AMH (American Homes 4 Rent)

Structure and purpose

• AMH is a Maryland-domiciled real estate investment trust (REIT) that is internally managed.
• AMH is the general partner (GP) of American Homes 4 Rent, L.P. (the Operating Partnership, OP), a Delaware limited partnership through which the company conducts substantially all of its business and holds substantially all of its assets.
• The OP owns the assets and conducts operations; AMH’s primary asset is its partnership interest in the OP.
• The OP generates capital through operations, indebtedness, and issuance of OP units. AMH contributes all net proceeds from its equity offerings to the OP and receives OP units in exchange on a one-for-one basis under the Agreement of Limited Partnership, as amended.

Corporate governance and ownership

• As of December 31, 2025, AMH owned approximately 87.9% of the common partnership interests in the OP; the remaining 12.1% was owned by limited partners.
• AMH’s management operates AMH and the OP as a single business; the GP has exclusive day-to-day control of the OP.

Core business and strategy

• Primary focus: developing, renovating, leasing, and managing single-family homes as rental properties (built-for-rental homes) on a national scale.
• AMH Development Program: an internal program to build built-for-rental homes; since 2017, the program has developed over 14,000 built-for-rental homes.
• National Builder Program: evaluates opportunities to source newly constructed homes from third-party developers in target markets.
• Property management and leasing: centralized corporate functions (management, accounting, legal, marketing, call centers) supported by local leasing agents and property managers to maintain brand consistency and operating efficiencies.
• Branding and resident experience: positions AMH as a national brand focused on quality, value, and resident satisfaction; operates a toll-free call center and a resident-facing website/portal.

Portfolio and scale (as of December 31, 2025)

• Total single-family properties owned: 61,479.
• Properties held for sale: 1,142 (included in the total).
• Properties occupied: 56,756 (excluding those held for sale).
• Unconsolidated joint ventures: 3,785 properties.
• Geographic concentration: 57.9% of operating properties are located in select submarkets within the following MSAs: Atlanta, GA; Charlotte, NC; Dallas–Fort Worth, TX; Nashville, TN; Jacksonville, FL; Phoenix, AZ; Indianapolis, IN; Tampa, FL; Las Vegas, NV; Houston, TX.
• Market approach: properties are placed in select submarkets of MSAs to target areas with steady population growth and rental demand.

Workforce and operations

• Employees: 1,598, covering property management, development, marketing, leasing, financial, and administrative functions.
• Operations are designed to be scalable, with an integrated platform that supports property management, leasing, tenant relations, and maintenance.

Tax treatment and REIT status

• AMH elected to be taxed as a REIT for U.S. federal income tax purposes beginning in 2012.
• The OP is treated as a partnership for federal income tax purposes and generally is not subject to U.S. federal income tax on its income; income is allocated to the partners, including AMH.

Business funding and management

• Growth is funded through a combination of equity offerings and debt, with AMH’s equity proceeds contributed to the OP.
• AMH maintains a sizable in-house property management infrastructure to control costs, ensure service standards, and maintain branding across markets.