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): February 27, 2020

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter)

American Homes 4 Rent	Maryland	001-36013	46-1229660
American Homes 4 Rent, L.P.	Delaware	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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement 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 ☐

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. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbols	Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value	AMH	New York Stock Exchange
Series D perpetual preferred shares of  beneficial interest, $.01 par value	AMH-D	New York Stock Exchange
Series E perpetual preferred shares of  beneficial interest, $.01 par value	AMH-E	New York Stock Exchange
Series F perpetual preferred shares of  beneficial interest, $.01 par value	AMH-F	New York Stock Exchange
Series G perpetual preferred shares of  beneficial interest, $.01 par value	AMH-G	New York Stock Exchange
Series H perpetual preferred shares of  beneficial interest, $.01 par value	AMH-H	New York Stock Exchange

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 February 27, 2020, American Homes 4 Rent (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2019, together with a Fourth Quarter 2019 Earnings Release and Supplemental Information Package. Also, on February 27, 2020, 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 and the Fourth Quarter 2019 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 27, 2020, the Board of Trustees of American Homes 4 Rent (the “Company”), acting on the recommendation of the Nominating and Corporate Governance Committee, expanded the size of the Board from ten to 11 trustees and appointed Matthew R. Zaist as a trustee, effective February 27, 2020. Mr. Zaist has not yet been appointed to a Committee of the Board.

The Board also determined that Mr. Zaist is independent under the standards set forth in the Company’s Corporate Governance Guidelines and the New York Stock Exchange listing standards, bringing the total number of independent trustees on the Board to seven.

There have been no transactions, either since the beginning of the Company’s last fiscal year or that are currently proposed, regarding Mr. Zaist that is required to be disclosed pursuant to Item 404(a) of SEC Regulation S-K.

Effective with his election to the Board, Mr. Zaist will participate in the standard compensation arrangements for the Company’s non-management trustees, as previously reported. The Company also intends to enter into its standard form of indemnification agreement with Mr. Zaist.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1—Press Release dated February 27, 2020 concerning financial results, including financial tables

Exhibit 99.2—Press Release dated February 27, 2020 concerning the declaration of quarterly distributions

Exhibit 99.3—Fourth Quarter 2019 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: February 27, 2020

AMERICAN HOMES 4 RENT
By:	/s/ Stephanie Heim
	Stephanie Heim
	Chief Governance Officer, EVP

AMERICAN HOMES 4 RENT, L.P.
By:	American Homes 4 Rent, its General Partner
By:	/s/ Stephanie Heim
	Stephanie Heim
	Chief Governance Officer, EVP

EX-99.1

Exhibit 99.1

News Release                                

American Homes 4 Rent Reports Fourth Quarter and Full Year 2019 Financial and Operating Results

— Announces Strategic Joint Venture with

Institutional Investors Advised by J.P. Morgan Asset Management —

AGOURA HILLS, Calif., Feb. 27, 2020—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 and full year ended December 31, 2019.

Highlights

• Total revenues increased 5.1% to $284.0 million for the fourth quarter of 2019 from $270.3 million for the fourth quarter of 2018.

• Net income attributable to common shareholders totaled $23.6 million, or $0.08 per diluted share, for the fourthquarter of 2019, compared to $17.6 million, or $0.06 per diluted share, for the fourth quarter of 2018.

• Core Funds from Operations (“Core FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $101.4 million, or $0.29 per FFO share and unit, compared to $96.3 million, or $0.27 per FFO share and unit, for the fourth quarter of 2018, which represents a5.0%increase on a per share and unit basis.

• Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $91.2 million, or $0.26 per FFO share and unit, compared to $86.9 million, or $0.25 per FFO share and unit, for the fourth quarter in 2018, which represents a 4.7% increase on a per share and unit basis.

• Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.2% year-over-year for the fourthquarter of 2019. Core NOI After Capital Expenditures from Same-Home properties increased by 3.0% year-over-year for the fourth quarter in 2019.

• Same-Home portfolio Average Occupied Days Percentage increased to 95.1% for the fourth quarter of 2019, compared to 94.7% for the fourth quarter of 2018, while achieving a 3.3% year-over-year growth in Average Monthly Realized Rent per property for the same comparable periods.

• In February 2020, entered into an approximately $250 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company, providing additional scale, opportunity for economic upside and additional institutional endorsement of the Company’s industry leading built-for-rental strategy.

“American Homes 4 Rent had a strong finish to 2019, driving nearly 7.0% growth in full year Core FFO per share and unit,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “As we look ahead to 2020, we believe we are extremely well positioned, having made considerable investments in our one-of-a-kind development program, as well as continued refinements to our leasing, property management and maintenance systems, all of which is underpinned by our best-in-class balance sheet. We expect these competitive advantages will allow us to continue to create outsized shareholder value as we take advantage of our vast market opportunity to scale and grow AMH over the long term.”

Fourth Quarter 2019 Financial Results

On January 1, 2019, the Company adopted the new lease accounting standard, ASU No. 2016-02, which prospectively results in a larger portion of internal leasing costs being expensed that were previously capitalized. For purposes of comparability, applicable prior period non-GAAP financial metrics have been conformed to reflect the new lease accounting standard. Refer to Non-GAAP Financial Measures for further information.

1

Net income attributable to common shareholders totaled $23.6 million, or $0.08 per diluted share, for the fourth quarter of 2019, compared to $17.6 million, or $0.06 per diluted share, for the fourth quarter of 2018. This improvement was primarily attributable to higher revenues resulting from a larger number of occupied properties and higher rental rates, which were offset in part by higher property operating expenses, property management expenses and general and administrative expense, as well as an increase in gain on sale of single-family properties and other, net.

Total revenues increased 5.1% to $284.0 million for the fourth quarter of 2019 from $270.3 million for the fourth quarter of 2018. Revenue growth was primarily driven by continued strong leasing activity, as our average occupied portfolio grew to 48,818 homes for the fourth quarter of 2019, compared to 47,687 homes for the fourth quarter of 2018, as well as higher rental rates.

Core NOI on our total portfolio increased 5.2% to $157.2 million for the fourth quarter of 2019, compared to $149.4 million for the fourth quarter of 2018. This increase was primarily due to growth in rental income resulting from a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense and higher repairs and maintenance and turnover costs, net.

