Document


AMH

Table of Contents


Summary
Earnings Press Release			3
Select Non-GAAP Reconciliations – Core Net Operating Income			8
Fact Sheet			10

Financial Information
Condensed Consolidated Statements of Operations			11
Funds from Operations			12
Core Net Operating Income – Total Portfolio			13
Same-Home Results			14
Condensed Consolidated Balance Sheets			17
Debt Summary			18
Capital Structure and Credit Metrics			19

Property and Other Information
Top 20 Markets Summary			20
Property Additions and Dispositions			21
AMH Development Pipeline Summary			22
Lease Expirations, Share Repurchase History and ATM Share History			23
2026 Guidance			24
Defined Terms and Non-GAAP Reconciliations			25


						2


AMH

Earnings Press Release

AMH Reports Second Quarter 2026 Financial and Operating Results

Raises Full Year 2026 Guidance

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

Highlights

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

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

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

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

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

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

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

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

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

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

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

Second Quarter 2026 Financial Results

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


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


AMH

Earnings Press Release (continued)

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

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

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

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

Year-to-Date 2026 Financial Results

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

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

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

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


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


AMH

Earnings Press Release (continued)

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

Investments

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

Capital Activities, Balance Sheet and Liquidity

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

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


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


AMH

Earnings Press Release (continued)

2026 Guidance

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

Guidance Summary


	Full Year 2026
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.89 - $1.95	$1.93 - $1.97
Core FFO attributable to common share and unit holders growth	1.1% - 4.3%	3.2% - 5.3%

Same-Home
Core revenues growth	1.25% - 3.25%	1.50% - 3.00%
Core property operating expenses growth	1.75% - 3.75%	1.25% - 2.75%
Core NOI growth	1.00% - 3.00%	1.40% - 3.40%

Full Year 2026
(Unchanged)

Investment Program

Properties

Investment

Wholly owned acquisitions

—

Wholly owned development deliveries

1,300 - 1,500

$500 - $600 million

JV development deliveries (1)

400 - 600

$150 - $250 million

Total gross capital investment (1)

1,700 - 2,100

$650 - $850 million

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

Changes to Full Year 2026 Guidance

•$0.03 incremental Core FFO per share driven by:

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

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

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

Additional Information

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


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


AMH

Earnings Press Release (continued)

Conference Call

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

About AMH

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

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

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

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company’s subsequent filings with the SEC.


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


AMH

Select Non-GAAP Reconciliations – Core Net Operating Income

(Amounts in thousands)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three and six months ended June 30, 2026 and 2025:


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	470,104	$	457,503	$	942,128	$	916,779
Tenant charge-backs	(54,114)		(52,457)		(120,014)		(116,318)
Core revenues	415,990		405,046		822,114		800,461
Less: Non-Same-Home core revenues	(44,716)		(42,229)		(86,340)		(81,917)
Same-Home core revenues	$	371,274	$	362,817	$	735,774	$	718,544


Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	161,943	$	160,089	$	330,652	$	327,619
Property management expenses	33,844		34,412		67,128		68,593
Noncash share-based compensation - property management	(1,067)		(1,137)		(2,188)		(2,383)
Expenses reimbursed by tenant charge-backs	(54,114)		(52,457)		(120,014)		(116,318)
Core property operating expenses	140,606		140,907		275,578		277,511
Less: Non-Same-Home core property operating expenses	(15,113)		(17,489)		(30,714)		(34,354)
Same-Home core property operating expenses	$	125,493	$	123,418	$	244,864	$	243,157


Core NOI and Same-Home Core NOI
Net income	$	132,919	$	123,624	$	281,763	$	252,337


Loss on early extinguishment of debt	—		—		—		216
Gain on sale and impairment of single-family properties and other, net	(59,432)		(51,908)		(137,876)		(113,924)
Depreciation and amortization	127,606		126,939		254,950		251,867
Acquisition, disposition and other transaction costs	3,195		2,655		6,255		5,716
Noncash share-based compensation - property management	1,067		1,137		2,188		2,383
Interest expense	49,527		46,303		97,749		91,729
General and administrative expense	21,659		20,008		42,991		39,679
Other income and expense, net	(1,157)		(4,619)		(1,484)		(7,053)
Core NOI	275,384		264,139		546,536		522,950
Less: Non-Same-Home Core NOI	(29,603)		(24,740)		(55,626)		(47,563)
Same-Home Core NOI	$	245,781	$	239,399	$	490,910	$	475,387


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


AMH

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

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025

Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	470,104	$	472,024	$	454,991	$	478,464	$	457,503
Tenant charge-backs	(54,114)		(65,900)		(52,063)		(72,843)		(52,457)
Core revenues	415,990		406,124		402,928		405,621		405,046
Less: Non-Same-Home core revenues	(44,716)		(41,624)		(40,628)		(41,076)		(42,229)
Same-Home core revenues	$	371,274	$	364,500	$	362,300	$	364,545	$	362,817


Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	161,943	$	168,709	$	154,731	$	181,604	$	160,089
Property management expenses	33,844		33,284		32,831		33,384		34,412
Noncash share-based compensation - property management	(1,067)		(1,121)		(843)		(864)		(1,137)
Expenses reimbursed by tenant charge-backs	(54,114)		(65,900)		(52,063)		(72,843)		(52,457)
Core property operating expenses	140,606		134,972		134,656		141,281		140,907
Less: Non-Same-Home core property operating expenses	(15,113)		(15,601)		(16,326)		(17,789)		(17,489)
Same-Home core property operating expenses	$	125,493	$	119,371	$	118,330	$	123,492	$	123,418


Core NOI and Same-Home Core NOI
Net income	$	132,919	$	148,844	$	144,254	$	116,801	$	123,624


