UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN HOMES 4 RENT AMERICAN HOMES 4 RENT, L. ...

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for the quarter [14] - Core FFO per share was $0.47, representing a year-over-year growth of 4.9%, while adjusted FFO was $0.42, reflecting a growth of 6.3% year-over-year [14] - Full year core FFO per share guidance was increased by $0.03 to $1.86, indicating a year-over-year growth expectation of 5.1% [8][19] Business Line Data and Key Metrics Changes - Same home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth [9] - Core operating expense growth was 3.6%, leading to same home core NOI growth of 4.1% for the quarter [10] - The company delivered 636 homes through its AMH development program, meeting expectations [15] Market Data and Key Metrics Changes - Foot traffic increased by over 5% year-over-year, contributing to solid leasing and rate growth [9] - Same home average occupied days were 96.3%, with new renewal and blended rental rate spreads of 4.1% and 4.4% respectively [9] - July occupancy was reported at 96.1%, consistent with expectations for the year [54] Company Strategy and Development Direction - The company focuses on operational excellence, portfolio optimization, and prudent capital acumen as key strategic areas [6][8] - The AMH development program is central to growth, with a disciplined approach to acquisitions and a focus on high-quality investment-grade balance sheets [8][12] - The company aims to flatten the seasonal curve in leasing activity, expecting less deceleration in the third and fourth quarters compared to the previous year [11][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of demand for high-quality homes and the effectiveness of their revenue management strategy [9][10] - The company anticipates a favorable property tax environment due to recent reforms in Texas, positively impacting their financial outlook [14][19] - Management noted that the leasing environment is expected to remain strong, with improved bad debt outlook and stable occupancy rates [19][51] Other Important Information - The company has a net debt to adjusted EBITDA ratio of 5.2 times, with a fully undrawn revolving credit facility of $1.25 billion [17] - The company sold 370 properties for approximately $120 million in net proceeds, indicating active portfolio optimization [17] - AI technology is being leveraged to enhance leasing processes and improve resident experiences [81] Q&A Session Summary Question: Seasonal changes expected in the second half of the year - Management discussed the analysis of seasonal curves and the success of their lease expiration management initiative, which has shifted expirations to capture more leasing opportunities during prime seasons [26][27] Question: Acquisition environment and homebuilder negotiations - Management noted a slight change in homebuilder willingness to negotiate prices, providing optimism for future acquisition opportunities [30] Question: Core revenue growth outlook - The increase in core revenue growth expectations was attributed to improved leasing activity and a better bad debt outlook [34] Question: Development platform and yield expectations - Management highlighted strong execution in their development program, with yields expected to remain stable despite cost pressures [60] Question: Property tax outlook - Management provided insights on property tax assessments and the potential for favorable outcomes in key states, with a long-term average growth rate of 4% to 5% expected [66] Question: Resident income to rent ratios - Incoming resident income has been strong, with ratios exceeding five times rent and household incomes surpassing $150,000 [112] Question: Ideal occupancy levels and market conditions - Management indicated that the ideal occupancy level has shifted to around 96%, with expectations to maintain this level even in a stronger housing market [107]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $105.6 million, or $0.28 per diluted share [12] - Core FFO per share was $0.47, representing a year-over-year growth of 4.9%, while adjusted FFO was $0.42, reflecting a growth of 6.3% [12] - Full year core FFO per share guidance was increased by $0.03 to $1.86, indicating a year-over-year growth expectation of 5.1% [6][15] Business Line