$AMH-PH

American Homes 4 Rent

CIK:0001562401|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Rents and other single-family property revenues	$ 470,104		$ 457,503		$ 942,128	$ 916,779
Expenses:
General and administrative expense	21,659		20,008		42,991	39,679
Interest expense	49,527		46,303		97,749	91,729
Acquisition, disposition and other transaction costs	3,195		2,655		6,255	5,716
Depreciation and amortization	127,606		126,939		254,950	251,867
Total expenses	397,774		390,406		799,725	785,203
Gain on sale and impairment of single-family properties and other, net	59,432		51,908		137,876	113,924
Loss on early extinguishment of debt	0		0		0	(216)
Other income and expense, net	1,157		4,619		1,484	7,053
Net income	132,919	$ 148,844	123,624	$ 128,713	281,763	252,337
Noncontrolling interest	15,807		14,585		33,397	29,840
Dividends on preferred shares	3,486		3,486		6,972	6,972
Net income attributable to common shareholders	$ 113,626		$ 105,553		$ 241,394	$ 215,525
Weighted-average common shares outstanding:
Basic (in shares)	360,629,168		370,692,250		362,445,489	370,538,451
Diluted (in shares)	360,808,221		371,059,970		362,643,354	370,916,988
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.31		$ 0.28		$ 0.66	$ 0.58
Diluted (in dollars per share)	$ 0.31		$ 0.28		$ 0.66	$ 0.58
Property operating expenses
Expenses:
Cost of goods and services sold	$ 161,943		$ 160,089		$ 330,652	$ 327,619
Property management expenses
Expenses:
Cost of goods and services sold	$ 33,844		$ 34,412		$ 67,128	$ 68,593

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 281,763	$ 252,337
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	254,950	251,867
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	4,823	4,948
Noncash share-based compensation	13,405	14,134
Loss on early extinguishment of debt	0	216
Equity in net loss (income) of unconsolidated entities	1,681	(40)
Return on investment from unconsolidated joint ventures	975	1,659
Gain on sale and impairment of single-family properties and other, net	(137,876)	(113,924)
Other changes in operating assets and liabilities:
Rent and other receivables	(2,490)	(1,992)
Prepaid expenses and other assets	8,272	6,163
Deferred leasing costs	(1,574)	(2,337)
Accounts payable and accrued expenses	73,004	80,817
Amounts due from related parties	(1,244)	1,413
Net cash provided by operating activities	495,689	495,261
Investing activities
Cash paid for single-family properties	0	(5,558)
Change in escrow deposits for purchase of single-family properties and land	(844)	(2,891)
Net proceeds received from sales of single-family properties and other	403,139	280,293
Proceeds received from storm-related insurance claims	240	0
Proceeds from notes receivable related to the sale of properties	122	134
Investment in unconsolidated joint ventures	(7,752)	(8,177)
Distributions from unconsolidated entities	7,997	18,546
Renovations to single-family properties	(25,074)	(21,573)
Recurring and other capital expenditures for single-family properties	(49,239)	(61,689)
Cash paid for development activity	(288,389)	(412,451)
Other investing activities	(13,076)	(15,039)
Net cash provided by (used for) investing activities	27,124	(228,405)
Financing activities
Proceeds from issuances under share-based compensation plans	2,642	4,048
Payments related to tax withholding for share-based compensation	(9,711)	(11,643)
Payments on asset-backed securitizations	0	(498,079)
Proceeds from unsecured senior notes, net of discount	0	646,385
Settlement of cash flow hedging instruments	0	31
Payments related to liabilities to repurchase consolidated land not owned	0	(24,614)
Distributions to noncontrolling interests	(33,015)	(30,614)
Distributions to common shareholders	(240,569)	(223,976)
Distributions to preferred shareholders	(6,972)	(6,972)
Deferred financing costs paid	0	(5,038)
Net cash used for financing activities	(495,804)	(150,472)
Net increase in cash, cash equivalents and restricted cash	27,009	116,384
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	230,690	350,216
Cash, cash equivalents and restricted cash, end of period (see Note 3)	257,699	466,600
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(93,077)	(79,615)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	44,696	55,015
Transfers of completed homebuilding deliveries to single-family properties	424,013	382,117
Noncash right-of-use assets obtained in exchange for operating lease liabilities	3,676	1,617
Accrued distributions to affiliates	745	1,569
Accrued distributions to non-affiliates	179	175
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	110,000	410,000
Payments on revolving credit facility	(80,000)	(410,000)
Class A common shares
Financing activities
Repurchases of Class A common shares	$ (238,179)	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Single-family properties:
Land	$ 2,446,061	$ 2,406,467
Buildings and improvements	12,222,317	11,971,961
Single-family properties in operation	14,668,378	14,378,428
Less: accumulated depreciation	(3,540,311)	(3,366,795)
Single-family properties in operation, net	11,128,067	11,011,633
Single-family properties under development and development land	989,611	1,233,586
Single-family properties and land held for sale, net	208,376	225,861
Total real estate assets, net	12,326,054	12,471,080
Cash and cash equivalents	83,670	108,516
Restricted cash	174,029	122,174
Rent and other receivables	45,369	43,119
Escrow deposits, prepaid expenses and other assets	224,414	228,017
Investments in unconsolidated joint ventures	147,283	148,935
Goodwill	120,279	120,279
Total assets	13,121,098	13,242,120
Liabilities
Revolving credit facility	390,000	360,000
Unsecured senior notes, net	4,740,117	4,735,735
Accounts payable and accrued expenses	511,966	436,879
Total liabilities	5,642,083	5,532,614
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares	92	92
Additional paid-in capital	7,183,780	7,411,003
Accumulated deficit	(385,896)	(387,643)
Accumulated other comprehensive income	6,005	6,630
Total shareholders’ equity	6,807,579	7,033,748
Noncontrolling interest	671,436	675,758
Total equity	7,479,015	7,709,506
Total liabilities and equity/capital	13,121,098	13,242,120
Class A common shares
Shareholders’ equity:
Common stock value	3,592	3,660
Class B common shares
Shareholders’ equity:
Common stock value	$ 6	$ 6