8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

_____________________

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 13, 2014

AMERICAN HOMES 4 RENT

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-36013	46-1229660
(State or Other Jurisdiction of	(Commission File Number)	(I.R.S. Employer Identification No.)
Incorporation)

30601 Agoura Road, Suite 200 Agoura Hills, California	91301
(Address of Principal Executive Offices)	(Zip Code)

(805) 413-5300

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, and the information in Item 7.01, including Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition and Exhibits

On March 13, 2014, American Homes 4 Rent issued a press release announcing its financial results for the quarter and year ended December 31, 2013 together with a Fourth Quarter Supplemental Information Package. A copy of the press release and the Fourth Quarter 2013 Supplemental Information Package are furnished as Exhibit 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On March 13, 2014, American Homes 4 Rent issued a press release announcing that its Board of Trustees had declared a dividend of $0.05 payable on its outstanding Class A common shares on April 10, 2014 to shareholders of record on March 25, 2014. A copy of the press release is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1—Press Release dated March 13, 2014 concerning financial results

Exhibit 99.2—Fourth Quarter 2013 Supplemental Information Package

Exhibit 99.3—Press Release dated March 13, 2014 concerning the dividend declaration

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 13, 2014

AMERICAN HOMES 4 RENT
By:	/s/ Peter J. Nelson
	Peter J. Nelson
	Chief Financial Officer

EX-99.1

American Homes 4 Rent Fourth Quarter 2013 Financial Results

- Ongoing expansion of best-in-class operating platform -

- Continue strong occupancy of properties rent-ready for more than 90 days of 94.5% -

- Completed internalization of 100% of property management operations -

- Declared initial quarterly distribution of $0.05 per Class A common share -

AGOURA HILLS, Calif., March 13, 2014 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH), today announced its financial and operating results for the quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights

• 31.2% sequential quarterly growth in revenues to $64.9 million
• Funds from operations ("FFO") was $20.9 million or $0.09 per FFO share, compared to $19.6 million or $0.09 per FFO share for the third quarter
• Adjusted funds from operations ("AFFO") (as defined) was $25.6 million or $0.11 per FFO share, compared to $20.7 million or $0.10 per FFO share for the third quarter
• Net operating income from leased properties ("NOI") was $40.0 million, a 26.6% increase from the $31.6 million reported for the prior quarter
• 9.4% increase in portfolio to 23,268 single-family properties from 21,267 as of September 30, 2013, and from January 1, 2014 through February 28, 2014, acquired an additional 1,533 homes, increasing the portfolio to 24,801
• 3,473 properties leased during quarter ended December 31, 2013, for a total of 17,328 leased properties as of December 31, 2013
• Continued growth in total portfolio occupancy to 74.5% as of December 31, 2013, which has improved to 79.5% since yearend
• Solid tenant renewal rate of 73.4%

Year 2013 Highlights

• Revenues of $139.0 million and NOI of $86.5 million
• During 2013 acquired approximately 20,000 single-family properties in desirable sub-markets of 22 states
• Leased approximately 15,460 homes during 2013, raising the Company's total portfolio occupancy from 31.9% to 74.5%
• Successfully raised $886.8 million in initial public offering in July 2013
• 2013 tenant renewal rate of 71.1%

"We are pleased with the continued growth in our portfolio and improved property operating results throughout 2013, resulting in sustained increases in cash generated from operations, enabling us to pay dividends to our shareholders," said David Singelyn, Chief Executive Officer. "Further, we are pleased to have completed the internalization of 100% of our property management functions, which provides us with consistency of service, control and branding in the operation of our properties. As we look ahead, we continue to see attractive opportunities to acquire quality single-family homes and to improve our operating results to drive increased cash flow and value creation."

Fourth Quarter 2013 Financial Results

The Company had total revenues of $64.9 million for the fourth quarter of 2013, an increase of 31.2% over the $49.5 million in total revenues for the third quarter of 2013. The growth in revenues resulted from continued strong leasing activity during the fourth quarter of 2013. Fourth quarter 2013 revenues were further supported by a strong average tenant renewal rate of approximately 73.4%. The Company reported a net loss of $9.5 million for the fourth quarter of 2013.

The Company had NOI of $40.0 million for the fourth quarter of 2013, an increase of 26.6% over the $31.6 million reported for the third quarter of 2013. This increase is primarily due to the significant growth in rental income resulting from a substantially larger number of leased properties.

The Company produced FFO of $20.9 million, or $0.09 per FFO share, and AFFO of $25.6 million, or $0.11 per FFO share, for the fourth quarter of 2013, compared to FFO of $19.6 million, or $0.09 per FFO share, and AFFO of $20.7 million, or $0.10 per FFO share, for the third quarter of 2013.

Year 2013 Financial Results

The Company produced total revenues of $139.0 million for 2013, compared to $4.5 million for 2012. The Company generated NOI of $86.5 million for 2013, compared to $2.8 million for 2012. The Company reported a net loss of $19.1 million for 2013.

NOI, FFO and AFFO are supplemental non-GAAP financial measures. Reconciliations to GAAP measures are provided in a schedule accompanying this press release.