Loss on early extinguishment of debt	—		—		—		180		—
Gain on sale and impairment of single-family properties and other, net	(59,432)		(78,444)		(69,916)		(47,620)		(51,908)
Depreciation and amortization	127,606		127,344		125,818		126,656		126,939
Acquisition, disposition and other transaction costs	3,195		3,060		2,882		3,661		2,655
Noncash share-based compensation - property management	1,067		1,121		843		864		1,137
Interest expense	49,527		48,222		45,270		48,199		46,303
General and administrative expense	21,659		21,332		22,824		20,503		20,008
Other income and expense, net	(1,157)		(327)		(3,703)		(4,904)		(4,619)
Core NOI	275,384		271,152		268,272		264,340		264,139
Less: Non-Same-Home Core NOI	(29,603)		(26,023)		(24,302)		(23,287)		(24,740)
Same-Home Core NOI	$	245,781	$	245,129	$	243,970	$	241,053	$	239,399


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


AMH

Fact Sheet

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

(Unaudited)


	For the Three Months Ended Jun 30,						For the Six Months Ended Jun 30,
	2026			2025			2026			2025
Operating Data
Net income attributable to common shareholders	$	113,626		$	105,553		$	241,394		$	215,525
Core revenues	$	415,990		$	405,046		$	822,114		$	800,461
Core NOI	$	275,384		$	264,139		$	546,536		$	522,950
Core NOI margin	66.2		%	65.2		%	66.5		%	65.3		%

Fully Adjusted EBITDAre	$	244,716		$	231,735		$	489,471		$	462,621
Fully Adjusted EBITDAre Margin	58.3		%	56.7		%	59.0		%	57.3		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.47		$	0.45		$	0.93		$	0.89
Core FFO attributable to common share and unit holders	$	0.49		$	0.47		$	0.98		$	0.93
Adjusted FFO attributable to common share and unit holders	$	0.45		$	0.42		$	0.90		$	0.84


	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	11,128,067		$	11,033,809		$	11,011,633		$	11,035,893		$	10,947,696
Total assets	$	13,121,098		$	13,175,038		$	13,242,120		$	13,253,466		$	13,592,318
Outstanding borrowings under revolving credit facility	$	390,000		$	390,000		$	360,000		$	110,000		$	—
Total Debt	$	5,190,000		$	5,190,000		$	5,160,000		$	4,910,000		$	5,227,529
Total Capitalization	$	19,161,591		$	16,977,003		$	18,779,992		$	19,164,198		$	20,669,137
Total Debt to Total Capitalization	27.1		%	30.6		%	27.5		%	25.6		%	25.3		%

Net Debt and Preferred Shares to Adjusted EBITDAre	5.2 x			5.3 x			5.2 x			5.1 x			5.2 x
NYSE AMH Class A common share closing price	$	33.52		$	27.92		$	32.10		$	33.25		$	36.07


Portfolio Data - end of period
Occupied single-family properties	57,897		57,112		56,756		57,061		58,317
Single-family properties leased, not yet occupied	835		723		543		478		406
Single-family properties in turnover process	1,662		2,179		2,837		2,867		1,753
Single-family properties recently renovated or developed	88		186		195		245		118
Single-family properties newly acquired and under renovation	—		—		6		13		2
Total single-family properties, excluding properties held for sale	60,482		60,200		60,337		60,664		60,596
Single-family properties held for sale	701		1,037		1,142		1,028		904
Total single-family properties wholly owned	61,183		61,237		61,479		61,692		61,500
Single-family properties managed under joint ventures	3,961		3,858		3,785		3,721		3,616
Total single-family properties wholly owned and managed	65,144		65,095		65,264		65,413		65,116

Total Average Occupied Days Percentage (1)	95.6	%	94.7	%	94.4	%	95.2	%	95.7	%

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


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



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

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


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


AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025
Rents and other single-family property revenues	$	470,104	$	457,503	$	942,128	$	916,779

Expenses:
Property operating expenses	161,943		160,089		330,652		327,619
Property management expenses	33,844		34,412		67,128		68,593
General and administrative expense	21,659		20,008		42,991		39,679
Interest expense	49,527		46,303		97,749		91,729
Acquisition, disposition and other transaction costs	3,195		2,655		6,255		5,716
Depreciation and amortization	127,606		126,939		254,950		251,867

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

Gain on sale and impairment of single-family properties and other, net	59,432		51,908		137,876		113,924
Loss on early extinguishment of debt	—		—		—		(216)
Other income and expense, net	1,157		4,619		1,484		7,053

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

Noncontrolling interest	15,807		14,585		33,397		29,840
Dividends on preferred shares	3,486		3,486		6,972		6,972


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

Weighted-average common shares outstanding:
Basic	360,629,168		370,692,250		362,445,489		370,538,451
Diluted	360,808,221		371,059,970		362,643,354		370,916,988

Net income attributable to common shareholders per share:
Basic	$	0.31	$	0.28	$	0.66	$	0.58
Diluted	$	0.31	$	0.28	$	0.66	$	0.58


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


AMH

Funds from Operations

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

(Unaudited)


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025
Net income attributable to common shareholders	$	113,626	$	105,553	$	241,394	$	215,525
Adjustments:
Noncontrolling interests in the Operating Partnership	15,807		14,585		33,397		29,840
Gain on sale and impairment of single-family properties and other, net	(59,432)		(51,908)		(137,876)		(113,924)
Adjustments for unconsolidated real estate joint ventures	2,158		1,821		4,071		3,305
Depreciation and amortization	127,606		126,939		254,950		251,867
Less: depreciation and amortization of non-real estate assets	(5,727)		(5,511)		(11,390)		(10,876)
FFO attributable to common share and unit holders	$	194,038	$	191,479	$	384,546	$	375,737
Adjustments:
Acquisition, disposition, other transaction costs and other	3,364		1,445		7,366		5,535
Noncash share-based compensation - general and administrative	4,323		3,987		8,768		8,854
Noncash share-based compensation - property management	1,067		1,137		2,188		2,383

