Investor HighlightsCITI GLOBAL PROPERTY CEO CONFERENCE
MARCH 2017
2
LEGAL DISCLOSURES
Forward-Looking Statements
Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of
historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of
our strategies, plans or intentions. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,”
“intend,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking
statements on our current expectations and assumptions about future events. These assumptions include, among others, our projections and expectations
regarding: market trends in the single-family home rental industry and in the local markets where we operate, our ability to institutionalize a historically
fragmented business model, our business strengths, our ideal tenant profile, the quality and location of our properties in attractive neighborhoods, the scale
advantage of our national platform and the superiority of our operational infrastructure, the effectiveness of our investment philosophy and diversified
acquisition strategy, our ability to grow our portfolio and to create a cash flow opportunity with attractive current yields and upside from increasing rents and cost
efficiencies and our understanding of our competition and general economic, demographic and real estate conditions that may impact our business. While we
consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our 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 presentation, March 3, 2017. We undertake no obligation to update any
forward-looking statements to conform to actual results or changes in our 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
the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report for the year ended December 31, 2016 and the Company’s
subsequent filings with the Securities and Exchange Commission.
Non-GAAP Financial Measures
This presentation includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP) because
we believe they help investors understand our performance. A reconciliation of those non-GAAP financial measures to the most directly comparable GAAP
financial measures is provided in the Appendix of this presentation. Any non-GAAP financial measures presented are not, and should not be viewed as,
substitutes for financial measures required by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies.
AMH Highlights Section
3
FOURTH QUARTER 2016
HIGHLIGHTS Houston, TX
4
STRONG SAME-HOME PERFORMANCE
(1) Year over year percentage growth comparisons based on quarterly same‐home populations presented in the Company’s supplemental for the respective period.
Operating Highlights
4Q15 1Q16 2Q16 3Q16 4Q16
Number of Same‐Home properties 25,270 25,270 25,270 25,270 25,270
Rents from single‐family properties $ 101,886 $ 104,404 $ 105,968 $ 106,859 $ 107,316
Fees from single‐family properties 1,261 1,307 1,353 1,516 1,222
Bad debt (559) (621) (712) (1,233) (1,019)
Core revenues $ 102,588 $ 105,090 $ 106,609 $ 107,142 $ 107,519
R&M, turnover and in‐house maintenance, net 8,647 7,910 8,250 10,096 7,806
Property tax, insurance and HOA fees 22,049 22,469 23,206 22,851 22,171
Property management 9,000 9,261 8,796 8,879 8,331
Core property operating expenses $ 39,696 $ 39,640 $ 40,252 $ 41,826 $ 38,308
Core net operating income (“Core NOI”) 62,892 65,450 66,357 65,316 69,211
NOI margin 61.3% 62.3% 62.2% 61.0% 64.4%
Capital expenditures 3,856 3,326 4,833 5,719 3,469
Core NOI after capex $ 59,036 $ 62,124 $ 61,524 $ 59,597 $ 65,742
YOY growth in quarterly Core NOI after capex (1) 14.3% 10.0% 14.8% 12.3% 11.4%
Average capital expenditures $ 153 $ 132 $ 191 $ 226 $ 137
Average R&M, turnover, in‐house maintenance
and capex per property
$ 495 $ 444 $ 518 $ 626 $ 446
(Amounts in thousands, except property and per property data)
Increasing revenues driven
by strong rental rate
increases and higher average
occupancy levels
1
Platform maturation and
continued expense controls
lead to stable, predictable
and growing cash flows
2
Outsized Y‐o‐Y growth in
quarterly Core NOI after
capex, representing the sixth
consecutive quarter of >10%
Y‐o‐Y growth
3
Reduction in expenditures
resulting from platform
maturation and operating
efficiencies
4
1
2
3
4
3
$ 2,034
5
STABLE AND IMPROVING SAME-HOME
OPERATING METRICS
SAME-HOME Y-O-Y CORE REVENUE GROWTH SAME-HOME PERCENTAGE LEASED
COMBINED MAINTENANCE AND CAPEX PER PROPERTY (2) Y-O-Y SAME-HOME CORE NOI AFTER CAPEX GROWTH
Attractive Same-Home Core NOI growth due to strong revenue increases, operational efficiencies, and improving expense controls
(1) Number of referenced Same-Home properties is applicable to each respective operating period reflected in other operating metrics on this page.
