American Homes 4 Rent

Listed Company

AMH-PHCIK 0001562401NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$513.39M

Total Assets

$13.24B

Equity

$7.03B

Shares Out

—

Op. Cash Flow

$864.33M

Business

American Homes 4 Rent acquires, develops, renovates, leases and manages single-family homes as rental properties. It offers rental housing through built-for-rental construction, acquisitions from third-party builders, property renovation and comprehensive leasing and tenant services supported by an integrated technology-enabled tenant portal. The business operates through an Operating Partnership with distinct programs and functions, including the AMH Development Program, National Builder Program, internal property management and investments via unconsolidated joint ventures. Properties are concentrated in select submarkets of metropolitan statistical areas across 24 states and sourced or marketed through MLS, brokers, its website, local offices and call centers.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rents and other single-family property revenues	1,850	1,729	1,624	1,491	1,304
General and administrative expense	83	84	75	68	56
Interest expense	185	165	140	135	115
Acquisition and other transaction costs	12	12	17	23	16
Depreciation and amortization	504	477	457	427	373
Hurricane-related charges, net	0	9	0	6	0
Total expenses	1,584	1,502	1,411	—	—
Gain on sale and impairment of single-family properties and other, net	231	226	210	136	50
Loss on early extinguishment of debt	−396,000	−6	0	0	0
Other income and expense, net	16	22	10	—	—
Net income	513	468	432	310	211
Noncontrolling interest	60	56	52	37	21
Dividends on preferred shares	14	14	14	17	38
Net income attributable to common shareholders / unitholders	439	398	366	251	135
Basic (in shares)	371	367	362	349	324
Diluted (in shares)	371	368	362	350	326
Basic (in dollars per share)	1.18	1.08	1.01	0.72	0.42
Diluted (in dollars per share)	1.18	1.08	1.01	0.71	0.41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	2,406	2,370	2,234	2,197	2,062
Buildings and improvements	11,972	11,559	10,651	10,128	9,258
Single-family properties in operation	14,378	13,929	12,886	12,325	11,320
Less: accumulated depreciation	−3,367	−3,049	−2,720	−2,386	−2,073
Single-family properties in operation, net	11,012	10,881	10,166	9,939	9,247
Single-family properties under development and development land	1,234	1,272	1,409	1,187	882
Single-family properties and land held for sale, net	226	213	182	199	115
Total real estate assets, net	12,471	12,366	11,757	11,325	10,245
Cash and cash equivalents	109	199	59	69	48
Restricted cash	122	151	162	149	144
Rent and other receivables	43	48	43	48	42
Escrow deposits, prepaid expenses and other assets	228	337	406	331	217
Investments in unconsolidated joint ventures	149	159	114	107	122
Goodwill	120	120	120	120	120
Total assets	13,242	13,381	12,688	12,175	10,962
Revolving credit facility	360	0	90	130	350
Asset-backed securitizations, net	0	924	1,871	1,891	1,908
Unsecured senior notes, net	4,736	4,086	2,500	2,495	1,622
Accounts payable and accrued expenses	437	522	574	484	344
Total liabilities	5,533	5,533	5,035	5,000	4,224
Commitments and contingencies (see Note 14)	—	—	—	—	—
Preferred shares	92,000	92,000	92,000	92,000	154,000
Additional paid-in capital	7,411	7,529	7,358	6,932	6,493
Accumulated deficit	−388	−381	−395	−441	−439
Accumulated other comprehensive income	7	8	843,000	1	2
Total shareholders' equity	7,034	7,160	6,968	6,496	6,060
Noncontrolling interest	676	689	685	679	679
Total equity	7,710	7,849	7,653	7,175	6,738
Total liabilities and equity/capital	13,242	13,381	12,688	12,175	10,962

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	504	477	457	427	373
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	10	11	12	12	9
Noncash share-based compensation	26	31	25	27	18
Equity in net (income) loss of unconsolidated entities	−320,000	6,000	−1	−3	−2
Return on investment from unconsolidated joint ventures	4	2	3	6	0
Rent and other receivables	1	−2	879,000	−8	−5
Prepaid expenses and other assets	22	11	−22	−7	465,000
Deferred leasing costs	−4	−4	−3	−3	−3
Accounts payable and accrued expenses	18	34	44	44	45
Amounts due from related parties	690,000	2	−421,000	−2	−153,000
Net cash provided by operating activities	864	812	739	666	595
Cash paid for single-family properties	−24	−496	−13	−595	−850
Change in escrow deposits for purchase of single-family properties	−2	5	5	20	−33
Net proceeds received from sales of single-family properties and other	630	573	469	293	132
Proceeds received from storm-related insurance claims	4	0	4	2	5
Proceeds from notes receivable related to the sale of properties	215,000	540,000	698,000	34	1
Investment in unconsolidated joint ventures	−15	−20	−13	−25	−29
Distributions from unconsolidated entities	79	116	48	68	58
Renovations to single-family properties	−41	−34	−40	−98	−48
Recurring and other capital expenditures for single-family properties	−118	−122	−134	−139	−123
Cash paid for development activity	−811	−846	−980	−921	−824
Cash paid for deposits on land option contracts	0	−653,000	−1	−15	0
Proceeds from asset-backed securitization certificates	0	26	0	0	—
Other investing activities	−31	−29	−39	−50	−22
Net cash used for investing activities	−328	−826	−693	−1,426	−1,733
Proceeds from issuances under share-based compensation plans	6	6	7	5	4
Payments related to tax withholding for share-based compensation	−12	−9	−4	−5	−3
Payments on asset-backed securitizations	−926	−952	−24	−23	−24
Proceeds from unsecured senior notes, net of discount	646	1,594	0	877	737
Settlement of cash flow hedging instruments	31,000	9	0	0	−4
Payments related to liabilities to repurchase consolidated land not owned	−54	−82	0	0	—
Distributions to noncontrolling interests	−61	−53	−45	−37	−23
Distributions to common shareholders	−446	−384	−319	−253	−146
Distributions to preferred shareholders	−14	−14	−14	−17	−38
Deferred financing costs paid	−5	−25	0	−8	−18
Net cash (used for) provided by financing activities	−656	143	−42	786	1,065
Net (decrease) increase in cash, cash equivalents and restricted cash	−120	128	4	26	−73
Cash payments for interest, net of amounts capitalized	−172	−128	−128	−116	−96
Accrued property renovations and development expenditures	53	70	72	71	45
Transfers of completed homebuilding deliveries to properties	781	837	684	502	396
Property and land contributions to unconsolidated joint ventures	−66	−157	−46	−36	−57
Noncash right-of-use assets obtained in exchange for operating lease liabilities	5	2	963,000	5	1
Accrued distributions to affiliates	2	2	1	404,000	0
Accrued distributions to non-affiliates	177,000	149,000	142,000	106,000	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro