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): November 1, 2018

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact Name of Registrant as Specified in its Charter)

Maryland (American Homes 4 Rent)	001-36013	46-1229660
Delaware (American Homes 4 Rent, L.P.)	333-221878-02	80-0860173
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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))

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

The information in Item 2.02 of this Form 8-K, including Exhibits 99.1, 99.2 and 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 November 1, 2018, American Homes 4 Rent (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2018, together with a Third Quarter 2018 Earnings Release and Supplemental Information Package. Also on November 1, 2018, the Company issued a press release announcing that its Board of Trustees had declared the quarterly distributions on its common shares and perpetual preferred shares. A copy of the press releases, as well as the Third Quarter 2018 Earnings Release and Supplemental Information Package, are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1—Press Release dated November 1, 2018 concerning financial results, including financial tables

Exhibit 99.2—Press Release dated November 1, 2018 concerning the declaration of quarterly distributions

Exhibit 99.3—Third Quarter 2018 Earnings Release and Supplemental Information Package

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: November 1, 2018

AMERICAN HOMES 4 RENT
By:	/s/ Stephanie Heim
	Stephanie Heim
	Executive Vice President - Counsel
AMERICAN HOMES 4 RENT, L.P.
By:	American Homes 4 Rent, its general partner
By:	/s/ Stephanie Heim
	Stephanie Heim
	Executive Vice President - Counsel

EX-99.1

News Release                                         

American Homes 4 Rent Reports Third Quarter 2018 Financial and Operating Results

AGOURA HILLS, Calif., Nov. 1, 2018—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended September 30, 2018.

Highlights

• Total revenues increased 13.5% to $280.1 million for the third quarter of 2018 from $246.8 million for the third quarter of 2017.

• Net income attributable to common shareholders totaled $15.2 million, or $0.05 income per diluted share, for the third quarter of 2018, compared to net income attributable to common shareholders of $1.5 million, or a $0.00loss per diluted share, for the third quarter of 2017.

• Core Funds from Operations attributable to common share and unit holders for the third quarter of 2018 was $94.6 million, or $0.27 per FFO share and unit, compared to $79.4 million, or $0.25 per FFO share and unit, for the same period in 2017, which represents an 8.0% increase on a per share and unit basis.

• Adjusted Funds from Operations attributable to common share and unit holders for the third quarter of 2018 was $79.4 million, or $0.23 per FFO share and unit, compared to $67.1 million, or $0.21 per FFO share and unit, for the same period in 2017.

• Core Net Operating Income ("Core NOI") margin on Same-Home properties was 63.4% for the third quarter of 2018, compared to 63.8% for the same period in 2017.

• Core NOI after capital expenditures from Same-Home properties increased by 3.4% year-over-year for the third quarter of 2018.

• Same-Home portfolio Average Occupied Days Percentage increased to 95.2% for the third quarter of 2018, compared to 94.1% for the third quarter of 2017, while achieving 3.4%growth in Average Monthly Realized Rent per property for the same comparable periods.

• Entered into a $156.3 million joint venture with a leading institutional investor to create a portfolio of newly constructed single-family rental homes, which will be developed and managed by the Company, providing additional scale and institutional endorsement of the Company's growing built-for-rental strategy.

• Issued 4,600,000 6.25% Series H perpetual preferred shares, raising gross proceeds of $115.0 million before offering costs (see "Capital Activities and Balance Sheet").

“Macro fundamentals of the single-family rental sector remain robust and our expectation is that they are likely to strengthen further as rising interest rates continue to pressure home affordability in the U.S.,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “During the third quarter, we continued to experience record high volumes of prospective tenant traffic per available home that enabled us to drive a 110 basis point year-over-year increase in our Same-Home average occupied days percentage, while achieving strong blended leasing spreads of 4.1%. Looking forward, we believe that we still have significant runway ahead to continue optimizing our operations, while leveraging the scale of our platform to create long-term value for our shareholders.”

Third Quarter 2018 Financial Results

Net income attributable to common shareholders totaled $15.2 million, or $0.05 income per diluted share, for the third quarter of 2018, compared to net income attributable to common shareholders of $1.5 million, or a $0.00 loss per diluted share, for the third quarter of 2017. This increase was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates.

1

Total revenues increased 13.5% to $280.1 million for the third quarter of 2018 from $246.8 million for the third quarter of 2017. Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 47,898 homes for the quarter ended September 30, 2018, compared to 46,058 homes for the quarter ended September 30, 2017, as well as higher rental rates.

Core NOI on our total portfolio increased 11.1% to $146.1 million for the third quarter of 2018, compared to $131.5 million for the third quarter of 2017. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.

Core revenues from Same-Home properties increased 4.4% to $172.0 million for the third quarter of 2018, compared to $164.8 million for the third quarter of 2017. This growth was primarily driven by a 3.4% increase in Average Monthly Realized Rent and an increase in Average Occupied Days Percentage to 95.2% from 94.1%. Core property operating expenses from Same-Home properties increased 5.4% from $59.7 million for the third quarter of 2017 to $63.0 million for the third quarter of 2018, which was primarily attributable to property tax expense timing and higher repairs and maintenance costs, which included $0.3 million of costs to repair damages resulting from Hurricane Florence.

Core NOI from Same-Home properties increased 3.8% to $109.1 million for the third quarter of 2018, compared to $105.1 million for the third quarter of 2017. After capital expenditures, Core NOI from Same-Home properties increased 3.4% to $100.1 million for the third quarter of2018, compared to $96.8 million for the third quarter of 2017. The increase in Core NOI from Same-Home properties was primarily attributable to an increase in rental revenue driven by higher Average Monthly Realized Rent and Average Occupied Days Percentage during the third quarter of 2018.The resulting increase in Core NOI after Capital Expenditures from Same-Home properties was offset, in part, by higher recurring capital expenditures primarily due to hotter summer temperatures, resulting in higher HVAC costs.

Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $94.6 million, or $0.27 per FFO share and unit, for the third quarter of 2018, compared to $79.4 million, or $0.25 per FFO share and unit, for the third quarter of 2017. Adjusted Funds from Operations attributable to common share and unit holders ("Adjusted FFO attributable to common share and unit holders") for the third quarter of 2018 was $79.4 million, or $0.23 per FFO share and unit, compared to $67.1 million, or $0.21 per FFO share and unit, for the third quarter of 2017. This improvement was primarily attributable to increases in rental revenue driven by a larger number of leased properties and higher rental rates.

Year-to-Date 2018 Financial Results

Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the nine-month period endedSeptember 30, 2018, compared to a net loss attributable to common shareholders of $0.1 million, or a $0.00 loss per diluted share, for the nine-month period endedSeptember 30, 2017. This increase was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates, partially offset by a noncash charge related to the redemption of the Series C participating preferred shares through a conversion into Class A common shares in April 2018.

Total revenues increased 11.8% to $802.5 million for the nine-month period endedSeptember 30, 2018, from $717.6 million for the nine-month period endedSeptember 30, 2017. Revenue growth was primarily driven by continued strong leasing activity, as our average leased portfolio grew to 47,617 homes for the nine months ended September 30, 2018, compared to 45,550 homes for the nine months ended September 30, 2017, as well as higher rental rates.

Core NOI on our total portfolio increased 8.6% to $429.0 million for the nine-month period endedSeptember 30, 2018, compared to $394.9 million for the nine-month period endedSeptember 30, 2017. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.

2

Core revenues from Same-Home properties increased 3.8% to $512.2 million for the nine-month period endedSeptember 30, 2018, compared to $493.6 million for the nine-month period endedSeptember 30, 2017. This growth was primarily driven by a 3.6% increase in Average Monthly Realized Rent. Core property operating expenses from Same-Home properties increased 6.5% from $173.3 million for the nine-month period endedSeptember 30, 2017, to $184.6 million for the nine-month period endedSeptember 30, 2018, which was primarily attributable to temporarily elevated turnover costs through April 2018, incurred as part of the Company's initiative to strengthen occupancy.

Core NOI from Same-Home properties increased 2.3% to $327.6 million for the nine months ended September 30, 2018, compared to $320.2 million for the nine months ended September 30, 2017. After capital expenditures, Core NOI from Same-Home properties increased 2.2% to $306.5 million for the nine-month period endedSeptember 30, 2018, from $299.9 million for the nine-month period endedSeptember 30, 2017. The increases in Core NOI from Same-Home properties and Core NOI After Capital Expenditures from Same-Home properties were primarily attributable to increases in rental revenue driven by higher rental rates during the nine-month period endedSeptember 30, 2018, offset by higher R&M and turnover costs during the nine-month period endedSeptember 30, 2018.

Core FFO attributable to common share and unit holders was $273.1 million, or $0.78 per FFO share and unit, for the nine-month period endedSeptember 30, 2018, compared to $237.6 million, or $0.76 per FFO share and unit, for the nine-month period endedSeptember 30, 2017. Adjusted FFO attributable to common share and unit holders for the nine-month period endedSeptember 30, 2018, was $236.2 million, or $0.68 per FFO share and unit, compared to $207.2 million, or $0.66 per FFO share and unit, for the same period in 2017.

Portfolio

As of September 30, 2018, the Company had a total leased percentage of 95.2%, compared to 96.3% as of June 30, 2018. The leased percentage on Same-Home properties was 96.2% as of September 30, 2018, compared to 97.1% as of June 30, 2018.

Investments

As of September 30, 2018, the Company’s total portfolio consisted of 52,464 homes, including 2,266 properties to be disposed, compared to 52,049 homes as of June 30, 2018, including 2,209 properties to be disposed, an increase of415 homes, which included 401 properties acquired through traditional acquisition channels, 168 newly constructed properties delivered through our AMH Development and National Builder Programs and 154 homes sold, rescinded or contributed to an unconsolidated joint venture.

Capital Activities and Balance Sheet

During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.0 million, with a liquidation preference of $25.00 per share.

In August 2018, the Company entered into a $156.3 million joint venture with a leading institutional investor to develop, lease, and operate newly constructed single-family rental homes located in select submarkets in the Southeast. The Company holds a 20% unconsolidated interest in the joint venture and is entitled to its proportionate share of cash flows over the joint venture term of five years, along with opportunity for a promoted interest and fees for services the Company will provide to the joint venture.

As of September 30, 2018, the Company had cash and cash equivalents of $110.1 million and had total outstanding debt of $2.7 billion, excluding unamortized discounts, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs, with a weighted-average interest rate of 4.21%and a weighted-average term to maturity of 14.0years. The Company

3

had no outstanding borrowings on our $800.0 million revolving credit facility and had $100.0 million of outstanding borrowings on our term loan facility at the end of the quarter.

2018 Outlook

	Full Year 2018
Same-Home	Previous Guidance	Current Guidance
Average Occupied Days Percentage	95.0% - 95.5%	94.75% - 95.25%	(1)
Core revenues growth	4.0% - 4.5%	3.75% - 4.25%	(2)
Property tax expense growth	2.75% - 3.75%	2.75% - 3.75%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures per property	$2,050 - $2,150	$2,100 - $2,150
Core property operating expenses growth	5.0% - 6.0%	5.5% - 6.0%
Core NOI margin	64.0% - 65.0%	64.0% - 65.0%
Core NOI After Capital Expenditures growth	3.25% - 3.75%	2.5% - 3.0%	(2)
Property Enhancing Capex	$8 - $12 million	$8 - $12 million
General and administrative expense, excluding noncash share-based compensation	$34.5 - $35.5 million	$34.5 - $35.5 million
Acquisition and development volume	$500 - $600 million	$500 - $600 million

(1) As previously communicated, we expected the full year Average Occupied Days Percentage to be below the midpoint of previous guidance range due to modest leasing disruption from Hurricane Florence. Additionally, as a result of recent field personnel turnover, we now expect occupancy softness in certain markets in the fourth quarter of 2018 and are therefore revising the guidance range to 94.75% to 95.25%.

(2) Revised as a result of lowered Average Occupied Days Percentage guidance.

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues and Non-Same-Home property operating expenses. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

Additional Information

A copy of the Company’s Third Quarter 2018 Earnings Release and 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.

Conference Call

A conference call is scheduled on Friday, November 2, 2018, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2018, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (for U.S. and Canada) and the international dial-in number is (201) 389-0879 (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 Friday, November 16, 2018, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13683741#, or by using the link at www.americanhomes4rent.com, under “For Investors.”

