What share repurchases did AMH (AMH) complete in early 2026?

During Q1 2026, AMH repurchased and retired 3.7 million Class A shares at a weighted-average price of $31.49 , totaling $115.1 million . In April 2026, it repurchased another 3.2 million shares for $94.0 million , leaving $406.0 million under the new authorization.

AMH (NYSE: AMH) lifts Q1 earnings, boosts buybacks and keeps 2026 outlook

Q: How strong were AMH’s (AMH) occupancy and Same-Home results in Q1 2026?

AMH’s Same-Home Average Occupied Days Percentage was 95.1% in Q1 2026. Same-Home Core NOI increased 3.7% year-over-year to $245.9 million , helped by a 3.0% rise in Average Monthly Realized Rent per property and slightly lower Same-Home operating expenses.

Q: What guidance did AMH (AMH) provide for full-year 2026?

AMH reaffirmed full-year 2026 Core FFO guidance of $1.89–$1.95 per common share and unit, implying 1.1%–4.3% growth. Same-Home Core NOI is expected to grow 1.00%–3.00% , with Same-Home core revenues up 1.25%–3.25% and operating expenses up 1.75%–3.75%.

Q: How leveraged is AMH (AMH) and what is its debt profile?

As of March 31, 2026, AMH had total outstanding debt of $5.19 billion , 92.5% of which was fixed-rate. The weighted-average interest rate was 4.47% with a weighted-average term to maturity of 7.9 years , including $390.0 million drawn on its revolving credit facility.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

American Homes 4 Rent (AMH) reported higher results for the quarter ended March 31, 2026. Rents and other single-family property revenues rose 2.8% year-over-year to $472.0 million, driven mainly by higher rental rates. Net income attributable to common shareholders increased to $127.8 million, or $0.35 per diluted share, compared with $110.0 million, or $0.30 per diluted share, a year earlier.

Core Funds from Operations rose to $200.1 million, or $0.48 per share and unit, while Adjusted FFO reached $187.4 million, or $0.45, both up from the prior year as Core NOI grew across the portfolio. Same-Home Core NOI increased 3.7% and Same-Home Average Occupied Days Percentage was a solid 95.1%, reflecting resilient demand.

AMH continued to invest and return capital. It delivered 539 newly constructed homes through its development program and ended the quarter with 60,200 single-family properties in operation. The company repurchased and retired 3.7 million Class A shares for $115.1 million in the quarter and another 3.2 million shares for $94.0 million in April. Management reaffirmed full-year 2026 Core FFO guidance of $1.89–$1.95 per share and unit, implying 1.1%–4.3% growth.

Insights

AMH delivered modestly higher Q1 2026 earnings and FFO while keeping 2026 guidance unchanged.

AMH grew rents and other single-family property revenues 2.8% year-over-year to $472.0 million, with net income attributable to common shareholders rising to $127.8 million or $0.35 per diluted share. Core FFO increased to $200.1 million or $0.48 per share and unit, and Adjusted FFO reached $187.4 million or $0.45, supported by a 4.8% rise in Core NOI.

Same-Home Core NOI grew 3.7%, with Same-Home Average Occupied Days Percentage at 95.1%, indicating stable occupancy despite slightly lower utilization versus the prior year. Management highlighted continued strength into April, including a Same-Home Average Occupied Days Percentage of 95.6% and positive rent growth on new and renewal leases.

Capital allocation remained active. The company repurchased 3.7 million Class A shares for $115.1 million in Q1 and 3.2 million additional shares for $94.0 million in April under a program authorizing up to $500.0 million of common and $250.0 million of preferred repurchases. At quarter end, AMH reported total outstanding debt of $5.2 billion at a weighted-average interest rate of 4.5% and a weighted-average term of 7.9 years. Full-year 2026 Core FFO guidance of $1.89–$1.95 per share and unit and Core NOI growth of 1.00%–3.00% for Same-Home properties remained unchanged, framing expectations for steady, though not rapid, growth.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Rents and single-family property revenues: $472.0 million Net income attributable to common shareholders: $127.8 million Core FFO per share and unit: $0.48 +5 more

8 metrics

Rents and single-family property revenues $472.0 million For the quarter ended March 31, 2026; up 2.8% year-over-year

Net income attributable to common shareholders $127.8 million Q1 2026; $0.35 per diluted share vs. $0.30 in Q1 2025

Core FFO per share and unit $0.48 Q1 2026; compared with $0.46 in Q1 2025

Adjusted FFO per share and unit $0.45 Q1 2026; compared with $0.42 in Q1 2025

Same-Home Core NOI $245.9 million Q1 2026; 3.7% year-over-year increase

Same-Home Average Occupied Days Percentage 95.1% For the quarter ended March 31, 2026

