American Homes 4 Rent Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	452.97	412.43	380.17	273.14	189.09
Depreciation & Amortization	500.14	473.61	453.55	423.83	368.95
Other Amortization	14.24	14.89	15.28	14.37	12.69
Gain (Loss) on Sale of Assets	-231.46	-225.76	-209.83	-136.46	-49.7
Stock-Based Compensation	25.82	30.98	25.37	27.31	17.79
Income (Loss) on Equity Investments	3.31	1.95	2.12	2.65	-1.61
Change in Accounts Receivable	1.31	-1.71	0.88	-8.15	-4.89
Change in Accounts Payable	18.16	34.36	44.26	43.62	44.51
Change in Other Net Operating Assets	19.02	8.74	-25.08	-11.67	-3.11
Other Operating Activities	60.81	62.04	51.97	36.89	21.47
Operating Cash Flow	864.33	811.54	738.69	665.52	595.2
Operating Cash Flow Growth	6.50%	9.86%	11.00%	11.81%	25.54%
Acquisition of Real Estate Assets	-992.95	-1,498	-1,167	-1,753	-1,845
Sale of Real Estate Assets	630.57	573.72	470.16	326.6	133.33
Net Sale / Acq. of Real Estate Assets	-362.38	-923.84	-696.78	-1,427	-1,711
Investment in Marketable & Equity Securities	63.62	96.63	35.12	43	28.29
Other Investing Activities	-29.41	-24.33	-30.92	-41.71	-50.53
Investing Cash Flow	-328.17	-825.88	-692.58	-1,426	-1,733
Long-Term Debt Issued	1,416	1,994	200	1,497	2,147
Long-Term Debt Repaid	-1,336	-1,442	-264.47	-862.58	-1,084
Net Debt Issued (Repaid)	80.6	551.86	-64.47	634.23	1,063
Issuance of Common Stock	6.07	149.5	405.14	566.41	733.04
Repurchase of Common Stock	-161.94	-9.02	-3.97	-4.81	-2.68
Preferred Share Repurchases	-	-	-	-155	-498.75
Common Dividends Paid	-446.29	-383.54	-319.5	-252.51	-146.24
Preferred Dividends Paid	-13.94	-13.94	-13.94	-17.08	-37.92
Total Dividends Paid	-460.24	-397.48	-333.44	-269.59	-184.17
Other Financing Activities	-120.17	-152.17	-45.47	14.94	-45.37
Net Cash Flow	-119.53	128.36	3.9	26.19	-73.31
Cash Interest Paid	172.22	128.06	128.03	116.4	95.79
Levered Free Cash Flow	719.99	605.65	748.32	634.66	206.83
Unlevered Free Cash Flow	825.7	697.5	823.67	707.28	269.85
Change in Working Capital	38.5	41.39	20.06	23.8	36.52

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.