4

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is 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. We are 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 September 30, 2018, we owned 52,464 single-family properties in selected submarkets in 22 states.

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,” "outlook" 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 will continue to optimize operations to create long-term shareholder value. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company'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 the Company’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. The Company 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 the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and in the Company’s subsequent filings with the SEC.

5

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

	September 30, 2018			December 31, 2017
	(Unaudited)
Assets
Single-family properties:
Land	$	1,689,207		$	1,665,631
Buildings and improvements	7,385,387			7,303,270
Single-family properties held for sale, net	299,551			35,803
	9,374,145			9,004,704
Less: accumulated depreciation	(1,115,588		)	(939,724		)
Single-family properties, net	8,258,557			8,064,980
Cash and cash equivalents	110,138			46,156
Restricted cash	156,026			136,667
Rent and other receivables, net	36,078			30,144
Escrow deposits, prepaid expenses and other assets	251,245			171,851
Deferred costs and other intangibles, net	13,437			13,025
Asset-backed securitization certificates	25,666			25,666
Goodwill	120,279			120,279
Total assets	$	8,971,426		$	8,608,768
Liabilities
Revolving credit facility	$	—		$	140,000
Term loan facility, net	99,176			198,023
Asset-backed securitizations, net	1,965,417			1,977,308
Unsecured senior notes, net	492,603			—
Exchangeable senior notes, net	114,507			111,697
Secured note payable	—			48,859
Accounts payable and accrued expenses	305,935			222,867
Amounts payable to affiliates	4,784			4,720
Participating preferred shares derivative liability	—			29,470
Total liabilities	2,982,422			2,732,944
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 295,896,219 and 286,114,637 shares issued and outstanding at September 30, 2018, and December 31, 2017, respectively	2,959			2,861
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2018, and December 31, 2017	6			6
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 35,350,000 and 38,350,000 shares issued and outstanding at September 30, 2018, and December 31, 2017, respectively	354			384
Additional paid-in capital	5,750,309			5,600,256
Accumulated deficit	(493,995		)	(453,953		)
Accumulated other comprehensive income	9,026			75
Total shareholders’ equity	5,268,659			5,149,629
Noncontrolling interest	720,345			726,195
Total equity	5,989,004			5,875,824
Total liabilities and equity	$	8,971,426		$	8,608,768

6

American Homes 4 Rent

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018			2017
Revenues:
Rents from single-family properties	$	231,324	$	207,490	$	676,558		$	613,245
Fees from single-family properties	2,711		2,843		8,298			8,137
Tenant charge-backs	44,152		36,094		112,876			91,849
Other	1,865		409		4,807			4,367
Total revenues	280,052		246,836		802,539			717,598
Expenses:
Property operating expenses	113,600		97,944		313,430			267,203
Property management expenses	18,865		17,447		56,468			52,367
General and administrative expense	9,265		8,525		28,173			26,746
Interest expense	30,930		26,592		92,209			86,873
Acquisition fees and costs expensed	1,055		1,306		3,687			3,814
Depreciation and amortization	79,940		74,790		237,562			221,459
Hurricane-related charges, net	—		10,136		—			10,136
Other	1,069		1,285		3,520			4,202
Total expenses	254,724		238,025		735,049			672,800
Gain on sale of single-family properties and other, net	4,953		1,895		10,449			6,375
Loss on early extinguishment of debt	—		—		(1,447		)	(6,555		)
Remeasurement of participating preferred shares	—		8,391		1,212			1,341
Net income	30,281		19,097		77,704			45,959
Noncontrolling interest	2,881		309		845			(22		)
Dividends on preferred shares	12,223		17,253		38,804			46,122
Redemption of participating preferred shares	—		—		32,215			—
Net income (loss) attributable to common shareholders	$	15,177	$	1,535	$	5,840		$	(141	)
Weighted-average shares outstanding:
Basic	296,214,509		266,767,313		292,656,914			256,768,343
Diluted	296,967,649		289,153,060		293,319,245			256,768,343
Net income (loss) attributable to common shareholders per share:
Basic	$	0.05	$	0.01	$	0.02		$	—
Diluted	$	0.05	$	—	$	0.02		$	—

Non-GAAP Financial Measures

This press release and the Third Quarter 2018 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures, which are non-GAAP financial measures. We believe

7

these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or 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 Third Quarter 2018 Earnings Release and Supplemental Information Package.

Funds from Operations attributable to common share and unit holders

The following is a reconciliation of net income or loss attributableto common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for thethree and ninemonths endedSeptember 30, 2018and2017(amounts in thousands, except share data):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net income (loss) attributable to common shareholders	$	15,177		$	1,535		$	5,840		$	(141	)
Adjustments:
Noncontrolling interests in the Operating Partnership	2,881			340			1,104			(30		)
Net (gain) on sale / impairment of single-family properties and other	(4,393		)	(596		)	(7,653		)	(2,589		)
Depreciation and amortization	79,940			74,790			237,562			221,459
Less: depreciation and amortization of non-real estate assets	(1,845		)	(1,753		)	(5,462		)	(6,050		)
FFO attributable to common share and unit holders	$	91,760		$	74,316		$	231,391		$	212,649
Adjustments:
Acquisition fees and costs expensed	1,055			1,306			3,687			3,814
Noncash share-based compensation - general and administrative	491			699			1,609			1,917
Noncash share-based compensation - property management	341			417			1,141			1,258
Noncash interest expense related to acquired debt	973			910			2,810			2,624
Hurricane-related charges, net	—			10,136			—			10,136
Loss on early extinguishment of debt	—			—			1,447			6,555
Remeasurement of participating preferred shares	—			(8,391		)	(1,212		)	(1,341		)
Redemption of participating preferred shares	—			—			32,215			—
Core FFO attributable to common share and unit holders	$	94,620		$	79,393		$	273,088		$	237,612
Recurring capital expenditures (1)	(11,467		)	(10,316		)	(27,342		)	(25,055		)
Leasing costs	(3,722		)	(1,960		)	(9,556		)	(5,361		)
Adjusted FFO attributable to common share and unit holders	$	79,431		$	67,117		$	236,190		$	207,196
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.26		$	0.23		$	0.66		$	0.68
Core FFO attributable to common share and unit holders	$	0.27		$	0.25		$	0.78		$	0.76
Adjusted FFO attributable to common share and unit holders	$	0.23		$	0.21		$	0.68		$	0.66
Weighted-average FFO shares and units:
Common shares outstanding	296,214,509			266,767,313			292,656,914			256,768,343
Share-based compensation plan (2)	753,140			736,456			662,331			746,643
Operating partnership units	55,350,153			55,535,824			55,350,153			55,547,386
Total weighted-average FFO shares and units	352,317,802			323,039,593			348,669,398			313,062,372

(1) As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and identified for future sale.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options.

8

FFO attributable to common share and unit holders is a non-GAAP financial 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 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 that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, (5) gain or loss on early extinguishment of debt, (6) noncash gain or loss on redemption or conversion of shares or units and (7) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric 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 properties and (2) actual leasing costs incurred during the period. As a portion of our homes are recently acquired and/or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, which is comprised of properties classified as held for sale and properties identified for future sale.

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric 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 Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because 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, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or loss per share ornet cash flow provided by operating activities, as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Core Net Operating Income

Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, 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 and property management expenses, excluding noncash share-based compensation expense, expenses reimbursed by tenant charge-backs and bad debt expense. Our Same-Home portfolio consists of our single-family properties that have been stabilized longer than 90 days prior to the beginning of the earliest period presented, and that have not been classified as held for sale, identified for future sale or taken out of service as a result of a casualty loss.

Core NOIalso excludes (1) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of shares or units, (3) gain or loss on early extinguishment of debt, (4) hurricane-related charges, net, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (8) noncash share-based compensation expense, (9) interest expense, (10) general and administrative expense, (11) other expenses and (12) other revenues. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. We further adjust Core NOI for our Same-Home portfolio by subtracting recurring capital expenditures to calculate Same-Home Core NOI

9

After Capital Expenditures, which we believe provides useful information to investors because it more fully reflects our operating performance after the impact of all property-level expenditures, regardless of whether they are capitalized or expensed.

Core NOI and Same-Home Core NOI After Capital Expenditures should be considered only as supplements to net income or loss as a measure of our performance and 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. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures to their respective GAAP metrics for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Core revenues
Total revenues	$	280,052		$	246,836		$	802,539		$	717,598
Tenant charge-backs	(44,152		)	(36,094		)	(112,876		)	(91,849		)
Bad debt expense	(2,749		)	(2,299		)	(6,365		)	(5,142		)
Other revenues	(1,865		)	(409		)	(4,807		)	(4,367		)
Core revenues	$	231,286		$	208,034		$	678,491		$	616,240

Core property operating expenses
Property operating expenses	$	113,600		$	97,944		$	313,430		$	267,203
Property management expenses	18,865			17,447			56,468			52,367
Noncash share-based compensation - property management	(341		)	(417		)	(1,141		)	(1,258		)
Expenses reimbursed by tenant charge-backs	(44,152		)	(36,094		)	(112,876		)	(91,849		)
Bad debt expense	(2,749		)	(2,299		)	(6,365		)	(5,142		)
Core property operating expenses	$	85,223		$	76,581		$	249,516		$	221,321

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	30,281		$	19,097		$	77,704		$	45,959
Remeasurement of participating preferred shares	—			(8,391		)	(1,212		)	(1,341		)
Loss on early extinguishment of debt	—			—			1,447			6,555
Hurricane-related charges, net	—			10,136			—			10,136
Gain on sale of single-family properties and other, net	(4,953		)	(1,895		)	(10,449		)	(6,375		)
Depreciation and amortization	79,940			74,790			237,562			221,459
Acquisition fees and costs expensed	1,055			1,306			3,687			3,814
Noncash share-based compensation - property management	341			417			1,141			1,258
Interest expense	30,930			26,592			92,209			86,873
General and administrative expense	9,265			8,525			28,173			26,746
Other expenses	1,069			1,285			3,520			4,202
Other revenues	(1,865		)	(409		)	(4,807		)	(4,367		)
Core NOI	146,063			131,453			428,975			394,919
Less: Non-Same-Home Core NOI	37,008			26,364			101,369			74,684
Same-Home Core NOI	109,055			105,089			327,606			320,235
Less: Same-Home recurring capital expenditures	8,942			8,258			21,090			20,350
Same-Home Core NOI After Capital Expenditures	$	100,113		$	96,831		$	306,516		$	299,885

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: investors@ah4r.com

10

EX-99.2

News Release

American Homes 4 Rent Announces Distributions

AGOURA HILLS, Calif., November 1, 2018—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced that the Board of Trustees declared a dividend of $0.05 per share on the Company’s common shares for the fourth quarter of 2018. The distribution will be payable in cash on December 31, 2018 to shareholders of record on December 14, 2018.

The Board of Trustees also declared a per share quarterly distribution on the Company’s cumulative redeemable perpetual preferred shares of $0.40625 per share on the 6.5% Series D shares, $0.39688 per share on the 6.35% Series E shares, $0.36719 per share on the 5.875% Series F shares, $0.36719 per share on the 5.875% Series G shares and $0.44271 per share on the Series H shares (pro-rated from September 19, 2018, the date of issuance of the Series H shares) payable in cash on December 31, 2018 to shareholders of record on December 14, 2018.

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is 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. We are 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 September 30, 2018, we owned 52,464 single-family properties in selected submarkets in 22 states.

Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.

Forward-Looking Statements

This press release contains “forward-looking statements” that 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,” “will,” “intend,” “anticipate” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include the payment and anticipated timing of the payment of distributions of the Company’s common and preferred shares. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’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 the Company’s control and could adversely affect our cash flows and ability to pay distributions. Additional information about these and other important factors that may cause our actual results to differ materially from anticipated results expressed or implied by these forward-looking statements is available in the Company’s most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, except as required by applicable law.

News Release

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: investors@ah4r.com

EX-99.3

American Homes 4 Rent

Table of Contents

Summary
Earnings Press Release	3
Fact Sheet	8
Financial Information
Condensed Consolidated Statements of Operations	9
Funds from Operations	10
Core Net Operating Income—Total Portfolio	11
Same-Home Results—Quarterly and Year-to-Date Comparisons	12
Same-Home Results—Sequential Quarterly Results	13
Same-Home Results—Sequential Quarterly Metrics	14
Same-Home Results—Operating Metrics by Market	15
Condensed Consolidated Balance Sheets	16
Debt Summary, Maturity Schedule and Interest Expense Reconciliation	17
Capital Structure and Credit Metrics	18
Property Information
Top 20 Markets Summary	19
Leasing Performance	20
Scheduled Lease Expirations	20
Top 20 Markets Home Price Appreciation Trends	20
Other Information
Disposition Summary	21
Share Repurchase and ATM Share Issuance History	21
2018 Outlook	22
Defined Terms and Non-GAAP Reconciliations	23

2

American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Third Quarter 2018 Financial and Operating Results

AGOURA HILLS, Calif., Nov. 1, 2018—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended September 30, 2018.

