Form 8-K

8-K — American Homes 4 Rent

Accession: 0001562401-26-000043

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0001562401

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — amh-20260730.htm (Primary)

EX-99.1 (amh0630268kexhibit991.htm)

EX-99.2 (amh0630268kexhibit992.htm)

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8-K

8-K (Primary)

Filename: amh-20260730.htm · Sequence: 1

amh-20260730

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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): July 30, 2026

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 July 30, 2026, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended June 30, 2026, together with a Second Quarter 2026 Earnings Release and Supplemental Information Package. A copy of the press release and the Second Quarter 2026 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 July 30, 2026 concerning financial results, including financial tables

Exhibit 99.2—Second Quarter 2026 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: July 30, 2026

AMERICAN HOMES 4 RENT

By: /s/ Sara Vogt-Lowell

Sara Vogt-Lowell

Chief Administrative Officer, Chief Legal Officer and Secretary

AMERICAN HOMES 4 RENT, L.P.

By:

American Homes 4 Rent, its General Partner

By: /s/ Sara Vogt-Lowell

Sara Vogt-Lowell

Chief Administrative Officer, Chief Legal Officer and Secretary

EX-99.1

Filename: amh0630268kexhibit991.htm · Sequence: 2

Document

Exhibit 99.1

News Release

AMH Reports Second Quarter 2026 Financial and Operating Results

Raises Full Year 2026 Guidance

LAS VEGAS, July 30, 2026—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended June 30, 2026.

Highlights

•Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026.

•Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 5.2% year-over-year to $0.49 per FFO share and unit for the second quarter of 2026 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.3% year-over-year to $0.45 per FFO share and unit for the second quarter of 2026.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026.

•Achieved Same-Home Average Occupied Days Percentage of 96.0% in the second quarter of 2026, while generating 2.7% blended rate growth driven by lease spreads of 3.2% and 1.4% on renewals and new leases, respectively.

•July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%.

•Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2026.

•Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026.

•Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.95, representing anticipated full year growth of 4.3% over prior year.

“AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint,” stated Bryan Smith, AMH’s Chief Executive Officer.

“Additionally, the recent passage of the 21st Century ROAD to Housing Act reflects a thoughtful approach by policymakers to address housing affordability and recognizes the valuable role that single-family rental housing plays in the broader housing ecosystem. Notably, the law reinforces the importance of our integrated operating platform and AMH Development Program which has delivered more than 15,000 new homes across the country.”

Second Quarter 2026 Financial Results

property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.

Rents and other single-family property revenues increased 2.8% to $470.1 million for the second quarter of 2026, compared to $457.5 million for the second quarter of 2025. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 4.3% to $275.4 million for the second quarter of 2026, compared to $264.1 million for the second quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.2% decrease in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 2.3% to $371.3 million for the second quarter of 2026, compared to $362.8 million for the second quarter of 2025, which was driven by a 2.6% increase in Average Monthly Realized Rent per property, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the second quarter of 2026, compared to $123.4 million for the second quarter of 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 2.7% to $245.8 million for the second quarter of 2026, compared to $239.4 million for the second quarter of 2025.

Core FFO attributable to common share and unit holders was $202.8 million, or $0.49 per FFO share and unit, for the second quarter of 2026, compared to $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025. Adjusted FFO attributable to common share and unit holders was $186.0 million, or $0.45 per FFO share and unit, for the second quarter of 2026, compared to $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.

Year-to-Date 2026 Financial Results

Net income attributable to common shareholders totaled $241.4 million, or $0.66 per diluted share, for the six-month period ended June 30, 2026, compared to $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.

Rents and other single-family property revenues increased 2.8% to $942.1 million for the six-month period ended June 30, 2026, compared to $916.8 million for the six-month period ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 4.5% to $546.5 million for the six-month period ended June 30, 2026, compared to $523.0 million for the six-month period ended June 30, 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.7% decrease in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 2.4% to $735.8 million for the six-month period ended June 30, 2026, compared to $718.5 million for the six-month period ended June 30, 2025, which was driven by a 2.8% increase in Average Monthly Realized Rent per property, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six-month period ended June 30, 2026, compared to $243.2 million for the six-month period ended June 30, 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 3.3% to $490.9 million for the six-month period ended June 30, 2026, compared to $475.4 million for the six-month period ended June 30, 2025.

Core FFO attributable to common share and unit holders was $402.9 million, or $0.98 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025. Adjusted FFO attributable to common share and unit holders was $373.4 million, or $0.90 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.

Investments

As of June 30, 2026, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,482 homes, compared to 60,200 homes as of March 31, 2026, an increase of 282 homes during the second quarter of 2026, which included 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the second quarter of 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of June 30, 2026, the Company had 701 properties held for sale and 3,961 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the second quarter of 2026, the Company repurchased and retired 4.1 million of its outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million.

As of June 30, 2026, the Company had cash and cash equivalents of $83.7 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.6 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2026, the Company generated $50.1 million of Retained Cash Flow and sold 608 properties, generating $181.2 million of net proceeds.

2026 Guidance

Set forth below are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

Full Year 2026

Previous Guidance Current Guidance

Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97

Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%

Same-Home

Core revenues growth 1.25% - 3.25% 1.50% - 3.00%

Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%

Core NOI growth 1.00% - 3.00% 1.40% - 3.40%

Full Year 2026

(Unchanged)

Investment Program Properties Investment

Wholly owned acquisitions — —

Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million

JV development deliveries (1)

400 - 600 $150 - $250 million

Total gross capital investment (1)

1,700 - 2,100 $650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.

Changes to Full Year 2026 Guidance

•$0.03 incremental Core FFO per share driven by:

◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,

◦Increased Non-Same-Home portfolio Core NOI growth from similar expense benefits as Same-Home portfolio as well as incremental Core NOI contribution from solid initial lease-up of AMH Development deliveries, and

◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.

Additional Information

A copy of the Company’s Second Quarter 2026 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, July 31, 2026 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2026 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, August 14, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13761126#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on developing, renovating, leasing and managing homes as rental properties.

In recent years, we’ve been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of America’s Best Companies 2026 by TIME and Statista. As of June 30, 2026, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living, AMH Living, LLC 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 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s subsequent filings with the SEC.

AMH

Condensed Consolidated Balance Sheets

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

June 30, 2026 December 31, 2025

(Unaudited)

Assets

Single-family properties:

Land $ 2,446,061 $ 2,406,467

Buildings and improvements 12,222,317 11,971,961

Single-family properties in operation 14,668,378 14,378,428

Less: accumulated depreciation (3,540,311) (3,366,795)

Single-family properties in operation, net 11,128,067 11,011,633

Single-family properties under development and development land 989,611 1,233,586

Single-family properties and land held for sale, net 208,376 225,861

Total real estate assets, net 12,326,054 12,471,080

Cash and cash equivalents 83,670 108,516

Restricted cash 174,029 122,174

Rent and other receivables 45,369 43,119

Escrow deposits, prepaid expenses and other assets 224,414 228,017

Investments in unconsolidated joint ventures 147,283 148,935

Goodwill 120,279 120,279

Total assets $ 13,121,098 $ 13,242,120

Liabilities

Revolving credit facility $ 390,000 $ 360,000

Unsecured senior notes, net 4,740,117 4,735,735

Accounts payable and accrued expenses 511,966 436,879

Total liabilities 5,642,083 5,532,614

Commitments and contingencies

Equity

Shareholders’ equity:

Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 359,179,944 and 366,021,665 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

3,592 3,660

Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2026 and December 31, 2025)

6 6

Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2026 and December 31, 2025)

92 92

Additional paid-in capital 7,183,780 7,411,003

Accumulated deficit (385,896) (387,643)