Core revenues from Same-Home properties increased 4.0% to $190.1 million for the fourth quarter of 2019, compared to $182.8 million for the fourth quarter of 2018. This growth was primarily driven by a 3.3% increase in Average Monthly Realized Rent per property and an increase in Average Occupied Days Percentage to 95.1% from 94.7% as well as higher fees from single-family properties resulting from operational enhancements to our fee structure. Core property operating expenses from Same-Home properties increased 5.4% to $67.5 million for the fourth quarter of 2019, compared to $64.0 million for the fourth quarter of 2018, driven mostly by higher property tax expense related to 2019 valuation increases and higher repairs and maintenance and turnover costs, net.As a result, Core NOI from Same-Home properties increased 3.2% to $122.6 million for the fourth quarter of 2019, compared to $118.7 million for the fourth quarter of 2018. After capital expenditures, Core NOI from Same-Home properties increased 3.0% to $115.2 million for the fourth quarter of 2019, compared to $111.9 million for the fourth quarter of 2018.For the fourth quarter of 2019, capital expenditures reflected above average increases from the planned expansion of our strategic preventative maintenance program.

Core FFO attributable to common share and unit holders was $101.4 million, or $0.29 per FFO share and unit, for the fourth quarter of 2019, compared to $96.3 million, or $0.27 per FFO share and unit, for the fourth quarter of 2018. Adjusted FFO attributable to common share and unit holders was $91.2 million, or$0.26 per FFO share and unit, for the fourth quarter of 2019, compared to $86.9 million, or $0.25 per FFO share and unit, for the fourth quarter of 2018. This improvement was primarily attributable to increases in rental revenue driven by a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net and higher general and administrative expense.

Full Year 2019 Financial Results

On January 1, 2019, the Company adopted the new lease accounting standard, ASU No. 2016-02, which prospectively results in a larger portion of internal leasing costs being expensed that were previously capitalized. For purposes of comparability, applicable prior period non-GAAP financial metrics have been conformed to reflect the new lease accounting standard. Refer to Non-GAAP Financial Measures for further information.

Net income attributable to common shareholders was $85.9 million, or $0.29 per diluted share, for the year ended December 31, 2019, compared to $23.5 million, or $0.08 per diluted share, for the year ended December 31, 2018. This improvement was primarily attributable to higher revenues resulting from a larger number of occupied properties and higher rental rates, which were offset in part by higher property operating expenses, property management expenses and general and administrative expense, as well as an increase in gain on sale of single-family properties and other, net and a noncash charge related to the redemption of the Series C participating preferred shares through a conversion into Class A common shares during the second quarter of 2018.

2

Total revenues increased 6.6% to $1.14 billion for the year ended December 31, 2019 from $1.07 billion for the year ended December 31, 2018. Revenue growth was primarily driven by continued strong leasing activity, as our average occupied portfolio grew to 48,687 homes for the year ended December 31, 2019, compared to 47,368 homes for the year ended December 31, 2018, as well as higher rental rates.

Core NOI on our total portfolio increased 7.0% to $612.7 million for the year ended December 31, 2019, compared to $572.6 million for the year ended December 31, 2018. This increase was primarily due to growth in rental income resulting from a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net and higher property management expenses, net.

Core revenues from Same-Home properties increased 4.1% to $753.8 million for the year ended December 31, 2019, compared to $723.8 million for the year ended December 31, 2018. This growth was primarily driven by a 3.5% increase in Average Monthly Realized Rent per property and an increase in Average Occupied Days Percentage to 95.4% from 95.0% as well as higher fees from single-family properties resulting from operational enhancements to our fee structure. Core property operating expenses from Same-Home properties increased 4.9% to $274.6 million for the year ended December 31, 2019, compared to $261.7 million for the year ended December 31, 2018, driven mostly by higher property tax expense related to 2019 valuation increases and higher repairs and maintenance and turnover costs, net. As a result, Core NOI from Same-Home properties increased 3.7% to $479.2 million for the year ended December 31, 2019, compared to $462.2 million for the year ended December 31, 2018. After capital expenditures, Core NOI from Same-Home properties increased 3.3% to $447.5 million for the year ended December 31, 2019, compared to $433.3 million for the year ended December 31, 2018. For the year ended December 31, 2019, capital expenditures reflected above average increases from the planned expansion of our strategic preventative maintenance program.

Core FFO attributable to common share and unit holders was $392.8 million, or $1.11 per FFO share and unit, for the year endedDecember 31, 2019, compared to $363.6 million, or $1.04 per FFO share and unit, for the year ended December 31, 2018. Adjusted FFO attributable to common share and unit holders was $348.7 million, or $0.99 per FFO share and unit, for the year ended December 31, 2019, compared to $323.1 million, or $0.92 per FFO share and unit, for the year ended December 31, 2018. This improvement was primarily attributable to increases in rental revenue driven by a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net, higher property management expenses, net and higher general and administrative expense.

Portfolio

As of December 31, 2019, the Company had an occupancy percentage of 94.9%, compared to 95.6% as of September 30, 2019. The occupancy percentage on Same-Home properties was 95.7% as of December 31, 2019, compared to 95.9% as of September 30, 2019.

Investments

As of December 31, 2019, the Company’s total portfolio consisted of 52,552 homes, including 1,187 properties held for sale, compared to 52,537 homes as of September 30, 2019, including 1,439 properties held for sale, an increase of 15 homes in the fourth quarter of 2019, which included 341 newly constructed properties delivered through our AMH Development and National Builder Programs and 50 homes acquired through traditional acquisition channels, partially offset by 376 homes sold.

3

Capital Activities and Balance Sheet

As of December 31, 2019, the Company had cash and cash equivalents of $37.6 million and had total outstanding debt of $2.9 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of4.4% and a weighted-average term to maturity of 13.1 years. The Company had no outstanding borrowings on its $800.0 million revolving credit facility at the end of the quarter.

In February 2020, entered into a $253.1 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company. The Company holds a 20% unconsolidated interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the venture and have an opportunity to earn a promoted interest after construction and initial operation of the venture’s properties.

2020 Guidance

Guidance Summary

	Full Year 2020
Core FFO attributable to common share and unit holders	$1.17 - $1.21
Same-Home
Core revenues growth	3.2% - 4.2%
Core property operating expenses growth (1)	4.0% - 5.0%
Core NOI growth	2.8% - 3.8%

(1) Comprised of expected property tax growth of 4.8% - 5.8% and all other operating expenses growth, excluding property taxes, of 3.2% - 4.2%.

