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	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	452.4	412.43	380.17	273.14	189.09	140.37
Depreciation & Amortization	498.31	473.61	453.55	423.83	368.95	339.05
Other Amortization	14.34	14.89	15.28	14.37	12.69	11.53
Gain (Loss) on Sale of Assets	-241.81	-225.76	-209.83	-136.46	-49.7	-38.77
Stock-Based Compensation	25.19	30.98	25.37	27.31	17.79	9.83
Income (Loss) on Equity Investments	2.48	1.95	2.12	2.65	-1.61	0.77
Change in Accounts Receivable	-5.28	-1.71	0.88	-8.15	-4.89	-15.63
Change in Accounts Payable	2.58	34.36	44.26	43.62	44.51	14.19
Change in Other Net Operating Assets	11.47	8.74	-25.08	-11.67	-3.11	-1.71
Other Operating Activities	61.01	62.04	51.97	36.89	21.47	14.46
Operating Cash Flow	820.7	811.54	738.69	665.52	595.2	474.1
Operating Cash Flow Growth	-0.48%	9.86%	11.00%	11.81%	25.54%	3.54%
Acquisition of Real Estate Assets	-1,454	-1,498	-1,167	-1,753	-1,845	-955.3
Sale of Real Estate Assets	612.88	573.72	470.16	326.6	133.33	228.57
Net Sale / Acq. of Real Estate Assets	-840.95	-923.84	-696.78	-1,427	-1,711	-726.74
Investment in Marketable & Equity Securities	48.04	96.63	35.12	43	28.29	99.17
Other Investing Activities	-20.55	-24.33	-30.92	-41.71	-50.53	-15.36
Investing Cash Flow	-813.46	-825.88	-692.58	-1,426	-1,733	-642.93
Long-Term Debt Issued	-	1,994	200	1,497	2,147	130
Long-Term Debt Repaid	-	-1,442	-264.47	-862.58	-1,084	-152.5
Net Debt Issued (Repaid)	324.64	551.86	-64.47	634.23	1,063	-22.5
Issuance of Common Stock	116.45	149.5	405.14	566.41	733.04	421.11
Repurchase of Common Stock	-12	-9.02	-3.97	-4.81	-2.68	-1.65
Preferred Share Repurchases	-	-	-	-155	-498.75	-
Common Dividends Paid	-432.04	-383.54	-319.5	-252.51	-146.24	-61.07
Preferred Dividends Paid	-13.94	-13.94	-13.94	-17.08	-37.92	-55.13
Total Dividends Paid	-445.98	-397.48	-333.44	-269.59	-184.17	-116.2
Other Financing Activities	-132.46	-152.17	-45.47	14.94	-45.37	-10.98
Net Cash Flow	-142.11	128.36	3.9	26.19	-73.31	100.96
Cash Interest Paid	165.59	128.06	128.03	116.4	95.79	109.68
Levered Free Cash Flow	670.41	605.65	751.49	634.66	206.83	412.61
Unlevered Free Cash Flow	775.53	697.5	826.83	707.28	269.85	478.33
Change in Working Capital	8.78	41.39	20.06	23.8	36.52	-3.15

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.