EX-99.23amh0331268kexhibit992.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 First Quarter 2026 Financial and Operating Results

Delivered Solid First Quarter with Accelerating Spring Leasing Activity

LAS VEGAS, May 6, 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 March 31, 2026.

Highlights

•Rents and other single-family property revenues increased 2.8% year-over-year to $472.0 million for the first quarter of 2026.

•Net income attributable to common shareholders totaled $127.8 million, or $0.35 per diluted share, for the first quarter of 2026, compared to $110.0 million, or $0.30 per diluted share, for the first quarter of 2025.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 4.6% year-over-year to $0.48 per FFO share and unit for the first quarter of 2026 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.0% year-over-year to $0.45 per FFO share and unit for the first quarter of 2026.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.7% year-over-year for the first quarter of 2026.

•Achieved Same-Home Average Occupied Days Percentage of 95.1% in the first quarter of 2026, while generating 2.2% blended rate growth driven by lease spreads of 3.2% and -0.8% on renewals and new leases, respectively.

•T1Spring leasing season continues to further strengthen with April Same-Home Average Occupied Days Percentage of 95.6%, rate growth on new leases of 1.2% and rate growth on renewals of 3.0%.

•T2Delivered a total of 539 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2026.

•T3Repurchased and retired 3.7 million of our outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million in the first quarter of 2026.

•In April 2026, repurchased and retired 3.2 million of our outstanding Class A common shares at a weighted-average price of $29.37 per share and a total price of $94.0 million.

“AMH delivered a solid first quarter, supported by steady execution across our operating platform and strong expense management from our field teams. As we entered the spring leasing season, the momentum we saw in March continued through April, resulting in additional occupancy gains and new lease spread turning positive,” stated Bryan Smith, AMH’s Chief Executive Officer. “T4Against a backdrop of economic uncertainty, these results demonstrate the resilience of single-family rental demand and the strength of the AMH platform as we move through the rest of the year.”

First Quarter 2026 Financial Results

Net income attributable to common shareholders totaled $127.8 million, or $0.35 per diluted share, for the first quarter of 2026, compared to $110.0 million, or $0.30 per diluted share, for the first 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.

Rents and other single-family property revenues increased 2.8% to $472.0 million for the first quarter of 2026, compared to $459.3 million for the first quarter of 2025. Revenue growth was primarily driven by higher rental rates.

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

AMH

Earnings Press Release (continued)

Core NOI from our total portfolio increased 4.8% to $271.2 million for the first quarter of 2026, compared to $258.8 million for the first quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 1.2% decrease in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 2.4% to $365.8 million for the first quarter of 2026, compared to $357.3 million for the first quarter of 2025, which was driven by a 3.0% increase in Average Monthly Realized Rent per property as well as higher fees, partially offset by an 80 basis point decrease in Average Occupied Days Percentage. T5Core property operating expenses from Same-Home properties decreased 0.2% to $120.0 million for the first quarter of 2026, compared to $120.3 million for the first quarter of 2025, which reflects the Company’s effective cost controls. As a result, Core NOI from Same-Home properties increased 3.7% to $245.9 million for the first quarter of 2026, compared to $237.0 million for the first quarter of 2025.

Core FFO attributable to common share and unit holders was $200.1 million, or $0.48 per FFO share and unit, for the first quarter of 2026, compared to $194.7 million, or $0.46 per FFO share and unit, for the first quarter of 2025. Adjusted FFO attributable to common share and unit holders was $187.4 million, or $0.45 per FFO share and unit, for the first quarter of 2026, compared to $176.6 million, or $0.42 per FFO share and unit, for the first quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Investments

As of March 31, 2026, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,200 homes, compared to 60,337 homes as of December 31, 2025, a decrease of 137 homes during the first quarter of 2026, which included 594 homes identified for sale, partially offset by 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program. T6During the first quarter of 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program. As of March 31, 2026, the Company had 1,037 properties held for sale and 3,858 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under its 2018 share repurchase program and repurchased and retired 3.7 million of its outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million. 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.

In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization under the new share repurchase program.

As of March 31, 2026, the Company had cash and cash equivalents of $63.3 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 7.9 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the first quarter of 2026, the Company generated $50.5 million of Retained Cash Flow and sold 710 properties, generating $199.1 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

T7Full Year 2026 guidance ranges remain unchanged, with AMH’s teams delivering solid execution as prime leasing and move out seasons remain ahead.

Full Year 2026

(Unchanged)

Core FFO attributable to common share and unit holders

$1.89 - $1.95

Core FFO attributable to common share and unit holders growth

1.1% - 4.3%

Same-Home

Core revenues growth

1.25% - 3.25%

Core property operating expenses growth

1.75% - 3.75%

Core NOI growth

1.00% - 3.00%

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%.

Additional Information

A copy of the Company’s First 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 Thursday, May 7, 2026 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 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 Thursday, May 21, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13759161#, or by using the link at www.amh.com, under “Investor relations.”