Accumulated other comprehensive income 6,005 6,630

Total shareholders’ equity 6,807,579 7,033,748

Noncontrolling interest 671,436 675,758

Total equity 7,479,015 7,709,506

Total liabilities and equity $ 13,121,098 $ 13,242,120

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

For the Three Months Ended

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

Expenses:

Property operating expenses 161,943 160,089 330,652 327,619

Property management expenses 33,844 34,412 67,128 68,593

General and administrative expense 21,659 20,008 42,991 39,679

Interest expense 49,527 46,303 97,749 91,729

Acquisition, disposition and other transaction costs 3,195 2,655 6,255 5,716

Depreciation and amortization 127,606 126,939 254,950 251,867

Total expenses 397,774 390,406 799,725 785,203

Gain on sale and impairment of single-family properties and other, net 59,432 51,908 137,876 113,924

Loss on early extinguishment of debt — — — (216)

Other income and expense, net 1,157 4,619 1,484 7,053

Net income 132,919 123,624 281,763 252,337

Noncontrolling interest 15,807 14,585 33,397 29,840

Dividends on preferred shares 3,486 3,486 6,972 6,972

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

Weighted-average common shares outstanding:

Basic 360,629,168 370,692,250 362,445,489 370,538,451

Diluted 360,808,221 371,059,970 362,643,354 370,916,988

Net income attributable to common shareholders per share:

Basic $ 0.31 $ 0.28 $ 0.66 $ 0.58

Diluted $ 0.31 $ 0.28 $ 0.66 $ 0.58

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 Second Quarter 2026 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 Second Quarter 2026 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 real estate joint ventures to reflect FFO on the same basis.

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

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

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 six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data):

For the Three Months Ended

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

Adjustments:

Noncontrolling interests in the Operating Partnership 15,807 14,585 33,397 29,840

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)

Adjustments for unconsolidated real estate joint ventures 2,158 1,821 4,071 3,305

Depreciation and amortization 127,606 126,939 254,950 251,867

Less: depreciation and amortization of non-real estate assets (5,727) (5,511) (11,390) (10,876)

FFO attributable to common share and unit holders $ 194,038 $ 191,479 $ 384,546 $ 375,737

Adjustments:

Acquisition, disposition, other transaction costs and other 3,364 1,445 7,366 5,535

Noncash share-based compensation - general and administrative 4,323 3,987 8,768 8,854

Noncash share-based compensation - property management 1,067 1,137 2,188 2,383

Loss on early extinguishment of debt — — — 216

Core FFO attributable to common share and unit holders $ 202,792 $ 198,048 $ 402,868 $ 392,725

Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)

Leasing costs (947) (1,098) (1,574) (2,337)

Adjusted FFO attributable to common share and unit holders $ 185,976 $ 176,435 $ 373,360 $ 353,044

Common distributions (135,855) (127,152) (272,738) (254,289)

Retained Cash Flow $ 50,121 $ 49,283 $ 100,622 $ 98,755

Per FFO share and unit:

FFO attributable to common share and unit holders $ 0.47 $ 0.45 $ 0.93 $ 0.89

Core FFO attributable to common share and unit holders $ 0.49 $ 0.47 $ 0.98 $ 0.93

Adjusted FFO attributable to common share and unit holders $ 0.45 $ 0.42 $ 0.90 $ 0.84

Weighted-average FFO shares and units:

Common shares outstanding 360,629,168 370,692,250 362,445,489 370,538,451

Share-based compensation plan (1)

418,654 692,590 448,029 726,881

Operating partnership units 50,136,980 51,228,628 50,144,605 51,302,394

Total weighted-average FFO shares and units 411,184,802 422,613,468 413,038,123 422,567,726

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options 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 six months ended June 30, 2026 and 2025:

For the Three Months Ended

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net income per common share–diluted $ 0.31 $ 0.28 $ 0.66 $ 0.58

Adjustments:

Conversion from GAAP share count (0.04) (0.03) (0.08) (0.07)

Noncontrolling interests in the Operating Partnership 0.04 0.03 0.08 0.07

Gain on sale and impairment of single-family properties and other, net (0.14) (0.12) (0.33) (0.27)

Adjustments for unconsolidated real estate joint ventures 0.01 — 0.01 0.01

Depreciation and amortization 0.31 0.30 0.62 0.60

Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.03) (0.03)

FFO attributable to common share and unit holders $ 0.47 $ 0.45 $ 0.93 $ 0.89

Adjustments:

Acquisition, disposition, other transaction costs and other 0.01 — 0.03 0.01

Noncash share-based compensation - general and administrative 0.01 0.01 0.02 0.02

Noncash share-based compensation - property management — 0.01 — 0.01

Core FFO attributable to common share and unit holders $ 0.49 $ 0.47 $ 0.98 $ 0.93

Recurring Capital Expenditures (0.04) (0.04) (0.08) (0.08)

Leasing costs — (0.01) — (0.01)

Adjusted FFO attributable to common share and unit holders $ 0.45 $ 0.42 $ 0.90 $ 0.84

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, disposition 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 six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

June 30,

2026 2025 2026 2025

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

Tenant charge-backs (54,114) (52,457) (120,014) (116,318)

Core revenues 415,990 405,046 822,114 800,461

Less: Non-Same-Home core revenues (44,716) (42,229) (86,340) (81,917)

Same-Home core revenues $ 371,274 $ 362,817 $ 735,774 $ 718,544

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses $ 161,943 $ 160,089 $ 330,652 $ 327,619

Property management expenses 33,844 34,412 67,128 68,593

Noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)

Expenses reimbursed by tenant charge-backs (54,114) (52,457) (120,014) (116,318)

Core property operating expenses 140,606 140,907 275,578 277,511

Less: Non-Same-Home core property operating expenses (15,113) (17,489) (30,714) (34,354)

Same-Home core property operating expenses $ 125,493 $ 123,418 $ 244,864 $ 243,157

Core NOI and Same-Home Core NOI

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

Loss on early extinguishment of debt — — — 216

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)

Depreciation and amortization 127,606 126,939 254,950 251,867

Acquisition, disposition and other transaction costs 3,195 2,655 6,255 5,716

Noncash share-based compensation - property management 1,067 1,137 2,188 2,383

Interest expense 49,527 46,303 97,749 91,729

General and administrative expense 21,659 20,008 42,991 39,679

Other income and expense, net (1,157) (4,619) (1,484) (7,053)

Core NOI 275,384 264,139 546,536 522,950

Less: Non-Same-Home Core NOI (29,603) (24,740) (55,626) (47,563)

Same-Home Core NOI $ 245,781 $ 239,399 $ 490,910 $ 475,387

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com

EX-99.2

Filename: amh0630268kexhibit992.htm · Sequence: 3

Document

AMH

Table of Contents

Summary

Earnings Press Release

Select Non-GAAP Reconciliations – Core Net Operating Income

Fact Sheet

Financial Information

Condensed Consolidated Statements of Operations

Funds from Operations

Core Net Operating Income – Total Portfolio

Same-Home Results

Condensed Consolidated Balance Sheets

Debt Summary

Capital Structure and Credit Metrics

Property and Other Information

Top 20 Markets Summary

Property Additions and Dispositions

AMH Development Pipeline Summary

Lease Expirations, Share Repurchase History and ATM Share History

2026 Guidance

Defined Terms and Non-GAAP Reconciliations

AMH

Earnings Press Release

AMH Reports Second Quarter 2026 Financial and Operating Results

Raises Full Year 2026 Guidance

Highlights

•Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026.

•July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%.

•Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026.

Second Quarter 2026 Financial Results

Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.