Loss on early extinguishment of debt	—		—		—		216

Core FFO attributable to common share and unit holders	$	202,792	$	198,048	$	402,868	$	392,725
Recurring Capital Expenditures	(15,869)		(20,515)		(27,934)		(37,344)
Leasing costs	(947)		(1,098)		(1,574)		(2,337)
Adjusted FFO attributable to common share and unit holders	$	185,976	$	176,435	$	373,360	$	353,044

Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.89
Core FFO attributable to common share and unit holders	$	0.49	$	0.47	$	0.98	$	0.93
Adjusted FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.90	$	0.84

Weighted-average FFO shares and units:
Common shares outstanding	360,629,168		370,692,250		362,445,489		370,538,451
Share-based compensation plan (1)	418,654		692,590		448,029		726,881
Operating partnership units	50,136,980		51,228,628		50,144,605		51,302,394
Total weighted-average FFO shares and units	411,184,802		422,613,468		413,038,123		422,567,726

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


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


AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended Jun 30,						For the Six Months Ended Jun 30,
	2026			2025			2026			2025
Rents from single-family properties	$	408,698		$	398,538		$	808,686		$	788,869
Fees from single-family properties	10,609			9,553			20,873			18,932
Bad debt	(3,317)			(3,045)			(7,445)			(7,340)
Core revenues	415,990			405,046			822,114			800,461

Property tax expense	68,107			66,119			136,287			133,059
HOA fees, net (1)	7,245			7,349			14,078			14,163
R&M and turnover costs, net (1)	30,553			31,808			56,142			59,089
Insurance	4,272			4,614			8,823			9,545
Property management expenses, net (2)	30,429			31,017			60,248			61,655
Core property operating expenses	140,606			140,907			275,578			277,511

Core NOI	$	275,384		$	264,139		$	546,536		$	522,950
Core NOI margin	66.2		%	65.2		%	66.5		%	65.3		%


	For the Three Months Ended Jun 30, 2026
	Same-Home Properties			Stabilized Properties			Non-Stabilized Properties (3)			Held for Sale and Other Properties (4)			Total Single-Family Properties Wholly Owned
Property count	53,935			3,469			3,078			701			61,183
Average Occupied Days Percentage	96.0		%	95.9		%	87.3		%	51.1		%	95.1		%

Rents from single-family properties	$	364,634		$	25,230		$	16,547		$	2,287		$	408,698
Fees from single-family properties	9,289			724			491			105			10,609
Bad debt	(2,649)			(160)			(259)			(249)			(3,317)
Core revenues	371,274			25,794			16,779			2,143			415,990

Property tax expense	60,903			3,876			2,746			582			68,107
HOA fees, net (1)	6,681			320			195			49			7,245
R&M and turnover costs, net (1)	27,580			1,181			1,513			279			30,553
Insurance	3,784			281			159			48			4,272
Property management expenses, net (2)	26,545			1,820			1,844			220			30,429
Core property operating expenses	125,493			7,478			6,457			1,178			140,606

Core NOI	$	245,781		$	18,316		$	10,322		$	965		$	275,384
Core NOI margin	66.2		%	71.0		%	61.5		%	45.0		%	66.2		%

(1)Presented net of tenant charge-backs.

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

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

(4)Average Occupied Days Percentage is calculated based only on properties held for sale.


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


AMH

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

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

(Unaudited)


	For the Three Months Ended Jun 30,								For the Six Months Ended Jun 30,
	2026			2025			Change		2026			2025			Change
Number of Same-Home properties	53,935			53,935					53,935			53,935
Average Occupied Days Percentage	96.0		%	96.4		%	(0.4)	%	95.6		%	96.1		%	(0.5)	%
Average Monthly Realized Rent per Property	$	2,346		$	2,286		2.6	%	$	2,338		$	2,274		2.8	%
Turnover Rate	8.1		%	7.5		%	0.6	%	15.4		%	14.4		%	1.0	%
Turnover Rate - TTM	27.3		%	N/A					27.3		%	N/A

Core NOI:
Rents from single-family properties	$	364,634		$	356,626		2.2	%	$	723,291		$	707,327		2.3	%
Fees from single-family properties	9,289			8,355			11.2	%	18,300			16,645			9.9	%
Bad debt	(2,649)			(2,164)			22.4	%	(5,817)			(5,428)			7.2	%
Core revenues	371,274			362,817			2.3	%	735,774			718,544			2.4	%

Property tax expense	60,903			58,926			3.4	%	121,123			118,415			2.3	%
HOA fees, net (1)	6,681			6,516			2.5	%	13,021			12,621			3.2	%
R&M and turnover costs, net (1)	27,580			27,421			0.6	%	50,418			50,971			(1.1)	%
Insurance	3,784			4,158			(9.0)	%	7,761			8,415			(7.8)	%
Property management expenses, net (2)	26,545			26,397			0.6	%	52,541			52,735			(0.4)	%
Core property operating expenses	125,493			123,418			1.7	%	244,864			243,157			0.7	%

Core NOI	$	245,781		$	239,399		2.7	%	$	490,910		$	475,387		3.3	%
Core NOI margin	66.2		%	66.0		%			66.7		%	66.2		%

Selected Property Expenditure Details:
Recurring Capital Expenditures	$	14,487		$	18,084		(19.9)	%	$	25,494		$	33,009		(22.8)	%

Per property:
Average Recurring Capital Expenditures	$	269		$	335		(19.9)	%	$	473		$	612		(22.8)	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	780		$	844		(7.6)	%	$	1,407		$	1,557		(9.6)	%

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

(1)Presented net of tenant charge-backs.

