# American Homes 4 Rent (AMH)

Informational only - not investment advice.

CIK: 0001562401
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1562401
Filing source: https://www.sec.gov/Archives/edgar/data/1562401/000156240126000010/amh-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001562401-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562401.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,850,234,000 USD | 2025 | verified |
| Net income | 513,392,000 USD | 2025 | verified |
| Assets | 13,242,120,000 USD | 2025 | verified |
| Free cash flow | 823,682,000 USD | 2025 | computed |
| Net margin | 27.75% | 2025 | computed |
| Revenue YoY | +7.03% | 2025 | computed |
| ROE | 7.30% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AMH | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 27.7% | 16.8% | 68 | 149 |
| Revenue growth | 7.0% | 3.7% | 68 | 149 |
| FCF margin | 44.5% | 21.8% | 84 | 70 |
| ROE | 7.3% | 5.7% | 61 | 151 |
| ROA | 3.9% | 1.5% | 76 | 155 |
| Liabilities / equity | 0.79 | 1.48 | 18 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1850234000 | USD | 2025 | 2026-02-20 |
| Net income | 513392000 | USD | 2025 | 2026-02-20 |
| Assets | 13242120000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562401.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 1,172,514,000 | 1,303,882,000 | 1,490,534,000 | 1,623,605,000 | 1,728,697,000 | 1,850,234,000 |
| Net income | 10,446,000 | 76,492,000 | 112,438,000 | 156,260,000 | 154,829,000 | 210,559,000 | 310,025,000 | 432,142,000 | 468,142,000 | 513,392,000 |
| Diluted EPS | -0.14 | -0.08 | 0.08 | 0.29 | 0.28 | 0.41 | 0.71 | 1.01 | 1.08 | 1.18 |
| Operating cash flow | 278,867,000 | 385,961,000 | 410,882,000 | 457,887,000 | 474,100,000 | 595,200,000 | 665,518,000 | 738,689,000 | 811,535,000 | 864,327,000 |
| Capital expenditures | 39,912,000 | 47,911,000 | 52,379,000 | 21,883,000 | 16,968,000 | 47,681,000 | 98,019,000 | 40,137,000 | 34,052,000 | 40,645,000 |
| Dividends paid | 48,171,000 | 38,901,000 | 58,370,000 | 59,832,000 | 61,067,000 | 146,243,000 | 252,506,000 | 319,498,000 | 383,535,000 | 446,292,000 |
| Assets | 8,107,210,000 | 8,608,768,000 | 9,001,481,000 | 9,100,109,000 | 9,593,625,000 | 10,962,433,000 | 12,175,059,000 | 12,688,190,000 | 13,381,151,000 | 13,242,120,000 |
| Liabilities | 3,169,590,000 | 2,732,944,000 | 3,027,739,000 | 3,081,319,000 | 3,121,195,000 | 4,224,004,000 | 5,000,401,000 | 5,035,307,000 | 5,532,521,000 | 5,532,614,000 |
| Stockholders' equity | 4,192,936,000 | 5,149,629,000 | 5,251,965,000 | 5,335,426,000 | 5,789,094,000 | 6,059,571,000 | 6,495,987,000 | 6,967,524,000 | 7,160,016,000 | 7,033,748,000 |
| Cash and cash equivalents | 118,799,000 | 46,156,000 | 30,284,000 | 37,575,000 | 137,060,000 | 48,198,000 | 69,155,000 | 59,385,000 | 199,413,000 | 108,516,000 |
| Free cash flow | 238,955,000 | 338,050,000 | 358,503,000 | 436,004,000 | 457,132,000 | 547,519,000 | 567,499,000 | 698,552,000 | 777,483,000 | 823,682,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 13.20% | 16.15% | 20.80% | 26.62% | 27.08% | 27.75% |
| Return on equity | 0.25% | 1.49% | 2.14% | 2.93% | 2.67% | 3.47% | 4.77% | 6.20% | 6.54% | 7.30% |
| Return on assets | 0.13% | 0.89% | 1.25% | 1.72% | 1.61% | 1.92% | 2.55% | 3.41% | 3.50% | 3.88% |
| Liabilities / equity | 0.76 | 0.53 | 0.58 | 0.58 | 0.54 | 0.70 | 0.77 | 0.72 | 0.77 | 0.79 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001562401.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.14 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.32 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.27 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 421,697,000 | 74,113,000 | 0.20 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 408,657,000 | 76,617,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 423,555,000 | 109,289,000 | 0.30 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 423,494,000 | 92,142,000 | 0.25 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 445,055,000 | 73,821,000 | 0.20 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 436,593,000 | 123,230,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 459,276,000 | 109,972,000 | 0.30 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 457,503,000 | 105,553,000 | 0.28 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 478,464,000 | 99,697,000 | 0.27 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 454,991,000 | 123,808,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 472,024,000 | 127,768,000 | 0.35 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 470,104,000 | 113,626,000 | 0.31 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AMH's latest 10-K: [/company/AMH/business/](/company/AMH/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AMH's latest 10-K: [/company/AMH/risk-factors/](/company/AMH/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1562401/000156240126000047/amh-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Overview

