Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 29, 2024

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter)


American Homes 4 Rent	Maryland	001-36013	46-1229660
American Homes 4 Rent, L.P.	Delaware	333-221878-02	80-0860173
	(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(805) 413-5300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbols

Name of each exchange on which registered

Class A common shares of beneficial interest, $.01 par value

AMH

New York Stock Exchange

Series G perpetual preferred shares of beneficial interest, $.01 par value

AMH-G

New York Stock Exchange

Series H perpetual preferred shares of beneficial interest, $.01 par value

AMH-H

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition

On October 29, 2024, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended September 30, 2024, together with a Third Quarter 2024 Earnings Release and Supplemental Information Package. A copy of the press release and the Third Quarter 2024 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated October 29, 2024 concerning financial results, including financial tables

Exhibit 99.2—Third Quarter 2024 Earnings Release and Supplemental Information Package

Exhibit 104—Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: October 29, 2024


						AMERICAN HOMES 4 RENT

						By:			/s/ Sara H. Vogt-Lowell
									Sara H. Vogt-Lowell
									Chief Legal Officer and Secretary


						AMERICAN HOMES 4 RENT, L.P.

						By:			American Homes 4 Rent, its General Partner

						By:			/s/ Sara H. Vogt-Lowell
									Sara H. Vogt-Lowell
									Chief Legal Officer and Secretary

Exhibit 99.1

News Release

AMH Reports Third Quarter 2024 Financial and Operating Results

Acquires High-Quality Portfolio of Nearly 1,700 Single-Family Rental Homes

Raises Full Year 2024 Guidance

LAS VEGAS, October 29, 2024—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended September 30, 2024.

Additionally, AMH today announced that in October 2024, the Company acquired a portfolio of nearly 1,700 single-family rental homes for approximately $480 million. The acquisition of the well-located, detached, high-quality homes across 13 markets reflects the Company’s disciplined and responsible approach to growth as well as the Company’s ability to create value by integrating homes onto the AMH platform. The Company funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility.

Highlights

•Rents and other single-family property revenues increased 5.5% year-over-year to $445.1 million for the third quarter of 2024.

•Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.3% year-over-year to $0.44 per FFO share and unit for the third quarter of 2024 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.0% year-over-year to $0.38 per FFO share and unit for the third quarter of 2024.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the third quarter of 2024.

•Achieved Same-Home Average Occupied Days Percentage of 95.9% in the third quarter of 2024, while generating 5.3% rate growth on new leases and 5.2% rate growth on renewals, resulting in 5.2% blended rate growth.

•Delivered a total of 753 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2024.

•Raised Full Year 2024 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.77, representing anticipated full year growth of 6.6% over prior year.

“We founded this Company to provide high-quality housing for Americans. Reflecting on the last 12 years at AMH, we accomplished more than I ever imagined and I am grateful to pass the baton to our long-term Chief Operating Officer Bryan Smith at the end of the year,” stated David Singelyn, Chief Executive Officer of AMH.

“AMH is at the forefront of the increasingly important single-family rental industry because of the quality of our rental homes, our diversified footprint, strength of our operating platform, and seamless execution from our teams. Long-term business fundamentals remain strong and AMH’s history of delivering consistent and predictable operating results and growing responsibly will continue to drive shareholder returns for years to come.”

Third Quarter 2024 Financial Results

Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share, for the third quarter of 2024, compared to $74.1 million, or $0.20 per diluted share, for the third quarter of 2023. The decrease was primarily due to a $5.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the third quarter of 2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

Rents and other single-family property revenues increased 5.5% to $445.1 million for the third quarter of 2024, compared to $421.7 million for the third quarter of 2023. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 7.7% to $242.1 million for the third quarter of 2024, compared to $224.8 million for the third quarter of 2023. This growth was driven by a 6.1% increase in core revenues resulting primarily from higher rental rates, partially offset by a 3.3% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.4% to $335.6 million for the third quarter of 2024, compared to $321.6 million for the third quarter of 2023, which was driven by a 5.1% increase in Average Monthly Realized Rent per property, partially offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 2.6% to $118.5 million for the third quarter of 2024, compared to $115.5 million for the third quarter of 2023, primarily driven by annual increases in property tax expense and partially offset by lower repairs and maintenance and turnover costs, net. As a result, Core NOI from Same-Home properties increased 5.4% to $217.1 million for the third quarter of 2024, compared to $206.1 million for the third quarter of 2023.

Core FFO attributable to common share and unit holders was $183.8 million, or $0.44 per FFO share and unit, for the third quarter of 2024, compared to $171.0 million, or $0.41 per FFO share and unit, for the third quarter of 2023. Adjusted FFO attributable to common share and unit holders was $159.7 million, or $0.38 per FFO share and unit, for the third quarter of 2024, compared to $146.2 million, or $0.35 per FFO share and unit, for the third quarter of 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.

Year-to-Date 2024 Financial Results

Net income attributable to common shareholders totaled $275.3 million, or $0.75 per diluted share, for the nine-month period ended September 30, 2024, compared to $289.6 million, or $0.80 per diluted share, for the nine-month period ended September 30, 2023. The decrease was primarily due to lower net gains on property sales as well as a $6.3 million loss on early extinguishment of debt and $3.9 million of hurricane-related charges, net in the nine-month period ended September 30, 2024, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

Rents and other single-family property revenues increased 6.4% to $1.3 billion for the nine-month period ended September 30, 2024, compared to $1.2 billion for the nine-month period ended September 30, 2023. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 8.0% to $722.7 million for the nine-month period ended September 30, 2024, compared to $669.2 million for the nine-month period ended September 30, 2023. This growth was driven by a 6.9% increase in core revenues resulting primarily from higher rental rates, partially offset by a 4.8% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 5.2% to $1.0 billion for the nine-month period ended September 30, 2024, compared to $950.8 million for the nine-month period ended September 30, 2023, which was driven by a 5.6% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $347.7 million for the nine-month period ended September 30, 2024, compared to $333.4 million for the nine-month period ended September 30, 2023, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 5.7% to $652.5 million for the nine-month period ended September 30, 2024, compared to $617.4 million for the nine-month period ended September 30, 2023.

Core FFO attributable to common share and unit holders was $551.8 million, or $1.32 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $509.9 million, or $1.23 per FFO share and unit, for the nine-month period ended September 30, 2023. Adjusted FFO attributable to common share and unit holders was $490.4 million, or $1.17 per FFO share and unit, for the nine-month period ended September 30, 2024, compared to $448.5 million, or $1.08 per FFO share and unit, for the nine-month period ended September 30, 2023. These improvements were primarily attributable to increases in rents and other single-family property revenues as a result of higher rental rates exceeding increases in expenses.

Portfolio

Average Occupied Days Percentage was 95.1% for the third quarter of 2024, compared to 95.8% for the second quarter of 2024.

Investments

As of September 30, 2024, the Company’s total single-family properties, excluding properties held for sale, consisted of 58,899 homes, compared to 58,860 homes as of June 30, 2024, an increase of 39 homes during the third quarter of 2024, which included 640 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 16 homes acquired through our traditional acquisition channel, partially offset by 617 homes identified for sale. During the third quarter of 2024, we also developed an additional 113 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 753 total home deliveries through our AMH Development Program. As of September 30, 2024, the Company had 1,003 properties held for sale and 3,271 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the third quarter of 2024, the Company paid off the outstanding principal on the AMH 2014-SFR3 asset-backed securitization of approximately $471.8 million.

During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility, replacing its previous $1.25 billion revolving credit facility. The interest rate on the new revolving credit facility is at either a daily or Term Secured Overnight Financing Rate (“SOFR”) plus a 0.10% spread adjustment and a margin ranging from 0.725% to 1.40% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.10%) plus a margin ranging from 0.00% to 0.40%. In each case, the actual margin is determined based on the Company’s credit ratings in effect from time to time. The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met.

As of September 30, 2024, the Company had cash and cash equivalents of $162.5 million and had total outstanding debt of $4.6 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.3% and a weighted-average term to maturity of 12.5 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility and had estimated net proceeds of $109.5 million available from future settlement under its At-the-

Market Program forward sale agreements at the end of the quarter. During the third quarter of 2024, the Company generated $50.6 million of Retained Cash Flow (defined below) and sold 256 properties generating $81.0 million of net proceeds.

In October 2024, the Company issued and physically settled 2,987,024 Class A common shares under its At-the-Market Program forward sale agreements, receiving net proceeds of $109.8 million. The Company intends to use these net proceeds to repay indebtedness under its revolving credit facility it may incur and for general corporate purposes.

Hurricane Beryl, Debby, Helene and Milton Update

During the third quarter of 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company recorded a $3.9 million hurricane-related charge which has been excluded from Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and our total and Same-Home Core NOI results.

In October 2024, Hurricane Milton impacted certain properties in our Florida market for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company is still assessing damages but preliminarily we expect to record a hurricane-related charge in the range of $3 million to $4 million in the fourth quarter of 2024.