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

AMH

Earnings Press Release (continued)

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on 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 the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of March 31, 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 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 months ended March 31, 2026 and 2025:

For the Three Months Ended

Mar 31,

2026

2025

Core revenues and Same-Home core revenues

Rents and other single-family property revenues

472,024

459,276

Tenant charge-backs

(65,900)

(63,861)

Core revenues

406,124

395,415

Less: Non-Same-Home core revenues

(40,277)

(38,124)

Same-Home core revenues

365,847

357,291

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

Property operating expenses

168,709

167,530

Property management expenses

33,284

34,181

Noncash share-based compensation - property management

(1,121)

(1,246)

Expenses reimbursed by tenant charge-backs

(65,900)

(63,861)

Core property operating expenses

134,972

136,604

Less: Non-Same-Home core property operating expenses

(14,975)

(16,310)

Same-Home core property operating expenses

119,997

120,294

Core NOI and Same-Home Core NOI

Net income

148,844

128,713

Loss on early extinguishment of debt

—

216

Gain on sale and impairment of single-family properties and other, net

(78,444)

(62,016)

Depreciation and amortization

127,344

124,928

Acquisition, disposition and other transaction costs

3,060

3,061

Noncash share-based compensation - property management

1,121

1,246

Interest expense

48,222

45,426

General and administrative expense

21,332

19,671

Other income and expense, net

(327)

(2,434)

Core NOI

271,152

258,811

Less: Non-Same-Home Core NOI

(25,302)

(21,814)

Same-Home Core NOI

245,850

236,997

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

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Core revenues and Same-Home core revenues

Rents and other single-family property revenues

472,024

454,991

478,464

457,503

459,276

Tenant charge-backs

(65,900)

(52,063)

(72,843)

(52,457)

(63,861)

Core revenues

406,124

402,928

405,621

405,046

395,415

Less: Non-Same-Home core revenues

(40,277)

(39,047)

(39,467)

(40,635)

(38,124)

Same-Home core revenues

365,847

363,881

366,154

364,411

357,291

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

Property operating expenses

168,709

154,731

181,604

160,089

167,530

Property management expenses

33,284

32,831

33,384

34,412

34,181

Noncash share-based compensation - property management

(1,121)

(843)

(864)

(1,137)

(1,246)

Expenses reimbursed by tenant charge-backs

(65,900)

(52,063)

(72,843)

(52,457)

(63,861)

Core property operating expenses

134,972

134,656

141,281

140,907

136,604

Less: Non-Same-Home core property operating expenses

(14,975)

(15,780)

(17,213)

(16,923)

(16,310)

Same-Home core property operating expenses

119,997

118,876

124,068

123,984

120,294

Core NOI and Same-Home Core NOI

Net income

148,844

144,254

116,801

123,624

128,713

Loss on early extinguishment of debt

—

180

—

216

Gain on sale and impairment of single-family properties and other, net

(78,444)

(69,916)

(47,620)

(51,908)

(62,016)

Depreciation and amortization

127,344

125,818

126,656

126,939

124,928

Acquisition, disposition and other transaction costs

3,060

2,882

3,661

2,655

3,061

Noncash share-based compensation - property management

1,121

843

864

1,137

1,246

Interest expense

48,222

45,270

48,199

46,303

45,426

General and administrative expense

21,332

22,824

20,503

20,008

19,671

Other income and expense, net

(327)

(3,703)

(4,904)

(4,619)

(2,434)

Core NOI

271,152

268,272

264,340

264,139

258,811

Less: Non-Same-Home Core NOI

(25,302)

(23,267)

(22,254)

(23,712)

(21,814)

Same-Home Core NOI

245,850

245,005

242,086

240,427

236,997

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

Mar 31,

2026

2025

Operating Data

Net income attributable to common shareholders

127,768

109,972

Core revenues

406,124

395,415

Core NOI

271,152

258,811

Core NOI margin

66.8

65.5

Fully Adjusted EBITDAre

244,755

230,886

Fully Adjusted EBITDAre Margin

59.7

57.9

Per FFO share and unit:

FFO attributable to common share and unit holders

0.46

0.44

Core FFO attributable to common share and unit holders

0.48

0.46

Adjusted FFO attributable to common share and unit holders

0.45

0.42

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Selected Balance Sheet Information - end of period