Portfolio

During the fourth quarter of 2013, the Company leased 3,473 homes, for a total number of leased properties of 17,328 as of December 31, 2013. At December 31, 2013, the portfolio leased percentage for properties that have been rent-ready for more than 90 days was 94.5%, compared to 96.2% at the end of the third quarter of 2013.

AMH had 23,268 single-family properties as of December 31, 2013, compared to 21,267 properties as of September 30, 2013, a 9.4% increase in our portfolio during the fourth quarter. From January 1, 2014 through February 28, 2014, the Company acquired approximately 1,533 additional properties, increasing its total portfolio to approximately 24,801 single-family properties.

The following table provides a summary of properties in which the Company had an interest as of December 31, 2013:

	Properties (1)		Net Book Value			Averages Per Property
Market	Units	% of Total	$ millions	% of Total	Avg. per Property	Square Footage	Property Age (years)
Dallas-Fort Worth, TX	2,085	9.0%	$      324.3	8.4%	$   155,542	2,188	10.2
Indianapolis, IN	2,021	8.7%	292.5	7.6%	144,743	1,893	11.5
Greater Chicago area, IL and IN	1,519	6.5%	230.4	6.0%	151,702	1,861	12.4
Atlanta, GA	1,461	6.3%	237.0	6.1%	162,204	2,157	13.0
Cincinnati, OH	1,244	5.3%	207.4	5.4%	166,756	1,849	13.5
Houston, TX	1,223	5.3%	210.4	5.4%	172,010	2,293	9.6
Charlotte, NC	1,058	4.5%	177.8	4.6%	168,027	1,964	10.7
Nashville, TN	994	4.3%	199.2	5.2%	200,444	2,202	9.5
Jacksonville, FL	974	4.2%	140.6	3.6%	144,333	1,923	9.6
Phoenix, AZ	962	4.1%	143.2	3.7%	148,828	1,811	11.3
All Other (2)	9,727	41.8%	1,698.6	44.0%	174,611	1,905	11.2
Total / Average	23,268	100.0%	$ 3,861.4	100.0%	$ 165,948	1,972	11.2

(1)	Includes 377 properties in which the Company holds an approximate one-third interest
(2)	Represents 32 markets in 19 states

Capital activities and recent announcements

In the fourth quarter of 2013, the Company raised approximately $236.5 million through the issuance of 5,060,000 and 4,400,000 of our 5% Series A participating preferred shares and 5% Series B participating preferred shares, respectively, including the over-allotment. The 5% Series A participating preferred shares are traded under the symbol "AMHPRA" and the 5% Series B participating preferred shares are traded under the symbol "AMHPRB."

The Company continues to aggressively pursue a securitization transaction, which it expects to be completed in the next 60 days.

Dividends

On March 12, 2014, the Board of Trustees declared a quarterly distribution of $0.05 per Class A common share payable on April 10, 2014 to shareholders of record as of March 25, 2014. During the fourth quarter of 2013, the Board of Trustees declared an initial quarterly distribution of $0.05 per Class A common share, which was paid on January 10, 2014.

Conference Call

A conference call is scheduled on Friday, March 14, 2014, at 12:00 p.m. Eastern Time to discuss AMH's financial results for the year and quarter ended December 31, 2013 and to provide an update on its business. The domestic dial-in number is (877) 705-6003 (for U.S. and Canada) and the international dial-in number is (201) 493-6725 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.americanhomes4rent.com, under "For Investors." A replay of the conference call may be accessed through March 28, 2014 by calling (877) 870-5176 (U.S. and Canada) or (858) 384-5517 (international), replay pin number 13576746, or by using the link at www.americanhomes4rent.com, under "For Investors."

Additional information

A copy of AMH's Fourth Quarter 2013 Supplemental Information Package and this press release are available on our website at www.americanhomes4rent.com. This information has also been furnished to the SEC in a Current Report on Form 8-K.

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive single-family homes as rental properties. As of December 31, 2013, we owned 23,268 single-family properties in selected submarkets in 22 states. We are a leader in the single-family home rental industry and "American Homes 4 Rent" is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction.

Forward-Looking Statements

This press release contains "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, our belief that we have a continuing significant opportunity to acquire quality single-family homes, our ability to improve our operating results to drive increased cash flow and value creation, the expected timing to close our first securitization transaction and the anticipated timing of the expected dividend payment date for the Company's common shares. AMH has based these forward-looking statements on its current expectations and assumptions about future events. While AMH's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond AMH's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. AMH undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of AMH in general, see the "Risk Factors" disclosed in AMH's most recent registration statement on Form S-11 filed with the Securities and Exchange Commission on December 20, 2013.

Non-GAAP Financial Measures

This press release and the Fourth Quarter 2013 Supplemental Information Package include FFO, AFFO and NOI, which are non-GAAP financial measures. We believe these are helpful to understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same way we do, FFO, AFFO and NOI may not be comparable among REITs. In addition, FFO, AFFO and NOI are not substitutes for net income / (loss) or cash flow from operations, as defined by GAAP, as measures of our liquidity, operating performance or our ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Supplemental Information Package.