Highlights

• Total revenues increased 13.5% to $280.1 million for the third quarter of 2018 from $246.8 million for the third quarter of 2017.

• Net income attributable to common shareholders totaled $15.2 million, or $0.05 income per diluted share, for the third quarter of 2018, compared to net income attributable to common shareholders of $1.5 million, or a $0.00loss per diluted share, for the third quarter of 2017.

• Core Funds from Operations attributable to common share and unit holders for the third quarter of 2018 was $94.6 million, or $0.27 per FFO share and unit, compared to $79.4 million, or $0.25 per FFO share and unit, for the same period in 2017, which represents an 8.0% increase on a per share and unit basis.

• Adjusted Funds from Operations attributable to common share and unit holders for the third quarter of 2018 was $79.4 million, or $0.23 per FFO share and unit, compared to $67.1 million, or $0.21 per FFO share and unit, for the same period in 2017.

• Core Net Operating Income ("Core NOI") margin on Same-Home properties was 63.4% for the third quarter of 2018, compared to 63.8% for the same period in 2017.

• Core NOI after capital expenditures from Same-Home properties increased by 3.4% year-over-year for the third quarter of 2018.

• Same-Home portfolio Average Occupied Days Percentage increased to 95.2% for the third quarter of 2018, compared to 94.1% for the third quarter of 2017, while achieving 3.4%growth in Average Monthly Realized Rent per property for the same comparable periods.

• Entered into a $156.3 million joint venture with a leading institutional investor to create a portfolio of newly constructed single-family rental homes, which will be developed and managed by the Company, providing additional scale and institutional endorsement of the Company's growing built-for-rental strategy.

• Issued 4,600,000 6.25% Series H perpetual preferred shares, raising gross proceeds of $115.0 million before offering costs (see "Capital Activities and Balance Sheet").

“Macro fundamentals of the single-family rental sector remain robust and our expectation is that they are likely to strengthen further as rising interest rates continue to pressure home affordability in the U.S.,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “During the third quarter, we continued to experience record high volumes of prospective tenant traffic per available home that enabled us to drive a 110 basis point year-over-year increase in our Same-Home average occupied days percentage, while achieving strong blended leasing spreads of 4.1%. Looking forward, we believe that we still have significant runway ahead to continue optimizing our operations, while leveraging the scale of our platform to create long-term value for our shareholders.”

Third Quarter 2018 Financial Results

Net income attributable to common shareholders totaled $15.2 million, or $0.05 income per diluted share, for the third quarter of 2018, compared to net income attributable to common shareholders of $1.5 million, or a $0.00 loss per diluted share, for the third quarter of 2017. This increase was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates.

3

American Homes 4 Rent

Earnings Press Release (continued)

Total revenues increased 13.5% to $280.1 million for the third quarter of 2018 from $246.8 million for the third quarter of 2017. Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 47,898 homes for the quarter ended September 30, 2018, compared to 46,058 homes for the quarter ended September 30, 2017, as well as higher rental rates.

Core NOI on our total portfolio increased 11.1% to $146.1 million for the third quarter of 2018, compared to $131.5 million for the third quarter of 2017. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.

Core revenues from Same-Home properties increased 4.4% to $172.0 million for the third quarter of 2018, compared to $164.8 million for the third quarter of 2017. This growth was primarily driven by a 3.4% increase in Average Monthly Realized Rent and an increase in Average Occupied Days Percentage to 95.2% from 94.1%. Core property operating expenses from Same-Home properties increased 5.4% from $59.7 million for the third quarter of 2017 to $63.0 million for the third quarter of 2018, which was primarily attributable to property tax expense timing and higher repairs and maintenance costs, which included $0.3 million of costs to repair damages resulting from Hurricane Florence.

Core NOI from Same-Home properties increased 3.8% to $109.1 million for the third quarter of 2018, compared to $105.1 million for the third quarter of 2017. After capital expenditures, Core NOI from Same-Home properties increased 3.4% to $100.1 million for the third quarter of2018, compared to $96.8 million for the third quarter of 2017. The increase in Core NOI from Same-Home properties was primarily attributable to an increase in rental revenue driven by higher Average Monthly Realized Rent and Average Occupied Days Percentage during the third quarter of 2018.The resulting increase in Core NOI after Capital Expenditures from Same-Home properties was offset, in part, by higher recurring capital expenditures primarily due to hotter summer temperatures, resulting in higher HVAC costs.

Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $94.6 million, or $0.27 per FFO share and unit, for the third quarter of 2018, compared to $79.4 million, or $0.25 per FFO share and unit, for the third quarter of 2017. Adjusted Funds from Operations attributable to common share and unit holders ("Adjusted FFO attributable to common share and unit holders") for the third quarter of 2018 was $79.4 million, or $0.23 per FFO share and unit, compared to $67.1 million, or $0.21 per FFO share and unit, for the third quarter of 2017. This improvement was primarily attributable to increases in rental revenue driven by a larger number of leased properties and higher rental rates.

Year-to-Date 2018 Financial Results

Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the nine-month period endedSeptember 30, 2018, compared to a net loss attributable to common shareholders of $0.1 million, or a $0.00 loss per diluted share, for the nine-month period endedSeptember 30, 2017. This increase was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates, partially offset by a noncash charge related to the redemption of the Series C participating preferred shares through a conversion into Class A common shares in April 2018.

Total revenues increased 11.8% to $802.5 million for the nine-month period endedSeptember 30, 2018, from $717.6 million for the nine-month period endedSeptember 30, 2017. Revenue growth was primarily driven by continued strong leasing activity, as our average leased portfolio grew to 47,617 homes for the nine months ended September 30, 2018, compared to 45,550 homes for the nine months ended September 30, 2017, as well as higher rental rates.

4

American Homes 4 Rent

Earnings Press Release (continued)

Core NOI on our total portfolio increased 8.6% to $429.0 million for the nine-month period endedSeptember 30, 2018, compared to $394.9 million for the nine-month period endedSeptember 30, 2017. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.

Core revenues from Same-Home properties increased 3.8% to $512.2 million for the nine-month period endedSeptember 30, 2018, compared to $493.6 million for the nine-month period endedSeptember 30, 2017. This growth was primarily driven by a 3.6% increase in Average Monthly Realized Rent. Core property operating expenses from Same-Home properties increased 6.5% from $173.3 million for the nine-month period endedSeptember 30, 2017, to $184.6 million for the nine-month period endedSeptember 30, 2018, which was primarily attributable to temporarily elevated turnover costs through April 2018, incurred as part of the Company's initiative to strengthen occupancy.

Core NOI from Same-Home properties increased 2.3% to $327.6 million for the nine months ended September 30, 2018, compared to $320.2 million for the nine months ended September 30, 2017. After capital expenditures, Core NOI from Same-Home properties increased 2.2% to $306.5 million for the nine-month period endedSeptember 30, 2018, from $299.9 million for the nine-month period endedSeptember 30, 2017. The increases in Core NOI from Same-Home properties and Core NOI After Capital Expenditures from Same-Home properties were primarily attributable to increases in rental revenue driven by higher rental rates during the nine-month period endedSeptember 30, 2018, offset by higher R&M and turnover costs during the nine-month period endedSeptember 30, 2018.

Core FFO attributable to common share and unit holders was $273.1 million, or $0.78 per FFO share and unit, for the nine-month period endedSeptember 30, 2018, compared to $237.6 million, or $0.76 per FFO share and unit, for the nine-month period endedSeptember 30, 2017. Adjusted FFO attributable to common share and unit holders for the nine-month period endedSeptember 30, 2018, was $236.2 million, or $0.68 per FFO share and unit, compared to $207.2 million, or $0.66 per FFO share and unit, for the same period in 2017.

Portfolio

As of September 30, 2018, the Company had a total leased percentage of 95.2%, compared to 96.3% as of June 30, 2018. The leased percentage on Same-Home properties was 96.2% as of September 30, 2018, compared to 97.1% as of June 30, 2018.

Investments

As of September 30, 2018, the Company’s total portfolio consisted of 52,464 homes, including 2,266 properties to be disposed, compared to 52,049 homes as of June 30, 2018, including 2,209 properties to be disposed, an increase of415 homes, which included 401 properties acquired through traditional acquisition channels, 168 newly constructed properties delivered through our AMH Development and National Builder Programs and 154 homes sold, rescinded or contributed to an unconsolidated joint venture.

Capital Activities and Balance Sheet

During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.0 million, with a liquidation preference of $25.00 per share.

In August 2018, the Company entered into a $156.3 million joint venture with a leading institutional investor to develop, lease, and operate newly constructed single-family rental homes located in select submarkets in the Southeast. The Company holds a 20% unconsolidated interest in the joint venture and is entitled to its proportionate share of cash flows over the joint venture term of five years, along with opportunity for a promoted interest and fees for services the Company will provide to the joint

5

American Homes 4 Rent

Earnings Press Release (continued)

venture.

As of September 30, 2018, the Company had cash and cash equivalents of $110.1 million and had total outstanding debt of $2.7 billion, excluding unamortized discounts, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs, with a weighted-average interest rate of 4.21%and a weighted-average term to maturity of 14.0years. The Company had no outstanding borrowings on our $800.0 million revolving credit facility and had $100.0 million of outstanding borrowings on our term loan facility at the end of the quarter.

2018 Outlook

	Full Year 2018
Same-Home	Previous Guidance	Current Guidance
Average Occupied Days Percentage	95.0% - 95.5%	94.75% - 95.25%	(1)
Core revenues growth	4.0% - 4.5%	3.75% - 4.25%	(2)
Property tax expense growth	2.75% - 3.75%	2.75% - 3.75%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures per property	$2,050 - $2,150	$2,100 - $2,150
Core property operating expenses growth	5.0% - 6.0%	5.5% - 6.0%
Core NOI margin	64.0% - 65.0%	64.0% - 65.0%
Core NOI After Capital Expenditures growth	3.25% - 3.75%	2.5% - 3.0%	(2)
Property Enhancing Capex	$8 - $12 million	$8 - $12 million
General and administrative expense, excluding noncash share-based compensation	$34.5 - $35.5 million	$34.5 - $35.5 million
Acquisition and development volume	$500 - $600 million	$500 - $600 million

(1) As previously communicated, we expected the full year Average Occupied Days Percentage to be below the midpoint of previous guidance range due to modest leasing disruption from Hurricane Florence. Additionally, as a result of recent field personnel turnover, we now expect occupancy softness in certain markets in the fourth quarter of 2018 and are therefore revising the guidance range to 94.75% to 95.25%.

(2) Revised as a result of lowered Average Occupied Days Percentage guidance.

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues and Non-Same-Home property operating expenses. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

Additional Information

A copy of the Company’s Third Quarter 2018 Earnings Release and 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.

Conference Call

A conference call is scheduled on Friday, November 2, 2018, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2018, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (for U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous

6

American Homes 4 Rent

Earnings Press Release (continued)

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 Friday, November 16, 2018, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13683741#, or by using the link at www.americanhomes4rent.com, under “For Investors.”

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is 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. We are 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 September 30, 2018, we owned 52,464 single-family properties in selected submarkets in 22 states.

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,” "outlook" 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 will continue to optimize operations to create long-term shareholder value. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company'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 the Company’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. The Company 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 the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and in the Company’s subsequent filings with the SEC.

