AMH-PG

MKT CAP —P/E 17.5DIV YIELD —FCF YIELD —REV TTM —NET INCOME $542.8M +12.2%NET DEBT $5B52W 21.99 – 24.72SEC XBRL · TTM TO Invalid Date

How AMH-PG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024.
A discussion of the year ended December 31, 2023 is available at Part II, “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Overview We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties.
As of December 31, 2025, we owned 61,479 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 1,142 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024.
As of December 31, 2025, 56,756 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024.
Also, as of December 31, 2025, the Company had an additional 3,785 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024.
Key Single-Family Property and Leasing Metrics The following table summarizes certain key single-family properties metrics as of December 31, 2025: Total Single-Family Properties (1) Market Number of Single-Family Properties % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg.
Year Purchased or Delivered Atlanta, GA 5,944 9.9 % $ 1,444.2 10.0 % $ 242,982 2,201 17.4 2017 Charlotte, NC 4,237 7.0 % 995.8 6.9 % 235,026 2,120 18.8 2016 Dallas-Fort Worth, TX 3,663 6.1 % 657.2 4.6 % 179,413 2,080 21.4 2014 Nashville, TN 3,392 5.6 % 893.4 6.2 % 263,393 2,125 17.0 2016 Jacksonville, FL 3,382 5.6 % 806.5 5.6 % 238,489 1,933 14.4 2017 Phoenix, AZ 3,282 5.4 % 754.5 5.2 % 229,918 1,865 19.7 2016 Indianapolis, IN 2,993 5.0 % 547.8 3.8 % 183,011 1,931 22.6 2015 Tampa, FL 3,057 5.1 % 785.1 5.5 % 256,851 1,961 14.6 2017 Las Vegas, NV 2,733 4.5 % 881.9 6.1 % 322,690 1,974 10.6 2018 Houston, TX 2,250 3.7 % 411.5 2.9 % 182,903 2,061 19.9 2015 Raleigh, NC 2,147 3.6 % 443.0 3.1 % 206,345 1,900 19.2 2015 Columbus, OH 2,251 3.7 % 483.3 3.4 % 214,733 1,907 21.2 2016 Orlando, FL 2,227 3.7 % 573.8 4.0 % 257,690 1,950 16.1 2017 Cincinnati, OH 2,092 3.5 % 422.7 2.9 % 202,032 1,843 22.9 2014 Salt Lake City, UT 1,931 3.2 % 596.5 4.1 % 308,906 2,243 18.8 2016 Charleston, SC 1,665 2.8 % 414.3 2.9 % 248,812 1,964 13.4 2017 Greater Chicago area, IL and IN 1,500 2.5 % 294.3 2.0 % 196,177 1,872 24.3 2013 San Antonio, TX 1,105 1.8 % 227.8 1.6 % 206,196 1,901 16.4 2016 Boise, ID 1,107 1.8 % 356.6 2.5 % 322,219 1,884 10.9 2018 Savannah/Hilton Head, SC 1,024 1.7 % 227.0 1.6 % 221,680 1,884 16.7 2017 All Other (2) 8,355 13.8 % 2,161.2 15.1 % 258,671 1,947 18.3 2017 Total/Average 60,337 100.0 % $ 14,378.4 100.0 % $ 238,302 2,001 18.0 2016 (1) Excludes 1,142 single-family properties held for sale as of December 31, 2025.
The following table summarizes certain key leasing metrics as of December 31, 2025: Total Single-Family Properties (1) Market Avg.