Contact Information
Investor Relations:
Email: investors@ah4r.com
Phone: (855) 794-2447

American Homes 4 Rent Consolidated Balance Sheets (Amounts in thousands, except share information)
		December 31,
		2013	2012
Assets
Single-family properties:
	Land	$        728,362	$      96,139
	Buildings and improvements	3,188,693	411,706
	Single-family properties held for sale	6,569	-
		3,923,624	507,845
	Less: accumulated depreciation	(62,202)	(2,132)
Single-family properties, net		3,861,422	505,713
Cash and cash equivalents		148,989	397,198
Restricted cash for resident security deposits		26,430	-
Rent and other receivables, net		6,863	6,586
Escrow deposits, prepaid expenses and other assets		39,212	11,961
Deferred costs and other intangibles, net		20,573	-
Goodwill		120,655	-
Total assets		$     4,224,144	$    921,458
Liabilities
Credit facility		$        375,000	$                -
Accounts payable and accrued expenses		103,397	11,282
Amounts payable to affiliates		-	5,012
Contingently convertible Series E units liability		66,938	-
Preferred shares derivative liability		28,150	-
Total liabilities		573,485	16,294
Commitments and contingencies
Equity
	Shareholders' equity:
	Class A common shares, $0.01 par value
	per share, 450,000,000 shares authorized,
	184,869,219 and 38,663,998 shares issued and
	outstanding at December 31, 2013 and 2012,
	respectively	1,848	387
	Class B common shares, $0.01 par value
	per share, 50,000,000 shares authorized,
	635,075 and 667 shares issued and
	outstanding at December 31, 2013 and 2012,
	respectively	6	-
	Preferred shares, $0.01 par value per share,
	100,000,000 shares authorized, 9,060,000 issued
	and outstanding at December 31, 2013	91	-
	Additional paid-in capital	2,996,478	914,565
	Accumulated deficit	(63,479)	(10,278)
	Total shareholders' equity	2,934,944	904,674
	Noncontrolling interest	715,715	490
	Total equity	3,650,659	905,164
Total liabilities and equity		$     4,224,144	$    921,458

American Homes 4 Rent Consolidated Statements of Operations (Amounts in thousands, except share and per share information)
		For the Three Months Ended		For the
		December 31, 2013 (Unaudited)	September 30, 2013 (Unaudited)	Year Ended December 31, 2013
Revenues:
	Rents from single-family properties	$           61,843	$            47,364	$         132,722
	Other revenues from single-family properties	2,627	1,799	5,227
	Other	420	300	1,083
Total revenues		64,890	49,463	139,032
Expenses:
	Property operating expenses
	Leased single-family properties	24,470	17,579	51,411
	Vacant single-family properties and other	8,348	7,873	22,341
	General and administrative expense	3,667	2,742	8,845
	Advisory fees	-	-	6,352
	Interest expense	-	-	370
	Noncash share-based compensation expense	473	153	1,079
	Acquisition fees and costs expensed	814	496	4,799
	Depreciation and amortization	33,160	24,043	70,987
Total expenses		70,932	52,886	166,184
Gain on remeasurement of equity method investment		-	-	10,945
Remeasurement of Series E units		(1,619)	(438)	(2,057)
Remeasurement of Preferred shares		(1,810)	-	(1,810)
Loss from continuing operations		(9,471)	(3,861)	(20,074)
Discontinued operations
	Gain on disposition of single-family properties	-	-	904
	Income from discontinued operations	-	-	104
Total income from discontinued operations		-	-	1,008
Net loss		(9,471)	(3,861)	(19,066)
Noncontrolling interest		3,888	3,798	13,245
Dividends on preferred shares		1,160	-	1,160
Conversion of preferred units		-	-	10,456
Net loss attributable to common shareholders		$         (14,519)	$            (7,659)	$          (43,927)
Weighted average shares outstanding - basic and diluted		185,499,066	162,725,150	123,592,086
Net loss per share - basic and diluted:
	Loss from continuing operations	$             (0.08)	$              (0.05)	$            (0.37)
	Discontinued operations	-	-	0.01
Net loss attributable to common shareholders
	per share - basic and diluted	$             (0.08)	$               (0.05)	$             (0.36)

Non-GAAP Financial Measures

Funds from Operations and Adjusted Funds from Operations

The following is a reconciliation of net loss attributable to common shareholders, determined in accordance with GAAP, to FFO and AFFO for the three months ended September 30, 2013 and December 31, 2013 (amounts in thousands, except share and per share information):

		For the Three Months Ended
		December 31, 2013	September 30, 2013
Net loss attributable to common shareholders		$                 (14,519)	$                    (7,659)
Adjustments:
	Noncontrolling interests in the Operating Partnership	3,718	4,028
	Depreciation and amortization of real estate assets	31,702	23,211
Funds from operations		$                  20,901	$                   19,580
Adjustments:
	Acquisition fees and costs expensed	814	496
	Noncash share-based compensation expense	473	153
	Remeasurement of Series E units	1,619	438
	Remeasurement of Preferred shares	1,810	-
Adjusted funds from operations		$                  25,617	$                   20,667
Weighted average number of FFO shares (1)		239,122,332	216,348,416
FFO per weighted average FFO share		$                      0.09	$                       0.09
AFFO per weighted average FFO share		$                      0.11	$                       0.10

(1) Includes 162,725,150 and 185,499,066 weighted average Class A common shares and Class B common shares outstanding for the three months ended September 30, 2013 and December 31, 2013, respectively, and assumes full conversion of all Operating Partnership units outstanding, including 13,787,292 Class A units, 31,085,974 Series C units, 4,375,000 Series D units and 4,375,000 Series E units.  