Single-family properties in operation, net

11,033,809

11,011,633

11,035,893

10,947,696

10,932,960

Total assets

13,175,038

13,242,120

13,253,466

13,592,318

13,289,223

Outstanding borrowings under revolving credit facility

390,000

360,000

110,000

—

410,000

Total Debt

5,190,000

5,160,000

4,910,000

5,227,529

4,989,015

Total Capitalization

16,977,003

18,779,992

19,164,198

20,669,137

21,157,336

Total Debt to Total Capitalization

30.6

27.5

25.6

25.3

23.6

Net Debt and Preferred Shares to Adjusted EBITDAre

5.3 x

5.2 x

5.1 x

5.2 x

5.3 x

NYSE AMH Class A common share closing price

27.92

32.10

33.25

36.07

37.81

Portfolio Data - end of period

Occupied single-family properties

57,112

56,756

57,061

58,317

58,246

Single-family properties leased, not yet occupied

723

543

478

406

567

Single-family properties in turnover process

2,179

2,837

2,867

1,753

1,619

Single-family properties recently renovated or developed

186

195

245

118

257

Single-family properties newly acquired and under renovation

—

Total single-family properties, excluding properties held for sale

60,200

60,337

60,664

60,596

60,700

Single-family properties held for sale

1,037

1,142

1,028

904

661

Total single-family properties wholly owned

61,237

61,479

61,692

61,500

61,361

Single-family properties managed under joint ventures

3,858

3,785

3,721

3,616

3,487

Total single-family properties wholly owned and managed

65,095

65,264

65,413

65,116

64,848

Total Average Occupied Days Percentage (1)

94.7

94.4

95.2

95.7

94.8

Same-Home Average Occupied Days Percentage (54,162 properties)

95.1

95.3

96.3

96.4

95.9

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

Mar 31,

2026

2025

Rents and other single-family property revenues

472,024

459,276

Expenses:

Property operating expenses

168,709

167,530

Property management expenses

33,284

34,181

General and administrative expense

21,332

19,671

Interest expense

48,222

45,426

Acquisition, disposition and other transaction costs

3,060

3,061

Depreciation and amortization

127,344

124,928

Total expenses

401,951

394,797

Gain on sale and impairment of single-family properties and other, net

78,444

62,016

Loss on early extinguishment of debt

—

(216)

Other income and expense, net

327

2,434

Net income

148,844

128,713

Noncontrolling interest

17,590

15,255

Dividends on preferred shares

3,486

Net income attributable to common shareholders

127,768

109,972

Weighted-average common shares outstanding:

Basic

364,281,692

370,372,388

Diluted

364,498,367

370,761,741

Net income attributable to common shareholders per share:

Basic

0.35

0.30

Diluted

0.35

0.30

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

Mar 31,

2026

2025

Net income attributable to common shareholders

127,768

109,972

Adjustments:

Noncontrolling interests in the Operating Partnership

17,590

15,255

Gain on sale and impairment of single-family properties and other, net

(78,444)

(62,016)

Adjustments for unconsolidated real estate joint ventures

1,913

1,484

Depreciation and amortization

127,344

124,928

Less: depreciation and amortization of non-real estate assets

(5,663)

(5,365)

FFO attributable to common share and unit holders

190,508

184,258

Adjustments:

Acquisition, disposition, other transaction costs and other

4,002

4,090

Noncash share-based compensation - general and administrative

4,445

4,867

Noncash share-based compensation - property management

1,121

1,246

Loss on early extinguishment of debt

—

216

Core FFO attributable to common share and unit holders

200,076

194,677

Recurring Capital Expenditures

(12,065)

(16,829)

Leasing costs

(627)

(1,239)

Adjusted FFO attributable to common share and unit holders

187,384

176,609

Per FFO share and unit:

FFO attributable to common share and unit holders

0.46

0.44

Core FFO attributable to common share and unit holders

0.48

0.46

Adjusted FFO attributable to common share and unit holders

0.45

0.42

Weighted-average FFO shares and units:

Common shares outstanding

364,281,692

370,372,388

Share-based compensation plan (1)

477,403

761,171

Operating partnership units

50,152,313

51,376,980

Total weighted-average FFO shares and units

414,911,408

422,510,539

(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

Mar 31,

2026

2025

Rents from single-family properties

399,988

390,331

Fees from single-family properties

10,264

9,379

Bad debt

(4,128)

(4,295)

Core revenues

406,124

395,415

Property tax expense

68,180

66,940

HOA fees, net (1)

6,833

6,814

R&M and turnover costs, net (1)

25,589

27,281

Insurance

4,551

4,931

Property management expenses, net (2)

29,819

30,638

Core property operating expenses

134,972

136,604

Core NOI

271,152

258,811

Core NOI margin

66.8

65.5

For the Three Months Ended

Mar 31, 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

54,162

2,898

3,140

1,037

61,237

Average Occupied Days Percentage

95.1

94.7

86.7

44.4

93.8

Rents from single-family properties

360,061

20,495

16,465

2,967

399,988

Fees from single-family properties

9,050

604

468

142

10,264

Bad debt

(3,264)

(134)

(359)

(371)

(4,128)

Core revenues

365,847

20,965

16,574

2,738

406,124

Property tax expense

60,504

3,685

3,166

825

68,180

HOA fees, net (1)

6,359

280

102

6,833

R&M and turnover costs, net (1)

23,012

691

1,367

519

25,589

Insurance

4,001

272

183

4,551

Property management expenses, net (2)