Blended Change in Rent (5) Atlanta, GA 94.1 % $ 2,349 12.9 5.5 1.7 % Charlotte, NC 95.1 % 2,281 12.7 5.7 2.8 % Dallas-Fort Worth, TX 95.4 % 2,344 12.7 5.6 1.4 % Nashville, TN 94.5 % 2,438 12.8 5.8 2.3 % Jacksonville, FL 93.8 % 2,232 12.8 5.9 0.9 % Phoenix, AZ 94.5 % 2,184 12.0 5.4 1.5 % Indianapolis, IN 95.5 % 1,988 12.9 5.8 4.1 % Tampa, FL 92.8 % 2,510 13.0 6.4 0.7 % Las Vegas, NV 94.0 % 2,397 13.0 5.7 1.0 % Houston, TX 96.4 % 2,121 12.7 5.6 1.9 % Raleigh, NC 94.6 % 2,114 12.9 5.7 1.7 % Columbus, OH 94.1 % 2,349 13.0 6.2 5.9 % Orlando, FL 93.7 % 2,459 12.6 5.7 1.5 % Cincinnati, OH 95.5 % 2,275 13.0 6.2 6.1 % Salt Lake City, UT 94.6 % 2,562 12.7 5.9 3.6 % Charleston, SC 93.0 % 2,374 12.7 6.3 2.4 % Greater Chicago area, IL and IN 95.4 % 2,649 12.8 5.7 8.3 % San Antonio, TX 94.7 % 1,943 12.7 5.4 (0.4) % Boise, ID 94.7 % 2,355 12.5 5.3 2.6 % Savannah/Hilton Head, SC 93.5 % 2,355 12.6 5.6 3.0 % All Other (6) 93.9 % 2,354 12.8 5.7 2.8 % Total/Average 94.4 % $ 2,318 12.8 5.8 2.5 % (1) Excludes 1,142 single-family properties held for sale as of December 31, 2025.
(2) For the year ended December 31, 2025, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.
(3) For the year ended December 31, 2025, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.
(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2025, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land, the pace and cost of our property developments, the time it takes to lease our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.
Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program.
We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.
Property Development, Acquisitions and Dispositions Since our formation, we have rapidly but systematically grown our portfolio of single-family properties.
We are primarily focused on developing “built-for-rental” homes through our internal AMH Development Program.
In addition, we evaluate opportunities to acquire newly constructed homes from third-party developers through our National Builder Program.
In the past, our ability to identify and acquire homes through traditional channels that met our investment criteria was impacted by home prices in our target markets, the inventory of properties available, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.
During the year ended December 31, 2025, we developed or acquired 1,962 homes, including 1,879 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 83 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 2,156 homes identified for sale.
During the year ended December 31, 2025, we also developed an additional 443 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,322 total home deliveries through our AMH Development Program.
As of December 31, 2025 and 2024, there were 1,142 and 805 properties, respectively, as well as certain land lots, classified as held for sale.
During the years ended December 31, 2025 and 2024, we sold 1,827 and 1,705 properties, respectively.
Once land development requirements have been met, historically it has taken approximately four to seven months to complete the rental home vertical construction process.
We typically incur costs between $300,000 and $500,000 to acquire and develop land and build a rental home.
Historically, homes added to our portfolio through traditional acquisition channels required expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable.
In addition, we typically incurred costs between $30,000 and $50,000 to renovate these homes to prepare it for rental.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which fluctuated based on our overall acquisition volume as well as availability of construction labor and materials.
Typically, our incoming residents have household incomes ranging from $80,000 to $150,000 and primarily consist of families with approximately two adults and one or more children.
Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 3.7% for the year ended December 31, 2025 and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 26.3% and 27.8% during the years ended December 31, 2025 and 2024, respectively.
These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, utility expenses that are generally recovered as “tenant charge-backs” (included in rents and other single-family property revenues), HOA fees (when applicable) and insurance.
Results of Operations Net income totaled $513.4 million for the year ended December 31, 2025, compared to $468.1 million for the year ended December 31, 2024.
The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.
Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024 The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the years ended December 31, 2025 and 2024 (amounts in thousands): For the Years Ended December 31, 2025 2024 Core revenues and Same-Home core revenues Rents and other single-family property revenues $ 1,850,234 $ 1,728,697 Tenant charge-backs (241,224) (221,431) Core revenues 1,609,010 1,507,266 Less: Non-Same-Home core revenues (201,045) (153,730) Same-Home core revenues $ 1,407,965 $ 1,353,536 Core property operating expenses and Same-Home core property operating expenses Property operating expenses $ 663,954 $ 625,883 Property management expenses 134,808 129,321 Noncash share-based compensation - property management (4,090) (4,814) Expenses reimbursed by tenant charge-backs (241,224) (221,431) Core property operating expenses 553,448 528,959 Less: Non-Same-Home core property operating expenses (77,679) (66,016) Same-Home core property operating expenses $ 475,769 $ 462,943 Core NOI and Same-Home Core NOI Net income $ 513,392 $ 468,142 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, net (231,460) (225,756) Depreciation and amortization 504,341 477,010 Acquisition and other transaction costs 12,259 12,192 Noncash share-based compensation - property management 4,090 4,814 Interest expense 185,198 165,351 General and administrative expense 83,006 83,590 Other income and expense, net (15,660) (22,243) Core NOI 1,055,562 978,307 Less: Non-Same-Home Core NOI (123,366) (87,714) Same-Home Core NOI $ 932,196 $ 890,593 The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the years ended December 31, 2025 and 2024 (amounts in thousands): For the Year Ended December 31, 2025 Same-Home Properties (1) % of Core Revenue Non-Same-Home and Other Properties % of Core Revenue Total Properties % of Core Revenue Rents from single-family properties $ 1,387,203 $ 199,840 $ 1,587,043 Fees from single-family properties 32,364 5,538 37,902 Bad debt (11,602) (4,333) (15,935) Core revenues 1,407,965 201,045 1,609,010 Property tax expense 230,784 16.4 % 34,253 17.0 % 265,037 16.5 % HOA fees, net (2) 25,342 1.8 % 3,314 1.6 % 28,656 1.8 % R&M and turnover costs, net (2) 101,804 7.2 % 17,495 8.7 % 119,299 7.4 % Insurance 16,379 1.2 % 2,753 1.4 % 19,132 1.2 % Property management expenses, net (3) 101,460 7.2 % 19,864 9.9 % 121,324 7.5 % Core property operating expenses 475,769 33.8 % 77,679 38.6 % 553,448 34.4 % Core NOI $ 932,196 66.2 % $ 123,366 61.4 % $ 1,055,562 65.6 % For the Year Ended December 31, 2024 Same-Home Properties (1) % of Core Revenue Non-Same-Home and Other Properties % of Core Revenue Total Properties % of Core Revenue Rents from single-family properties $ 1,337,921 $ 153,889 $ 1,491,810 Fees from single-family properties 29,188 3,966 33,154 Bad debt (13,573) (4,125) (17,698) Core revenues 1,353,536 153,730 1,507,266 Property tax expense 225,109 16.6 % 27,297 17.8 % 252,406 16.7 % HOA fees, net (2) 24,194 1.8 % 2,717 1.8 % 26,911 1.8 % R&M and turnover costs, net (2) 97,082 7.2 % 16,124 10.5 % 113,206 7.5 % Insurance 17,160 1.3 % 2,661 1.7 % 19,821 1.3 % Property management expenses, net (3) 99,398 7.3 % 17,217 11.1 % 116,615 7.8 % Core property operating expenses 462,943 34.2 % 66,016 42.9 % 528,959 35.1 % Core NOI $ 890,593 65.8 % $ 87,714 57.1 % $ 978,307 64.9 % (1) Includes 52,757 properties that have been stabilized longer than 90 days prior to January 1, 2024.
Rents and Other Single-Family Property Revenues Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025 from $1.73 billion for the year ended December 31, 2024.
Revenue growth was primarily driven by an increase in our average occupied portfolio which grew to 57,573 homes for the year ended December 31, 2025, compared to 56,402 homes for the year ended December 31, 2024, as well as higher rental rates.
Property Operating Expenses Property operating expenses increased 6.1% to $664.0 million for the year ended December 31, 2025 from $625.9 million for the year ended December 31, 2024.
The increase was primarily driven by (i) growth in our portfolio which resulted in increases in R&M and turnover costs and (ii) annual increases in property tax expense.

and 356 more.

Gone since FY2024

This section of this Form 10-K generally discusses the years ended December 31, 2024 and 2023.
A discussion of the year ended December 31, 2022 is available at Part II, “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Overview We are a Maryland REIT focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties.
As of December 31, 2024, we owned 61,336 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 24 states, including 805 properties held for sale, compared to 59,332 single-family properties in 21 states, including 862 properties held for sale, as of December 31, 2023.
