AMH 10-K & 10-Q changes, risk factors and insider trading

Property taxes are a significant component of our property operating expenses. We have faced and expect to continue to face significant increases in property taxes. If property taxes, over which we have no control, continuewere to increase atsignificantly recentin rates,the future, and if we are unable to increase rental rates to offset such increased expense, it would adversely affect our operating results, including our net operating income.

Our investments are, and are expected to continue to be, concentrated in single-family properties. In addition, our strategy is to concentrate our properties in select geographic markets that we believe favor future growth in rents and valuations. For example, 58.0%57.9% of our operating properties are located in Atlanta, GA, Charlotte, NC, Dallas-Fort Worth, TX, Nashville, TN, Jacksonville, FL, Phoenix, AZ, Jacksonville, FL, Indianapolis, IN, Tampa, FL, Las Vegas, NV and Houston, TX. A downturn or slowdown in the rental demand for single-family housing generally, or in our target markets specifically, caused by adverse economic, regulatory or environmental conditions, or other events, would have a greater impact on our operating results than if we had more diversified investments. Similarly, given our geographic concentrations, a natural disaster, such as an earthquake, tornado, hurricane, flood or wildfire in one of our key markets could have a significant negative effect on our financial condition and results of operations.

Nearly all of our properties acquired through traditional channels require some level of renovation immediately upon their acquisition or in the future following expiration of a lease or otherwise. We may acquire properties that we plan to renovate extensively. We also may acquire properties that we expect to be in good condition only to discover unforeseen defects that require extensive renovation and capital expenditures. To the extent properties are leased to existing tenants, renovations may be postponed until the tenant vacates the premises, and we will pay the costs of renovating. In addition, fromFrom time to time, in order to reposition properties in the rental market, we will be required to make ongoing capital improvements and replacements and perform significant renovations and repairs that tenant deposits and insurance may not cover. Our properties also have infrastructure and appliances of varying ages and conditions. We routinely retain independent contractors and trade professionals to perform repair work and are exposed to all risks inherent in property renovation and maintenance, including potential cost overruns, increases in labor and materials costs, delays by contractors, delays in receiving work permits and certificates of occupancy and poor workmanship. Supply chain issues and labor force issues increase these risks. If our assumptions regarding the costs or timing of renovation and maintenance across our properties prove to be materially inaccurate, our operating results may be adversely affected.

ThereIn isthe past, there has been strong competition among homebuilders for land that is suitable for residential development. The future availability of finished and partially finished developed lots and undeveloped land that meet our internal criteria depends on a number of factors outside our control, including land availability, competition with other homebuilders and land buyers for desirable property, inflation in land prices, zoning, allowable housing density, and other regulatory requirements. Should suitable lots or land become less available in our target markets, the number of homes we could build and lease could be reduced or we may need to expand to potentially less desirable areas, and the cost of land could increase, perhaps substantially, which could adversely impact our growth and results of operations.

We have been and we expect we will in the future be subject to third party attempts to gain unauthorized access to our systems and systems maintained by third-party vendors with which we do business in order to disrupt operations, corrupt data or steal confidential information, including information regarding our residents, prospective tenants, and employees. Information security risks have generally increased in recent years due to the rise in new technologies, such as artificial intelligence (“AI”), and the increased sophistication and activities of perpetrators of cyber-attacks. In the ordinary course of our business we acquire and store sensitive data, including intellectual property, our proprietary business information and personally identifiable information of our prospective and current tenants, our employees and third-party service providers in our branch offices and on our networks and website, or the networks of our third-party vendors. The secure processing and maintenance of this information is critical to our operations and business strategy. Notwithstanding our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions.

Despite protective measures we have taken, our systems and systems maintained by third-party vendors with which we do business are vulnerable to damage from any number of sources. We face cybersecurity threats, including system, network or Internet failures, cyber-attacks, ransomware and other forms of malware, computer viruses, attachment to emails, phishing attempts or other scams. These attacks may also originate from persons inside our organization and persons/vendors with access to our systems. Our information technology networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations. Even the most well-protected information systems remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected, and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures and thus it is impossible for us to entirely mitigate this risk.