Reconciliation of Core FFO attributable to common share and unit holders from 2019 to 2020 Guidance Midpoint

	Per FFO Share and Unit
2019 Core FFO attributable to common share and unit holders	$	1.11
Same-Home Core NOI growth	0.05
Non-Same-Home Core NOI growth (1)	0.04
Held for sale properties NOI decrease (2)	(0.01		)
2020 Core FFO attributable to common share and unit holders - Guidance Midpoint	$	1.19

(1) Reflects NOI from Non-Same-Home properties including contribution from 2019 acquisitions. For 2020, we expect to add between 2,800 and 3,200 properties with an investment between $700.0 million and $800.0 million.

(2) Reflects less NOI contribution from held for sale properties, which totaled 1,187 as of December 31, 2019 compared to 1,945 as of December 31, 2018.

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.

4

Additional Information

A copy of the Company’s Fourth Quarter 2019 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, February 28, 2020, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 2019, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (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, March 13, 2020, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13698091#, 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, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2019, we owned 52,552 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,” “guidance” 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 2020 Guidance and our belief that there will be continued strong demand for single-family rentals and our ability to continue to expand our built-for-rental program and deliver consistent operating results. 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 endedDecember 31, 2018, and in the Company’s subsequent filings with the SEC.

5

American Homes 4 Rent

Consolidated Balance Sheets

(Amounts in thousands, except share data)

	December 31, 2019			December 31, 2018
	(Unaudited)
Assets
Single-family properties:
Land	$	1,756,504		$	1,713,496
Buildings and improvements	7,691,877			7,483,600
Single-family properties in operation	9,448,381			9,197,096
Less: accumulated depreciation	(1,462,105		)	(1,176,499		)
Single-family properties in operation, net	7,986,276			8,020,597
Single-family properties under development and development land	355,427			153,651
Single-family properties held for sale, net	209,828			318,327
Total real estate assets, net	8,551,531			8,492,575
Cash and cash equivalents	37,575			30,284
Restricted cash	126,544			144,930
Rent and other receivables, net	29,618			29,027
Escrow deposits, prepaid expenses and other assets	202,056			146,034
Deferred costs and other intangibles, net	6,840			12,686
Asset-backed securitization certificates	25,666			25,666
Goodwill	120,279			120,279
Total assets	$	9,100,109		$	9,001,481
Liabilities
Revolving credit facility	$	—		$	250,000
Term loan facility, net	—			99,232
Asset-backed securitizations, net	1,945,044			1,961,511
Unsecured senior notes, net	888,453			492,800
Accounts payable and accrued expenses	243,193			219,229
Amounts payable to affiliates	4,629			4,967
Total liabilities	3,081,319			3,027,739
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 300,107,599 and 296,014,546 shares issued and outstanding at December 31, 2019 and 2018, respectively)	3,001			2,960
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at December 31, 2019 and 2018)	6			6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at December 31, 2019 and 2018)	354			354
Additional paid-in capital	5,790,775			5,732,466
Accumulated deficit	(465,368		)	(491,214		)
Accumulated other comprehensive income	6,658			7,393
Total shareholders' equity	5,335,426			5,251,965
Noncontrolling interest	683,364			721,777
Total equity	6,018,790			5,973,742
Total liabilities and equity	$	9,100,109		$	9,001,481

6

American Homes 4 Rent

Consolidated Statements of Operations

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

	For the Three Months Ended December 31,				For the Years Ended December 31,
	2019		2018		2019			2018
	(Unaudited)		(Unaudited)		(Unaudited)
Revenues:
Rents and other single-family property revenues	$	281,465	$	268,943	$	1,132,137		$	1,066,675
Other	2,545		1,373		11,241			6,180
Total revenues	284,010		270,316		1,143,378			1,072,855
Expenses:
Property operating expenses	102,788		99,475		433,854			412,905
Property management expenses	21,822		18,105		86,908			74,573
General and administrative expense	12,178		8,402		43,206			36,575
Interest expense	31,163		30,691		127,114			122,900
Acquisition and other transaction costs	769		1,538		3,224			5,225
Depreciation and amortization	83,219		81,123		329,293			318,685
Other	1,585		3,745		6,733			7,265
Total expenses	253,524		243,079		1,030,332			978,128
Gain on sale of single-family properties and other, net	10,978		7,497		43,873			17,946
Loss on early extinguishment of debt	—		—		(659		)	(1,447		)
Remeasurement of participating preferred shares	—		—		—			1,212
Net income	41,464		34,734		156,260			112,438
Noncontrolling interest	4,092		3,320		15,221			4,165
Dividends on preferred shares	13,782		13,782		55,128			52,586
Redemption of participating preferred shares	—		—		—			32,215
Net income attributable to common shareholders	$	23,590	$	17,632	$	85,911		$	23,472
Weighted-average common shares outstanding:
Basic	300,724,761		296,559,183		299,415,397			293,640,500
Diluted	301,213,621		297,067,211		299,918,966			294,268,330
Net income attributable to common shareholders per share:
Basic	$	0.08	$	0.06	$	0.29		$	0.08
Diluted	$	0.08	$	0.06	$	0.29		$	0.08

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Non-GAAP Financial Measures

This press release and the Fourth Quarter 2019 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 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 Fourth Quarter 2019 Earnings Release and Supplemental Information Package.

8

Funds from Operations attributable to common share and unit holders

The following is a reconciliation of net income or loss attributable to 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 the quarters and years ended December 31, 2019 and 2018 (amounts in thousands, except share data):