Data and Key Metrics Changes - Same home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth [7] - Core operating expense growth was 3.6%, leading to same home core NOI growth of 4.1% for the quarter [8] - The company delivered a total of 636 homes to its wholly owned and joint venture portfolios, meeting expectations [13] Market Data and Key Metrics Changes - Foot traffic increased by more than 5% year-over-year, contributing to solid leasing and rate growth [7] - Same home average occupied days were 96.3%, with new renewal and blended rental rate spreads of 4.1% and 4.4% respectively [7] - In July, same home average occupied days were 96.1%, indicating steady leasing activity [8] Company Strategy and Development Direction - The company focuses on operational excellence, portfolio optimization, and prudent capital acumen as key areas of its strategy [5][6] - The AMH development program remains the backbone of growth, with initial yields improving on newly delivered homes [9] - The company is committed to a disciplined acquisition approach, reviewing thousands of assets monthly across over 30 markets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expects a flatter seasonal curve in 2025 compared to 2024, anticipating less leasing deceleration in the third and fourth quarters [9] - The favorable property tax news from Texas has positively impacted the full year outlook [12] - Management expressed optimism about the acquisition environment, noting some encouraging signs from homebuilders regarding price negotiations [10][27] Other Important Information - The company’s net debt to adjusted EBITDA ratio was down to 5.2 times, with a fully undrawn revolving credit facility of $1.25 billion [14] - The company has a cash balance of $323 million, which includes proceeds from a recent bond offering [14] - The company is seeing strong incoming resident income, with income to rent ratios exceeding five times and household incomes surpassing $150,000 [105] Q&A Session Summary Question: Seasonal changes expected in the second half of the year - Management discussed the analysis of the seasonal curve, noting a shift in lease expirations to capture more leasing opportunities during prime season [22][23] Question: Acquisition environment and homebuilder negotiations - Management noted a slight change in willingness to negotiate prices from some national builders, providing optimism for future acquisitions [26][27] Question: Change in core revenue growth outlook - The increase in core revenue growth outlook was attributed to improved bad debt outlook and strong leasing activity [29][30] Question: Development platform and yield expectations - Management highlighted outstanding execution and quick lease-up as factors contributing to improved development yields, with expectations of mid-five yields for 2025 deliveries [54][57] Question: Property tax updates and long-term outlook - Management provided insights on property tax assessments, indicating a favorable outlook based on initial assessed values, particularly in Texas [61][62] Question: Disposition strategy and remaining homes - Management indicated that approximately 10-15% of freed-up homes from securitization may become attractive disposition candidates over the next few years [67][68] Question: Resident income trends - Management reported that incoming resident incomes are trending higher, with strong income to rent ratios [105]

Core Insights - American Homes 4 Rent (AMH) reported revenue of $457.5 million for the quarter ended June 2025, marking an 8% year-over-year increase and exceeding the Zacks Consensus Estimate of $443.36 million by 3.19% [1] - The company achieved an EPS of $0.47, up from $0.25 a year ago, and surpassed the consensus EPS estimate of $0.46 by 2.17% [1] Revenue Breakdown - Same-Home core revenues were reported at $361.33 million, slightly below the average estimate of $361.49 million, reflecting a year-over-year increase of 6.7% [4] - Tenant charge-backs revenue reached $52.46 million, exceeding the average estimate of $49.99 million, with a year-over-year change of 10.7% [4] - Core revenues totaled $405.05 million, surpassing the average estimate of $400.72 million, representing a 7.7% year-over-year increase [4] - Non-Same-Home core revenues were reported at $43.72 million, exceeding the