We are a Maryland REIT focused on 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.

As of June 30, 2026, we owned 61,183 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 701 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 61,500 single-family properties in 24 states, including 904 properties held for sale, as of June 30, 2025. As of June 30, 2026, 57,897 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 58,317 of our total properties (excluding properties held for sale) as of June 30, 2025. Also, as of June 30, 2026, the Company had an additional 3,961 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,616 properties held in unconsolidated joint ventures as of June 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.

New Federal Legislation

The “21st Century ROAD to Housing Act” (the “ROAD Act”) was enacted into federal law on July 11, 2026 and will take effect on January 7, 2027. The ROAD Act 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. Although we have not been acquiring a significant number of homes through the MLS in recent years, we expect the ROAD Act will adversely impact our ability to do so in the future. In addition, the ROAD Act and similar state and local initiatives could impose significant costs, restrict the locations where we can operate our business, or adversely impact our tax profile, including our status as a REIT. Further, 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. Refer to Part II, “Item 1A. Risk Factors” for information about risks related to the ROAD Act and similar state and local legislative and regulatory initiatives.

29

Key Single-Family Property and Leasing Metrics

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

[[GREPCENT_TABLE]]
[["","","Total Single-Family Properties (1)"],["Market","","Number of Single-Family Properties","","% of Total Single-Family Properties","","Gross Book Value (millions)","","% of Gross Book Value Total","","Avg. Gross Book Value per Property","","Avg. Sq. Ft.","","Avg. Property Age (years)","","Avg. Year Purchased or Delivered"],["Atlanta, GA","","5,962","","","9.9","%","","$","1,467.2","","","10.0","%","","$","246,099","","","2,202","","","17.6","","2017"],["Charlotte, NC","","4,189","","","6.9","%","","994.6","","","6.8","%","","237,435","","","2,121","","","19.2","","2016"],["Dallas-Fort Worth, TX","","3,573","","","5.9","%","","644.0","","","4.4","%","","180,229","","","2,078","","","21.9","","2014"],["Jacksonville, FL","","3,443","","","5.7","%","","839.0","","","5.7","%","","243,716","","","1,935","","","14.3","","2017"],["Nashville, TN","","3,356","","","5.5","%","","888.3","","","6.1","%","","264,693","","","2,127","","","17.4","","2016"],["Phoenix, AZ","","3,313","","","5.5","%","","779.1","","","5.3","%","","235,203","","","1,872","","","19.7","","2016"],["Tampa, FL","","3,111","","","5.1","%","","826.0","","","5.6","%","","265,537","","","1,965","","","14.2","","2017"],["Indianapolis, IN","","2,973","","","4.9","%","","547.3","","","3.7","%","","184,088","","","1,930","","","23.1","","2015"],["Las Vegas, NV","","2,832","","","4.7","%","","932.0","","","6.4","%","","329,090","","","1,978","","","10.5","","2018"],["Columbus, OH","","2,305","","","3.8","%","","517.0","","","3.5","%","","224,293","","","1,921","","","20.7","","2016"],["Houston, TX","","2,213","","","3.7","%","","406.1","","","2.8","%","","183,516","","","2,059","","","20.4","","2015"],["Orlando, FL","","2,227","","","3.7","%","","592.1","","","4.0","%","","265,905","","","1,958","","","15.5","","2017"],["Raleigh, NC","","2,118","","","3.5","%","","439.4","","","3.0","%","","207,444","","","1,900","","","19.6","","2015"],["Cincinnati, OH","","2,078","","","3.4","%","","422.2","","","2.9","%","","203,166","","","1,844","","","23.4","","2014"],["Salt Lake City, UT","","1,925","","","3.2","%","","596.2","","","4.1","%","","309,755","","","2,243","","","19.2","","2016"],["Charleston, SC","","1,696","","","2.8","%","","432.0","","","2.9","%","","254,709","","","1,966","","","13.3","","2017"],["Greater Chicago area, IL and IN","","1,516","","","2.5","%","","299.0","","","2.0","%","","197,248","","","1,874","","","24.8","","2013"],["Boise, ID","","1,122","","","1.9","%","","365.6","","","2.5","%","","325,842","","","1,889","","","11.2","","2018"],["Seattle, WA","","1,114","","","1.8","%","","404.1","","","2.8","%","","362,800","","","2,004","","","14.2","","2018"],["San Antonio, TX","","1,077","","","1.8","%","","223.2","","","1.5","%","","207,347","","","1,902","","","16.8","","2016"],["All Other (2)","","8,339","","","13.8","%","","2,054.0","","","14.0","%","","246,313","","","1,934","","","18.5","","2017"],["Total/Average","","60,482","","","100.0","%","","$","14,668.4","","","100.0","%","","$","242,525","","","2,002","","","18.1","","2016"]]
[[/GREPCENT_TABLE]]