Although we have implemented a variety of security measures intended to protect the confidentiality and security of this information (refer to Part I, “Item 1C. “Cybersecurity” in this report for more information about our cybersecurity risk management and governance) and also maintain cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches, there can be no assurance that these measures will prevent a cybersecurity incident or that our cyber risk insurance coverage will be sufficient in the event of a cyber-attack. Any such cybersecurity incident could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, regulatory penalties, the loss of our residents, disruption to our operations and the services we provide to residents, public disclosure of competitively sensitive information or damage our reputation, any of which could adversely affect our financial condition and operating results.

Our revolving credit facility,facility and unsecured senior notes and securitizations contain financial and operating covenants that could restrict our business and investment activities.

Our revolving credit facility,facility and unsecured senior notes and securitizations contain financial and operating covenants, such as debt ratios, minimum liquidity, unencumbered asset value, minimum debt service coverage ratio, and other limitations that may restrict our ability to make distributions or other payments to the Company’s shareholders and the Operating Partnership’s ability to make distributions on its OP units and may restrict our investment activities. Our securitizations require, among other things, that a cash management account controlled by the lender collect all rents and cash generated by the properties securing the portfolio. Upon the occurrence of an event of default or failure to satisfy the required minimum debt yield or debt service coverage ratio, the lender may apply any excess cash as the lender elects, including prepayment of principal and amounts due under the loans. These covenants may restrict our ability to engage in transactions that we believe would otherwise be in the best interests of our shareholders. Further, such restrictions could adversely impact our ability to maintain our qualification as a REIT for tax purposes. Failure to meet our financial covenants could result from, among other things, changes in our results of operations, the incurrence of additional debt, substantial impairments in the value of our properties or changes in general economic conditions. If we violate covenants in our financing arrangements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms or at all.

A pandemic,pandemic suchand as the COVID-19 pandemic, or similarother public health emergencies could negatively impact the global economy, disrupt financial markets and international trade, and result in varying unemployment levels, all of which could negatively impact our business, results of operations, cash flows, and financial condition. These types of events could lead governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to mitigate the issue, including restrictions on freedom of movement and business operations such as issuing guidelines, travel bans, border closings, business closures, quarantine orders, and orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.

We have begun to utilize AI technologies in various aspects of our business, including applications for data analysis, software development, customer communication, employee productivity and cybersecurity monitoring. Prior to our deployment of AI technologies, such technologies are subject to an AI governance framework requiring the identification of risks associated with each use of each AI application. Based on an initial risk classification of an AI use case, a committee is convened comprising members from the business, legal, IT and cybersecurity teams, which assesses the risks and benefits of the use case and approves or disapproves the application for use within the business. Once approved, use cases are inventoried and periodically reviewed for productivity and compliance purposes. Even with this governance framework, AI technologies are susceptible to errors and other malfunctions which could lead to operational challenges and reputational risks. In addition, we may be subject to increasingincreased regulations related to our use of AI, including regulations related to privacy, data security,security and intellectual property rights, which could expose us to legal risks.

Under various federal, state and local environmental laws, a current or previous owner or operator of real property may be liable for the cost of removing or remediating hazardous or toxic substances on such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Even if more than one person may have been responsible for the contamination, each person covered by applicable environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages based on personal injury, natural resources or property damage or other costs, including investigation and clean-up costs, resulting from the environmental contamination. The presence of hazardous or toxic substances on one of our properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the government for costs it may incur to address the contamination, or otherwise adversely affect our ability to sell or lease the property or borrow using the property as collateral. Environmental laws also may impose restrictions on the manner in which properties may be used or businesses may be operated. A property owner who violates environmental laws may be subject to sanctions which may be enforced by governmental agencies or, in certain circumstances, private parties. In connection with the acquisition,development, developmentacquisition and ownership of our properties, we may be exposed to such costs. The cost of defending against environmental claims, of compliance with environmental regulatory requirements or of remediating any contaminated property could materially adversely affect our business, financial condition, results of operations and, consequently, amounts available for distribution to shareholders and unitholders.

TheExtreme directweather andevents indirect impacts of climate change maycan adversely affect our business.

The 100% tax described above may limit our ability to enter into transactions that would otherwise be beneficial to us. For example, if circumstances make it not profitable or otherwise uneconomical for us to remain in certain states or geographical markets, the 100% tax could delay our ability to exit those states or markets by selling our assets in those states or markets other than through a TRS, which could harm our operating profits and the trading price of our shares. In addition, in order to avoid the prohibited transactions tax, we may be required to limit the structures we utilize for our securitization transactions, even though the sales or structures might otherwise be beneficial to us.