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

AMH

Earnings Press Release (continued)

Year-to-Date 2026 Financial Results

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

AMH

Earnings Press Release (continued)

Investments

Capital Activities, Balance Sheet and Liquidity

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

AMH

Earnings Press Release (continued)

2026 Guidance

Guidance Summary

Full Year 2026

Previous Guidance Current Guidance

Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97

Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%

Same-Home

Core revenues growth 1.25% - 3.25% 1.50% - 3.00%

Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%

Core NOI growth 1.00% - 3.00% 1.40% - 3.40%

Full Year 2026

(Unchanged)

Investment Program Properties Investment

Wholly owned acquisitions — —

Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million

JV development deliveries (1)

400 - 600 $150 - $250 million

Total gross capital investment (1)

1,700 - 2,100 $650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.

Changes to Full Year 2026 Guidance

•$0.03 incremental Core FFO per share driven by:

◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,

◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.

Additional Information

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

AMH

Earnings Press Release (continued)

Conference Call

About AMH

Cautionary Note Regarding Forward-Looking Statements

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

AMH

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

Tenant charge-backs (54,114) (52,457) (120,014) (116,318)

Core revenues 415,990 405,046 822,114 800,461

Less: Non-Same-Home core revenues (44,716) (42,229) (86,340) (81,917)

Same-Home core revenues $ 371,274 $ 362,817 $ 735,774 $ 718,544

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses $ 161,943 $ 160,089 $ 330,652 $ 327,619

Property management expenses 33,844 34,412 67,128 68,593

Noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)

Expenses reimbursed by tenant charge-backs (54,114) (52,457) (120,014) (116,318)

Core property operating expenses 140,606 140,907 275,578 277,511

Less: Non-Same-Home core property operating expenses (15,113) (17,489) (30,714) (34,354)

Same-Home core property operating expenses $ 125,493 $ 123,418 $ 244,864 $ 243,157

Core NOI and Same-Home Core NOI

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

Loss on early extinguishment of debt — — — 216

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)

Depreciation and amortization 127,606 126,939 254,950 251,867

Acquisition, disposition and other transaction costs 3,195 2,655 6,255 5,716

Noncash share-based compensation - property management 1,067 1,137 2,188 2,383

Interest expense 49,527 46,303 97,749 91,729

General and administrative expense 21,659 20,008 42,991 39,679

Other income and expense, net (1,157) (4,619) (1,484) (7,053)

Core NOI 275,384 264,139 546,536 522,950

Less: Non-Same-Home Core NOI (29,603) (24,740) (55,626) (47,563)

Same-Home Core NOI $ 245,781 $ 239,399 $ 490,910 $ 475,387

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

AMH

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

(Amounts in thousands)

(Unaudited)

For the Three Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

Core revenues and Same-Home core revenues

Rents and other single-family property revenues $ 470,104 $ 472,024 $ 454,991 $ 478,464 $ 457,503

Tenant charge-backs (54,114) (65,900) (52,063) (72,843) (52,457)

Core revenues 415,990 406,124 402,928 405,621 405,046

Less: Non-Same-Home core revenues (44,716) (41,624) (40,628) (41,076) (42,229)

Same-Home core revenues $ 371,274 $ 364,500 $ 362,300 $ 364,545 $ 362,817

Core property operating expenses and Same-Home core property operating expenses

Property operating expenses $ 161,943 $ 168,709 $ 154,731 $ 181,604 $ 160,089

Property management expenses 33,844 33,284 32,831 33,384 34,412

Noncash share-based compensation - property management (1,067) (1,121) (843) (864) (1,137)

Expenses reimbursed by tenant charge-backs (54,114) (65,900) (52,063) (72,843) (52,457)

Core property operating expenses 140,606 134,972 134,656 141,281 140,907

Less: Non-Same-Home core property operating expenses (15,113) (15,601) (16,326) (17,789) (17,489)

Same-Home core property operating expenses $ 125,493 $ 119,371 $ 118,330 $ 123,492 $ 123,418

Core NOI and Same-Home Core NOI

Net income $ 132,919 $ 148,844 $ 144,254 $ 116,801 $ 123,624

Loss on early extinguishment of debt — — — 180 —

Gain on sale and impairment of single-family properties and other, net (59,432) (78,444) (69,916) (47,620) (51,908)

Depreciation and amortization 127,606 127,344 125,818 126,656 126,939

Acquisition, disposition and other transaction costs 3,195 3,060 2,882 3,661 2,655

Noncash share-based compensation - property management 1,067 1,121 843 864 1,137

Interest expense 49,527 48,222 45,270 48,199 46,303

General and administrative expense 21,659 21,332 22,824 20,503 20,008

Other income and expense, net (1,157) (327) (3,703) (4,904) (4,619)

Core NOI 275,384 271,152 268,272 264,340 264,139

Less: Non-Same-Home Core NOI (29,603) (26,023) (24,302) (23,287) (24,740)

Same-Home Core NOI $ 245,781 $ 245,129 $ 243,970 $ 241,053 $ 239,399

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

AMH

Fact Sheet

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

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Operating Data

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

Core revenues $ 415,990 $ 405,046 $ 822,114 $ 800,461

Core NOI $ 275,384 $ 264,139 $ 546,536 $ 522,950

Core NOI margin 66.2 % 65.2 % 66.5 % 65.3 %

Fully Adjusted EBITDAre $ 244,716 $ 231,735 $ 489,471 $ 462,621

Fully Adjusted EBITDAre Margin 58.3 % 56.7 % 59.0 % 57.3 %

Per FFO share and unit:

FFO attributable to common share and unit holders $ 0.47 $ 0.45 $ 0.93 $ 0.89

Core FFO attributable to common share and unit holders $ 0.49 $ 0.47 $ 0.98 $ 0.93

Adjusted FFO attributable to common share and unit holders $ 0.45 $ 0.42 $ 0.90 $ 0.84

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

Selected Balance Sheet Information - end of period

Single-family properties in operation, net $ 11,128,067 $ 11,033,809 $ 11,011,633 $ 11,035,893 $ 10,947,696

Total assets $ 13,121,098 $ 13,175,038 $ 13,242,120 $ 13,253,466 $ 13,592,318

Outstanding borrowings under revolving credit facility $ 390,000 $ 390,000 $ 360,000 $ 110,000 $ —

Total Debt $ 5,190,000 $ 5,190,000 $ 5,160,000 $ 4,910,000 $ 5,227,529

Total Capitalization $ 19,161,591 $ 16,977,003 $ 18,779,992 $ 19,164,198 $ 20,669,137

Total Debt to Total Capitalization 27.1 % 30.6 % 27.5 % 25.6 % 25.3 %

Net Debt and Preferred Shares to Adjusted EBITDAre 5.2 x 5.3 x 5.2 x 5.1 x 5.2 x

NYSE AMH Class A common share closing price $ 33.52 $ 27.92 $ 32.10 $ 33.25 $ 36.07

Portfolio Data - end of period

Occupied single-family properties 57,897 57,112 56,756 57,061 58,317

Single-family properties leased, not yet occupied 835 723 543 478 406

Single-family properties in turnover process 1,662 2,179 2,837 2,867 1,753

Single-family properties recently renovated or developed 88 186 195 245 118

Single-family properties newly acquired and under renovation — — 6 13 2

Total single-family properties, excluding properties held for sale 60,482 60,200 60,337 60,664 60,596

Single-family properties held for sale 701 1,037 1,142 1,028 904

Total single-family properties wholly owned 61,183 61,237 61,479 61,692 61,500

Single-family properties managed under joint ventures 3,961 3,858 3,785 3,721 3,616

Total single-family properties wholly owned and managed 65,144 65,095 65,264 65,413 65,116

Total Average Occupied Days Percentage (1)

95.6 % 94.7 % 94.4 % 95.2 % 95.7 %

Same-Home Average Occupied Days Percentage (53,935 properties) 96.0 % 95.2 % 95.2 % 96.3 % 96.4 %

Other Data

Distributions declared per common share $ 0.33 $ 0.33 $ 0.30 $ 0.30 $ 0.30

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.