26,121

1,530

1,833

335

29,819

Core property operating expenses

119,997

6,458

6,651

1,866

134,972

Core NOI

245,850

14,507

9,923

872

271,152

Core NOI margin

67.2

69.2

59.9

31.8

66.8

(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 1,347 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,793 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 Comparisons

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

(Unaudited)

For the Three Months Ended

Mar 31,

2026

2025

Change

Number of Same-Home properties

54,162

Average Occupied Days Percentage

95.1

95.9

(0.8)

Average Monthly Realized Rent per Property

2,329

2,261

3.0

Turnover Rate

7.4

6.9

0.5

Turnover Rate - TTM

26.7

N/A

Core NOI:

Rents from single-family properties

360,061

352,251

2.2

Fees from single-family properties

9,050

8,325

8.7

Bad debt

(3,264)

(3,285)

(0.6)

Core revenues

365,847

357,291

2.4

Property tax expense

60,504

59,773

1.2

HOA fees, net (1)

6,359

6,133

3.7

R&M and turnover costs, net (1)

23,012

23,649

(2.7)

Insurance

4,001

4,284

(6.6)

Property management expenses, net (2)

26,121

26,455

(1.3)

Core property operating expenses

119,997

120,294

(0.2)

Core NOI

245,850

236,997

3.7

Core NOI margin

67.2

66.3

Selected Property Expenditure Details:

Recurring Capital Expenditures

11,093

15,011

(26.1)

Per property:

Average Recurring Capital Expenditures

205

277

(26.1)

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

630

714

(11.8)

Property Enhancing Capex

7,958

8,666

(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

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Average Occupied Days Percentage

95.1

95.3

96.3

96.4

95.9

Average Monthly Realized Rent per Property

2,329

2,317

2,306

2,286

2,261

Average Change in Rent for Renewals

3.2

4.1

4.0

4.4

4.6

Average Change in Rent for Re-Leases

(0.8)

(0.7)

2.5

4.0

1.4

Average Blended Change in Rent

2.2

2.6

3.6

4.3

3.7

Core NOI:

Rents from single-family properties

360,061

358,657

360,842

358,182

352,251

Fees from single-family properties

9,050

8,399

8,340

8,393

8,325

Bad debt

(3,264)

(3,175)

(3,028)

(2,164)

(3,285)

Core revenues

365,847

363,881

366,154

364,411

357,291

Property tax expense

60,504

58,357

60,278

59,207

59,773

HOA fees, net (1)

6,359

6,379

6,732

6,542

6,133

R&M and turnover costs, net (1)

23,012

24,438

27,227

27,548

23,649

Insurance

4,001

4,231

4,224

4,184

4,284

Property management expenses, net (2)

26,121

25,471

25,607

26,503

26,455

Core property operating expenses

119,997

118,876

124,068

123,984

120,294

Core NOI

245,850

245,005

242,086

240,427

236,997

Core NOI margin

67.2

67.3

66.1

66.0

66.3

Selected Property Expenditure Details:

Recurring Capital Expenditures

11,093

13,063

17,811

18,178

15,011

Per property:

Average Recurring Capital Expenditures

205

241

329

336

277

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

630

692

832

844

714

Property Enhancing Capex

7,958

6,957

7,907

7,973

8,666

(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

1Q26 NOI

Avg. Change in Rent for Renewals (1)

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

Avg. Blended Change in

Rent (1)

Atlanta, GA

5,347

235,028

9.7

2.9

(3.1)

1.4

Charlotte, NC

3,914

229,497

7.9

3.8

0.7

3.1

Dallas-Fort Worth, TX

3,443

177,580

6.0

2.6

(2.6)

1.5

Nashville, TN

3,160

257,872

6.7

3.1

(2.2)

1.6

Jacksonville, FL

3,074

229,301

4.9

2.9

(1.4)

1.7

Phoenix, AZ

2,884

224,016

5.7

2.1

(2.3)

1.1

Indianapolis, IN

2,719

177,308

4.0

4.2

1.2

3.4

Tampa, FL

2,654

244,046

4.7

2.5

(2.6)

1.2

Las Vegas, NV

2,212

300,246

4.6

2.5

(4.1)

0.9

Houston, TX

2,067

181,413

3.0

3.5

(0.7)

2.8

Raleigh, NC

2,056

204,560

3.6

2.9

(2.3)

1.8

Cincinnati, OH

2,054

201,557

3.8

4.9

5.1

5.0

Columbus, OH

2,024

201,716

3.6

4.0

3.1

3.8

Salt Lake City, UT

1,890

307,310

4.4

2.8

(1.2)

1.7

Orlando, FL

1,829

238,748

3.1

3.2

(1.7)

2.0

Greater Chicago area, IL and IN

1,478

196,486

2.6

6.2

5.4

6.0

Charleston, SC

1,434

238,880

2.9

3.3

0.4

2.5

San Antonio, TX

1,002

203,234

1.4

1.7

(9.8)

(0.8)

