Core Viewpoint - AMH announced the tax treatment of its 2025 cash distributions, detailing the classification of quarterly distributions for the year ended December 31, 2025 [1] Distribution Classification - For the quarter ending March 31, 2025, the distribution was classified as follows: - Ordinary Dividend Income: 70.17% - Qualified Dividend Income: 0.88% - Capital Gain Distributions: 28.95% [1] - For the quarter ending June 30, 2025: - Ordinary Dividend Income: 46.57% - Qualified Dividend Income: 1.58% - Capital Gain Distributions: 51.85% [1] - For the quarter ending September 30, 2025: - Ordinary Dividend Income: 46.57% - Qualified Dividend Income: 1.58% - Capital Gain Distributions: 51.85% [1] - For the quarter ending December 31, 2025: - Ordinary Dividend Income: 46.57% - Qualified Dividend Income: 1.58% - Capital Gain Distributions: 51.85% [1] Tax Treatment Details - 100% of the Ordinary Dividend Income is treated as Internal Revenue Code (IRC) Section 199A Qualified REIT Dividend Income, requiring shareholders to hold their REIT shares for at least 45 days for this classification [1] - 31.57% of the capital gain distributions is treated as unrecaptured IRC Section 1250 gain [1] - The tax return for the year ended December 31, 2025, has not yet been filed, and the income tax classification is based on the best available information as of the release date [1] Company Overview - AMH is a leading large-scale integrated owner, operator, and developer of single-family rental homes, focusing on acquiring, developing, renovating, leasing, and managing homes as rental properties [3] - As of September 30, 2025, AMH owned over 61,000 single-family properties across various regions in the United States [4]

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]