2024 Guidance

Set forth below are the Company’s current expectations with respect to full year 2024 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2024 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2024 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary


	Full Year 2024
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.74 - $1.78	$1.76 - $1.78
Core FFO attributable to common share and unit holders growth	4.8% - 7.2%	6.0% - 7.2%

Same-Home
Core revenues growth	4.25% - 5.75%	4.50% - 5.50%
Core property operating expenses growth	5.25% - 6.75%	4.50% - 5.50%
Core NOI growth	3.50% - 5.50%	4.50% - 5.50%

Full Year 2024

Previous Guidance

Current Guidance

Investment Program

Properties

Investment

Properties

Investment

Wholly owned acquisitions

—

1,700 - 1,750

$490 - $500 million

Wholly owned development deliveries

1,825 - 1,975

$700 - $800 million

1,825 - 1,975

$700 - $800 million

Wholly owned land and development pipeline

—

$100 - $150 million

—

$100 - $150 million

Pro rata share of JV and Property Enhancing Capex

—

$100 - $150 million

—

$100 - $150 million

Total capital investment (wholly owned and pro rata JV)

1,825 - 1,975

$0.9 - $1.1 billion

3,525 - 3,725

$1.4 - $1.6 billion

Total gross capital investment (JVs at 100%)

2,200 - 2,400

$1.1 - $1.3 billion

3,900 - 4,150

$1.6 - $1.8 billion

Changes to Full Year 2024 guidance:

•Raised Core FFO guidance midpoint by $0.01 per share primarily related to increased Core NOI growth from the Same-Home portfolio driven by both better than expected property tax expense outlook and cost controls on controllable expenses.

•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.

Additional Information

A copy of the Company’s Third Quarter 2024 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Wednesday, October 30, 2024 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Wednesday, November 13, 2024 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13748660#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

In recent years, we’ve been named one of Fortune’s 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, a 2024 Most Loved Workplace®, a 2024 Top U.S. Homebuilder by Builder100, and one of America’s Most Responsible Companies 2024 and Most Trustworthy Companies in America 2024 by Newsweek and Statista Inc. As of September 30, 2024, we owned nearly 60,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2024 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s subsequent filings with the SEC.

AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)


	September 30, 2024		December 31, 2023
	(Unaudited)
Assets
Single-family properties:
Land	$	2,279,188	$	2,234,301
Buildings and improvements	11,081,984		10,651,388
Single-family properties in operation	13,361,172		12,885,689
Less: accumulated depreciation	(2,962,482)		(2,719,970)
Single-family properties in operation, net	10,398,690		10,165,719
Single-family properties under development and development land	1,205,372		1,409,424
Single-family properties and land held for sale, net	218,969		182,082
Total real estate assets, net	11,823,031		11,757,225
Cash and cash equivalents	162,477		59,385
Restricted cash	155,372		162,476
Rent and other receivables	49,727		42,823
Escrow deposits, prepaid expenses and other assets	378,402		406,138
Investments in unconsolidated joint ventures	154,997		114,198
Asset-backed securitization certificates	—		25,666
Goodwill	120,279		120,279
Total assets	$	12,844,285	$	12,688,190

Liabilities
Revolving credit facility	$	—	$	90,000
Asset-backed securitizations, net	927,099		1,871,421
Unsecured senior notes, net	3,591,714		2,500,226
Accounts payable and accrued expenses	629,868		573,660

Total liabilities	5,148,681		5,035,307

Commitments and contingencies

Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 365,885,188 and 364,296,431 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	3,659		3,643
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2024 and December 31, 2023)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2024 and December 31, 2023)	92		92
Additional paid-in capital	7,412,232		7,357,848
Accumulated deficit	(407,251)		(394,908)
Accumulated other comprehensive income	2,756		843
Total shareholders’ equity	7,011,494		6,967,524
Noncontrolling interest	684,110		685,359
Total equity	7,695,604		7,652,883

Total liabilities and equity	$	12,844,285	$	12,688,190

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Rents and other single-family property revenues	$	445,055	$	421,697	$	1,292,104	$	1,214,948

Expenses:
Property operating expenses	172,031		167,041		477,428		456,662
Property management expenses	31,973		30,785		95,757		92,251
General and administrative expense	19,247		18,336		62,825		56,128
Interest expense	43,611		34,381		120,866		105,107
Acquisition and other transaction costs	2,605		3,399		8,866		12,650
Depreciation and amortization	119,691		114,863		353,020		340,779
Hurricane-related charges, net	3,904		—		3,904		—
Total expenses	393,062		368,805		1,122,666		1,063,577

Gain on sale and impairment of single-family properties and other, net	32,697		33,335		145,490		180,752
Loss on early extinguishment of debt	(5,306)		—		(6,323)		—

Other income and expense, net	8,256		1,865		15,664		9,082

Net income	87,640		88,092		324,269		341,205

Noncontrolling interest	10,333		10,493		38,559		41,140
Dividends on preferred shares	3,486		3,486		10,458		10,458


Net income attributable to common shareholders	$	73,821	$	74,113	$	275,252	$	289,607

Weighted-average common shares outstanding:
Basic	366,981,466		362,426,273		366,757,369		361,665,436
Diluted	367,600,636		362,924,932		367,294,979		362,121,128

Net income attributable to common shareholders per share:
Basic	$	0.20	$	0.20	$	0.75	$	0.80
Diluted	$	0.20	$	0.20	$	0.75	$	0.80

Defined Terms

Average Monthly Realized Rent

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Recurring Capital Expenditures

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

Same-Home Property

A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Non-GAAP Financial Measures

This press release and the Third Quarter 2024 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Third Quarter 2024 Earnings Release and Supplemental Information Package.

Funds from Operations attributable to common share and unit holders and Retained Cash Flow

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, 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.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

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

FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

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

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

The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands, except share and per share data):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$	73,821	$	74,113	$	275,252	$	289,607
Adjustments:
Noncontrolling interests in the Operating Partnership	10,333		10,493		38,559		41,140
Gain on sale and impairment of single-family properties and other, net	(32,697)		(33,335)		(145,490)		(180,752)
Adjustments for unconsolidated joint ventures	1,116		812		3,909		2,380
Depreciation and amortization	119,691		114,863		353,020		340,779
Less: depreciation and amortization of non-real estate assets	(4,930)		(4,476)		(14,354)		(12,902)
FFO attributable to common share and unit holders	$	167,334	$	162,470	$	510,896	$	480,252
Adjustments:
Acquisition, other transaction costs and other	2,605		3,399		8,866		12,650
Noncash share-based compensation - general and administrative	3,601		4,160		17,999		13,885
Noncash share-based compensation - property management	1,043		953		3,827		3,151
Hurricane-related charges, net	3,904		—		3,904		—
Loss on early extinguishment of debt	5,306		—		6,323		—

Core FFO attributable to common share and unit holders	$	183,793	$	170,982	$	551,815	$	509,938
Recurring Capital Expenditures	(23,088)		(23,973)		(58,615)		(59,079)
Leasing costs	(995)		(792)		(2,832)		(2,368)
Adjusted FFO attributable to common share and unit holders	$	159,710	$	146,217	$	490,368	$	448,491
Common distributions	(109,133)		(91,434)		(327,670)		(274,177)
Retained Cash Flow	$	50,577	$	54,783	$	162,698	$	174,314

Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.40	$	0.39	$	1.22	$	1.16
Core FFO attributable to common share and unit holders	$	0.44	$	0.41	$	1.32	$	1.23
Adjusted FFO attributable to common share and unit holders	$	0.38	$	0.35	$	1.17	$	1.08

Weighted-average FFO shares and units:
Common shares outstanding	366,981,466		362,426,273		366,757,369		361,665,436
Share-based compensation plan and forward sale equity contracts (1)	1,015,421		910,552		927,581		800,032
Operating partnership units	51,376,980		51,376,980		51,376,980		51,376,980
Total weighted-average FFO shares and units	419,373,867		414,713,805		419,061,930		413,842,448

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income per common share–diluted	$	0.20	$	0.20	$	0.75	$	0.80
Adjustments:
Conversion from GAAP share count	(0.02)		(0.03)		(0.09)		(0.10)
Noncontrolling interests in the Operating Partnership	0.02		0.03		0.09		0.10
Gain on sale and impairment of single-family properties and other, net	(0.08)		(0.08)		(0.35)		(0.44)
Adjustments for unconsolidated joint ventures	—		—		0.01		0.01
Depreciation and amortization	0.29		0.28		0.84		0.82
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)		(0.03)		(0.03)
FFO attributable to common share and unit holders	$	0.40	$	0.39	$	1.22	$	1.16
Adjustments:
Acquisition, other transaction costs and other	0.01		0.01		0.02		0.03
Noncash share-based compensation - general and administrative	0.01		0.01		0.04		0.03
Noncash share-based compensation - property management	—		—		0.01		0.01
Hurricane-related charges, net	0.01		—		0.01		—
Loss on early extinguishment of debt	0.01		—		0.02		—

Core FFO attributable to common share and unit holders	$	0.44	$	0.41	$	1.32	$	1.23
Recurring Capital Expenditures	(0.06)		(0.06)		(0.14)		(0.14)
Leasing costs	—		—		(0.01)		(0.01)
Adjusted FFO attributable to common share and unit holders	$	0.38	$	0.35	$	1.17	$	1.08

Core Net Operating Income

Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	445,055	$	421,697	$	1,292,104	$	1,214,948
Tenant charge-backs	(67,615)		(65,840)		(172,323)		(167,049)
Core revenues	377,440		355,857		1,119,781		1,047,899
Less: Non-Same-Home core revenues	(41,813)		(34,292)		(119,518)		(97,053)
Same-Home core revenues	$	335,627	$	321,565	$	1,000,263	$	950,846


Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	172,031	$	167,041	$	477,428	$	456,662
Property management expenses	31,973		30,785		95,757		92,251
Noncash share-based compensation - property management	(1,043)		(953)		(3,827)		(3,151)
Expenses reimbursed by tenant charge-backs	(67,615)		(65,840)		(172,323)		(167,049)
Core property operating expenses	135,346		131,033		397,035		378,713
Less: Non-Same-Home core property operating expenses	(16,800)		(15,522)		(49,298)		(45,287)
Same-Home core property operating expenses	$	118,546	$	115,511	$	347,737	$	333,426


Core NOI and Same-Home Core NOI
Net income	$	87,640	$	88,092	$	324,269	$	341,205

Hurricane-related charges, net	3,904		—		3,904		—
Loss on early extinguishment of debt	5,306		—		6,323		—
Gain on sale and impairment of single-family properties and other, net	(32,697)		(33,335)		(145,490)		(180,752)
Depreciation and amortization	119,691		114,863		353,020		340,779
Acquisition and other transaction costs	2,605		3,399		8,866		12,650
Noncash share-based compensation - property management	1,043		953		3,827		3,151
Interest expense	43,611		34,381		120,866		105,107
General and administrative expense	19,247		18,336		62,825		56,128
Other income and expense, net	(8,256)		(1,865)		(15,664)		(9,082)
Core NOI	242,094		224,824		722,746		669,186
Less: Non-Same-Home Core NOI	(25,013)		(18,770)		(70,220)		(51,766)
Same-Home Core NOI	$	217,081	$	206,054	$	652,526	$	617,420

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com


AMH

Table of Contents


Summary
Earnings Press Release			3
Select Non-GAAP Reconciliations – Core Net Operating Income			9
Fact Sheet			11

Financial Information
Condensed Consolidated Statements of Operations			12
Funds from Operations			13
Core Net Operating Income – Total Portfolio			14
Same-Home Results			15
Condensed Consolidated Balance Sheets			18
Debt Summary			19
Capital Structure and Credit Metrics			20

Property and Other Information
Top 20 Markets Summary			21
Property Additions and Dispositions			22
AMH Development Pipeline Summary			23
Lease Expirations, Share Repurchase History and ATM Share History			24
2024 Guidance			25
Defined Terms and Non-GAAP Reconciliations			26


						2


AMH

Earnings Press Release

AMH Reports Third Quarter 2024 Financial and Operating Results

Acquires High-Quality Portfolio of Nearly 1,700 Single-Family Rental Homes

Raises Full Year 2024 Guidance

Highlights

•Rents and other single-family property revenues increased 5.5% year-over-year to $445.1 million for the third quarter of 2024.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the third quarter of 2024.

Third Quarter 2024 Financial Results


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


AMH

Earnings Press Release (continued)

2024, partially offset by an increase in other income and expense, net as a result of higher interest income as well as increases in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net.

Year-to-Date 2024 Financial Results


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


AMH

Earnings Press Release (continued)

offset by a 60 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.3% to $347.7 million for the nine-month period ended September 30, 2024, compared to $333.4 million for the nine-month period ended September 30, 2023, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 5.7% to $652.5 million for the nine-month period ended September 30, 2024, compared to $617.4 million for the nine-month period ended September 30, 2023.

Portfolio

Average Occupied Days Percentage was 95.1% for the third quarter of 2024, compared to 95.8% for the second quarter of 2024.

Investments

Capital Activities, Balance Sheet and Liquidity

During the third quarter of 2024, the Company paid off the outstanding principal on the AMH 2014-SFR3 asset-backed securitization of approximately $471.8 million.


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


AMH

Earnings Press Release (continued)

At-the-Market Program forward sale agreements at the end of the quarter. During the third quarter of 2024, the Company generated $50.6 million of Retained Cash Flow and sold 256 properties generating $81.0 million of net proceeds.

Hurricane Beryl, Debby, Helene and Milton Update


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						6


AMH

Earnings Press Release (continued)

2024 Guidance

Guidance Summary


	Full Year 2024
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.74 - $1.78	$1.76 - $1.78
Core FFO attributable to common share and unit holders growth	4.8% - 7.2%	6.0% - 7.2%

Same-Home
Core revenues growth	4.25% - 5.75%	4.50% - 5.50%
Core property operating expenses growth	5.25% - 6.75%	4.50% - 5.50%
Core NOI growth	3.50% - 5.50%	4.50% - 5.50%

Full Year 2024

Previous Guidance

Current Guidance

Investment Program

Properties

Investment

Properties

Investment

Wholly owned acquisitions

—

1,700 - 1,750

$490 - $500 million

Wholly owned development deliveries

1,825 - 1,975

$700 - $800 million

1,825 - 1,975

$700 - $800 million

Wholly owned land and development pipeline

—

$100 - $150 million

—

$100 - $150 million

Pro rata share of JV and Property Enhancing Capex

—

$100 - $150 million

—

$100 - $150 million

Total capital investment (wholly owned and pro rata JV)

1,825 - 1,975

$0.9 - $1.1 billion

3,525 - 3,725

$1.4 - $1.6 billion

Total gross capital investment (JVs at 100%)

2,200 - 2,400

$1.1 - $1.3 billion

3,900 - 4,150

$1.6 - $1.8 billion

Changes to Full Year 2024 guidance:

•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.

Additional Information

Conference Call


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


AMH

Earnings Press Release (continued)

number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Wednesday, November 13, 2024 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13748660#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

Cautionary Note Regarding Forward-Looking Statements


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


AMH

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2024		2023		2024		2023
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	445,055	$	421,697	$	1,292,104	$	1,214,948
Tenant charge-backs	(67,615)		(65,840)		(172,323)		(167,049)
Core revenues	377,440		355,857		1,119,781		1,047,899
Less: Non-Same-Home core revenues	(41,813)		(34,292)		(119,518)		(97,053)
Same-Home core revenues	$	335,627	$	321,565	$	1,000,263	$	950,846


Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	172,031	$	167,041	$	477,428	$	456,662
Property management expenses	31,973		30,785		95,757		92,251
Noncash share-based compensation - property management	(1,043)		(953)		(3,827)		(3,151)
Expenses reimbursed by tenant charge-backs	(67,615)		(65,840)		(172,323)		(167,049)
Core property operating expenses	135,346		131,033		397,035		378,713
Less: Non-Same-Home core property operating expenses	(16,800)		(15,522)		(49,298)		(45,287)
Same-Home core property operating expenses	$	118,546	$	115,511	$	347,737	$	333,426


Core NOI and Same-Home Core NOI
Net income	$	87,640	$	88,092	$	324,269	$	341,205

Hurricane-related charges, net	3,904		—		3,904		—
Loss on early extinguishment of debt	5,306		—		6,323		—
Gain on sale and impairment of single-family properties and other, net	(32,697)		(33,335)		(145,490)		(180,752)
Depreciation and amortization	119,691		114,863		353,020		340,779
Acquisition and other transaction costs	2,605		3,399		8,866		12,650
Noncash share-based compensation - property management	1,043		953		3,827		3,151
Interest expense	43,611		34,381		120,866		105,107
General and administrative expense	19,247		18,336		62,825		56,128
Other income and expense, net	(8,256)		(1,865)		(15,664)		(9,082)
Core NOI	242,094		224,824		722,746		669,186
Less: Non-Same-Home Core NOI	(25,013)		(18,770)		(70,220)		(51,766)
Same-Home Core NOI	$	217,081	$	206,054	$	652,526	$	617,420


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						9


AMH

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

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:


	For the Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023

Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	445,055	$	423,494	$	423,555	$	408,657	$	421,697
Tenant charge-backs	(67,615)		(47,371)		(57,337)		(48,506)		(65,840)
Core revenues	377,440		376,123		366,218		360,151		355,857
Less: Non-Same-Home core revenues	(41,813)		(40,499)		(37,206)		(35,629)		(34,292)
Same-Home core revenues	$	335,627	$	335,624	$	329,012	$	324,522	$	321,565


Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	172,031	$	149,470	$	155,927	$	142,797	$	167,041
Property management expenses	31,973		32,382		31,402		31,112		30,785
Noncash share-based compensation - property management	(1,043)		(1,340)		(1,444)		(879)		(953)
Expenses reimbursed by tenant charge-backs	(67,615)		(47,371)		(57,337)		(48,506)		(65,840)
Core property operating expenses	135,346		133,141		128,548		124,524		131,033
Less: Non-Same-Home core property operating expenses	(16,800)		(16,273)		(16,225)		(15,130)		(15,522)
Same-Home core property operating expenses	$	118,546	$	116,868	$	112,323	$	109,394	$	115,511


Core NOI and Same-Home Core NOI
Net income	$	87,640	$	108,534	$	128,095	$	90,937	$	88,092

Hurricane-related charges, net	3,904		—		—		—		—
Loss on early extinguishment of debt	5,306		63		954		—		—
Gain on sale and impairment of single-family properties and other, net	(32,697)		(43,892)		(68,901)		(29,082)		(33,335)
Depreciation and amortization	119,691		117,603		115,726		115,771		114,863
Acquisition and other transaction costs	2,605		2,937		3,324		4,260		3,399
Noncash share-based compensation - property management	1,043		1,340		1,444		879		953
Interest expense	43,611		38,678		38,577		35,091		34,381
General and administrative expense	19,247		21,693		21,885		18,487		18,336
Other income and expense, net	(8,256)		(3,974)		(3,434)		(716)		(1,865)
Core NOI	242,094		242,982		237,670		235,627		224,824
Less: Non-Same-Home Core NOI	(25,013)		(24,226)		(20,981)		(20,499)		(18,770)
Same-Home Core NOI	$	217,081	$	218,756	$	216,689	$	215,128	$	206,054