FFO is a non-GAAP measure that we calculate in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income or loss calculated in accordance with Generally Accepted Accounting Principles ("GAAP"), excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.

AFFO is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute AFFO by adjusting FFO for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of properties with existing leases, (2) noncash share-based compensation expense and (3) noncash fair value adjustments associated with remeasuring our Series E units liability and Preferred shares derivative liability to fair value.

We present FFO and FFO per FFO share because we consider FFO to be an important measure of the performance of real estate companies, as do many analysts in evaluating our Company. We believe that FFO is a helpful measure of a REIT's performance since FFO excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that AFFO and AFFO per FFO share are helpful to investors as supplemental measures of the operating performance of our Company as they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO and AFFO are not a substitute for net cash flow provided by operating activities or net loss per share, as determined in accordance with GAAP, as a measure of our liquidity or operating performance or our ability to pay dividends. FFO and AFFO also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute FFO and AFFO in the same manner, FFO and AFFO may not be comparable among REITs.

Reconciliation of Net Operating Income to Net Loss

NOI is a supplemental non-GAAP financial measure that AMH defines as rents from single-family properties and other revenues from single-family properties, less property operating expenses for leased single-family properties. NOI excludes income from discontinued operations, remeasurement of preferred shares, remeasurement of Series E units, gain on remeasurement of equity method investment, depreciation and amortization, acquisition fees and costs expensed, noncash share-based compensation expense, interest expense, advisory fees, general and administrative expense, property operating expenses for vacant single-family properties and other and other revenues.

AMH considers NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our leased single-family properties. It should be considered only as a supplement to net income / (loss) as a measure of our performance. NOI should not be used as a measure of AMH's liquidity, nor is it indicative of funds available to fund AMH's cash needs, including its ability to pay dividends or make distributions. NOI also should not be used as a substitute for net income / (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

The following is a reconciliation of NOI to net loss as determined in accordance with GAAP (amounts in thousands):

	For the Three Months Ended		For the Years Ended December 31,
	December 31, 2013	September 30, 2013	2013	2012
Net loss	$         (9,471)	$          (3,861)	$ (19,066)	$ (10,236)
Income from discontinued operations	-	-	(1,008)	-
Remeasurement of Preferred shares	1,810	-	1,810	-
Remeasurement of Series E units	1,619	438	2,057	-
Gain on remeasurement of equity method investment	-	-	(10,945)	-
Depreciation and amortization	33,160	24,043	70,987	2,111
Acquisitions fees and costs expensed	814	496	4,799	869
Noncash share-based compensation expense	473	153	1,079	70
Interest expense	-	-	370	-
Advisory fees	-	-	6,352	937
General and administrative expense	3,667	2,742	8,845	7,199
Property operating expenses for vacant
single-family properties and other	8,348	7,873	22,341	1,846
Other revenues	(420)	(300)	(1,083)	-
Net operating income	$        40,000	$         31,584	$  86,538	$    2,796

EX-99.2

Fourth Quarter 2013

Supplemental Information Package

     

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Table of Contents

Summary
Financial and Operating Highlights	3
Fact Sheet	4
Notes to Fact Sheet	5
Earnings
2013 Quarterly Consolidated Statements of Operations	6
Funds from Operations and Adjusted Funds from Operations	7
Property Information
Top 20 Markets Summary	9
Top 20 Markets Home Price Appreciation Trends	10
Leasing Experience	11
Operational Information
Acquisition, Renovation and Leasing Rates	12
Portfolio Footprint Map	13
Non-GAAP Financial Measures
Reconciliation of Net Operating Income to Net Loss	14

2

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Financial and Operating Highlights

Fourth Quarter 2013 Highlights

· 31.2% sequential quarterly growth in revenues to $64.9 million

· Funds from operations (“FFO”) was $20.9 million or $0.09 per FFO share, compared to $19.6 million or $0.09 per FFO share for the third quarter

· Adjusted funds from operations (“AFFO”) (as defined) was $25.6 million or $0.11 per FFO share, compared to $20.7 million or $0.10 per FFO share for the third quarter

· Net operating income from leased properties (“NOI”) was $40.0 million, a 26.6% increase from the $31.6 million reported for the prior quarter

· 9.4% increase in portfolio to 23,268 single-family properties from 21,267 as of September 30, 2013, and from January 1, 2014 through February 28, 2014, acquired an additional 1,533 homes, increasing the portfolio to 24,801

· 3,473 properties leased during quarter ended December 31, 2013, for a total of 17,328 leased properties as of December 31, 2013

· Continued growth in total portfolio occupancy to 74.5% as of December 31, 2013, which has improved to 79.5% since yearend

· Solid tenant renewal rate of 73.4%

Year 2013 Highlights

· Revenues of $139.0 million and NOI of $86.5 million

· During 2013 acquired approximately 20,000 single-family properties in desirable sub-markets of 22 states

· Leased approximately 15,460 homes during 2013, raising the Company’s total portfolio occupancy from 31.9% to 74.5%