average estimate of $39.23 million, with a year-over-year change of 17% [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned -0.5%, while the Zacks S&P 500 composite has increased by 2.7% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Group 1 - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and up from $0.45 per share a year ago, representing an FFO surprise of +2.17% [1] - The company posted revenues of $457.5 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.19%, compared to year-ago revenues of $423.49 million [2] - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] Group 2 - The stock's immediate price movement will depend on management's commentary on the earnings call and future FFO expectations [3] - American Homes 4 Rent shares have underperformed the market, losing about 5.8% since the beginning of the year, while the S&P 500 gained 8.2% [3] - The current consensus FFO estimate for the coming quarter is $0.46 on revenues of $464.15 million, and for the current fiscal year, it is $1.85 on revenues of $1.82 billion [7] Group 3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the top 39% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for American Homes 4 Rent was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6]

[Summary](index=3&type=section&id=Summary) [Earnings Press Release](index=3&type=section&id=Earnings%20Press%20Release) AMH reported strong financial and operating results for the second quarter of 2025, highlighted by significant year-over-year growth in revenues, net income, and Core Funds from Operations (Core FFO), leading to raised full-year 2025 guidance for Core FFO per share Q2 2025 Financial Highlights (Year-over-Year) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Rents & other property revenues | $457.5M | $423.5M | +8.0% | | Net income attributable to common shareholders | $105.6M | $92.1M | +14.7% | | Net income per diluted share | $0.28 | $0.25 | +12.0% | | Core FFO per share and unit | $0.47 | $0.45 | +4.9% | | Adjusted FFO per share and unit | $0.42 | $0.39 | +6.3% | | Same-Home Core NOI | $236.8M | $227.5M | +4.1% | - The company raised its full-year 2025 Core FFO guidance midpoint by **$0.03 to $1.86 per share and unit**, representing an anticipated **5.1% growth** over the prior year[7](index=7&type=chunk)[10](index=10&type=chunk) - During Q2 2025, AMH delivered **636 newly constructed homes** through its development program and issued **$650.0 million of 4.95% unsecured senior notes** due 2030[10](index=10&type=chunk)[24](index=24&type=chunk) - Same-Home portfolio achieved **96.3% average occupancy** in Q2 2025, with **blended rental rate growth of 4.3%** (4.1% on new leases and 4.4% on renewals)[10](index=10&type=chunk) [Select Non-GAAP Reconciliations – Core Net Operating Income](index=8&type=section&id=Select%20Non-GAAP%20Reconciliations%20%E2%80%93%20Core%20Net%20Operating%20Income) This section provides detailed reconciliations of non-GAAP measures such as Core Net Operating Income (Core NOI), Same-Home Core NOI, and core revenues to their nearest GAAP equivalents, offering transparency into the company's operating performance Core NOI Reconciliation Summary (Q2 2025 vs Q2 2024) | (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Core revenues** | $405,046 | $376,123 | | **Core property operating expenses** | $140,907 | $133,141 | | **Core NOI (Total Portfolio)** | $264,139 | $242,982 | | **Same-Home Core NOI** | $236,798 | $227,487 | - The reconciliations demonstrate how GAAP figures like 'Rents and other single-family property revenues' and 'Property operating expenses' are adjusted to arrive at the non-GAAP 'Core' metrics used for performance evaluation[40](index=40&type=chunk) [Fact Sheet](index=10&type=section&id=Fact%20Sheet) The fact sheet offers a condensed view of AMH's key operational, financial, and portfolio data for the last five quarters, including per-share metrics, balance sheet information, and property statistics Key Metrics as of June 30, 2025 | Metric | Value | | :--- | :--- | | Core FFO per share and unit (Q2 2025) | $0.47 | | Total Debt | $5.23B | | Total single-family properties (wholly owned) | 61,500 | | Total single-family properties (wholly owned and managed) | 65,116 | | Total Average Occupied Days Percentage | 95.7% | | Same-Home Average Occupied Days Percentage | 96.3% | - The company's Net Debt and Preferred Shares to Adjusted EBITDAre ratio stood at **5.2x** as of June 30, 2025[45](index=45&type=chunk) [Financial Information](index=11&type=section&id=Financial%20Information) [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The income statement shows a year-over-year increase in total revenues to **$457.5 million** for Q2 2025, with net income attributable to common shareholders growing to **$105.6 million**, or **$0.28 per diluted share** Q2 2025 Statement of Operations Summary (vs. Q2 2024) | (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Rents and other single-family property revenues | $457,503 | $423,494 | | Total expenses | $390,406 | $362,763 | | Net income | $123,624 | $108,534 | | Net income attributable to common shareholders | $105,553 | $92,142 | [Funds from Operations](index=12&type=section&id=Funds%20from%20Operations) This section reconciles net income to key non-GAAP performance metrics, with FFO at **$0.45 per share**, Core FFO at **$0.47 per share**, and Adjusted FFO at **$0.42 per share** for Q2 2025, all showing year-over-year growth FFO Reconciliation per Share (Q2 2025 vs Q2 2024) | Per FFO Share and Unit | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | FFO attributable to common share and unit holders | $0.45 | $0.42 | | Core FFO attributable to common share and unit holders | $0.47 | $0.45 | | Adjusted FFO attributable to common share and unit holders | $0.42 | $0.39 | [Core Net Operating Income – Total Portfolio](index=13&type=section&id=Core%20Net%20Operating%20Income%20%E2%80%93%20Total%20Portfolio) The total portfolio's Core NOI increased to **$264.1 million** in Q2 2025 from **$243.0 million** in Q2 2024, with a Core NOI margin of **65.2%**, providing a detailed breakdown by property status - For Q2 2025, the total portfolio Core NOI margin was **65.2%**, an improvement from **64.6%** in Q2 2024[53](index=53&type=chunk) Core NOI by Property Status (Q2 2025) | (in thousands) | Same-Home | Stabilized | Non-Stabilized | Held for Sale & Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Property count | 54,029 | 3,182 | 3,383 | 906 | 61,500 | | Core NOI | $236,798 | $16,473 | $9,713 | $1,155 | $264,139 | | Core NOI Margin | 65.5% | 71.1% | 55.4% | 38.2% | 65.2% | [Same-Home Results](index=14&type=section&id=Same-Home%20Results) This section provides a comprehensive analysis of the Same-Home portfolio's performance, covering year-over-year and sequential quarterly results, as well as a detailed breakdown of operating metrics by market, showing strong overall rent growth and NOI improvement [Quarterly and Year-to-Date Comparisons](index=14&type=section&id=Same-Home%20Results%20%E2%80%93%20Quarterly%20and%20Year-to-Date%20Comparisons) For Q2 2025, the Same-Home portfolio delivered a **4.1% year-over-year increase in Core NOI**, driven by a **3.9% rise in core revenues**, primarily due to a **4.0% increase in Average Monthly Realized Rent per Property** Same-Home Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Core revenues | $361.3M | $347.6M | +3.9% | | Core property operating expenses | $124.5M | $120.1M | +3.6% | | Core NOI | $236.8M | $227.5M | +4.1% | | Average Occupied Days Percentage | 96.3% | 96.7% | -0.4% | | Average Monthly Realized Rent | $2,276 | $2,188 | +4.0% | [Sequential Quarterly Results](index=15&type=section&id=Same-Home%20Results%20%E2%80%93%20Sequential%20Quarterly%20Results) On a sequential basis, the Same-Home portfolio showed continued strength in Q2 2025, with average blended rent change accelerating to **4.3%** from **3.6%** in Q1 2025, driven by stronger re-leasing spreads Sequential Same-Home Leasing Trends | Metric | Q2 2025 | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | :--- | | Average Blended Change in Rent | 4.3% | 3.6% | 3.4% | | Average Change in Rent for Renewals | 4.4% | 4.5% | 5.0% | | Average Change in Rent for Re-Leases | 4.1% | 1.4% | 0.3% | [Operating Metrics by Market](index=16&type=section&id=Same-Home%20Results%20%E2%80%93%20Operating%20Metrics%20by%20Market) This table details Same-Home operating metrics across the company's top 20 markets, with Greater Chicago (**7.9%**), Cincinnati (**6.5%**), and Indianapolis (**6.3%**) showing the highest blended rent growth in Q2 2025 - Top markets for blended rent growth in