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net income attributable to common shareholders	$	23,590		$	17,632		$	85,911		$	23,472
Adjustments:
Noncontrolling interests in the Operating Partnership	4,092			3,320			15,221			4,424
Net (gain) on sale / impairment of single-family properties and other	(10,398		)	(4,435		)	(40,210		)	(12,088		)
Adjustments for unconsolidated joint ventures	821			—			1,797			—
Depreciation and amortization	83,219			81,123			329,293			318,685
Less: depreciation and amortization of non-real estate assets	(2,031		)	(1,890		)	(7,933		)	(7,352		)
FFO attributable to common share and unit holders	$	99,293		$	95,750		$	384,079		$	327,141
Adjustments:
Internal leasing costs (1)	—			(2,171		)	—			(7,984		)
Acquisition and other transaction costs	769			1,538			3,224			5,225
Noncash share-based compensation - general and administrative	946			466			3,466			2,075
Noncash share-based compensation - property management	353			217			1,342			1,358
Noncash interest expense related to acquired debt	—			493			—			3,303
Loss on early extinguishment of debt	—			—			659			1,447
Remeasurement of participating preferred shares	—			—			—			(1,212		)
Redemption of participating preferred shares	—			—			—			32,215
Core FFO attributable to common share and unit holders	$	101,361		$	96,293		$	392,770		$	363,568
Recurring capital expenditures (2)	(9,332		)	(8,546		)	(39,997		)	(35,888		)
Leasing costs	(851		)	(3,047		)	(4,095		)	(12,603		)
Internal leasing costs (1)	—			2,171			—			7,984
Adjusted FFO attributable to common share and unit holders	$	91,178		$	86,871		$	348,678		$	323,061
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.28		$	0.27		$	1.09		$	0.94
Core FFO attributable to common share and unit holders	$	0.29		$	0.27		$	1.11		$	1.04
Adjusted FFO attributable to common share and unit holders	$	0.26		$	0.25		$	0.99		$	0.92
Weighted-average FFO shares and units:
Common shares outstanding	300,724,761			296,559,183			299,415,397			293,640,500
Share-based compensation plan (3)	708,131			508,028			686,050			627,830
Operating partnership units	52,026,980			55,349,791			53,045,004			55,350,062
Total weighted-average FFO shares and units	353,459,872			352,417,002			353,146,451			349,618,392

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized and treated as a reduction to Adjusted FFO attributable to common share and unit holders that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

(2) As a portion of our homes are recently developed, 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 newly acquired non-stabilized properties and properties classified as held for sale.

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

9

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding 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 adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

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 and other transaction costs incurred with business combinations and the acquisition or disposition of properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (5) gain or loss on early extinguishment of debt, (6) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, and (7) the allocation of income to our participating preferred shares in connection with their redemption.

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) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, 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 newly acquired non-stabilized properties and properties classified as held for 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 shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each 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.

10

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 total revenues, excluding expenses reimbursed by tenant charge-backs and other revenues, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs. 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 NOI also 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, which result in material charges to the impacted single-family properties, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of 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).

11

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home 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 quarters and years ended December 31, 2019 and 2018 (amounts in thousands):

	For the Three Months Ended December 31,						For the Years Ended December 31,
	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Core revenues and Same-Home core revenues
Total revenues	$	284,010		$	270,316		$	1,143,378		$	1,072,855
Tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Other revenues	(2,545		)	(1,373		)	(11,241		)	(6,180		)
Bad debt expense	—			(2,367		)	—			(8,732		)
Core revenues	245,175			232,659			972,286			911,150
Less: Non-Same-Home core revenues	55,110			49,902			218,485			187,305
Same-Home core revenues	$	190,065		$	182,757		$	753,801		$	723,845

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	102,788		$	99,475		$	433,854		$	412,905
Property management expenses	21,822			18,105			86,908			74,573
Noncash share-based compensation - property management	(353		)	(217		)	(1,342		)	(1,358		)
Expenses reimbursed by tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Bad debt expense	—			(2,367		)	—			(8,732		)
Internal leasing costs (1)	—			2,171			—			7,984
Core property operating expenses	87,967			83,250			359,569			338,579
Less: Non-Same-Home core property operating expenses	20,481			19,219			84,986			76,892
Same-Home core property operating expenses	$	67,486		$	64,031		$	274,583		$	261,687

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	41,464		$	34,734		$	156,260		$	112,438
Remeasurement of participating preferred shares	—			—			—			(1,212		)
Loss on early extinguishment of debt	—			—			659			1,447
Gain on sale of single-family properties and other, net	(10,978		)	(7,497		)	(43,873		)	(17,946		)
Depreciation and amortization	83,219			81,123			329,293			318,685
Acquisition and other transaction costs	769			1,538			3,224			5,225
Noncash share-based compensation - property management	353			217			1,342			1,358
Interest expense	31,163			30,691			127,114			122,900
General and administrative expense	12,178			8,402			43,206			36,575
Other expenses	1,585			3,745			6,733			7,265
Other revenues	(2,545		)	(1,373		)	(11,241		)	(6,180		)
Internal leasing costs (1)	—			(2,171		)	—			(7,984		)
Core NOI	157,208			149,409			612,717			572,571
Less: Non-Same-Home Core NOI	34,629			30,683			133,499			110,413
Same-Home Core NOI	122,579			118,726			479,218			462,158
Less: Same-Home recurring capital expenditures	7,407			6,861			31,687			28,900
Same-Home Core NOI After Capital Expenditures	$	115,172		$	111,865		$	447,531		$	433,258

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: investors@ah4r.com

12

EX-99.2

Exhibit 99.2

News Release

American Homes 4 Rent Announces Distributions

AGOURA HILLS, Calif., Feb. 27, 2020—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 first quarter of 2020. The distribution will be payable in cash on March 31, 2020 to shareholders of record on March 13, 2020.

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 $0.39063 per share on the 6.25% Series H shares payable in cash on March 31, 2020 to shareholders of record on March 13, 2020.

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, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2019, we owned 52,552 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.

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: investors@ah4r.com

EX-99.3

Exhibit 99.3

American Homes 4 Rent

Table of Contents

Summary
Earnings Press Release	3
Fact Sheet	8
Financial Information
Consolidated Statements of Operations	9
Funds from Operations	10
Core Net Operating Income – Total Portfolio	11
Same-Home Results	12
Consolidated Balance Sheets	15
Debt Summary	16
Capital Structure and Credit Metrics	17
Property and Other Information
Top 20 Markets Summary	18
Property Additions and Dispositions	19
Lease Expirations, Share Repurchase / ATM Share Issuance History and Home Price Appreciation Trends	20
2020 Guidance	21
Defined Terms and Non-GAAP Reconciliations	22

2

American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Fourth Quarter and Full Year 2019 Financial and Operating Results

— Announces Strategic Joint Venture with

Institutional Investors Advised by J.P. Morgan Asset Management —

AGOURA HILLS, Calif., Feb. 27, 2020—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 and full year ended December 31, 2019.

Highlights

• Total revenues increased 5.1% to $284.0 million for the fourth quarter of 2019 from $270.3 million for the fourth quarter of 2018.