To qualify as a REIT, we generally must distribute to our stockholdersshareholders at least 90% of our REIT taxable income each year, computed without regard to the dividends paid deduction and any net capital gains, and we will be subject to corporate income tax on our undistributed taxable income to the extent that we distribute less than 100% of our REIT taxable income each year, computed without regard to the dividends paid deduction. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. In order to satisfy these distribution requirements to maintain our REIT status and avoid the payment of income and excise taxes, we may need to take certain actions to raise funds if we have insufficient cash flow, such as borrowing funds, raising additional equity capital, selling a portion of our assets or finding another alternative to make distributions to our stockholders.shareholders. We may be forced to take those actions even if the then-prevailing market conditions are not favorable for those actions. This situation could arise from, among other things, differences in timing between the actual receipt of cash and recognition of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures or other non-deductible expenses, the creation of reserves, or required debt or amortization payments. Such actions could increase our costs and reduce the value of our common or preferred shares. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the market price of our common or preferred shares, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could materially and adversely affect us and the trading price of our common or preferred shares.

We have in the past and may from time to time in the future dispose of real properties in transactions that are intended to qualify as tax-deferred exchanges under Section 1031 of the Code (“Section 1031 Exchanges”). It is possible that the qualification of a transaction as a Section 1031 Exchange could be successfully challenged and determined to be currently taxable. In such cases, our taxable income would increase as would the amount of distributions we are required to make to satisfy our REIT distribution requirements and to avoid the imposition of an entity-level tax. This could increase the dividend income to our stockholdersshareholders by reducing any return of capital they receive. In some circumstances, we may be required to pay additional dividends or, in lieu of that, corporate income tax, possibly including interest and penalties. As a result, we may be required to borrow in order to pay additional dividends or taxes, and the payment of such taxes could cause us to have less cash available to distribute to our shareholders. If a Section 1031 Exchange were later to be determined to be taxable, we may be required to amend our tax returns for the applicable year in question, including any reports we distributed to our shareholders. It is possible that legislation could be enacted that could modify or repeal the laws with respect to Section 1031 Exchanges, which could make it more difficult or not possible for us to dispose of real properties on a tax-deferred basis.

The IRS, the United States Treasury Department and Congress frequently review U.S. federal income tax legislation, regulations and other guidance. We cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted. Any legislative action may prospectively or retroactively modify our tax treatment and, therefore, may adversely affect our taxation or our shareholders. We urge you to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our stock.shares. Although REITs generally receive certain tax advantages compared to entities taxed as “C” corporations, it is possible that future legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a “C” corporation.

We have, and may continue to have, series of preferred shares outstanding with respect to which we have the ability to issue additional preferred shares of that series without shareholder approval (referred to as a “reopening” of the preferred shares). We may issue additional series of preferred shares in the future with the reopening feature. If we issue preferred shares in a reopening at a price that exceeds the redemption price of such preferred shares by more than a de minimis amount, those shares could be considered to be “fast-pay stock” under Treasury Regulations promulgated under Section 7701(l) of the Code (the “Fast-Pay Stock Regulations”). Under the Fast-Pay Stock Regulations, if stock of a REIT is structured so that dividends paid with respect to the stock are economically (in whole or in part) a return of the stockholder’sshareholder’s investment (rather than a return on the stockholder’sshareholder’s investment), the stock is characterized as “fast-pay stock,” resulting in the adverse tax consequences described below. Under the Fast-Pay Stock Regulations, unless clearly demonstrated otherwise, our preferred shares are presumed to be fast-pay stock if they are issued for an amount that exceeds (by more than a de minimis amount, as determined under certain other Treasury Regulations) the amount at which the shareholder can be compelled to dispose of the shares (“Fast-Pay Stock”). Apart from the Fast-Pay Stock Regulations, no meaningful guidance exists regarding the determination of whether a dividend economically constitutes a return of investment for these purposes or how a taxpayer could clearly demonstrate otherwise.

We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT.

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties,land, the pace and cost of our property developments, the time it takes to lease newly acquired or developedour properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, furtherlabor shortages, supply chain disruptions,disruptions and inflationary increasespressures, including as a result of tariffs, have impacted and may in labor and material costs and labor shortages may have the potential tofuture impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Property Acquisitions,Development, DevelopmentAcquisitions and Dispositions

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital. We are alsoprimarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment. WeIn willthe continuepast, our ability to evaluateidentify alland acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our growthtarget channelsassets and growour accordingly,available if and when, acquisition opportunities are attractive relative to the condition of capital markets.capital.

