk-adjusted returns for our shareholders through dividends and capital appreciation by acquiring, developing, renovating, leasing and managing single-family homes as rental properties.
The information contained on our website is not part of or incorporated by reference in this report. 1 Our Business and Growth Strategies Our primary objective is to generate attractive risk-adjusted returns for our shareholders through dividends and capital appreciation by developing, renovating, leasing and managing single-family homes as rental properties.
We monitor and manage the diversification of our portfolio in order to reduce the risks associated with adverse developments affecting a particular market. We currently are focusing on developing and acquiring single-family homes in select submarkets of MSAs. We continually evaluate potential new markets where we may invest and establish operations as opportunities emerge.
We monitor and manage the diversification of our portfolio in order to reduce the risks associated with adverse developments affecting a particular market. We currently are focusing on developing single-family homes in select submarkets of MSAs. We continually evaluate potential new markets where we may invest and establish operations as opportunities emerge.
If AMH fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify.
If AMH fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, our income would be subject to U.S. federal income tax, and we would likely be 5 precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify.
References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. We commenced operations in November 2012.
References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on developing, renovating, leasing and managing single-family homes as rental properties. We commenced operations in November 2012.
These land banking arrangements generally require us to pay non-refundable deposits, which can vary by transaction, and provide us the option to acquire the land or finished lots, typically at pre-determined prices. In certain arrangements, we make improvements to the underlying land during the option period. • Property Acquisition.
These land banking arrangements generally require us to pay non-refundable deposits, which can vary by transaction, and provide us the option to acquire the land or finished lots, typically at pre-determined prices. In certain arrangements, we make improvements to the underlying land during the option period. • Property Acquisition and Renovation.
The program also helps employees learn about the policies and 6 initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more effective leaders.
The program also helps employees learn about the policies and initiatives developed by AMH to promote a fair and inclusive workplace and actionable ways to translate these insights into tools to become more effective leaders.
Human Capital Management Our success depends on our ability to attract, retain and grow a skilled and diverse workforce to care for our residents and our portfolio of high-quality homes. We are committed to creating and maintaining a great place to work with an inclusive culture, competitive benefits and opportunities for training and growth.
Human Capital Management Our success depends on our ability to attract, retain and grow a skilled and engaged workforce to care for our residents and our portfolio of high-quality homes. We are committed to creating and maintaining a great place to work with an inclusive culture, competitive benefits and opportunities for training and growth.
We believe that we have been organized and operate in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws for each of our taxable years commencing with our taxable year ended December 31, 2012 through the current taxable year ended December 31, 2024.
We believe that we have been organized and operate in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws for each of our taxable years commencing with our taxable year ended December 31, 2012 through the current taxable year ended December 31, 2025.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials. Properties are typically leased approximately 20 to 40 days after completing the renovation process.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials. Properties are typically leased approximately 20 to 40 days after completing the renovation process. • Property Management.
We expect to satisfy the requirements for qualification and taxation as a REIT under the U.S. federal income tax laws for our taxable year ending December 31, 2025 and subsequent taxable years. We believe that the Operating Partnership is properly treated as a partnership for federal income tax purposes.
We expect to satisfy the requirements for qualification and taxation as a REIT under the U.S. federal income tax laws for our taxable year ending December 31, 2026 and subsequent taxable years. We believe that the Operating Partnership is properly treated as a partnership for federal income tax purposes.
Once land development requirements have been met, on average it takes approximately five to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption.
Once land development requirements have been met, on average it takes approximately four to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption.
Training and Development We provide training designed to meet the business and technical skills necessary for our employees to succeed in their roles and advance their careers at the Company. From their first day with us, we aim to provide our team members with the tools and training necessary to succeed.
Training and Development We provide training designed to enhance the business and technical skills necessary for our employees to succeed in their roles and advance their careers at the Company. From their first day with us, we aim to provide our team members with the tools and training necessary to succeed.
As of December 31, 2024, we had 1,730 dedicated employees. None of our employees are covered by a collective bargaining agreement. Employee Engagement To index employee satisfaction and maintain a pulse on how our employees are doing, we use a survey platform that invites dialogue and feedback on a voluntary, confidential and anonymous basis.
As of December 31, 2025, we had 1,598 dedicated employees. None of our employees are covered by a collective bargaining agreement. Employee Engagement To index employee satisfaction and maintain a pulse on how our employees are doing, we use a survey platform that invites dialogue and feedback on a voluntary, confidential and anonymous basis.
Environmental Matters As a current or prior owner of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances, and we could be liable to third parties as a result of environmental contamination or noncompliance at our properties, even if we no longer own such properties.
Environmental Matters As a current or prior owner of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances, and we could be liable to third parties as a result of environmental contamination or noncompliance at our properties, even if we no longer own such properties. See Part I, “Item 1A.
All full-time employees are eligible for our comprehensive benefits package, which includes robust healthcare and life insurance options, a 401(k) retirement plan with company contributions that vest immediately, an employee stock purchase plan, a tuition reimbursement plan, paid time off and our employee wellness programs. During the year ended December 31, 2024, employee turnover was 25.1%.
All full-time employees are eligible for our comprehensive benefits package, which includes robust healthcare and life insurance options, a 401(k) retirement plan with company contributions that vest immediately, an employee stock purchase plan, a tuition reimbursement plan, paid time off and our employee wellness programs. During the year ended December 31, 2025, employee turnover was 32.6%.
We have an integrated operating platform that consists of 1,730 personnel dedicated to property management, acquisitions, development, marketing, leasing, financial and administrative functions.
We have an integrated operating platform that consists of 1,598 personnel dedicated to property management, development, marketing, leasing, financial and administrative functions.
On average, it takes approximately 10 to 50 days to lease a property after its development. We also utilize land banking arrangements as a method of acquiring land to help us manage the financial and market risk associated with land holdings.
On average, it takes approximately 10 to 50 days to lease a property after its development. We have in the past and may in the future utilize land banking arrangements as a method of acquiring land to help us manage the financial and market risk associated with land holdings.
We provide annual safety training for all employees, and every employee in a safety-sensitive position is required to complete additional relevant training. Our OSHA Recordable Incident Rate for 2024 was 1.4, which is below both the historical national average rate and our historical average rate and demonstrates our commitment to maintaining a safe and healthy environment.
We provide annual safety training for all employees, and every employee in a safety-sensitive position is required to complete additional relevant training. Our OSHA Recordable Incident Rate 6 for 2025 was 2.1, which is below the national average rate and demonstrates our commitment to maintaining a safe and healthy environment.
These principles guide how we engage one another in the workplace. One way we promote a sense of belonging and encourage an environment of respect is through our “Valuing Differences” learning series which is offered to all new employees within their first six months of employment. The program helps employees develop tools for effective communication to strengthen working relationships.
One way we promote a sense of belonging and encourage an environment of respect is through our “Valuing Differences” learning series which is offered to all new employees within their first six months of employment. The program helps employees develop tools for effective communication to strengthen working relationships.
We created 4 American Dream Insurance, LLC as part of our overall risk management program and to stabilize our insurance costs, manage exposure and recoup expenses through the functions of the captive program.
We created American Dream Insurance, LLC as part of our overall risk management program and to stabilize our insurance costs, manage exposure and recoup expenses through the functions of the captive program. See Part I, “Item 1A.
Further, we have benefited from increases in long-term demand due to population growth in households desiring detached single-family homes, the surge in demand for larger living spaces driven by the proliferation of work-from-home arrangements, and increases in mortgage rates which have made home ownership more expensive. We expect these trends to continue into 2025.
Further, we have benefited from increases in long-term demand due to population growth in households desiring detached single-family homes, the surge in demand for larger living spaces, and increases in mortgage rates which have made home ownership more expensive. We expect these trends to continue into 2026.
We provided approximately 70,200 hours of training to employees, an average of 41 hours per employee, during the year ended December 31, 2024. Workplace Safety The health and safety of our employees is a top priority. We have implemented company-wide policies that address occupational health and safety concerns and offer programs that address these topics.
We provided approximately 51,400 hours of training to employees, an average of 32 hours per employee, during the year ended December 31, 2025. Workplace Safety The health and safety of our employees is a top priority. We have implemented company-wide policies that address occupational health and safety concerns and offer programs that address these topics.
Our “built-for-rental” homes leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, as well as floor plans, finishes and other features known to be desirable to our residents.
Our “built-for-rental” homes leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, finishes, as well as floor plans that typically include three or more bedrooms and two or more bathrooms and other features known to be desirable to our residents.
To ensure ongoing monitoring of trends, we regularly conduct pulse surveys of all employees. During the year ended December 31, 2024, we maintained a healthy 72% participation rate, with nearly 11,000 comments received.
To ensure ongoing monitoring of trends, we regularly conduct pulse surveys of all employees. During the year ended December 31, 2025, we maintained a healthy 80% participation rate, with over 10,000 comments received.
The eviction process is documented through a property management system with all correspondence and documentation stored electronically. • Tenant Relations and Property Maintenance. We are also responsible for most property repairs and maintenance and tenant relations.
Eviction is a last resort, and the eviction process is managed in compliance with local and state regulations. The eviction process is documented through a property management system with all correspondence and documentation stored electronically. • Tenant Relations and Property Maintenance. We are also responsible for most property repairs and maintenance and tenant relations.
As of December 31, 2024, the Company held 61,336 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) within 24 states, including 805 properties classified as held for sale, and 57,486 of our total properties (excluding properties held for sale) were occupied. The Company also held an additional 3,376 properties in unconsolidated joint ventures as of December 31, 2024.
As of December 31, 2025, the Company held 61,479 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) within 24 states, including 1,142 properties classified as held for sale, and 56,756 of our total properties (excluding properties held for sale) were occupied. The Company also held an additional 3,785 properties in unconsolidated joint ventures as of December 31, 2025.
AMH is the general partner of, and as of December 31, 2024 owned approximately 87.8% of the common partnership interest in, the Operating Partnership. The remaining 12.2% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management.
The remaining 12.1% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management.
Our experienced land acquisition team and our proprietary data analytics enables us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets. • Employ a disciplined property acquisition process.
Our experienced land acquisition team and our proprietary data analytics enable us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets. • Evaluate additional opportunities for growth to our portfolio.
See “Risk Factors—Risks Related to Our Business—We are self-insured against many potential losses, and uninsured or underinsured losses relating to properties may adversely affect our financial condition, operating results, cash flows and ability to make distributions” and “Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.” Competition and Trends in Market Demand We face competition from different sources in each of our two primary activities: developing/acquiring properties and renting our properties.
Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.” Competition and Trends in Market Demand We face competition from different sources in each of our two primary activities: developing properties and renting our properties.
This branding leverages the company’s rich heritage, people-first employer culture and an industry leading sustainability program. We continue to strive toward establishing “AMH” as a nationally recognized brand because we believe that establishing a brand well-known for quality, value and resident satisfaction will help attract and retain residents and qualified personnel, as well as support higher rental rates.
We continue to strive toward establishing “AMH” as a nationally recognized brand because we believe that establishing a brand well-known for quality, value and resident satisfaction will help attract and retain residents and qualified personnel, as well as support higher rental rates.
Although we require a minimum household credit score and income to rent ratio, all factors are taken into consideration during the tenant evaluation process, including an emphasis on rental payment history. On average, household credit scores and income to rent ratios of approved applicants are significantly in excess of our minimum requirements.
Our application and evaluation process includes obtaining appropriate identification, a thorough evaluation of credit and household income and a review of the applicant’s rental history. Although we require a minimum household credit score and income to rent ratio, all factors are taken into consideration during the tenant evaluation process, including an emphasis on rental payment history.
Our team of dedicated personnel identifies opportunities for homes sold in bulk by institutions or competitors and perform underwriting to determine the expected rents, expenses and renovation costs and obtain title insurance and review local covenant conditions and restrictions for acquisitions through traditional channels. • Property Renovation.
Our team of dedicated personnel is also capable of identifying opportunities for homes sold in bulk by institutions or competitors, performing underwriting to determine the expected rents, expenses and renovation costs, obtaining title insurance and reviewing local covenant conditions and restrictions.