· Successfully raised $886.8 million in initial public offering in July 2013

· 2013 tenant renewal rate of 71.1%

3

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Fact Sheet

(Amounts in thousands, except share, per share and property information)

(Unaudited)

	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013
Operating Data - for the three months ended
Revenues from single-family properties (1)	$	6,559		$	17,757		$	49,163		$	64,470
Total revenues	$	6,559		$	18,120		$	49,463		$	64,890
Leased property operating expenses	$	2,503		$	6,859		$	17,579		$	24,470
Net operating income (2)	$	4,056		$	10,898		$	31,584		$	40,000
Net operating income margin		62	%		61	%		64	%		62	%
General and administrative expense and
advisory fees as a percentage of total revenues		67	%		24	%		6	%		6	%
Annualized general and administrative expense and
advisory fees as a percentage of total assets		1.04	%		0.51	%		0.28	%		0.35	%
Selected Balance Sheet Information - at end of period
Single-family properties, net	$	1,120,843		$	3,039,504		$	3,530,122		$	3,861,422
Total assets	$	1,678,261		$	3,482,695		$	3,885,261		$	4,224,144
Outstanding borrowings under credit facility (3)	$	-		$	670,000		$	238,000		$	375,000
Total liabilities	$	49,798		$	831,359		$	395,968		$	573,485
Total market capitalization (4)		n/a			n/a		$	3,861,700		$	3,873,866
NYSE AMH Class A common share closing price		n/a			n/a		$	16.15		$	16.20
Portfolio Data - at end of period
Leased single-family properties		2,338			10,245			14,384			17,328
Single-family properties being renovated		3,880			6,074			4,147			2,744
Vacant single-family properties available for lease		1,356			2,007			2,736			3,152
Single-family properties held for sale		-			-			-			44
Total single-family properties		7,574			18,326			21,267			23,268
Total portfolio occupancy		30.9	%		55.9	%		67.6	%		74.5	%
Available for rent 30+ days occupancy (5)		n/a			89.7	%		89.6	%		90.1	%
Available for rent 90+ days occupancy (6)		n/a			96.7	%		96.2	%		94.5	%
Quarterly lease renewal rate		62.3	%		68.3	%		73.0	%		73.4	%
Other Data
Distributions declared per common share	$	-		$	-		$	-		$	0.05
Distributions declared per Series A preferred share (7)	$	-		$	-		$	-		$	0.23

4

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Notes to Fact Sheet

(1) Consists of rents from single-family properties and other revenues from single-family properties.

(2) Net operating income (“NOI”) is a supplemental non-GAAP financial measure that we define as rents from single-family properties and other revenues from single-family properties, less property operating expenses for leased single-family properties. A reconciliation between net loss (as determined in accordance with GAAP) and NOI is included in a schedule accompanying this supplemental information package.

(3) Our credit facility provides for borrowing capacity of up to $800 million and bears interest at 30 day LIBOR plus 2.75% (3.125% beginning in March 2017). Borrowings are available until March 2015, which may be extended for an additional year subject to the satisfaction of certain financial covenant tests. Upon expiration of the credit facility period, any outstanding borrowings will convert to a term loan through September 30, 2018.

(4) Total market capitalization includes common shares outstanding at the end of respective period and 13,787,292 Class A units, 31,085,974 Series C units, 4,375,000 Series D units and 4,375,000 Series E units.

(5) Available for rent 30+ days occupancy is calculated as the number of leased properties divided by the number of leased properties after we have completed initial renovations or are available for rent for a period of greater than 30 days.

(6) Available for rent 90+ days occupancy is calculated as the number of leased properties divided by the number of leased properties after we have completed initial renovations or are available for rent for a period of greater than 90 days.

(7) Represents initial pro-rated quarterly dividend on the Company’s 5% Series A participating preferred shares.

5

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

2013 Quarterly Consolidated Statements of Operations

(Amounts in thousands, except share and per share information)

(Unaudited)