Share repurchases in Q1 2026 $115.1 million 3.7 million Class A shares at $31.49 average price

Total debt outstanding $5.19 billion As of March 31, 2026; weighted-average interest rate 4.47%

Key Terms

Core Funds from Operations, Adjusted Funds from Operations, Core Net Operating Income, Same-Home portfolio, +1 more

5 terms

Core Funds from Operations financial

"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"

Core funds from operations is a measure of the recurring cash a real estate company generates from its normal rental and property-management activities, calculated by starting with net income, adding back non-cash items like property depreciation, and removing one-off gains or losses such as property sales or unusual expenses. Investors use it like a household’s steady paycheck estimate—it shows the business’s sustainable cash flow for paying dividends, servicing debt, and funding operations, without noise from one-time events.

Adjusted Funds from Operations financial

"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"

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

Core Net Operating Income financial

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

Core net operating income is the profit a business generates from its regular day-to-day operations after paying routine operating costs, but before one-time gains or losses, financing costs, and taxes. Investors care because it highlights the company’s sustainable earning power—like looking at a household’s steady paycheck rather than a one-off yard sale—so it helps assess ongoing cash flow, compare performance over time, and value the business more reliably.

Same-Home portfolio financial

"For the Company’s Same-Home portfolio, core revenues increased 2.4% to $365.8 million for the first quarter of 2026"

Retained Cash Flow financial

"During the first quarter of 2026, the Company generated $50.5 million of Retained Cash Flow and sold 710 properties"

Earnings Snapshot

Rents and other single-family property revenues: $472.0 million · Guidance included

Q1 2026

Rents and other single-family property revenues $472.0 million +2.8% year-over-year

Net income attributable to common shareholders $127.8 million ($0.35 diluted EPS) up from $110.0 million ($0.30) in Q1 2025

Core FFO per share and unit $0.48 up from $0.46 in Q1 2025

Adjusted FFO per share and unit $0.45 up from $0.42 in Q1 2025

Same-Home Core NOI $245.9 million +3.7% year-over-year

Same-Home Average Occupied Days Percentage 95.1% down 0.8 percentage points year-over-year

Guidance

For full-year 2026, AMH guides Core FFO attributable to common share and unit holders to $1.89–$1.95, representing 1.1%–4.3% growth, with Same-Home Core NOI growth of 1.00%–3.00%.

Understanding 8-K Material Events →

05/06/2026 - 04:13 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): May 6, 2026

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter)


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

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(805) 413-5300

(Registrant’s telephone number, including area code)

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


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

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

Title of each class

Trading symbols

Name of each exchange on which registered

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

AMH

New York Stock Exchange

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

AMH-G

New York Stock Exchange

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

AMH-H

New York Stock Exchange

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

Emerging growth company ☐

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

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

Item 2.02 Results of Operations and Financial Condition

On May 6, 2026, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended March 31, 2026, together with a First Quarter 2026 Earnings Release and Supplemental Information Package. A copy of the press release and the First Quarter 2026 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated May 6, 2026 concerning financial results, including financial tables

Exhibit 99.2—First Quarter 2026 Earnings Release and Supplemental Information Package

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

SIGNATURES

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

Date: May 6, 2026


						AMERICAN HOMES 4 RENT

						By:			/s/ Sara Vogt-Lowell
									Sara Vogt-Lowell
									Chief Administrative Officer, Chief Legal Officer and Secretary


						AMERICAN HOMES 4 RENT, L.P.

						By:			American Homes 4 Rent, its General Partner

						By:			/s/ Sara Vogt-Lowell
									Sara Vogt-Lowell
									Chief Administrative Officer, Chief Legal Officer and Secretary

Exhibit 99.1

News 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.

•Spring 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%.

•Delivered 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.

•Repurchased 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. “Against 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.

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. Core 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. During 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.

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 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.”

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.

AMH

Condensed Consolidated Balance Sheets

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


	March 31, 2026		December 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		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 ($0.01 par value per share, 450,000,000 shares authorized, 363,160,711 and 366,021,665 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	3,632		3,660
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2026 and December 31, 2025)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2026 and December 31, 2025)	92		92
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

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended March 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		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

Defined Terms

Average Monthly Realized Rent

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

Average Occupied Days Percentage

Occupied Property

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

Recurring Capital Expenditures

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

Same-Home Property

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

Stabilized Property

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

Non-GAAP Financial Measures

This press release and the First Quarter 2026 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the First Quarter 2026 Earnings Release and Supplemental Information Package.

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

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

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

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

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

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

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

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

The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share and per share data):


	For the Three Months Ended March 31,
	2026		2025
	(Unaudited)		(Unaudited)
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
Common distributions	(136,883)		(127,137)
Retained Cash Flow	$	50,501	$	49,472

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.