Boise, ID

1,002

308,643

2.2

3.5

3.0

3.3

Seattle, WA

972

340,273

2.3

3.4

2.9

3.2

All Other (2)

6,947

229,609

12.9

3.0

(0.6)

2.0

Total/Average

54,162

229,554

100.0

3.2

(0.8)

2.2

Average Occupied Days Percentage

Average Monthly Realized Rent per Property

Market

1Q26 QTD

1Q25 QTD

Change

1Q26 QTD

1Q25 QTD

Change

Atlanta, GA

94.7

95.3

(0.6)

2,349

2,293

2.4

Charlotte, NC

96.0

96.2

(0.2)

2,304

2,229

3.4

Dallas-Fort Worth, TX

95.4

95.8

(0.4)

2,376

2,311

2.8

Nashville, TN

94.3

96.0

(1.7)

2,444

2,377

2.8

Jacksonville, FL

94.4

95.3

(0.9)

2,240

2,198

1.9

Phoenix, AZ

94.5

96.1

(1.6)

2,204

2,155

2.3

Indianapolis, IN

96.0

97.1

(1.1)

2,002

1,906

5.0

Tampa, FL

94.7

95.5

(0.8)

2,493

2,448

1.8

Las Vegas, NV

95.3

95.2

0.1

2,373

2,333

1.7

Houston, TX

96.2

96.3

(0.1)

2,148

2,089

2.8

Raleigh, NC

94.9

96.0

(1.1)

2,126

2,079

2.3

Cincinnati, OH

96.1

97.2

(1.1)

2,290

2,185

4.8

Columbus, OH

96.1

96.6

(0.5)

2,351

2,230

5.4

Salt Lake City, UT

94.8

95.5

(0.7)

2,574

2,480

3.8

Orlando, FL

95.3

95.0

0.3

2,454

2,403

2.1

Greater Chicago area, IL and IN

96.2

97.7

(1.5)

2,670

2,511

6.3

Charleston, SC

96.6

94.6

2.0

2,377

2,319

2.5

San Antonio, TX

95.0

95.2

(0.2)

1,955

1,939

0.8

Boise, ID

94.7

92.2

2.5

2,336

2,280

2.5

Seattle, WA

95.7

96.3

(0.6)

2,960

2,857

3.6

All Other (2)

94.3

96.0

(1.7)

2,299

2,235

2.9

Total/Average

95.1

95.9

(0.8)

2,329

2,261

3.0

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

Mar 31, 2026

Dec 31, 2025

(Unaudited)

Assets

Single-family properties:

Land

2,418,410

2,406,467

Buildings and improvements

12,058,732

11,971,961

Single-family properties in operation

14,477,142

14,378,428

Less: accumulated depreciation

(3,443,333)

(3,366,795)

Single-family properties in operation, net

11,033,809

11,011,633

Single-family properties under development and development land

1,139,179

1,233,586

Single-family properties and land held for sale, net

235,549

225,861

Total real estate assets, net

12,408,537

12,471,080

Cash and cash equivalents

63,301

108,516

Restricted cash

144,863

122,174

Rent and other receivables

48,241

43,119

Escrow deposits, prepaid expenses and other assets

239,103

228,017

Investments in unconsolidated joint ventures

150,714

148,935

Goodwill

120,279

Total assets

13,175,038

13,242,120

Liabilities

Revolving credit facility

390,000

360,000

Unsecured senior notes, net

4,737,926

4,735,735

Accounts payable and accrued expenses

447,118

436,879

Total liabilities

5,575,044

5,532,614

Commitments and contingencies

Equity

Shareholders’ equity:

Class A common shares

3,632

3,660

Class B common shares

Preferred shares

Additional paid-in capital

7,297,948

7,411,003

Accumulated deficit

(380,213)

(387,643)

Accumulated other comprehensive income

6,320

6,630

Total shareholders’ equity

6,927,785

7,033,748

Noncontrolling interest

672,209

675,758

Total equity

7,599,994

7,709,506

Total liabilities and equity

13,175,038

13,242,120

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

AMH

Debt Summary as of March 31, 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

4.63

3.3

Total floating rate debt

390,000

7.5

4.63

3.3

Fixed rate debt:

2028 unsecured senior notes

500,000

9.6

4.08

1.9

2029 unsecured senior notes

400,000

7.7

4.90

2.9

2030 unsecured senior notes

650,000

12.5

4.95

4.2

2031 unsecured senior notes

450,000

8.7

2.46

5.3

2032 unsecured senior notes

600,000

11.6

3.63

6.0

2034 unsecured senior notes I

600,000

11.6

5.50

7.8

2034 unsecured senior notes II

500,000

9.6

5.50

8.3

2035 unsecured senior notes

500,000

9.6

5.08

9.0

2051 unsecured senior notes

300,000

5.8

3.38

25.3

2052 unsecured senior notes

300,000

5.8

4.30

26.1

Total fixed rate debt

4,800,000

92.5

4.46

8.2

Total Debt

5,190,000

100.0

4.47

7.9

Unamortized discounts and loan costs

(62,074)

Total debt per balance sheet

5,127,926

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 0.10% spread adjustment and a margin of 0.85% as of period end.