7

American Homes 4 Rent

Fact Sheet

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

(Unaudited)

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2018			2017			2018			2017
Operating Data
Net income (loss) attributable to common shareholders	$	15,177		$	1,535		$	5,840		$	(141	)
Core revenues	$	231,286		$	208,034		$	678,491		$	616,240
Core NOI	$	146,063		$	131,453		$	428,975		$	394,919
Core NOI margin	63.2		%	63.2		%	63.2		%	64.1		%
Platform Efficiency Percentage	12.7		%	12.2		%	12.8		%	12.5		%
Adjusted EBITDAre after Capex and Leasing Costs	$	123,456		$	111,774		$	369,596		$	343,625
Adjusted EBITDAre after Capex and Leasing Costs Margin	52.3		%	53.0		%	53.6		%	54.9		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.26		$	0.23		$	0.66		$	0.68
Core FFO attributable to common share and unit holders	$	0.27		$	0.25		$	0.78		$	0.76
Adjusted FFO attributable to common share and unit holders	$	0.23		$	0.21		$	0.68		$	0.66

	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
Selected Balance Sheet Information - end of period
Single-family properties, net	$	8,258,557		$	8,183,921		$	8,169,080		$	8,064,980		$	7,802,499
Total assets	$	8,971,426		$	8,830,448		$	8,958,033		$	8,608,768		$	8,509,876
Outstanding borrowings under credit facilities, net	$	99,176		$	99,120		$	198,132		$	338,023		$	197,913
Total Debt	$	2,712,688		$	2,717,867		$	2,871,649		$	2,517,216		$	2,382,871
Total Market Capitalization	$	11,299,123		$	11,279,968		$	10,693,963		$	10,975,663		$	10,799,923
Total Debt to Total Market Capitalization	24.0		%	24.1		%	26.9		%	22.9		%	22.1		%
Net Debt to Adjusted EBITDAre	4.7 x			5.0 x			5.1 x			4.8 x			4.2 x
NYSE AMH Class A common share closing price	$	21.89		$	22.18		$	20.08		$	21.84		$	21.71

Portfolio Data - end of period
Leased single-family properties	47,776		48,020		47,677		46,996		46,026
Occupied single-family properties	47,551		47,758		47,095		46,614		45,660
Single-family properties newly acquired and being renovated	345		223		503		980		858
Single-family properties being prepared for re-lease	430		332		289		372		392
Vacant single-family properties available for re-lease	1,452		1,116		1,221		1,902		1,974
Vacant single-family properties available for initial lease	195		149		258		679		296
Total single-family properties, excluding properties to be disposed	50,198		49,840		49,948		50,929		49,546
Single-family properties to be disposed (1)	2,266		2,209		1,892		310		469
Total single-family properties	52,464		52,049		51,840		51,239		50,015
Total leased percentage (2)	95.2	%	96.3	%	95.5	%	92.3	%	92.9	%
Total Average Occupied Days Percentage	94.3	%	94.8	%	91.4	%	90.8	%	93.2	%
Same-Home leased percentage (38,168 properties)	96.2	%	97.1	%	97.2	%	95.9	%	95.2	%
Same-Home Average Occupied Days Percentage (38,168 properties)	95.2	%	95.4	%	94.7	%	94.0	%	94.1	%

Other Data
Distributions declared per common share	$	0.05	$	0.05	$	0.05	$	0.05	$	0.05
Distributions declared per Series D perpetual preferred share	$	0.41	$	0.41	$	0.41	$	0.41	$	0.41
Distributions declared per Series E perpetual preferred share	$	0.40	$	0.40	$	0.40	$	0.40	$	0.40
Distributions declared per Series F perpetual preferred share	$	0.37	$	0.37	$	0.37	$	0.37	$	0.37
Distributions declared per Series G perpetual preferred share (3)	$	0.37	$	0.37	$	0.37	$	0.37	$	0.30
Distributions declared per Series H perpetual preferred share (4)	$	—	$	—	$	—	$	—	$	—

(1) As of September 30, 2018, represents 2,266 properties identified as part of our disposition program, comprised of 1,865 properties classified as held for sale and 401 properties identified for future sale.

(2) Leased percentage is calculated based on total single-family properties, excluding properties to be disposed.

(3) Series G perpetual preferred shares offering close date and initial dividend start date was July 17, 2017.

(4) Series H perpetual preferred shares offering close date and initial dividend start date was September 19, 2018, with an initial dividend declared in the fourth quarter of 2018.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 8

American Homes 4 Rent

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended Sep 30,				For the Nine Months Ended Sep 30,
	2018		2017		2018			2017
Revenues:
Rents from single-family properties	$	231,324	$	207,490	$	676,558		$	613,245
Fees from single-family properties	2,711		2,843		8,298			8,137
Tenant charge-backs	44,152		36,094		112,876			91,849
Other	1,865		409		4,807			4,367
Total revenues	280,052		246,836		802,539			717,598
Expenses:
Property operating expenses	113,600		97,944		313,430			267,203
Property management expenses	18,865		17,447		56,468			52,367
General and administrative expense	9,265		8,525		28,173			26,746
Interest expense	30,930		26,592		92,209			86,873
Acquisition fees and costs expensed	1,055		1,306		3,687			3,814
Depreciation and amortization	79,940		74,790		237,562			221,459
Hurricane-related charges, net	—		10,136		—			10,136
Other	1,069		1,285		3,520			4,202
Total expenses	254,724		238,025		735,049			672,800
Gain on sale of single-family properties and other, net	4,953		1,895		10,449			6,375
Loss on early extinguishment of debt	—		—		(1,447		)	(6,555		)
Remeasurement of participating preferred shares	—		8,391		1,212			1,341
Net income	30,281		19,097		77,704			45,959
Noncontrolling interest	2,881		309		845			(22		)
Dividends on preferred shares	12,223		17,253		38,804			46,122
Redemption of participating preferred shares	—		—		32,215			—
Net income (loss) attributable to common shareholders	$	15,177	$	1,535	$	5,840		$	(141	)
Weighted-average shares outstanding:
Basic	296,214,509		266,767,313		292,656,914			256,768,343
Diluted	296,967,649		289,153,060		293,319,245			256,768,343
Net income (loss) attributable to common shareholders per share:
Basic	$	0.05	$	0.01	$	0.02		$	—
Diluted	$	0.05	$	—	$	0.02		$	—

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 9

American Homes 4 Rent

Funds from Operations

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

(Unaudited)

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2018			2017			2018			2017
Net income (loss) attributable to common shareholders	$	15,177		$	1,535		$	5,840		$	(141	)
Adjustments:
Noncontrolling interests in the Operating Partnership	2,881			340			1,104			(30		)
Net (gain) on sale / impairment of single-family properties and other	(4,393		)	(596		)	(7,653		)	(2,589		)
Depreciation and amortization	79,940			74,790			237,562			221,459
Less: depreciation and amortization of non-real estate assets	(1,845		)	(1,753		)	(5,462		)	(6,050		)
FFO attributable to common share and unit holders	$	91,760		$	74,316		$	231,391		$	212,649
Adjustments:
Acquisition fees and costs expensed	1,055			1,306			3,687			3,814
Noncash share-based compensation - general and administrative	491			699			1,609			1,917
Noncash share-based compensation - property management	341			417			1,141			1,258
Noncash interest expense related to acquired debt	973			910			2,810			2,624
Hurricane-related charges, net	—			10,136			—			10,136
Loss on early extinguishment of debt	—			—			1,447			6,555
Remeasurement of participating preferred shares	—			(8,391		)	(1,212		)	(1,341		)
Redemption of participating preferred shares	—			—			32,215			—
Core FFO attributable to common share and unit holders	$	94,620		$	79,393		$	273,088		$	237,612
Recurring capital expenditures (1)	(11,467		)	(10,316		)	(27,342		)	(25,055		)
Leasing costs	(3,722		)	(1,960		)	(9,556		)	(5,361		)
Adjusted FFO attributable to common share and unit holders	$	79,431		$	67,117		$	236,190		$	207,196
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.26		$	0.23		$	0.66		$	0.68
Core FFO attributable to common share and unit holders	$	0.27		$	0.25		$	0.78		$	0.76
Adjusted FFO attributable to common share and unit holders	$	0.23		$	0.21		$	0.68		$	0.66
Weighted-average FFO shares and units:
Common shares outstanding	296,214,509			266,767,313			292,656,914			256,768,343
Share-based compensation plan (2)	753,140			736,456			662,331			746,643
Operating partnership units	55,350,153			55,535,824			55,350,153			55,547,386
Total weighted-average FFO shares and units	352,317,802			323,039,593			348,669,398			313,062,372

(1) As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and properties identified for future sale.

(2) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 10

American Homes 4 Rent

Core Net Operating Income - Total Portfolio

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2018			2017			2018			2017
Rents from single-family properties	$	231,324		$	207,490		$	676,558		$	613,245
Fees from single-family properties	2,711			2,843			8,298			8,137
Bad debt expense	(2,749		)	(2,299		)	(6,365		)	(5,142		)
Core revenues	231,286			208,034			678,491			616,240
Property tax expense	40,607			36,618			119,708			110,052
HOA fees, net (1)	5,298			4,246			14,620			12,231
R&M and turnover costs, net (1)	19,931			17,966			57,382			45,948
Insurance	2,173			1,981			6,166			5,845
Property management expenses, net (2)	17,214			15,770			51,640			47,245
Core property operating expenses	85,223			76,581			249,516			221,321
Core NOI	$	146,063		$	131,453		$	428,975		$	394,919
Core NOI margin	63.2		%	63.2		%	63.2		%	64.1		%

	For the Three Months Ended Sep 30, 2018
	Same-Home Properties			Stabilized, Non-Same-Home Properties			Non-Stabilized Former ARPI Properties			Subtotal Same-Home, Stabilized and ARPI			Other & Held for Sale Properties (3)			Total Single-Family Properties
Property count	38,168			8,262			2,573			49,003			3,461			52,464
Rents from single-family properties	$	171,991		$	38,157		$	10,796		$	220,944		$	10,380		$	231,324
Fees from single-family properties	2,013			371			150			2,534			177			2,711
Bad debt expense	(1,981		)	(416		)	(154		)	(2,551		)	(198		)	(2,749		)
Core revenues	172,023			38,112			10,792			220,927			10,359			231,286
Property tax expense	30,047			5,947			1,891			37,885			2,722			40,607
HOA fees, net (1)	3,742			995			277			5,014			284			5,298
R&M and turnover costs, net (1)	14,957			2,512			828			18,297			1,634			19,931
Insurance	1,561			379			103			2,043			130			2,173
Property management expenses, net (2)	12,661			2,741			854			16,256			958			17,214
Core property operating expenses	62,968			12,574			3,953			79,495			5,728			85,223
Core NOI	$	109,055		$	25,538		$	6,839		$	141,432		$	4,631		$	146,063
Core NOI margin	63.4		%	67.0		%	63.4		%	64.0		%	44.7		%	63.2		%

(1) Presented net of tenant charge-backs.

(2) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

(3) Includes 1,195 non-stabilized properties and 2,266 properties identified as part of our disposition program, comprised of 1,865 properties classified as held for sale and 401 properties identified for future sale.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 11

American Homes 4 Rent

Same-Home Results – Quarterly and Year-to-Date Comparisons

(Amounts in thousands, except property and per property data)

(Unaudited)

	For the Three Months Ended Sep 30,								For the Nine Months Ended Sep 30,
	2018			2017			Change		2018			2017			Change
Number of Same-Home properties	38,168			38,168					38,168			38,168
Leased percentage as of period end	96.2		%	95.2		%	1.0	%	96.2		%	95.2		%	1.0	%
Occupancy percentage as of period end	95.8		%	94.4		%	1.4	%	95.8		%	94.4		%	1.4	%
Average Occupied Days Percentage	95.2		%	94.1		%	1.1	%	95.1		%	94.8		%	0.3	%
Average Monthly Realized Rent per property	$	1,578		$	1,526		3.4	%	$	1,564		$	1,509		3.6	%
Turnover Rate	10.8		%	11.0		%	(0.2	)%	29.9		%	31.5		%	(1.6	)%
Turnover Rate - TTM	37.8		%	N/A					37.8		%	N/A
Core NOI:
Rents from single-family properties	$	171,991		$	164,466		4.6	%	$	510,867		$	491,392		4.0	%
Fees from single-family properties	2,013			2,184			(7.8	)%	5,961			6,191			(3.7	)%
Bad debt expense	(1,981		)	(1,813		)	9.3	%	(4,637		)	(4,029		)	15.1	%
Core revenues	172,023			164,837			4.4	%	512,191			493,554			3.8	%
Property tax expense	30,047			28,519			5.4	%	88,940			86,029			3.4	%
HOA fees, net (1)	3,742			3,277			14.2	%	10,548			9,523			10.8	%
R&M and turnover costs, net (1) (2)	14,957			14,052			6.4	%	42,120			35,706			18.0	%
Insurance	1,561			1,532			1.9	%	4,577			4,650			(1.6	)%
Property management expenses, net (3)	12,661			12,368			2.4	%	38,400			37,411			2.6	%
Core property operating expenses	62,968			59,748			5.4	%	184,585			173,319			6.5	%
Core NOI	$	109,055		$	105,089		3.8	%	$	327,606		$	320,235		2.3	%
Core NOI margin	63.4		%	63.8		%			64.0		%	64.9		%
Recurring Capital Expenditures	8,942			8,258			8.3	%	21,090			20,350			3.6	%
Core NOI After Capital Expenditures	$	100,113		$	96,831		3.4	%	$	306,516		$	299,885		2.2	%
Property Enhancing Capex
Resilient flooring program	$	3,173		$	988				$	6,927		$	1,584
Per property:
Average Recurring Capital Expenditures	$	234		$	216		8.3	%	$	553		$	533		3.6	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	627		$	585		7.2	%	$	1,656		$	1,468		12.8	%

(1) Presented net of tenant charge-backs.