(2) Includes average R&M and turnover costs, net of tenant charge-backs, in-house maintenance and capital expenditures per property.
5.4%
6.6%
5.4% 5.5%
4.8%
0%
2%
4%
6%
8%
10%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
23,812 25,361 25,288 25,273 25,270
Number of Same‐Home properties: (1) 95.5% 96.9% 97.0% 95.9% 95.4%
0%
25%
50%
75%
100%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
$501
$446
$518
$626
$446
$0
$200
$400
$600
$800
$1,000
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
14.3%
10.0%
14.8%
12.3%
11.4%
0%
5%
10%
15%
20%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
6
Stock Price Per Share as of 12/31/16 $20.98
Common Shares and Units 298.931
Value of Common Shares and Units $6,272
Preferred Shares (Liquidation Preference) 975
Total Equity Market Capitalization 7,247
Asset‐backed Securitizations 2,491
Exchangeable Senior Notes 115
Secured Note Payable 50
Revolving Credit Facility ‐
Term Loan 325
Total Debt (1) 2,981
Total Market Capitalization $10,228
Total Debt $2,981
Cash & Cash Equivalents (119)
Net Debt $2,862
LEVERAGE
Total Debt / Total Market Capitalization 29.1%
Net Debt / TTM Adjusted EBITDA (2) 6.3X
• Maintain flexible balance sheet with diverse access to capital
• Focus on optimizing the capital stack and reducing the cost
of capital
• Expand the sources of capital as the Company and the SFR
sector evolves and matures
• Prudent retention of operating cash flow
TOTAL ENTERPRISE VALUE
BALANCE SHEET STRENGTH & FLEXIBILITY
(1) Reflects face amount of debt outstanding which excludes unamortized discounts and loan costs.
(2) Adjusted EBITDA is a supplemental non-GAAP financial measure. Refer to “Defined terms and Non-GAAP
Reconciliations” in the Appendix.
(3) Reflects maturity of entire principal balance at the fully extended maturity date inclusive of regularly
scheduled amortization.
(4) Liquidity represents the sum of the cash on the balance sheet ($119 million), as of December 31, 2016, and
the undrawn availability under the credit agreement ($675 million), with which the Company must remain in
compliance to borrow under.
BALANCE SHEET PHILOSOPHY
DEBT MATURITY SCHEDULE (3)
(Figures in millions, except per share amounts)
12/31/2016
$456.1
$49.8
$793.8
$115.0
$505.9
$1,019.6 $1,015.5
Liquidity 2017 2018 2019 2020 2021 2022 2023 2024 Thereafter
Liquidity Exchangeable Senior Notes Asset‐Backed Securitizations
Secured Note Payable
(4)
Assumes exercise of all available maturity extensions
Term Loan Facility
$325.0
7
STRONG GROWTH PROFILE SUPPORTED BY
BEST-IN-CLASS EFFICIENCY
CORE FUNDS FROM OPERATIONS ADJUSTED FUNDS FROM OPERATIONS
NET DEBT TO TTM ADJUSTED EBITDA BEST-IN-CLASS MANAGEMENT PLATFORM EFFICIENCY
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
$0.23
$0.25
$0.24
$0.26
25.1%26.6%46.8%47.1%
Y‐o‐Y Core FFO percentage increase:
30.0%
(
i
n
m
i
l
l
i
o
n
s
)
$0.21 (
i
n
m
i
l
l
i
o
n
s
)
0.0
2.0
4.0
6.0
8.0
10.0
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
6.3x
7.5x
6.8x
8.1x
12%
12%
13%
13%
14%
14%
15%
15%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
14.1%
14.6%
13.0% 13.0%
12.6%
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
$0.18
$0.20
$0.21
$0.19
$0.23
36.1% 70.1% 76.5% 32.6% 30.0%
Y‐o‐Y AFFO percentage increase:
(1) Core Funds from Operations, Adjusted Funds from Operations and Adjusted EBITDA are supplemental non-GAAP financial measures. Refer to “Defined terms and Non-GAAP
Reconciliations” in the Appendix.