Unencumbered Core NOI and Encumbered Core NOI
Core NOI	$	242,094	$	242,982	$	237,670	$	235,627	$	224,824
Less: Encumbered Core NOI (1)	(33,458)		(33,816)		(33,606)		(33,590)		(31,908)
Unencumbered Core NOI (1)	$	208,636	$	209,166	$	204,064	$	202,037	$	192,916

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


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


AMH

Fact Sheet

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

(Unaudited)


	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2024			2023			2024			2023
Operating Data
Net income attributable to common shareholders	$	73,821		$	74,113		$	275,252		$	289,607
Core revenues	$	377,440		$	355,857		$	1,119,781		$	1,047,899
Core NOI	$	242,094		$	224,824		$	722,746		$	669,186
Core NOI margin	64.1		%	63.2		%	64.5		%	63.9		%

Fully Adjusted EBITDAre	$	211,737		$	188,560		$	636,046		$	576,958
Fully Adjusted EBITDAre Margin	55.5		%	52.8		%	56.3		%	54.7		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.40		$	0.39		$	1.22		$	1.16
Core FFO attributable to common share and unit holders	$	0.44		$	0.41		$	1.32		$	1.23
Adjusted FFO attributable to common share and unit holders	$	0.38		$	0.35		$	1.17		$	1.08


	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	10,398,690		$	10,295,131		$	10,217,286		$	10,165,719		$	10,132,185
Total assets	$	12,844,285		$	13,303,940		$	12,761,092		$	12,688,190		$	12,559,377
Outstanding borrowings under revolving credit facility	$	—		$	—		$	—		$	90,000		$	—
Total Debt	$	4,578,772		$	5,055,355		$	4,561,186		$	4,517,158		$	4,433,095
Total Capitalization	$	20,851,847		$	20,813,612		$	20,154,156		$	19,717,611		$	18,591,650
Total Debt to Total Capitalization	22.0		%	24.3		%	22.6		%	22.9		%	23.8		%

Net Debt and Preferred Shares to Adjusted EBITDAre	5.0 x			5.1 x			5.3 x			5.4 x			5.4 x
NYSE AMH Class A common share closing price	$	38.39		$	37.16		$	36.78		$	35.96		$	33.69


Portfolio Data - end of period
Occupied single-family properties	55,726		56,669		56,362		55,768		55,949
Single-family properties leased, not yet occupied	347		407		418		251		299
Single-family properties in turnover process	2,271		1,543		1,491		2,053		1,803
Single-family properties recently renovated or developed	544		240		337		384		333
Single-family properties newly acquired and under renovation	11		1		7		14		8
Total single-family properties, excluding properties held for sale	58,899		58,860		58,615		58,470		58,392
Single-family properties held for sale	1,003		633		728		862		700
Total single-family properties wholly owned	59,902		59,493		59,343		59,332		59,092
Single-family properties managed under joint ventures	3,271		3,167		3,004		2,978		2,936
Total single-family properties wholly owned and managed	63,173		62,660		62,347		62,310		62,028

Total Average Occupied Days Percentage (1)	95.1	%	95.8	%	95.3	%	95.0	%	95.6	%

Same-Home Average Occupied Days Percentage (52,370 properties)	95.9	%	96.8	%	96.3	%	96.1	%	96.5	%


Other Data
Distributions declared per common share	$	0.26	$	0.26	$	0.26	$	0.22	$	0.22



Distributions declared per Series G perpetual preferred share	$	0.37	$	0.37	$	0.37	$	0.37	$	0.37
Distributions declared per Series H perpetual preferred share	$	0.39	$	0.39	$	0.39	$	0.39	$	0.39

(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						11


AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2024		2023		2024		2023
Rents and other single-family property revenues	$	445,055	$	421,697	$	1,292,104	$	1,214,948

Expenses:
Property operating expenses	172,031		167,041		477,428		456,662
Property management expenses	31,973		30,785		95,757		92,251
General and administrative expense	19,247		18,336		62,825		56,128
Interest expense	43,611		34,381		120,866		105,107
Acquisition and other transaction costs	2,605		3,399		8,866		12,650
Depreciation and amortization	119,691		114,863		353,020		340,779
Hurricane-related charges, net	3,904		—		3,904		—
Total expenses	393,062		368,805		1,122,666		1,063,577

Gain on sale and impairment of single-family properties and other, net	32,697		33,335		145,490		180,752
Loss on early extinguishment of debt	(5,306)		—		(6,323)		—

Other income and expense, net	8,256		1,865		15,664		9,082

Net income	87,640		88,092		324,269		341,205

Noncontrolling interest	10,333		10,493		38,559		41,140
Dividends on preferred shares	3,486		3,486		10,458		10,458


Net income attributable to common shareholders	$	73,821	$	74,113	$	275,252	$	289,607

Weighted-average common shares outstanding:
Basic	366,981,466		362,426,273		366,757,369		361,665,436
Diluted	367,600,636		362,924,932		367,294,979		362,121,128

Net income attributable to common shareholders per share:
Basic	$	0.20	$	0.20	$	0.75	$	0.80
Diluted	$	0.20	$	0.20	$	0.75	$	0.80


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						12


AMH

Funds from Operations

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

(Unaudited)


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2024		2023		2024		2023
Net income attributable to common shareholders	$	73,821	$	74,113	$	275,252	$	289,607
Adjustments:
Noncontrolling interests in the Operating Partnership	10,333		10,493		38,559		41,140
Gain on sale and impairment of single-family properties and other, net	(32,697)		(33,335)		(145,490)		(180,752)
Adjustments for unconsolidated joint ventures	1,116		812		3,909		2,380
Depreciation and amortization	119,691		114,863		353,020		340,779
Less: depreciation and amortization of non-real estate assets	(4,930)		(4,476)		(14,354)		(12,902)
FFO attributable to common share and unit holders	$	167,334	$	162,470	$	510,896	$	480,252
Adjustments:
Acquisition, other transaction costs and other	2,605		3,399		8,866		12,650
Noncash share-based compensation - general and administrative	3,601		4,160		17,999		13,885
Noncash share-based compensation - property management	1,043		953		3,827		3,151
Hurricane-related charges, net	3,904		—		3,904		—
Loss on early extinguishment of debt	5,306		—		6,323		—

Core FFO attributable to common share and unit holders	$	183,793	$	170,982	$	551,815	$	509,938
Recurring Capital Expenditures	(23,088)		(23,973)		(58,615)		(59,079)
Leasing costs	(995)		(792)		(2,832)		(2,368)
Adjusted FFO attributable to common share and unit holders	$	159,710	$	146,217	$	490,368	$	448,491

Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.40	$	0.39	$	1.22	$	1.16
Core FFO attributable to common share and unit holders	$	0.44	$	0.41	$	1.32	$	1.23
Adjusted FFO attributable to common share and unit holders	$	0.38	$	0.35	$	1.17	$	1.08

Weighted-average FFO shares and units:
Common shares outstanding	366,981,466		362,426,273		366,757,369		361,665,436
Share-based compensation plan and forward sale equity contracts (1)	1,015,421		910,552		927,581		800,032
Operating partnership units	51,376,980		51,376,980		51,376,980		51,376,980
Total weighted-average FFO shares and units	419,373,867		414,713,805		419,061,930		413,842,448


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						13


AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2024			2023			2024			2023
Rents from single-family properties	$	374,499		$	352,986		$	1,107,962		$	1,040,072
Fees from single-family properties	8,084			8,022			24,229			22,862
Bad debt	(5,143)			(5,151)			(12,410)			(15,035)
Core revenues	377,440			355,857			1,119,781			1,047,899

Property tax expense	62,942			59,585			191,556			180,212
HOA fees, net (1)	6,913			6,832			19,965			19,105
R&M and turnover costs, net (1)	31,449			32,252			84,558			82,822
Insurance	5,138			4,680			14,863			13,212
Property management expenses, net (2)	28,904			27,684			86,093			83,362

Core property operating expenses	135,346			131,033			397,035			378,713

Core NOI	$	242,094		$	224,824		$	722,746		$	669,186
Core NOI margin	64.1		%	63.2		%	64.5		%	63.9		%


	For the Three Months Ended Sep 30, 2024
	Same-Home Properties			Stabilized Properties			Non-Stabilized Properties (3)			Held for Sale and Other Properties (4)			Total Single-Family Properties Wholly Owned
Property count	52,370			3,952			2,559			1,021			59,902
Average Occupied Days Percentage	95.9		%	95.2		%	76.7		%	45.0		%	94.3		%

Rents from single-family properties	$	332,785		$	27,222		$	11,446		$	3,046		$	374,499
Fees from single-family properties	7,149			541			285			109			8,084
Bad debt	(4,307)			(296)			(127)			(413)			(5,143)
Core revenues	335,627			27,467			11,604			2,742			377,440

Property tax expense	56,337			4,011			1,582			1,012			62,942
HOA fees, net (1)	6,123			463			183			144			6,913
R&M and turnover costs, net (1)	27,390			1,727			1,118			1,214			31,449
Insurance	4,291			461			306			80			5,138
Property management expenses, net (2)	24,405			1,806			2,275			418			28,904
Core property operating expenses	118,546			8,468			5,464			2,868			135,346

Core NOI	$	217,081		$	18,999		$	6,140		$	(126)		$	242,094
Core NOI margin	64.7		%	69.2		%	52.9		%	(4.6)		%	64.1		%

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

(3)Includes 1,448 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,111 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.

