American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta (9.3% of total homes), Dallas-Fort Worth (8.4% of total homes), and Charlotte, North Carolina (7.2% of total homes).3 It was founded by B. Wayne Hughes.1Wikipedia text CC BY-SA 4.0
American Homes 4 Rent, doing business as AMH, is a real estate investment trust based in Las Vegas, Nevada, that invests in single-family rental homes. As of December 31, 2019, the company owned 52,552 homes in 22 states. Its largest concentrations are in Atlanta (9.3% of total homes), Dallas-Fort Worth (8.4% of total homes), and Charlotte, North Carolina (7.2% of total homes).3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10$1.2B in 2020+10% since 2018Net income10119$154.8M in 2020+38% since 2018
Net income121314$132.9M in Q2 FY2026+8% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Rents and other single-family property revenues
$1.9B
$1.7B
$1.6B
General and administrative expense
$83.0M
$83.6M
$74.6M
Interest expense
$185.2M
$165.4M
$140.2M
Acquisition and other transaction costs
$12.3M
$12.2M
$16.9M
Depreciation and amortization
$504.3M
$477.0M
$456.6M
Hurricane-related charges, net
$0
$8.9M
$0
Total expenses
$1.6B
$1.5B
$1.4B
Gain on sale and impairment of single-family properties and other, net
$231.5M
$225.8M
$209.8M
Loss on early extinguishment of debt
-$396.0K
-$6.3M
$0
Other income and expense, net
$15.7M
$22.2M
$9.8M
Net income
$513.4M
$468.1M
$432.1M
Noncontrolling interest
$60.4M
$55.7M
$52.0M
Dividends on preferred shares
$13.9M
$13.9M
$13.9M
Net income attributable to common shareholders / unitholders
$439.0M
$398.5M
$366.2M
Basic (in shares)
370.6M shares
367.5M shares
362.0M shares
Diluted (in shares)
370.9M shares
368.0M shares
362.5M shares
Basic (in dollars per share)
$1.18
$1.08
$1.01
Diluted (in dollars per share)
$1.18
$1.08
$1.01
No quarter-by-quarter statement was filed.
Total assets151011$9.6B in 2020+7% since 2018Total liabilities151011$3.1B in 2020+3% since 2018Shareholders’ equity151011$5.8B in 2020+10% since 2018Cash10119$137.1M in 2020+353% since 2018Long-term debt151011$2.8B in 2020+0% since 2018
Total assets16131412$13.1B in Q2 FY2026−3% since Q2 FY2025Total liabilities16131412$5.6B in Q2 FY2026−2% since Q2 FY2025Shareholders’ equity16131412$6.8B in Q2 FY2026−5% since Q2 FY2025Cash121314$83.7M in Q2 FY2026−74% since Q2 FY2025Long-term debt16131412$5.1B in Q2 FY2026−1% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Land
$2.4B
$2.4B
Buildings and improvements
$12.0B
$11.6B
Single-family properties in operation
$14.4B
$13.9B
Less: accumulated depreciation
-$3.4B
-$3.0B
Single-family properties in operation, net
$11.0B
$10.9B
Single-family properties under development and development land
$1.2B
$1.3B
Single-family properties and land held for sale, net
$225.9M
$212.8M
Total real estate assets, net
$12.5B
$12.4B
Cash and cash equivalents
$108.5M
$199.4M
$59.4M
Restricted cash
$122.2M
$150.8M
$162.5M
Rent and other receivables
$43.1M
$48.5M
Escrow deposits, prepaid expenses and other assets
$228.0M
$337.4M
Investments in unconsolidated joint ventures
$148.9M
$159.1M
Goodwill
$120.3M
$120.3M
Total assets
$13.2B
$13.4B
Revolving credit facility
$360.0M
$0
Asset-backed securitizations, net
$0
$924.3M
Unsecured senior notes, net
$4.7B
$4.1B
Accounts payable and accrued expenses
$436.9M
$521.8M
Total liabilities
$5.5B
$5.5B
Preferred shares
$92.0K
$92.0K
Additional paid-in capital
$7.4B
$7.5B
Accumulated deficit
-$387.6M
-$380.6M
Accumulated other comprehensive income
$6.6M
$7.9M
Total shareholders' equity
$7.0B
$7.2B
Noncontrolling interest
$675.8M
$688.6M
Total equity
$7.7B
$7.8B
$7.7B
$7.2B
Total liabilities and equity/capital
$13.2B
$13.4B
Preferred shares, par value (in dollars per share)
$0.01
$0.01
Preferred shares, shares authorized (in shares)
100.0M shares
100.0M shares
Preferred shares, shares issued (in shares)
9.2M shares
9.2M shares
Preferred shares, shares outstanding (in shares)
9.2M shares
9.2M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Land
$2.4B
$2.4B
Buildings and improvements
$12.0B
$11.6B
Single-family properties in operation