(1)Excludes 701 single-family properties held for sale as of June 30, 2026.

(2)Represents 16 markets in 15 states.

30

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

[[GREPCENT_TABLE]]
[["","","Total Single-Family Properties (1)"],["Market","","Avg. Occupied Days Percentage (2)","","Avg. Monthly Realized Rent per Property (3)","","Avg. Original Lease Term (months) (4)","","Avg. Remaining Lease Term (months) (4)","","Avg. Blended Change in Rent (5)"],["Atlanta, GA","","94.7","%","","$","2,374","","","12.9","","","7.7","","","2.1","%"],["Charlotte, NC","","96.7","%","","2,330","","","12.6","","","7.0","","","2.9","%"],["Dallas-Fort Worth, TX","","95.8","%","","2,368","","","12.7","","","7.5","","","2.2","%"],["Jacksonville, FL","","95.6","%","","2,261","","","12.8","","","7.8","","","2.1","%"],["Nashville, TN","","95.9","%","","2,474","","","12.7","","","7.4","","","2.6","%"],["Phoenix, AZ","","94.3","%","","2,215","","","12.0","","","7.0","","","1.7","%"],["Tampa, FL","","94.7","%","","2,524","","","13.0","","","7.8","","","0.8","%"],["Indianapolis, IN","","96.5","%","","2,022","","","12.7","","","7.6","","","4.9","%"],["Las Vegas, NV","","94.8","%","","2,428","","","12.9","","","7.7","","","2.0","%"],["Columbus, OH","","96.8","%","","2,420","","","12.8","","","7.6","","","4.8","%"],["Houston, TX","","95.2","%","","2,145","","","12.8","","","7.3","","","2.5","%"],["Orlando, FL","","95.2","%","","2,498","","","12.8","","","7.6","","","2.2","%"],["Raleigh, NC","","95.7","%","","2,138","","","12.8","","","7.8","","","1.9","%"],["Cincinnati, OH","","96.7","%","","2,332","","","12.8","","","7.4","","","4.9","%"],["Salt Lake City, UT","","96.0","%","","2,598","","","12.7","","","7.6","","","3.4","%"],["Charleston, SC","","95.0","%","","2,423","","","12.6","","","7.3","","","3.1","%"],["Greater Chicago area, IL and IN","","97.3","%","","2,705","","","12.5","","","7.1","","","6.4","%"],["Boise, ID","","96.5","%","","2,386","","","12.5","","","7.4","","","4.7","%"],["Seattle, WA","","96.4","%","","3,006","","","12.0","","","6.8","","","4.1","%"],["San Antonio, TX","","94.8","%","","1,945","","","13.1","","","7.3","","","0.2","%"],["All Other (6)","","95.3","%","","2,302","","","12.6","","","7.0","","","2.6","%"],["Total/Average","","95.6","%","","$","2,353","","","12.7","","","7.4","","","2.7","%"]]
[[/GREPCENT_TABLE]]

(1)Excludes 701 single-family properties held for sale as of June 30, 2026.

(2)For the three months ended June 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 June 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.

(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

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

(6)Represents 16 markets in 15 states.

We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

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 also face challenges from new laws and regulations, and may face further challenges from future laws and regulations, that 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.

