Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

In addition to the revenues and significant segment expenses included within the condensed consolidated statements of operations, the following table presents significant segment expenses regularly provided to the CODM within property operating expenses for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Property operating expenses
Property tax expense	$	67,037	$	62,942	$	200,096	$	191,556
HOA fees	7,308		6,913		21,471		19,965
Repairs and maintenance and turnover costs	102,465		97,038		273,317		251,044
Insurance	4,794		5,138		14,339		14,863
Total property operating expenses	$	181,604	$	172,031	$	509,223	$	477,428

The table below summarizes the components and significant expense categories included in Core NOI and regularly provided to the CODM for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Core revenues	$	405,621	$	377,440	$	1,206,082	$	1,119,781

Core property operating expenses
Property tax expense	67,037		62,942		200,096		191,556
HOA fees, net of tenant charge-backs	7,308		6,913		21,471		19,965
Repairs and maintenance and turnover costs, net of tenant charge-backs	32,102		31,449		91,191		84,558
Insurance	4,794		5,138		14,339		14,863
Property management expenses, net of tenant charge-backs and excluding share-based compensation	30,040		28,904		91,695		86,093
Total core property operating expenses	141,281		135,346		418,792		397,035

Core NOI	$	264,340	$	242,094	$	787,290	$	722,746

Reconciliation of core revenues to rents and other single-family property revenues

Core revenues	$	405,621	$	377,440	$	1,206,082	$	1,119,781
Tenant charge-backs	72,843		67,615		189,161		172,323
Rents and other single-family property revenues	$	478,464	$	445,055	$	1,395,243	$	1,292,104

Reconciliation of Core NOI to net income

Core NOI	$	264,340	$	242,094	$	787,290	$	722,746
Noncash share-based compensation - property management	(864)		(1,043)		(3,247)		(3,827)
General and administrative expense	(20,503)		(19,247)		(60,182)		(62,825)
Interest expense	(48,199)		(43,611)		(139,928)		(120,866)
Acquisition and other transaction costs	(3,661)		(2,605)		(9,377)		(8,866)
Depreciation and amortization	(126,656)		(119,691)		(378,523)		(353,020)
Hurricane-related charges, net	—		(3,904)		—		(3,904)
Loss on early extinguishment of debt	(180)		(5,306)		(396)		(6,323)
Gain on sale and impairment of single-family properties and other, net	47,620		32,697		161,544		145,490
Other income and expense, net	4,904		8,256		11,957		15,664
Net income	$	116,801	$	87,640	$	369,138	$	324,269

American Homes 4 Rent 10-Q