$14.4B
$13.9B
Less: accumulated depreciation
-$3.4B
-$3.0B
Single-family properties in operation, net
$11.0B
$10.9B
Single-family properties under development and development land
$1.2B
$1.3B
Single-family properties and land held for sale, net
$225.9M
$212.8M
Total real estate assets, net
$12.5B
$12.4B
Cash and cash equivalents
$108.5M
$199.4M
$59.4M
Restricted cash
$122.2M
$150.8M
$162.5M
Rent and other receivables
$43.1M
$48.5M
Escrow deposits, prepaid expenses and other assets
$228.0M
$337.4M
Investments in unconsolidated joint ventures
$148.9M
$159.1M
Goodwill
$120.3M
$120.3M
Total assets
$13.2B
$13.4B
Revolving credit facility
$360.0M
$0
Asset-backed securitizations, net
$0
$924.3M
Unsecured senior notes, net
$4.7B
$4.1B
Accounts payable and accrued expenses
$436.9M
$521.8M
Total liabilities
$5.5B
$5.5B
Preferred shares
$92.0K
$92.0K
Additional paid-in capital
$7.4B
$7.5B
Accumulated deficit
-$387.6M
-$380.6M
Accumulated other comprehensive income
$6.6M
$7.9M
Total shareholders' equity
$7.0B
$7.2B
Noncontrolling interest
$675.8M
$688.6M
Total equity
$7.7B
$7.8B
$7.7B
$7.2B
Total liabilities and equity/capital
$13.2B
$13.4B
Preferred shares, par value (in dollars per share)
$0.01
$0.01
Preferred shares, shares authorized (in shares)
100.0M shares
100.0M shares
Preferred shares, shares issued (in shares)
9.2M shares
9.2M shares
Preferred shares, shares outstanding (in shares)
9.2M shares
9.2M shares
Cash from operations10119$474.1M in 2020+15% since 2018Dividends paid10119$61.1M in 2020+5% since 2018Share buybacks10$0 in 2020
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$513.4M
$468.1M
$432.1M
Depreciation and amortization
$504.3M
$477.0M
$456.6M
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments
$10.0M
$11.5M
$12.3M
Noncash share-based compensation
$25.8M
$31.0M
$25.4M
Loss on early extinguishment of debt
$396.0K
$6.3M
$0
Equity in net (income) loss of unconsolidated entities
-$320.0K
$6.0K
-$1.2M
Return on investment from unconsolidated joint ventures
$3.6M
$1.9M
$3.3M
Gain on sale and impairment of single-family properties and other, net
-$231.5M
-$225.8M
-$209.8M
Rent and other receivables
$1.3M
-$1.7M
$879.0K
Prepaid expenses and other assets
$22.0M
$11.2M
-$21.5M
Deferred leasing costs
-$3.6M
-$4.0M
-$3.1M
Accounts payable and accrued expenses
$18.2M
$34.4M
$44.3M
Amounts due from related parties
$690.0K
$1.5M
-$421.0K
Net cash provided by operating activities
$864.3M
$811.5M
$738.7M
Cash paid for single-family properties
-$23.6M
-$495.9M
-$12.8M
Change in escrow deposits for purchase of single-family properties
-$2.5M
$5.5M
$4.9M
Net proceeds received from sales of single-family properties and other
$630.4M
$573.2M
$469.5M
Proceeds received from storm-related insurance claims
$4.0M
$0
$4.0M
Proceeds from notes receivable related to the sale of properties
$215.0K
$540.0K
$698.0K
Investment in unconsolidated joint ventures
-$15.1M
-$19.7M
-$12.6M
Distributions from unconsolidated entities
$78.7M
$116.3M
$47.7M
Renovations to single-family properties
-$40.6M
-$34.1M
-$40.1M
Recurring and other capital expenditures for single-family properties
-$118.2M
-$121.8M
-$134.2M
Cash paid for development activity
-$810.5M
-$845.9M
-$979.8M
Cash paid for deposits on land option contracts
$0
-$653.0K
-$1.1M
Proceeds from asset-backed securitization certificates
$0
$25.7M
$0
Other investing activities
-$30.9M
-$29.2M
-$38.8M
Net cash used for investing activities
-$328.2M
-$825.9M
-$692.6M
Proceeds from issuances under share-based compensation plans
$6.1M
$6.4M
$6.5M
Payments related to tax withholding for share-based compensation
-$11.9M
-$9.0M
-$4.0M
Payments on asset-backed securitizations
-$925.8M
-$952.2M
-$24.5M
Proceeds from unsecured senior notes, net of discount
$646.4M
$1.6B
$0
Settlement of cash flow hedging instruments
$31.0K
$8.6M
$0
Payments related to liabilities to repurchase consolidated land not owned
-$54.0M
-$82.0M
$0
Distributions to noncontrolling interests
-$61.0M
-$53.3M
-$45.1M
Distributions to common shareholders
-$446.3M
-$383.5M
-$319.5M
Distributions to preferred shareholders