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

Expenses:

Property operating expenses 161,943 160,089 330,652 327,619

Property management expenses 33,844 34,412 67,128 68,593

General and administrative expense 21,659 20,008 42,991 39,679

Interest expense 49,527 46,303 97,749 91,729

Acquisition, disposition and other transaction costs 3,195 2,655 6,255 5,716

Depreciation and amortization 127,606 126,939 254,950 251,867

Total expenses 397,774 390,406 799,725 785,203

Gain on sale and impairment of single-family properties and other, net 59,432 51,908 137,876 113,924

Loss on early extinguishment of debt — — — (216)

Other income and expense, net 1,157 4,619 1,484 7,053

Net income 132,919 123,624 281,763 252,337

Noncontrolling interest 15,807 14,585 33,397 29,840

Dividends on preferred shares 3,486 3,486 6,972 6,972

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

Weighted-average common shares outstanding:

Basic 360,629,168 370,692,250 362,445,489 370,538,451

Diluted 360,808,221 371,059,970 362,643,354 370,916,988

Net income attributable to common shareholders per share:

Basic $ 0.31 $ 0.28 $ 0.66 $ 0.58

Diluted $ 0.31 $ 0.28 $ 0.66 $ 0.58

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

AMH

Funds from Operations

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

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525

Adjustments:

Noncontrolling interests in the Operating Partnership 15,807 14,585 33,397 29,840

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)

Adjustments for unconsolidated real estate joint ventures 2,158 1,821 4,071 3,305

Depreciation and amortization 127,606 126,939 254,950 251,867

Less: depreciation and amortization of non-real estate assets (5,727) (5,511) (11,390) (10,876)

FFO attributable to common share and unit holders $ 194,038 $ 191,479 $ 384,546 $ 375,737

Adjustments:

Acquisition, disposition, other transaction costs and other 3,364 1,445 7,366 5,535

Noncash share-based compensation - general and administrative 4,323 3,987 8,768 8,854

Noncash share-based compensation - property management 1,067 1,137 2,188 2,383

Loss on early extinguishment of debt — — — 216

Core FFO attributable to common share and unit holders $ 202,792 $ 198,048 $ 402,868 $ 392,725

Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)

Leasing costs (947) (1,098) (1,574) (2,337)

Adjusted FFO attributable to common share and unit holders $ 185,976 $ 176,435 $ 373,360 $ 353,044

Per FFO share and unit:

FFO attributable to common share and unit holders $ 0.47 $ 0.45 $ 0.93 $ 0.89

Core FFO attributable to common share and unit holders $ 0.49 $ 0.47 $ 0.98 $ 0.93

Adjusted FFO attributable to common share and unit holders $ 0.45 $ 0.42 $ 0.90 $ 0.84

Weighted-average FFO shares and units:

Common shares outstanding 360,629,168 370,692,250 362,445,489 370,538,451

Share-based compensation plan (1)

418,654 692,590 448,029 726,881

Operating partnership units 50,136,980 51,228,628 50,144,605 51,302,394

Total weighted-average FFO shares and units 411,184,802 422,613,468 413,038,123 422,567,726

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

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

AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Rents from single-family properties $ 408,698 $ 398,538 $ 808,686 $ 788,869

Fees from single-family properties 10,609 9,553 20,873 18,932

Bad debt (3,317) (3,045) (7,445) (7,340)

Core revenues 415,990 405,046 822,114 800,461

Property tax expense 68,107 66,119 136,287 133,059

HOA fees, net (1)

7,245 7,349 14,078 14,163

R&M and turnover costs, net (1)

30,553 31,808 56,142 59,089

Insurance 4,272 4,614 8,823 9,545

Property management expenses, net (2)

30,429 31,017 60,248 61,655

Core property operating expenses 140,606 140,907 275,578 277,511

Core NOI $ 275,384 $ 264,139 $ 546,536 $ 522,950

Core NOI margin 66.2 % 65.2 % 66.5 % 65.3 %

For the Three Months Ended

Jun 30, 2026

Same-Home Properties Stabilized Properties

Non-Stabilized Properties (3)

Held for Sale and Other Properties (4)

Total

Single-Family

Properties Wholly Owned

Property count 53,935 3,469 3,078 701 61,183

Average Occupied Days Percentage 96.0 % 95.9 % 87.3 % 51.1 % 95.1 %

Rents from single-family properties $ 364,634 $ 25,230 $ 16,547 $ 2,287 $ 408,698

Fees from single-family properties 9,289 724 491 105 10,609

Bad debt (2,649) (160) (259) (249) (3,317)

Core revenues 371,274 25,794 16,779 2,143 415,990

Property tax expense 60,903 3,876 2,746 582 68,107

HOA fees, net (1)

6,681 320 195 49 7,245

R&M and turnover costs, net (1)

27,580 1,181 1,513 279 30,553

Insurance 3,784 281 159 48 4,272

Property management expenses, net (2)

26,545 1,820 1,844 220 30,429

Core property operating expenses 125,493 7,478 6,457 1,178 140,606

Core NOI $ 245,781 $ 18,316 $ 10,322 $ 965 $ 275,384

Core NOI margin 66.2 % 71.0 % 61.5 % 45.0 % 66.2 %

(1)Presented net of tenant charge-backs.

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

(3)Includes 1,488 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,590 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions) or properties currently out of service due to a casualty loss.

(4)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.

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

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 Change 2026 2025 Change

Number of Same-Home properties 53,935 53,935 53,935 53,935

Average Occupied Days Percentage 96.0 % 96.4 % (0.4) % 95.6 % 96.1 % (0.5) %

Average Monthly Realized Rent per Property $ 2,346 $ 2,286 2.6 % $ 2,338 $ 2,274 2.8 %

Turnover Rate 8.1 % 7.5 % 0.6 % 15.4 % 14.4 % 1.0 %

Turnover Rate - TTM 27.3 % N/A 27.3 % N/A

Core NOI:

Rents from single-family properties $ 364,634 $ 356,626 2.2 % $ 723,291 $ 707,327 2.3 %

Fees from single-family properties 9,289 8,355 11.2 % 18,300 16,645 9.9 %

Bad debt (2,649) (2,164) 22.4 % (5,817) (5,428) 7.2 %

Core revenues 371,274 362,817 2.3 % 735,774 718,544 2.4 %

Property tax expense 60,903 58,926 3.4 % 121,123 118,415 2.3 %

HOA fees, net (1)

6,681 6,516 2.5 % 13,021 12,621 3.2 %

R&M and turnover costs, net (1)

27,580 27,421 0.6 % 50,418 50,971 (1.1) %

Insurance 3,784 4,158 (9.0) % 7,761 8,415 (7.8) %

Property management expenses, net (2)

26,545 26,397 0.6 % 52,541 52,735 (0.4) %

Core property operating expenses 125,493 123,418 1.7 % 244,864 243,157 0.7 %

Core NOI $ 245,781 $ 239,399 2.7 % $ 490,910 $ 475,387 3.3 %

Core NOI margin 66.2 % 66.0 % 66.7 % 66.2 %

Selected Property Expenditure Details:

Recurring Capital Expenditures $ 14,487 $ 18,084 (19.9) % $ 25,494 $ 33,009 (22.8) %

Per property:

Average Recurring Capital Expenditures $ 269 $ 335 (19.9) % $ 473 $ 612 (22.8) %

Average R&M and turnover costs, net, plus

Recurring Capital Expenditures

$ 780 $ 844 (7.6) % $ 1,407 $ 1,557 (9.6) %

Property Enhancing Capex $ 10,113 $ 7,950 $ 17,931 $ 16,583

(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.

AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

For the Three Months Ended

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

Average Occupied Days Percentage 96.0 % 95.2 % 95.2 % 96.3 % 96.4 %

Average Monthly Realized Rent per Property $ 2,346 $ 2,329 $ 2,317 $ 2,306 $ 2,286

Average Change in Rent for Renewals 3.2 % 3.2 % 4.1 % 4.0 % 4.4 %

Average Change in Rent for Re-Leases 1.4 % (0.8) % (0.7) % 2.5 % 4.0 %

Average Blended Change in Rent 2.7 % 2.2 % 2.6 % 3.6 % 4.3 %

Core NOI:

Rents from single-family properties $ 364,634 $ 358,657 $ 357,095 $ 359,261 $ 356,626

Fees from single-family properties 9,289 9,011 8,360 8,301 8,355

Bad debt (2,649) (3,168) (3,155) (3,017) (2,164)

Core revenues 371,274 364,500 362,300 364,545 362,817

Property tax expense 60,903 60,220 58,077 59,993 58,926

HOA fees, net (1)

6,681 6,340 6,351 6,692 6,516

R&M and turnover costs, net (1)

27,580 22,838 24,334 27,114 27,421

Insurance 3,784 3,977 4,205 4,197 4,158

Property management expenses, net (2)

26,545 25,996 25,363 25,496 26,397

Core property operating expenses 125,493 119,371 118,330 123,492 123,418

Core NOI $ 245,781 $ 245,129 $ 243,970 $ 241,053 $ 239,399

Core NOI margin 66.2 % 67.3 % 67.3 % 66.1 % 66.0 %

Selected Property Expenditure Details:

Recurring Capital Expenditures $ 14,487 $ 11,007 $ 12,998 $ 17,695 $ 18,084

Per property:

Average Recurring Capital Expenditures $ 269 $ 204 $ 241 $ 328 $ 335

Average R&M and turnover costs, net, plus Recurring Capital Expenditures

$ 780 $ 627 $ 692 $ 831 $ 844

Property Enhancing Capex $ 10,113 $ 7,818 $ 6,945 $ 7,891 $ 7,950

(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.

AMH

Same-Home Results – Operating Metrics by Market

Market Number of Properties Avg. Gross Book Value per Property % of

2Q26 NOI

Avg. Change in Rent for Renewals (1)

Avg. Change in Rent for Re-Leases (1)

Avg. Blended Change in

Rent (1)

Atlanta, GA 5,338 $ 235,333 9.5 % 2.8 % (0.1) % 1.9 %

Charlotte, NC 3,886 230,215 7.8 % 2.9 % 2.7 % 2.9 %

Dallas-Fort Worth, TX 3,421 177,906 5.8 % 2.9 % (0.4) % 2.1 %

Nashville, TN 3,153 258,329 6.9 % 3.0 % 1.3 % 2.5 %

Jacksonville, FL 3,062 229,696 5.0 % 2.8 % 0.2 % 2.0 %

Phoenix, AZ 2,872 224,503 5.5 % 2.5 % (1.4) % 1.4 %

Indianapolis, IN 2,713 177,769 3.8 % 4.9 % 4.6 % 4.8 %

Tampa, FL 2,629 244,669 4.7 % 2.3 % (2.5) % 0.8 %

Las Vegas, NV 2,208 300,601 4.7 % 2.2 % 0.3 % 1.6 %

Houston, TX 2,053 181,552 2.8 % 3.7 % (1.2) % 2.4 %

Raleigh, NC 2,053 205,079 3.5 % 2.9 % (0.4) % 1.9 %

Cincinnati, OH 2,052 202,071 3.8 % 4.2 % 6.5 % 4.9 %

Columbus, OH 2,017 202,244 3.8 % 4.5 % 5.9 % 4.8 %

Salt Lake City, UT 1,886 307,515 4.6 % 3.5 % 3.1 % 3.4 %

Orlando, FL 1,804 239,788 3.2 % 3.0 % (0.1) % 2.2 %

Greater Chicago area, IL and IN 1,474 197,415 2.6 % 5.5 % 9.1 % 6.2 %

Charleston, SC 1,426 239,222 2.8 % 3.1 % 2.8 % 3.0 %

San Antonio, TX 996 203,820 1.3 % 1.7 % (5.5) % — %

Boise, ID 1,002 308,997 2.3 % 3.4 % 6.7 % 4.7 %

Seattle, WA 968 340,146 2.5 % 3.9 % 5.2 % 4.3 %

All Other (2)

6,922 229,917 13.1 % 3.1 % 1.0 % 2.4 %

Total/Average 53,935 $ 230,012 100.0 % 3.2 % 1.4 % 2.7 %

Average Occupied Days Percentage Average Monthly Realized Rent per Property

Market 2Q26 QTD 2Q25 QTD Change 2Q26 QTD 2Q25 QTD Change

Atlanta, GA 95.3 % 95.9 % (0.6) % $ 2,360 $ 2,319 1.8 %

Charlotte, NC 96.9 % 96.8 % 0.1 % 2,330 2,255 3.3 %

Dallas-Fort Worth, TX 95.9 % 96.0 % (0.1) % 2,368 2,328 1.7 %

Nashville, TN 95.7 % 96.4 % (0.7) % 2,463 2,408 2.3 %

Jacksonville, FL 96.0 % 96.3 % (0.3) % 2,254 2,207 2.1 %

Phoenix, AZ 94.4 % 95.5 % (1.1) % 2,215 2,180 1.6 %

Indianapolis, IN 96.7 % 96.6 % 0.1 % 2,021 1,941 4.1 %

Tampa, FL 95.5 % 96.1 % (0.6) % 2,506 2,462 1.8 %

Las Vegas, NV 95.6 % 95.4 % 0.2 % 2,400 2,352 2.0 %

Houston, TX 95.3 % 96.5 % (1.2) % 2,156 2,109 2.2 %

Raleigh, NC 95.7 % 97.1 % (1.4) % 2,135 2,087 2.3 %

Cincinnati, OH 96.6 % 97.8 % (1.2) % 2,332 2,217 5.2 %

Columbus, OH 97.5 % 97.5 % — % 2,387 2,265 5.4 %

Salt Lake City, UT 96.1 % 97.0 % (0.9) % 2,599 2,513 3.4 %

Orlando, FL 96.0 % 96.3 % (0.3) % 2,474 2,413 2.5 %

Greater Chicago area, IL and IN 97.4 % 97.9 % (0.5) % 2,707 2,562 5.7 %

Charleston, SC 97.0 % 95.4 % 1.6 % 2,411 2,341 3.0 %

San Antonio, TX 95.0 % 95.3 % (0.3) % 1,944 1,954 (0.5) %

Boise, ID 96.7 % 96.2 % 0.5 % 2,373 2,291 3.6 %

Seattle, WA 97.3 % 96.8 % 0.5 % 2,986 2,888 3.4 %

All Other (2)

95.8 % 96.6 % (0.8) % 2,320 2,262 2.6 %

Total/Average 96.0 % 96.4 % (0.4) % $ 2,346 $ 2,286 2.6 %

(1)Reflected for the three months ended June 30, 2026.

(2)Represents 14 markets in 12 states.

