American Homes 4 Rent 10-Q filed Jul 31, 2026

Added · New Federal Legislation

The “21st Century ROAD to Housing Act” (the “ROAD Act”) was enacted into federal law on July 11, 2026 and will take effect on January 7, 2027. The ROAD Act generally imposes a federal restriction on our ability to purchase single-family homes, subject to various exemptions such as purchases of homes (i) pursuant to a build-to-rent program, (ii) from other large institutional investors, or (iii) with a requirement to substantially renovate the home, among others. Although we have not been acquiring a significant number of homes through the MLS in recent years, we expect the ROAD Act will adversely impact our ability to do so in the future. In addition, the ROAD Act and similar state and local initiatives could impose significant costs, restrict the locations where we can operate our business, or adversely impact our tax profile, including our status as a REIT. Further, the ROAD Act and the prospect of other such laws or regulations has adversely impacted and may in the future continue to adversely impact our access to capital markets and the attractiveness of our securities to certain investors. Refer to Part II, “Item 1A. Risk Factors” for information about risks related to the ROAD Act and similar state and local legislative and regulatory initiatives.