(2) Includes $0.3 million of repair costs related to Hurricane Florence in the third quarter of 2018.

(3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 12

American Homes 4 Rent

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

	For the Three Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
Core NOI:
Rents from single-family properties	$	171,991		$	170,666		$	168,210		$	165,786		$	164,466
Fees from single-family properties	2,013			1,989			1,959			1,943			2,184
Bad debt expense	(1,981		)	(1,170		)	(1,486		)	(1,607		)	(1,813		)
Core revenues	172,023			171,485			168,683			166,122			164,837
Property tax expense	30,047			29,647			29,246			28,948			28,519
HOA fees, net (1)	3,742			3,501			3,305			3,345			3,277
R&M and turnover costs, net (1) (2)	14,957			13,832			13,331			11,290			14,052
Insurance	1,561			1,512			1,504			1,557			1,532
Property management expenses, net (3)	12,661			12,592			13,147			12,112			12,368
Core property operating expenses	62,968			61,084			60,533			57,252			59,748
Core NOI	$	109,055		$	110,401		$	108,150		$	108,870		$	105,089
Core NOI margin	63.4		%	64.4		%	64.1		%	65.5		%	63.8		%
Recurring Capital Expenditures	8,942			6,463			5,685			5,806			8,258
Core NOI After Capital Expenditures	$	100,113		$	103,938		$	102,465		$	103,064		$	96,831
Property Enhancing Capex
Resilient flooring program	$	3,173		$	2,444		$	1,310		$	1,504		$	988
Per property:
Average Recurring Capital Expenditures	$	234		$	170		$	149		$	152		$	216
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	627		$	531		$	498		$	447		$	585

(1) Presented net of tenant charge-backs.

(2) Includes $0.3 million of repair costs related to Hurricane Florence in the third quarter of 2018.

(3) Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 13

American Homes 4 Rent

Same-Home Results – Sequential Quarterly Metrics

Average Occupied Days Percentage

	For the Three Months Ended
	Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Dec 31, 2017		Sep 30, 2017
Dallas-Fort Worth, TX	94.0	%	95.3	%	94.5	%	93.3	%	92.9	%
Atlanta, GA	95.8	%	96.1	%	95.1	%	95.7	%	96.1	%
Indianapolis, IN	94.2	%	94.9	%	94.3	%	94.2	%	93.7	%
Charlotte, NC	95.0	%	94.4	%	93.5	%	92.6	%	94.0	%
Houston, TX	94.2	%	95.1	%	94.7	%	93.6	%	90.2	%
Cincinnati, OH	95.0	%	95.0	%	94.5	%	94.0	%	93.6	%
Greater Chicago area, IL and IN	96.1	%	96.3	%	96.6	%	94.9	%	94.8	%
Phoenix, AZ	96.2	%	97.0	%	96.5	%	95.0	%	95.6	%
Nashville, TN	94.7	%	94.5	%	92.9	%	92.6	%	92.3	%
Tampa, FL	94.6	%	95.0	%	94.8	%	93.5	%	94.2	%
Raleigh, NC	95.0	%	93.9	%	93.6	%	93.8	%	94.7	%
Jacksonville, FL	95.9	%	96.7	%	95.6	%	95.4	%	94.9	%
Columbus, OH	97.0	%	96.0	%	93.7	%	92.5	%	93.9	%
Orlando, FL	97.0	%	96.3	%	96.9	%	96.7	%	96.3	%
Salt Lake City, UT	94.9	%	95.1	%	95.2	%	93.2	%	94.2	%
Las Vegas, NV	97.2	%	97.7	%	96.6	%	96.4	%	96.9	%
San Antonio, TX	94.9	%	95.0	%	94.3	%	92.8	%	92.7	%
Charleston, SC	92.1	%	90.8	%	92.3	%	93.7	%	93.2	%
Denver, CO	93.7	%	96.0	%	97.0	%	95.2	%	95.4	%
Greenville, SC	94.1	%	91.5	%	90.6	%	91.1	%	90.4	%
All Other (1)	95.8	%	95.9	%	95.0	%	94.0	%	94.8	%
Total / Average	95.2	%	95.4	%	94.7	%	94.0	%	94.1	%

Average Monthly Realized Rent per property

	For the Three Months Ended
	Sep 30, 2018		Jun 30, 2018		Mar 31, 2018		Dec 31, 2017		Sep 30, 2017
Dallas-Fort Worth, TX	$	1,709	$	1,690	$	1,677	$	1,666	$	1,659
Atlanta, GA	1,537		1,525		1,496		1,481		1,472
Indianapolis, IN	1,378		1,377		1,366		1,358		1,345
Charlotte, NC	1,535		1,526		1,522		1,521		1,508
Houston, TX	1,651		1,621		1,615		1,622		1,605
Cincinnati, OH	1,562		1,547		1,535		1,517		1,510
Greater Chicago area, IL and IN	1,824		1,812		1,788		1,778		1,765
Phoenix, AZ	1,347		1,318		1,299		1,283		1,259
Nashville, TN	1,708		1,700		1,702		1,684		1,686
Tampa, FL	1,714		1,678		1,671		1,668		1,646
Raleigh, NC	1,499		1,493		1,486		1,478		1,467
Jacksonville, FL	1,494		1,475		1,465		1,447		1,433
Columbus, OH	1,561		1,544		1,540		1,526		1,518
Orlando, FL	1,631		1,604		1,578		1,579		1,538
Salt Lake City, UT	1,683		1,666		1,643		1,627		1,608
Las Vegas, NV	1,499		1,488		1,467		1,449		1,438
San Antonio, TX	1,501		1,491		1,482		1,481		1,475
Charleston, SC	1,616		1,607		1,592		1,609		1,591
Denver, CO	2,159		2,136		2,112		2,083		2,071
Greenville, SC	1,518		1,524		1,528		1,525		1,518
All Other (1)	1,509		1,493		1,485		1,468		1,455
Total / Average	$	1,578	$	1,563	$	1,551	$	1,540	$	1,526

(1) Represents 15 markets in 15 states.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 14

American Homes 4 Rent

Same-Home Results – Operating Metrics by Market

	Number of Properties	Gross Book Value per Property		% of 3Q18 NOI		Avg. Change in Rent for Renewals (1)		Avg. Change in Rent for Re-Leases (1)		Avg. Blended Change in Rent (1)
Dallas-Fort Worth, TX	3,382	$	162,566	7.3	%	4.8	%	3.7	%	4.3	%
Atlanta, GA	3,049	165,400		8.3	%	5.1	%	6.9	%	5.7	%
Indianapolis, IN	2,782	153,579		6.1	%	3.2	%	4.5	%	3.7	%
Charlotte, NC	2,431	175,719		6.8	%	3.1	%	3.5	%	3.2	%
Houston, TX	2,131	170,659		4.8	%	3.7	%	0.9	%	2.8	%
Cincinnati, OH	1,878	173,840		5.0	%	3.3	%	3.3	%	3.3	%
Greater Chicago area, IL and IN	1,758	181,190		4.7	%	3.3	%	1.8	%	2.7	%
Phoenix, AZ	1,811	164,303		4.3	%	6.6	%	10.1	%	7.8	%
Nashville, TN	1,717	206,497		5.9	%	3.3	%	2.4	%	2.9	%
Tampa, FL	1,594	188,566		4.1	%	3.9	%	2.7	%	3.4	%
Raleigh, NC	1,589	180,118		4.4	%	2.9	%	3.5	%	3.1	%
Jacksonville, FL	1,586	154,121		3.8	%	3.8	%	4.8	%	4.2	%
Columbus, OH	1,429	155,950		3.9	%	3.6	%	4.2	%	3.9	%
Orlando, FL	1,244	170,333		3.2	%	5.4	%	6.9	%	5.9	%
Salt Lake City, UT	1,047	221,618		3.6	%	4.6	%	7.1	%	5.6	%
Las Vegas, NV	975	176,529		2.8	%	5.0	%	7.6	%	5.7	%
San Antonio, TX	878	155,930		1.9	%	3.6	%	1.9	%	3.0	%
Charleston, SC	667	180,254		1.7	%	3.1	%	1.8	%	2.5	%
Denver, CO	653	275,864		2.7	%	4.2	%	4.2	%	4.2	%
Greenville, SC	634	172,738		1.5	%	3.1	%	1.1	%	2.2	%
All Other (2)	4,933	170,809		13.2	%	4.1	%	4.6	%	4.3	%
Total / Average	38,168	$	173,675	100.0	%	4.1	%	4.2	%	4.1	%

	Average Occupied Days Percentage						Average Monthly Realized Rent per property
	3Q18 QTD		3Q17 QTD		Change		3Q18 QTD		3Q17 QTD		Change
Dallas-Fort Worth, TX	94.0	%	92.9	%	1.1	%	$	1,709	$	1,659	3.0	%
Atlanta, GA	95.8	%	96.1	%	(0.3	)%	1,537		1,472		4.4	%
Indianapolis, IN	94.2	%	93.7	%	0.5	%	1,378		1,345		2.5	%
Charlotte, NC	95.0	%	94.0	%	1.0	%	1,535		1,508		1.8	%
Houston, TX	94.2	%	90.2	%	4.0	%	1,651		1,605		2.9	%
Cincinnati, OH	95.0	%	93.6	%	1.4	%	1,562		1,510		3.4	%
Greater Chicago area, IL and IN	96.1	%	94.8	%	1.3	%	1,824		1,765		3.3	%
Phoenix, AZ	96.2	%	95.6	%	0.6	%	1,347		1,259		7.0	%
Nashville, TN	94.7	%	92.3	%	2.4	%	1,708		1,686		1.3	%
Tampa, FL	94.6	%	94.2	%	0.4	%	1,714		1,646		4.1	%
Raleigh, NC	95.0	%	94.7	%	0.3	%	1,499		1,467		2.2	%
Jacksonville, FL	95.9	%	94.9	%	1.0	%	1,494		1,433		4.3	%
Columbus, OH	97.0	%	93.9	%	3.1	%	1,561		1,518		2.8	%
Orlando, FL	97.0	%	96.3	%	0.7	%	1,631		1,538		6.0	%
Salt Lake City, UT	94.9	%	94.2	%	0.7	%	1,683		1,608		4.7	%
Las Vegas, NV	97.2	%	96.9	%	0.3	%	1,499		1,438		4.2	%
San Antonio, TX	94.9	%	92.7	%	2.2	%	1,501		1,475		1.8	%
Charleston, SC	92.1	%	93.2	%	(1.1	)%	1,616		1,591		1.6	%
Denver, CO	93.7	%	95.4	%	(1.7	)%	2,159		2,071		4.2	%
Greenville, SC	94.1	%	90.4	%	3.7	%	1,518		1,518		—	%
All Other (2)	95.8	%	94.8	%	1.0	%	1,509		1,455		3.7	%
Total / Average	95.2	%	94.1	%	1.1	%	$	1,578	$	1,526	3.4	%

(1) Reflected for the three months ended September 30, 2018.