(4)Includes 1,003 properties held for sale, 11 properties newly acquired and under renovation that are not yet placed into service and 7 properties identified for future sale. Average Occupied Days Percentage is calculated based only on properties held for sale.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						14


AMH

Same-Home Results – Quarterly and Year-to-Date Comparisons

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

(Unaudited)


	For the Three Months Ended Sep 30,								For the Nine Months Ended Sep 30,
	2024			2023			Change		2024			2023			Change
Number of Same-Home properties	52,370			52,370					52,370			52,370

Average Occupied Days Percentage	95.9		%	96.5		%	(0.6)	%	96.3		%	96.9		%	(0.6)	%
Average Monthly Realized Rent per Property	$	2,208		$	2,100		5.1	%	$	2,178		$	2,063		5.6	%
Turnover Rate	8.0		%	8.4		%	(0.4)	%	21.8		%	23.4		%	(1.6)	%
Turnover Rate - TTM	28.1		%	N/A					28.1		%	N/A

Core NOI:
Rents from single-family properties	$	332,785		$	318,418		4.5	%	$	988,718		$	942,066		5.0	%
Fees from single-family properties	7,149			7,123			0.4	%	21,329			20,260			5.3	%
Bad debt	(4,307)			(3,976)			8.3	%	(9,784)			(11,480)			(14.8)	%
Core revenues	335,627			321,565			4.4	%	1,000,263			950,846			5.2	%

Property tax expense	56,337			53,532			5.2	%	170,587			160,866			6.0	%
HOA fees, net (1)	6,123			6,107			0.3	%	17,827			17,189			3.7	%
R&M and turnover costs, net (1)	27,390			28,002			(2.2)	%	73,264			71,641			2.3	%
Insurance	4,291			4,147			3.5	%	12,721			11,778			8.0	%
Property management expenses, net (2)	24,405			23,723			2.9	%	73,338			71,952			1.9	%
Core property operating expenses	118,546			115,511			2.6	%	347,737			333,426			4.3	%

Core NOI	$	217,081		$	206,054		5.4	%	$	652,526		$	617,420		5.7	%
Core NOI margin	64.7		%	64.1		%			65.2		%	64.9		%

Selected Property Expenditure Details:
Recurring Capital Expenditures	$	21,028		$	21,029		—	%	$	52,801		$	51,905		1.7	%

Per property:
Average Recurring Capital Expenditures	$	402		$	402		—	%	$	1,008		$	991		1.7	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	925		$	936		(1.2)	%	$	2,407		$	2,359		2.0	%

Property Enhancing Capex	$	10,163		$	13,698				$	26,650		$	40,820

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.


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


AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)


	For the Three Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023

Average Occupied Days Percentage	95.9		%	96.8		%	96.3		%	96.1		%	96.5		%
Average Monthly Realized Rent per Property	$	2,208		$	2,178		$	2,148		$	2,125		$	2,100

Average Change in Rent for Renewals	5.2		%	5.2		%	5.9		%	6.0		%	7.1		%
Average Change in Rent for Re-Leases	5.3		%	5.7		%	4.8		%	4.2		%	7.0		%
Average Blended Change in Rent	5.2		%	5.3		%	5.6		%	5.5		%	7.0		%

Core NOI:
Rents from single-family properties	$	332,785		$	331,155		$	324,778		$	321,013		$	318,418
Fees from single-family properties	7,149			7,104			7,076			7,002			7,123
Bad debt	(4,307)			(2,635)			(2,842)			(3,493)			(3,976)
Core revenues	335,627			335,624			329,012			324,522			321,565

Property tax expense	56,337			57,085			57,165			53,150			53,532
HOA fees, net (1)	6,123			6,030			5,674			5,873			6,107
R&M and turnover costs, net (1)	27,390			24,595			21,279			22,053			28,002
Insurance	4,291			4,245			4,185			4,150			4,147
Property management expenses, net (2)	24,405			24,913			24,020			24,168			23,723
Core property operating expenses	118,546			116,868			112,323			109,394			115,511

Core NOI	$	217,081		$	218,756		$	216,689		$	215,128		$	206,054
Core NOI margin	64.7		%	65.2		%	65.9		%	66.3		%	64.1		%


Selected Property Expenditure Details:
Recurring Capital Expenditures	$	21,028		$	19,079		$	12,694		$	14,835		$	21,029

Per property:
Average Recurring Capital Expenditures	$	402		$	364		$	242		$	283		$	402
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	925		$	834		$	648		$	704		$	936

Property Enhancing Capex	$	10,163		$	8,389		$	8,098		$	7,424		$	13,698

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.


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


AMH

Same-Home Results – Operating Metrics by Market


Market	Number of Properties	Gross Book Value per Property		% of 3Q24 NOI		Avg. Change in Rent for Renewals (1)		Avg. Change in Rent for Re-Leases (1)		Avg. Blended Change in Rent (1)
Atlanta, GA	5,169	$	220,352	10.1	%	4.9	%	3.7	%	4.6	%
Dallas-Fort Worth, TX	3,650	174,721		5.3	%	4.8	%	3.8	%	4.6	%
Charlotte, NC	3,751	214,740		7.5	%	5.4	%	7.2	%	5.8	%
Nashville, TN	2,978	243,468		7.1	%	5.1	%	4.6	%	5.0	%
Phoenix, AZ	2,894	212,275		6.2	%	3.9	%	0.5	%	2.9	%
Indianapolis, IN	2,768	174,204		3.9	%	5.7	%	8.0	%	6.3	%
Jacksonville, FL	2,767	208,716		4.7	%	5.2	%	3.6	%	4.7	%
Tampa, FL	2,512	221,565		4.6	%	5.4	%	2.6	%	4.8	%
Houston, TX	2,175	178,831		2.8	%	4.6	%	5.2	%	4.7	%
Cincinnati, OH	2,053	196,198		4.0	%	5.7	%	8.5	%	6.4	%
Raleigh, NC	2,041	199,586		3.7	%	5.1	%	5.4	%	5.2	%
Columbus, OH	2,039	191,568		3.8	%	5.8	%	8.5	%	6.4	%
Salt Lake City, UT	1,830	302,107		4.6	%	5.2	%	6.5	%	5.5	%
Orlando, FL	1,607	205,329		2.9	%	4.7	%	3.7	%	4.4	%
Las Vegas, NV	1,576	253,153		3.4	%	5.8	%	5.6	%	5.7	%
Greater Chicago area, IL and IN	1,492	192,845		2.5	%	7.6	%	10.4	%	8.2	%
Charleston, SC	1,455	229,865		3.0	%	5.2	%	5.1	%	5.1	%
San Antonio, TX	1,101	196,416		1.6	%	3.3	%	(3.3)	%	1.9	%
Savannah/Hilton Head, SC	971	203,997		2.0	%	7.1	%	11.3	%	8.3	%
Seattle, WA	911	323,883		2.4	%	5.3	%	8.5	%	6.0	%
All Other (2)	6,630	222,132		13.9	%	5.2	%	5.3	%	5.2	%
Total/Average	52,370	$	214,124	100.0	%	5.2	%	5.3	%	5.2	%


	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
Market	3Q24 QTD		3Q23 QTD		Change		3Q24 QTD		3Q23 QTD		Change
Atlanta, GA	95.8	%	96.5	%	(0.7)	%	$	2,240	$	2,129	5.2	%
Dallas-Fort Worth, TX	95.9	%	96.7	%	(0.8)	%	2,287		2,167		5.5	%
Charlotte, NC	96.3	%	97.0	%	(0.7)	%	2,156		2,037		5.8	%
Nashville, TN	95.7	%	95.9	%	(0.2)	%	2,325		2,228		4.4	%
Phoenix, AZ	95.2	%	95.9	%	(0.7)	%	2,123		2,052		3.5	%
Indianapolis, IN	96.4	%	96.7	%	(0.3)	%	1,869		1,771		5.5	%
Jacksonville, FL	95.2	%	96.5	%	(1.3)	%	2,158		2,072		4.2	%
Tampa, FL	95.6	%	96.0	%	(0.4)	%	2,376		2,253		5.5	%
Houston, TX	96.3	%	97.4	%	(1.1)	%	2,058		1,953		5.4	%
Cincinnati, OH	96.5	%	96.5	%	—	%	2,126		2,014		5.6	%
Raleigh, NC	96.5	%	96.4	%	0.1	%	2,027		1,926		5.2	%
Columbus, OH	96.5	%	96.9	%	(0.4)	%	2,169		2,051		5.8	%
Salt Lake City, UT	96.3	%	96.3	%	—	%	2,434		2,337		4.2	%
Orlando, FL	95.1	%	96.4	%	(1.3)	%	2,352		2,200		6.9	%
Las Vegas, NV	95.9	%	96.1	%	(0.2)	%	2,235		2,141		4.4	%
Greater Chicago area, IL and IN	96.8	%	97.7	%	(0.9)	%	2,436		2,301		5.9	%
Charleston, SC	95.8	%	97.3	%	(1.5)	%	2,282		2,157		5.8	%
San Antonio, TX	96.6	%	96.4	%	0.2	%	1,949		1,898		2.7	%
Savannah/Hilton Head, SC	95.8	%	97.4	%	(1.6)	%	2,228		2,043		9.1	%
Seattle, WA	95.6	%	95.4	%	0.2	%	2,779		2,657		4.6	%
All Other (2)	95.7	%	96.3	%	(0.6)	%	2,188		2,082		5.1	%
Total/Average	95.9	%	96.5	%	(0.6)	%	$	2,208	$	2,100	5.1	%

(1)Reflected for the three months ended September 30, 2024.