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

AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands)

Jun 30, 2026 Dec 31, 2025

(Unaudited)

Assets

Single-family properties:

Land $ 2,446,061 $ 2,406,467

Buildings and improvements 12,222,317 11,971,961

Single-family properties in operation 14,668,378 14,378,428

Less: accumulated depreciation (3,540,311) (3,366,795)

Single-family properties in operation, net 11,128,067 11,011,633

Single-family properties under development and development land 989,611 1,233,586

Single-family properties and land held for sale, net 208,376 225,861

Total real estate assets, net 12,326,054 12,471,080

Cash and cash equivalents 83,670 108,516

Restricted cash 174,029 122,174

Rent and other receivables 45,369 43,119

Escrow deposits, prepaid expenses and other assets 224,414 228,017

Investments in unconsolidated joint ventures 147,283 148,935

Goodwill 120,279 120,279

Total assets $ 13,121,098 $ 13,242,120

Liabilities

Revolving credit facility $ 390,000 $ 360,000

Unsecured senior notes, net 4,740,117 4,735,735

Accounts payable and accrued expenses 511,966 436,879

Total liabilities 5,642,083 5,532,614

Commitments and contingencies

Equity

Shareholders’ equity:

Class A common shares 3,592 3,660

Class B common shares 6 6

Preferred shares 92 92

Additional paid-in capital 7,183,780 7,411,003

Accumulated deficit (385,896) (387,643)

Accumulated other comprehensive income 6,005 6,630

Total shareholders’ equity 6,807,579 7,033,748

Noncontrolling interest 671,436 675,758

Total equity 7,479,015 7,709,506

Total liabilities and equity $ 13,121,098 $ 13,242,120

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

AMH

Debt Summary as of June 30, 2026

(Amounts in thousands)

(Unaudited)

Unsecured Balance % of Total

Interest Rate (1)

Years to Maturity (2)

Floating rate debt:

Revolving credit facility (2)

$ 390,000 7.5 % 4.53 % 3.0

Total floating rate debt 390,000 7.5 % 4.53 % 3.0

Fixed rate debt:

2028 unsecured senior notes 500,000 9.6 % 4.08 % 1.6

2029 unsecured senior notes 400,000 7.7 % 4.90 % 2.6

2030 unsecured senior notes 650,000 12.5 % 4.95 % 4.0

2031 unsecured senior notes 450,000 8.7 % 2.46 % 5.0

2032 unsecured senior notes 600,000 11.6 % 3.63 % 5.8

2034 unsecured senior notes I 600,000 11.6 % 5.50 % 7.6

2034 unsecured senior notes II 500,000 9.6 % 5.50 % 8.0

2035 unsecured senior notes 500,000 9.6 % 5.08 % 8.7

2051 unsecured senior notes 300,000 5.8 % 3.38 % 25.1

2052 unsecured senior notes 300,000 5.8 % 4.30 % 25.8

Total fixed rate debt 4,800,000 92.5 % 4.46 % 8.0

Total Debt 5,190,000 100.0 % 4.46 % 7.6

Unamortized discounts and loan costs (59,883)

Total debt per balance sheet $ 5,130,117

Maturity Schedule by Year (2)

Total Debt % of Total

Remaining 2026 $ — — %

2027 — — %

2028 500,000 9.6 %

2029 790,000 15.2 %

2030 650,000 12.5 %

Thereafter 3,250,000 62.7 %

Total $ 5,190,000 100.0 %

(1)Interest rates are as of period end and reflect the effect of any hedging instruments, as applicable.

(2)The revolving credit facility is reflected on a fully extended basis and bears interest at the Secured Overnight Financing Rate plus a margin of 0.85% as of period end.

Interest Expense Reconciliation

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Interest expense per income statement and included in Core FFO attributable to common share and unit holders $ 49,527 $ 46,303 $ 97,749 $ 91,729

Less: amortization of discounts, loan costs and cash flow hedges (2,415) (2,463) (4,823) (4,948)

Add: capitalized interest 11,671 14,219 24,658 28,073

Cash interest $ 58,783 $ 58,059 $ 117,584 $ 114,854

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

AMH

Capital Structure and Credit Metrics as of June 30, 2026

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

(Unaudited)

Total Capitalization

Total Debt $ 5,190,000 27.1 %

Total preferred shares 230,000 1.2 %

Common equity at market value:

Common shares outstanding 359,815,019

Operating partnership units 50,136,980

Total shares and units 409,951,999

NYSE AMH Class A common share closing price at June 30, 2026 $ 33.52

Market value of common shares and operating partnership units 13,741,591 71.7 %

Total Capitalization $ 19,161,591 100.0 %

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 5.2 x Rating Agency Rating Outlook

Fixed Charge Coverage 4.2 x Moody's Investor Service Baa2 Stable

Unencumbered Core NOI percentage (1)

100.0 % S&P Global Ratings BBB Stable

(1)The Company’s portfolio is fully unencumbered.

Unsecured Senior Notes Covenant Ratios Requirement Actual

Ratio of Indebtedness to Total Assets < 60.0 % 31.6 %

Ratio of Secured Debt to Total Assets < 40.0 % — %

Ratio of Unencumbered Assets to Unsecured Debt > 150.0 % 316.7 %

Ratio of Consolidated Income Available for Debt Service to Interest Expense > 1.50 x 4.34 x

Unsecured Credit Facility Covenant Ratios Requirement Actual

Ratio of Total Indebtedness to Total Asset Value < 60.0 % 28.6 %

Ratio of Secured Indebtedness to Total Asset Value < 40.0 % 0.7 %

Ratio of Unsecured Indebtedness to Unencumbered Asset Value < 60.0 % 29.7 %

Ratio of EBITDA to Fixed Charges > 1.50 x 4.00 x

Ratio of Unencumbered NOI to Unsecured Interest Expense > 1.75 x 4.78 x

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

AMH

Top 20 Markets Summary as of June 30, 2026

Property Information (1)

Market Number of

Properties Percentage

of Total

Properties Avg. Gross Book Value per Property Avg.

Sq. Ft. Avg. Age

(years)

Atlanta, GA 5,962 9.9 % $ 246,099 2,202 17.6

Charlotte, NC 4,189 6.9 % 237,435 2,121 19.2

Dallas-Fort Worth, TX 3,573 5.9 % 180,229 2,078 21.9

Jacksonville, FL 3,443 5.7 % 243,716 1,935 14.3

Nashville, TN 3,356 5.5 % 264,693 2,127 17.4

Phoenix, AZ 3,313 5.5 % 235,203 1,872 19.7

Tampa, FL 3,111 5.1 % 265,537 1,965 14.2

Indianapolis, IN 2,973 4.9 % 184,088 1,930 23.1

Las Vegas, NV 2,832 4.7 % 329,090 1,978 10.5

Columbus, OH 2,305 3.8 % 224,293 1,921 20.7

Houston, TX 2,213 3.7 % 183,516 2,059 20.4

Orlando, FL 2,227 3.7 % 265,905 1,958 15.5

Raleigh, NC 2,118 3.5 % 207,444 1,900 19.6

Cincinnati, OH 2,078 3.4 % 203,166 1,844 23.4

Salt Lake City, UT 1,925 3.2 % 309,755 2,243 19.2

Charleston, SC 1,696 2.8 % 254,709 1,966 13.3

Greater Chicago area, IL and IN 1,516 2.5 % 197,248 1,874 24.8

Boise, ID 1,122 1.9 % 325,842 1,889 11.2

Seattle, WA 1,114 1.8 % 362,800 2,004 14.2

San Antonio, TX 1,077 1.8 % 207,347 1,902 16.8

All Other (3)

8,339 13.8 % 246,313 1,934 18.5

Total/Average 60,482 100.0 % $ 242,525 2,002 18.1

Leasing Information (1)

Market

Avg. Occupied Days

Percentage (2)

Avg. Monthly Realized Rent

per Property (2)

Avg. Change in Rent for

Renewals (2)

Avg. Change in Rent for

Re-Leases (2)

Avg. Blended Change

in Rent (2)