• Net income attributable to common shareholders totaled $23.6 million, or $0.08 per diluted share, for the fourthquarter of 2019, compared to $17.6 million, or $0.06 per diluted share, for the fourth quarter of 2018.

• Core Funds from Operations (“Core FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $101.4 million, or $0.29 per FFO share and unit, compared to $96.3 million, or $0.27 per FFO share and unit, for the fourth quarter of 2018, which represents a5.0%increase on a per share and unit basis.

• Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $91.2 million, or $0.26 per FFO share and unit, compared to $86.9 million, or $0.25 per FFO share and unit, for the fourth quarter in 2018, which represents a 4.7% increase on a per share and unit basis.

• Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.2% year-over-year for the fourthquarter of 2019. Core NOI After Capital Expenditures from Same-Home properties increased by 3.0% year-over-year for the fourth quarter in 2019.

• Same-Home portfolio Average Occupied Days Percentage increased to 95.1% for the fourth quarter of 2019, compared to 94.7% for the fourth quarter of 2018, while achieving a 3.3% year-over-year growth in Average Monthly Realized Rent per property for the same comparable periods.

• In February 2020, entered into an approximately $250 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company, providing additional scale, opportunity for economic upside and additional institutional endorsement of the Company’s industry leading built-for-rental strategy.

“American Homes 4 Rent had a strong finish to 2019, driving nearly 7.0% growth in full year Core FFO per share and unit,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “As we look ahead to 2020, we believe we are extremely well positioned, having made considerable investments in our one-of-a-kind development program, as well as continued refinements to our leasing, property management and maintenance systems, all of which is underpinned by our best-in-class balance sheet. We expect these competitive advantages will allow us to continue to create outsized shareholder value as we take advantage of our vast market opportunity to scale and grow AMH over the long term.”

Fourth Quarter 2019 Financial Results

On January 1, 2019, the Company adopted the new lease accounting standard, ASU No. 2016-02, which prospectively results in a larger portion of internal leasing costs being expensed that were previously capitalized. For purposes of comparability, applicable prior period non-GAAP financial metrics have been conformed to reflect the new lease accounting standard. Refer to Defined Terms and Non-GAAP Reconciliations for further information.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 3

American Homes 4 Rent

Earnings Press Release (continued)

Net income attributable to common shareholders totaled $23.6 million, or $0.08 per diluted share, for the fourth quarter of 2019, compared to $17.6 million, or $0.06 per diluted share, for the fourth quarter of 2018. This improvement was primarily attributable to higher revenues resulting from a larger number of occupied properties and higher rental rates, which were offset in part by higher property operating expenses, property management expenses and general and administrative expense, as well as an increase in gain on sale of single-family properties and other, net.

Total revenues increased 5.1% to $284.0 million for the fourth quarter of 2019 from $270.3 million for the fourth quarter of 2018. Revenue growth was primarily driven by continued strong leasing activity, as our average occupied portfolio grew to 48,818 homes for the fourth quarter of 2019, compared to 47,687 homes for the fourth quarter of 2018, as well as higher rental rates.

Core NOI on our total portfolio increased 5.2% to $157.2 million for the fourth quarter of 2019, compared to $149.4 million for the fourth quarter of 2018. This increase was primarily due to growth in rental income resulting from a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense and higher repairs and maintenance and turnover costs, net.

Core revenues from Same-Home properties increased 4.0% to $190.1 million for the fourth quarter of 2019, compared to $182.8 million for the fourth quarter of 2018. This growth was primarily driven by a 3.3% increase in Average Monthly Realized Rent per property and an increase in Average Occupied Days Percentage to 95.1% from 94.7% as well as higher fees from single-family properties resulting from operational enhancements to our fee structure. Core property operating expenses from Same-Home properties increased 5.4% to $67.5 million for the fourth quarter of 2019, compared to $64.0 million for the fourth quarter of 2018, driven mostly by higher property tax expense related to 2019 valuation increases and higher repairs and maintenance and turnover costs, net.As a result, Core NOI from Same-Home properties increased 3.2% to $122.6 million for the fourth quarter of 2019, compared to $118.7 million for the fourth quarter of 2018. After capital expenditures, Core NOI from Same-Home properties increased 3.0% to $115.2 million for the fourth quarter of 2019, compared to $111.9 million for the fourth quarter of 2018.For the fourth quarter of 2019, capital expenditures reflected above average increases from the planned expansion of our strategic preventative maintenance program.

Core FFO attributable to common share and unit holders was $101.4 million, or $0.29 per FFO share and unit, for the fourth quarter of 2019, compared to $96.3 million, or $0.27 per FFO share and unit, for the fourth quarter of 2018. Adjusted FFO attributable to common share and unit holders was $91.2 million, or$0.26 per FFO share and unit, for the fourth quarter of 2019, compared to $86.9 million, or $0.25 per FFO share and unit, for the fourth quarter of 2018. This improvement was primarily attributable to increases in rental revenue driven by a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net and higher general and administrative expense.

Full Year 2019 Financial Results

On January 1, 2019, the Company adopted the new lease accounting standard, ASU No. 2016-02, which prospectively results in a larger portion of internal leasing costs being expensed that were previously capitalized. For purposes of comparability, applicable prior period non-GAAP financial metrics have been conformed to reflect the new lease accounting standard. Refer to Defined Terms and Non-GAAP Reconciliations for further information.

Net income attributable to common shareholders was $85.9 million, or $0.29 per diluted share, for the year ended December 31, 2019, compared to $23.5 million, or $0.08 per diluted share, for the year ended December 31, 2018. This improvement was primarily attributable to higher revenues resulting from a larger number of occupied properties and higher rental rates, which were offset in part by higher property operating expenses, property management expenses and general and administrative expense,

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 4

American Homes 4 Rent

Earnings Press Release (continued)

as well as an increase in gain on sale of single-family properties and other, net and a noncash charge related to the redemption of the Series C participating preferred shares through a conversion into Class A common shares during the second quarter of 2018.

Total revenues increased 6.6% to $1.14 billion for the year ended December 31, 2019 from $1.07 billion for the year ended December 31, 2018. Revenue growth was primarily driven by continued strong leasing activity, as our average occupied portfolio grew to 48,687 homes for the year ended December 31, 2019, compared to 47,368 homes for the year ended December 31, 2018, as well as higher rental rates.