(2) Represents 15 markets in 15 states.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 15

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands)

	Sep 30, 2018			Dec 31, 2017
	(Unaudited)
Assets
Single-family properties:
Land	$	1,689,207		$	1,665,631
Buildings and improvements	7,385,387			7,303,270
Single-family properties held for sale, net	299,551			35,803
	9,374,145			9,004,704
Less: accumulated depreciation	(1,115,588		)	(939,724		)
Single-family properties, net	8,258,557			8,064,980
Cash and cash equivalents	110,138			46,156
Restricted cash	156,026			136,667
Rent and other receivables, net	36,078			30,144
Escrow deposits, prepaid expenses and other assets	251,245			171,851
Deferred costs and other intangibles, net	13,437			13,025
Asset-backed securitization certificates	25,666			25,666
Goodwill	120,279			120,279
Total assets	$	8,971,426		$	8,608,768
Liabilities
Revolving credit facility	$	—		$	140,000
Term loan facility, net	99,176			198,023
Asset-backed securitizations, net	1,965,417			1,977,308
Unsecured senior notes, net	492,603			—
Exchangeable senior notes, net	114,507			111,697
Secured note payable	—			48,859
Accounts payable and accrued expenses	305,935			222,867
Amounts payable to affiliates	4,784			4,720
Participating preferred shares derivative liability	—			29,470
Total liabilities	2,982,422			2,732,944
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares	2,959			2,861
Class B common shares	6			6
Preferred shares	354			384
Additional paid-in capital	5,750,309			5,600,256
Accumulated deficit	(493,995		)	(453,953		)
Accumulated other comprehensive income	9,026			75
Total shareholders’ equity	5,268,659			5,149,629
Noncontrolling interest	720,345			726,195
Total equity	5,989,004			5,875,824
Total liabilities and equity	$	8,971,426		$	8,608,768

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 16

American Homes 4 Rent

Debt Summary and Maturity Schedule as of September 30, 2018

(Amounts in thousands)

	Secured		Unsecured		Total Balance			% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)	$	—	$	—	$	—		—	%	3.46	%	3.8
Term loan facility (3)	—		100,000		100,000			3.7	%	3.61	%	3.8
Total floating rate debt	—		100,000		100,000			3.7	%	3.61	%	3.8
Fixed rate debt:
AH4R 2014-SFR2	492,478		—		492,478			18.2	%	4.42	%	6.0
AH4R 2014-SFR3	508,080		—		508,080			18.7	%	4.40	%	6.2
AH4R 2015-SFR1	533,578		—		533,578			19.7	%	4.14	%	26.5
AH4R 2015-SFR2	463,552		—		463,552			17.1	%	4.36	%	27.0
Unsecured senior notes (4)	—		500,000		500,000			18.4	%	4.08	%	9.4
Exchangeable senior notes	—		115,000		115,000			4.2	%	3.25	%	0.1
Total fixed rate debt	1,997,688		615,000		2,612,688			96.3	%	4.23	%	14.4
Total Debt	$	1,997,688	$	715,000	$	2,712,688		100.0	%	4.21	%	14.0
Unamortized discounts and loan costs					(40,985		)
Total debt per balance sheet					$	2,671,703

Year (2)	Floating Rate		Fixed Rate		Total		% of Total
Remaining 2018	$	—	$	120,179	$	120,179	4.4	%
2019	—		20,714		20,714		0.8	%
2020	—		20,714		20,714		0.8	%
2021	—		20,714		20,714		0.8	%
2022	100,000		20,714		120,714		4.4	%
2023	—		20,714		20,714		0.8	%
2024	—		956,197		956,197		35.2	%
2025	—		10,302		10,302		0.4	%
2026	—		10,302		10,302		0.4	%
2027	—		10,302		10,302		0.4	%
Thereafter	—		1,401,836		1,401,836		51.6	%
Total	$	100,000	$	2,612,688	$	2,712,688	100.0	%

(1)     Interest rates on floating rate debt reflect stated rates as of period end.

(2) Years to maturity and maturity schedule reflect all debt on a fully extended basis.

(3) The interest rates shown above reflect the Company's LIBOR-based borrowing rates, based on 1-month LIBOR and applicable margin as of period end. Balances reflect borrowings outstanding as of September 30, 2018.

(4) The stated interest rate on the unsecured senior notes is 4.25%, which was effectively hedged to yield an interest rate of 4.08%.

Interest Expense Reconciliation

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
(Amounts in thousands)	2018			2017			2018			2017
Interest expense per income statement	$	30,930		$	26,592		$	92,209		$	86,873
Less: noncash interest expense related to acquired debt	(973		)	(910		)	(2,810		)	(2,624		)
Interest expense included in Core FFO attributable to common share and unit holders	29,957			25,682			89,399			84,249
Less: amortization of discount, loan costs and cash flow hedge	(1,779		)	(1,875		)	(5,410		)	(6,285		)
Add: capitalized interest	1,414			1,533			5,213			3,171
Cash interest	$	29,592		$	25,340		$	89,202		$	81,135

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 17

American Homes 4 Rent

Capital Structure and Credit Metrics as of September 30, 2018

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

Total Capitalization

Total Debt			$	2,712,688	24.0	%
Total preferred shares at liquidation value			883,750		7.8	%
Common equity at market value:
Common shares outstanding	296,531,294
Operating partnership units	55,350,153
Total shares and units	351,881,447
NYSE AMH Class A common share closing price at September 30, 2018	$	21.89
Market value of common shares and operating partnership units			7,702,685		68.2	%
Total Market Capitalization			$	11,299,123	100.0	%

Preferred Shares

	Earliest Redemption Date	Outstanding Shares	Liquidation Value				Annual Dividend Per Share		Annual Dividend Amount
Series			Per Share		Total
6.500% Series D Perpetual Preferred Shares	5/24/2021	10,750,000	$	25.00	$	268,750	$	1.625	$	17,469
6.350% Series E Perpetual Preferred Shares	6/29/2021	9,200,000	$	25.00	230,000		$	1.588	14,605
5.875% Series F Perpetual Preferred Shares	4/24/2022	6,200,000	$	25.00	155,000		$	1.469	9,106
5.875% Series G Perpetual Preferred Shares	7/17/2022	4,600,000	$	25.00	115,000		$	1.469	6,756
6.250% Series H Perpetual Preferred Shares	9/19/2023	4,600,000	$	25.00	115,000		$	1.563	7,188
Total preferred shares at liquidation value		35,350,000			$	883,750			$	55,124

Credit Ratios			Credit Ratings
Net Debt to Adjusted EBITDAre	4.7 x		Rating Agency	Rating	Outlook
Debt and Preferred Shares to Adjusted EBITDAre	6.7 x		Moody's Investor Service	Baa3	Stable
Fixed Charge Coverage	3.2 x		S&P Global Ratings	BBB-	Stable
Unencumbered Core NOI percentage	65.6	%

Unsecured Senior Notes Covenant Ratios	Requirement	Actual
Ratio of Indebtedness to Total Assets	< 60.0%	27.4	%
Ratio of Secured Debt to Total Assets	< 40.0%	20.1	%
Ratio of Unencumbered Assets to Unsecured Debt	> 150.0%	962.2	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	> 1.50 x	4.65 x

Unsecured Credit Facility Covenant Ratios	Requirement	Actual
Ratio of Total Indebtedness to Total Asset Value	< 60.0%	28.6	%
Ratio of Secured Indebtedness to Total Asset Value	< 40.0%	19.3	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	< 60.0%	14.0	%
Ratio of EBITDA to Fixed Charges	> 1.75 x	2.86 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	> 1.75 x	15.62 x

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 18

American Homes 4 Rent

Top 20 Markets Summary as of September 30, 2018

Property Information (1)

Market	Number of Properties	Percentage of Total Properties		Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Atlanta, GA	4,710	9.4	%	$	173,714	2,150	16.8
Dallas-Fort Worth, TX	4,320	8.6	%	163,595		2,119	14.8
Charlotte, NC	3,538	7.0	%	188,153		2,082	15.0
Houston, TX	3,100	6.2	%	161,015		2,100	12.8
Phoenix, AZ	3,008	6.0	%	170,076		1,832	15.3
Indianapolis, IN	2,889	5.8	%	152,169		1,933	16.0
Nashville, TN	2,640	5.3	%	206,821		2,116	14.2
Jacksonville, FL	2,105	4.2	%	169,570		1,940	14.0
Tampa, FL	2,090	4.2	%	193,537		1,949	14.5
Raleigh, NC	2,051	4.1	%	182,467		1,874	13.8
Cincinnati, OH	1,987	4.0	%	173,742		1,852	16.2
Columbus, OH	1,986	4.0	%	168,878		1,867	16.8
Greater Chicago area, IL and IN	1,775	3.5	%	181,562		1,871	17.1
Orlando, FL	1,680	3.3	%	176,225		1,886	17.3
Salt Lake City, UT	1,294	2.6	%	237,152		2,165	17.3
Las Vegas, NV	1,022	2.0	%	175,837		1,840	15.7
San Antonio, TX	1,017	2.0	%	158,001		2,015	15.1
Charleston, SC	1,008	2.0	%	191,351		1,944	12.2
Savannah/Hilton Head, SC	828	1.6	%	176,367		1,847	11.9
Winston Salem, NC	814	1.6	%	153,876		1,748	14.7
All Other (4)	6,336	12.6	%	200,765		1,916	15.0
Total / Average	50,198	100.0	%	$	179,391	1,982	15.2

Leasing Information (1)

Market	Leased Percentage (2)		Avg. Occupied Days Percentage (3)		Avg. Monthly Realized Rent per property (3)		Avg. Change in Rent for Renewals (3)		Avg. Change in Rent for Re-Leases (3)		Avg. Blended Change in Rent (3)
Atlanta, GA	95.1	%	94.9	%	$	1,539	5.2	%	7.0	%	5.8	%
Dallas-Fort Worth, TX	95.2	%	93.5	%	1,710		4.7	%	3.8	%	4.3	%
Charlotte, NC	95.3	%	94.5	%	1,544		3.1	%	3.6	%	3.3	%
Houston, TX	92.5	%	91.2	%	1,604		3.7	%	1.3	%	2.9	%
Phoenix, AZ	94.8	%	94.5	%	1,339		6.5	%	10.4	%	7.8	%
Indianapolis, IN	94.5	%	94.0	%	1,374		3.3	%	4.7	%	3.8	%
Nashville, TN	95.5	%	94.9	%	1,688		3.4	%	2.3	%	3.0	%
Jacksonville, FL	95.1	%	94.6	%	1,524		3.8	%	4.8	%	4.2	%
Tampa, FL	95.4	%	94.0	%	1,698		3.8	%	3.0	%	3.4	%
Raleigh, NC	95.9	%	95.2	%	1,493		3.1	%	3.9	%	3.3	%
Cincinnati, OH	97.0	%	95.1	%	1,562		3.4	%	3.4	%	3.4	%
Columbus, OH	97.7	%	96.9	%	1,574		3.7	%	4.0	%	3.8	%
Greater Chicago area, IL and IN	97.0	%	95.9	%	1,824		3.3	%	1.8	%	2.7	%
Orlando, FL	96.6	%	96.3	%	1,626		5.5	%	6.9	%	5.9	%
Salt Lake City, UT	95.0	%	93.8	%	1,698		4.6	%	7.1	%	5.7	%
Las Vegas, NV	97.9	%	97.1	%	1,490		5.0	%	7.6	%	5.7	%
San Antonio, TX	95.4	%	94.6	%	1,503		3.6	%	2.3	%	3.2	%
Charleston, SC	95.3	%	93.1	%	1,636		3.1	%	2.3	%	2.7	%
Savannah/Hilton Head, SC	96.7	%	95.7	%	1,508		3.4	%	4.0	%	3.7	%
Winston Salem, NC	95.2	%	95.2	%	1,304		3.6	%	5.2	%	4.1	%
All Other (4)	93.7	%	92.9	%	1,630		4.2	%	4.5	%	4.3	%
Total / Average	95.2	%	94.3	%	$	1,575	4.1	%	4.3	%	4.2	%

(1) Property and leasing information excludes properties to be disposed.

(2) Reflected as of period end.

(3) Reflected for the three months ended September 30, 2018.

(4) Represents 16 markets in 14 states.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 19

American Homes 4 Rent

Leasing Performance

	3Q18		2Q18		1Q18		4Q17		3Q17
Average Change in Rent for Renewals	4.1	%	3.9	%	3.9	%	4.2	%	3.6	%
Average Change in Rent for Re-leases	4.3	%	6.3	%	3.6	%	1.6	%	4.9	%
Average Blended Change in Rent	4.2	%	4.9	%	3.7	%	3.0	%	4.1	%

Scheduled Lease Expirations

	MTM	4Q18	1Q19	2Q19	3Q19	Thereafter
Lease expirations	1,983	7,870	11,571	13,494	12,233	625

Top 20 Markets Home Price Appreciation Trends

The table below summarizes historic changes in 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.”