However, we believe that our acquisition platform, our extensive in-house property management infrastructure and market knowledge in markets that meet our selection criteria provide us with competitive advantages.
However, we believe that our AMH Development Program, our extensive in- 4 house property management infrastructure and market knowledge provide us with competitive advantages.
Inclusion and Belonging We believe that teams comprised of individuals with diverse identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness. We try to foster inclusion and belonging through three principles – embrace individual differences, treat people fairly and create a sense of community and belonging.
Inclusion and Belonging We believe that teams comprised of individuals with a broad range of identities, backgrounds, experiences, perspectives and viewpoints improve dialogue and decision-making in both the workplace and the boardroom, contributing to overall organizational effectiveness.
We collect the majority of rent electronically via Automated Clearing House transfer or direct debit to the tenant’s checking account via a secure tenant portal on our website. An auto-pay feature is offered to facilitate rent payment. Tenants’ charges and payment history are available to tenants online through the tenant portal.
On average, household credit scores and income to rent ratios of approved applicants are significantly in excess of our minimum requirements. We collect the majority of rent electronically via Automated Clearing House transfer or direct debit to the tenant’s checking account via a secure tenant portal on our website. An auto-pay feature is offered to facilitate rent payment.
Our executive officers have substantial experience organizing and managing investment vehicles with third-party investors. Our Business Activities Property Development, Acquisition, Renovation, Leasing and Property Management • Property Development.
We also participate in investment vehicles with third-party investors as an alternative source of equity to grow our business. Our executive officers have substantial experience organizing and managing investment vehicles with third-party investors. 2 Our Business Activities Property Development, Acquisition, Renovation, Leasing and Property Management • Property Development.
We believe that we are in material compliance with such covenants, laws, ordinances and rules, and we also require that our tenants agree to comply with such covenants, laws, ordinances and rules in their leases with us. Fair Housing Act The Fair Housing Act (“FHA”) and its state law counterparts, and the regulations promulgated by the U.S.
We believe that we are in material compliance with such covenants, laws, ordinances and rules, and we also require that our tenants agree to comply with such covenants, laws, ordinances and rules in their leases with us.
If a home that is acquired remains occupied, the renovation process may 3 be postponed. However, an assessment is made of potential renovation work that must be addressed once the property can be accessed. • Property Management. We have developed an extensive internal property management infrastructure, with modern systems, dedicated personnel and local offices.
If a home that is acquired remains occupied, the renovation process may be postponed. However, an assessment is made of potential renovation work that must be addressed once the property can be accessed.
By establishing and enforcing best practices and quality consistency, we believe that we are able to reduce the costs of both materials and labor. We have found that a rapid response to renovating our homes improves our relationship with the local communities and homeowners’ associations (“HOAs”), enhancing the “AMH” brand recognition and loyalty.
We have found that a rapid response to renovating our homes improves our relationship with the local communities and homeowners’ associations (“HOAs”), enhancing the “AMH” brand recognition and loyalty.
We believe that creating brand awareness will facilitate the growth and success of our company. We have established a toll-free number serviced by our call center and a website to provide a direct portal to reach potential residents and to drive our brand presence.
We have established a toll-free number serviced by our call center and a website to provide a direct portal to reach potential residents and to drive our brand presence. We believe our brand has gained recognition within a number of our markets. • Optimize capital structure.
Tenants who do not pay rent by the late payment date (typically within five calendar days of the due date) will receive notification and are assessed a late fee, in jurisdictions where allowable. Eviction is a last resort, and the eviction process is managed in compliance with local and state regulations.
Tenants’ charges and payment history are available to tenants online through the tenant portal. Tenants who do not pay rent by the late payment date (typically within five calendar days of the due date) will receive notification and are assessed a late fee, in jurisdictions where allowable.
We directly manage all of our properties, including those held in our unconsolidated joint ventures, generally without the engagement of a third-party manager. A third-party manager may be utilized temporarily subsequent to a bulk portfolio acquisition as we transition the properties into our property management infrastructure or evaluate the performance of potential new markets. • Marketing and Leasing.
A third-party manager may be utilized temporarily subsequent to a bulk portfolio acquisition as we transition the properties into our property management infrastructure or evaluate the performance of potential new markets. • Marketing and Leasing. We are responsible for establishing rental rates, marketing and leasing properties (including screening prospective tenants) and collecting and processing rent.
Our corporate brand identity, which was updated to the simplified name of “AMH” with a reimagined look and feel in January 2023, represents a commitment to continued innovation, as well as to the company’s original purpose and leadership in powering a better future for American housing.
Our corporate brand identity leverages the Company’s rich heritage and people-first employer culture and represents a commitment to continued innovation, as well as to the Company’s original purpose and leadership in powering a better future for American housing.
Our target areas have above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities. We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation.
We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation. • Efficiently manage and operate properties.
We have a disciplined acquisition platform that is capable of deploying large amounts of capital across all acquisition channels and in multiple markets simultaneously. Our acquisition process begins with an analysis of housing markets. Target markets are selected based on steady population growth and strong rental demand, providing for attractive potential yields and potential capital appreciation.
In the past, we have sourced property acquisition opportunities through traditional channels including broker sales. Our acquisition process began with an analysis of housing markets. Target markets were selected based on steady population growth and strong rental demand, providing for attractive potential yields and potential capital appreciation.
Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the availability of suitable land assets and the nature of each lot acquired.
We are primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income.
Any resulting work is presented for bid to approved contractors, which we maintain in each of our markets. We have negotiated quantity discounts in each of our markets for products that we regularly use during the renovation process, such as paint, window blinds and flooring.
We have negotiated quantity discounts in each of our markets for products that we regularly use during the renovation process, such as paint, window blinds and flooring. By establishing and enforcing best practices and quality consistency, we believe that we are able to reduce the costs of both materials and labor.
We select our markets based on steady population growth and strong rental demand, providing for attractive potential yields and capital appreciation. • Efficiently manage and operate properties.
We select our markets based on steady population growth and strong rental demand, providing for attractive potential yields and capital appreciation. Our markets generally have above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities.
We have a team of dedicated personnel to oversee the renovation process for homes added through traditional acquisition channels. This team focuses on maximizing the benefit of our investment in property renovation. Once a home is acquired, if it is not occupied, we promptly begin the renovation process, during which the property is thoroughly evaluated.
When a home is acquired through our traditional acquisition channel, if it is not occupied, we promptly begin the renovation process, during which the property is thoroughly evaluated. Any resulting work is presented for bid to approved contractors, which we maintain in each of our markets.
Factors considered in establishing the rental rates include a competitive analysis of rents, the size and age of the house, and many qualitative factors, such as neighborhood characteristics and access to quality schools, transportation and services. We advertise the available properties through multiple channels, including our website, online marketplaces, MLS, yard signs and local brokers.
We establish rental rates centrally, using data-driven pricing models, supported by analysis from the local property management teams in each market. Factors considered in establishing the rental rates include a competitive analysis of rents, the size and age of the house, and many qualitative 3 factors, such as neighborhood characteristics and access to quality schools, transportation and services.
We are currently monitoring proposals on 5 property tax relief, rent pricing methods and fee disclosures. We cannot be certain if or when any specific proposal or policy might be announced or adopted by governmental authorities, and, if so, what the effects on us may be.
We cannot be certain if or when any specific proposal or policy might be announced or adopted by governmental authorities, and, if so, what the effects on us may be. Fair Housing Act The Fair Housing Act (“FHA”) and its state law counterparts, and the regulations promulgated by the U.S.
We believe we have become a leader in the single-family home rental industry by aggregating a geographically diversified portfolio of high-quality single-family homes and developing into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities.
Our geographically diversified portfolio of single-family homes has evolved into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities. Our goal is to simplify the experience of leasing a home and provide an accessible housing option to the one in three households who choose to rent in the country.
We believe our brand has gained recognition within a number of our markets. • Optimize capital structure. We may use leverage to increase potential returns to our shareholders, but we will seek to maintain a conservative and flexible balance sheet.
We may use leverage to increase potential returns to our shareholders, but we will seek to maintain a conservative and flexible balance sheet. We have obtained capital through the issuance of equity securities and preferred shares, the use of unsecured credit facilities and the issuance of unsecured senior notes.
REIT Qualification AMH has elected to be taxed as a REIT commencing with our first taxable year ended December 31, 2012.
Risk Factors—Risks Related to the Real Estate Industry—Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.” REIT Qualification AMH has elected to be taxed as a REIT commencing with our first taxable year ended December 31, 2012.
Not all of the homes we acquire through traditional channels meet all of these criteria, especially if acquired as part of a bulk purchase. In addition to our traditional MLS acquisition channel, we continue to acquire newly constructed homes from third-party developers through our National Builder Program. • Maintain a geographically diversified portfolio.
From time to time, we also evaluate acquisition opportunities for portfolio (or bulk) sales as well as opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. • Maintain a geographically diversified portfolio in high-growth markets.
Substantially all of our homes are shown using technology-driven “self-guided” showings. Prospective tenants are evaluated in a standardized manner. Our application and evaluation process includes obtaining appropriate identification, a thorough evaluation of credit and household income and a review of the applicant’s rental history.
We advertise the available properties through multiple channels, including our website, online marketplaces, MLS, yard signs and local brokers. Substantially all of our homes are shown using technology-driven “self-guided” showings. Prospective tenants are evaluated in a standardized manner.
Some states and local jurisdictions continue to propose and pass regulations restricting landlords’ ability to screen applicants, raise rents, process evictions and terminate tenancies. There has been vigorous and continuing political debate and discussion, which we participate in, with respect to residential housing laws and regulations.
Similar restrictions are being considered at the federal level. There has been vigorous and continuing political debate and discussion, which we participate in, with respect to residential housing laws and regulations. We are currently monitoring these types of laws and regulations, including proposed laws and regulations.
We are focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs.
This process is dependent upon the availability of suitable land assets and the nature of each lot acquired. We also evaluate opportunities to source newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs, although acquisitions have been minimal in recent years.
Removed
Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country. Our investments may be made directly or through investment vehicles with third-party investors.
Added
Since launching our internal “AMH Development Program” in 2017, we have contributed to addressing the national housing shortage by developing thousands of built-for-rental homes per year to meet growing demands.
Removed
We began adding newly constructed “built-for-rental” single-family properties to our portfolio in 2017 through our internal “AMH Development Program” and through acquisitions from third-party developers via our “National Builder Program.” Our objective is to generate attractive, risk-adjusted returns for our shareholders through dividends and capital appreciation.
Added
At a time when housing affordability remains constrained across the country, AMH is focused on being part of the solution by expanding the housing supply, elevating the resident experience and creating value for all our stakeholders. AMH is the general partner of, and as of December 31, 2025 owned approximately 87.9% of the common partnership interest in, the Operating Partnership.
Removed
We have an established acquisition and renovation platform to source properties through a variety of traditional acquisition channels, including broker sales via the multiple listing service (“MLS”) and bulk portfolio sales.
Added
Since launching the AMH Development Program in 2017, we have developed over 14,000 “built-for-rental” homes.
Removed
We focus on homes with a number of key property characteristics, including: (i) construction after the year 2000; (ii) three or more bedrooms; (iii) two or more bathrooms; (iv) a range of $250,000 estimated minimum valuation to $600,000 maximum bid price; and (v) estimated renovation costs in line with our targeted program parameters.
Added
Although we have not acquired a significant number of homes through broker sales in recent years, our ability to evaluate potential acquisitions in the future relies on our established platform to source properties within our program parameters.
Removed
We have obtained capital through the issuance of equity securities, 2 the use of unsecured credit facilities, the issuance of unsecured senior notes, preferred shares, and through asset-backed securitization transactions completed during 2014 and 2015. We also participate in investment vehicles with third-party investors as an alternative source of equity to grow our business.
Added
We have developed an extensive internal property management infrastructure, with modern systems, dedicated personnel and local offices. We directly manage all of our properties, including those held in our unconsolidated joint ventures, generally without the engagement of a third-party manager.
Removed
Our target markets currently include select submarkets of MSAs. Within our target markets, our system allows us to screen broadly and rapidly for potential acquisitions and is designed to identify highly targeted submarkets at the neighborhood and street levels.