Interest Expense Reconciliation

For the Three Months Ended

Mar 31,

2026

2025

Interest expense per income statement and included in Core FFO attributable to common share and unit holders

48,222

45,426

Less: amortization of discounts, loan costs and cash flow hedges

(2,408)

(2,485)

Add: capitalized interest

12,987

13,854

Cash interest

58,801

56,795

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

AMH

Capital Structure and Credit Metrics as of March 31, 2026

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

(Unaudited)

Total Capitalization

Total Debt

5,190,000

30.6

Total preferred shares

230,000

1.4

Common equity at market value:

Common shares outstanding

363,795,786

Operating partnership units

50,136,980

Total shares and units

413,932,766

NYSE AMH Class A common share closing price at March 31, 2026

27.92

Market value of common shares and operating partnership units

11,557,003

68.0

Total Capitalization

16,977,003

100.0

Preferred Shares

Earliest Redemption Date

Outstanding Shares

Annual Dividend

Per Share

Annual Dividend

Amount

Series

Per Share

Total

5.875% Series G Perpetual Preferred Shares

7/17/2022

4,600,000

25.00

115,000

1.469

6,756

6.250% Series H Perpetual Preferred Shares

9/19/2023

4,600,000

25.00

115,000

1.563

7,188

Total preferred shares

9,200,000

230,000

13,944

Credit Ratios

Credit Ratings

Net Debt and Preferred Shares to Adjusted EBITDAre

5.3 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.1 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

31.7

Ratio of Secured Debt to Total Assets

40.0

—

Ratio of Unencumbered Assets to Unsecured Debt

150.0

315.9

Ratio of Consolidated Income Available for Debt Service to Interest Expense

1.50 x

4.33 x

Unsecured Credit Facility Covenant Ratios

Requirement

Actual

Ratio of Total Indebtedness to Total Asset Value

60.0

28.4

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

3.93 x

Ratio of Unencumbered NOI to Unsecured Interest Expense

1.75 x

4.85 x

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

AMH

Top 20 Markets Summary as of March 31, 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

5,921

9.8

244,686

2,201

17.5

Charlotte, NC

4,205

7.0

236,530

2,122

19.0

Dallas-Fort Worth, TX

3,595

6.0

179,822

2,080

21.6

Jacksonville, FL

3,398

5.6

240,971

1,934

14.4

Nashville, TN

3,372

5.6

264,014

2,125

17.2

Phoenix, AZ

3,290

5.5

232,764

1,870

19.7

Tampa, FL

3,081

5.1

261,387

1,964

14.4

Indianapolis, IN

2,981

5.0

183,515

1,931

22.9

Las Vegas, NV

2,764

4.6

325,740

1,976

10.6

Columbus, OH

2,262

3.8

218,822

1,912

21.0

Houston, TX

2,223

3.7

183,320

2,061

20.2

Orlando, FL

2,216

3.7

262,428

1,950

15.8

Raleigh, NC

2,124

3.5

206,798

1,899

19.4

Cincinnati, OH

2,079

3.5

202,561

1,844

23.2

Salt Lake City, UT

1,929

3.2

309,330

2,244

19.0

Charleston, SC

1,678

2.8

251,885

1,964

13.3

Greater Chicago area, IL and IN

1,492

2.5

196,405

1,869

24.5

Boise, ID

1,112

1.8

323,342

1,886

11.1

Seattle, WA

1,096

1.8

358,886

2,006

14.3

San Antonio, TX

1,079

1.8

206,836

1,901

16.5

All Other (3)

8,303

13.7

244,213

1,932

18.9

Total/Average

60,200

100.0

240,483

2,001

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

94.1

2,361

3.0

(2.9)

1.6

Charlotte, NC

95.7

2,302

3.8

0.8

3.2

Dallas-Fort Worth, TX

95.5

2,374

2.6

(2.6)

1.6

Jacksonville, FL

94.1

2,245

3.0

(1.4)

1.8

Nashville, TN

94.5

2,449

3.1

(2.0)

1.7

Phoenix, AZ

94.1

2,200

2.3

(2.0)

1.3

Tampa, FL

93.9

2,510

2.4

(2.7)

1.1

Indianapolis, IN

96.0

2,004

4.2

1.2

3.4

Las Vegas, NV

94.6

2,395

2.8

(3.2)

1.5

Columbus, OH

95.3

2,376

4.0

3.1

3.8

Houston, TX

96.1

2,134

3.5

(1.0)

2.8

Orlando, FL

94.2

2,466

3.1

(1.2)

2.1

Raleigh, NC

94.9

2,128

2.9

(2.5)

1.8

Cincinnati, OH

96.1

2,290

5.0

Salt Lake City, UT

94.6

2,576

3.1

(0.7)

