American Homes 4 Rent cash flow statement

In fiscal 2020, American Homes 4 Rent's operations generated $474m of cash; it spent $17.0m on capital projects, leaving free cash flow of $457m. It returned $61.1m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

American Homes 4 Rent: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020
Cash from operations	279	386	411	458	474
Depreciation and amortisation	299	297	319	329	343
Stock-based pay	4	4	3	5	10
Capital spending	40	48	52	22	17
Free cash flow	239	338	359	436	457
Free cash flow after stock pay	235	334	355	431	447
Dividends paid	48	39	58	60	61
Share buybacks	96	0	35	0	0
Shares issued	103	695	0	0	414

US$ millions unless shown otherwise. Fiscal quarters.

American Homes 4 Rent: cash flow statement, quarterly
Quarter	2019 Q1Mar 2019	2019 Q2Jun 2019	2019 Q3Sept 2019	2019 Q4Dec 2019	2020 Q1Mar 2020	2020 Q2Jun 2020	2020 Q3Sept 2020	2020 Q4Dec 2020
Cash from operations	148	140	133	37	126	153	148	47
Depreciation and amortisation	81	83	82	83	83	85	87	89
Stock-based pay	1	1	1	1	2	2	2	4
Capital spending	10	7	3	3	1	7	3	6
Free cash flow	138	133	130	35	126	146	145	41
Free cash flow after stock pay	137	132	129	34	124	143	143	37
Shares issued	—	—	—	0	—	—	414	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from American Homes 4 Rent's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to American Homes 4 Rent.