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 March 31,
	2026		2025
	(Unaudited)		(Unaudited)
Net income per common share–diluted	$	0.35	$	0.30
Adjustments:
Conversion from GAAP share count	(0.04)		(0.04)
Noncontrolling interests in the Operating Partnership	0.04		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)		(0.01)
FFO attributable to common share and unit holders	$	0.46	$	0.44
Adjustments:
Acquisition, disposition, other transaction costs and other	0.01		0.01
Noncash share-based compensation - general and administrative	0.01		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

Core Net Operating Income

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

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

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

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2026 and 2025 (amounts in thousands):


	For the Three Months Ended March 31,
	2026		2025
	(Unaudited)		(Unaudited)
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

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com


AMH

Table of Contents


Summary
Earnings Press Release			3
Select Non-GAAP Reconciliations – Core Net Operating Income			7
Fact Sheet			9

Financial Information
Condensed Consolidated Statements of Operations			10
Funds from Operations			11
Core Net Operating Income – Total Portfolio			12
Same-Home Results			13
Condensed Consolidated Balance Sheets			16
Debt Summary			17
Capital Structure and Credit Metrics			18

Property and Other Information
Top 20 Markets Summary			19
Property Additions and Dispositions			20
AMH Development Pipeline Summary			21
Lease Expirations, Share Repurchase History and ATM Share History			22
2026 Guidance			23
Defined Terms and Non-GAAP Reconciliations			24


						2


AMH

Earnings Press Release

AMH Reports First Quarter 2026 Financial and Operating Results

Delivered Solid First Quarter with Accelerating Spring Leasing Activity

Highlights

•Rents and other single-family property revenues increased 2.8% year-over-year to $472.0 million 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.

•Spring 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%.

•Repurchased 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.

First Quarter 2026 Financial Results


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


AMH

Earnings Press Release (continued)

Investments

Capital Activities, Balance Sheet and Liquidity


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


AMH

Earnings Press Release (continued)

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%.

Additional Information

Conference Call


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


AMH

Earnings Press Release (continued)

About AMH

Cautionary Note Regarding Forward-Looking Statements


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


AMH

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)


	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.						7


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.						8


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	—		6		13		2		11
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	$	0.30	$	0.30	$	0.30



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

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


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


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		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.						10


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.						11


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			92			6,833
R&M and turnover costs, net (1)	23,012			691			1,367			519			25,589
Insurance	4,001			272			183			95			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.						12


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			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.						13


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.						14


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.						15


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		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	6		6
Preferred shares	92		92
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.						16


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.						17


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.						18


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	%	5.0	%	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.						19


AMH

Property Additions


	1Q26 Additions
	Number of Properties		Average Total Investment Cost
Market	AMH Development	National Homebuilder and MLS
Tampa, FL	74	—	$	399,917
Las Vegas, NV	47	—	440,577
Atlanta, GA	45	—	369,813
Orlando, FL	45	—	417,548
Tucson, AZ	44	—	411,456
Jacksonville, FL	44	—	374,198
Columbus, OH	39	—	397,312
Phoenix, AZ	38	—	370,000
Charleston, SC	29	—	389,996
Seattle, WA	26	—	512,074
Denver, CO	14	—	476,219
Charlotte, NC	7	—	390,963
Boise, ID	5	—	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	94	72	$	251,070
Houston, TX	92	42	228,418
Atlanta, GA	91	104	298,488
Tampa, FL	86	49	290,402
Orlando, FL	81	23	305,682
Charlotte, NC	74	38	321,127
Greater Chicago area, IL and IN	63	11	287,515
Raleigh, NC	56	11	301,419
San Antonio, TX	50	55	193,664
Phoenix, AZ	39	60	316,949
Jacksonville, FL	32	33	254,980
Austin, TX	29	25	233,708
Las Vegas, NV	28	8	350,631
Indianapolis, IN	27	22	249,657
Nashville, TN	26	15	326,133
Columbus, OH	24	26	282,589
Savannah/Hilton Head, SC	21	16	265,305
Charleston, SC	16	17	316,064
Cincinnati, OH	16	7	238,439
Memphis, TN	14	14	252,189
All Other (1)	78	62	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.						20


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	82	$	392,000	$	2,260	1,015
Tampa, FL	74	400,000		2,580		317
Las Vegas, NV	64	437,000		2,560		514
Atlanta, GA	60	379,000		2,600		805
Orlando, FL	60	409,000		2,630		468
Jacksonville, FL	44	374,000		2,330		363
Columbus, OH	39	397,000		2,680		588
Denver, CO	30	480,000		2,910		321
Seattle, WA	30	499,000		3,010		514
Charleston, SC	29	390,000		2,460		791
Charlotte, NC	17	359,000		2,620		223
Boise, ID	5	509,000		2,780		282
Salt Lake City, UT	5	474,000		3,000		237
Raleigh, NC	—	—		—		66

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	—	82	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.						21


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.						22


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.						23


AMH

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

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

Average Change in Rent for Re-Leases

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

Average Change in Rent for Renewals

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

Average Monthly Realized Rent

Average Occupied Days Percentage

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

Average Total Investment Cost

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

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


						24


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

Credit Ratios

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

Net Debt and Preferred Shares to Adjusted EBITDAre


(Amounts in thousands)	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		230,000		230,000		230,000		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


						25


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.


