American Homes 4 Rent

Legal structure and core business

• American Homes 4 Rent (AMH) is an internally managed Maryland real estate investment trust (REIT).
• AMH is the general partner of American Homes 4 Rent, L.P. (the Operating Partnership, or OP).
• AMH contributes net proceeds from equity offerings to the OP and receives OP units, which are exchangeable for AMH shares on a one-for-one basis.
• The OP owns substantially all of AMH’s assets, conducts the Company’s operations, and is structured as a limited partnership with no publicly traded equity.
• The Operating Partnership is not subject to U.S. federal income tax; its partners (including AMH) are allocated income for tax purposes.

Primary business activities

• Develops, renovates, leases and manages single-family rental homes.
• Operates an integrated platform that combines development, property management, leasing, marketing and administrative functions.
• Uses an internal AMH Development Program to build “built-for-rental” homes and evaluates sourcing newly constructed homes from third-party developers through a National Builder Program.
• Emphasizes in-house property management to optimize rental revenue, control costs, standardize branding and maintain direct tenant contact.

Development and portfolio scale

• Since 2017, AMH Development has built over 14,000 built-for-rental homes.
• As of December 31, 2025:
  • Total single-family properties: 61,479 in select submarkets of MSAs across 24 states.
  • Properties held for sale: 1,142.
  • Occupied properties (excluding those held for sale): 56,756.
  • Properties in unconsolidated joint ventures: 3,785.

Geographic and market focus

• Portfolio concentrated in select high-growth markets within metropolitan statistical areas.
• Major concentration in nine markets (examples given): Atlanta, GA; Charlotte, NC; Dallas–Fort Worth, TX; Nashville, TN; Jacksonville, FL; Phoenix, AZ; Indianapolis, IN; Tampa, FL; Las Vegas, NV; Houston, TX.

Workforce and operations

• Integrated operating platform supported by 1,598 employees (as of 12/31/2025) across property management, development, marketing, leasing, financial and administrative functions.
• In-house capabilities include centralized corporate functions (management, accounting, legal, marketing, call centers) and local leasing agents/property managers in each market.
• Uses self-guided property showings, centralized rent setting driven by data models, and online tenant portals for applications and payments.

Brand, customer experience and risk management

• Positions itself as a national brand focused on quality, value and resident satisfaction.
• Maintains a comprehensive insurance program, including a wholly owned captive insurance company, American Dream Insurance, LLC, to manage certain risks.
• Business model relies on a large-scale portfolio of single-family rentals, with a mix of owned properties and properties in unconsolidated joint ventures, managed through an integrated platform designed to drive occupancy, rental rates and long-term property appreciation.

Key corporate and capital structure details

• AMH is the general partner of the OP; as of 12/31/2025, AMH owned approximately 87.9% of the OP’s common partnership interests; the remaining 12.1% was owned by limited partners.
• Development and operational activities are funded through OP debt, equity contributions from AMH, and the issuance of OP units that can be exchanged for AMH shares.