(2)Represents 15 markets in 13 states.


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


AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands)


	Sep 30, 2024		Dec 31, 2023
	(Unaudited)
Assets
Single-family properties:
Land	$	2,279,188	$	2,234,301
Buildings and improvements	11,081,984		10,651,388
Single-family properties in operation	13,361,172		12,885,689
Less: accumulated depreciation	(2,962,482)		(2,719,970)
Single-family properties in operation, net	10,398,690		10,165,719
Single-family properties under development and development land	1,205,372		1,409,424
Single-family properties and land held for sale, net	218,969		182,082
Total real estate assets, net	11,823,031		11,757,225
Cash and cash equivalents	162,477		59,385
Restricted cash	155,372		162,476
Rent and other receivables	49,727		42,823
Escrow deposits, prepaid expenses and other assets	378,402		406,138
Investments in unconsolidated joint ventures	154,997		114,198
Asset-backed securitization certificates	—		25,666
Goodwill	120,279		120,279
Total assets	$	12,844,285	$	12,688,190

Liabilities
Revolving credit facility	$	—	$	90,000
Asset-backed securitizations, net	927,099		1,871,421
Unsecured senior notes, net	3,591,714		2,500,226
Accounts payable and accrued expenses	629,868		573,660

Total liabilities	5,148,681		5,035,307

Commitments and contingencies

Equity
Shareholders’ equity:
Class A common shares	3,659		3,643
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,412,232		7,357,848
Accumulated deficit	(407,251)		(394,908)
Accumulated other comprehensive income	2,756		843
Total shareholders’ equity	7,011,494		6,967,524
Noncontrolling interest	684,110		685,359
Total equity	7,695,604		7,652,883

Total liabilities and equity	$	12,844,285	$	12,688,190


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


AMH

Debt Summary as of September 30, 2024

(Amounts in thousands)

(Unaudited)


	Secured		Unsecured		Total Balance		% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)	$	—	$	—	$	—	—	%	5.91	%	4.8

Total floating rate debt	—		—		—		—	%	5.91	%	4.8

Fixed rate debt:


AMH 2015-SFR1 securitization	496,732		—		496,732		10.9	%	4.14	%	20.5
AMH 2015-SFR2 securitization	432,040		—		432,040		9.4	%	4.36	%	21.0
2028 unsecured senior notes	—		500,000		500,000		10.9	%	4.08	%	3.4
2029 unsecured senior notes	—		400,000		400,000		8.7	%	4.90	%	4.4
2031 unsecured senior notes	—		450,000		450,000		9.8	%	2.46	%	6.8
2032 unsecured senior notes	—		600,000		600,000		13.1	%	3.63	%	7.5
2034 unsecured senior notes I	—		600,000		600,000		13.1	%	5.50	%	9.3
2034 unsecured senior notes II	—		500,000		500,000		10.9	%	5.50	%	9.8
2051 unsecured senior notes	—		300,000		300,000		6.6	%	3.38	%	26.8
2052 unsecured senior notes	—		300,000		300,000		6.6	%	4.30	%	27.6
Total fixed rate debt	928,772		3,650,000		4,578,772		100.0	%	4.28	%	12.5

Total Debt	$	928,772	$	3,650,000	4,578,772		100.0	%	4.28	%	12.5

Unamortized discounts and loan costs					(59,959)
Total debt per balance sheet					$	4,518,813


Maturity Schedule by Year (2)	Total Debt		% of Total
Remaining 2024	$	2,576	0.1	%
2025	10,302		0.2	%
2026	10,302		0.2	%
2027	10,302		0.2	%
2028	510,302		11.1	%





Thereafter	4,034,988		88.2	%
Total	$	4,578,772	100.0	%

(1)Interest rates are as of September 30, 2024 and reflect the effect of any hedging instruments, as applicable.

(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. The AMH 2015-SFR1 securitization and AMH 2015-SFR2 securitization have anticipated repayment dates of April 9, 2025 and October 9, 2025, respectively. If the securitizations are not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.

(3)The revolving credit facility bears interest at the Secured Overnight Financing Rate (“SOFR”), as adjusted for the Company’s SOFR spread, plus 0.85% as of period end.

Interest Expense Reconciliation


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
(Amounts in thousands)	2024		2023		2024		2023
Interest expense per income statement and included in Core FFO attributable to common share and unit holders	$	43,611	$	34,381	$	120,866	$	105,107


Less: amortization of discounts, loan costs and cash flow hedges	(3,006)		(3,085)		(8,966)		(9,193)
Add: capitalized interest	12,894		14,170		40,247		40,991
Cash interest	$	53,499	$	45,466	$	152,147	$	136,905


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


AMH

Capital Structure and Credit Metrics as of September 30, 2024

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

(Unaudited)


Total Capitalization

Total Debt			$	4,578,772	22.0	%

Total preferred shares			230,000		1.1	%

Common equity at market value:
Common shares outstanding	366,520,263
Operating partnership units	51,376,980
Total shares and units	417,897,243
NYSE AMH Class A common share closing price at September 30, 2024	$	38.39
Market value of common shares and operating partnership units			16,043,075		76.9	%

Total Capitalization			$	20,851,847	100.0	%


Preferred Shares	Earliest Redemption Date	Outstanding Shares					Annual Dividend Per Share		Annual Dividend Amount
Series			Per Share		Total
5.875% Series G Perpetual Preferred Shares	7/17/2022	4,600,000	$	25.00	$	115,000	$	1.469	$	6,756
6.250% Series H Perpetual Preferred Shares	9/19/2023	4,600,000	$	25.00	115,000		$	1.563	7,188
Total preferred shares		9,200,000			$	230,000			$	13,944

Credit Ratios

Credit Ratings

Net Debt and Preferred Shares to Adjusted EBITDAre

5.0 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.3 x

Moody's Investor Service

Baa2

Stable

Unencumbered Core NOI percentage

86.0

S&P Global Ratings

BBB

Stable


Unsecured Senior Notes Covenant Ratios	Requirement			Actual

Ratio of Indebtedness to Total Assets	<	60.0	%	29.4	%
Ratio of Secured Debt to Total Assets	<	40.0	%	5.9	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0	%	382.8	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x		4.57 x


Unsecured Credit Facility Covenant Ratios	Requirement			Actual

Ratio of Total Indebtedness to Total Asset Value	<	60.0	%	27.9	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0	%	5.7	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0	%	27.8	%
Ratio of EBITDA to Fixed Charges	>	1.50 x		3.88 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		5.94 x


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


AMH

Top 20 Markets Summary as of September 30, 2024

Property Information (1)


Market	Number of Properties	Percentage of Total Properties		Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Atlanta, GA	5,891	10.0	%	$	230,069	2,178	17.4
Charlotte, NC	4,129	7.0	%	224,651		2,115	18.1
Dallas-Fort Worth, TX	3,867	6.6	%	176,435		2,087	20.2
Phoenix, AZ	3,312	5.6	%	218,485		1,845	19.6
Nashville, TN	3,358	5.7	%	253,658		2,120	16.4
Jacksonville, FL	3,264	5.5	%	226,933		1,927	14.2
Tampa, FL	2,972	5.0	%	241,032		1,948	15.0
Indianapolis, IN	2,814	4.8	%	175,141		1,925	21.7
Houston, TX	2,304	3.9	%	178,850		2,079	18.8
Las Vegas, NV	2,435	4.1	%	299,767		1,946	10.9
Raleigh, NC	2,183	3.7	%	200,849		1,887	18.2
Columbus, OH	2,162	3.7	%	200,332		1,886	21.5
Cincinnati, OH	2,121	3.6	%	199,041		1,843	21.7
Orlando, FL	2,125	3.6	%	234,992		1,924	17.0
Salt Lake City, UT	1,936	3.3	%	307,558		2,246	17.6
Charleston, SC	1,599	2.7	%	236,765		1,966	13.1
Greater Chicago area, IL and IN	1,527	2.6	%	193,164		1,867	23.1
San Antonio, TX	1,179	2.0	%	199,475		1,912	15.6
Savannah/Hilton Head, SC	1,058	1.8	%	214,582		1,888	15.9
Seattle, WA	1,012	1.7	%	338,031		2,009	14.3
All Other (3)	7,651	13.1	%	243,419		1,919	17.1
Total/Average	58,899	100.0	%	$	226,849	1,993	17.6

Leasing Information (1)