Added
Risk Factors—Risks Related to Our Business—We are self-insured against many potential losses, and uninsured or underinsured losses relating to properties may adversely affect our financial condition, operating results, cash flows and ability to make distributions” and Part I, “Item 1A.
Removed
We have and will continue to source property acquisition opportunities through traditional channels, including broker sales (including traditional MLS sales) and portfolio (or bulk) sales. In particular, we have an extensive network of real estate brokers that facilitate a large volume of acquisitions through broker sales.
Added
Our primary competitors in acquiring land assets for our AMH Development Program are public and private homebuilders and developers and our primary competitors for tenants are other residential rental landlords.
Removed
We are responsible for establishing rental rates, marketing and leasing properties (including screening prospective tenants) and collecting and processing rent. We establish rental rates centrally, using data-driven pricing models, supported by analysis from the local property management teams in each market.
Added
Various legislative and regulatory bodies, including at the federal, state and local level, have been focused on the shortage of residential housing in the U.S. and significant increases in the cost of housing.
Removed
We believe our primary competitors in acquiring our target properties through individual acquisitions are private home buyers, individual investors, small private investment partnerships looking for one-off acquisitions of investment properties that can either be rented or restored and sold, and larger investors, including private equity funds and other REITs, that are seeking to capitalize on the same market opportunity that we have identified.
Added
Some states and local jurisdictions continue to propose and pass regulations (i) restricting landlords’ ability to screen applicants, raise rents, process evictions and terminate tenancies, (ii) imposing prohibitions or limitations on corporate entities purchasing and renting single-family homes, (iii) restricting developers from selling single-family homes to corporate entities intending to rent such homes, (iv) imposing tax and financial disincentives on corporate ownership of single-family homes for rent, or (v) imposing adverse zoning restrictions on corporate ownership of single-family homes for rent.
Removed
Our primary competitors in acquiring portfolios of properties or land assets include large and small private equity investors, public and private REITs, other sizeable private institutional investors and other homebuilders. These same competitors may also compete with us for tenants.
Added
We try to foster inclusion and belonging through three principles – embrace individual differences, treat people fairly and create a sense of community and belonging. These principles guide how we engage one another in the workplace.

… 1 more changes not shown on this page.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

50 edited+8 added−13 removed184 unchanged
Biggest changeOur investments are, and are expected to continue to be, concentrated in single-family properties and we have a significant number of properties in certain geographic markets, which exposes us to significant risks if there are adverse conditions in our sector or our key markets. Our investments are, and are expected to continue to be, concentrated in single-family properties.
Biggest changeAny such laws or regulations could impose significant costs, could require that we suspend or limit property acquisitions or otherwise modify or cease existing business practices or divest properties, could restrict the locations where we can operate our business, and could adversely impact our tax profile, including our status as a REIT. 8 Our investments are, and are expected to continue to be, concentrated in single-family properties and we have a significant number of properties in certain geographic markets, which exposes us to significant risks if there are adverse conditions in our sector or our key markets.
In connection with the acquisition, development and ownership of our properties, we may be exposed to such costs. The cost of defending against environmental claims, of compliance with environmental regulatory requirements or of remediating any contaminated property could materially adversely affect our business, financial condition, results of operations and, consequently, amounts available for distribution to shareholders and unitholders.
In connection with the development, acquisition and ownership of our properties, we may be exposed to such costs. The cost of defending against environmental claims, of compliance with environmental regulatory requirements or of remediating any contaminated property could materially adversely affect our business, financial condition, results of operations and, consequently, amounts available for distribution to shareholders and unitholders.
Such financing instruments would be deemed to have the same terms as the Fast-Pay Stock. • Payments made by us on the Fast-Pay Stock would be deemed to be made by us to the NFP Shareholders, and the NFP Shareholders would be deemed to pay equal amounts to the FP Shareholders under the deemed financing instruments. • Any Fast-Pay Stock would not be fungible for U.S. federal income tax purposes with other preferred shares. • If an NFP Shareholder sells our shares, in addition to any consideration actually paid and received for such shares, (i) the buyer would be deemed to pay, and such NFP Shareholder would be deemed to receive, the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments at fair market value, and (ii) the buyer would be deemed to issue a financing instrument to the appropriate FP Shareholders in exchange for the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments.
Such financing instruments would be deemed to have the same terms as the Fast-Pay Stock. • Payments made by us on the Fast-Pay Stock would be deemed to be made by us to the NFP Shareholders, and the NFP Shareholders would be deemed to pay equal amounts to the FP Shareholders under the deemed financing instruments. 19 • Any Fast-Pay Stock would not be fungible for U.S. federal income tax purposes with other preferred shares. • If an NFP Shareholder sells our shares, in addition to any consideration actually paid and received for such shares, (i) the buyer would be deemed to pay, and such NFP Shareholder would be deemed to receive, the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments at fair market value, and (ii) the buyer would be deemed to issue a financing instrument to the appropriate FP Shareholders in exchange for the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments.
If we fail to qualify as a REIT in any taxable year, and we do not qualify for certain statutory relief provisions, we will face serious tax consequences that will substantially reduce the funds available for distributions to our shareholders because: • we would not be allowed a deduction for dividends paid to our shareholders in computing our taxable income and would be subject to U.S. federal income tax at the regular corporate tax rate (currently 21%); and • unless we are entitled to relief under certain U.S. federal income tax laws, we could not re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT.
If we fail to qualify as a REIT in any taxable year, and we do not qualify for certain statutory relief provisions, we will face serious tax consequences that will substantially reduce the funds available for distributions to our shareholders because: • we would not be allowed a deduction for dividends paid to our shareholders in computing our taxable income and would be subject to U.S. federal income tax at the regular corporate tax rate (currently 21%); and 16 • unless we are entitled to relief under certain U.S. federal income tax laws, we could not re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT.
These types of events could lead governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to mitigate the issue, including restrictions on freedom of movement and business operations such as issuing guidelines, travel bans, border closings, business closures, quarantine orders, and orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.
These types of events could lead governments and other authorities around the world, 13 including federal, state and local authorities in the United States, to impose measures intended to mitigate the issue, including restrictions on freedom of movement and business operations such as issuing guidelines, travel bans, border closings, business closures, quarantine orders, and orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.
Furthermore, rent control laws or other regulations that may limit our ability to increase rental rates may affect our rental income. If rent controls unexpectedly became applicable to certain of our properties, our revenue from and the value of such properties could be adversely affected. We believe these types of measures will continue given increasing political support.
Furthermore, rent control laws or other regulations that may limit our ability to increase rental rates may affect our rental income. If rent controls unexpectedly became applicable to certain of our properties, our revenue 14 from and the value of such properties could be adversely affected. We believe these types of measures will continue given increasing political support.
Our revolving credit facility, unsecured senior notes and securitizations contain financial and operating covenants, such as debt ratios, minimum liquidity, unencumbered asset value, minimum debt service coverage ratio, and other limitations that may restrict our ability to make distributions or other payments to the Company’s shareholders and the Operating Partnership’s ability to make distributions on its OP units and may restrict our investment activities.
Our revolving credit facility and unsecured senior notes contain financial and operating covenants, such as debt ratios, minimum liquidity, unencumbered asset value, minimum debt service coverage ratio, and other limitations that may restrict our ability to make distributions or other payments to the Company’s shareholders and the Operating Partnership’s ability to make distributions on its OP units and may restrict our investment activities.
We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could materially and adversely affect us and the trading price of our common or preferred shares.
We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may 18 cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could materially and adversely affect us and the trading price of our common or preferred shares.
Disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our officers and/or trustees from focusing their time and effort on our business. Consequently, actions by, or disputes with, our partners might result in subjecting properties owned by the partnership or joint venture to additional risk.
Disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our officers and/or trustees from focusing their time and effort on our business. Consequently, actions by, or 12 disputes with, our partners might result in subjecting properties owned by the partnership or joint venture to additional risk.
For example, if we decide to acquire properties 17 opportunistically to renovate in anticipation of immediate resale, we will need to conduct that activity through our TRS to avoid the 100% prohibited transactions tax. The 100% tax described above may limit our ability to enter into transactions that would otherwise be beneficial to us.
For example, if we decide to acquire properties opportunistically to renovate in anticipation of immediate resale, we will need to conduct that activity through our TRS to avoid the 100% prohibited transactions tax. The 100% tax described above may limit our ability to enter into transactions that would otherwise be beneficial to us.
In addition, from time to time, in order to reposition properties in the rental market, we will be required to make ongoing capital improvements and replacements and perform significant renovations and repairs that tenant deposits and insurance may not cover. Our properties also have infrastructure and appliances of varying ages and conditions.
From time to time, in order to reposition properties in the rental market, we will be required to make ongoing capital improvements and replacements and perform significant renovations and repairs that tenant deposits and insurance may not cover. Our properties also have infrastructure and appliances of varying ages and conditions.
As a result, the Company’s board of trustees may authorize the issuance of additional shares or establish a series of common or preferred shares that may delay or prevent a change in control of the Company, including transactions at a premium over the market price of the Company’s shares, even if the Company’s shareholders believe that a change in control is in their interest.
As a result, the Company’s board of trustees may authorize the issuance of additional shares or establish a series of common or preferred shares that may delay or prevent a change in control of the Company, including transactions at a premium 15 over the market price of the Company’s shares, even if the Company’s shareholders believe that a change in control is in their interest.
For more information on interest rate risk, see Part II, “Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk.” Our revolving credit facility, unsecured senior notes and securitizations contain financial and operating covenants that could restrict our business and investment activities.
For more information on interest rate risk, see Part II, “Item 7A. Quantitative and Qualitative Disclosures About Market Risk—Interest Rate Risk.” Our revolving credit facility and unsecured senior notes contain financial and operating covenants that could restrict our business and investment activities.
This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear.
This could increase the cost of our hedging activities 17 because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear.
Because such laws vary by state and locality, we and any regional and local property managers we hire will need to take all appropriate steps to comply with 14 all applicable landlord tenant laws, and we will need to incur supervisory and legal expenses to ensure such compliance.
Because such laws vary by state and locality, we and any regional and local property managers we hire will need to take all appropriate steps to comply with all applicable landlord tenant laws, and we will need to incur supervisory and legal expenses to ensure such compliance.
In 12 addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. In addition, we may not be able to close joint ventures on the anticipated schedule or at all.
In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers. In addition, we may not be able to close joint ventures on the anticipated schedule or at all.
However, 16 we have not requested and do not intend to request a ruling from the Internal Revenue Service (the “IRS”) that we qualify as a REIT. As a result, we cannot assure you that we qualify or that we will remain qualified as a REIT.
However, we have not requested and do not intend to request a ruling from the Internal Revenue Service (the “IRS”) that we qualify as a REIT. As a result, we cannot assure you that we qualify or that we will remain qualified as a REIT.
Failure to meet our financial covenants could result from, among other things, changes in our results of operations, the incurrence of additional debt, substantial impairments in the 13 value of our properties or changes in general economic conditions.
Failure to meet our financial covenants could result from, among other things, changes in our results of operations, the incurrence of additional debt, substantial impairments in the value of our properties or changes in general economic conditions.
In order to satisfy these distribution requirements to maintain our REIT status and avoid the payment of income and excise taxes, we may need to take certain actions to raise funds if we have insufficient cash flow, such as borrowing funds, raising additional equity capital, selling a portion of our assets or finding another alternative to make distributions to our stockholders.
In order to satisfy these distribution requirements to maintain our REIT status and avoid the payment of income and excise taxes, we may need to take certain actions to raise funds if we have insufficient cash flow, such as borrowing funds, raising additional equity capital, selling a portion of our assets or finding another alternative to make distributions to our shareholders.
“Cybersecurity” in this report for more information about our cybersecurity risk management and governance) and also maintain cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches, there can be no assurance that these measures will prevent a cybersecurity incident or that our cyber risk insurance coverage will be sufficient in the event of a cyber-attack.
Cybersecurity” in this report for more information about our cybersecurity risk management and governance) and also maintain cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches, there can be no assurance that these measures will prevent a cybersecurity incident or that our cyber risk insurance coverage will be sufficient in the event of a cyber-attack.