Q2 2025 included Seattle (**8.0%**), Greater Chicago area (**7.9%**), and Cincinnati (**6.5%**)[67](index=67&type=chunk) - The largest Same-Home markets by property count are Atlanta (**5,319**), Charlotte (**3,879**), and Dallas-Fort Worth (**3,591**)[67](index=67&type=chunk) [Condensed Consolidated Balance Sheets](index=17&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, AMH reported total assets of **$13.6 billion**, up from **$13.4 billion** at year-end 2024, with total liabilities at **$5.7 billion** and total equity at **$7.8 billion** Balance Sheet Summary | (in thousands) | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total real estate assets, net | $12,499,922 | $12,365,691 | | Cash and cash equivalents | $323,258 | $199,413 | | **Total assets** | **$13,592,318** | **$13,381,151** | | Total liabilities | $5,746,775 | $5,532,521 | | **Total equity** | **$7,845,543** | **$7,848,630** | [Debt Summary](index=18&type=section&id=Debt%20Summary) As of June 30, 2025, the company had total debt of **$5.2 billion** with a weighted-average interest rate of **4.45%** and a weighted-average maturity of **9.9 years**, predominantly fixed-rate and unsecured - Total debt outstanding was **$5.23 billion**, with a weighted-average interest rate of **4.45%** and a term to maturity of **9.9 years**[73](index=73&type=chunk) - The company has provided notice of its intent to pay off the **$427.5 million AMH 2015-SFR2 securitization** during the third quarter of 2025[76](index=76&type=chunk) - The company had **no outstanding borrowings** on its **$1.25 billion revolving credit facility** as of June 30, 2025[25](index=25&type=chunk) [Capital Structure and Credit Metrics](index=19&type=section&id=Capital%20Structure%20and%20Credit%20Metrics) The company's total capitalization stood at **$20.7 billion** as of June 30, 2025, with debt comprising **25.3%** of the total, maintaining healthy credit metrics and investment-grade ratings Key Credit Metrics (as of June 30, 2025) | Metric | Value | | :--- | :--- | | Net Debt and Preferred Shares to Adjusted EBITDAre | 5.2x | | Fixed Charge Coverage | 4.1x | | Unencumbered Core NOI percentage | 93.6% | Credit Ratings | Rating Agency | Rating | Outlook | | :--- | :--- | :--- | | Moody's Investor Service | Baa2 | Stable | | S&P Global Ratings | BBB | Positive | - The company was in compliance with all unsecured senior note and unsecured credit facility covenants as of June 30, 2025[81](index=81&type=chunk) [Property and Other Information](index=20&type=section&id=Property%20and%20Other%20Information) [Top 20 Markets Summary](index=20&type=section&id=Top%2020%20Markets%20Summary) This section provides a detailed overview of property and leasing information for AMH's top 20 markets, with Atlanta, GA being the largest with **6,028 properties**, representing **9.9%** of the total portfolio Top 5 Markets by Property Count | Market | Number of Properties | % of Total | | :--- | :--- | :--- | | Atlanta, GA | 6,028 | 9.9% | | Charlotte, NC | 4,244 | 7.0% | | Dallas-Fort Worth, TX | 3,787 | 6.2% | | Nashville, TN | 3,383 | 5.6% | | Jacksonville, FL | 3,365 | 5.6% | - For the total portfolio, the average occupancy was **95.7%** and the average blended rent change was **4.2%** for Q2 2025[84](index=84&type=chunk) [Property Additions and Dispositions](index=21&type=section&id=Property%20Additions%20and%20Dispositions) This section details the company's portfolio activity for Q2 and YTD 2025, with **506 properties** added primarily through development and **370 properties** disposed of as part of its capital recycling strategy [Property Additions](index=21&type=section&id=Property%20Additions) During Q2 2025, the company added **506 properties** at an average total investment cost of **$400,200**, with year-to-date additions totaling **943 properties** Property Additions Summary | Period | Number of Properties | Average Total Investment Cost | | :--- | :--- | :--- | | Q2 2025 | 506 | $400,200 | | YTD 2025 | 943 | $400,993 | [Property Dispositions](index=21&type=section&id=Property%20Dispositions) AMH disposed of **370 properties** in Q2 2025, generating average net proceeds of **$325,982 per property**, with **786 properties** sold year-to-date and **904 properties** held for sale Property Dispositions Summary | Period | Number of Properties | Average Net Proceeds per Property | | :--- | :--- | :--- | | Q2 2025 | 370 | $325,982 | | YTD 2025 | 786 | $324,564 | [AMH Development Pipeline Summary](index=22&type=section&id=AMH%20Development%20Pipeline%20Summary) As of June 30, 2025, AMH's development pipeline consisted of **8,965 total lots** owned and optioned for future delivery, with **1,181 homes** delivered year-to-date and a full-year 2025 estimate of **2,200-2,400 total deliveries** - The total development pipeline includes **8,078 lots** for future delivery and an additional **887 lots** optioned, totaling **8,965 lots**[94](index=94&type=chunk) Estimated 2025 Development Deliveries | Pipeline | Full Year Estimated 2025 Deliveries | | :--- | :--- | | Wholly-owned | 1,800 - 2,000 | | Joint venture | ~400 | | **Total** | **2,200 - 2,400** | [Lease Expirations, Share Repurchase History and ATM Share History](index=23&type=section&id=Lease%20Expirations%2C%20Share%20Repurchase%20History%20and%20ATM%20Share%20History) This section provides data on upcoming lease expirations, share repurchase activity, and the At-The-Market (ATM) share program, noting a significant number of leases expiring in the first half of 2026 and no share repurchase or ATM activity in Q2 2025 [Lease Expirations](index=23&type=section&id=Lease%20Expirations) The lease expiration schedule shows a concentration in the first and second quarters of 2026, with **17,314** and **16,396 leases** expiring, aligning with the company's strategy to shift expirations to the peak leasing season - A total of **33,710 leases** are scheduled to expire in the first half of 2026, representing the peak period for expirations[98](index=98&type=chunk) [Share Repurchase History](index=23&type=section&id=Share%20Repurchase%20History) AMH did not repurchase any of its common shares in Q2 2025, with **$265.1 million** remaining under its current share repurchase authorization - No common shares were repurchased in Q2 2025, with the remaining authorization at **$265,067 thousand**[100](index=100&type=chunk) [ATM Share History](index=23&type=section&id=ATM%20Share%20History) The company did not sell any shares through its At-The-Market (ATM) program during Q2 2025, with **$753.7 million** remaining under the ATM program authorization - No shares were sold via the ATM program in Q2 2025[102](index=102&type=chunk) [2025 Guidance](index=24&type=section&id=2025%20Guidance) AMH has raised its full-year 2025 guidance, now expecting Core FFO per share in the range of **$1.84 to $1.88**, an increase of **$0.03** at the midpoint, and raised Same-Home Core NOI growth guidance Updated Full Year 2025 Guidance | Metric | Previous Guidance | Current Guidance | | :--- | :--- | :--- | | Core FFO per share and unit | $1.80 - $1.86 | $1.84 - $1.88 | | Same-Home Core revenues growth | 2.50% - 4.50% | 3.00% - 4.50% | | Same-Home Core property operating expenses growth | 3.00% - 5.00% | 3.00% - 4.50% | | Same-Home Core NOI growth | 2.25% - 4.25% | 2.75% - 4.75% | - The increase in Core FFO guidance is attributed to stronger Core NOI growth from better leasing performance and lower bad debt, favorable property tax information, and an improved financing cost outlook[106](index=106&type=chunk) - The guidance for wholly-owned development deliveries remains at **1,800 - 2,000 properties** for the full year 2025[105](index=105&type=chunk) [Defined Terms and Non-GAAP Reconciliations](index=25&type=section&id=Defined%20Terms%20and%20Non-GAAP%20Reconciliations) This concluding section provides detailed definitions for key operational metrics and non-GAAP financial measures, such as Core NOI, FFO, and Adjusted FFO, along with comprehensive reconciliation tables to their most directly comparable GAAP measures - Defines Core Net Operating Income (Core NOI) as core revenues less core property operating expenses, excluding certain items like tenant charge-backs and noncash share-based compensation[113](index=113&type=chunk) - Defines Funds from Operations (FFO) in accordance with NAREIT standards and further defines Core FFO and Adjusted FFO by making additional adjustments for items like transaction costs, noncash compensation, and recurring capital expenditures[128](index=128&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk) - Defines a Same-Home Property as one that has been stabilized for more than 90 days prior to the beginning of the earliest comparison period and has not been held for sale or experienced a casualty loss[144](index=144&type=chunk) - Provides detailed reconciliations for various non-GAAP measures, including EBITDAre, Adjusted EBITDAre, Retained Cash Flow, and FFO per share, to their corresponding GAAP metrics[123](index=123&type=chunk)[137](index=137&type=chunk)[143](index=143&type=chunk)