	For the Three Months Ended
	Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Year Ended Dec 31, 2013
Revenues:
Rents from single-family properties	$	6,495		$	17,020		$	47,364		$	61,843		$	132,722
Other revenues from single-family properties		64			737			1,799			2,627			5,227
Other		-			363			300			420			1,083
Total revenues		6,559			18,120			49,463			64,890			139,032
Expenses:
Property operating expenses
Leased single-family properties		2,503			6,859			17,579			24,470			51,411
Vacant single-family properties and other		1,729			4,391			7,873			8,348			22,341
General and administrative expense		1,625			811			2,742			3,667			8,845
Advisory fees		2,742			3,610			-			-			6,352
Interest expense		370			-			-			-			370
Noncash share-based compensation expense		174			279			153			473			1,079
Acquisition fees and costs expensed		1,390			2,099			496			814			4,799
Depreciation and amortization		2,905			10,879			24,043			33,160			70,987
Total expenses		13,438			28,928			52,886			70,932			166,184
Gain on remeasurement of equity method investment		-			10,945			-			-			10,945
Remeasurement of Series E units		-			-			(438	)		(1,619	)		(2,057	)
Remeasurement of Preferred shares		-			-			-			(1,810	)		(1,810	)
Income / (loss) from continuing operations		(6,879	)		137			(3,861	)		(9,471	)		(20,074	)
Discontinued operations
Gain on disposition of single-family properties		-			904			-			-			904
Income from discontinued operations		22			82			-			-			104
Total income from discontinued operations		22			986			-			-			1,008
Net income / (loss)		(6,857	)		1,123			(3,861	)		(9,471	)		(19,066	)
Noncontrolling interest		895			4,664			3,798			3,888			13,245
Dividends on preferred shares		-			-			-			1,160			1,160
Conversion of preferred units		-			10,456			-			-			10,456
Net loss attributable to common shareholders	$	(7,752	)	$	(13,997	)	$	(7,659	)	$	(14,519	)	$	(43,927	)
Weighted average shares outstanding - basic and diluted		48,233,982			95,971,706			162,725,150			185,499,066			123,592,086
Net loss per share - basic and diluted:
Loss from continuing operations	$	(0.16	)	$	(0.16	)	$	(0.05	)	$	(0.08	)	$	(0.37	)
Discontinued operations		-			0.01			-			-			0.01
Net loss attributable to common shareholders
per share - basic and diluted	$	(0.16	)	$	(0.15	)	$	(0.05	)	$	(0.08	)	$	(0.36	)

6

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Funds from Operations and Adjusted Funds from Operations

The following is a reconciliation of net loss attributable to common shareholders, determined in accordance with GAAP, to FFO and AFFO for the three months ended September 30, 2013 and December 31, 2013 (amounts in thousands, except share and per share information):

	For the Three Months Ended
	Sep 30, 2013			Dec 31, 2013
Net loss attributable to common shareholders	$	(7,659	)	$	(14,519	)
Adjustments:
Noncontrolling interests in the Operating Partnership		4,028			3,718
Depreciation and amortization of real estate assets		23,211			31,702
Funds from operations	$	19,580		$	20,901
Adjustments:
Acquisition fees and costs expensed		496			814
Noncash share-based compensation expense		153			473
Remeasurement of Series E units		438			1,619
Remeasurement of Preferred shares		-			1,810
Adjusted funds from operations	$	20,667		$	25,617
Weighted average number of FFO shares (1)		216,348,416			239,122,332
FFO per weighted average FFO share	$	0.09		$	0.09
AFFO per weighted average FFO share	$	0.10		$	0.11

(1) Includes 162,725,150 and 185,499,066 weighted average Class A common shares and Class B common shares outstanding for the three months ended September 30, 2013 and December 31, 2013, respectively, and assumes full conversion of all Operating Partnership units outstanding, including 13,787,292 Class A units, 31,085,974 Series C units, 4,375,000 Series D units and 4,375,000 Series E units.

FFO is a non-GAAP measure that we calculate in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.

AFFO is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute AFFO by adjusting FFO for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of properties with existing leases, (2) noncash share-based compensation expense and (3) noncash fair value adjustments associated with remeasuring our Series E units liability and Preferred shares derivative liability to fair value.

7

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Funds from Operations and Adjusted Funds from Operations (continued)

We present FFO and FFO per FFO share because we consider FFO to be an important measure of the performance of real estate companies, as do many analysts in evaluating our Company. We believe that FFO is a helpful measure of a REIT’s performance since FFO excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that AFFO and AFFO per FFO share are helpful to investors as supplemental measures of the operating performance of our Company as they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO and AFFO are not a substitute for net cash flow provided by operating activities or net loss per share, as determined in accordance with GAAP, as a measure of our liquidity or operating performance or our ability to pay dividends. FFO and AFFO also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute FFO and AFFO in the same manner, FFO and AFFO may not be comparable among REITs.

8

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Top 20 Markets Summary

The table below summarizes certain information with respect to our top 20 markets as of December 31, 2013:

Market	Number of Properties		Percentage of Total Properties			Net Book Value ($ millions)		Percentage of Net Book Value			Net Book Value per Property		Average Sq. Ft.		Avg. Age (years)		Leased Properties		Occupancy Percentage
Dallas-Fort Worth, TX		2,085		9.0	%	$	324.3		8.4	%	$	155,542		2,188		10.2		1,573		75.4	%
Indianapolis, IN		2,021		8.7	%		292.5		7.6	%		144,743		1,893		11.5		1,509		74.7	%
Greater Chicago area, IL and IN		1,519		6.5	%		230.4		6.0	%		151,702		1,861		12.4		857		56.4	%
Atlanta, GA		1,461		6.3	%		237.0		6.1	%		162,204		2,157		13.0		1,112		76.1	%
Cincinnati, OH		1,244		5.3	%		207.4		5.4	%		166,756		1,849		13.5		842		67.7	%
Houston, TX		1,223		5.3	%		210.4		5.4	%		172,010		2,293		9.6		860		70.3	%
Charlotte, NC		1,058		4.5	%		177.8		4.6	%		168,027		1,964		10.7		906		85.6	%
Nashville, TN		994		4.3	%		199.2		5.2	%		200,444		2,202		9.5		884		88.9	%
Jacksonville, FL		974		4.2	%		140.6		3.6	%		144,333		1,923		9.6		801		82.2	%
Phoenix, AZ		962		4.1	%		143.2		3.7	%		148,828		1,811		11.3		868		90.2	%
Tampa, FL		818		3.5	%		156.9		4.1	%		191,850		2,081		10.3		661		80.8	%
Raleigh, NC		815		3.5	%		144.7		3.7	%		177,519		1,918		9.5		638		78.3	%
Salt Lake City, UT		727		3.1	%		156.5		4.1	%		215,337		2,199		12.0		627		86.2	%
Columbus, OH		725		3.1	%		104.0		2.7	%		143,515		1,823		12.7		433		59.7	%
Las Vegas, NV		713		3.1	%		119.8		3.1	%		168,051		1,846		12.1		676		94.8	%
Orlando, FL		613		2.6	%		99.8		2.6	%		162,743		1,966		12.5		468		76.3	%
Austin, TX		408		1.8	%		57.0		1.5	%		139,795		1,892		9.7		277		67.9	%
Greenville, SC		380		1.6	%		63.0		1.6	%		165,886		1,919		10.4		252		66.3	%
Tucson, AZ		376		1.6	%		48.9		1.3	%		129,994		1,654		9.6		350		93.1	%
Greensboro, NC		356		1.5	%		59.7		1.5	%		167,819		1,909		10.0		256		71.9	%
All Other (2)		3,796		16.3	%		688.3		17.8	%		181,231		1,850		11.4		2,478		65.3	%
Total / Average		23,268		100.0	%	$	3,861.4		100.0	%	$	165,948		1,972		11.2		17,328		74.5% (1)

(1) As of the date of this supplemental information package, March 13, 2014, our total portfolio occupancy has increased to approximately 79.5%.

(2) Represents 22 markets in 15 states.

9

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Top 20 Markets Home Price Appreciation Trends

				HPA Index (1)
Market	Relative Weighting of Top 20 Markets (2)			Dec 31, 2012 (3)		Mar 31, 2013		Jun 30, 2013		Sep 30, 2013		Dec 31, 2013		2013 HPA Index Appreciation
Dallas-Fort Worth, TX (4)		9.507	%		100.0		100.9		105.5		107.1		108.4		8.4	%
Indianapolis, IN		8.880	%		100.0		104.0		107.4		110.4		108.0		8.0	%
Greater Chicago area, IL and IN		7.679	%		100.0		101.2		109.7		110.8		111.7		11.7	%
Atlanta, GA		7.545	%		100.0		104.1		111.5		114.6		115.0		15.0	%
Nashville, TN		6.390	%		100.0		102.1		106.7		107.9		109.9		9.9	%
Houston, TX		6.312	%		100.0		102.1		106.7		108.2		111.0		11.0	%
Cincinnati, OH		6.119	%		100.0		99.6		105.4		107.9		105.3		5.3	%
Salt Lake City, UT		5.495	%		100.0		104.7		109.7		110.3		109.6		9.6	%
Tampa, FL		5.361	%		100.0		100.2		107.8		111.1		112.3		12.3	%
Charlotte, NC		5.354	%		100.0		105.3		109.5		112.8		113.4		13.4	%
Phoenix, AZ		5.270	%		100.0		102.4		109.8		115.0		117.0		17.0	%
Jacksonville, FL		4.776	%		100.0		108.0		111.0		112.1		113.2		13.2	%
Las Vegas, NV		4.371	%		100.0		102.7		112.0		122.0		125.3		25.3	%
Raleigh, NC		4.040	%		100.0		103.5		106.1		107.8		107.0		7.0	%
Columbus, OH		3.167	%		100.0		101.5		106.9		111.0		107.8		7.8	%
Orlando, FL		3.036	%		100.0		99.4		106.9		110.0		107.5		7.5	%
Tucson, AZ		1.867	%		100.0		98.5		102.6		106.4		107.7		7.7	%
Greensboro, NC		1.789	%		100.0		102.8		104.8		105.4		102.3		2.3	%
Austin, TX		1.550	%		100.0		101.6		108.7		110.7		109.2		9.2	%
San Antonio, TX		1.490	%		100.0		99.0		100.3		101.1		100.8		0.8	%
Total / weighted average		100.0	%												10.8	%

(1) HPA Index reflects the House Price Index of the Federal Housing Finance Agency (“FHFA”), known as the Quarterly Purchase-Only Index, specifically the non-seasonally adjusted “Purchase-Only Index” for the “100 Largest Metropolitan Statistical Areas.”

(2) Relative weighting of top 20 markets based on properties as of September 30, 2013, consistent with relative weighting used for purposes of computing the “HPA Factor” for our 5% Series A participating preferred shares and 5% Series B participating preferred shares as described in the prospectuses for those securities.

(3) For the illustrative purposes of this table, the HPA Index has been indexed as of December 31, 2012 and, as such, a baseline index value of 100.0 has been assigned to each market as of such date. The HPA Index values with respect to the other periods presented are relative measures calculated in relation to the baseline index value.

(4) Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington Metropolitan Divisions, with each division being given equal weighting for purposes of determining the HPA Index.