To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, computed without regard to the dividends paid deduction and any net capital gains, and we will be subject to corporate income tax on our undistributed taxable income to the extent that we distribute less than 100% of our REIT taxable income each year, computed without regard to the dividends paid deduction.
To qualify as a REIT, we generally must distribute to our shareholders at least 90% of our REIT taxable income each year, computed without regard to the dividends paid deduction and any net capital gains, and we will be subject to corporate income tax on our undistributed taxable income to the extent that we distribute less than 100% of our REIT taxable income each year, computed without regard to the dividends paid deduction.
This could increase the dividend income to our stockholders by reducing any return of capital they receive. In some circumstances, we may be required to pay additional dividends or, in lieu of that, corporate income tax, possibly including interest and penalties.
This could increase the dividend income to our shareholders by reducing any return of capital they receive. In some circumstances, we may be required to pay additional dividends or, in lieu of that, corporate income tax, possibly including interest and penalties.
We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock.
We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our shares.
Under the Fast-Pay Stock Regulations, if stock of a REIT is structured so that dividends paid with respect to the stock are economically (in 19 whole or in part) a return of the stockholder’s investment (rather than a return on the stockholder’s investment), the stock is characterized as “fast-pay stock,” resulting in the adverse tax consequences described below.
Under the Fast-Pay Stock Regulations, if stock of a REIT is structured so that dividends paid with respect to the stock are economically (in whole or in part) a return of the shareholder’s investment (rather than a return on the shareholder’s investment), the stock is characterized as “fast-pay stock,” resulting in the adverse tax consequences described below.
Information security risks have generally increased in recent years due to the rise in new technologies, such as artificial intelligence (AI), and the increased sophistication and activities of perpetrators of cyber-attacks.
Information security risks have generally increased in recent years due to the rise in new technologies, such as artificial intelligence (“AI”), and the increased sophistication and activities of perpetrators of cyber-attacks.
Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures and thus it is impossible for us to entirely mitigate this risk. Although we have implemented a variety of security measures intended to protect the confidentiality and security of this information (refer to Item 1C.
Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures and thus it is impossible for us to entirely mitigate this risk. Although we have implemented a variety of security measures intended to protect the confidentiality and security of this information (refer to Part I, “Item 1C.
It would be difficult for us to quickly generate cash from sales of our properties. Real estate investments, particularly large portfolios of properties, are relatively illiquid. If we had a sudden need for significant cash, it would be difficult for us to quickly sell our properties.
Real estate investments, particularly large portfolios of properties, are relatively illiquid. If we had a sudden need for significant cash, it would be difficult for us to quickly sell our properties.
Our success in expanding our development activities depends in large part on our ability to acquire land in our target markets that is suitable for residential homebuilding and meets our land investment criteria. There is strong competition among homebuilders for land that is suitable for residential development.
Our success in expanding our development activities depends in large part on our ability to acquire land in our target markets that is suitable for residential homebuilding and meets our land investment criteria. In the past, there has been strong competition among homebuilders for land that is suitable for residential development.
The Hughes Family and affiliates own all of the Class B common shares and, 15 together with the Class A common shares they own, hold 19.1% of the voting power of the Company.
The Hughes Family and affiliates own all of the Class B common shares and, together with the Class A common shares they own, hold 15.4% of the voting power of the Company.
All members of the Company’s senior management, trustees and their affiliates collectively hold Class A common shares or Class B common shares that represent approximately 19.3% of the current voting power of the Company as of December 31, 2024.
All members of the Company’s senior management, trustees and their affiliates collectively hold Class A common shares or Class B common shares that represent approximately 15.6% of the current voting power of the Company as of December 31, 2025.
Assuming the conversion of all of the Class A units held by these individuals into Class A common shares, they would own approximately 28.3% of the voting power of the Company based on the Company’s outstanding common shares as of December 31, 2024.
Assuming the conversion of all of the Class A units held by these individuals into Class A common shares, they would own approximately 24.9% of the voting power of the Company based on the Company’s outstanding common shares as of December 31, 2025.
A pandemic, such as the COVID-19 pandemic, or similar public health emergencies could negatively impact the global economy, disrupt financial markets and international trade, and result in varying unemployment levels, all of which could negatively impact our business, results of operations, cash flows, and financial condition.
A pandemic and other public health emergencies could negatively impact the global economy, disrupt financial markets and international trade, and result in varying unemployment levels, all of which could negatively impact our business, results of operations, cash flows, and financial condition.
The loss of key management and staff could materially and adversely affect us. We rely on our key management and staff to carry out our business and to execute on our strategic plan. We face intense competition for retaining and hiring skilled employees, particularly with respect to our development activities.
We rely on our key management and staff to carry out our business and to execute on our strategic plan. We face intense competition for retaining and hiring skilled employees, particularly with respect to our development activities.
If they are successful in any such endeavors, they could directly limit and constrain our operations, adversely impact our business and may impose on us significant litigation expenses, including settlements to avoid continued litigation or judgments for damages or injunctions. The direct and indirect impacts of climate change may adversely affect our business.
If they are successful in any such endeavors, they could directly limit and constrain our operations, adversely impact our business and may impose on us significant litigation expenses, including settlements to avoid continued litigation or judgments for damages or injunctions. Extreme weather events can adversely affect our business.
Under various federal, state and local environmental laws, a current or previous owner or operator of real property may be liable for the cost of removing or remediating hazardous or toxic substances on such property.
Risks Related to the Real Estate Industry Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results. Under various federal, state and local environmental laws, a current or previous owner or operator of real property may be liable for the cost of removing or remediating hazardous or toxic substances on such property.
The share ownership restrictions of the Code for REITs and the ownership and transfer restrictions in our declaration of trust may inhibit market activity in our equity shares and restrict our business combination opportunities. 18 To satisfy the REIT distribution requirements, we may be forced to take certain actions to raise funds if we have insufficient cash flow which could materially and adversely affect us and the trading price of our common or preferred shares.
To satisfy the REIT distribution requirements, we may be forced to take certain actions to raise funds if we have insufficient cash flow which could materially and adversely affect us and the trading price of our common or preferred shares.
The REIT provisions of the Code may limit our ability to hedge our assets and operations.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. The REIT provisions of the Code may limit our ability to hedge our assets and operations.
We have faced and expect to continue to face significant increases in property taxes. If property taxes, over which we have no control, continue to increase at recent rates, and if we are unable to increase rental rates to offset such increased expense, it would adversely affect our operating results, including our net operating income.
If property taxes, over which we have no control, were to increase significantly in the future, and if we are unable to increase rental rates to offset such increased expense, it would adversely affect our operating results, including our net operating income. The loss of key management and staff could materially and adversely affect us.
A downturn or slowdown in the rental demand for single-family housing generally, or in our target markets specifically, caused by adverse economic, regulatory or environmental conditions, or other events, would have a greater impact on our operating results than if we had more diversified investments. 8 Similarly, given our geographic concentrations, a natural disaster, such as an earthquake, tornado, hurricane, flood or wildfire in one of our key markets could have a significant negative effect on our financial condition and results of operations.
A downturn or slowdown in the rental demand for single-family housing generally, or in our target markets specifically, caused by adverse economic, regulatory or environmental conditions, or other events, would have a greater impact on our operating results than if we had more diversified investments.
In addition, our strategy is to concentrate our properties in select geographic markets that we believe favor future growth in rents and valuations. For example, 58.0% of our operating properties are located in Atlanta, GA, Charlotte, NC, Dallas-Fort Worth, TX, Nashville, TN, Phoenix, AZ, Jacksonville, FL, Indianapolis, IN, Tampa, FL, Las Vegas, NV and Houston, TX.
For example, 57.9% of our operating properties are located in Atlanta, GA, Charlotte, NC, Dallas-Fort Worth, TX, Nashville, TN, Jacksonville, FL, Phoenix, AZ, Indianapolis, IN, Tampa, FL, Las Vegas, NV and Houston, TX.
These attacks may also originate from persons inside our organization and persons/vendors with access to our systems. Our 11 information technology networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations.
Our information technology networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations.
Despite protective measures we have taken, our systems and systems maintained by third-party vendors with which we do business are vulnerable to damage from any number of sources. We face cybersecurity threats, including system, network or Internet failures, cyber-attacks, ransomware and other forms of malware, computer viruses, attachment to emails, phishing attempts or other scams.
Despite protective measures we have taken, our systems and systems maintained by third-party vendors with which we do business are vulnerable to damage from any number of sources.
We may not be able to effectively control the timing and costs relating to the renovation of properties, which may adversely affect our operating results and our ability to make distributions. Nearly all of our properties acquired through traditional channels require some level of renovation immediately upon their acquisition or in the future following expiration of a lease or otherwise.
We may not be able to effectively control the timing and costs relating to the renovation of properties, which may adversely affect our operating results and our ability to make distributions.
While we intend to vigorously defend any non-meritorious action or challenge, we cannot assure you that we will not be subject to expenses and losses that may adversely affect our operating results. New laws and regulations could impede our ability to operate or grow our business.
While we intend to vigorously defend any non-meritorious action or challenge, we cannot assure you that we will not be subject to expenses and losses that may adversely affect our operating results. Government investigations or legal proceedings brought by governmental authorities may result in significant costs and expenses and reputational harm and may divert resources from our operations.
Our use of artificial intelligence could expose us to various risks. We have begun to utilize AI technologies in various aspects of our business. AI technologies are susceptible to errors and other malfunctions which could lead to operational challenges and reputational risks.
Our use of artificial intelligence could expose us to various risks. We have begun to utilize AI technologies in various aspects of our business, including applications for data analysis, software development, customer communication, employee productivity and cybersecurity monitoring.
In addition, we may be subject to increasing regulations related to our use of AI, including regulations related to privacy, data security, and intellectual property rights, which could expose us to legal risks. Risks Related to the Real Estate Industry Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.
Even with this governance framework, AI technologies are susceptible to errors and other malfunctions which could lead to operational challenges and reputational risks. In addition, we may be subject to increased regulations related to our use of AI, including regulations related to privacy, data security and intellectual property rights, which could expose us to legal risks.
If our assumptions regarding the costs or timing of renovation and maintenance across our properties prove to be materially inaccurate, our operating results may be adversely affected. We face significant competition for acquisitions of our target properties, which may limit our strategic opportunities and increase the cost to acquire those properties.
If our assumptions regarding the costs or timing of renovation and maintenance across our properties prove to be materially inaccurate, our operating results may be adversely affected. Our success depends on us attracting and retaining quality tenants. We depend on rental income for substantially all of our revenues, and to succeed we must attract and retain qualified tenants.
We have been and may continue to be adversely impacted by the direct consequences of climate change, such as property damage due to increases in the frequency, duration and severity of extreme weather events, such as hurricanes and floods. Similarly, changes in precipitation levels could lead to increases in droughts or wildfires that could adversely impact demand for our communities.
We have been and may continue to be adversely impacted by extreme weather events, such as hurricanes, floods, droughts and wildfires.
The increases in property damage due to these events have also contributed to the increases in costs we have faced in property insurance. The ongoing transition to non-carbon based energy also presents certain risks for us and our tenants, including macroeconomic risks related to high energy costs and energy shortages, among other things.
In addition to direct costs relating to these events, including property damage and delays in leasing or development projects, the increases in property damage due to these events have also contributed to the increases in costs we have faced in property insurance. It would be difficult for us to quickly generate cash from sales of our properties.
We may be subject to or impacted by new laws and regulations, including zoning requirements, affordability mandates, tariffs and immigration restrictions, that could impede our ability to operate or grow our business, including by restricting institutional ownership of single-family homes.
New and proposed laws and regulations restricting institutional ownership of single-family homes could impede our ability to operate or grow our business. Various legislative and regulatory bodies, including at the federal, state and local level, have been focused on the shortage of residential housing in the U.S. and significant increases in the cost of housing.
Removed
We may acquire properties that we plan to renovate extensively. We also may acquire properties that we expect to be in good condition only to discover unforeseen defects that require extensive renovation and capital expenditures.