Market	Avg. Occupied Days Percentage (2)		Avg. Monthly Realized Rent per Property (2)		Avg. Change in Rent for Renewals (2)		Avg. Change in Rent for Re-Leases (2)		Avg. Blended Change in Rent (2)
Atlanta, GA	95.0	%	$	2,257	5.0	%	4.1	%	4.8	%
Charlotte, NC	96.2	%	2,181		5.5	%	7.5	%	5.9	%
Dallas-Fort Worth, TX	95.8	%	2,287		4.8	%	3.6	%	4.5	%
Phoenix, AZ	95.0	%	2,120		4.2	%	1.2	%	3.4	%
Nashville, TN	95.3	%	2,339		5.1	%	4.9	%	5.1	%
Jacksonville, FL	94.4	%	2,170		5.3	%	3.8	%	4.9	%
Tampa, FL	94.0	%	2,409		5.1	%	2.6	%	4.5	%
Indianapolis, IN	96.4	%	1,870		5.7	%	8.2	%	6.4	%
Houston, TX	96.4	%	2,055		4.6	%	5.1	%	4.7	%
Las Vegas, NV	92.7	%	2,301		5.9	%	5.2	%	5.8	%
Raleigh, NC	96.3	%	2,034		5.1	%	5.4	%	5.2	%
Columbus, OH	96.1	%	2,184		5.7	%	8.6	%	6.3	%
Cincinnati, OH	96.5	%	2,127		5.7	%	8.5	%	6.5	%
Orlando, FL	92.9	%	2,380		4.8	%	4.0	%	4.6	%
Salt Lake City, UT	95.3	%	2,434		5.1	%	6.4	%	5.4	%
Charleston, SC	94.0	%	2,284		5.2	%	5.2	%	5.2	%
Greater Chicago area, IL and IN	96.8	%	2,435		7.6	%	10.4	%	8.2	%
San Antonio, TX	96.1	%	1,947		3.2	%	(2.8)	%	1.8	%
Savannah/Hilton Head, SC	95.4	%	2,240		7.0	%	10.8	%	8.2	%
Seattle, WA	95.3	%	2,804		5.2	%	8.4	%	6.0	%
All Other (3)	93.8	%	2,208		5.3	%	5.4	%	5.3	%
Total/Average	95.1	%	$	2,224	5.2	%	5.3	%	5.3	%

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

(2)Reflected for the three months ended September 30, 2024.

(3)Represents 15 markets in 13 states.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						21


AMH

Property Additions


	3Q24 Additions			YTD 3Q24 Additions
Market	Number of Properties	Average Total Investment Cost		Number of Properties	Average Total Investment Cost
Las Vegas, NV	125	$	409,286	334	$	399,494
Orlando, FL	83	370,081		197	367,755
Jacksonville, FL	70	353,603		186	350,772
Tampa, FL	60	388,346		155	379,271
Atlanta, GA	55	371,797		173	375,022
Tucson, AZ	43	337,906		82	342,559
Boise, ID	35	463,555		69	444,657
Phoenix, AZ	26	387,392		47	411,495
Columbus, OH	25	380,262		25	380,262
Charleston, SC	24	361,308		71	361,898
Denver, CO	23	453,337		64	463,580
Nashville, TN	23	399,959		74	422,230
Salt Lake City, UT	18	363,743		36	361,124
Seattle, WA	16	539,796		52	498,724
Savannah/Hilton Head, SC	11	356,481		12	355,871
Charlotte, NC	8	409,741		75	365,460
Colorado Springs, CO	7	439,269		22	478,392
Cincinnati, OH	4	307,668		4	307,668
Raleigh, NC	—	—		28	237,696


Total/Average	656	$	389,784	1,706	$	385,721

Property Dispositions


	Sep 30, 2024 Single-Family Properties Held for Sale	3Q24 Dispositions			YTD 3Q24 Dispositions
Market		Number of Properties	Average Net Proceeds per Property		Number of Properties	Average Net Proceeds per Property
Dallas-Fort Worth, TX	127	40	$	277,769	150	$	300,214
Atlanta, GA	86	25	310,143		103	320,642
Houston, TX	79	15	239,961		141	239,805
Austin, TX	79	13	292,598		83	289,755
Greater Chicago area, IL and IN	76	5	289,857		28	271,405
Tampa, FL	66	10	351,162		53	372,597
Inland Empire, CA	63	4	410,569		23	458,987
San Antonio, TX	61	21	222,494		55	240,912
Phoenix, AZ	57	23	344,557		83	359,837
Orlando, FL	37	17	342,652		66	337,171
Charlotte, NC	33	8	322,887		31	344,527
Nashville, TN	28	11	321,256		27	338,240
Indianapolis, IN	26	7	300,446		41	249,932
Seattle, WA	19	3	466,118		21	425,924
Raleigh, NC	17	2	250,003		15	323,568
Salt Lake City, UT	15	4	972,727		7	736,346
Jacksonville, FL	14	4	280,718		18	332,094
Bay Area, CA	12	—	—		2	642,259
Central Valley, CA	12	1	406,726		4	323,345
Memphis, TN	12	11	252,673		38	246,274
All Other (1)	84	32	354,728		129	340,900
Total/Average	1,003	256	$	316,260	1,118	$	313,145

(1)Represents 15 markets in 11 states.


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


AMH

AMH Development Pipeline Summary as of September 30, 2024


	YTD 3Q24 Deliveries					Sep 30, 2024 Lots for Future Delivery
Market	Number of Properties	Average Total Investment Cost		Average Monthly Rent
Las Vegas, NV	392	$	401,000	$	2,560	846
Atlanta, GA	241	383,000		2,590		688
Orlando, FL	197	368,000		2,560		876
Jacksonville, FL	186	351,000		2,340		504
Phoenix, AZ	176	366,000		2,360		1,459
Tampa, FL	155	379,000		2,740		515
Denver, CO	104	496,000		2,950		508
Seattle, WA	90	459,000		3,140		437
Nashville, TN	77	431,000		2,730		297
Charlotte, NC	75	365,000		2,700		361
Charleston, SC	71	362,000		2,440		872
Boise, ID	69	445,000		2,520		272
Salt Lake City, UT	36	361,000		2,420		284
Columbus, OH	24	380,000		2,740		589
Raleigh, NC	—	—		—		66
Total/Average	1,893	$	392,000	$	2,590	8,574
Lots optioned						2,218
Total lots owned and optioned						10,792

Estimated Delivery Timing


	Dec 31, 2023 Lots for Future Delivery	YTD 3Q24 Net Additions/(Reductions) (2)	YTD 3Q24 Deliveries	Full Year Estimated 2024 Deliveries (3)	Deliveries Thereafter (3)
Wholly-owned development pipeline (1)	11,508	56	1,661	1,825 - 1,975	9,664
Joint venture development pipeline (1)(4)	1,121	—	232	375 - 425	721
Total development pipeline	12,629	56	1,893	2,200 - 2,400	10,385

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

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

(3)Reflects the Company’s latest development program estimates as of October 29, 2024.

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


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


AMH

Lease Expirations


	MTM	4Q24	1Q25	2Q25	3Q25	Thereafter
Lease expirations	2,285	9,237	13,483	14,322	12,109	4,637

Share Repurchase History

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


	Share Repurchases
Period	Common Shares Repurchased	Purchase Price		Avg. Price Paid Per Share





2023	—	$	—	$	—
1Q24	—	—		—
2Q24	—	—		—
3Q24	—	—		—
Total	—	—		$	—
	Remaining authorization:	$	265,067

ATM Share History

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


	ATM Share Issuances					ATM Shares Sold Forward
Period	Common Shares Issued	Gross Proceeds		Avg. Issuance Price Per Share		Common Shares Sold Forward	Future Gross Proceeds		Avg. Price Per Share		Total ATM Gross Proceeds



2023	2,799,683	$	101,958	$	36.42	—	$	—	$	—	$	101,958
1Q24	932,746	33,756		36.19		2,987,024	110,616		37.03		144,372
2Q24	—	—		—		—	—		—		—
3Q24	—	—		—		—	—		—		—
Total	3,732,429	$	135,714	$	36.36	2,987,024	$	110,616	$	37.03	246,330
									Remaining authorization:		$	753,670


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						24


AMH

2024 Guidance

Guidance Summary


	Full Year 2024
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.74 - $1.78	$1.76 - $1.78
Core FFO attributable to common share and unit holders growth	4.8% - 7.2%	6.0% - 7.2%

Same-Home
Core revenues growth	4.25% - 5.75%	4.50% - 5.50%
Core property operating expenses growth	5.25% - 6.75%	4.50% - 5.50%
Core NOI growth	3.50% - 5.50%	4.50% - 5.50%

Full Year 2024

Previous Guidance

Current Guidance

Investment Program

Properties

Investment

Properties

Investment

Wholly owned acquisitions

—

1,700 - 1,750

$490 - $500 million

Wholly owned development deliveries

1,825 - 1,975

$700 - $800 million

1,825 - 1,975

$700 - $800 million

Wholly owned land and development pipeline

—

$100 - $150 million

—

$100 - $150 million

Pro rata share of JV and Property Enhancing Capex

—

$100 - $150 million

—

$100 - $150 million

Total capital investment (wholly owned and pro rata JV)

1,825 - 1,975

$0.9 - $1.1 billion

3,525 - 3,725

$1.4 - $1.6 billion

Total gross capital investment (JVs at 100%)

2,200 - 2,400

$1.1 - $1.3 billion

3,900 - 4,150

$1.6 - $1.8 billion

Changes to Full Year 2024 guidance:

•Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.


Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						25


AMH

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent

Average Occupied Days Percentage

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost

Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.


						26


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Refer to Select Non-GAAP Reconciliations – Core Net Operating Income for reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics.

Credit Ratios

We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.

Net Debt and Preferred Shares to Adjusted EBITDAre


(Amounts in thousands)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Total Debt	$	4,578,772	$	5,055,355	$	4,561,186	$	4,517,158	$	4,433,095
Less: cash and cash equivalents	(162,477)		(718,380)		(124,826)		(59,385)		(69,514)
Less: asset-backed securitization certificates	—		—		—		(25,666)		(25,666)
Less: restricted cash related to securitizations	(26,273)		(37,112)		(33,243)		(42,278)		(52,382)
Net debt	$	4,390,022	$	4,299,863	$	4,403,117	$	4,389,829	$	4,285,533
Preferred shares at liquidation value	230,000		230,000		230,000		230,000		230,000
Net debt and preferred shares	$	4,620,022	$	4,529,863	$	4,633,117	$	4,619,829	$	4,515,533

Adjusted EBITDAre - TTM	$	919,174	$	896,679	$	875,707	$	860,086	$	842,366



Net Debt and Preferred Shares to Adjusted EBITDAre	5.0 x		5.1 x		5.3 x		5.4 x		5.4 x

Fixed Charge Coverage


(Amounts in thousands)	For the Trailing Twelve Months Ended Sep 30, 2024
Interest expense per income statement	$	155,957
Less: amortization of discounts, loan costs and cash flow hedges	(12,052)
Add: capitalized interest	54,488
Cash interest	198,393
Dividends on preferred shares	13,944
Fixed charges	$	212,337

Adjusted EBITDAre - TTM	$	919,174

Fixed Charge Coverage	4.3 x

Unencumbered Core NOI Percentage


	For the Three Months Ended								For the Trailing Twelve Months Ended Sep 30, 2024
(Amounts in thousands)	Dec 31, 2023		Mar 31, 2024		Jun 30, 2024		Sep 30, 2024
Unencumbered Core NOI (1)	$	202,037	$	204,064	$	209,166	$	208,636	$	823,903
Core NOI	235,627		237,670		242,982		242,094		958,373
Unencumbered Core NOI Percentage									86.0		%

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


						27


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.


						28


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and nine months ended September 30, 2024 and 2023 (amounts in thousands):


	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2024			2023			2024			2023
Net income	$	87,640		$	88,092		$	324,269		$	341,205
Interest expense	43,611			34,381			120,866			105,107
Depreciation and amortization	119,691			114,863			353,020			340,779
EBITDA	$	250,942		$	237,336		$	798,155		$	787,091

Gain on sale and impairment of single-family properties and other, net	(32,697)			(33,335)			(145,490)			(180,752)
Adjustments for unconsolidated joint ventures	1,116			812			3,909			2,380
EBITDAre	$	219,361		$	204,813		$	656,574		$	608,719

Noncash share-based compensation - general and administrative	3,601			4,160			17,999			13,885
Noncash share-based compensation - property management	1,043			953			3,827			3,151
Acquisition, other transaction costs and other	2,605			3,399			8,866			12,650
Hurricane-related charges, net	3,904			—			3,904			—
Loss on early extinguishment of debt	5,306			—			6,323			—
Adjusted EBITDAre	$	235,820		$	213,325		$	697,493		$	638,405

Recurring Capital Expenditures	(23,088)			(23,973)			(58,615)			(59,079)
Leasing costs	(995)			(792)			(2,832)			(2,368)
Fully Adjusted EBITDAre	$	211,737		$	188,560		$	636,046		$	576,958

Rents and other single-family property revenues	$	445,055		$	421,697		$	1,292,104		$	1,214,948
Less: tenant charge-backs	(67,615)			(65,840)			(172,323)			(167,049)
Adjustments for unconsolidated joint ventures - income	3,935			1,535			10,575			7,703
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	381,375		$	357,392		$	1,130,356		$	1,055,602

Adjusted EBITDAre Margin	61.8		%	59.7		%	61.7		%	60.5		%

Fully Adjusted EBITDAre Margin	55.5		%	52.8		%	56.3		%	54.7		%


						29


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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


	For the Trailing Twelve Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Net income	$	415,206	$	415,658	$	422,538	$	432,142	$	444,996
Interest expense	155,957		146,727		142,893		140,198		141,356
Depreciation and amortization	468,791		463,963		459,559		456,550		453,622
EBITDA	$	1,039,954	$	1,026,348	$	1,024,990	$	1,028,890	$	1,039,974

Gain on sale and impairment of single-family properties and other, net	(174,572)		(175,210)		(194,076)		(209,834)		(238,159)
Adjustments for unconsolidated joint ventures	5,240		4,936		4,798		3,711		2,846
EBITDAre	$	870,622	$	856,074	$	835,712	$	822,767	$	804,661

Noncash share-based compensation - general and administrative	20,493		21,052		19,475		16,379		15,851
Noncash share-based compensation - property management	4,706		4,616		4,408		4,030		3,866
Acquisition, other transaction costs and other	13,126		13,920		15,158		16,910		17,988
Hurricane-related charges, net	3,904		—		—		—		—
Loss on early extinguishment of debt	6,323		1,017		954		—		—
Adjusted EBITDAre	$	919,174	$	896,679	$	875,707	$	860,086	$	842,366

Estimated Total Investment Cost

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.


						30


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2024		2023		2024		2023
Property management expenses	$	31,973	$	30,785	$	95,757	$	92,251
Less: tenant charge-backs	(2,026)		(2,148)		(5,837)		(5,738)
Less: noncash share-based compensation - property management	(1,043)		(953)		(3,827)		(3,151)
Property management expenses, net	$	28,904	$	27,684	$	86,093	$	83,362

General and administrative expense	$	19,247	$	18,336	$	62,825	$	56,128
Less: noncash share-based compensation - general and administrative	(3,601)		(4,160)		(17,999)		(13,885)
General and administrative expense, net	$	15,646	$	14,176	$	44,826	$	42,243


						31


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)


	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2024		2023		2024		2023
Net income per common share–diluted	$	0.20	$	0.20	$	0.75	$	0.80
Adjustments:
Conversion from GAAP share count	(0.02)		(0.03)		(0.09)		(0.10)
Noncontrolling interests in the Operating Partnership	0.02		0.03		0.09		0.10
Gain on sale and impairment of single-family properties and other, net	(0.08)		(0.08)		(0.35)		(0.44)
Adjustments for unconsolidated joint ventures	—		—		0.01		0.01
Depreciation and amortization	0.29		0.28		0.84		0.82
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)		(0.03)		(0.03)
FFO attributable to common share and unit holders	$	0.40	$	0.39	$	1.22	$	1.16
Adjustments:
Acquisition, other transaction costs and other	0.01		0.01		0.02		0.03
Noncash share-based compensation - general and administrative	0.01		0.01		0.04		0.03
Noncash share-based compensation - property management	—		—		0.01		0.01
Hurricane-related charges, net	0.01		—		0.01		—
Loss on early extinguishment of debt	0.01		—		0.02		—

Core FFO attributable to common share and unit holders	$	0.44	$	0.41	$	1.32	$	1.23
Recurring Capital Expenditures	(0.06)		(0.06)		(0.14)		(0.14)
Leasing costs	—		—		(0.01)		(0.01)
Adjusted FFO attributable to common share and unit holders	$	0.38	$	0.35	$	1.17	$	1.08

FFO Shares and Units

Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Property Enhancing Capex

Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures


						32


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

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


	For the Three Months Ended Sep 30, 2024
Adjusted FFO attributable to common share and unit holders	$	159,710
Common distributions	(109,133)
Retained Cash Flow	$	50,577

Same-Home Property

Stabilized Property

Total Capitalization

Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Total Debt

Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

Turnover Rate

The number of tenant move-outs during the period divided by the total number of properties.


						33


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, the Seventh Supplemental Indenture dated as of January 30, 2024 for the 2034 Unsecured Senior Notes I, and the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of July 16, 2024, which has been filed as an exhibit to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company’s subsequent filings with the SEC.


						34


Executive Management

David P. Singelyn						Christopher C. Lau
Chief Executive Officer						Chief Financial Officer and Senior Executive Vice President

Bryan Smith						Sara H. Vogt-Lowell
Chief Operating Officer						Chief Legal Officer and Secretary


AMH Diversified Portfolio


Corporate Information						Investor Relations
280 Pilot Road						(855) 794-2447
Las Vegas, NV 89119						investors@amh.com
						Media Relations
23975 Park Sorrento, Suite 300
Calabasas, CA 91302						(855) 774-4663
						media@amh.com
(702) 847-7800
www.amh.com

Document and Entity Information	Oct. 29, 2024
Document Information
Document Type	8-K
Document Period End Date	Oct. 29, 2024
Entity Registrant Name	AMERICAN HOMES 4 RENT
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36013
Entity Tax Identification Number	46-1229660
Entity Address, Address Line One	280 Pilot Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	805
Local Phone Number	413-5300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001562401
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
American Homes 4 Rent, L.P.
Document Information
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-221878-02
Entity Tax Identification Number	80-0860173
Entity Central Index Key	0001716558