(2) Core FFO and Adjusted FFO percentage increases are presented on a per FFO share and unit basis.
(3) Total management costs as a percentage of revenues represents our management costs, including property management, general and administrative, and leasing costs, divided by
total portfolio rents and fees.
T
o
t
a
l
m
a
n
a
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e
m
e
n
t
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t
s
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o
f
r
e
v
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(
3
)
(1) (2) (1) (2)
(1)
9.9x
AMH Highlights Section
8
COMPANY
HIGHLIGHTS Charlotte, NC
9
Large, Diversified Portfolio (1)
• 48,422 high-quality, well-located single-family properties in 22 states
• Average age of properties of 13.8 years
• Total leased percentage of 94.7%
Strong Balance Sheet
• Conservative approach to leverage
• Total debt / Total market capitalization: 29.1%; Net debt / TTM Adjusted EBITDA: 6.3x
• $794 million of liquidity
Enhanced Access to Capital
in 2016
• Entered into a new $1.0 billion credit agreement, includes a revolving credit facility of $650 million and a delayed
draw term loan facility of $350 million
• Completed two perpetual preferred stock offerings with aggregate total proceeds of approximately $500 million
• Repurchased approximately $96 million under common share repurchase at an average price of $15.44 per share
• Authorized $400.0 million “at the market” common share offering program and issued 4.9 million Class A common
shares for total proceeds of $104.0 million at an average price of $21.13 per share
Superior Operational
Infrastructure
• Well-developed, scalable national operating platform with local market expertise
• Robust technology utilization – best-in-class call center and website
Strong Alignment of Interest • Hughes family and senior management team own approximately $1.7 billion of common equity (4)
Internal Corporate and
Property Management
• Aligned incentives and increased efficiency
• Fully internalized asset and property management
Experienced Management
Team
• Management team with a track record of successfully building and operating businesses in public markets
AMERICAN HOMES 4 RENT STRENGTHS
(1) As of Dec. 31, 2016. Percentage leased and average age exclude 1,119 held for sale single-family properties.
(2) Adjusted EBITDA is a supplemental non-GAAP financial measure. Refer to “Defined terms and Non-GAAP Reconciliations” in the
Appendix.
(3) Liquidity represents the sum of the cash on the balance sheet ($119 million), as of December 31, 2016, and the undrawn
availability under the revolving credit facility ($675 million), with which the Company must remain in compliance to borrow under.
(4) Based on closing stock price of $20.98 on December 30, 2016. Common equity includes common shares and operating
partnership units that are convertible into common shares.
Well-positioned to consolidate an attractive, fragmented business
(2)
(3)
10
NATIONAL HIGH QUALITY PORTFOLIO IN
ATTRACTIVE MARKETS
(1) As of Dec. 31 2016. Percentage leased, average age and average sq. ft. per home exclude 1,119 held for sale single-family properties.
(2) Based on number of properties as of Dec. 31, 2016.
Dallas-Fort
Worth, TX,
9.2%
Atlanta, GA,
8.5%
Houston, TX,
6.7%
Indianapolis,
IN, 6.1%
Phoenix, AZ,
5.9%
Charlotte,
NC, 6.0%
Nashville,
TN, 5.1%
Greater
Chicago
area, IL and
IN, 4.3%
Cincinnati,
OH, 4.1%
Raleigh, NC,
3.9%
All Other,
40.2%
• 48,422 owned homes
• 22 states
• 94.7% total leased
• Average age of 13.8 years
• Average sq. ft. of 1,960 per
home
PORTFOLIO HIGHLIGHTS (1)
PROPERTIES BY MARKET (2)
11
TOP 10 MARKET CHARACTERISTICS
Source: John Burns Real Estate Consulting, Moody’s Analytics (Data: Dec‐16; Pub: Feb‐17)
Dallas/Ft. Worth, TX
• Rising costs and significant demand will continue to push home prices, making ownership difficult for lower‐earning
buyers and resulting in continuing rising rental rates.
Atlanta, GA
• Household growth and lower homeownership should drive demand in the for‐rent sector.
Houston, TX
• Declining ownership rates should translate into higher renter rates.
Indianapolis, IN
• This is one of the healthiest and most balanced markets in the country. Our forecasts call for home prices and rents
to rise further through 2019.