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


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


AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)


	For the Three Months Ended
	Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025
Average Occupied Days Percentage	96.0		%	95.2		%	95.2		%	96.3		%	96.4		%
Average Monthly Realized Rent per Property	$	2,346		$	2,329		$	2,317		$	2,306		$	2,286

Average Change in Rent for Renewals	3.2		%	3.2		%	4.1		%	4.0		%	4.4		%
Average Change in Rent for Re-Leases	1.4		%	(0.8)		%	(0.7)		%	2.5		%	4.0		%
Average Blended Change in Rent	2.7		%	2.2		%	2.6		%	3.6		%	4.3		%

Core NOI:
Rents from single-family properties	$	364,634		$	358,657		$	357,095		$	359,261		$	356,626
Fees from single-family properties	9,289			9,011			8,360			8,301			8,355
Bad debt	(2,649)			(3,168)			(3,155)			(3,017)			(2,164)
Core revenues	371,274			364,500			362,300			364,545			362,817

Property tax expense	60,903			60,220			58,077			59,993			58,926
HOA fees, net (1)	6,681			6,340			6,351			6,692			6,516
R&M and turnover costs, net (1)	27,580			22,838			24,334			27,114			27,421
Insurance	3,784			3,977			4,205			4,197			4,158
Property management expenses, net (2)	26,545			25,996			25,363			25,496			26,397
Core property operating expenses	125,493			119,371			118,330			123,492			123,418

Core NOI	$	245,781		$	245,129		$	243,970		$	241,053		$	239,399
Core NOI margin	66.2		%	67.3		%	67.3		%	66.1		%	66.0		%


Selected Property Expenditure Details:
Recurring Capital Expenditures	$	14,487		$	11,007		$	12,998		$	17,695		$	18,084

Per property:
Average Recurring Capital Expenditures	$	269		$	204		$	241		$	328		$	335
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	780		$	627		$	692		$	831		$	844

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

(1)Presented net of tenant charge-backs.

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


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


AMH

Same-Home Results – Operating Metrics by Market


Market	Number of Properties	Avg. Gross Book Value per Property		% of 2Q26 NOI		Avg. Change in Rent for Renewals (1)		Avg. Change in Rent for Re-Leases (1)		Avg. Blended Change in Rent (1)
Atlanta, GA	5,338	$	235,333	9.5	%	2.8	%	(0.1)	%	1.9	%
Charlotte, NC	3,886	230,215		7.8	%	2.9	%	2.7	%	2.9	%
Dallas-Fort Worth, TX	3,421	177,906		5.8	%	2.9	%	(0.4)	%	2.1	%
Nashville, TN	3,153	258,329		6.9	%	3.0	%	1.3	%	2.5	%
Jacksonville, FL	3,062	229,696		5.0	%	2.8	%	0.2	%	2.0	%
Phoenix, AZ	2,872	224,503		5.5	%	2.5	%	(1.4)	%	1.4	%
Indianapolis, IN	2,713	177,769		3.8	%	4.9	%	4.6	%	4.8	%
Tampa, FL	2,629	244,669		4.7	%	2.3	%	(2.5)	%	0.8	%
Las Vegas, NV	2,208	300,601		4.7	%	2.2	%	0.3	%	1.6	%
Houston, TX	2,053	181,552		2.8	%	3.7	%	(1.2)	%	2.4	%
Raleigh, NC	2,053	205,079		3.5	%	2.9	%	(0.4)	%	1.9	%
Cincinnati, OH	2,052	202,071		3.8	%	4.2	%	6.5	%	4.9	%
Columbus, OH	2,017	202,244		3.8	%	4.5	%	5.9	%	4.8	%
Salt Lake City, UT	1,886	307,515		4.6	%	3.5	%	3.1	%	3.4	%
Orlando, FL	1,804	239,788		3.2	%	3.0	%	(0.1)	%	2.2	%
Greater Chicago area, IL and IN	1,474	197,415		2.6	%	5.5	%	9.1	%	6.2	%
Charleston, SC	1,426	239,222		2.8	%	3.1	%	2.8	%	3.0	%
San Antonio, TX	996	203,820		1.3	%	1.7	%	(5.5)	%	—	%
Boise, ID	1,002	308,997		2.3	%	3.4	%	6.7	%	4.7	%
Seattle, WA	968	340,146		2.5	%	3.9	%	5.2	%	4.3	%
All Other (2)	6,922	229,917		13.1	%	3.1	%	1.0	%	2.4	%
Total/Average	53,935	$	230,012	100.0	%	3.2	%	1.4	%	2.7	%


	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
Market	2Q26 QTD		2Q25 QTD		Change		2Q26 QTD		2Q25 QTD		Change
Atlanta, GA	95.3	%	95.9	%	(0.6)	%	$	2,360	$	2,319	1.8	%
Charlotte, NC	96.9	%	96.8	%	0.1	%	2,330		2,255		3.3	%
Dallas-Fort Worth, TX	95.9	%	96.0	%	(0.1)	%	2,368		2,328		1.7	%
Nashville, TN	95.7	%	96.4	%	(0.7)	%	2,463		2,408		2.3	%
Jacksonville, FL	96.0	%	96.3	%	(0.3)	%	2,254		2,207		2.1	%
Phoenix, AZ	94.4	%	95.5	%	(1.1)	%	2,215		2,180		1.6	%
Indianapolis, IN	96.7	%	96.6	%	0.1	%	2,021		1,941		4.1	%
Tampa, FL	95.5	%	96.1	%	(0.6)	%	2,506		2,462		1.8	%
Las Vegas, NV	95.6	%	95.4	%	0.2	%	2,400		2,352		2.0	%
Houston, TX	95.3	%	96.5	%	(1.2)	%	2,156		2,109		2.2	%
Raleigh, NC	95.7	%	97.1	%	(1.4)	%	2,135		2,087		2.3	%
Cincinnati, OH	96.6	%	97.8	%	(1.2)	%	2,332		2,217		5.2	%
Columbus, OH	97.5	%	97.5	%	—	%	2,387		2,265		5.4	%
Salt Lake City, UT	96.1	%	97.0	%	(0.9)	%	2,599		2,513		3.4	%
Orlando, FL	96.0	%	96.3	%	(0.3)	%	2,474		2,413		2.5	%
Greater Chicago area, IL and IN	97.4	%	97.9	%	(0.5)	%	2,707		2,562		5.7	%
Charleston, SC	97.0	%	95.4	%	1.6	%	2,411		2,341		3.0	%
San Antonio, TX	95.0	%	95.3	%	(0.3)	%	1,944		1,954		(0.5)	%
Boise, ID	96.7	%	96.2	%	0.5	%	2,373		2,291		3.6	%
Seattle, WA	97.3	%	96.8	%	0.5	%	2,986		2,888		3.4	%
All Other (2)	95.8	%	96.6	%	(0.8)	%	2,320		2,262		2.6	%
Total/Average	96.0	%	96.4	%	(0.4)	%	$	2,346	$	2,286	2.6	%

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

(2)Represents 14 markets in 12 states.