As of December 31, 2024, 57,486 of our total properties (excluding properties held for sale) were occupied, compared to 55,768 of our total properties (excluding properties held for sale) as of December 31, 2023.
Also, as of December 31, 2024, the Company had an additional 3,376 properties held in unconsolidated joint ventures, compared to 2,978 properties held in unconsolidated joint ventures as of December 31, 2023.
Key Single-Family Property and Leasing Metrics The following table summarizes certain key single-family properties metrics as of December 31, 2024: Total Single-Family Properties (1) Market Number of Single-Family Properties % of Total Single-Family Properties Gross Book Value (millions) % of Gross Book Value Total Avg.
Year Purchased or Delivered Atlanta, GA 6,027 10.0 % $ 1,419.8 10.2 % $ 235,586 2,196 17.3 2017 Charlotte, NC 4,258 7.0 % 978.7 7.0 % 229,833 2,119 18.3 2016 Dallas-Fort Worth, TX 3,870 6.4 % 689.9 5.0 % 178,281 2,086 20.5 2014 Phoenix, AZ 3,311 5.5 % 731.5 5.3 % 220,968 1,848 19.6 2016 Nashville, TN 3,370 5.6 % 863.2 6.2 % 256,144 2,122 16.4 2016 Jacksonville, FL 3,297 5.4 % 751.9 5.4 % 228,092 1,925 14.4 2016 Tampa, FL 2,964 4.9 % 720.8 5.2 % 243,244 1,949 15.1 2016 Indianapolis, IN 3,054 5.0 % 555.8 4.0 % 181,981 1,937 21.6 2015 Houston, TX 2,421 4.0 % 442.2 3.2 % 182,667 2,068 19.0 2015 Las Vegas, NV 2,550 4.2 % 784.2 5.6 % 307,535 1,960 10.9 2018 Raleigh, NC 2,223 3.7 % 453.1 3.3 % 203,831 1,893 18.3 2015 Columbus, OH 2,181 3.6 % 441.6 3.2 % 202,517 1,890 21.5 2015 Cincinnati, OH 2,107 3.5 % 421.0 3.0 % 199,826 1,843 21.9 2014 Orlando, FL 2,126 3.5 % 505.8 3.6 % 237,928 1,928 17.0 2016 Salt Lake City, UT 1,937 3.2 % 596.4 4.3 % 307,912 2,244 17.8 2016 Charleston, SC 1,616 2.7 % 388.0 2.8 % 240,168 1,964 13.2 2017 Greater Chicago area, IL and IN 1,523 2.5 % 295.3 2.1 % 193,875 1,868 23.3 2013 San Antonio, TX 1,222 2.0 % 246.9 1.8 % 202,129 1,914 15.8 2016 Savannah/Hilton Head, SC 1,056 1.7 % 228.1 1.6 % 216,039 1,886 16.1 2017 Seattle, WA 1,014 1.7 % 344.6 2.5 % 339,864 2,010 14.4 2017 All Other (2) 8,404 13.9 % 2,070.7 14.7 % 246,395 1,922 17.3 2016 Total/Average 60,531 100.0 % $ 13,929.5 100.0 % $ 230,121 1,996 17.7 2016 (1) Excludes 805 single-family properties held for sale as of December 31, 2024.
The following table summarizes certain key leasing metrics as of December 31, 2024: Total Single-Family Properties (1) Market Avg.