During the year ended December 31, 2024,2025, we developed or acquired 3,7241,962 homes, including (i) 2,0001,879 newly constructed homes delivered to our operating portfolio through our AMH Development Program, (ii) 1,673 homes acquired through a bulk portfolio acquisitionProgram and (iii) 5183 homes acquired through our National Builder Program and traditional acquisition channels,channel, partially offset by 1,6632,156 homes identified for sale or contributed to unconsolidated joint ventures.sale. During the year ended December 31, 2024,2025, we also developed an additional 356443 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,3562,322 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of December 31, 20242025 and 2023,2024, there were 8051,142 and 862805 properties, respectively, as well as certain land lots, classified as held for sale. During the years ended December 31, 2025 and 2024, we sold 1,827 and 1,705 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately fivefour to seven months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $300,000 and $450,000$500,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

HomesHistorically, homes added to our portfolio through traditional acquisition channels requirerequired expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable. In addition, we typically incurincurred costs between $20,000$30,000 and $40,000$50,000 to renovate athese home acquired through traditional acquisition channelshomes to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuatefluctuated based on our overall acquisition volume as well as availability of construction labor and materials.

Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control. These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, utility expenses that are generally recovered as “tenant charge-backs” (included in rents and other single-family property revenues), HOA fees (when applicable) and insurance.

Rents and other single-family property revenues increased 6.5%7.0% to $1.85 billion for the year ended December 31, 2025 from $1.73 billion for the year ended December 31, 20242024. fromRevenue $1.62growth billionwas primarily driven by an increase in our average occupied portfolio which grew to 57,573 homes for the year ended December 31, 2023.2025, Revenuecompared growthto was56,402 primarilyhomes drivenfor bythe year ended December 31, 2024, as well as higher rental rates.

Property operating expenses increased 4.4%6.1% to $664.0 million for the year ended December 31, 2025 from $625.9 million for the year ended December 31, 20242024. from $599.5 million for the year ended December 31, 2023. ThisThe increase was primarily attributabledriven toby an(i) annual increasegrowth in propertyour taxportfolio expensewhich andresulted higherin increases in R&M and turnover costs.costs and (ii) annual increases in property tax expense.

Property management expenses for the years ended December 31, 20242025 and 20232024 were $129.3$134.8 million and $123.4$129.3 million, respectively, which included $4.8$4.1 million and $4.0$4.8 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to an increase in personnel related expenses and noncash share-based compensation expense.expenses.

Core revenues from Same-Home properties increased 5.0%4.0% to $1.33$1.41 billion for the year ended December 31, 20242025 from $1.27$1.35 billion for the year ended December 31, 2023.2024. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 5.3%3.7% to $2,189$2,282 per month for the year ended December 31, 20242025 compared to $2,078$2,200 per month for the year ended December 31, 2023,2024, as well as higher fees from single-family properties and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 96.2% for the year ended December 31, 2024 compared to 96.7% for the year ended December 31, 2023.rents.

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 4.3%2.8% to $457.9$475.8 million for the year ended December 31, 2025 from $462.9 million for the year ended December 31, 2024 from $438.9 million for the year ended December 31, 2023 primarily driven by an annual increaseincreases in property tax expense.

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the years ended December 31, 20242025 and 20232024 was $83.6$83.0 million and $74.6$83.6 million, respectively, which included $20.6$16.1 million and $16.4$20.6 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increasedecrease in general and administrative expense was primarily relateddue to ana increasedecrease in noncash share-based compensation expenseexpense, aspartially welloffset asby an increaseincreases in information technology costs and personnel related expenses.

Interest expense increased 17.9%12.0% to $185.2 million for the year ended December 31, 2025 from $165.4 million for the year ended December 31, 20242024. from $140.2 million for the year ended December 31, 2023. ThisThe increase was primarily due to additional interest from the issuances of unsecured senior notes in January 2024, June 2024, December 2024 and DecemberMay 2024,2025, partially offset by lower interest expense resulting from the payoffs of the AMH 2014-SFR2 securitization in February 20242024, andthe AMH 2014-SFR3 securitization in August 2024.2024, the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.