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


AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands)


	Jun 30, 2026		Dec 31, 2025
	(Unaudited)
Assets
Single-family properties:
Land	$	2,446,061	$	2,406,467
Buildings and improvements	12,222,317		11,971,961
Single-family properties in operation	14,668,378		14,378,428
Less: accumulated depreciation	(3,540,311)		(3,366,795)
Single-family properties in operation, net	11,128,067		11,011,633
Single-family properties under development and development land	989,611		1,233,586
Single-family properties and land held for sale, net	208,376		225,861
Total real estate assets, net	12,326,054		12,471,080
Cash and cash equivalents	83,670		108,516
Restricted cash	174,029		122,174
Rent and other receivables	45,369		43,119
Escrow deposits, prepaid expenses and other assets	224,414		228,017
Investments in unconsolidated joint ventures	147,283		148,935
Goodwill	120,279		120,279
Total assets	$	13,121,098	$	13,242,120

Liabilities
Revolving credit facility	$	390,000	$	360,000
Unsecured senior notes, net	4,740,117		4,735,735
Accounts payable and accrued expenses	511,966		436,879
Total liabilities	5,642,083		5,532,614

Commitments and contingencies

Equity
Shareholders’ equity:
Class A common shares	3,592		3,660
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,183,780		7,411,003
Accumulated deficit	(385,896)		(387,643)
Accumulated other comprehensive income	6,005		6,630
Total shareholders’ equity	6,807,579		7,033,748
Noncontrolling interest	671,436		675,758
Total equity	7,479,015		7,709,506

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


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


AMH

Debt Summary as of June 30, 2026

(Amounts in thousands)

(Unaudited)


	Unsecured Balance		% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (2)	$	390,000	7.5	%	4.53	%	3.0
Total floating rate debt	390,000		7.5	%	4.53	%	3.0

Fixed rate debt:
2028 unsecured senior notes	500,000		9.6	%	4.08	%	1.6
2029 unsecured senior notes	400,000		7.7	%	4.90	%	2.6
2030 unsecured senior notes	650,000		12.5	%	4.95	%	4.0
2031 unsecured senior notes	450,000		8.7	%	2.46	%	5.0
2032 unsecured senior notes	600,000		11.6	%	3.63	%	5.8
2034 unsecured senior notes I	600,000		11.6	%	5.50	%	7.6
2034 unsecured senior notes II	500,000		9.6	%	5.50	%	8.0
2035 unsecured senior notes	500,000		9.6	%	5.08	%	8.7
2051 unsecured senior notes	300,000		5.8	%	3.38	%	25.1
2052 unsecured senior notes	300,000		5.8	%	4.30	%	25.8
Total fixed rate debt	4,800,000		92.5	%	4.46	%	8.0

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

Unamortized discounts and loan costs	(59,883)
Total debt per balance sheet	$	5,130,117


Maturity Schedule by Year (2)	Total Debt		% of Total
Remaining 2026	$	—	—	%
2027	—		—	%
2028	500,000		9.6	%
2029	790,000		15.2	%
2030	650,000		12.5	%
Thereafter	3,250,000		62.7	%
Total	$	5,190,000	100.0	%

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

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

Interest Expense Reconciliation


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025
Interest expense per income statement and included in Core FFO attributable to common share and unit holders	$	49,527	$	46,303	$	97,749	$	91,729
Less: amortization of discounts, loan costs and cash flow hedges	(2,415)		(2,463)		(4,823)		(4,948)
Add: capitalized interest	11,671		14,219		24,658		28,073
Cash interest	$	58,783	$	58,059	$	117,584	$	114,854


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


AMH

Capital Structure and Credit Metrics as of June 30, 2026

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

(Unaudited)


Total Capitalization

Total Debt			$	5,190,000	27.1	%

Total preferred shares			230,000		1.2	%

Common equity at market value:
Common shares outstanding	359,815,019
Operating partnership units	50,136,980
Total shares and units	409,951,999
NYSE AMH Class A common share closing price at June 30, 2026	$	33.52
Market value of common shares and operating partnership units			13,741,591		71.7	%

Total Capitalization			$	19,161,591	100.0	%


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

Credit Ratios

Credit Ratings

Net Debt and Preferred Shares to Adjusted EBITDAre

5.2 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.2 x

Moody's Investor Service

Baa2

Stable

Unencumbered Core NOI percentage (1)

100.0

S&P Global Ratings

BBB

Stable

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


Unsecured Senior Notes Covenant Ratios	Requirement			Actual

Ratio of Indebtedness to Total Assets	<	60.0	%	31.6	%
Ratio of Secured Debt to Total Assets	<	40.0	%	—	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0	%	316.7	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x		4.34 x


Unsecured Credit Facility Covenant Ratios	Requirement			Actual

Ratio of Total Indebtedness to Total Asset Value	<	60.0	%	28.6	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0	%	0.7	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0	%	29.7	%
Ratio of EBITDA to Fixed Charges	>	1.50 x		4.00 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		4.78 x


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


AMH

Top 20 Markets Summary as of June 30, 2026

Property Information (1)


