American Homes 4 RentAMH

American Homes 4 Rent Segments Disclosure

10-KFiled Feb 20, 20263 min read
Segment Reporting
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and assess performance. The Company is organized as a REIT with activities related to developing, renovating, leasing and managing single-family homes as rental properties in one geographically diversified portfolio, which represents our one operating and reportable segment. Our one reportable segment derives its revenues from leasing single-family homes to tenants under non-cancelable lease agreements generally with a term of one year as well as certain fees charged to tenants. The Company’s CODM is our Chief Executive Officer and Chief Operating Officer.

The accounting policies of our one reportable segment are the same as those described in Note 2. Significant Accounting Policies. Net income and its components, as presented on the consolidated statements of operations, are metrics utilized by the CODM to assess the reporting segment’s performance and allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The CODM also reviews core net operating income (“Core NOI”) at the total portfolio level as an additional segment profitability measure. The CODM uses the segment profitability measures to evaluate income generated from total portfolio assets in deciding whether to reinvest profits into enhancing the existing portfolio or for development of new properties. Property disposition decisions are made at the individual property level and development decisions are made at the community level. Core NOI for the total portfolio is also used to monitor budget versus actual results and in competitive analysis to benchmark against the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

In addition to the revenues and significant segment expenses included within the consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):
For the Years Ended December 31,
202520242023
Property operating expenses
Property tax expense$265,037 $252,406 $239,425 
HOA fees28,656 26,911 25,768 
Repairs and maintenance and turnover costs351,129 326,745 316,318 
Insurance19,132 19,821 17,948 
Total property operating expenses$663,954 $625,883 $599,459 
The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):
 For the Years Ended December 31,
202520242023
Core revenues$1,609,010 $1,507,266 $1,408,050 
 
Core property operating expenses
Property tax expense265,037 252,406 239,425 
HOA fees, net of tenant charge-backs28,656 26,911 25,768 
Repairs and maintenance and turnover costs, net of tenant charge-backs119,299 113,206 108,373 
Insurance19,132 19,821 17,948 
Property management expenses, net of tenant charge-backs and excluding share-based compensation121,324 116,615 111,723 
Total core property operating expenses553,448 528,959 503,237 
  
Core NOI$1,055,562 $978,307 $904,813 
Reconciliation of core revenues to rents and other single-family property revenues
Core revenues$1,609,010 $1,507,266 $1,408,050 
Tenant charge-backs241,224 221,431 215,555 
Rents and other single-family property revenues$1,850,234 $1,728,697 $1,623,605 
Reconciliation of Core NOI to net income
Core NOI$1,055,562 $978,307 $904,813 
Noncash share-based compensation - property management(4,090)(4,814)(4,030)
General and administrative expense(83,006)(83,590)(74,615)
Interest expense(185,198)(165,351)(140,198)
Acquisition and other transaction costs(12,259)(12,192)(16,910)
Depreciation and amortization(504,341)(477,010)(456,550)
Hurricane-related charges, net— (8,884)— 
Loss on early extinguishment of debt(396)(6,323)— 
Gain on sale and impairment of single-family properties and other, net231,460 225,756 209,834 
Other income and expense, net15,660 22,243 9,798 
Net income$513,392 $468,142 $432,142 
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Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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