Acquisition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties or portfolios of propertiesproperties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition and other transaction costs for the years ended December 31, 20242025 and 20232024 were $12.2$12.3 million and $16.9$12.2 million, respectively, which included $5.6 million and $5.0 million, respectively, of noncash share-based compensation expense in each period related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to a decrease in personnel costs.

Hurricanes Beryl, Debby, Helene and Milton impacted certain properties in our Texas, Florida, Georgia, South Carolina and North Carolina markets during the year ended December 31, 2024. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the year ended December 31, 2024, the Company recognized $12.8 million in gross charges primarily related to actual and estimated accruals for minor repair and remediation costs, partially offset by an estimated $3.9 million of related insurance claims that the Company believes is probable it will recover,claims, resulting in a net charge of $8.9 million.

Gain on sale and impairment of single-family properties and other, net for the years ended December 31, 20242025 and 20232024 was $225.8$231.5 million and $209.8$225.8 million, respectively, which included $9.2$34.4 million and $1.9$9.2 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from ana increasehigher involume of properties sold.sold, partially offset by higher impairment charges.

Loss on early extinguishment of debt was $6.3 million for the yearyears ended December 31, 2024,2025 and 2024 was $0.4 million and $6.3 million, respectively. The decrease was primarily due to lower charges incurred related to the payoffs of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025 compared to zerocharges forincurred therelated year ended December 31, 2023, as a result ofto the termination of our previous revolving credit facility in July 2024 and the payoffs of the AMH 2014-SFR2 securitization in February 2024 and the AMH 2014-SFR3 securitization in August 2024.

Other income and expense, net for the years ended December 31, 20242025 and 20232024 was $22.2$15.7 million and $9.8$22.2 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures,entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The increasedecrease was primarily due to higherlower interest income.

See Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15. ExhibitExhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our 2023 At-the-Market Program described below, borrowings under our $1.25 billion credit facility, issuances of unsecured senior notes and proceeds from sales of single-family properties. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives, including drawing on our revolving credit facility.

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including paymentsinterest of principal and interest,payments, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities. Additionally, in February 2025, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2015-SFR1 securitization during the second quarter of 2025 and we also expect to repay all amounts due under the AMH 2015-SFR2 securitization in 2025.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. During the year ended December 31, 2024,2025, the Companywe repaid all amounts due under the AMH 2014-SFR22015-SFR1 and AMH 2014-SFR32015-SFR2 securitizations. See Note 7. Debt, Note 8. Accounts Payable and Accrued Expenses, Note 14. Commitments and Contingencies and Note 16. Subsequent Events to our consolidated financial statements included as a separate section in Part IV, “Item 15. ExhibitExhibits and Financial Statement Schedules” of this Annual Report on Form 10-K for a discussion of our material short-term and long-term cash requirements.

(2)Represents estimated future interest payments on our debt instruments based on applicable interest rates as of December 31, 20242025. andFor assumesour therevolving repaymentcredit facility, represents estimated future interest payments based on an outstanding balance of $360.0 million as of December 31, 2025 through the AMH 2015-SFR1 and AMH 2015-SFR2 securitizations on their anticipated repayment dates in 2025. The fully extended maturity datesdate forof theJuly AMH16, 2015-SFR12029 and AMHthese 2015-SFR2 securitizations are in 2045 and the interest rates increase on the anticipated repayment dates in 2025. If the AMH 2015-SFR1 and AMH 2015-SF2 securitizations are not repaid on the anticipated repayment dates in 2025, our interest on debt obligations above would increase. Future interest payments on debt obligationsamounts will also be impacted by the level of borrowing on our revolving credit facility in the future.

(3)Represents commitments to acquire one single-family property for a purchase price of $0.3 million and land relating to our AMH Development Program for an aggregate purchase price of $81.1$86.5 million. The timing of these obligations due within one year may be extended beyond December 31, 2025.2026. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses, general and administrative expense and interest expense. Net cash provided by operating activities increased $72.8$52.8 million, or 9.9%,6.5%, from $738.7 million during the year ended December 31, 2023 to $811.5 million during the year ended December 31, 2024,2024 to $864.3 million during the year ended December 31, 2025 primarily due to increased cash inflows generated from growth in our portfolio and higher rental rates and changes in working capital primarily related to the timing of payments for prepaid expenses and other assets and accounts payable and accrued expenses,rates, partially offset by higher cash outflows for property related expenses.

Net cash used for investing activities increased $133.3 million, or 19.2%, from $692.6 million during the year ended December 31, 2023 to $825.9 million during the year ended December 31, 2024. Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, including the availability of bulk portfolio acquisition opportunities, the development of “built-for-rental” homes through our AMH Development Program andProgram, the acquisition of newly built properties through our National Builder Program.Program, and the acquisition of properties through traditional channels, including the availability of bulk portfolio acquisition opportunities. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. WeThe will continue to evaluate alldevelopment of our“built-for-rental” growth channelshomes and growour accordingly,property-enhancing ifcapital expenditures may reduce recurring and when,other acquisitioncapital opportunitiesexpenditures areon attractivean relativeaverage toper-home basis in the condition of capital markets.future. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio.

Net cash provided by financing activities was $142.7 million for the year ended December 31, 2024 compared to net cash used for financing activities ofwas $42.2$655.7 million during the year ended December 31, 2023.2025 compared to net cash provided by financing activities of $142.7 million during the year ended December 31, 2024. This change was primarily due to the debt and equity activity described below as well as $82.0a $28.0 million decrease in payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the year ended December 31, 2024.Program. See Land Option Contracts in Note 2. Significant Accounting Policies to our consolidated financial statements included as a separate section in Part IV, “Item 15. ExhibitExhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

During the year ended December 31, 2023,2025, the Company borrowedalso $200.0issued the 2030 Notes, receiving $646.4 million in proceeds, net of discount, and paid down $240.0$5.2 million onin itsrelated revolvingdeferred creditfinancing facility, and the Company repaid $24.5 million on its asset-backed securitizations.costs.

For additional information regarding the Company’s debt issuances, see Note 7. Debt to our consolidated financial statements included as a separate section in Part IV, “Item 15. ExhibitExhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

Class AAt-the-Market Common Share Offering Program

TheIn 2018, the Company’s board of trustees authorized the establishment of oura share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions.transactions The(the program“2018 doesShare notRepurchase have an expiration date, but may be suspended or discontinued at any time without notice.Program”). All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the yearsyear ended December 31, 20242025, the Company repurchased and 2023,retired we4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million. During the year ended December 31, 2024, the Company did not repurchase and retire any of ourits Class A common shares or preferred shares. As of December 31, 2024,2025, wethe Company had a remaining repurchase authorization under the 2018 Share Repurchase Program of up to $265.1$115.1 million of ourits outstanding Class A common shares and up to $250.0 million of ourits outstanding preferred shares under the program.shares.

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. We historically used our net operating loss (“NOL”) for U.S. federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

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 (“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 partnershipsreal andestate 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 and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations,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.

(1)Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s consolidated financial statements. See Note 9. Shareholders’ Equity / Partners’ Capital to our consolidated financial statements included as a separate section in Part IV, “Item 15. ExhibitExhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.

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 NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnershipsreal andestate joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations,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,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. 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 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.

Various legislative and regulatory bodies, including at the federal, state and local level, have been focused on the shortage of residential housing in the U.S. and significant increases in the cost of housing. SomeFor example, the ROAD Act, which was enacted into federal law on July 11, 2026 and will take effect on January 7, 2027, generally imposes a federal restriction on our ability to purchase single-family homes, subject to various exemptions such as purchases of homes (i) pursuant to a build-to-rent program, (ii) from other large institutional investors, or (iii) with a requirement to substantially renovate the home, among others. In addition, some states and local jurisdictions have passed or proposed regulations (i) imposing prohibitions or limitations on corporate entities purchasing and renting single-family homes, (ii) restricting developers from selling single-family homes to corporate entities intending to rent such homes, (iii) imposing tax and financial disincentives on corporate ownership of single-family homes for rent, and (iv) imposing adverse zoning restrictions on corporate ownership of single-family homes for rent. Similar restrictions are being considered at the federal level. For example, in March 2026, the U.S. Senate advanced a federal housing bill that if enacted into law may, among other things, restrict us from purchasing single-family homes or may require us to divest certain homes acquired or developed by us after enactment of the legislation. The Senate bill is currently under consideration by the U.S. House of Representatives.