Atlanta, GA 94.7 % $ 2,374 2.9 % — % 2.1 %

Charlotte, NC 96.7 % 2,330 3.0 % 2.7 % 2.9 %

Dallas-Fort Worth, TX 95.8 % 2,368 3.0 % (0.3) % 2.2 %

Jacksonville, FL 95.6 % 2,261 2.8 % 0.5 % 2.1 %

Nashville, TN 95.9 % 2,474 3.0 % 1.5 % 2.6 %

Phoenix, AZ 94.3 % 2,215 2.7 % (1.2) % 1.7 %

Tampa, FL 94.7 % 2,524 2.3 % (2.5) % 0.8 %

Indianapolis, IN 96.5 % 2,022 4.9 % 4.8 % 4.9 %

Las Vegas, NV 94.8 % 2,428 2.4 % 1.0 % 2.0 %

Columbus, OH 96.8 % 2,420 4.4 % 6.2 % 4.8 %

Houston, TX 95.2 % 2,145 3.8 % (1.4) % 2.5 %

Orlando, FL 95.2 % 2,498 3.0 % 0.1 % 2.2 %

Raleigh, NC 95.7 % 2,138 2.9 % (0.4) % 1.9 %

Cincinnati, OH 96.7 % 2,332 4.2 % 6.5 % 4.9 %

Salt Lake City, UT 96.0 % 2,598 3.5 % 3.2 % 3.4 %

Charleston, SC 95.0 % 2,423 3.1 % 3.2 % 3.1 %

Greater Chicago area, IL and IN 97.3 % 2,705 5.6 % 9.3 % 6.4 %

Boise, ID 96.5 % 2,386 3.5 % 6.9 % 4.7 %

Seattle, WA 96.4 % 3,006 3.7 % 4.9 % 4.1 %

San Antonio, TX 94.8 % 1,945 1.9 % (5.3) % 0.2 %

All Other (3)

95.3 % 2,302 3.3 % 1.2 % 2.6 %

Total/Average 95.6 % $ 2,353 3.2 % 1.5 % 2.7 %

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

(2)Reflected for the three months ended June 30, 2026.

(3)Represents 16 markets in 15 states.

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

AMH

Property Additions

2Q26 Additions YTD 2Q26 Additions

Number of Properties Average

Total Investment Cost Number of Properties Average

Total Investment Cost

Market AMH Development National Homebuilder

and MLS AMH Development National Homebuilder

and MLS

Las Vegas, NV 74 — $ 436,975 121 — $ 438,565

Tampa, FL 71 — 396,844 145 — 398,087

Jacksonville, FL 62 — 362,191 106 — 366,876

Columbus, OH 60 — 401,491 99 — 399,121

Atlanta, GA 51 — 372,366 96 — 371,213

Orlando, FL 50 — 407,696 95 — 403,743

Tucson, AZ 44 — 426,901 88 — 426,130

Phoenix, AZ 37 — 379,071 75 — 383,676

Charleston, SC 29 — 393,017 58 — 391,471

Seattle, WA 22 — 514,612 48 — 521,915

Denver, CO 18 — 482,060 32 — 479,508

Charlotte, NC 13 — 378,854 20 — 382,891

Boise, ID 11 — 529,779 16 — 522,839

Total/Average 542 — $ 408,470 999 — $ 408,992

Property Dispositions

Jun 30, 2026 Single-Family Properties

Held for Sale 2Q26 Dispositions YTD 2Q26 Dispositions

Market Number of Properties Average

Net Proceeds per Property Number of Properties Average

Net Proceeds per Property

Orlando, FL 74 46 $ 334,456 69 $ 324,864

Houston, TX 70 32 225,077 74 226,974

Charlotte, NC 64 45 313,036 83 316,740

Tampa, FL 60 67 307,699 116 300,393

Dallas-Fort Worth, TX 56 60 260,894 132 255,535

Atlanta, GA 48 53 310,205 157 302,443

Raleigh, NC 43 19 321,611 30 314,207

Greater Chicago area, IL and IN 28 11 296,192 22 291,854

Jacksonville, FL 22 27 281,240 60 266,797

Phoenix, AZ 21 32 338,884 92 324,579

Nashville, TN 21 21 319,352 36 322,178

Austin, TX 19 18 237,411 43 235,258

San Antonio, TX 19 33 188,363 88 191,676

Indianapolis, IN 19 16 229,244 38 241,062

Columbus, OH 18 23 292,634 49 287,304

Las Vegas, NV 17 17 390,395 25 377,671

Salt Lake City, UT 13 5 751,665 7 712,366

Charleston, SC 13 14 307,157 31 312,042

Memphis, TN 13 2 278,140 16 255,433

Seattle, WA 9 2 523,777 8 490,409

All Other (1)

54 65 309,924 142 303,447

Total/Average 701 608 $ 298,074 1,318 $ 288,542

(1)Represents 18 markets in 14 states.

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

AMH

AMH Development Pipeline Summary as of June 30, 2026 (1)

YTD 2Q26 Deliveries Jun 30, 2026

Lots for

Future Delivery

Market Number of Properties Average Total Investment Cost Average

Monthly Rent

Phoenix, AZ 163 $ 394,000 $ 2,280 595

Tampa, FL 145 398,000 2,630 246

Las Vegas, NV 138 436,000 2,600 481

Atlanta, GA 129 381,000 2,560 738

Orlando, FL 128 398,000 2,660 426

Jacksonville, FL 106 367,000 2,380 227

Columbus, OH 99 399,000 2,720 528

Denver, CO 66 481,000 2,990 285

Charleston, SC 58 391,000 2,460 516

Seattle, WA 52 514,000 3,050 492

Charlotte, NC 45 352,000 2,590 189

Boise, ID 26 478,000 2,780 261

Salt Lake City, UT 22 467,000 2,620 216

Raleigh, NC 13 345,000 2,580 182

Total/Average 1,190 $ 407,000 $ 2,590 5,382

Lots optioned 356

Total lots owned and optioned 5,738

Estimated Delivery Timing

Dec 31, 2025

Lots for

Future Delivery

YTD 2Q26

Net Additions/(Reductions) (3)

YTD 2Q26

Deliveries

Full Year Estimated 2026 Deliveries (1)

Deliveries Thereafter (1)

Wholly-owned development pipeline (2)

7,088 (828) 999 1,300 - 1,500 4,860

Joint venture development pipeline (2)(4)

668 — 191 400 - 600 168

Total development pipeline 7,756 (828) 1,190 1,700 - 2,100 5,028

(1)Reflects the Company’s latest development program results and estimates as of July 30, 2026.

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

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

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

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

AMH

Lease Expirations

MTM 3Q26 4Q26 1Q27 2Q27 Thereafter

Lease expirations 2,221 10,446 5,937 15,753 19,365 5,010

Share Repurchase History

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

Share Repurchases

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

2023 — $ — $ —

2024 — — —

2025 4,721,205 150,000 31.77

1Q26 3,653,721 115,067 31.49

2Q26 4,114,576 122,953 29.88

Total 12,489,502 388,020 $ 31.07

Remaining authorization: (1)

$ 377,047

(1)In February 2026, the Company’s board of trustees authorized a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status.

ATM Share History

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

ATM Shares Sold Directly ATM Shares Sold Forward

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

2023 2,799,683 $ 101,958 $ 36.42 — $ — $ — $ 101,958

2024 932,746 33,756 36.19 2,987,024 110,616 37.03 4Q24 144,372

2025 — — — — — — —

1Q26 — — — — — — —

2Q26 — — — — — — —

246,330

Remaining authorization: (1)

$ 1,000,000

(1)In June 2026, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion.

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

AMH

2026 Guidance

Guidance Summary

Full Year 2026

Previous Guidance Current Guidance

Core FFO attributable to common share and unit holders $1.89 - $1.95 $1.93 - $1.97

Core FFO attributable to common share and unit holders growth 1.1% - 4.3% 3.2% - 5.3%

Same-Home

Core revenues growth 1.25% - 3.25% 1.50% - 3.00%

Core property operating expenses growth 1.75% - 3.75% 1.25% - 2.75%

Core NOI growth 1.00% - 3.00% 1.40% - 3.40%

Full Year 2026

(Unchanged)

Investment Program Properties Investment

Wholly owned acquisitions — —

Wholly owned development deliveries 1,300 - 1,500 $500 - $600 million

JV development deliveries (1)

400 - 600 $150 - $250 million

Total gross capital investment (1)

1,700 - 2,100 $650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.