Charlotte, NC
• Continued household and job growth will translate into continued rising prices and rents through 2019.
Phoenix, AZ
• SFR occupancy is now over 94%, one of the highest levels of the MSAs reviewed. Our forecasts call for home prices
and rents to rise through 2019.
Nashville, TN
• Relatively strong household growth rates should contribute to demand for SFR units at levels at least similar to the
past five years.
Chicago, IL
• Low new construction puts upward pressure on housing prices, which have recently seen some of their highest rates
of increase in a decade.
Cincinnati, OH
• Limited new home supply along with being one of the strongest Midwestern economies should boost demand in
the coming years.
Raleigh‐Durham, NC
• While for‐sale housing is very affordable, high household growth rates will aid all segments on the housing market,
including SFR.
12
PROACTIVE MAINTENANCEMAINTENANCE
• Completed property management internalization in Q4 2013
• Centralized management functions provide consistency and efficiency of execution
• In-house maintenance program provides enhanced customer service and efficiencies in portfolio maintenance in markets
comprising approximately 90% of homes
• Service center in Las Vegas handles all incoming
maintenance calls
• Tenants can either call the service center, contact
the property manager, or make requests online
• AMH personnel troubleshoot, assign and oversee
performance of maintenance work utilizing local
preferred vendors and in-house maintenance personnel
• Extensive walkthroughs with tenants prior to occupancy
• HOA requirement is another line of defense to ensure
property is being maintained to standards
• Utilize in-house maintenance visits to informally inspect
occupied homes
STRONG PROPERTY MANAGEMENT ENSURES TENANT
SATISFACTION AND CONTINUING ASSET QUALITY
IN-HOUSE MAINTENANCE
• Reduces maintenance costs
• Speeds up turn times
• Provides enhanced customer service
13
Highlights(1)
DEFINED TERMS AND NON-GAAP
RECONCILIATIONS
Core Net Operating Income ("Core NOI"), Same-Home Core NOI and Same-Home Core NOI after capital expenditures
Core NOI and Same-Home Core NOI are supplemental non-GAAP financial measures that we define as core revenues from single-family properties, which is
calculated as rents and fees from single-family properties, net of bad debt expense, less core property operating expenses, which is calculated as property
operating expenses excluding expenses reimbursed by tenant charge-backs and bad debt expense. A property is classified as Same-Home if it has been stabilized
longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as
held for sale or has been taken out of service as a result of a casualty loss. Single-family properties that we acquire individually (i.e., not through a bulk purchase)
are classified as either stabilized or non-stabilized. A property is classified as stabilized once it has been renovated and then initially leased or available for rent for
a period greater than 90 days.
Core NOI and Same-Home Core NOI also excludes (1) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and
preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of convertible units, (3) gain or loss on early extinguishment of debt, (4) gain
or loss on sale of single-family properties, (5) depreciation and amortization, (6) acquisition fees and costs expensed incurred with recent business combinations
and the acquisition of individual properties, (7) noncash share-based compensation expense, (8) interest expense, (9) general and administrative expense, (10)
other expenses and (11) other revenues. We further adjust Same-Home Core NOI by subtracting capital expenditures to calculate Same-Home Core NOI after
capital expenditures, which we believe is a meaningful supplemental non-GAAP financial measure because it more fully reflects our operating performance after the
impact of all property-level expenditures, regardless of whether they are capitalized or expensed.
We consider Core NOI, Same-Home Core NOI and Same-Home Core NOI after capital expenditures to be meaningful financial measures because we believe they
are helpful to investors in understanding the operating performance of our single-family properties without the impact of certain operating expenses that are
reimbursed through tenant charge-backs.
Core NOI, Same-Home Core NOI and Same-Home Core NOI after capital expenditures should be considered only as supplements to net income (loss) as a measure
of our performance. Core NOI, Same-Home Core NOI and Same-Home Core NOI after capital expenditures should not be used as measures of our liquidity, nor are
they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Core NOI, Same-Home Core NOI and Same-
Home Core NOI after capital expenditures also should not be used as substitutes for net income (loss) or net cash flows from operating activities (as computed in
accordance with GAAP).