Added
Some states and local jurisdictions have passed or proposed regulations (i) imposing prohibitions or limitations on corporate entities purchasing and renting single-family homes, (ii) restricting developers from selling single-family homes to corporate entities intending to rent such homes, (iii) imposing tax and financial disincentives on corporate ownership of single-family homes for rent, and (iv) imposing adverse zoning restrictions on corporate ownership of single-family homes for rent.
Removed
To the extent properties are leased to existing tenants, renovations may be postponed until the tenant vacates the premises, and we will pay the costs of renovating.
Added
Similar restrictions are being considered at the federal level. We expect this trend to continue given the current political climate.
Removed
We face significant competition for acquisition opportunities in our target markets from other large real estate investors, including developers and private equity firms, some of which may have greater financial resources and a lower cost of capital than we do. We also compete with private home buyers and small-scale investors.
Added
Our investments are, and are expected to continue to be, concentrated in single-family properties. In addition, our strategy is to concentrate our properties in select geographic markets that we believe favor future growth in rents and valuations.
Removed
Several REITs and other funds have deployed, and others may in the future deploy, significant amounts of capital to purchase single-family homes and may have investment objectives that compete with ours, including in our target markets. This activity has adversely impacted our level of purchases in certain of our target markets.
Added
Similarly, given our geographic concentrations, a natural disaster, such as an earthquake, tornado, hurricane, flood or wildfire in one of our key markets could have a significant negative effect on our financial condition and results of operations.
Removed
If more well-capitalized companies pursue our business strategy, competition may intensify and the purchase price of potential acquisitions may be significantly elevated, or we may be unable to acquire properties on desirable terms or at all. Our success depends on us attracting and retaining quality tenants.
Added
We face cybersecurity threats, including system, network or Internet failures, cyber-attacks, ransomware and other forms of malware, computer viruses, attachment to emails, phishing attempts or other scams. 11 These attacks may also originate from persons inside our organization and persons/vendors with access to our systems.
Removed
We depend on rental income for substantially all of our revenues, and to succeed we must attract and retain qualified tenants.
Added
Prior to our deployment of AI technologies, such technologies are subject to an AI governance framework requiring the identification of risks associated with each use of each AI application.
Removed
Any such laws or regulations could impose significant costs, could require that we modify or cease existing business practices or divest properties, and could restrict the locations where we can operate our business. Government investigations or legal proceedings brought by governmental authorities may result in significant costs and expenses and reputational harm and may divert resources from our operations.
Added
Based on an initial risk classification of an AI use case, a committee is convened comprising members from the business, legal, IT and cybersecurity teams, which assesses the risks and benefits of the use case and approves or disapproves the application for use within the business. Once approved, use cases are inventoried and periodically reviewed for productivity and compliance purposes.
Removed
Our securitizations require, among other things, that a cash management account controlled by the lender collect all rents and cash generated by the properties securing the portfolio.
Added
The share ownership restrictions of the Code for REITs and the ownership and transfer restrictions in our declaration of trust may inhibit market activity in our equity shares and restrict our business combination opportunities.
Removed
Upon the occurrence of an event of default or failure to satisfy the required minimum debt yield or debt service coverage ratio, the lender may apply any excess cash as the lender elects, including prepayment of principal and amounts due under the loans.
Removed
In addition, changes in federal, state and local legislation and regulation based on concerns about climate change could result in delays and increased costs to complete our development projects and increased capital expenditures on our existing properties (for example, to improve their energy efficiency and/or resistance to inclement weather) without a corresponding increase in revenue, and, as a result, adversely impact our financial results and operations.
Removed
We also face investor-related climate risks. Investors are increasingly taking into account environmental, social, and governance factors, including climate risks, in determining whether to invest in companies.
Removed
Our reputation and investor relationships could be damaged as a result of our involvement with activities perceived to be causing or exacerbating climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change.
Removed
In addition, in order to avoid the prohibited transactions tax, we may be required to limit the structures we utilize for our securitization transactions, even though the sales or structures might otherwise be beneficial to us. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

11 edited+2 added−1 removed21 unchanged
Biggest changeTherefore, a key element of our prevention efforts is training employees on our data privacy and cyber security procedures. For example, new hires receive mandatory privacy and information security training.
Biggest changeTherefore, a key element of our prevention efforts is training employees on our data privacy and cyber security procedures. For example, new hires receive mandatory privacy and information security training. In addition, current employees must complete mandatory annual cybersecurity and data trainings, which are supplemented by regular phishing and other cyber-related awareness activities that we conduct throughout the year.
Once a potential cybersecurity incident is identified, including a third-party cybersecurity event, the incident response team designated pursuant to the incident response plan follows the procedures set forth in the plan to investigate the potential incident, including classifying the nature and severity of the event.
Once a potential cybersecurity incident is identified, including a third-party cybersecurity event, the incident response team designated pursuant to the incident response plan 21 follows the procedures set forth in the plan to investigate the potential incident, including classifying the nature and severity of the event.
The incident response team regularly reports to senior management, including the CEO, CFO, COO and CLO in the event of a potentially significant cybersecurity incident.
The incident response team regularly 20 reports to senior management, including the CEO, CFO, COO and CLO in the event of a potentially significant cybersecurity incident.
The Audit Committee provides regular briefings to the full board of trustees with respect to the Company’s cybersecurity program. Additionally, we provide an annual update on the cybersecurity program to the full board of trustees, which has included our CTO and third-party cybersecurity experts in recent years.
The Audit Committee provides regular briefings to the full board of trustees with respect to the Company’s cybersecurity program. Additionally, we provide an annual update on the cybersecurity program to the full board of trustees, which has included our CTO, VP of Information Security and third-party cybersecurity experts in recent years.
See “Risk Factors—Risks Related to our Business—If our confidential information is compromised or corrupted, including as a result of a cybersecurity incident, our business operations and reputation could be damaged, which could adversely affect our financial condition and operating results.” 22
Risk Factors—Risks Related to our Business—If our confidential information is compromised or corrupted, including as a result of a cybersecurity incident, our business operations and reputation could be damaged, which could adversely affect our financial condition and operating results.”
In addition, although the Company maintains cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches, there can be no assurance that our cyber risk insurance coverage will be sufficient in the event of a cyber-attack.
In addition, although the Company maintains cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches, there can be no assurance that our cyber risk insurance coverage will be sufficient in the event of a cyber-attack. See Part I, “Item 1A.
Cybersecurity Risks As of December 31, 2024, we have not had any known instances of material cybersecurity incidents. However, there can be no assurance that our security efforts and measures will be effective or that attempted security incidents or disruptions would not be successful or damaging.
Cybersecurity Risks As of December 31, 2025, we have not had any known instances of material cybersecurity incidents, including third-party incidents, during any of the prior three fiscal years. However, there can be no assurance that our security efforts and measures will be effective or that attempted security incidents or disruptions would not be successful or damaging.
Third-party IT vendors determined to present a higher risk are also subject to additional diligence such as questionnaires, inquiries, and review of System and Organization Controls (SOC) 1 and 2 reports, when relevant.
Third-party IT vendors determined to present a higher risk are also subject to additional diligence such as questionnaires, inquiries, and review of System and Organization Controls (SOC) 1 and 2 reports, when relevant. We recognize the risks that come with the use of AI technologies in our cybersecurity operations.
Our cybersecurity program includes written policies and standards that follow the guidance of well-recognized industry cybersecurity frameworks. 20 Management and Board Oversight We have a dedicated cybersecurity team led by our Vice President of Information Security (“CISO”), who reports on cybersecurity directly to our Chief Technology Officer (“CTO”), who reports to our Chief Financial Officer (“CFO”).
Management and Board Oversight We have a dedicated cybersecurity team led by our Vice President of Information Security (“CISO”), who reports on cybersecurity directly to our Chief Technology Officer (“CTO”), who reports to our Chief Financial Officer (“CFO”).
To mitigate third party risk, we maintain a Vendor Integrity Code, which is designed to require our third-party vendors to comply with our requirements for maintenance of passwords, as well as other confidentiality, security, and privacy procedures.
We also recognize that third-parties that provide information systems we use can be subject to cybersecurity incidents that could impact us. To mitigate third party risk, we maintain a Vendor Integrity Code, which is designed to require our third-party vendors to comply with our requirements for maintenance of passwords, as well as other confidentiality, security, and privacy procedures.
ITEM 1C. CYBERSECURITY We believe that having a strong cybersecurity program, including robust risk management and oversight procedures, is critical to our business success.
ITEM 1C. CYBERSECURITY We believe that having a strong cybersecurity program, including robust risk management and oversight procedures, is critical to our business success. Our cybersecurity program includes written policies and standards that follow the guidance of well-recognized industry cybersecurity frameworks.
Removed
In addition, current employees must complete mandatory annual cybersecurity and data trainings, which are supplemented by regular phishing and other cyber-related awareness activities that we conduct throughout the year. 21 We also recognize that third-parties that provide information systems we use can be subject to cybersecurity incidents that could impact us.
Added
We have adopted a governance framework that requires proposed AI technologies to undergo a risk evaluation, assessing risks such as potential bias, privacy implications, and business impact, before deployment within the business.
Added
This evaluation is conducted using defined criteria, including regulatory compliance and impact on business operations, and is performed by a cross-functional committee consisting of representatives from our business, legal, IT and cybersecurity teams. Use cases that are approved for deployment are inventoried and periodically reviewed.

Item 2. Properties

Properties — owned and leased real estate

1 edited+1 added−3 removed0 unchanged
Biggest changeWe also lease commercial office space in Calabasas, California, where certain corporate functions are located, as well as an additional 26 locations in 16 states for other operational and development personnel.
Biggest changeWe own commercial real estate in Las Vegas, Nevada, which serves as our principal executive offices. We also lease commercial office space in Calabasas, California, where certain corporate functions are located, as well as an additional 28 locations in 16 states for other operational and development personnel.
Removed
ITEM 2. PROPERTIES The following table summarizes certain key single-family properties metrics as of December 31, 2024: Market Number of Single-Family Properties (1) % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg. Gross Book Value per Property Avg. Sq. Ft. Avg. Property Age (years) Avg.
Added
ITEM 2. PROPERTIES Refer to Part II, “Item 7. Management’s Discussion And Analysis of Financial Condition and Results of Operations—Key Single-Family Property and Leasing Metrics” below for a summary of certain key metrics for our single-family home portfolio as of December 31, 2025. There were no encumbrances on any of our properties as of December 31, 2025.
Removed
Year Purchased or Delivered Atlanta, GA 6,027 10.0 % $ 1,419.8 10.2 % $ 235,586 2,196 17.3 2017 Charlotte, NC 4,258 7.0 % 978.7 7.0 % 229,833 2,119 18.3 2016 Dallas-Fort Worth, TX 3,870 6.4 % 689.9 5.0 % 178,281 2,086 20.5 2014 Phoenix, AZ 3,311 5.5 % 731.5 5.3 % 220,968 1,848 19.6 2016 Nashville, TN 3,370 5.6 % 863.2 6.2 % 256,144 2,122 16.4 2016 Jacksonville, FL 3,297 5.4 % 751.9 5.4 % 228,092 1,925 14.4 2016 Tampa, FL 2,964 4.9 % 720.8 5.2 % 243,244 1,949 15.1 2016 Indianapolis, IN 3,054 5.0 % 555.8 4.0 % 181,981 1,937 21.6 2015 Houston, TX 2,421 4.0 % 442.2 3.2 % 182,667 2,068 19.0 2015 Las Vegas, NV 2,550 4.2 % 784.2 5.6 % 307,535 1,960 10.9 2018 Raleigh, NC 2,223 3.7 % 453.1 3.3 % 203,831 1,893 18.3 2015 Columbus, OH 2,181 3.6 % 441.6 3.2 % 202,517 1,890 21.5 2015 Cincinnati, OH 2,107 3.5 % 421.0 3.0 % 199,826 1,843 21.9 2014 Orlando, FL 2,126 3.5 % 505.8 3.6 % 237,928 1,928 17.0 2016 Salt Lake City, UT 1,937 3.2 % 596.4 4.3 % 307,912 2,244 17.8 2016 Charleston, SC 1,616 2.7 % 388.0 2.8 % 240,168 1,964 13.2 2017 Greater Chicago area, IL and IN 1,523 2.5 % 295.3 2.1 % 193,875 1,868 23.3 2013 San Antonio, TX 1,222 2.0 % 246.9 1.8 % 202,129 1,914 15.8 2016 Savannah/Hilton Head, SC 1,056 1.7 % 228.1 1.6 % 216,039 1,886 16.1 2017 Seattle, WA 1,014 1.7 % 344.6 2.5 % 339,864 2,010 14.4 2017 All Other (2) 8,404 13.9 % 2,070.7 14.7 % 246,395 1,922 17.3 2016 Total/Average 60,531 100.0 % $ 13,929.5 100.0 % $ 230,121 1,996 17.7 2016 (1) Excludes 805 single-family properties held for sale as of December 31, 2024.