Blended Change in Rent (5) Atlanta, GA 94.4 % $ 2,279 12.8 6.3 2.8 % Charlotte, NC 95.8 % 2,201 12.8 6.0 3.5 % Dallas-Fort Worth, TX 95.4 % 2,299 12.3 6.1 1.8 % Phoenix, AZ 94.7 % 2,136 12.0 5.6 0.6 % Nashville, TN 94.8 % 2,370 12.3 6.2 3.4 % Jacksonville, FL 93.3 % 2,184 12.3 6.0 2.3 % Tampa, FL 92.9 % 2,428 12.3 6.4 3.4 % Indianapolis, IN 96.3 % 1,887 12.9 6.3 4.6 % Houston, TX 95.4 % 2,063 13.0 6.1 3.0 % Las Vegas, NV 90.2 % 2,321 12.3 6.4 5.6 % Raleigh, NC 95.9 % 2,055 12.4 6.4 2.4 % Columbus, OH 94.7 % 2,208 12.4 6.4 5.3 % Cincinnati, OH 95.4 % 2,154 12.4 6.8 5.4 % Orlando, FL 91.5 % 2,395 12.2 6.4 2.9 % Salt Lake City, UT 93.9 % 2,456 12.2 6.1 4.3 % Charleston, SC 92.3 % 2,302 12.2 6.5 4.6 % Greater Chicago area, IL and IN 96.4 % 2,480 12.4 6.6 7.2 % San Antonio, TX 94.3 % 1,947 12.3 5.7 (0.2) % Savannah/Hilton Head, SC 94.3 % 2,270 12.3 6.5 5.9 % Seattle, WA 94.2 % 2,840 11.6 5.9 4.6 % All Other (6) 93.0 % 2,206 12.2 6.2 3.2 % Total/Average 94.2 % $ 2,239 12.4 6.2 3.4 % (1) Excludes 805 single-family properties held for sale as of December 31, 2024.
(2) For the year ended December 31, 2024, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.
(3) For the year ended December 31, 2024, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months.
(5) Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the year ended December 31, 2024, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure.
Additionally, further supply chain disruptions, inflationary increases in labor and material costs and labor shortages may have the potential to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program.
Property Acquisitions, Development and Dispositions Since our formation, we have rapidly but systematically grown our portfolio of single-family properties.
Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, the availability of bulk portfolio acquisition opportunities, competition for our target assets and our available capital.
We are also focused on developing “built-for-rental” homes through our internal AMH Development Program.
In addition, we acquire newly constructed homes from third-party developers through our National Builder Program.
We have strategically scaled back acquisitions of single-family properties through our National Builder Program and traditional acquisition channels as the housing market adjusts to the current macroeconomic environment.
We will continue to evaluate all of our growth channels and grow accordingly, if and when, acquisition opportunities are attractive relative to the condition of capital markets.
During the year ended December 31, 2024, we developed or acquired 3,724 homes, including (i) 2,000 newly constructed homes delivered to our operating portfolio through our AMH Development Program, (ii) 1,673 homes acquired through a bulk portfolio acquisition and (iii) 51 homes acquired through our National Builder Program and traditional acquisition channels, partially offset by 1,663 homes identified for sale or contributed to unconsolidated joint ventures.
During the year ended December 31, 2024, we also developed an additional 356 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 2,356 total home deliveries through our AMH Development Program.
As of December 31, 2024 and 2023, there were 805 and 862 properties, respectively, as well as certain land lots, classified as held for sale.
Once land development requirements have been met, historically it has taken approximately five to seven months to complete the rental home vertical construction process.
We typically incur costs between $300,000 and $450,000 to acquire and develop land and build a rental home.
Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and HOA fees, when applicable.
In addition, we typically incur costs between $20,000 and $40,000 to renovate a home acquired through traditional acquisition channels to prepare it for rental.
Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.
Typically, our incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children.
Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 5.3% for the year ended December 31, 2024 and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 27.5% and 29.7% during the years ended December 31, 2024 and 2023, respectively.
These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, HOA fees (when applicable) and insurance.
Results of Operations Net income totaled $468.1 million for the year ended December 31, 2024, compared to $432.1 million for the year ended December 31, 2023.
The increase was primarily due to growth in rents and other single-family property revenues exceeding increases in total expenses excluding hurricane-related charges, net, higher net gains on property sales and an increase in other income and expense, net, partially offset by $8.9 million of hurricane-related charges, net and a $6.3 million loss on early extinguishment of debt for the year ended December 31, 2024.
Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the years ended December 31, 2024 and 2023 (amounts in thousands): For the Years Ended December 31, 2024 2023 Core revenues and Same-Home core revenues Rents and other single-family property revenues $ 1,728,697 $ 1,623,605 Tenant charge-backs (221,431) (215,555) Core revenues 1,507,266 1,408,050 Less: Non-Same-Home core revenues (178,981) (142,882) Same-Home core revenues $ 1,328,285 $ 1,265,168 Core property operating expenses and Same-Home core property operating expenses Property operating expenses $ 625,883 $ 599,459 Property management expenses 129,321 123,363 Noncash share-based compensation - property management (4,814) (4,030) Expenses reimbursed by tenant charge-backs (221,431) (215,555) Core property operating expenses 528,959 503,237 Less: Non-Same-Home core property operating expenses (71,068) (64,309) Same-Home core property operating expenses $ 457,891 $ 438,928 Core NOI and Same-Home Core NOI Net income $ 468,142 $ 432,142 Hurricane-related charges, net 8,884 — Loss on early extinguishment of debt 6,323 — Gain on sale and impairment of single-family properties and other, net (225,756) (209,834) Depreciation and amortization 477,010 456,550 Acquisition and other transaction costs 12,192 16,910 Noncash share-based compensation - property management 4,814 4,030 Interest expense 165,351 140,198 General and administrative expense 83,590 74,615 Other income and expense, net (22,243) (9,798) Core NOI 978,307 904,813 Less: Non-Same-Home Core NOI (107,913) (78,573) Same-Home Core NOI $ 870,394 $ 826,240 The following tables present a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the years ended December 31, 2024 and 2023 (amounts in thousands): For the Year Ended December 31, 2024 Same-Home Properties (1) % of Core Revenue Non-Same-Home and Other Properties % of Core Revenue Total Properties % of Core Revenue Rents from single-family properties $ 1,313,101 $ 178,709 $ 1,491,810 Fees from single-family properties 28,843 4,311 33,154 Bad debt (13,659) (4,039) (17,698) Core revenues 1,328,285 178,981 1,507,266 Property tax expense 222,855 16.8 % 29,551 16.5 % 252,406 16.7 % HOA fees, net (2) 23,745 1.8 % 3,166 1.8 % 26,911 1.8 % R&M and turnover costs, net (2) 96,397 7.3 % 16,809 9.4 % 113,206 7.5 % Insurance 16,859 1.3 % 2,962 1.7 % 19,821 1.3 % Property management expenses, net (3) 98,035 7.3 % 18,580 10.3 % 116,615 7.8 % Core property operating expenses 457,891 34.5 % 71,068 39.7 % 528,959 35.1 % Core NOI $ 870,394 65.5 % $ 107,913 60.3 % $ 978,307 64.9 % For the Year Ended December 31, 2023 Same-Home Properties (1) % of Core Revenue Non-Same-Home and Other Properties % of Core Revenue Total Properties % of Core Revenue Rents from single-family properties $ 1,253,000 $ 143,862 $ 1,396,862 Fees from single-family properties 27,008 3,747 30,755 Bad debt (14,840) (4,727) (19,567) Core revenues 1,265,168 142,882 1,408,050 Property tax expense 212,121 16.8 % 27,304 19.1 % 239,425 17.0 % HOA fees, net (2) 22,855 1.8 % 2,913 2.0 % 25,768 1.8 % R&M and turnover costs, net (2) 92,808 7.3 % 15,565 10.9 % 108,373 7.7 % Insurance 15,780 1.2 % 2,168 1.5 % 17,948 1.3 % Property management expenses, net (3) 95,364 7.6 % 16,359 11.5 % 111,723 7.9 % Core property operating expenses 438,928 34.7 % 64,309 45.0 % 503,237 35.7 % Core NOI $ 826,240 65.3 % $ 78,573 55.0 % $ 904,813 64.3 % (1) Includes 51,958 properties that have been stabilized longer than 90 days prior to January 1, 2023.
Rents and Other Single-Family Property Revenues Rents and other single-family property revenues increased 6.5% to $1.73 billion for the year ended December 31, 2024 from $1.62 billion for the year ended December 31, 2023.
Revenue growth was primarily driven by higher rental rates.
Property Operating Expenses Property operating expenses increased 4.4% to $625.9 million for the year ended December 31, 2024 from $599.5 million for the year ended December 31, 2023.
This increase was primarily attributable to an annual increase in property tax expense and higher R&M and turnover costs.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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