Core Insights - AMH raised its full year 2025 Core FFO guidance midpoint by $0.03 per share to $1.86, indicating a projected growth of 5.1% over the previous year [3][13][21] Financial Performance - For Q2 2025, net income attributable to common shareholders was $105.6 million, or $0.28 per diluted share, up from $92.1 million, or $0.25 per diluted share in Q2 2024, primarily due to increased rents and property revenues [4][13] - Rents and other single-family property revenues rose 8.0% to $457.5 million in Q2 2025, compared to $423.5 million in Q2 2024, driven by a larger occupied portfolio and higher rental rates [5][13] - Core NOI from the total portfolio increased 8.7% to $264.1 million in Q2 2025, compared to $243.0 million in Q2 2024, supported by a 7.7% rise in core revenues [6][13] - Core FFO attributable to common share and unit holders was $198.0 million, or $0.47 per FFO share, for Q2 2025, compared to $187.1 million, or $0.45 per FFO share, for Q2 2024 [8][13] Year-to-Date Results - For the six-month period ended June 30, 2025, net income attributable to common shareholders totaled $215.5 million, or $0.58 per diluted share, compared to $201.4 million, or $0.55 per diluted share for the same period in 2024 [9][15] - Rents and other single-family property revenues increased 8.2% to $916.8 million for the six-month period ended June 30, 2025, compared to $847.0 million for the same period in 2024 [10][15] - Core NOI from the total portfolio rose 8.8% to $523.0 million for the six-month period ended June 30, 2025, compared to $480.7 million for the same period in 2024 [11][15] Same-Home Portfolio Performance - For the Same-Home portfolio, core revenues increased 4.2% to $716.9 million for the six-month period ended June 30, 2025, driven by a 4.2% increase in Average Monthly Realized Rent per property [12][15] - Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six-month period ended June 30, 2025, primarily due to higher repairs and maintenance costs [14][15] Capital Activities - During Q2 2025, the Company issued $650.0 million of 4.95% unsecured senior notes due 2030, raising net proceeds of $642.5 million [18][19] - As of June 30, 2025, the Company had cash and cash equivalents of $323.3 million and total outstanding debt of $5.2 billion, with a weighted-average interest rate of 4.5% [19][28] Guidance Summary - The Company expects full year 2025 Core FFO attributable to common share and unit holders to be in the range of $1.84 - $1.88, reflecting growth of 4.0% - 6.2% [21][20] - Core revenues growth for Same-Home properties is anticipated to be between 3.00% - 4.50% for 2025 [21]

Financial Data and Key Metrics Changes - The profit for the year decreased to $6.7 million from $7.5 million in 2024, attributed to reduced dividends received and fewer gains on the trading portfolio [6][7][9] - Realized gains after tax amounted to $13.7 million, which are not included in the profit figure [7] - The total dividend for the year increased to 6.5 cents from 4 cents last year, consisting of a normal final dividend of 2.5 cents and a special dividend of 3 cents [9] - The portfolio return was 6.4%, significantly below the market return of 15.1% [9] Business Line Data and Key Metrics Changes - The company experienced a reduction in dividends received due to the sale of high-yielding stocks and a shift towards stocks with different growth profiles [6] - The expense ratio remained stable at 56 basis points, indicating consistent operational costs [9] Market Data and Key Metrics Changes - The company is trading at a discount to its net tangible asset (NTA), a common issue faced by many Listed Investment Companies (LICs) [11][12] - The board is aware of the discount and has initiated a share buyback to help mitigate this issue [12][13] Company Strategy and Development Direction - The company aims to focus on quality stocks with strong profit