WeAlthough we have not been acquiring a significant number of homes through the MLS in recent years, we expect thisthe trendROAD Act will adversely impact our ability to continuedo atso in the federal,future. In addition, the ROAD Act and the similar state and local level.initiatives Anynoted such laws or regulationsabove could impose significant costs, could require that we suspend or limit property acquisitions or otherwise modify or cease existing business practices or divest properties, could restrict the locations where we can operate our business, and couldor adversely impact our tax profile, including our status as a REIT. InFurther, addition,the ROAD Act and the prospect of other such laws or regulations has adversely impacted and may in the future continue to adversely impact our access to capital markets and the attractiveness of our securities to certain investors.

As of MarchJune 31,30, 2026, we owned 61,23761,183 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 1,037701 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,36161,500 single-family properties in 24 states, including 661904 properties held for sale, as of MarchJune 31,30, 2025. As of MarchJune 31,30, 2026, 57,11257,897 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,24658,317 of our total properties (excluding properties held for sale) as of MarchJune 31,30, 2025. Also, as of MarchJune 31,30, 2026, the Company had an additional 3,8583,961 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,4873,616 properties held in unconsolidated joint ventures as of MarchJune 31,30, 2025. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

The following table summarizes certain key single-family properties metrics as of MarchJune 31,30, 2026:

(1)Excludes 1,037701 single-family properties held for sale as of MarchJune 31,30, 2026.

The following table summarizes certain key leasing metrics as of MarchJune 31,30, 2026:

(1)Excludes 1,037701 single-family properties held for sale as of MarchJune 31,30, 2026.

(2)For the three months ended MarchJune 31,30, 2026, Average Occupied Days Percentage represents 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.

(3)For the three months ended MarchJune 31,30, 2026, 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 is adjusted to reflect the number of days of ownership.

(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended MarchJune 31,30, 2026, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program. We may also face challenges from new laws and regulationsregulations, and may face further challenges from future laws and regulations, that attempt to restrict institutional ownership of single-family homes, such as by imposing limits or prohibitions on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions. Refer to Part II, “Item 1A. Risk Factors” for additional information.

Our growth strategy is primarily focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. We have strategically scaled back acquisitions of single-family properties through broker sales via the MLS and our National Builder Program as the housing market adjusts to the current macroeconomic environment. In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.

During the three months ended MarchJune 31,30, 2026, we developed 457542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 594260 homes identified for sale. During the three months ended MarchJune 31,30, 2026, we also developed an additional 82109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539651 total home deliveries through our AMH Development Program.

Our properties and land held for sale were identified based on individual asset-level review, as well as submarket analysis. As of MarchJune 31,30, 2026 and December 31, 2025, there were 1,037701 and 1,142 properties, respectively, as well as certain land lots, classified as held for sale. During the three months ended MarchJune 31,30, 2026 and 2025, we sold 710608 and 416370 properties, respectively. During the six months ended June 30, 2026 and 2025, we sold 1,318 and 786 properties, respectively. We will continue to evaluate our properties and land for potential disposition going forward as a normal course of business.

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local supply and demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 50 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. Typically, it takes approximately 20 to 60 days to complete the turnover process.

Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.0%2.6% for the three months ended MarchJune 31,30, 2026, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 7.4%8.1% and 6.9%7.5% during the three months ended MarchJune 31,30, 2026 and 2025, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 2.8% for the six months ended June 30, 2026, and we experienced turnover rates of 15.4% and 14.4% during the six months ended June 30, 2026 and 2025, respectively.

Net income totaled $148.8$132.9 million for the three months ended MarchJune 31,30, 2026, compared to $128.7$123.6 million for the three months ended MarchJune 31,30, 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.sales, partially offset by lower other income and expense, net. Net income totaled $281.8 million for the six months ended June 30, 2026, compared to $252.3 million for the six months 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.

Comparison of the Three Months Ended MarchJune 31,30, 2026 to the Three Months Ended MarchJune 31,30, 2025 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 MarchJune 31,30, 2026 and 2025 (amounts in thousands):

The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended MarchJune 31,30, 2026 and 2025 (amounts in thousands):

Rents and other single-family property revenues increased 2.8% to $472.0$470.1 million for the three months ended MarchJune 31,30, 2026 from $459.3$457.5 million for the three months ended MarchJune 31,30, 2025. Revenue growth was primarily driven by higher rental rates.

