AMERICAN HOMES 4 RENT, DEF 14A filed on 3/27/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name AMERICAN HOMES 4 RENT
Entity Central Index Key 0001562401
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table The following table sets forth information concerning compensation actually paid to our CEO and to our other NEOs and the
relationship between compensation actually paid and certain company performance for the years ended December 31, 2025, 2024,
2023, 2022 and 2021.
Year
Summary
Compensation
Table Total Pay
for CEO (1)(2)
CAP to CEO
(3)
Average
Summary
Compensation
Table Total Pay
for Other NEOs
(1)(2)
Average
CAP to
Other NEOs
(3)
Value of Initial Fixed $100
Investment Based on:
GAAP Net
Income (5)
Core FFO
per
Share (6)
TSR (4)
Peer Group
TSR (4)
($)
($)
($)
($)
($)
($)
($)
($)
2025
7,535,178
5,678,620
3,712,350
2,384,867
121
138
513,392
1.87
2024
10,350,885
11,436,578
5,255,195
5,754,725
136
134
468,142
1.77
2023
8,077,735
11,292,640
3,255,922
4,459,905
127
123
432,142
1.66
2022
6,482,600
5,063,676
2,965,317
2,058,580
104
108
310,025
1.54
2021
4,592,060
6,624,511
2,551,105
3,919,810
147
143
210,559
1.36
        
Company Selected Measure Name Core FFO        
Named Executive Officers, Footnote For 2025, the CEO was Bryan Smith. The other NEOs were Chris Lau and Sara Vogt-Lowell. For each year shown in 2024 and earlier, the CEO was
David Singelyn. For 2024 and 2023, the other NEOs were Bryan Smith, Chris Lau and Sara Vogt-Lowell. For 2022 and 2021, the other NEOs were
Jack Corrigan, Bryan Smith, Chris Lau and Sara Vogt-Lowell.
        
Peer Group Issuers, Footnote Reflects the cumulative TSR of the company and the MSCI US REIT Index for the year ended December 31, 2021, the two years ended December
31, 2022, the three years ended December 31, 2023, the four years ended December 31, 2024 and the five years ended December 31, 2025,
assuming a $100 investment at the closing price on December 31, 2020 and the reinvestment of all dividends.
        
PEO Total Compensation Amount $ 7,535,178 $ 10,350,885 $ 8,077,735 $ 6,482,600 $ 4,592,060
PEO Actually Paid Compensation Amount $ 5,678,620 11,436,578 11,292,640 5,063,676 6,624,511
Adjustment To PEO Compensation, Footnote Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock
Awards” and “Option Awards” columns of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end
of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding
the amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any
awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding the amount equal to the change
as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for
which all applicable vesting conditions were satisfied at the end of or during the reporting year; (iv) subtracting, for any awards granted in any prior
year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year; (v) adding the value of any dividends
(or dividend equivalents) paid in the reporting year on unvested equity awards and the value of accrued dividends (or dividend equivalents) paid on
performance awards that vested in the reporting year; and (vi) adding, for awards that are granted and vest in the same year, the fair value as of the
vesting date. The following tables reflect the adjustments made to SCT total compensation to compute CAP for our CEO and average CAP for our
other NEOs.
CEO
Year
SCT Total
Comp
Minus SCT
Equity
Awards
Plus Value
of New
Unvested
Awards as
of 12/31
Plus Annual
Change in Value of
Prior Year Awards
that Remain
Unvested
Plus Change in Value
from Prior Year End
to Vesting Date for
Awards that Vested
During Year
Plus Dividends 
on Unvested
Awards/Accrued
Dividends
Equals CAP
($)
($)
($)
($)
($)
($)
($)
2025
7,535,178
(5,114,700)
3,972,594
(769,344)
(168,825)
223,717
5,678,620
        