2.0

Charleston, SC

94.0

2,389

3.5

0.9

2.8

Greater Chicago area, IL and IN

96.1

2,668

6.4

5.5

6.1

Boise, ID

94.0

2,339

3.6

3.1

3.5

Seattle, WA

94.6

2,981

3.2

2.9

3.1

San Antonio, TX

95.0

1,955

1.7

(10.3)

(1.0)

All Other (3)

93.9

2,278

3.0

(0.6)

2.0

Total/Average

94.7

2,331

3.2

(0.7)

2.3

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

(2)Reflected for the three months ended March 31, 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

1Q26 Additions

Number of Properties

Average

Total Investment Cost

Market

AMH Development

National Homebuilder and MLS

Tampa, FL

—

399,917

Las Vegas, NV

—

440,577

Atlanta, GA

—

369,813

Orlando, FL

—

417,548

Tucson, AZ

—

411,456

Jacksonville, FL

—

374,198

Columbus, OH

—

397,312

Phoenix, AZ

—

370,000

Charleston, SC

—

389,996

Seattle, WA

—

512,074

Denver, CO

—

476,219

Charlotte, NC

—

390,963

Boise, ID

—

509,420

Total/Average

457

—

407,945

Property Dispositions

Mar 31, 2026 Single-Family Properties

Held for Sale

1Q26 Dispositions

Market

Number of Properties

Average

Net Proceeds per Property

Dallas-Fort Worth, TX

251,070

Houston, TX

228,418

Atlanta, GA

104

298,488

Tampa, FL

290,402

Orlando, FL

305,682

Charlotte, NC

321,127

Greater Chicago area, IL and IN

287,515

Raleigh, NC

301,419

San Antonio, TX

193,664

Phoenix, AZ

316,949

Jacksonville, FL

254,980

Austin, TX

233,708

Las Vegas, NV

350,631

Indianapolis, IN

249,657

Nashville, TN

326,133

Columbus, OH

282,589

Savannah/Hilton Head, SC

265,305

Charleston, SC

316,064

Cincinnati, OH

238,439

Memphis, TN

252,189

All Other (1)

340,877

Total/Average

1,037

710

280,379

(1)Represents 18 markets in 15 states.

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

AMH

AMH Development Pipeline Summary as of March 31, 2026 (1)

YTD 1Q26 Deliveries

Mar 31, 2026

Lots for

Future Delivery

Market

Number of Properties

Average Total Investment Cost

Average

Monthly Rent

Phoenix, AZ

392,000

2,260

1,015

Tampa, FL

400,000

2,580

317

Las Vegas, NV

437,000

2,560

514

Atlanta, GA

379,000

2,600

805

Orlando, FL

409,000

2,630

468

Jacksonville, FL

374,000

2,330

363

Columbus, OH

397,000

2,680

588

Denver, CO

480,000

2,910

321

Seattle, WA

499,000

3,010

514

Charleston, SC

390,000

2,460

791

Charlotte, NC

359,000

2,620

223

Boise, ID

509,000

2,780

282

Salt Lake City, UT

474,000

3,000

237

Raleigh, NC

—

Total/Average

539

409,000

2,570

6,504

Lots optioned

356

Total lots owned and optioned

6,860

Estimated Delivery Timing

Dec 31, 2025

Lots for

Future Delivery

YTD 1Q26

Net Additions/(Reductions) (3)

YTD 1Q26

Deliveries

Full Year Estimated 2026 Deliveries (1)

Deliveries Thereafter (1)

Wholly-owned development pipeline (2)

7,088

(357)

457

1,300 - 1,500

5,331

Joint venture development pipeline (2)(4)

668

—

400 - 600

168

Total development pipeline

7,756

(357)

539

1,700 - 2,100

5,499

(1)Reflects the Company’s latest development program results and estimates as of May 6, 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

2Q26

3Q26

4Q26

1Q27

Thereafter

Lease expirations

2,018

15,482

10,866

6,060

15,863

7,546

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

Total

8,374,926

265,067

31.65

Remaining authorization: (1)

500,000

(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. In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization under the new share repurchase program.

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

—

246,330

Remaining authorization:

753,670

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

AMH

2026 Guidance

Guidance Summary

Full Year 2026 guidance ranges remain unchanged, with AMH’s teams delivering solid execution as prime leasing and move out seasons remain ahead.

Full Year 2026

(Unchanged)

Core FFO attributable to common share and unit holders

$1.89 - $1.95

Core FFO attributable to common share and unit holders growth

1.1% - 4.3%

Same-Home

Core revenues growth

1.25% - 3.25%

Core property operating expenses growth

1.75% - 3.75%

Core NOI growth

1.00% - 3.00%

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%.