14
Dec 31,
2015
Mar 31,
2016
Jun 30,
2016
Sep 30,
2016
Dec 31,
2016
Net (loss) income attributable to common shareholders $ (20,474) $ (4,377) $ (10,404) $ (21,152) $ 2,391
Dividends on preferred shares 5,569 5,569 7,412 13,669 13,587
Noncontroll ing interest 3,558 3,836 (761) 7,316 (6,640)
Net (loss) income (11,347) 5,028 (3,753) (167) 9,338
Remeasurement of preferred shares 2,530 300 150 2,490 4,080
Remeasurement of Series E units 1,356 ‐ ‐ ‐ ‐
Gain on conversion of Series E units ‐ (11,463) ‐ ‐ ‐
Loss on early extinguishment of debt ‐ ‐ ‐ 13,408 ‐
Gain on sale of single‐family properties, net ‐ (234) (658) (11,682) (1,995)
Depreciation and amortization 62,163 69,517 79,604 75,392 74,164
Acquisition fees and costs expensed 5,280 5,653 3,489 1,757 544
782 870 983 891 892
Interest expense 27,874 30,977 35,481 32,851 31,538
General and administrative expense 6,409 8,057 7,346 7,563 8,026
Property operating expenses for vacant single‐family properties (1) 984 ‐ ‐ ‐ ‐
Other expenses 1,084 1,253 2,087 3,142 5,496
Other revenues (1,885) (3,751) (3,846) (5,214) (2,987)
Tenant charge‐backs 16,331 21,016 20,253 30,808 23,177
(16,331) (21,016) (20,253) (30,808) (23,177)
972 1,069 1,414 2,609 1,877
(972) (1,069) (1,414) (2,609) (1,877)
Core net operating income 95,230 106,207 120,883 120,431 129,096
Less: Non‐Same‐Home core net operating income 32,338 40,757 54,526 55,115 59,885
Same‐Home core net operating income 62,892 65,450 66,357 65,316 69,211
Same‐Home capital expenditures 3,856 3,326 4,833 5,719 3,469
Same‐Home core net operating income after capital expenditures 59,036$ 62,124$ 61,524$ 59,597$ 65,742$
For the Three Months Ended
Noncash share‐based compensation expense
Expenses reimbursed by tenant charge‐backs
Bad debt expense excluded from operating expenses
Bad debt expense included in revenues
(1) Beginning January 1, 2016, property operating expenses for vacant single-family properties has been included in property operating expenses in the consolidated statements of
operations.
Highlights(1)
DEFINED TERMS AND NON-GAAP
RECONCILIATIONS
The following is a reconciliation of net (loss) income attributable to common shareholders, determined in accordance with GAAP, to Core NOI, Same-Home Core
NOI and Same-Home Core NOI after capital expenditures for the trailing five quarters (amounts in thousands):
15
Dec 31,
2015
Mar 31,
2016
Jun 30,
2016
Sep 30,
2016
Dec 31,
2016
Net (loss) income attributable to common shareholders (20,474)$ (4,377)$ (10,404)$ (21,152)$ 2,391$
Dividends on preferred shares 5,569 5,569 7,412 13,669 13,587
Noncontroll ing interest 3,558 3,836 (761) 7,316 (6,640)
Net (loss) income (11,347) 5,028 (3,753) (167) 9,338
Interest expense 27,874 30,977 35,481 32,851 31,538
Depreciation and amortization 62,163 69,517 79,604 75,392 74,164
EBITDA 78,690 105,522 111,332 108,076 115,040
Noncash share‐based compensation expense 782 870 983 891 892
Acquisition fees and costs expensed 5,280 5,653 3,489 1,757 544
(Gain) loss on sale / impairment of single‐family properties, net ‐ (60) 68 (11,115) 1,508
Loss on early extinguishment of debt ‐ ‐ ‐ 13,408 ‐
Gain on conversion of Series E units ‐ (11,463) ‐ ‐ ‐
Remeasurement of Series E units 1,356 ‐ ‐ ‐ ‐
Remeasurement of preferred shares 2,530 300 150 2,490 4,080
Adjusted EBITDA 88,638$ 100,822$ 116,022$ 115,507$ 122,064$
For the Three Months Ended
DEFINED TERMS AND NON-GAAP
RECONCILIATIONS
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a
supplemental measure of performance. Adjusted EBITDA is a supplemental non-GAAP financial measure calculated by adjusting EBITDA for (1) acquisition fees
and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) net gain or loss on sale / impairment of single-
family properties, (3) noncash share-based compensation expense, (4) gain or loss on early extinguishment of debt, (5) gain or loss on conversion of convertible
units and (6) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares derivative liability to fair
value. We consider Adjusted EBITDA to be a meaningful financial measure of operating performance because it excludes the impact of various income and
expense items that are not indicative of operating performance.