Core NOI on our total portfolio increased 7.0% to $612.7 million for the year ended December 31, 2019, compared to $572.6 million for the year ended December 31, 2018. This increase was primarily due to growth in rental income resulting from a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net and higher property management expenses, net.

Core revenues from Same-Home properties increased 4.1% to $753.8 million for the year ended December 31, 2019, compared to $723.8 million for the year ended December 31, 2018. This growth was primarily driven by a 3.5% increase in Average Monthly Realized Rent per property and an increase in Average Occupied Days Percentage to 95.4% from 95.0% as well as higher fees from single-family properties resulting from operational enhancements to our fee structure. Core property operating expenses from Same-Home properties increased 4.9% to $274.6 million for the year ended December 31, 2019, compared to $261.7 million for the year ended December 31, 2018, driven mostly by higher property tax expense related to 2019 valuation increases and higher repairs and maintenance and turnover costs, net. As a result, Core NOI from Same-Home properties increased 3.7% to $479.2 million for the year ended December 31, 2019, compared to $462.2 million for the year ended December 31, 2018. After capital expenditures, Core NOI from Same-Home properties increased 3.3% to $447.5 million for the year ended December 31, 2019, compared to $433.3 million for the year ended December 31, 2018. For the year ended December 31, 2019, capital expenditures reflected above average increases from the planned expansion of our strategic preventative maintenance program.

Core FFO attributable to common share and unit holders was $392.8 million, or $1.11 per FFO share and unit, for the year endedDecember 31, 2019, compared to $363.6 million, or $1.04 per FFO share and unit, for the year ended December 31, 2018. Adjusted FFO attributable to common share and unit holders was $348.7 million, or $0.99 per FFO share and unit, for the year ended December 31, 2019, compared to $323.1 million, or $0.92 per FFO share and unit, for the year ended December 31, 2018. This improvement was primarily attributable to increases in rental revenue driven by a larger number of occupied properties and higher rental rates, partially offset by higher property tax expense, higher repairs and maintenance and turnover costs, net, higher property management expenses, net and higher general and administrative expense.

Portfolio

As of December 31, 2019, the Company had an occupancy percentage of 94.9%, compared to 95.6% as of September 30, 2019. The occupancy percentage on Same-Home properties was 95.7% as of December 31, 2019, compared to 95.9% as of September 30, 2019.

Investments

As of December 31, 2019, the Company’s total portfolio consisted of 52,552 homes, including 1,187 properties held for sale, compared to 52,537 homes as of September 30, 2019, including 1,439 properties held for sale, an increase of 15 homes in the fourth quarter of 2019, which included 341 newly constructed properties delivered through our AMH Development and National Builder Programs and 50 homes acquired through traditional acquisition channels, partially offset by 376 homes sold.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 5

American Homes 4 Rent

Earnings Press Release (continued)

Capital Activities and Balance Sheet

As of December 31, 2019, the Company had cash and cash equivalents of $37.6 million and had total outstanding debt of $2.9 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of4.4% and a weighted-average term to maturity of 13.1 years. The Company had no outstanding borrowings on its $800.0 million revolving credit facility at the end of the quarter.

In February 2020, entered into a $253.1 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company. The Company holds a 20% unconsolidated interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the venture and have an opportunity to earn a promoted interest after construction and initial operation of the venture’s properties.

2020 Guidance

Guidance Summary

	Full Year 2020
Core FFO attributable to common share and unit holders	$1.17 - $1.21
Same-Home
Core revenues growth	3.2% - 4.2%
Core property operating expenses growth (1)	4.0% - 5.0%
Core NOI growth	2.8% - 3.8%

(1) Comprised of expected property tax growth of 4.8% - 5.8% and all other operating expenses growth, excluding property taxes, of 3.2% - 4.2%.

Reconciliation of Core FFO attributable to common share and unit holders from 2019 to 2020 Guidance Midpoint

	Per FFO Share and Unit
2019 Core FFO attributable to common share and unit holders	$	1.11
Same-Home Core NOI growth	0.05
Non-Same-Home Core NOI growth (1)	0.04
Held for sale properties NOI decrease (2)	(0.01		)
2020 Core FFO attributable to common share and unit holders - Guidance Midpoint	$	1.19

(1) Reflects NOI from Non-Same-Home properties including contribution from 2019 acquisitions. For 2020, we expect to add between 2,800 and 3,200 properties with an investment between $700.0 million and $800.0 million.

(2) Reflects less NOI contribution from held for sale properties, which totaled 1,187 as of December 31, 2019 compared to 1,945 as of December 31, 2018.

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. 6

American Homes 4 Rent

Earnings Press Release (continued)

Additional Information

A copy of the Company’s Fourth Quarter 2019 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, February 28, 2020, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 2019, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (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, March 13, 2020, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13698091#, 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, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2019, we owned 52,552 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,” “guidance” 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 2020 Guidance and our belief that there will be continued strong demand for single-family rentals and our ability to continue to expand our built-for-rental program and deliver consistent operating results. 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 endedDecember 31, 2018, and in the Company’s subsequent filings with the SEC.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 7

American Homes 4 Rent

Fact Sheet

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

(Unaudited)

	For the Three Months Ended Dec 31,						For the Years Ended Dec 31,
	2019			2018			2019			2018
Operating Data (1)
Net income attributable to common shareholders	$	23,590		$	17,632		$	85,911		$	23,472
Core revenues	$	245,175		$	232,659		$	972,286		$	911,150
Core NOI	$	157,208		$	149,409		$	612,717		$	572,571
Core NOI margin	64.1		%	64.2		%	63.0		%	62.8		%
Platform Efficiency Percentage	13.1		%	11.8		%	12.8		%	12.6		%
Adjusted EBITDAre after Capex and Leasing Costs	$	138,154		$	132,741		$	538,853		$	502,337
Adjusted EBITDAre after Capex and Leasing Costs Margin	55.6		%	56.7		%	54.7		%	54.8		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.28		$	0.27		$	1.09		$	0.94
Core FFO attributable to common share and unit holders	$	0.29		$	0.27		$	1.11		$	1.04
Adjusted FFO attributable to common share and unit holders	$	0.26		$	0.25		$	0.99		$	0.92