Market	Number of Properties	Percentage of Total Properties		Avg. Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Atlanta, GA	5,962	9.9	%	$	246,099	2,202	17.6
Charlotte, NC	4,189	6.9	%	237,435		2,121	19.2
Dallas-Fort Worth, TX	3,573	5.9	%	180,229		2,078	21.9
Jacksonville, FL	3,443	5.7	%	243,716		1,935	14.3
Nashville, TN	3,356	5.5	%	264,693		2,127	17.4
Phoenix, AZ	3,313	5.5	%	235,203		1,872	19.7
Tampa, FL	3,111	5.1	%	265,537		1,965	14.2
Indianapolis, IN	2,973	4.9	%	184,088		1,930	23.1
Las Vegas, NV	2,832	4.7	%	329,090		1,978	10.5
Columbus, OH	2,305	3.8	%	224,293		1,921	20.7
Houston, TX	2,213	3.7	%	183,516		2,059	20.4
Orlando, FL	2,227	3.7	%	265,905		1,958	15.5
Raleigh, NC	2,118	3.5	%	207,444		1,900	19.6
Cincinnati, OH	2,078	3.4	%	203,166		1,844	23.4
Salt Lake City, UT	1,925	3.2	%	309,755		2,243	19.2
Charleston, SC	1,696	2.8	%	254,709		1,966	13.3
Greater Chicago area, IL and IN	1,516	2.5	%	197,248		1,874	24.8
Boise, ID	1,122	1.9	%	325,842		1,889	11.2
Seattle, WA	1,114	1.8	%	362,800		2,004	14.2
San Antonio, TX	1,077	1.8	%	207,347		1,902	16.8
All Other (3)	8,339	13.8	%	246,313		1,934	18.5
Total/Average	60,482	100.0	%	$	242,525	2,002	18.1

Leasing Information (1)


Market	Avg. Occupied Days Percentage (2)		Avg. Monthly Realized Rent per Property (2)		Avg. Change in Rent for Renewals (2)		Avg. Change in Rent for Re-Leases (2)		Avg. Blended Change in Rent (2)
Atlanta, GA	94.7	%	$	2,374	2.9	%	—	%	2.1	%
Charlotte, NC	96.7	%	2,330		3.0	%	2.7	%	2.9	%
Dallas-Fort Worth, TX	95.8	%	2,368		3.0	%	(0.3)	%	2.2	%
Jacksonville, FL	95.6	%	2,261		2.8	%	0.5	%	2.1	%
Nashville, TN	95.9	%	2,474		3.0	%	1.5	%	2.6	%
Phoenix, AZ	94.3	%	2,215		2.7	%	(1.2)	%	1.7	%
Tampa, FL	94.7	%	2,524		2.3	%	(2.5)	%	0.8	%
Indianapolis, IN	96.5	%	2,022		4.9	%	4.8	%	4.9	%
Las Vegas, NV	94.8	%	2,428		2.4	%	1.0	%	2.0	%
Columbus, OH	96.8	%	2,420		4.4	%	6.2	%	4.8	%
Houston, TX	95.2	%	2,145		3.8	%	(1.4)	%	2.5	%
Orlando, FL	95.2	%	2,498		3.0	%	0.1	%	2.2	%
Raleigh, NC	95.7	%	2,138		2.9	%	(0.4)	%	1.9	%
Cincinnati, OH	96.7	%	2,332		4.2	%	6.5	%	4.9	%
Salt Lake City, UT	96.0	%	2,598		3.5	%	3.2	%	3.4	%
Charleston, SC	95.0	%	2,423		3.1	%	3.2	%	3.1	%
Greater Chicago area, IL and IN	97.3	%	2,705		5.6	%	9.3	%	6.4	%
Boise, ID	96.5	%	2,386		3.5	%	6.9	%	4.7	%
Seattle, WA	96.4	%	3,006		3.7	%	4.9	%	4.1	%
San Antonio, TX	94.8	%	1,945		1.9	%	(5.3)	%	0.2	%
All Other (3)	95.3	%	2,302		3.3	%	1.2	%	2.6	%
Total/Average	95.6	%	$	2,353	3.2	%	1.5	%	2.7	%

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

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

(3)Represents 16 markets in 15 states.


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


AMH

Property Additions


	2Q26 Additions				YTD 2Q26 Additions
	Number of Properties		Average Total Investment Cost		Number of Properties		Average Total Investment Cost
Market	AMH Development	National Homebuilder and MLS			AMH Development	National Homebuilder and MLS
Las Vegas, NV	74	—	$	436,975	121	—	$	438,565
Tampa, FL	71	—	396,844		145	—	398,087
Jacksonville, FL	62	—	362,191		106	—	366,876
Columbus, OH	60	—	401,491		99	—	399,121
Atlanta, GA	51	—	372,366		96	—	371,213
Orlando, FL	50	—	407,696		95	—	403,743
Tucson, AZ	44	—	426,901		88	—	426,130
Phoenix, AZ	37	—	379,071		75	—	383,676
Charleston, SC	29	—	393,017		58	—	391,471
Seattle, WA	22	—	514,612		48	—	521,915
Denver, CO	18	—	482,060		32	—	479,508
Charlotte, NC	13	—	378,854		20	—	382,891
Boise, ID	11	—	529,779		16	—	522,839








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

Property Dispositions


	Jun 30, 2026 Single-Family Properties Held for Sale	2Q26 Dispositions			YTD 2Q26 Dispositions
Market		Number of Properties	Average Net Proceeds per Property		Number of Properties	Average Net Proceeds per Property
Orlando, FL	74	46	$	334,456	69	$	324,864
Houston, TX	70	32	225,077		74	226,974
Charlotte, NC	64	45	313,036		83	316,740
Tampa, FL	60	67	307,699		116	300,393
Dallas-Fort Worth, TX	56	60	260,894		132	255,535
Atlanta, GA	48	53	310,205		157	302,443
Raleigh, NC	43	19	321,611		30	314,207
Greater Chicago area, IL and IN	28	11	296,192		22	291,854
Jacksonville, FL	22	27	281,240		60	266,797
Phoenix, AZ	21	32	338,884		92	324,579
Nashville, TN	21	21	319,352		36	322,178
Austin, TX	19	18	237,411		43	235,258
San Antonio, TX	19	33	188,363		88	191,676
Indianapolis, IN	19	16	229,244		38	241,062
Columbus, OH	18	23	292,634		49	287,304
Las Vegas, NV	17	17	390,395		25	377,671
Salt Lake City, UT	13	5	751,665		7	712,366
Charleston, SC	13	14	307,157		31	312,042
Memphis, TN	13	2	278,140		16	255,433
Seattle, WA	9	2	523,777		8	490,409
All Other (1)	54	65	309,924		142	303,447
Total/Average	701	608	$	298,074	1,318	$	288,542

(1)Represents 18 markets in 14 states.