	HPA Index (1)								HPA Index Change
Market	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017	Mar 31, 2018	Jun 30, 2018
Atlanta, GA	100.0	114.2	122.3	132.0	143.0	152.6	156.4	163.0	63.0	%
Dallas-Fort Worth, TX (2)	100.0	108.4	115.2	127.6	140.1	153.7	157.3	160.8	60.8	%
Charlotte, NC	100.0	113.4	118.8	126.8	136.6	148.2	150.7	155.5	55.5	%
Houston, TX	100.0	110.8	123.1	130.1	133.0	137.0	137.5	141.3	41.3	%
Phoenix, AZ	100.0	118.0	123.3	135.9	146.1	157.2	160.9	164.8	64.8	%
Indianapolis, IN	100.0	106.4	112.3	117.8	124.5	134.2	135.0	142.3	42.3	%
Nashville, TN	100.0	111.0	117.4	131.1	141.1	156.6	157.0	161.1	61.1	%
Jacksonville, FL	100.0	114.2	121.7	127.7	142.3	150.6	157.0	163.7	63.7	%
Tampa, FL	100.0	113.0	121.1	132.3	149.1	160.4	165.3	171.7	71.7	%
Raleigh, NC	100.0	106.7	111.6	120.0	130.8	135.8	140.1	143.7	43.7	%
Cincinnati, OH	100.0	104.9	111.2	115.7	121.4	128.3	130.5	133.4	33.4	%
Columbus, OH	100.0	108.9	114.5	120.8	131.5	141.8	143.1	149.2	49.2	%
Greater Chicago area, IL and IN	100.0	111.0	115.1	118.8	126.3	130.5	130.4	134.6	34.6	%
Orlando, FL	100.0	110.3	123.5	135.4	144.9	158.9	162.3	168.3	68.3	%
Salt Lake City, UT	100.0	109.4	114.5	123.2	133.0	146.5	150.5	158.0	58.0	%
Las Vegas, NV	100.0	125.1	141.3	149.0	161.5	182.0	193.1	201.1	101.1	%
San Antonio, TX	100.0	101.1	108.0	113.9	124.7	133.8	133.9	134.4	34.4	%
Charleston, SC (3)	100.0	109.4	119.9	137.0	148.0	165.5	162.5	169.6	69.6	%
Savannah/Hilton Head, SC (3)	100.0	109.4	119.9	137.0	148.0	165.5	162.5	169.6	69.6	%
Winston Salem, NC	100.0	99.7	96.6	105.6	112.7	117.7	121.0	121.0	21.0	%
Average									55.4	%

(1) Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20^th day of the second month following quarter-end. Accordingly, information in the above table has been presented through June 30, 2018. For the illustrative purposes of this table, the HPA Index has been indexed as of December 31, 2012, and, as such, HPA Index values presented are relative measures calculated in relation to the baseline index value of 100.0 as of December 31, 2012.

(2) Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington Metropolitan Divisions.

(3) Our Charleston, SC and Savannah/Hilton Head, SC markets are both indexed to the Charleston-North Charleston Metropolitan Division.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 20

American Homes 4 Rent

Disposition Summary

(Amounts in thousands, except property data)

	Single-Family Properties (1)			Single-Family Properties Sold 3Q18
Market	Held for Sale	Identified for Future Sale	Total Disposition Program	Number of Properties	Net Proceeds
Oklahoma City, OK	389	—	389	18	$	2,857
Greater Chicago area, IL and IN	191	102	293	10	1,307
Columbia, SC	149	140	289	6	793
Augusta, GA	203	51	254	3	479
Corpus Christi, TX	229	—	229	8	1,389
Central Valley, CA	165	—	165	11	2,551
Austin, TX	86	35	121	8	884
Bay Area, CA	89	28	117	—	—
Inland Empire, CA	90	—	90	3	916
Houston, TX	40	18	58	—	—
Dallas-Fort Worth, TX	45	11	56	5	1,025
Atlanta, GA	39	5	44	3	708
Tampa, FL	26	—	26	—	—
Miami, FL	21	—	21	2	529
Columbus, OH	12	—	12	1	334
Phoenix, AZ	9	2	11	1	149
San Antonio, TX	9	1	10	—	—
Nashville, TN	8	2	10	2	452
Raleigh, NC	4	5	9	3	631
Cincinnati, OH	8	—	8	1	149
All Other (2)	53	1	54	10	2,199
Total	1,865	401	2,266	95	$	17,352

(1) As of September 30, 2018.

(2) Represents 15 markets in 11 states.

Share Repurchase and ATM Share Issuance History

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

	Share Repurchases					ATM Share Issuances
Quarterly Period	Common Shares Repurchased	Purchase Price		Avg. Price Paid Per Share		Common Shares Issued	Gross Proceeds		Avg. Issuance Price Per Share
1Q17	—	$	—	$	—	629,532	$	14,304	$	22.72
2Q17	—	—		—		222,073	5,066		22.81
3Q17	—	—		—		1,181,493	26,855		22.73
4Q17	—	—		—		—	—		—
1Q18	1,804,163	34,933		19.36		—	—		—
2Q18	—	—		—		—	—		—
3Q18	—	—		—		—	—		—
Total	1,804,163	$	34,933	$	19.36	2,033,098	$	46,225	$	22.74
	Remaining authorization:	$	265,067			Remaining authorization:	$	500,000

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 21

American Homes 4 Rent

2018 Outlook

	Full Year 2018
Same-Home	Previous Guidance	Current Guidance
Average Occupied Days Percentage	95.0% - 95.5%	94.75% - 95.25%	(1)
Core revenues growth	4.0% - 4.5%	3.75% - 4.25%	(2)
Property tax expense growth	2.75% - 3.75%	2.75% - 3.75%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures per property	$2,050 - $2,150	$2,100 - $2,150
Core property operating expenses growth	5.0% - 6.0%	5.5% - 6.0%
Core NOI margin	64.0% - 65.0%	64.0% - 65.0%
Core NOI After Capital Expenditures growth	3.25% - 3.75%	2.5% - 3.0%	(2)
Property Enhancing Capex	$8 - $12 million	$8 - $12 million
General and administrative expense, excluding noncash share-based compensation	$34.5 - $35.5 million	$34.5 - $35.5 million
Acquisition and development volume	$500 - $600 million	$500 - $600 million

(1) As previously communicated, we expected the full year Average Occupied Days Percentage to be below the midpoint of previous guidance range due to modest leasing disruption from Hurricane Florence. Additionally, as a result of recent field personnel turnover, we now expect occupancy softness in certain markets in the fourth quarter of 2018 and are therefore revising the guidance range to 94.75% to 95.25%.

(2) Revised as a result of lowered Average Occupied Days Percentage guidance.

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues and Non-Same-Home property operating expenses. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 22

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month lease for each individual property.

Average Change in Rent for Re-Leases

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month lease renewals during the period.

Average Monthly Realized Rent

For the related period, Average Monthly Realized Rent is calculated as rents from single-family properties divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period. This calculation excludes properties identified as part of the Company's disposition program, comprised of properties classified as held for sale and properties identified for future sale.

Core Net Operating Income ("Core NOI") and Same-Home Core NOI After Capital Expenditures

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, 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 and property management expenses, excluding noncash share-based compensation expense, expenses reimbursed by tenant charge-backs and bad debt expense.

Core NOIalso excludes (1) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of shares or units, (3) gain or loss on early extinguishment of debt, (4) hurricane-related charges, net, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (8) noncash share-based compensation expense, (9) interest expense, (10) general and administrative expense, (11) other expenses and (12) other revenues. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. We further adjust Core NOI for our Same-Home portfolio by subtracting recurring capital expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe provides useful information to investors because it more fully reflects our operating performance after the impact of all property-level expenditures, regardless of whether they are capitalized or expensed.

Core NOI and Same-Home Core NOI After Capital Expenditures should be considered only as supplements to net income or loss as a measure of our performance and 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. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

23

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI, Same-Home Core NOI After Capital Expenditures, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2018			2017			2018			2017
Core revenues
Total revenues	$	280,052		$	246,836		$	802,539		$	717,598
Tenant charge-backs	(44,152		)	(36,094		)	(112,876		)	(91,849		)
Bad debt expense	(2,749		)	(2,299		)	(6,365		)	(5,142		)
Other revenues	(1,865		)	(409		)	(4,807		)	(4,367		)
Core revenues	$	231,286		$	208,034		$	678,491		$	616,240
Core property operating expenses
Property operating expenses	$	113,600		$	97,944		$	313,430		$	267,203
Property management expenses	18,865			17,447			56,468			52,367
Noncash share-based compensation - property management	(341		)	(417		)	(1,141		)	(1,258		)
Expenses reimbursed by tenant charge-backs	(44,152		)	(36,094		)	(112,876		)	(91,849		)
Bad debt expense	(2,749		)	(2,299		)	(6,365		)	(5,142		)
Core property operating expenses	$	85,223		$	76,581		$	249,516		$	221,321

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	30,281		$	19,097		$	77,704		$	45,959
Remeasurement of participating preferred shares	—			(8,391		)	(1,212		)	(1,341		)
Loss on early extinguishment of debt	—			—			1,447			6,555
Hurricane-related charges, net	—			10,136			—			10,136
Gain on sale of single-family properties and other, net	(4,953		)	(1,895		)	(10,449		)	(6,375		)
Depreciation and amortization	79,940			74,790			237,562			221,459
Acquisition fees and costs expensed	1,055			1,306			3,687			3,814
Noncash share-based compensation - property management	341			417			1,141			1,258
Interest expense	30,930			26,592			92,209			86,873
General and administrative expense	9,265			8,525			28,173			26,746
Other expenses	1,069			1,285			3,520			4,202
Other revenues	(1,865		)	(409		)	(4,807		)	(4,367		)
Core NOI	146,063			131,453			428,975			394,919
Less: Non-Same-Home Core NOI	37,008			26,364			101,369			74,684
Same-Home Core NOI	109,055			105,089			327,606			320,235
Less: Same-Home recurring capital expenditures	8,942			8,258			21,090			20,350
Same-Home Core NOI After Capital Expenditures	$	100,113		$	96,831		$	306,516		$	299,885

Unencumbered Core NOI and Encumbered Core NOI
Core NOI	$	146,063	$	131,453	$	428,975	$	394,919
Less: Encumbered Core NOI	50,181		48,067		149,307		147,123
Unencumbered Core NOI	$	95,882	$	83,386	$	279,668	$	247,796

24

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures to their respective GAAP metrics for the trailing five quarters (amounts in thousands):

	For the Three Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
Core revenues
Total revenues	$	280,052		$	264,483		$	258,004		$	242,801		$	246,836
Tenant charge-backs	(44,152		)	(32,917		)	(35,807		)	(28,232		)	(36,094		)
Bad debt expense	(2,749		)	(1,616		)	(2,000		)	(2,186		)	(2,299		)
Other revenues	(1,865		)	(1,601		)	(1,341		)	(1,201		)	(409		)
Core revenues	$	231,286		$	228,349		$	218,856		$	211,182		$	208,034

Core property operating expenses
Property operating expenses	$	113,600		$	98,843		$	100,987		$	87,871		$	97,944
Property management expenses	18,865			18,616			18,987			17,345			17,447
Noncash share-based compensation - property management	(341		)	(423		)	(377		)	(391		)	(417		)
Expenses reimbursed by tenant charge-backs	(44,152		)	(32,917		)	(35,807		)	(28,232		)	(36,094		)
Bad debt expense	(2,749		)	(1,616		)	(2,000		)	(2,186		)	(2,299		)
Core property operating expenses	$	85,223		$	82,503		$	81,790		$	74,407		$	76,581

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	30,281		$	25,898		$	21,525		$	30,533		$	19,097
Remeasurement of participating preferred shares	—			—			(1,212		)	(1,500		)	(8,391		)
Loss on early extinguishment of debt	—			1,447			—			—			—
Hurricane-related charges, net	—			—			—			(2,173		)	10,136
Gain on sale of single-family properties and other, net	(4,953		)	(3,240		)	(2,256		)	(451		)	(1,895		)
Depreciation and amortization	79,940			78,319			79,303			75,831			74,790
Acquisition fees and costs expensed	1,055			1,321			1,311			809			1,306
Noncash share-based compensation - property management	341			423			377			391			417
Interest expense	30,930			31,978			29,301			25,747			26,592
General and administrative expense	9,265			9,677			9,231			7,986			8,525
Other expenses	1,069			1,624			827			803			1,285
Other revenues	(1,865		)	(1,601		)	(1,341		)	(1,201		)	(409		)
Core NOI	146,063			145,846			137,066			136,775			131,453
Less: Non-Same-Home Core NOI	37,008			35,445			28,916			27,905			26,364
Same-Home Core NOI	109,055			110,401			108,150			108,870			105,089
Less: Same-Home recurring capital expenditures	8,942			6,463			5,685			5,806			8,258
Same-Home Core NOI After Capital Expenditures	$	100,113		$	103,938		$	102,465		$	103,064		$	96,831

25

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Credit Ratios

We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.

Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)	Sep 30, 2018
Total Debt	$	2,712,688
Preferred shares at liquidation value	883,750
Total Debt and preferred shares	3,596,438
Adjusted EBITDAre - TTM	$	537,221
Debt and Preferred Shares to Adjusted EBITDAre	6.7 x

Fixed Charge Coverage

(Amounts in thousands)	For the Trailing Twelve Months Ended Sep 30, 2018
Interest expense per income statement	$	117,956
Less: noncash interest expense related to acquired debt	(3,735		)
Less: amortization of discount, loan costs and cash flow hedge	(7,288		)
Add: capitalized interest	7,698
Cash interest	114,631
Dividends on preferred shares	53,400
Fixed charges	168,031
Adjusted EBITDAre	$	537,221
Fixed Charge Coverage	3.2 x

Net Debt to Adjusted EBITDAre

(Amounts in thousands)	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
Total Debt	$	2,712,688		$	2,717,867		$	2,871,649		$	2,517,216		$	2,382,871
Less: cash and cash equivalents	(110,138		)	(53,504		)	(203,883		)	(46,156		)	(243,547		)
Less: asset-backed securitization certificates	(25,666		)	(25,666		)	(25,666		)	(25,666		)	(25,666		)
Less: restricted cash related to securitizations	(45,478		)	(47,890		)	(46,384		)	(46,203		)	(46,166		)
Net debt	$	2,531,406		$	2,590,807		$	2,595,716		$	2,399,191		$	2,067,492
Adjusted EBITDAre - TTM	$	537,221		$	522,626		$	510,430		$	504,768		$	496,105
Net Debt to Adjusted EBITDAre	4.7 x			5.0 x			5.1 x			4.8 x			4.2 x

26

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unencumbered Core NOI Percentage

(Amounts in thousands)	For the Three Months Ended Sep 30, 2018
Unencumbered Core NOI	$	95,882
Core NOI	$	146,063
Unencumbered Core NOI Percentage	65.6		%

EBITDA / EBITDAre / Adjusted EBITDAre / Adjusted EBITDAre after Capex and Leasing Costs / Adjusted EBITDAre Margin / Adjusted EBITDAre after Capex and Leasing Costs Margin

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. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts ("NAREIT") in the September 2017 White Paper by adjusting EBITDA for the net gain or loss on sales / impairment of single-family properties and other. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, (4) gain or loss on early extinguishment of debt, (5) gain or loss on conversion of shares and units and (6) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value. Adjusted EBITDAre after Capex and Leasing Costs is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) recurring capital expenditures and (2) leasing costs.Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by total revenues, net of tenant charge-backs. Adjusted EBITDAre after Capex and Leasing Costs Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre after Capex and Leasing Costs divided by total revenues, net of tenant charge-backs. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

27

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income or loss, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted EBITDAre after Capex and Leasing Costs, Adjusted EBITDAre Margin and Adjusted EBITDAre after Capex and Leasing Costs Margin for the three and nine months ended September 30, 2018 and 2017 (amounts in thousands):

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2018			2017			2018			2017
Net income	$	30,281		$	19,097		$	77,704		$	45,959
Interest expense	30,930			26,592			92,209			86,873
Depreciation and amortization	79,940			74,790			237,562			221,459
EBITDA	$	141,151		$	120,479		$	407,475		$	354,291
Net (gain) on sale / impairment of single-family properties and other	(4,393		)	(596		)	(7,653		)	(2,589		)
EBITDAre	$	136,758		$	119,883		$	399,822		$	351,702
Noncash share-based compensation - general and administrative	491			699			1,609			1,917
Noncash share-based compensation - property management	341			417			1,141			1,258
Acquisition fees and costs expensed	1,055			1,306			3,687			3,814
Hurricane-related charges, net	—			10,136			—			10,136
Loss on early extinguishment of debt	—			—			1,447			6,555
Remeasurement of participating preferred shares	—			(8,391		)	(1,212		)	(1,341		)
Adjusted EBITDAre	$	138,645		$	124,050		$	406,494		$	374,041
Recurring capital expenditures (1)	(11,467		)	(10,316		)	(27,342		)	(25,055		)
Leasing costs	(3,722		)	(1,960		)	(9,556		)	(5,361		)
Adjusted EBITDAre after Capex and Leasing Costs	$	123,456		$	111,774		$	369,596		$	343,625
Total revenues	$	280,052		$	246,836		$	802,539		$	717,598
Less: tenant charge-backs	(44,152		)	(36,094		)	(112,876		)	(91,849		)
Total revenues, net of tenant charge-backs	$	235,900		$	210,742		$	689,663		$	625,749
Adjusted EBITDAre Margin	58.8		%	58.9		%	58.9		%	59.8		%
Adjusted EBITDAre after Capex and Leasing Costs Margin	52.3		%	53.0		%	53.6		%	54.9		%

(1) As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and properties identified for future sale.

28

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income or loss, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve-month periods (amounts in thousands):

	For the Trailing Twelve Months Ended
	Sep 30, 2018			Jun 30, 2018			Mar 31, 2018			Dec 31, 2017			Sep 30, 2017
Net income	$	108,237		$	97,053		$	86,221		$	76,492		$	55,297
Interest expense	117,956			113,618			110,032			112,620			118,411
Depreciation and amortization	313,393			308,243			302,640			297,290			295,623
EBITDA	539,586			518,914			498,893			486,402			469,331
Net (gain) on sale / impairment of single-family properties and other	(7,210		)	(3,413		)	(2,605		)	(2,146		)	(1,081		)
EBITDAre	$	532,376		$	515,501		$	496,288		$	484,256		$	468,250
Noncash share-based compensation - general and administrative	2,255			2,463			2,640			2,563			2,415
Noncash share-based compensation - property management	1,532			1,608			1,609			1,649			1,652
Acquisition fees and costs expensed	4,496			4,747			4,838			4,623			4,358
Hurricane-related charges, net	(2,173		)	7,963			7,963			7,963			10,136
Loss on early extinguishment of debt	1,447			1,447			6,555			6,555			6,555
Remeasurement of participating preferred shares	(2,712		)	(11,103		)	(9,463		)	(2,841		)	2,739
Adjusted EBITDAre	$	537,221		$	522,626		$	510,430		$	504,768		$	496,105

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the White Paper on FFO approved by NAREIT, which defines FFO 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 that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition fees and costs expensed incurred with business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, (5) gain or loss on early extinguishment of debt, (6) noncash gain or loss on redemption or conversion of shares or units and (7) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric 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 properties and (2) actual leasing costs incurred during the period. As a portion of our homes are recently acquired and/or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, which is comprised of properties classified as held for sale and properties identified for future sale.

29

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric 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 Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because 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, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or loss per share ornet cash flow provided by operating activities, as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income or loss attributable to common shareholders, determined in accordance with GAAP.

FFO Shares and Units

Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Leased Property

A property is classified as leased upon the execution (i.e., signature) of a lease agreement.

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

30

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Platform Efficiency Percentage

Management costs, including (1) property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, (2) general and administrative expense, excluding noncash share-based compensation expense and (3) leasing costs, as a percentage of total portfolio rents and fees.

	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
(Amounts in thousands)	2018			2017			2018			2017
Property management expenses	$	18,865		$	17,447		$	56,468		$	52,367
Less: tenant charge-backs	(1,310		)	(1,260		)	(3,688		)	(3,864		)
Less: noncash share-based compensation - property management	(341		)	(417		)	(1,141		)	(1,258		)
Property management expenses, net	17,214			15,770			51,639			47,245
General and administrative expense	9,265			8,525			28,173			26,746
Less: noncash share-based compensation - general and administrative	(491		)	(699		)	(1,609		)	(1,917		)
General and administrative expense, net	8,774			7,826			26,564			24,829
Leasing costs	3,722			1,960			9,556			5,361
Platform costs	$	29,710		$	25,556		$	87,759		$	77,435
Rents from single-family properties	$	231,324		$	207,490		$	676,558		$	613,245
Fees from single-family properties	2,711			2,843			8,298			8,137
Total portfolio rents and fees	$	234,035		$	210,333		$	684,856		$	621,382
Platform Efficiency Percentage	12.7		%	12.2		%	12.8		%	12.5		%

Property Enhancing Capex

Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures

For our Same-Home portfolio, recurring capital expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate recurring capital expenditures by multiplying (a) current period actual recurring capital expenditures per Same-Home property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, which is comprised of properties classified as held for sale and properties identified for future sale.

Same-Home Property

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, identified for future sale as part of the Company’s disposition program, or has been taken out of service as a result of a casualty loss.

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

31

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Total Debt

Includes principal balances on asset-backed securitizations, unsecured senior notes, exchangeable senior notes, secured notes payable and borrowings outstanding under our revolving credit facility and term loan facility as of period end, and excludes unamortized discounts, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs.

Total Market Capitalization

Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Turnover Rate

The number of tenant move-outs during the period, divided by the total number of properties.

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the Unsecured Senior Notes covenants show the Company's compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company's compliance with selected covenants provided in the Credit Agreement dated as of August 17, 2016, as amended by Amendment No. 1 to Credit Agreement dated as of June 30, 2017, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and in the Company’s subsequent filings with the SEC.

32

Executive Management
David P. Singelyn	Jack Corrigan
Chief Executive Officer	Chief Operating Officer
Christopher C. Lau	Sara H. Vogt-Lowell
Chief Financial Officer	Chief Legal Officer
David Goldberg	Stephanie G. Heim
Executive Vice President	Executive Vice President - Counsel & Assistant Secretary
Bryan Smith
Executive Vice President - President of Property Management
Corporate Information	Investor Relations
American Homes 4 Rent	(855) 794-AH4R (2447)
30601 Agoura Road, Suite 200	investors@ah4r.com
Agoura Hills, CA 91301
(805) 413-5300
www.americanhomes4rent.com

Analyst Coverage (1)
B. Riley FBR, Inc.	Bank of America Merrill Lynch	BTIG	Citi
Alex Rygiel	Juan Sanabria	Ryan Gilbert	Michael Bilerman
arygiel@brileyfbr.com	juan.sanabria@baml.com	rgilbert@btig.com	michael.bilerman@citi.com
Credit Suisse	Evercore ISI	Green Street Advisors	GS Global Investment Research
Douglas Harter	Steve Sakwa	John Pawlowski	Andrew Rosivach
douglas.harter@credit-suisse.com	steve.sakwa@evercoreisi.com	jpawlowski@greenst.com	andrew.rosivach@gs.com
JMP Securities	JP Morgan Securities	Keefe, Bruyette & Woods, Inc.	Mizuho Securities USA Inc.
Aaron Hecht	Anthony Paolone	Jade Rahmani	Haendel St. Juste
ahecht@jmpsecurities.com	anthony.paolone@jpmorgan.com	jrahmani@kbw.com	haendel.st.juste@mizuho-sc.com
Morgan Stanley	Raymond James & Associates, Inc.	Robert W. Baird & Co.	Wells Fargo Securities
Richard Hill	Buck Horne	Andrew Babin	Jeff Donnelly
richard.hill1@morganstanley.com	buck.horne@raymondjames.com	dbabin@rwbaird.com	jeff.donnelly@wellsfargo.com
Zelman & Associates
Dennis McGill
dennis@zelmanassociates.com

(1) The sell-side analysts listed above follow American Homes 4 Rent ("AMH"). Any opinions, estimates or forecasts regarding AMH's performance made by these analysts are theirs alone and do not represent the opinions, forecasts or predictions of AMH or its management. AMH does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions, or recommendations. The above list may not be complete and is subject to change as firms add or discontinue coverage.