Non-PEO NEO Average Total Compensation Amount $ 3,712,350 5,255,195 3,255,922 2,965,317 2,551,105
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,384,867 5,754,725 4,459,905 2,058,580 3,919,810
Adjustment to Non-PEO NEO Compensation Footnote Compensation actually paid (“CAP”) is defined by the SEC and is computed in accordance with SEC rules by subtracting the amounts in the “Stock
Awards” and “Option Awards” columns of the SCT for each year from the “Total” column of the SCT and then: (i) adding the fair value as of the end
of the reported year of all awards granted during the reporting year that are outstanding and unvested as of the end of the reporting year; (ii) adding
the amount equal to the change as of the end of the reporting year (from the end of the prior year) in fair value (whether positive or negative) of any
awards granted in any prior year that are outstanding and unvested as of the end of the reporting year; (iii) adding the amount equal to the change
as of the vesting date (from the end of the prior fiscal year) in fair value (whether positive or negative) of any awards granted in any prior year for
which all applicable vesting conditions were satisfied at the end of or during the reporting year; (iv) subtracting, for any awards granted in any prior
year that are forfeited during the reporting year, the amount equal to the fair value at the end of the prior year; (v) adding the value of any dividends
(or dividend equivalents) paid in the reporting year on unvested equity awards and the value of accrued dividends (or dividend equivalents) paid on
performance awards that vested in the reporting year; and (vi) adding, for awards that are granted and vest in the same year, the fair value as of the
vesting date. The following tables reflect the adjustments made to SCT total compensation to compute CAP for our CEO and average CAP for our
other NEOs.
Other NEOs on Average
Year
SCT Total
Comp
Minus SCT
Equity
Awards
Plus Value
of New
Unvested
Awards as
of 12/31
Plus Annual
Change in Value of
Prior Year Awards
that  Remain
Unvested
Plus Change in Value
from Prior Year End
to Vesting Date for
Awards that Vested
During Year
Plus Dividends
on Unvested
Awards/Accrued
Dividends
Equals CAP
($)
($)
($)
($)
($)
($)
($)
2025
3,712,350
(2,092,350)
1,625,143
(966,699)
(129,013)
235,436
2,384,867
        
Compensation Actually Paid vs. Total Shareholder Return The following graphs illustrate the relationship during 2021-2025 of the CAP to our CEO and the average CAP to our other NEOs (each
as set forth in the table above), to (i) our cumulative TSR, (ii) our GAAP net income, and (iii) our Core FFO per share (in each case as
set forth in the table above). The first graph further illustrates the relationship of our cumulative TSR and the cumulative TSR of our
constituent companies in the MSCI US REIT Index for the covered years.
3198
        
Compensation Actually Paid vs. Net Income
3202
        
Compensation Actually Paid vs. Company Selected Measure
3204
        
Total Shareholder Return Vs Peer Group The following graphs illustrate the relationship during 2021-2025 of the CAP to our CEO and the average CAP to our other NEOs (each
as set forth in the table above), to (i) our cumulative TSR, (ii) our GAAP net income, and (iii) our Core FFO per share (in each case as
set forth in the table above). The first graph further illustrates the relationship of our cumulative TSR and the cumulative TSR of our
constituent companies in the MSCI US REIT Index for the covered years.
3198
        
Tabular List, Table Financial Performance Measures. The most important financial performance measures used by the company in setting pay-for-
performance compensation for the most recently completed fiscal year are listed in the table below. The manner in which these
measures, together with certain non-financial performance measures, determine the amounts of incentive compensation paid to our
NEOs is described above in the “Compensation Discussion and Analysis” section.
Significant Financial Performance Measures
Core FFO Growth
Relative TSR (compared to the FTSE NAREIT All Equity REITs Index)
        
Total Shareholder Return Amount $ 121 136 127 104 147
Peer Group Total Shareholder Return Amount 138 134 123 108 143
Net Income (Loss) $ 513,392,000 $ 468,142,000 $ 432,142,000 $ 310,025,000 $ 210,559,000
Company Selected Measure Amount 1.87 1.77 1.66 1.54 1.36
PEO Name Bryan Smith David Singelyn David Singelyn David Singelyn David Singelyn
Additional 402(v) Disclosure Amounts in thousands.See Compensation Discussion and Analysis for additional details on Core FFO per share.        
Measure:: 1          
Pay vs Performance Disclosure          
Name Core FFO Growth        
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR (compared to the FTSE NAREIT All Equity REITs Index)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (5,114,700)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,972,594        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (769,344)        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (168,825)        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 223,717        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,092,350)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,625,143        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (966,699)        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (129,013)        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 235,436        
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure Equity grants to all of our executive officers, including the NEOs,
must be approved by the Committee, which consists entirely of
independent trustees. Grants occur only at meetings or upon
written actions of the Board or the Committee and are made
effective as of the date of the meeting or written action or a
future date if appropriate, such as in the case of a new hire. In
2025, the Committee delegated limited authority to Mr. Smith to
approve equity awards to employees who are not executive
officers.
Equity awards are not timed in coordination with the release of
material non-public information (including for the purpose of
affecting the value of executive compensation or otherwise).
Awards are also subject to the terms of the 2021 Equity
Incentive Plan. All awards of RSUs granted to date to employees
under the 2021 Equity Incentive Plan vest over several years.
In general, the Committee considers equity awards for executive
officers in connection with their annual performance review. In
determining equity awards, our Committee considers, among
other factors, input from other Board members and the
independent compensation consultant, the company’s overall
financial performance, operational achievements, including
acquisitions and the recommendations of our Chief Executive
Officer for the NEOs reporting to him.
Award Timing Method Equity awards are not timed in coordination with the release of
material non-public information (including for the purpose of
affecting the value of executive compensation or otherwise).
Award Timing Predetermined false
Award Timing MNPI Considered false
Award Timing, How MNPI Considered not timed
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true