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


AMH

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


	YTD 2Q26 Deliveries					Jun 30, 2026 Lots for Future Delivery
Market	Number of Properties	Average Total Investment Cost		Average Monthly Rent
Phoenix, AZ	163	$	394,000	$	2,280	595
Tampa, FL	145	398,000		2,630		246
Las Vegas, NV	138	436,000		2,600		481
Atlanta, GA	129	381,000		2,560		738
Orlando, FL	128	398,000		2,660		426
Jacksonville, FL	106	367,000		2,380		227
Columbus, OH	99	399,000		2,720		528
Denver, CO	66	481,000		2,990		285
Charleston, SC	58	391,000		2,460		516
Seattle, WA	52	514,000		3,050		492
Charlotte, NC	45	352,000		2,590		189
Boise, ID	26	478,000		2,780		261
Salt Lake City, UT	22	467,000		2,620		216
Raleigh, NC	13	345,000		2,580		182

Total/Average	1,190	$	407,000	$	2,590	5,382
Lots optioned						356
Total lots owned and optioned						5,738

Estimated Delivery Timing


	Dec 31, 2025 Lots for Future Delivery	YTD 2Q26 Net Additions/(Reductions) (3)	YTD 2Q26 Deliveries	Full Year Estimated 2026 Deliveries (1)	Deliveries Thereafter (1)
Wholly-owned development pipeline (2)	7,088	(828)	999	1,300 - 1,500	4,860
Joint venture development pipeline (2)(4)	668	—	191	400 - 600	168
Total development pipeline	7,756	(828)	1,190	1,700 - 2,100	5,028

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

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

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

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


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


AMH

Lease Expirations


	MTM	3Q26	4Q26	1Q27	2Q27	Thereafter
Lease expirations	2,221	10,446	5,937	15,753	19,365	5,010

Share Repurchase History

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


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





2023	—	$	—	$	—
2024	—	—		—
2025	4,721,205	150,000		31.77
1Q26	3,653,721	115,067		31.49
2Q26	4,114,576	122,953		29.88

Total	12,489,502	388,020		$	31.07
Remaining authorization: (1)		$	377,047

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

ATM Share History

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


	ATM Shares Sold Directly					ATM Shares Sold Forward
Period	Common Shares Sold Directly	Gross Proceeds		Avg. Issuance Price Per Share		Common Shares Sold Forward	Future Gross Proceeds		Avg. Price Per Share		Period Settled	Total ATM Gross Proceeds
2023	2,799,683	$	101,958	$	36.42	—	$	—	$	—		$	101,958
2024	932,746	33,756		36.19		2,987,024	110,616		37.03		4Q24	144,372
2025	—	—		—		—	—		—			—
1Q26	—	—		—		—	—		—			—
2Q26	—	—		—		—	—		—			—

												246,330
									Remaining authorization: (1)			$	1,000,000

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


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


AMH

2026 Guidance

Guidance Summary


	Full Year 2026
	Previous Guidance	Current Guidance
Core FFO attributable to common share and unit holders	$1.89 - $1.95	$1.93 - $1.97
Core FFO attributable to common share and unit holders growth	1.1% - 4.3%	3.2% - 5.3%

Same-Home
Core revenues growth	1.25% - 3.25%	1.50% - 3.00%
Core property operating expenses growth	1.75% - 3.75%	1.25% - 2.75%
Core NOI growth	1.00% - 3.00%	1.40% - 3.40%

Full Year 2026
(Unchanged)

Investment Program

Properties

Investment

Wholly owned acquisitions

—

Wholly owned development deliveries

1,300 - 1,500

$500 - $600 million

JV development deliveries (1)

400 - 600

$150 - $250 million

Total gross capital investment (1)

1,700 - 2,100

$650 - $850 million

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

Changes to Full Year 2026 Guidance

•$0.03 incremental Core FFO per share driven by:

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

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


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


AMH

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

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

Average Change in Rent for Re-Leases

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

Average Change in Rent for Renewals

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

Average Monthly Realized Rent

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

Average Occupied Days Percentage

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

Average Total Investment Cost

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

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

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

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


						25


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

Credit Ratios

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

Net Debt and Preferred Shares to Adjusted EBITDAre


(Amounts in thousands)	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025
Total Debt	$	5,190,000	$	5,190,000	$	5,160,000	$	4,910,000	$	5,227,529
Less: cash and cash equivalents	(83,670)		(63,301)		(108,516)		(45,631)		(323,258)
Less: restricted cash related to securitizations	—		—		—		(3,114)		(13,188)
Net debt	$	5,106,330	$	5,126,699	$	5,051,484	$	4,861,255	$	4,891,083
Preferred shares at liquidation value	230,000		230,000		230,000		230,000		230,000
Net debt and preferred shares	$	5,336,330	$	5,356,699	$	5,281,484	$	5,091,255	$	5,121,083

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



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

Fixed Charge Coverage


(Amounts in thousands)	For the Trailing Twelve Months Ended Jun 30, 2026
Interest expense per income statement	$	191,218
Less: amortization of discounts, loan costs and cash flow hedges	(9,914)
Add: capitalized interest	51,793
Cash interest	233,097
Dividends on preferred shares	13,944
Fixed charges	$	247,041

Adjusted EBITDAre - TTM	$	1,026,832

Fixed Charge Coverage	4.2 x


						26


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.