10

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Leasing Experience

The table below summarizes our leasing experience through December 31, 2013:

Market	Leased (1)		Available for Rent 30+ Days(2)		Available for Rent 90+ Days(3)		30+ Days Occupancy % (4)			90+ Days Occupancy % (5)			Average Annual Scheduled Rent Per Property
Dallas-Fort Worth, TX		1,554		1,667		1,583		93.2	%		98.2	%	$	17,523
Indianapolis, IN		1,479		1,656		1,601		89.3	%		92.4	%		14,717
Greater Chicago area, IL and IN		774		974		849		79.5	%		91.2	%		19,258
Atlanta, GA		1,093		1,144		1,119		95.5	%		97.7	%		15,902
Houston, TX		773		800		791		96.6	%		97.7	%		18,144
Phoenix, AZ		827		875		866		94.5	%		95.5	%		13,247
Cincinnati, OH		816		950		878		85.9	%		92.9	%		16,795
Jacksonville, FL		690		713		698		96.8	%		98.9	%		15,388
Nashville, TN		856		865		864		99.0	%		99.1	%		17,741
Charlotte, NC		883		915		901		96.5	%		98.0	%		15,728
All Other (6)		6,813		7,815		7,368		87.2	%		92.5	%		16,529
Total / Average		16,558		18,374		17,518		90.1	%		94.5	%	$	16,444

(1) Includes leases on properties for which we have completed renovations and excludes leases with tenants existing at the date of acquisition (“Stabilized Properties”)

(2) Available for Rent 30+ Days represents the number of properties that have been leased after we have completed renovations or are available for rent (i.e., “rent-ready”) for a period of greater than 30 days.

(3) Available for Rent 90+ Days represents the number of properties that have been leased after we have completed renovations or are available for rent (i.e., “rent-ready”) for a period of greater than 90 days.

(4) Occupancy percentage is computed by dividing the number of leased properties by the number of properties available for rent 30+ days.

(5) Occupancy percentage is computed by dividing the number of leased properties by the number of properties available for rent 90+ days.

(6) Represents 32 markets in 19 states.

11

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Acquisition, Renovation and Leasing Rates

“Rent Ready” includes properties for which initial construction has been completed during each quarter

“Leases Signed” includes the number of initial leases signed each quarter (includes Pre-Existing Leases)

12

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Portfolio Footprint Map

All properties in all markets are managed by AMH personnel.

 

13

American Homes 4 Rent

Supplemental Information Package

Fourth Quarter 2013

Reconciliation of Net Operating Income to Net Loss

NOI is a supplemental non-GAAP financial measure that AMH defines as rents from single-family properties and other revenues from single-family properties, less property operating expenses for leased single-family properties. NOI excludes income from discontinued operations, remeasurement of preferred shares, remeasurement of Series E units, gain on remeasurement of equity method investment, depreciation and amortization, acquisition fees and costs expensed, noncash share-based compensation expense, interest expense, advisory fees, general and administrative expense, property operating expenses for vacant single-family properties and other and other revenues. 

AMH considers NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our leased single-family properties. It should be considered only as a supplement to net income / (loss) as a measure of our performance. NOI should not be used as a measure of AMH’s liquidity, nor is it indicative of funds available to fund AMH’s cash needs, including its ability to pay dividends or make distributions. NOI also should not be used as a substitute for net income / (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

The following is a reconciliation of NOI to net loss as determined in accordance with GAAP (amounts in thousands):

	For the Three Months Ended						For the Years Ended December 31,
	December 31, 2013			September 30, 2013			2013			2012
Net loss	$	(9,471	)	$	(3,861	)	$	(19,066	)	$	(10,236	)
Income from discontinued operations		-			-			(1,008	)		-
Remeasurement of Preferred shares		1,810			-			1,810			-
Remeasurement of Series E units		1,619			438			2,057			-
Gain on remeasurement of equity method investment		-			-			(10,945	)		-
Depreciation and amortization		33,160			24,043			70,987			2,111
Acquisitions fees and costs expensed		814			496			4,799			869
Noncash share-based compensation expense		473			153			1,079			70
Interest expense		-			-			370			-
Advisory fees		-			-			6,352			937
General and administrative expense		3,667			2,742			8,845			7,199
Property operating expenses for vacant
single-family properties and other		8,348			7,873			22,341			1,846
Other revenues		(420	)		(300	)		(1,083	)		-
Net operating income	$	40,000		$	31,584		$	86,538		$	2,796

14

EX-99.3

AMERICAN HOMES 4 RENT ANNOUNCES DIVIDEND

AGOURA HILLS, California, March 13, 2014—American Homes 4 Rent (NYSE: AMH) today announced that, on March 12, 2014, its Board of Trustees declared a dividend of $0.05 per share on the Company's common shares for the first quarter of 2014. The dividend will be payable in cash on April 10, 2014 to shareholders of record on March 25, 2014.

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive single-family homes as rental properties. As of December 31, 2013, we owned 23,268 single-family properties in selected submarkets in 22 states.  We are a leader in the single-family home rental industry and “American Homes 4 Rent” is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction.

Forward-Looking Statements

This press release contains "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “believe," "expect," "anticipate," "intend," or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include the anticipated timing of the expected dividend payment date for the Company’s common shares. While AMH's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond AMH's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. AMH undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law.

Contact Information

Investor Relations:

Email: investors@ah4r.com

Phone: (855) 794-2447