-$13.9M
-$13.9M
-$13.9M
Deferred financing costs paid
-$5.2M
-$25.2M
$0
Net cash (used for) provided by financing activities
-$655.7M
$142.7M
-$42.2M
Net (decrease) increase in cash, cash equivalents and restricted cash
-$119.5M
$128.4M
$3.9M
Cash payments for interest, net of amounts capitalized
-$172.2M
-$128.1M
-$128.0M
Accrued property renovations and development expenditures
$52.7M
$69.9M
$71.6M
Transfers of completed homebuilding deliveries to properties
$780.9M
$837.3M
$683.7M
Property and land contributions to unconsolidated joint ventures
-$66.0M
-$156.9M
-$46.1M
Noncash right-of-use assets obtained in exchange for operating lease liabilities
American Homes 4 Rent sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of American Homes 4 Rent
HUGHES B WAYNE ET ALFiled SCHEDULE 13D/A on American Homes 4 Rent, latest Sep 11, 2026
JPMorgan ChaseFiled SC 13G/A on American Homes 4 Rent, latest Jan 5, 2022
American Homes 4 RentLutherville, Maryland, United States
AMERICAN HOMES 4 RENT, L.P. Subsidiary · Las Vegas, Nevada, United States
AHI BORROWER, LP Subsidiary · Las Vegas, Nevada, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What American Homes 4 Rent reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Refer to Part II, “Item 7. Management’s Discussion And Analysis of Financial Condition and Results of Operations—Key Single-Family Property and Leasing Metrics” below for a summary of certain key metrics for our single-family home portfolio as of December 31, 2025. There were no encumbrances on any of our properties as of December 31, 2025.
We own commercial real estate in Las Vegas, Nevada, which serves as our principal executive offices. We also lease commercial office space in Calabasas, California, where certain corporate functions are located, as well as an additional 28 locations in 16 states for other operational and development personnel.
The company was established in October 2012 by B. Wayne Hughes, the founder of Public Storage. It was one of the first large public companies to begin investing heavily in single-family homes, following the entry of The Blackstone Group into the field in 2012. Early funding for the company included a $600 million investment from the Alaska Permanent Fund.
In August 2013, the company became a public company via an initial public offering.
In March 2016, the company merged with American Residential Properties, Inc.
In January 2023, the company announced a branding change from American Homes 4 Rent to AMH in a public news release and a notice to investors.
Feb 20, 2025Reported quarterly or annual results56
Oct 29, 2024Reported quarterly or annual results57
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
387 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 64 major events, 226 insider forms, 20 large holders, 57 other. The latest 20:
92 open-market trades by officers, directors and large owners since October 2021: 57 buys and 35 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How American Homes 4 Rent is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
Class A common shares of beneficial interest, $.01 par value
AMH
New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value
AMH-G
New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value
AMH-H
New York Stock Exchange
From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks American Homes 4 Rent names in Item 1A of its 10-K filed Feb 20, 2026: 44 risks under these headings, as written.17
Risks Related to Our Business
Our revenue and expenses are not directly correlated, and because a large percentage of our costs and expenses are fixed, we may not be able to adapt our cost structure to offset declines in our revenue.
High inflation could adversely affect our operating results.
Significant increases in property taxes could adversely affect our operating results.
The loss of key management and staff could materially and adversely affect us.
New and proposed laws and regulations restricting institutional ownership of single-family homes could impede our ability to operate or grow our business.