						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, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	For the Three Months Ended Jun 30,						For the Six Months Ended Jun 30,
	2026			2025			2026			2025

Net income	$	132,919		$	123,624		$	281,763		$	252,337
Interest expense	49,527			46,303			97,749			91,729
Depreciation and amortization	127,606			126,939			254,950			251,867
EBITDA	$	310,052		$	296,866		$	634,462		$	595,933

Gain on sale and impairment of single-family properties and other, net	(59,432)			(51,908)			(137,876)			(113,924)
Adjustments for unconsolidated real estate joint ventures	2,158			1,821			4,071			3,305
EBITDAre	$	252,778		$	246,779		$	500,657		$	485,314

Noncash share-based compensation - general and administrative	4,323			3,987			8,768			8,854
Noncash share-based compensation - property management	1,067			1,137			2,188			2,383
Acquisition, disposition, other transaction costs and other	3,364			1,445			7,366			5,535

Loss on early extinguishment of debt	—			—			—			216
Adjusted EBITDAre	$	261,532		$	253,348		$	518,979		$	502,302

Recurring Capital Expenditures	(15,869)			(20,515)			(27,934)			(37,344)
Leasing costs	(947)			(1,098)			(1,574)			(2,337)
Fully Adjusted EBITDAre	$	244,716		$	231,735		$	489,471		$	462,621

Rents and other single-family property revenues	$	470,104		$	457,503		$	942,128		$	916,779
Less: tenant charge-backs	(54,114)			(52,457)			(120,014)			(116,318)
Adjustments for unconsolidated joint ventures - income	4,076			3,576			7,991			7,164
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	420,066		$	408,622		$	830,105		$	807,625

Adjusted EBITDAre Margin	62.3		%	62.0		%	62.5		%	62.2		%

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


						28


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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


	For the Trailing Twelve Months Ended
	Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025

Net income	$	542,818	$	533,523	$	513,392	$	513,011	$	483,850
Interest expense	191,218		187,994		185,198		184,413		179,825
Depreciation and amortization	507,424		506,757		504,341		502,513		495,548
EBITDA	$	1,241,460	$	1,228,274	$	1,202,931	$	1,199,937	$	1,159,223

Gain on sale and impairment of single-family properties and other, net	(255,412)		(247,888)		(231,460)		(241,810)		(226,887)
Adjustments for unconsolidated real estate joint ventures	7,706		7,369		6,940		6,036		5,234
EBITDAre	$	993,754	$	987,755	$	978,411	$	964,163	$	937,570

Noncash share-based compensation - general and administrative	15,992		15,656		16,078		15,389		15,073
Noncash share-based compensation - property management	3,895		3,965		4,090		4,234		4,413
Acquisition, disposition, other transaction costs and other	13,011		11,092		11,180		12,019		11,466
Hurricane-related charges, net	—		—		—		4,980		8,884
Loss on early extinguishment of debt	180		180		396		396		5,522
Adjusted EBITDAre	$	1,026,832	$	1,018,648	$	1,010,155	$	1,001,181	$	982,928

Estimated Total Investment Cost

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

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

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

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.


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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

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

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

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

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


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025
Property management expenses	$	33,844	$	34,412	$	67,128	$	68,593
Less: tenant charge-backs	(2,348)		(2,258)		(4,692)		(4,555)
Less: noncash share-based compensation - property management	(1,067)		(1,137)		(2,188)		(2,383)
Property management expenses, net	$	30,429	$	31,017	$	60,248	$	61,655

General and administrative expense	$	21,659	$	20,008	$	42,991	$	39,679
Less: noncash share-based compensation - general and administrative	(4,323)		(3,987)		(8,768)		(8,854)
General and administrative expense, net	$	17,336	$	16,021	$	34,223	$	30,825


						30


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three and six months ended June 30, 2026 and 2025:


	For the Three Months Ended Jun 30,				For the Six Months Ended Jun 30,
	2026		2025		2026		2025

Net income per common share–diluted	$	0.31	$	0.28	$	0.66	$	0.58
Adjustments:
Conversion from GAAP share count	(0.04)		(0.03)		(0.08)		(0.07)
Noncontrolling interests in the Operating Partnership	0.04		0.03		0.08		0.07
Gain on sale and impairment of single-family properties and other, net	(0.14)		(0.12)		(0.33)		(0.27)
Adjustments for unconsolidated real estate joint ventures	0.01		—		0.01		0.01
Depreciation and amortization	0.31		0.30		0.62		0.60
Less: depreciation and amortization of non-real estate assets	(0.02)		(0.01)		(0.03)		(0.03)
FFO attributable to common share and unit holders	$	0.47	$	0.45	$	0.93	$	0.89
Adjustments:
Acquisition, disposition, other transaction costs and other	0.01		—		0.03		0.01
Noncash share-based compensation - general and administrative	0.01		0.01		0.02		0.02
Noncash share-based compensation - property management	—		0.01		—		0.01



Core FFO attributable to common share and unit holders	$	0.49	$	0.47	$	0.98	$	0.93
Recurring Capital Expenditures	(0.04)		(0.04)		(0.08)		(0.08)
Leasing costs	—		(0.01)		—		(0.01)
Adjusted FFO attributable to common share and unit holders	$	0.45	$	0.42	$	0.90	$	0.84

FFO Shares and Units

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

Occupied Property

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

Property Enhancing Capex

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

Recurring Capital Expenditures

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.


						31


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

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

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


	For the Three Months Ended Jun 30, 2026
Adjusted FFO attributable to common share and unit holders	$	185,976
Common distributions	(135,855)
Retained Cash Flow	$	50,121

Same-Home Property

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

Stabilized Property

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

Total Capitalization

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

Total Debt

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

Turnover Rate

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


						32


AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

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

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


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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


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