The following is a reconciliation of net (loss) income attributable to common shareholders, determined in accordance with GAAP, to EBITDA and Adjusted EBITDA
for the trailing five quarters (amounts in thousands):
16
DEFINED TERMS AND NON-GAAP
RECONCILIATIONS
FFO, Core FFO and Adjusted FFO
FFO attributable to common share and unit holders is a non-GAAP financial measure defined as net income or loss calculated in accordance with GAAP, excluding
extraordinary items, as defined by GAAP, gains and losses from sales or impairment of 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.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure calculated by adjusting FFO attributable to common share and unit
holders for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) noncash share-
based compensation expense, (3) noncash interest expense related to acquired debt, (4) gain or loss on early extinguishment of debt, (5) noncash gain or loss on
conversion of convertible units and (6) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares
derivative liability to fair value.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure calculated by adjusting Core FFO attributable to common share and
unit holders for (1) recurring capital expenditures that are necessary to help preserve the value and maintain functionality of our single-family properties and (2)
actual leasing costs incurred during the period. As many of our homes are still recently acquired and / or renovated, we estimate recurring capital expenditures
for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home property by (b) our total number of properties, excluding non-
stabilized and held for sale properties.
17
Dec 31,
2015
Mar 31,
2016
Jun 30,
2016
Sep 30,
2016
Dec 31,
2016
Net (loss) income attributable to common shareholders (20,474)$ (4,377)$ (10,404)$ (21,152)$ 2,391$
Adjustments:
Noncontroll ing interests in the Operating Partnership 3,657 3,912 (616) 7,542 (6,525)
Net (gain) loss on sale / impairment of single‐family properties ‐ (60) 68 (11,115) 1,508
Depreciation and amortization of real estate assets 60,714 68,162 78,216 73,790 72,118
43,897$ 67,637$ 67,264$ 49,065$ 69,492$
Adjustments:
Acquisition fees and costs expensed 5,280 5,653 3,489 1,757 544
Noncash share‐based compensation expense 782 870 983 891 892
Noncash interest expense related to acquired debt ‐ 576 1,649 1,474 865
Loss on early extinguishment of debt ‐ ‐ ‐ 13,408 ‐
Gain on conversion of Series E units ‐ (11,463) ‐ ‐ ‐
Remeasurement of Series E units 1,356 ‐ ‐ ‐ ‐
Remeasurement of preferred shares 2,530 300 150 2,490 4,080
53,845$ 63,573$ 73,535$ 69,085$ 75,873$
Recurring capital expenditures (5,799) (6,017) (8,755) (10,411) (6,353)
Leasing costs (1,844) (1,929) (2,151) (2,119) (1,806)
Adjusted FFO attributable to common share and unit holders 46,202$ 55,627$ 62,629$ 56,555$ 67,714$
Weighted‐average number of FFO shares 262,322,640 273,898,215 294,044,169 293,958,490 295,443,317
FFO per weighted‐average FFO share 0.17$ 0.25$ 0.23$ 0.17$ 0.24$
Core FFO per weighted‐average FFO share 0.21$ 0.23$ 0.25$ 0.24$ 0.26$
Adjusted FFO per weighted‐average FFO share 0.18$ 0.20$ 0.21$ 0.19$ 0.23$
Core funds from operations attributable to common share and unit holders
Funds from operations attributable to common share and unit holders
For the Three Months Ended
DEFINED TERMS AND NON-GAAP
RECONCILIATIONS
The following is a reconciliation of net (loss) income attributable to common shareholders, determined in accordance with GAAP, to FFO, Core FFO and Adjusted
FFO for the trailing five quarters (amounts in thousands):