Removed
(2) Represents 17 markets in 16 states. For details on material encumbrances on our properties, see “Schedule III—Real Estate and Accumulated Depreciation” included in Part IV, “Item 15. Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K. Property and Management We own commercial real estate in Las Vegas, Nevada, which serves as our principal executive offices.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed0 unchanged
Biggest changeITEM 3. LEGAL PROCEEDINGS For a description of the Company’s legal proceedings, see “Note 14. Commitments and Contingencies” to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 23 PART II
Biggest changeITEM 3. LEGAL PROCEEDINGS For a description of the Company’s legal proceedings, see “Note 14. Commitments and Contingencies” to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 22 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

9 edited+5 added−1 removed10 unchanged
Biggest changeThe following table displays the estimated income tax treatment of our quarterly distributions on our Class A and Class B common shares and Series G and Series H perpetual preferred shares for the years ended December 31, 2024 and 2023: 2024 2023 Classification 3/28/2024 6/28/2024 9/30/2024 12/31/2024 3/31/2023 6/30/2023 9/29/2023 12/29/2023 Ordinary Dividend Income (1) 56.4 % 56.4 % 56.4 % 56.4 % 76.3 % 25.4 % 25.4 % 25.4 % Capital Gain Distributions (2)(3)(4) 43.6 % 43.6 % 43.6 % 43.6 % 23.7 % 74.6 % 74.6 % 74.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) 100.0% of the ordinary dividend income is treated as Internal Revenue Code (“IRC”) Section 199A qualified REIT dividend income.
Biggest changeThe following table displays the estimated income tax treatment of our quarterly distributions on our Class A and Class B common shares and Series G and Series H perpetual preferred shares for the years ended December 31, 2025 and 2024: 2025 2024 Classification 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/28/2024 6/28/2024 9/30/2024 12/31/2024 Ordinary Dividend Income (1) 70.2 % 46.6 % 46.6 % 46.6 % 56.4 % 56.4 % 56.4 % 56.4 % Qualified Dividend Income 0.9 % 1.6 % 1.6 % 1.6 % — % — % — % — % Capital Gain Distributions (2)(3)(4) 28.9 % 51.8 % 51.8 % 51.8 % 43.6 % 43.6 % 43.6 % 43.6 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) 100.0% of the ordinary dividend income is treated as Internal Revenue Code (“IRC”) Section 199A qualified REIT dividend income.
(4) 100.0% of the capital gain distributions represent gain from dispositions of U.S. real property interests pursuant to IRC Section 897 for foreign shareholders. 24 Stock Performance Graph This performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be incorporated by reference into any filing by us under the Securities Act except as expressly set forth in such filing.
(4) 100.0% of the capital gain distributions represent gain from dispositions of U.S. real property interests pursuant to IRC Section 897 for foreign shareholders. 23 Stock Performance Graph This performance graph shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be incorporated by reference into any filing by us under the Securities Act except as expressly set forth in such filing.
The graph assumes the investment of $100 in our Class A common shares and each of the indices on December 31, 2019, and the reinvestment of all dividends. The return shown on the graph is not necessarily indicative of future performance. Comparison of Cumulative Total Return Among AMH, the S&P 500 Index and the MSCI U.S.
The graph assumes the investment of $100 in our Class A common shares and each of the indices on December 31, 2020, and the reinvestment of all dividends. The return shown on the graph is not necessarily indicative of future performance. Comparison of Cumulative Total Return Among AMH, the S&P 500 Index and the MSCI U.S.
IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2024 and 2023 distributions, since all capital gain distributions relate to IRC Section 1231 gains.
IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2025 and 2024 distributions, since all capital gain distributions relate to IRC Section 1231 gains.
The following graph compares the cumulative total return on our Class A common shares from December 31, 2019 to the NYSE closing price per share on December 31, 2024, with the cumulative total returns on the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500”) and the MSCI U.S. REIT Index.
The following graph compares the cumulative total return on our Class A common shares from December 31, 2020 to the NYSE closing price per share on December 31, 2025, with the cumulative total returns on the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500”) and the MSCI U.S. REIT Index.
Shareholders / Unitholders As of the close of business on February 19, 2025, there were 26 holders of record of the Company’s Class A common shares (excludes beneficial owners whose shares are held in street name by brokers and other nominees), one shareholder of record of the Company’s Class B common shares and 11 holders of record of the Operating Partnership’s Class A units (including AMH’s general partnership interest).
Shareholders / Unitholders As of the close of business on February 18, 2026, there were 25 holders of record of the Company’s Class A common shares (excludes beneficial owners whose shares are held in street name by brokers and other nominees), one shareholder of record of the Company’s Class B common shares and 11 holders of record of the Operating Partnership’s Class A units (including AMH’s general partnership interest).
Distributions The Company’s board of trustees declared total distributions of $1.04 and $0.88 per Class A and Class B common share during the years ended December 31, 2024 and 2023, respectively. The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units.
Distributions The Company’s board of trustees declared total distributions of $1.20 and $1.04 per Class A and Class B common share during the years ended December 31, 2025 and 2024, respectively. The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units.
On February 19, 2025, the last reported sales price per share of our Class A common shares was $35.31. The Company’s Class B common shares and the Operating Partnership’s Class A units are not publicly traded.
On February 18, 2026, the last reported sales price per share of our Class A common shares was $31.36. The Company’s Class B common shares and the Operating Partnership’s Class A units are not publicly traded.
REIT Index The following table provides the same information in tabular form: 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 AMH $ 100.00 $ 115.28 $ 169.35 $ 119.49 $ 146.26 $ 156.47 S&P 500 $ 100.00 $ 118.39 $ 152.34 $ 124.73 $ 157.48 $ 196.85 MSCI U.S.
REIT Index The following table provides the same information in tabular form: 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 AMH $ 100.00 $ 146.91 $ 103.66 $ 126.88 $ 135.74 $ 120.60 S&P 500 $ 100.00 $ 128.68 $ 105.36 $ 133.03 $ 166.28 $ 195.98 MSCI U.S.
Removed
REIT $ 100.00 $ 92.43 $ 132.23 $ 99.82 $ 113.53 $ 123.47 ITEM 6. [RESERVED] 25
Added
REIT $ 100.00 $ 143.06 $ 108.00 $ 122.84 $ 133.59 $ 137.53 Issuer Purchases of Equity Securities The following table summarizes the Company’s repurchases of its outstanding Class A common shares during the fourth quarter of 2025 (amounts in thousands, except share and per share data): Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs October 1, 2025 to October 31, 2025 — $ — — $ 265,067 November 1, 2025 to November 30, 2025 2,407,192 32.06 2,407,192 187,896 December 1, 2025 to December 31, 2025 2,314,013 31.47 2,314,013 115,067 Total 4,721,205 $ 31.77 4,721,205 $ 115,067 (1) In February 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $300.0 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.
Added
All repurchased shares are constructively retired and returned to an authorized and unissued status.
Added
The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. 24 In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 share repurchase program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program at a weighted-average price of $31.49 per share and a total price of $115.1 million.
Added
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.
Added
The new share repurchase program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. ITEM 6. [RESERVED] 25

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

105 edited+16 added−20 removed59 unchanged
Biggest changeYear Purchased or Delivered Atlanta, GA 6,027 10.0 % $ 1,419.8 10.2 % $ 235,586 2,196 17.3 2017 Charlotte, NC 4,258 7.0 % 978.7 7.0 % 229,833 2,119 18.3 2016 Dallas-Fort Worth, TX 3,870 6.4 % 689.9 5.0 % 178,281 2,086 20.5 2014 Phoenix, AZ 3,311 5.5 % 731.5 5.3 % 220,968 1,848 19.6 2016 Nashville, TN 3,370 5.6 % 863.2 6.2 % 256,144 2,122 16.4 2016 Jacksonville, FL 3,297 5.4 % 751.9 5.4 % 228,092 1,925 14.4 2016 Tampa, FL 2,964 4.9 % 720.8 5.2 % 243,244 1,949 15.1 2016 Indianapolis, IN 3,054 5.0 % 555.8 4.0 % 181,981 1,937 21.6 2015 Houston, TX 2,421 4.0 % 442.2 3.2 % 182,667 2,068 19.0 2015 Las Vegas, NV 2,550 4.2 % 784.2 5.6 % 307,535 1,960 10.9 2018 Raleigh, NC 2,223 3.7 % 453.1 3.3 % 203,831 1,893 18.3 2015 Columbus, OH 2,181 3.6 % 441.6 3.2 % 202,517 1,890 21.5 2015 Cincinnati, OH 2,107 3.5 % 421.0 3.0 % 199,826 1,843 21.9 2014 Orlando, FL 2,126 3.5 % 505.8 3.6 % 237,928 1,928 17.0 2016 Salt Lake City, UT 1,937 3.2 % 596.4 4.3 % 307,912 2,244 17.8 2016 Charleston, SC 1,616 2.7 % 388.0 2.8 % 240,168 1,964 13.2 2017 Greater Chicago area, IL and IN 1,523 2.5 % 295.3 2.1 % 193,875 1,868 23.3 2013 San Antonio, TX 1,222 2.0 % 246.9 1.8 % 202,129 1,914 15.8 2016 Savannah/Hilton Head, SC 1,056 1.7 % 228.1 1.6 % 216,039 1,886 16.1 2017 Seattle, WA 1,014 1.7 % 344.6 2.5 % 339,864 2,010 14.4 2017 All Other (2) 8,404 13.9 % 2,070.7 14.7 % 246,395 1,922 17.3 2016 Total/Average 60,531 100.0 % $ 13,929.5 100.0 % $ 230,121 1,996 17.7 2016 (1) Excludes 805 single-family properties held for sale as of December 31, 2024.
Biggest changeYear Purchased or Delivered Atlanta, GA 5,944 9.9 % $ 1,444.2 10.0 % $ 242,982 2,201 17.4 2017 Charlotte, NC 4,237 7.0 % 995.8 6.9 % 235,026 2,120 18.8 2016 Dallas-Fort Worth, TX 3,663 6.1 % 657.2 4.6 % 179,413 2,080 21.4 2014 Nashville, TN 3,392 5.6 % 893.4 6.2 % 263,393 2,125 17.0 2016 Jacksonville, FL 3,382 5.6 % 806.5 5.6 % 238,489 1,933 14.4 2017 Phoenix, AZ 3,282 5.4 % 754.5 5.2 % 229,918 1,865 19.7 2016 Indianapolis, IN 2,993 5.0 % 547.8 3.8 % 183,011 1,931 22.6 2015 Tampa, FL 3,057 5.1 % 785.1 5.5 % 256,851 1,961 14.6 2017 Las Vegas, NV 2,733 4.5 % 881.9 6.1 % 322,690 1,974 10.6 2018 Houston, TX 2,250 3.7 % 411.5 2.9 % 182,903 2,061 19.9 2015 Raleigh, NC 2,147 3.6 % 443.0 3.1 % 206,345 1,900 19.2 2015 Columbus, OH 2,251 3.7 % 483.3 3.4 % 214,733 1,907 21.2 2016 Orlando, FL 2,227 3.7 % 573.8 4.0 % 257,690 1,950 16.1 2017 Cincinnati, OH 2,092 3.5 % 422.7 2.9 % 202,032 1,843 22.9 2014 Salt Lake City, UT 1,931 3.2 % 596.5 4.1 % 308,906 2,243 18.8 2016 Charleston, SC 1,665 2.8 % 414.3 2.9 % 248,812 1,964 13.4 2017 Greater Chicago area, IL and IN 1,500 2.5 % 294.3 2.0 % 196,177 1,872 24.3 2013 San Antonio, TX 1,105 1.8 % 227.8 1.6 % 206,196 1,901 16.4 2016 Boise, ID 1,107 1.8 % 356.6 2.5 % 322,219 1,884 10.9 2018 Savannah/Hilton Head, SC 1,024 1.7 % 227.0 1.6 % 221,680 1,884 16.7 2017 All Other (2) 8,355 13.8 % 2,161.2 15.1 % 258,671 1,947 18.3 2017 Total/Average 60,337 100.0 % $ 14,378.4 100.0 % $ 238,302 2,001 18.0 2016 (1) Excludes 1,142 single-family properties held for sale as of December 31, 2025.