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)

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Total Debt

5,190,000

5,160,000

4,910,000

5,227,529

4,989,015

Less: cash and cash equivalents

(63,301)

(108,516)

(45,631)

(323,258)

(69,698)

Less: restricted cash related to securitizations

—

(3,114)

(13,188)

(19,122)

Net debt

5,126,699

5,051,484

4,861,255

4,891,083

4,900,195

Preferred shares at liquidation value

230,000

Net debt and preferred shares

5,356,699

5,281,484

5,091,255

5,121,083

5,130,195

Adjusted EBITDAre - TTM

1,018,648

1,010,155

1,001,181

982,928

963,598

Net Debt and Preferred Shares to Adjusted EBITDAre

5.3 x

5.2 x

5.1 x

5.2 x

5.3 x

Fixed Charge Coverage

(Amounts in thousands)

For the Trailing Twelve Months Ended

Mar 31, 2026

Interest expense per income statement

187,994

Less: amortization of discounts, loan costs and cash flow hedges

(9,962)

Add: capitalized interest

54,341

Cash interest

232,373

Dividends on preferred shares

13,944

Fixed charges

246,317

Adjusted EBITDAre - TTM

1,018,648

Fixed Charge Coverage

4.1 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 months ended March 31, 2026 and 2025 (amounts in thousands):

For the Three Months Ended

Mar 31,

2026

2025

Net income

148,844

128,713

Interest expense

48,222

45,426

Depreciation and amortization

127,344

124,928

EBITDA

324,410

299,067

Gain on sale and impairment of single-family properties and other, net

(78,444)

(62,016)

Adjustments for unconsolidated real estate joint ventures

1,913

1,484

EBITDAre

247,879

238,535

Noncash share-based compensation - general and administrative

4,445

4,867

Noncash share-based compensation - property management

1,121

1,246

Acquisition, disposition, other transaction costs and other

4,002

4,090

Loss on early extinguishment of debt

—

216

Adjusted EBITDAre

257,447

248,954

Recurring Capital Expenditures

(12,065)

(16,829)

Leasing costs

(627)

(1,239)

Fully Adjusted EBITDAre

244,755

230,886

Rents and other single-family property revenues

472,024

459,276

Less: tenant charge-backs

(65,900)

(63,861)

Adjustments for unconsolidated joint ventures - income

3,915

3,588

Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures

410,039

399,003

Adjusted EBITDAre Margin

62.8

62.4

Fully Adjusted EBITDAre Margin

59.7

57.9

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

For the Trailing Twelve Months Ended

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Net income

533,523

513,392

513,011

483,850

468,760

Interest expense

187,994

185,198

184,413

179,825

172,200

Depreciation and amortization

506,757

504,341

502,513

495,548

486,212

EBITDA

1,228,274

1,202,931

1,199,937

1,159,223

1,127,172

Gain on sale and impairment of single-family properties and other, net

(247,888)

(231,460)

(241,810)

(226,887)

(218,871)

Adjustments for unconsolidated real estate joint ventures

7,369

6,940

6,036

5,234

4,609

EBITDAre

987,755

978,411

964,163

937,570

912,910

Noncash share-based compensation - general and administrative

15,656

16,078

15,389

15,073

18,645

Noncash share-based compensation - property management

3,965

4,090

4,234

4,413

4,616

Acquisition, disposition, other transaction costs and other

11,092

11,180

12,019

11,466

12,958

Hurricane-related charges, net

—

4,980

8,884

Loss on early extinguishment of debt

180

396

5,522

5,585

Adjusted EBITDAre

1,018,648

1,010,155

1,001,181

982,928

963,598

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

Mar 31,

2026

2025

Property management expenses

33,284

34,181

Less: tenant charge-backs

(2,344)

(2,297)

Less: noncash share-based compensation - property management

(1,121)

(1,246)

Property management expenses, net

29,819

30,638

General and administrative expense

21,332

19,671

Less: noncash share-based compensation - general and administrative

(4,445)

(4,867)

General and administrative expense, net

16,887

14,804

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

Mar 31,

2026

2025

Net income per common share–diluted

0.35

0.30

Adjustments:

Conversion from GAAP share count

(0.04)

Noncontrolling interests in the Operating Partnership

0.04

Gain on sale and impairment of single-family properties and other, net

(0.19)

(0.15)

Depreciation and amortization

0.31

0.30

Less: depreciation and amortization of non-real estate assets

(0.01)

FFO attributable to common share and unit holders

0.46

0.44

Adjustments:

Acquisition, disposition, other transaction costs and other

0.01

Noncash share-based compensation - general and administrative

0.01

Core FFO attributable to common share and unit holders

0.48

0.46

Recurring Capital Expenditures

(0.03)

(0.04)

Adjusted FFO attributable to common share and unit holders

0.45

0.42

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

Mar 31, 2026

Adjusted FFO attributable to common share and unit holders

187,384

Common distributions

(136,883)

Retained Cash Flow

50,501

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, 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	—	1
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	0	—	0
Buybacks share repurchase, buyback program	8	—	3

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.

Source: SEC EDGAR · public domain · Highlights by Palanor