Property operating expenses increased 0.7%1.2% to $168.7$161.9 million for the three months ended MarchJune 31,30, 2026 from $167.5$160.1 million for the three months ended MarchJune 31,30, 2025. The increase was primarily driven by annual increases in property tax expense.

Property management expenses for the three months ended MarchJune 31,30, 2026 and 2025 were $33.3$33.8 million and $34.2$34.4 million, respectively, which included $1.1 million and $1.2 million, respectively, of noncash share-based compensation expense in eachboth periodperiods related to centralized and field property management employees. The decrease in property management expenses was primarily attributable to a decrease in personnel related expenses.

Core revenues from Same-Home properties increased 2.4%2.3% to $365.8$371.3 million for the three months ended MarchJune 31,30, 2026 from $357.3$362.8 million for the three months ended MarchJune 31,30, 2025. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 3.0%2.6% to $2,329$2,346 per month for the three months ended MarchJune 31,30, 2026 compared to $2,261$2,286 per month for the three months ended MarchJune 31,30, 2025, as well as higher fees from single-family properties, partially offset by a decrease in Average Occupied Days Percentage, which was 95.1%96.0% for the three months ended MarchJune 31,30, 2026 compared to 95.9%96.4% for the three months ended MarchJune 31,30, 2025.

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties decreasedincreased 0.2%1.7% to $120.0$125.5 million for the three months ended MarchJune 31,30, 2026 from $120.3$123.4 million for the three months ended MarchJune 31,30, 2025 primarily driven by theannual Company’sincreases effectivein costproperty controls.tax expense.

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended MarchJune 31,30, 2026 and 2025 was $21.3$21.7 million and $19.7$20.0 million, respectively, which included $4.4$4.3 million and $4.9$4.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily due to the timing of increases in personnel related expenses and information technology costs,costs partiallyas offsetwell byas aan decreaseincrease in noncash share-based compensation expense.

Interest expense increased 6.2%7.0% to $48.2$49.5 million for the three months ended MarchJune 31,30, 2026 from $45.4$46.3 million for the three months ended MarchJune 31,30, 2025. The increase was primarily due to additional interest from the issuance of unsecured senior notes in May 2025 as well as2025, higher interest expense on our revolving credit facility as a result of a larger average balance,balance and lower capitalized interest, partially offset by lower interest expense resulting from the payoffspayoff of the AMH 2015-SFR1 securitization in March 2025 and the AMH 2015-SFR2 securitization in September 2025.

Acquisition, disposition and other transaction costs consist primarily of personnel and platform costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the disposal of certain properties or portfolios of properties, or costs associated with land transactions, which do not qualify for capitalization. Acquisition, disposition and other transaction costs were $3.1 million for both the three months ended MarchJune 31,30, 2026 and 2025,2025 were $3.2 million and $2.7 million, respectively, which included $1.2$1.3 million and $1.5 million, respectively, of noncash share-based compensation expense in eachboth periodperiods related to employees in these functions. The increase in acquisition, disposition and other transaction costs was primarily due to an increase in costs associated with land transactions that did not qualify for capitalization.

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 1.9%0.5% to $127.3$127.6 million for the three months ended MarchJune 31,30, 2026 from $124.9$126.9 million for the three months ended MarchJune 31,30, 2025 primarily due to growth in the average cost of depreciable properties as well as ongoing capital investments into existing properties.

Gain on sale and impairment of single-family properties and other, net for the three months ended MarchJune 31,30, 2026 and 2025 was $78.4$59.4 million and $62.0$51.9 million, respectively, which included $14.2$24.2 million and $4.5$5.8 million, respectively, of impairment charges related to homes and land classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from a higher volume of properties sold, partially offset by higher impairment charges.

Loss on early extinguishment of debt for the threesix months ended MarchJune 31,30, 2026 and 2025 was zero and $0.2 million, respectively. DuringThe decrease was due to the threepayoff months ended March 31, 2025,of the AMH 2015-SFR1 securitization was paid off in March 2025.2025 compared to no payoffs during the six months ended June 30, 2026.

Other income and expense, net for the threesix months ended MarchJune 31,30, 2026 and 2025 was $0.3$1.5 million and $2.4$7.1 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated entities, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses. The decrease was primarily due to lower interest income.

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2025 Annual Report. There have been no material changes to these estimates during the threesix months ended MarchJune 31,30, 2026.