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.
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.
Additional Non-GAAP Measures Funds from Operations (“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 the National Association of Real Estate Investment Trusts (“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 partnerships and joint ventures to reflect FFO on the same basis.
Additional Non-GAAP Measures Funds from Operations (“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 the National Association of Real Estate Investment Trusts (“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.
The Company also entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility and paid $11.5 million in related deferred financing costs. During the year ended December 31, 2024, the Company borrowed $400.0 million and paid down $490.0 million on its revolving credit facility as well as repaid an additional $19.8 million on its asset-backed securitizations.
The Company also entered into a credit agreement with a $1.25 billion sustainability-linked revolving credit facility and paid $11.5 million in related deferred financing costs. During the year ended December 31, 2024, the Company borrowed $400.0 million and paid down $490.0 million on its revolving credit facility as well as repaid an additional $19.8 million on its asset-backed securitizations.
Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property 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.
Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property is classified as stabilized once it has been 29 renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days.
Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and 28 quality of our tenants.
Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants.
We also believe that Core FFO and Adjusted FFO attributable to 39 common share and unit holders 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.
We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders 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.
The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.
The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, rental rates and capital 34 requirements that could differ materially from actual results in future periods.
The Company’s revolving credit facility has a maximum borrowing capacity of $1.25 billion and matures in 2028 with two six-month extension options at the Company’s election if certain conditions are met.
The Company’s revolving credit facility has a maximum borrowing capacity of 37 $1.25 billion and matures in 2028 with two six-month extension options at the Company’s election if certain conditions are met.
As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating 29 performance.
As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance.
If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual 34 property and the carrying amount of the property at that date.
If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Uses of Capital Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.
Uses of Capital Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including interest payments, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the development and renovation of our properties and repurchases of our securities.
For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our 2023 At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature.
For our development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature.
The 2023 At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers.
The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers.
See Note 9. Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K. EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre EBITDA is defined as earnings before interest, taxes, depreciation and amortization.
See Note 9. Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K. EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre EBITDA is defined as earnings before interest, taxes, depreciation and amortization.
Excluding the effects of casualty losses, no impairments on operating properties were recorded during the years ended December 31, 2024, 2023 and 2022. Recent Accounting Pronouncements See Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15.
Excluding the effects of casualty losses, no impairments on operating properties were recorded during the years ended December 31, 2025, 2024 and 2023. Recent Accounting Pronouncements See Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15.
This section of this Form 10-K generally discusses the years ended December 31, 2024 and 2023. A discussion of the year ended December 31, 2022 is available at Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023.
This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024. A discussion of the year ended December 31, 2023 is available at Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.
(3) For the year ended December 31, 2024, 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.
(3) For the year ended December 31, 2025, 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.
Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $450,000 to acquire and develop land and build a rental home.
Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $500,000 to acquire and develop land and build a rental home.
Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its 2023 At-the-Market Program at the request of the Company by 38 the forward seller.
Additionally, the Company entered into a forward sale agreement with the forward purchaser during the first quarter of 2024 (the “March 2024 Forward Sale Agreement”) to offer 2,987,024 Class A common shares on a forward basis under its At-the-Market Program at the request of the Company by the forward seller.
Acquisition and Other Transaction Costs Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization.
Acquisition and Other Transaction Costs Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization.
Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption.
Once land development requirements have been met, historically it has taken approximately four to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption.
Typically, our incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children. Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.
Typically, our incoming residents have household incomes ranging from $80,000 to $150,000 and primarily consist of families with approximately two adults and one or more children. 28 Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.
Key Single-Family Property and Leasing Metrics The following table summarizes certain key single-family properties metrics as of December 31, 2024: Total Single-Family Properties (1) Market Number of Single-Family Properties % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg. Gross Book Value per Property Avg. Sq. Ft. Avg. Property Age (years) Avg.
Key Single-Family Property and Leasing Metrics The following table summarizes certain key single-family properties metrics as of December 31, 2025: Total Single-Family Properties (1) Market Number of Single-Family Properties % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg. Gross Book Value per Property Avg. Sq. Ft. Avg. Property Age (years) Avg.
(2) For the year ended December 31, 2024, Average Occupied Days Percentage represents 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.
(2) For the year ended December 31, 2025, Average Occupied Days Percentage represents 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.
EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis.
EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by 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.
Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.
Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.
(2) Represents 17 markets in 16 states. 26 The following table summarizes certain key leasing metrics as of December 31, 2024: Total Single-Family Properties (1) Market Avg. Occupied Days Percentage (2) Avg. Monthly Realized Rent per Property (3) Avg. Original Lease Term (months) (4) Avg. Remaining Lease Term (months) (4) Avg.
(2) Represents 16 markets in 15 states. 26 The following table summarizes certain key leasing metrics as of December 31, 2025: Total Single-Family Properties (1) Market Avg. Occupied Days Percentage (2) Avg. Monthly Realized Rent per Property (3) Avg. Original Lease Term (months) (4) Avg. Remaining Lease Term (months) (4) Avg.
During the year ended December 31, 2024, we also developed an additional 356 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,356 total home deliveries through our AMH Development Program. Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis.
During the year ended December 31, 2025, we also developed an additional 443 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,322 total home deliveries through our AMH Development Program. Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.
(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2024, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property. (6) Represents 17 markets in 16 states.
(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property. (6) Represents 16 markets in 15 states.
Share Repurchase Program The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions.
Share Repurchase Program In 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to 38 time in the open market or in privately negotiated transactions (the “2018 Share Repurchase Program”).
The increase was primarily due to higher interest income. Critical Accounting Estimates Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP.
The decrease was primarily due to lower interest income. Critical Accounting Estimates Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP.
Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 5.3% for the year ended December 31, 2024 and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 27.5% and 29.7% during the years ended December 31, 2024 and 2023, respectively.
Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.7% for the year ended December 31, 2025 and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 26.3% and 27.8% during the years ended December 31, 2025 and 2024, respectively.
Also, as of December 31, 2024, the Company had an additional 3,376 properties held in unconsolidated joint ventures, compared to 2,978 properties held in unconsolidated joint ventures as of December 31, 2023. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.
Also, as of December 31, 2025, the Company had an additional 3,785 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.
A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives, including drawing on our revolving credit facility. Our liquidity and capital resources as of December 31, 2024 included cash and cash equivalents of $199.4 million.
A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives, including drawing on our revolving credit facility. Our liquidity and capital resources as of December 31, 2025 included $108.5 million of cash and cash equivalents.
Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.
Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.
Property Management Expenses Property management expenses for the years ended December 31, 2024 and 2023 were $129.3 million and $123.4 million, respectively, which included $4.8 million and $4.0 million, respectively, of noncash share-based compensation expense in each period 32 related to centralized and field property management employees.
Property Management Expenses Property management expenses for the years ended December 31, 2025 and 2024 were $134.8 million and $129.3 million, respectively, which included $4.1 million and $4.8 million, respectively, of noncash share-based compensation expense in each period 32 related to centralized and field property management employees.
General and administrative expense for the years ended December 31, 2024 and 2023 was $83.6 million and $74.6 million, respectively, which included $20.6 million and $16.4 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.
General and administrative expense for the years ended December 31, 2025 and 2024 was $83.0 million and $83.6 million, respectively, which included $16.1 million and $20.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees.
During the year ended December 31, 2024, the Company recognized $12.8 million in gross charges primarily 33 related to actual and estimated accruals for minor repair and remediation costs, partially offset by an estimated $3.9 million of related insurance claims that the Company believes is probable it will recover, resulting in a net charge of $8.9 million.
During the year ended December 31, 2024, the Company recognized $12.8 million in gross charges primarily 33 related to actual and estimated accruals for minor repair and remediation costs, partially offset by $3.9 million of related insurance claims, resulting in a net charge of $8.9 million.
Other Income and Expense, net Other income and expense, net for the years ended December 31, 2024 and 2023 was $22.2 million and $9.8 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.
Other Income and Expense, net Other income and expense, net for the years ended December 31, 2025 and 2024 was $15.7 million and $22.2 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.
(2) Presented net of tenant charge-backs. (3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees. Rents and Other Single-Family Property Revenues Rents and other single-family property revenues increased 6.5% to $1.73 billion for the year ended December 31, 2024 from $1.62 billion for the year ended December 31, 2023.
(2) Presented net of tenant charge-backs. (3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees. Rents and Other Single-Family Property Revenues Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025 from $1.73 billion for the year ended December 31, 2024.
This increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024 and December 2024, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024 and AMH 2014-SFR3 securitization in August 2024.
The increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and May 2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 2024, the AMH 2014-SFR3 securitization in August 2024, the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.
Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment.
Our level of investment activity has fluctuated based on the number of suitable 27 opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment.
Gain on Sale and Impairment of Single-Family Properties and Other, net Gain on sale and impairment of single-family properties and other, net for the years ended December 31, 2024 and 2023 was $225.8 million and $209.8 million, respectively, which included $9.2 million and $1.9 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.
Gain on Sale and Impairment of Single-Family Properties and Other, net Gain on sale and impairment of single-family properties and other, net for the years ended December 31, 2025 and 2024 was $231.5 million and $225.8 million, respectively, which included $34.4 million and $9.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period.
Financing Activities Net cash provided by financing activities was $142.7 million for the year ended December 31, 2024 compared to net cash used for financing activities of $42.2 million during the year ended December 31, 2023.
Financing Activities Net cash used for financing activities was $655.7 million during the year ended December 31, 2025 compared to net cash provided by financing activities of $142.7 million during the year ended December 31, 2024.
Depreciation and amortization expense increased 4.5% to $477.0 million for the year ended December 31, 2024 from $456.6 million for the year ended December 31, 2023 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.
Depreciation and amortization expense increased 5.7% to $504.3 million for the year ended December 31, 2025 from $477.0 million for the year ended December 31, 2024 primarily due to growth in the average number and cost of depreciable properties as well as ongoing capital investments into existing properties.
This change was primarily due to the debt and equity activity described below as well as $82.0 million in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the year ended December 31, 2024. See Land Option Contracts in Note 2.
This change was primarily due to the debt and equity activity described below as well as a $28.0 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program. See Land Option Contracts in Note 2.
For the year ended December 31, 2024, the Company purchased 1,724 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $495.9 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows.
For the year ended December 31, 2025, the Company purchased 84 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $23.6 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows.
Depreciation and Amortization Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.
Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life.
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, (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.
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 40 charges, net, which result in material charges to our single-family property portfolio and (4) gain or loss on early extinguishment of debt.
These charges aggregated to $6.3 million for the year ended December 31, 2024 and were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15.
These charges aggregated to $6.3 million for the year ended December 31, 2024 and were included in loss on early extinguishment of debt within the consolidated statements of operations included in a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.
As of December 31, 2024, the Company had no outstanding borrowings under its revolving credit facility During the year ended December 31, 2024, the Company paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization and the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $1.0 million and $0.5 million, respectively, of charges related to legal fees and write-offs of unamortized deferred financing costs.
During the year ended December 31, 2024, the Company paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization and the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $1.5 million of aggregated charges related to legal fees and write-offs of unamortized deferred financing costs.
Overview We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets.
Overview We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.
The Company intends to use any net proceeds from the 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio.
The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, and (iii) for working capital and general corporate purposes, including repurchases of the Company’s securities, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio.
In addition, we acquire newly constructed homes from third-party developers through our National Builder 27 Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed.