Property Development, Acquisitions and Dispositions

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

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1562401/000156240126000010/amh-20251231.htm
Complete FY 2025 MD&A: /company/AMH/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those set forth under Part I, “Item 1A. Risk Factors” in this report.

This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024. A discussion of the year ended December 31, 2023 is available at Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

We are a Maryland REIT focused on 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.

As of December 31, 2025, we owned 61,479 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 1,142 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024. As of December 31, 2025, 56,756 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024. Also, as of December 31, 2025, the Company had an additional 3,785 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of December 31, 2025:

[[GREPCENT_TABLE]]
[["","","Total Single-Family Properties (1)"],["Market","","Number of Single-Family Properties","","% of Total Single-Family Properties","","Gross Book Value (millions)","","% of Gross Book Value Total","","Avg. Gross Book Value per Property","","Avg. Sq. Ft.","","Avg. Property Age (years)","","Avg. Year Purchased or Delivered"],["Atlanta, GA","","5,944","","","9.9","%","","$","1,444.2","","","10.0","%","","$","242,982","","","2,201","","","17.4","","","2017"],["Charlotte, NC","","4,237","","","7.0","%","","995.8","","","6.9","%","","235,026","","","2,120","","","18.8","","","2016"],["Dallas-Fort Worth, TX","","3,663","","","6.1","%","","657.2","","","4.6","%","","179,413","","","2,080","","","21.4","","","2014"],["Nashville, TN","","3,392","","","5.6","%","","893.4","","","6.2","%","","263,393","","","2,125","","","17.0","","","2016"],["Jacksonville, FL","","3,382","","","5.6","%","","806.5","","","5.6","%","","238,489","","","1,933","","","14.4","","","2017"],["Phoenix, AZ","","3,282","","","5.4","%","","754.5","","","5.2","%","","229,918","","","1,865","","","19.7","","","2016"],["Indianapolis, IN","","2,993","","","5.0","%","","547.8","","","3.8","%","","183,011","","","1,931","","","22.6","","","2015"],["Tampa, FL","","3,057","","","5.1","%","","785.1","","","5.5","%","","256,851","","","1,961","","","14.6","","","2017"],["Las Vegas, NV","","2,733","","","4.5","%","","881.9","","","6.1","%","","322,690","","","1,974","","","10.6","","","2018"],["Houston, TX","","2,250","","","3.7","%","","411.5","","","2.9","%","","182,903","","","2,061","","","19.9","","","2015"],["Raleigh, NC","","2,147","","","3.6","%","","443.0","","","3.1","%","","206,345","","","1,900","","","19.2","","","2015"],["Columbus, OH","","2,251","","","3.7","%","","483.3","","","3.4","%","","214,733","","","1,907","","","21.2","","","2016"],["Orlando, FL","","2,227","","","3.7","%","","573.8","","","4.0","%","","257,690","","","1,950","","","16.1","","","2017"],["Cincinnati, OH","","2,092","","","3.5","%","","422.7","","","2.9","%","","202,032","","","1,843","","","22.9","","","2014"],["Salt Lake City, UT","","1,931","","","3.2","%","","596.5","","","4.1","%","","308,906","","","2,243","","","18.8","","","2016"],["Charleston, SC","","1,665","","","2.8","%","","414.3","","","2.9","%","","248,812","","","1,964","","","13.4","","","2017"],["Greater Chicago area, IL and IN","","1,500","","","2.5","%","","294.3","","","2.0","%","","196,177","","","1,872","","","24.3","","","2013"],["San Antonio, TX","","1,105","","","1.8","%","","227.8","","","1.6","%","","206,196","","","1,901","","","16.4","","","2016"],["Boise, ID","","1,107","","","1.8","%","","356.6","","","2.5","%","","322,219","","","1,884","","","10.9","","","2018"],["Savannah/Hilton Head, SC","","1,024","","","1.7","%","","227.0","","","1.6","%","","221,680","","","1,884","","","16.7","","","2017"],["All Other (2)","","8,355","","","13.8","%","","2,161.2","","","15.1","%","","258,671","","","1,947","","","18.3","","","2017"],["Total/Average","","60,337","","","100.0","%","","$","14,378.4","","","100.0","%","","$","238,302","","","2,001","","","18.0","","","2016"]]
[[/GREPCENT_TABLE]]

(1)Excludes 1,142 single-family properties held for sale as of December 31, 2025.

(2)Represents 16 markets in 15 states.