Changes to Full Year 2026 Guidance

•$0.03 incremental Core FFO per share driven by:

◦Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution,

◦Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases.

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

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

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 and Same-Home Core NOI to their respective GAAP metrics.

Credit Ratios

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

Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands) Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

Total Debt $ 5,190,000 $ 5,190,000 $ 5,160,000 $ 4,910,000 $ 5,227,529

Less: cash and cash equivalents (83,670) (63,301) (108,516) (45,631) (323,258)

Less: restricted cash related to securitizations — — — (3,114) (13,188)

Net debt $ 5,106,330 $ 5,126,699 $ 5,051,484 $ 4,861,255 $ 4,891,083

Preferred shares at liquidation value 230,000 230,000 230,000 230,000 230,000

Net debt and preferred shares $ 5,336,330 $ 5,356,699 $ 5,281,484 $ 5,091,255 $ 5,121,083

Adjusted EBITDAre - TTM $ 1,026,832 $ 1,018,648 $ 1,010,155 $ 1,001,181 $ 982,928

Net Debt and Preferred Shares to Adjusted EBITDAre 5.2 x 5.3 x 5.2 x 5.1 x 5.2 x

Fixed Charge Coverage

(Amounts in thousands) For the Trailing Twelve Months Ended

Jun 30, 2026

Interest expense per income statement $ 191,218

Less: amortization of discounts, loan costs and cash flow hedges (9,914)

Add: capitalized interest 51,793

Cash interest 233,097

Dividends on preferred shares 13,944

Fixed charges $ 247,041

Adjusted EBITDAre - TTM $ 1,026,832

Fixed Charge Coverage 4.2 x

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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 six months ended June 30, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337

Interest expense 49,527 46,303 97,749 91,729

Depreciation and amortization 127,606 126,939 254,950 251,867

EBITDA $ 310,052 $ 296,866 $ 634,462 $ 595,933

Gain on sale and impairment of single-family properties and other, net (59,432) (51,908) (137,876) (113,924)

Adjustments for unconsolidated real estate joint ventures 2,158 1,821 4,071 3,305

EBITDAre $ 252,778 $ 246,779 $ 500,657 $ 485,314

Noncash share-based compensation - general and administrative 4,323 3,987 8,768 8,854

Noncash share-based compensation - property management 1,067 1,137 2,188 2,383

Acquisition, disposition, other transaction costs and other 3,364 1,445 7,366 5,535

Loss on early extinguishment of debt — — — 216

Adjusted EBITDAre $ 261,532 $ 253,348 $ 518,979 $ 502,302

Recurring Capital Expenditures (15,869) (20,515) (27,934) (37,344)

Leasing costs (947) (1,098) (1,574) (2,337)

Fully Adjusted EBITDAre $ 244,716 $ 231,735 $ 489,471 $ 462,621

Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779

Less: tenant charge-backs (54,114) (52,457) (120,014) (116,318)

Adjustments for unconsolidated joint ventures - income 4,076 3,576 7,991 7,164

Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures $ 420,066 $ 408,622 $ 830,105 $ 807,625

Adjusted EBITDAre Margin 62.3 % 62.0 % 62.5 % 62.2 %

Fully Adjusted EBITDAre Margin 58.3 % 56.7 % 59.0 % 57.3 %

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

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

Net income $ 542,818 $ 533,523 $ 513,392 $ 513,011 $ 483,850

Interest expense 191,218 187,994 185,198 184,413 179,825

Depreciation and amortization 507,424 506,757 504,341 502,513 495,548

EBITDA $ 1,241,460 $ 1,228,274 $ 1,202,931 $ 1,199,937 $ 1,159,223

Gain on sale and impairment of single-family properties and other, net (255,412) (247,888) (231,460) (241,810) (226,887)

Adjustments for unconsolidated real estate joint ventures 7,706 7,369 6,940 6,036 5,234

EBITDAre $ 993,754 $ 987,755 $ 978,411 $ 964,163 $ 937,570

Noncash share-based compensation - general and administrative 15,992 15,656 16,078 15,389 15,073

Noncash share-based compensation - property management 3,895 3,965 4,090 4,234 4,413

Acquisition, disposition, other transaction costs and other 13,011 11,092 11,180 12,019 11,466

Hurricane-related charges, net — — — 4,980 8,884

Loss on early extinguishment of debt 180 180 396 396 5,522

Adjusted EBITDAre $ 1,026,832 $ 1,018,648 $ 1,010,155 $ 1,001,181 $ 982,928

Estimated Total Investment Cost

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

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

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

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

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Property management expenses $ 33,844 $ 34,412 $ 67,128 $ 68,593

Less: tenant charge-backs (2,348) (2,258) (4,692) (4,555)

Less: noncash share-based compensation - property management (1,067) (1,137) (2,188) (2,383)

Property management expenses, net $ 30,429 $ 31,017 $ 60,248 $ 61,655

General and administrative expense $ 21,659 $ 20,008 $ 42,991 $ 39,679

Less: noncash share-based compensation - general and administrative (4,323) (3,987) (8,768) (8,854)

General and administrative expense, net $ 17,336 $ 16,021 $ 34,223 $ 30,825

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

For the Three Months Ended

Jun 30, For the Six Months Ended

Jun 30,

2026 2025 2026 2025

Net income per common share–diluted $ 0.31 $ 0.28 $ 0.66 $ 0.58

Adjustments:

Conversion from GAAP share count (0.04) (0.03) (0.08) (0.07)

Noncontrolling interests in the Operating Partnership 0.04 0.03 0.08 0.07

Gain on sale and impairment of single-family properties and other, net (0.14) (0.12) (0.33) (0.27)

Adjustments for unconsolidated real estate joint ventures 0.01 — 0.01 0.01

Depreciation and amortization 0.31 0.30 0.62 0.60

Less: depreciation and amortization of non-real estate assets (0.02) (0.01) (0.03) (0.03)

FFO attributable to common share and unit holders $ 0.47 $ 0.45 $ 0.93 $ 0.89

Adjustments:

Acquisition, disposition, other transaction costs and other 0.01 — 0.03 0.01

Noncash share-based compensation - general and administrative 0.01 0.01 0.02 0.02

Noncash share-based compensation - property management — 0.01 — 0.01

Core FFO attributable to common share and unit holders $ 0.49 $ 0.47 $ 0.98 $ 0.93

Recurring Capital Expenditures (0.04) (0.04) (0.08) (0.08)

Leasing costs — (0.01) — (0.01)

Adjusted FFO attributable to common share and unit holders $ 0.45 $ 0.42 $ 0.90 $ 0.84

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

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

Jun 30, 2026

Adjusted FFO attributable to common share and unit holders $ 185,976

Common distributions (135,855)

Retained Cash Flow $ 50,121

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, the Seventh Supplemental Indenture dated as of January 30, 2024 for the 2034 Unsecured Senior Notes I, the Eighth Supplemental Indenture dated as of June 26, 2024 for the 2034 Unsecured Senior Notes II, the Ninth Supplemental Indenture dated as of December 9, 2024 for the 2035 Unsecured Senior Notes, and the Tenth Supplemental Indenture dated as of May 13, 2025 for the 2030 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of July 16, 2024, as amended by Amendment No. 1 to Credit Agreement dated as of May 6, 2025 and Amendment No. 2 to Credit Agreement dated as of April 1, 2026, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company’s subsequent filings with the SEC.

Executive Management

Bryan Smith Sara Vogt-Lowell

Chief Executive Officer Chief Administrative Officer, Chief Legal Officer and Secretary

Chris Lau

Chief Financial Officer and Senior Executive Vice President

AMH Diversified Portfolio

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

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Jul. 30, 2026

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Entity Registrant Name

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Entity Incorporation, State or Country Code

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American Homes 4 Rent, L.P.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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