We are primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed.
As of December 31, 2024, we owned 61,336 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 805 properties held for sale, compared to 59,332 single-family properties in 21 states, including 862 properties held for sale, as of December 31, 2023.
As of December 31, 2025, we owned 61,479 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 1,142 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024.
As of December 31, 2024, 57,486 of our total properties (excluding properties held for sale) were occupied, compared to 55,768 of our total properties (excluding properties held for sale) as of December 31, 2023.
As of December 31, 2025, 56,756 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024.
The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million.
The Company issued and physically settled the 2,987,024 Class A common shares during the fourth quarter of 2024, receiving gross proceeds of $110.6 million before commissions and other expenses of approximately $0.8 million and before offering costs of approximately $0.2 million. During the year ended December 31, 2025, no shares were issued under the At-the-Market Program.
The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, 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 for the years ended December 31, 2024 and 2023 (amounts in thousands): For the Years Ended December 31, 2024 2023 Net income attributable to common shareholders $ 398,482 $ 366,224 Adjustments: Noncontrolling interests in the Operating Partnership 55,716 51,974 Gain on sale and impairment of single-family properties and other, net (225,756) (209,834) Adjustments for unconsolidated joint ventures 4,722 3,711 Depreciation and amortization 477,010 456,550 Less: depreciation and amortization of non-real estate assets (19,447) (17,417) FFO attributable to common share and unit holders (1) $ 690,727 $ 651,208 Adjustments: Acquisition, other transaction costs and other 12,192 16,910 Noncash share-based compensation - general and administrative 20,617 16,379 Noncash share-based compensation - property management 4,814 4,030 Hurricane-related charges, net 8,884 — Loss on early extinguishment of debt 6,323 — Core FFO attributable to common share and unit holders (1) $ 743,557 $ 688,527 Recurring Capital Expenditures (76,281) (76,098) Leasing costs (3,966) (3,113) Adjusted FFO attributable to common share and unit holders (1) $ 663,310 $ 609,316 (1) Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s consolidated financial statements.
The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, 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 for the years ended December 31, 2025 and 2024 (amounts in thousands): For the Years Ended December 31, 2025 2024 Net income attributable to common shareholders $ 439,030 $ 398,482 Adjustments: Noncontrolling interests in the Operating Partnership 60,418 55,716 Gain on sale and impairment of single-family properties and other, net (231,460) (225,756) Adjustments for unconsolidated real estate joint ventures 6,940 4,722 Depreciation and amortization 504,341 477,010 Less: depreciation and amortization of non-real estate assets (22,333) (19,447) FFO attributable to common share and unit holders (1) $ 756,936 $ 690,727 Adjustments: Acquisition, other transaction costs and other 11,180 12,192 Noncash share-based compensation - general and administrative 16,078 20,617 Noncash share-based compensation - property management 4,090 4,814 Hurricane-related charges, net — 8,884 Loss on early extinguishment of debt 396 6,323 Core FFO attributable to common share and unit holders (1) $ 788,680 $ 743,557 Recurring Capital Expenditures (72,605) (76,281) Leasing costs (3,623) (3,966) Adjusted FFO attributable to common share and unit holders (1) $ 712,452 $ 663,310 (1) Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s consolidated financial statements.
During the years ended December 31, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares.
During the year ended December 31, 2024, the Company did not repurchase and retire any of its Class A common shares or preferred shares.
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, (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.
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. 39 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.
At-the-Market Common Share Offering Program During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “2023 At-the-Market Program”).
At-the-Market Common Share Offering Program The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”).
As of December 31, 2024, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.
As of December 31, 2025, the Company had a remaining repurchase authorization under the 2018 Share Repurchase Program of up to $115.1 million of its outstanding Class A common shares and up to $250.0 million of its outstanding preferred shares.
Exhibit and Financial Statement Schedules” of this Annual Report on Form 10-K During the year ended December 31, 2024, the Company also issued the 2034 Notes I, the 2034 Notes II and the 2035 Notes, receiving $1.59 billion in proceeds, net of discount, and paid $13.7 million in related deferred financing costs as well as received $8.6 million for the settlement of two treasury locks in connection with the pricing of the 2035 Notes.
During the year ended December 31, 2024, the Company also issued unsecured senior notes in January, June and December, receiving $1.59 billion in proceeds, net of discount, and paid $13.7 million in related deferred financing costs as well as received $8.6 million for the settlement of two treasury locks in connection with the pricing of the 2035 Notes.
Acquisition and other transaction costs for the years ended December 31, 2024 and 2023 were $12.2 million and $16.9 million, respectively, which included $5.6 million and $5.0 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in personnel costs.
Acquisition and other transaction costs for the years ended December 31, 2025 and 2024 were $12.3 million and $12.2 million, respectively, which included $5.6 million of noncash share-based compensation expense in each period related to employees in these functions. Depreciation and Amortization Depreciation and amortization expense consists primarily of depreciation of buildings and improvements.
This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.3% to $2,189 per month for the year ended December 31, 2024 compared to $2,078 per month for the year ended December 31, 2023, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the year ended December 31, 2024 compared to 96.7% for the year ended December 31, 2023.
This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.7% to $2,282 per month for the year ended December 31, 2025 compared to $2,200 per month for the year ended December 31, 2024, as well as higher fees from single-family properties and lower uncollectible rents.
Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable.
Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable. In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental.
During the years ended December 31, 2024 and 2023, the Company distributed an aggregate $450.8 million and $378.5 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.
The Operating Partnership funds the payment of distributions. During the years ended December 31, 2025 and 2024, the Company distributed an aggregate $521.2 million and $450.8 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.
During the years ended December 31, 2024 and 2023, the Company directly issued 932,746 and 2,799,683 Class A common shares under its 2023 At-the-Market Program, respectively, raising $33.7 million and $102.0 million in gross proceeds before commissions and other expenses of approximately $0.5 million and $1.7 million, respectively.
The At-the-Market Program may be suspended or terminated by the Company at any time. During the year ended December 31, 2024, the Company directly issued 932,746 Class A common shares under its At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million.
The increase in property management expenses was primarily attributable to an increase in personnel related expenses and noncash share-based compensation expense. Core Revenues from Same-Home Properties Core revenues from Same-Home properties increased 5.0% to $1.33 billion for the year ended December 31, 2024 from $1.27 billion for the year ended December 31, 2023.
The increase in property management expenses was primarily attributable to an increase in personnel related expenses. Core Revenues from Same-Home Properties Core revenues from Same-Home properties increased 4.0% to $1.41 billion for the year ended December 31, 2025 from $1.35 billion for the year ended December 31, 2024.
The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.
The 2026 Share Repurchase Program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status.
The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property.
Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property.
Core property operating expenses from Same-Home properties increased 4.3% to $457.9 million for the year ended December 31, 2024 from $438.9 million for the year ended December 31, 2023 primarily driven by an annual increase in property tax expense.
Core property operating expenses from Same-Home properties increased 2.8% to $475.8 million for the year ended December 31, 2025 from $462.9 million for the year ended December 31, 2024 primarily driven by annual increases in property tax expense.
The timing of these obligations due within one year may be extended beyond December 31, 2025. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.
Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.
Cash Flows The following table summarizes the Company’s and the Operating Partnership’s cash flows for the years ended December 31, 2024 and 2023 (amounts in thousands): For the Years Ended December 31, 2024 2023 Change Net cash provided by operating activities $ 811,535 $ 738,689 $ 72,846 Net cash used for investing activities (825,876) (692,578) (133,298) Net cash provided by (used for) financing activities 142,696 (42,210) 184,906 Net increase in cash, cash equivalents and restricted cash $ 128,355 $ 3,901 $ 124,454 Operating Activities Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense.
Cash Flows The following table summarizes the Company’s and the Operating Partnership’s cash flows for the years ended December 31, 2025 and 2024 (amounts in thousands): For the Years Ended December 31, 2025 2024 Change Net cash provided by operating activities $ 864,327 $ 811,535 $ 52,792 Net cash used for investing activities (328,167) (825,876) 497,709 Net cash (used for) provided by financing activities (655,686) 142,696 (798,382) Net (decrease) increase in cash, cash equivalents and restricted cash $ (119,526) $ 128,355 $ (247,881) Operating Activities Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense.
Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital. We are also focused on developing “built-for-rental” homes through our internal AMH Development Program.
In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.
Property Operations Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program.
We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business. Property Operations Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program.
With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program.
With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, operating lease obligations and purchase commitments to acquire land for our AMH Development Program. During the year ended December 31, 2025, we repaid all amounts due under the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations.
During the year ended December 31, 2024, the Company repaid all amounts due under the AMH 2014-SFR2 and AMH 2014-SFR3 securitizations. See Note 7. Debt, Note 8. Accounts Payable and Accrued Expenses, Note 14. Commitments and Contingencies and Note 16. Subsequent Events to our consolidated financial statements included as a separate section in Part IV, 35 “Item 15.
See Note 7. Debt, Note 8. Accounts Payable and Accrued Expenses, Note 14. Commitments and Contingencies and Note 16. Subsequent Events to our consolidated financial statements included as a separate section in Part IV, “Item 15.

… 61 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

6 edited+2 added−0 removed2 unchanged
Biggest changeAs of December 31, 2024, the Company had approximately $5.1 billion of fixed rate debt and therefore the fair value of these instruments is affected by changes in market interest rates.
Biggest changeHowever, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure. As of December 31, 2025, the Company had approximately $4.8 billion of fixed rate debt and therefore the fair value of these instruments is affected by changes in market interest rates.
All borrowings under our revolving credit facility bear interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% until the fully extended maturity date of July 2029 and are subject to a zero percent SOFR floor.
All borrowings under our revolving credit facility bear interest at the Secured Overnight Financing Rate (“SOFR”) plus a 0.10% spread adjustment and a margin of 0.85% until the fully extended maturity date of July 2029 and are subject to a zero percent SOFR floor.
Decreases in interest rates may lead to additional competition for the acquisition of single-family homes and land for development, which may lead to future acquisitions being costlier and resulting in lower yields on single-family homes targeted for acquisition or land used in our development activities.
Decreases in interest rates may lead to additional competition for the acquisition of land for development, which may lead to future acquisitions being costlier and resulting in lower yields on land used in our development activities.
The following table presents principal cash flows by scheduled maturity, weighted-average interest rates and the estimated fair value of our fixed rate debt as of December 31, 2024 (amounts in thousands): Expected Maturity Date 2025 2026 2027 2028 2029 Thereafter Total Estimated Fair Value Fixed rate debt $ 10,302 $ 10,302 $ 10,302 $ 510,302 $ 410,302 $ 4,123,881 $ 5,075,391 $ 4,741,998 Weighted-average interest rate 4.68 % 4.95 % 4.94 % 5.00 % 5.02 % 5.42 % 5.21 % Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt.
The following table presents principal cash flows by scheduled maturity, weighted-average interest rates and the estimated fair value of our fixed rate debt as of December 31, 2025 (amounts in thousands): Expected Maturity Date 2026 2027 2028 2029 2030 Thereafter Total Estimated Fair Value Fixed rate debt $ — $ — $ 500,000 $ 400,000 $ 650,000 $ 3,250,000 $ 4,800,000 $ 4,630,714 Weighted-average interest rate 4.48 % 4.48 % 4.51 % 4.48 % 4.42 % 4.28 % 4.38 % Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt.
Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire single-family homes with rental rates high enough to offset the increase in interest rates on our borrowings. During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility.
Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to rent our single-family properties with rental rates high enough to offset the increase in interest rates on our borrowings.
As of December 31, 2024, the Company had no outstanding variable rate debt under its revolving credit facility and therefore no exposure to interest rate risk on its current borrowings. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
During the year ended December 31, 2025, the Company borrowed $770.0 million and paid down $410.0 million on its revolving credit facility, resulting in $360.0 million of outstanding variable rate debt as of December 31, 2025. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
Added
As of December 31, 2025, assuming no change in the outstanding balance of our existing variable rate debt, a hypothetical 100 basis point increase or decrease in the SOFR would increase or decrease our projected annual interest expense by approximately $3.6 million.
Added
This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change.

Other AMH 10-K year-over-year comparisons