	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	7,986,276		$	7,959,526		$	7,977,518		$	8,040,577		$	8,020,597
Total assets	$	9,100,109		$	9,140,121		$	9,142,623		$	9,191,038		$	9,001,481
Outstanding borrowings under credit facilities, net	$	—		$	—		$	—		$	99,286		$	349,232
Total Debt	$	2,870,993		$	2,876,223		$	2,881,774		$	2,986,953		$	2,842,510
Total Market Capitalization	$	13,000,836		$	12,892,361		$	12,339,414		$	11,869,149		$	10,712,794
Total Debt to Total Market Capitalization	22.1		%	22.3		%	23.3		%	25.2		%	26.5		%
Net Debt to Adjusted EBITDAre	4.7 x			4.6 x			4.7 x			4.9 x			5.0 x
NYSE AMH Class A common share closing price	$	26.21		$	25.89		$	24.31		$	22.72		$	19.85

Portfolio Data - end of period
Occupied single-family properties	48,767		48,868		49,111		48,867		47,823
Single-family properties recently acquired	335		139		67		366		777
Single-family properties in turnover process	1,934		1,698		1,408		1,441		1,855
Single-family properties leased, not yet occupied	329		393		384		456		383
Total single-family properties, excluding properties held for sale	51,365		51,098		50,970		51,130		50,838
Single-family properties held for sale	1,187		1,439		1,664		1,793		1,945
Total single-family properties	52,552		52,537		52,634		52,923		52,783
Total occupancy percentage (2)	94.9	%	95.6	%	96.4	%	95.6	%	94.1	%
Total Average Occupied Days Percentage	95.0	%	95.2	%	95.4	%	94.0	%	94.0	%
Same-Home occupied percentage (40,355 properties)	95.7	%	95.9	%	96.4	%	96.8	%	95.8	%
Same-Home Average Occupied Days Percentage (40,355 properties)	95.1	%	95.1	%	95.7	%	95.5	%	94.7	%

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	$	0.37	$	0.37	$	0.37	$	0.37	$	0.37
Distributions declared per Series H perpetual preferred share (3)	$	0.39	$	0.39	$	0.39	$	0.39	$	0.44

(1) For the 2018 period, certain metrics include conforming adjustments under the new lease accounting standard adopted by the Company on January 1, 2019 as if it were adopted on January 1, 2018.

(2) Occupancy percentage is calculated based on total single-family properties, excluding properties held for sale.

(3) 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

Consolidated Statements of Operations

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

	For the Three Months Ended Dec 31,				For the Years Ended Dec 31,
	2019		2018		2019			2018
	(Unaudited)		(Unaudited)		(Unaudited)
Revenues:
Rents and other single-family property revenues	$	281,465	$	268,943	$	1,132,137		$	1,066,675
Other	2,545		1,373		11,241			6,180
Total revenues	284,010		270,316		1,143,378			1,072,855
Expenses:
Property operating expenses	102,788		99,475		433,854			412,905
Property management expenses	21,822		18,105		86,908			74,573
General and administrative expense	12,178		8,402		43,206			36,575
Interest expense	31,163		30,691		127,114			122,900
Acquisition and other transaction costs	769		1,538		3,224			5,225
Depreciation and amortization	83,219		81,123		329,293			318,685
Other	1,585		3,745		6,733			7,265
Total expenses	253,524		243,079		1,030,332			978,128
Gain on sale of single-family properties and other, net	10,978		7,497		43,873			17,946
Loss on early extinguishment of debt	—		—		(659		)	(1,447		)
Remeasurement of participating preferred shares	—		—		—			1,212
Net income	41,464		34,734		156,260			112,438
Noncontrolling interest	4,092		3,320		15,221			4,165
Dividends on preferred shares	13,782		13,782		55,128			52,586
Redemption of participating preferred shares	—		—		—			32,215
Net income attributable to common shareholders	$	23,590	$	17,632	$	85,911		$	23,472
Weighted-average common shares outstanding:
Basic	300,724,761		296,559,183		299,415,397			293,640,500
Diluted	301,213,621		297,067,211		299,918,966			294,268,330
Net income attributable to common shareholders per share:
Basic	$	0.08	$	0.06	$	0.29		$	0.08
Diluted	$	0.08	$	0.06	$	0.29		$	0.08

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 Dec 31,						For the Years Ended Dec 31,
	2019			2018			2019			2018
Net income attributable to common shareholders	$	23,590		$	17,632		$	85,911		$	23,472
Adjustments:
Noncontrolling interests in the Operating Partnership	4,092			3,320			15,221			4,424
Net (gain) on sale / impairment of single-family properties and other	(10,398		)	(4,435		)	(40,210		)	(12,088		)
Adjustments for unconsolidated joint ventures	821			—			1,797			—
Depreciation and amortization	83,219			81,123			329,293			318,685
Less: depreciation and amortization of non-real estate assets	(2,031		)	(1,890		)	(7,933		)	(7,352		)
FFO attributable to common share and unit holders	$	99,293		$	95,750		$	384,079		$	327,141
Adjustments:
Internal leasing costs (1)	—			(2,171		)	—			(7,984		)
Acquisition and other transaction costs	769			1,538			3,224			5,225
Noncash share-based compensation - general and administrative	946			466			3,466			2,075
Noncash share-based compensation - property management	353			217			1,342			1,358
Noncash interest expense related to acquired debt	—			493			—			3,303
Loss on early extinguishment of debt	—			—			659			1,447
Remeasurement of participating preferred shares	—			—			—			(1,212		)
Redemption of participating preferred shares	—			—			—			32,215
Core FFO attributable to common share and unit holders	$	101,361		$	96,293		$	392,770		$	363,568
Recurring capital expenditures (2)	(9,332		)	(8,546		)	(39,997		)	(35,888		)
Leasing costs	(851		)	(3,047		)	(4,095		)	(12,603		)
Internal leasing costs (1)	—			2,171			—			7,984
Adjusted FFO attributable to common share and unit holders	$	91,178		$	86,871		$	348,678		$	323,061
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.28		$	0.27		$	1.09		$	0.94
Core FFO attributable to common share and unit holders	$	0.29		$	0.27		$	1.11		$	1.04
Adjusted FFO attributable to common share and unit holders	$	0.26		$	0.25		$	0.99		$	0.92
Weighted-average FFO shares and units:
Common shares outstanding	300,724,761			296,559,183			299,415,397			293,640,500
Share-based compensation plan (3)	708,131			508,028			686,050			627,830
Operating partnership units	52,026,980			55,349,791			53,045,004			55,350,062
Total weighted-average FFO shares and units	353,459,872			352,417,002			353,146,451			349,618,392

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized and treated as a reduction to Adjusted FFO attributable to common share and unit holders that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

(2) As a portion of our homes are recently developed, 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 newly acquired non-stabilized properties and properties classified as held for sale.