growth potential and sustainable competitive advantages [18][21] - A disciplined investment approach has been adopted, with a focus on maintaining a low turnover portfolio and avoiding overvalued stocks [17][22] - The management is actively engaging with investors to educate them about the benefits of investing in the company, especially given its low management expense ratio and absence of performance fees [59][60] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious stance on the market, highlighting high valuations and the need for a defensive position [49][51] - Concerns were raised about external factors such as tariffs and a nervous corporate environment ahead of the reporting season [52][53] - The management remains committed to investing in financially strong companies with growth potential, despite the current market challenges [53] Other Important Information - The company has engaged a business development manager to connect with potential investors and financial planners [59] - The management is focused on maintaining a diversified portfolio to capture growth opportunities while managing risks [45][46] Q&A Session Summary Question: What steps are being implemented to improve portfolio performance? - The management acknowledged the underperformance and emphasized a disciplined approach that has been in place for two and a half years, which has shown some outperformance [56][60] Question: Why is the company still invested in CSL despite its impact on performance? - The management highlighted CSL's strong EPS growth and potential for future growth as reasons for maintaining the investment [63][65] Question: Will the company consider buying back more shares? - The management indicated that buying back shares, especially to neutralize the DRP shares, makes sense but decisions will be made by the board [69] Question: What is the outlook for Woolworths? - The management expressed a cautious optimism about Woolworths' ability to achieve reasonable EPS growth, maintaining a hold on the stock for now [92] Question: How does the company view its investment in Transurban? - The management believes Transurban has a dominant market position and expects distribution growth, making it a solid investment [70][72] Question: What is the company's stance on high growth stocks in the current market? - The management prefers to invest in high-quality growth companies, even if they appear overpriced, as they believe earnings can eventually catch up [108]

Core Insights - AMH published its 2024 Sustainability Report, emphasizing its commitment to responsible practices and transparency in performance and initiatives [1][3] Company Overview - AMH is a leading large-scale integrated owner, operator, and developer of single-family rental homes, functioning as an internally managed Maryland real estate investment trust (REIT) [4] Sustainability Initiatives - The report highlights AMH's efforts to expand housing supply, strengthen neighborhoods, reduce waste, cut emissions, and improve efficiency [2] - AMH achieved a 13% reduction in greenhouse gas emissions intensity per home from the 2022 baseline [7] - The company generated over 1,100 MWh of renewable energy, marking an 81% increase from the previous year [7] Employee and Customer Satisfaction - AMH earned an employee Net Promoter Score® of 51, an increase from 48 in 2023, and significantly above the sector benchmark [7] - The company invested in tech-powered upgrades across its operational stack, resulting in improved service quality and customer satisfaction [7] Housing Performance - As of March 31, 2025, AMH owned over 61,000 single-family properties across various regions in the United States [5] - The average Home Energy Rating System (HERS®) score for AMH-built homes was 54.2, which is 8 points better than in 2021 and over 5 points better than in 2023 [7]

Group 1 - The article focuses on American Homes 4 Rent (NYSE: AMH), analyzing its financial instruments and credit rating to understand the rationale behind the ratings assigned by credit agencies [1] - It invites active investors to join a free trial and engage in discussions about investment ideas in a chat room with experienced traders and investors [1] Group 2 - The article does not provide specific financial data or performance metrics for American Homes 4 Rent [2]