26

The following table summarizes certain key leasing metrics as of December 31, 2025:

[[GREPCENT_TABLE]]
[["","","Total Single-Family Properties (1)"],["Market","","Avg. Occupied Days Percentage (2)","","Avg. Monthly Realized Rent per Property (3)","","Avg. Original Lease Term (months) (4)","","Avg. Remaining Lease Term (months) (4)","","Avg. Blended Change in Rent (5)"],["Atlanta, GA","","94.1","%","","$","2,349","","","12.9","","","5.5","","","1.7","%"],["Charlotte, NC","","95.1","%","","2,281","","","12.7","","","5.7","","","2.8","%"],["Dallas-Fort Worth, TX","","95.4","%","","2,344","","","12.7","","","5.6","","","1.4","%"],["Nashville, TN","","94.5","%","","2,438","","","12.8","","","5.8","","","2.3","%"],["Jacksonville, FL","","93.8","%","","2,232","","","12.8","","","5.9","","","0.9","%"],["Phoenix, AZ","","94.5","%","","2,184","","","12.0","","","5.4","","","1.5","%"],["Indianapolis, IN","","95.5","%","","1,988","","","12.9","","","5.8","","","4.1","%"],["Tampa, FL","","92.8","%","","2,510","","","13.0","","","6.4","","","0.7","%"],["Las Vegas, NV","","94.0","%","","2,397","","","13.0","","","5.7","","","1.0","%"],["Houston, TX","","96.4","%","","2,121","","","12.7","","","5.6","","","1.9","%"],["Raleigh, NC","","94.6","%","","2,114","","","12.9","","","5.7","","","1.7","%"],["Columbus, OH","","94.1","%","","2,349","","","13.0","","","6.2","","","5.9","%"],["Orlando, FL","","93.7","%","","2,459","","","12.6","","","5.7","","","1.5","%"],["Cincinnati, OH","","95.5","%","","2,275","","","13.0","","","6.2","","","6.1","%"],["Salt Lake City, UT","","94.6","%","","2,562","","","12.7","","","5.9","","","3.6","%"],["Charleston, SC","","93.0","%","","2,374","","","12.7","","","6.3","","","2.4","%"],["Greater Chicago area, IL and IN","","95.4","%","","2,649","","","12.8","","","5.7","","","8.3","%"],["San Antonio, TX","","94.7","%","","1,943","","","12.7","","","5.4","","","(0.4)","%"],["Boise, ID","","94.7","%","","2,355","","","12.5","","","5.3","","","2.6","%"],["Savannah/Hilton Head, SC","","93.5","%","","2,355","","","12.6","","","5.6","","","3.0","%"],["All Other (6)","","93.9","%","","2,354","","","12.8","","","5.7","","","2.8","%"],["Total/Average","","94.4","%","","$","2,318","","","12.8","","","5.8","","","2.5","%"]]
[[/GREPCENT_TABLE]]

(1)Excludes 1,142 single-family properties held for sale as of December 31, 2025.

(2)For the year ended December 31, 2025, 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 year ended December 31, 2025, 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 year, this is adjusted to reflect the number of days of ownership.

(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6)Represents 16 markets in 15 states.

We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

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 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 Development, Acquisitions and Dispositions

Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. We are 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

27

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, th

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AMH/mda/fy2025/
All MD&A years: /company/AMH/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AMH/mda/fy2024/): filed 2025-02-21; accession 0001562401-25-000013 (https://www.sec.gov/Archives/edgar/data/1562401/000156240125000013/amh-20241231.htm)
- [FY 2023 MD&A](/company/AMH/mda/fy2023/): filed 2024-02-23; accession 0001562401-24-000021 (https://www.sec.gov/Archives/edgar/data/1562401/000156240124000021/amh-20231231.htm)
- [FY 2022 MD&A](/company/AMH/mda/fy2022/): filed 2023-02-24; accession 0001562401-23-000032 (https://www.sec.gov/Archives/edgar/data/1562401/000156240123000032/amh-20221231.htm)
- [FY 2021 MD&A](/company/AMH/mda/fy2021/): filed 2022-02-25; accession 0001562401-22-000039 (https://www.sec.gov/Archives/edgar/data/1562401/000156240122000039/amh-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AMH.md · JSON record: /company/AMH.json · verified financials: /company/AMH/financials.json / /company/AMH/financials.csv · machine TOC for the whole site: /llms.txt