The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

RSUs granted to employees during the six months ended June 30, 2026 and 2025 generally vest over a three-year service period. RSUs granted to non-management trustees during the six months ended June 30, 2026 and 2025 vest over a one-year service period.

Performance-based restricted share units (“PSUs”) granted to certain senior employees during the six months ended June 30, 2026 and 2025 cliff vest at the end of a three-year service period based on satisfaction of performance conditions. The performance conditions of the PSUs are measured over the three-year performance period from January 1, 2026 through December 31, 2028 for PSUs granted during the six months ended June 30, 2026 and from January 1, 2025 through December 31, 2027 for PSUs granted during the six months ended June 30, 2025. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether

the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.


	For the Six Months Ended June 30,
	2026	2025
Options outstanding at beginning of period	190,500	329,500
Granted	—	—
Exercised	(54,750)	(84,000)
Forfeited	—	—
Options outstanding at end of period	135,750	245,500
Options exercisable at end of period	135,750	245,500


	For the Six Months Ended June 30,
	2026	2025
RSUs outstanding at beginning of period	1,108,279	1,187,544
Granted	576,903	467,166
Vested	(456,041)	(540,836)
Forfeited	(44,869)	(16,089)
RSUs outstanding at end of period	1,184,272	1,097,785


	For the Six Months Ended June 30,
	2026	2025
PSUs outstanding at beginning of period (1)	700,773	677,298
Granted (1)	313,175	227,616
Adjustment for performance achievement (2)	103,585	170,757
Vested	(327,135)	(370,854)
Forfeited (1)	(9,189)	(2,520)
PSUs outstanding at end of period (1)	781,209	702,297

(2)Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance periods ended December 31, 2025 and 2024, which was determined and vested during the six months ended June 30, 2026 and 2025, respectively.

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition, disposition and other transaction costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative expense	$	4,323	$	3,987	$	8,768	$	8,854
Property management expenses	1,067		1,137		2,188		2,383
Acquisition, disposition and other transaction costs	1,255		1,349		2,449		2,897
Total noncash share-based compensation expense	$	6,645	$	6,473	$	13,405	$	14,134