Our investments are, and are expected to continue to be, concentrated in single-family properties and we have a significant number of properties in certain geographic markets, which exposes us to significant risks if there are adverse conditions in our sector or our key markets.
We may not be able to effectively control the timing and costs relating to the renovation of properties, which may adversely affect our operating results and our ability to make distributions.
Our success depends on us attracting and retaining quality tenants.
Bulk portfolio acquisitions subject us to the risk of acquiring properties that do not fit our target investment criteria and may be costly or time consuming to divest, which may adversely affect our operating results.
Our significant development activities expose us to additional operational and real estate risks, which may adversely affect our financial condition and operating results.
Our success in expanding our development activities depends in large part on our ability to acquire land in our target markets that is suitable for residential homebuilding and meets our land investment criteria.
The other 33 risks
If we experience disruptions, shortages or increased costs of labor and supplies or other circumstances beyond our control, there could be delays or increased costs in constructing new rental homes, which could adversely affect our business.
Our short-term leases require us to re-lease our properties frequently, which we may be unable to do on attractive terms, on a timely basis or at all.
We are self-insured against many potential losses, and uninsured or underinsured losses relating to properties may adversely affect our financial condition, operating results, cash flows and ability to make distributions.
Contingent or unknown liabilities associated with our property acquisitions could adversely affect our financial condition, cash flows and operating results.
We are highly dependent on information systems and systems failures and delays could significantly disrupt our business, which may, in turn, adversely affect our financial condition and operating results.
If our confidential information is compromised or corrupted, including as a result of a cybersecurity incident, our business operations and reputation could be damaged, which could adversely affect our financial condition and operating results.
HOA rules and restrictions subject us to increased costs and restrict our business operations.
Joint venture investments that we make could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and disputes between us and our joint venture partners.
We are involved in a variety of litigation.
Government investigations or legal proceedings brought by governmental authorities may result in significant costs and expenses and reputational harm and may divert resources from our operations.
Elevated interest rates could adversely impact us and our tenants.
Our revolving credit facility and unsecured senior notes contain financial and operating covenants that could restrict our business and investment activities.
Pandemics and other public health emergencies could have a material adverse effect on our business, results of operations, cash flows, and financial condition.
Our use of artificial intelligence could expose us to various risks.
Risks Related to the Real Estate Industry
Environmentally hazardous conditions may adversely affect our financial condition, cash flows and operating results.
Tenant relief laws, including laws restricting evictions, rent control laws and other regulations that limit our ability to increase rental rates may negatively impact our rental income and profitability.
Class action, tenant rights and consumer demands, litigation and adverse media publicity could directly limit and constrain our operations and may result in significant litigation expenses.
Extreme weather events can adversely affect our business.
It would be difficult for us to quickly generate cash from sales of our properties.
Risks Related to Our Ownership, Organization and Structure
Our senior management, trustees and their affiliates may have significant voting influence due to their stock ownership.
Provisions of the Company’s declaration of trust may limit the ability of a third-party to acquire control of the Company by authorizing the Company’s board of trustees to issue additional securities.
Provisions of Maryland law may limit the ability of a third-party to acquire control of us by requiring the Company’s board of trustees or shareholders to approve proposals to acquire our company or effect a change in control.
Risks Related to Qualification and Operation as a REIT
Failure to qualify as a REIT, or failure to remain qualified as a REIT, would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distribution to our shareholders.
Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
Complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments.
The prohibited transactions tax may limit our ability to engage in sale transactions.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
Our ownership of our TRS is subject to limitations and our transactions with our TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.
You may be restricted from acquiring or transferring certain amounts of our shares.
To satisfy the REIT distribution requirements, we may be forced to take certain actions to raise funds if we have insufficient cash flow which could materially and adversely affect us and the trading price of our common or preferred shares.
If a transaction intended to qualify as a Section 1031 tax-deferred exchange is later determined to be taxable or if we are unable to identify and complete the acquisition of a suitable replacement property to effect such a Section 1031 exchange, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of real properties on a tax-deferred basis.
We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our outstanding common or preferred shares.
The “fast-pay stock” rules could apply if we issue preferred shares in a reopening, which could subject our shareholders to adverse U.S. federal income tax consequences.
Legal proceedings
For a description of the Company’s legal proceedings, see “Note 14. Commitments and Contingencies” to our consolidated financial statements included as a separate section in Part IV, “Item 15. Exhibits and Financial Statement Schedules” of this Annual Report on Form 10-K.
