EX-99.23amh0630268kexhibit992.htmEX-99.2 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

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.

•T1Achieved 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%.

•T2Delivered 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.

•T3Repurchased 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.

•T4Raised 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

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)

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.

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

AMH

Earnings Press Release (continued)

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.

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

AMH

Earnings Press Release (continued)

2026 Guidance

Set forth below are the Company’s current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition, 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

T5Total 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:

◦T6Increased 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

◦T7Increased 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.

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

AMH

Earnings Press Release (continued)

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.

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)

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:

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

360,000

110,000

—

Total Debt

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

186

195

245

118

Single-family properties newly acquired and under renovation

—

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

96.3

96.4

Other Data

Distributions declared per common share

0.33

0.30

Distributions declared per Series G perpetual preferred share

0.37

Distributions declared per Series H perpetual preferred share

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

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

7,245

R&M and turnover costs, net (1)

27,580

1,181

1,513

279

30,553

Insurance

3,784

281

159

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

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

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

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

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

—

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

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

Preferred shares

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

—

436,975

121

—

438,565

Tampa, FL

—

396,844

145

—

398,087

Jacksonville, FL

—

362,191

106

—

366,876

Columbus, OH

—

401,491

—

399,121

Atlanta, GA

—

372,366

—

371,213

Orlando, FL

—

407,696

—

403,743

Tucson, AZ

—

426,901

—

426,130

Phoenix, AZ

—

379,071

—

383,676

Charleston, SC

—

393,017

—

391,471

Seattle, WA

—

514,612

—

521,915

Denver, CO

—

482,060

—

479,508

Charlotte, NC

—

378,854

—

382,891

Boise, ID

—

529,779

—

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

334,456

324,864

Houston, TX

225,077

226,974

Charlotte, NC

313,036

316,740

Tampa, FL

307,699

116

300,393

Dallas-Fort Worth, TX

260,894

132

255,535

Atlanta, GA

310,205

157

302,443

Raleigh, NC

321,611

314,207

Greater Chicago area, IL and IN

296,192

291,854

Jacksonville, FL

281,240

266,797

Phoenix, AZ

338,884

324,579

Nashville, TN

319,352

322,178

Austin, TX

237,411

235,258

San Antonio, TX

188,363

191,676

Indianapolis, IN

229,244

241,062

Columbus, OH

292,634

287,304

Las Vegas, NV

390,395

377,671

Salt Lake City, UT

751,665

712,366

Charleston, SC

307,157

312,042

Memphis, TN

278,140

255,433

Seattle, WA

523,777

490,409

All Other (1)

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

399,000

2,720

528

Denver, CO

481,000

2,990

285

Charleston, SC

391,000

2,460

516

Seattle, WA

514,000

3,050

492

Charlotte, NC

352,000

2,590

189

Boise, ID

478,000

2,780

261

Salt Lake City, UT

467,000

2,620

216

Raleigh, NC

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

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

Average Occupied Days Percentage

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

Average Total Investment Cost

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

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

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

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition, 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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

Credit Ratios

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

Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)

Jun 30,

2026

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Total Debt

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

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

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.

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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

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

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

For the Three Months Ended

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)

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

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

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)

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

0.02

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)

(0.08)

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

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

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

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

For the Three Months Ended

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

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

Stabilized Property

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

Total Capitalization

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

Total Debt

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

Turnover Rate

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

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

Mentions · how they’re counted

Category	Underlined	Word counter	Model’s count
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	—	0
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	0	—	0
Recession recession, downturn, contraction, slowdown	0	—	0
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	0	—	0
Buybacks share repurchase, buyback program	10	—	2

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Not placed in the text

These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.

Theme · Same-Home revenue growth

“Core revenues increased 2.3% to $371.3 million for the second quarter of 2026, driven by a 2.6% increase in Average Monthly Realized Rent”

Source: SEC EDGAR · public domain · Highlights by Palanor