						26


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		%


						27


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		8,884
Loss on early extinguishment of debt	180		396		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.


						28


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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


	For the Three Months Ended 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


						29


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)


	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)		(0.04)
Noncontrolling interests in the Operating Partnership	0.04		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)		(0.01)
FFO attributable to common share and unit holders	$	0.46	$	0.44
Adjustments:
Acquisition, disposition, other transaction costs and other	0.01		0.01
Noncash share-based compensation - general and administrative	0.01		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


						30


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

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


	For the Three Months Ended 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

Stabilized Property

Total Capitalization

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

Total Debt

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

Turnover Rate

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


						31


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.


						32


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

Source: View Original Filing on SEC EDGAR

FAQ

How did AMH (AMH) perform financially in Q1 2026?

AMH’s Q1 2026 rents and other single-family property revenues rose 2.8% year-over-year to $472.0 million. Net income attributable to common shareholders increased to $127.8 million, or $0.35 per diluted share, up from $110.0 million, or $0.30, in Q1 2025.

What were AMH (AMH) Core FFO and Adjusted FFO for Q1 2026?

In Q1 2026, AMH reported Core FFO attributable to common share and unit holders of $200.1 million, or $0.48 per share and unit. Adjusted FFO was $187.4 million, or $0.45 per share and unit, both higher than the prior-year quarter.

How strong were AMH’s (AMH) occupancy and Same-Home results in Q1 2026?

AMH’s Same-Home Average Occupied Days Percentage was 95.1% in Q1 2026. Same-Home Core NOI increased 3.7% year-over-year to $245.9 million, helped by a 3.0% rise in Average Monthly Realized Rent per property and slightly lower Same-Home operating expenses.

What guidance did AMH (AMH) provide for full-year 2026?

AMH reaffirmed full-year 2026 Core FFO guidance of $1.89–$1.95 per common share and unit, implying 1.1%–4.3% growth. Same-Home Core NOI is expected to grow 1.00%–3.00%, with Same-Home core revenues up 1.25%–3.25% and operating expenses up 1.75%–3.75%.

How leveraged is AMH (AMH) and what is its debt profile?

As of March 31, 2026, AMH had total outstanding debt of $5.19 billion, 92.5% of which was fixed-rate. The weighted-average interest rate was 4.47% with a weighted-average term to maturity of 7.9 years, including $390.0 million drawn on its revolving credit facility.

How many homes does AMH (AMH) own and what were Q1 2026 development deliveries?

As of March 31, 2026, AMH’s total single-family properties in operation, excluding properties held for sale, totaled 60,200 homes. In Q1 2026, it delivered 539 newly constructed homes through its AMH Development Program to its wholly owned portfolio and unconsolidated joint ventures.

Filing Exhibits & Attachments

6 documents

AMH (NYSE: AMH) lifts Q1 earnings, boosts buybacks and keeps 2026 outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did AMH (AMH) perform financially in Q1 2026?

What were AMH (AMH) Core FFO and Adjusted FFO for Q1 2026?

How strong were AMH’s (AMH) occupancy and Same-Home results in Q1 2026?

What guidance did AMH (AMH) provide for full-year 2026?

How leveraged is AMH (AMH) and what is its debt profile?

How many homes does AMH (AMH) own and what were Q1 2026 development deliveries?

Filing Exhibits & Attachments

Press Releases

Other Documents

AMH (NYSE: AMH) lifts Q1 earnings, boosts buybacks and keeps 2026 outlook

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and income-securities analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did AMH (AMH) perform financially in Q1 2026?

What were AMH (AMH) Core FFO and Adjusted FFO for Q1 2026?

How strong were AMH’s (AMH) occupancy and Same-Home results in Q1 2026?

What share repurchases did AMH (AMH) complete in early 2026?

What guidance did AMH (AMH) provide for full-year 2026?

How leveraged is AMH (AMH) and what is its debt profile?

How many homes does AMH (AMH) own and what were Q1 2026 development deliveries?

Filing Exhibits & Attachments

Press Releases

Other Documents