(3) 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 Dec 31,						For the Years Ended Dec 31,
	2019			2018			2019			2018
Rents from single-family properties	$	244,201		$	232,378		$	967,409		$	908,936
Fees from single-family properties	3,672			2,648			13,835			10,946
Bad debt expense	(2,698		)	(2,367		)	(8,958		)	(8,732		)
Core revenues	245,175			232,659			972,286			911,150
Property tax expense	43,156			40,941			172,782			160,649
HOA fees, net (1)	4,532			5,453			20,468			20,073
R&M and turnover costs, net (1)	17,932			16,016			77,094			73,398
Insurance	2,275			2,202			9,023			8,368
Property management expenses, net (2)	20,072			18,638			80,202			76,091
Core property operating expenses	87,967			83,250			359,569			338,579
Core NOI	$	157,208		$	149,409		$	612,717		$	572,571
Core NOI margin	64.1		%	64.2		%	63.0		%	62.8		%

	For the Three Months Ended Dec 31, 2019
	Same-Home Properties			Stabilized Properties			Non-Stabilized Properties (3)			Held for Sale Properties			Total Single-Family Properties
Property count	40,355			7,504			3,506			1,187			52,552
Average Occupied Days Percentage	95.1		%	96.2		%	90.4		%	65.5		%	94.3		%
Rents from single-family properties	$	189,279		$	36,982		$	13,675		$	4,265		$	244,201
Fees from single-family properties	2,804			570			254			44			3,672
Bad debt expense	(2,018		)	(404		)	(147		)	(129		)	(2,698		)
Core revenues	190,065			37,148			13,782			4,180			245,175
Property tax expense	33,252			5,843			2,558			1,503			43,156
HOA fees, net (1)	3,440			659			311			122			4,532
R&M and turnover costs, net (1)	13,811			1,947			1,208			966			17,932
Insurance	1,700			365			143			67			2,275
Property management expenses, net (2)	15,283			2,869			1,429			491			20,072
Core property operating expenses	67,486			11,683			5,649			3,149			87,967
Core NOI	$	122,579		$	25,465		$	8,133		$	1,031		$	157,208
Core NOI margin	64.5		%	68.6		%	59.0		%	24.7		%	64.1		%

(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. Property management expenses, net for the 2018 period also includes an adjustment for the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

(3) Includes 645 newly acquired properties that do not meet the definition of Stabilized Property at the start of the quarter, 2,246 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) and 615 properties that were recently substituted out of our securitization collateral pools, which are currently being evaluated for potential sale, as well as properties currently out of service due to a casualty loss.

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 Full Year Comparisons

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

(Unaudited)

	For the Three Months Ended Dec 31,								For the Years Ended Dec 31,
	2019			2018			Change		2019			2018			Change
Number of Same-Home properties	40,355			40,355					40,355			40,355
Occupancy percentage as of period end	95.7		%	95.8		%	(0.1	)%	95.7		%	95.8		%	(0.1	)%
Average Occupied Days Percentage	95.1		%	94.7		%	0.4	%	95.4		%	95.0		%	0.4	%
Average Monthly Realized Rent per property	$	1,644		$	1,591		3.3	%	$	1,625		$	1,570		3.5	%
Turnover Rate	7.5		%	7.8		%	(0.3	)%	36.9		%	38.5		%	(1.6	)%
Core NOI:
Rents from single-family properties	$	189,279		$	182,547		3.7	%	$	750,164		$	722,415		3.8	%
Fees from single-family properties	2,804			2,008			39.6	%	10,398			8,286			25.5	%
Bad debt expense	(2,018		)	(1,798		)	12.2	%	(6,761		)	(6,856		)	(1.4	)%
Core revenues	190,065			182,757			4.0	%	753,801			723,845			4.1	%
Property tax expense	33,252			31,395			5.9	%	131,812			124,165			6.2	%
HOA fees, net (1)	3,440			4,267			(19.4	)%	15,237			15,478			(1.6	)%
R&M and turnover costs, net (1)	13,811			12,273			12.5	%	59,589			56,004			6.4	%
Insurance	1,700			1,662			2.3	%	6,768			6,445			5.0	%
Property management expenses, net (2)	15,283			14,434			5.9	%	61,177			59,595			2.7	%
Core property operating expenses	67,486			64,031			5.4	%	274,583			261,687			4.9	%
Core NOI	$	122,579		$	118,726		3.2	%	$	479,218		$	462,158		3.7	%
Core NOI margin	64.5		%	65.0		%			63.6		%	63.8		%
Recurring Capital Expenditures	7,407			6,861			8.0	%	31,687			28,900			9.6	%
Core NOI After Capital Expenditures	$	115,172		$	111,865		3.0	%	$	447,531		$	433,258		3.3	%
Property Enhancing Capex
Resilient flooring program	$	5,519		$	2,897				$	19,399		$	9,989
Per property:
Average Recurring Capital Expenditures	$	184		$	170		8.0	%	$	785		$	716		9.6	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	526		$	474		11.0	%	$	2,262		$	2,104		7.5	%

(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. Property management expenses, net for the 2018 period also includes an adjustment for the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

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
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Occupancy percentage as of period end	95.7		%	95.9		%	96.4		%	96.8		%	95.8		%
Average Occupied Days Percentage	95.1		%	95.1		%	95.7		%	95.5		%	94.7		%
Average Monthly Realized Rent per property	$	1,644		$	1,635		$	1,620		$	1,600		$	1,591
Average Change in Rent for Renewals	4.7		%	4.1		%	4.0		%	4.1		%	4.3		%
Average Change in Rent for Re-Leases	1.3		%	3.6		%	6.0		%	3.5		%	1.5		%
Average Blended Change in Rent	3.4		%	3.9		%	4.7		%	3.9		%	3.0		%
Core NOI:
Rents from single-family properties	$	189,279		$	188,296		$	187,660		$	184,929		$	182,547
Fees from single-family properties	2,804			2,823			2,581			2,190			2,008
Bad debt expense	(2,018		)	(2,109		)	(1,349		)	(1,285		)	(1,798		)
Core revenues	190,065			189,010			188,892			185,834			182,757
Property tax expense	33,252			33,663			32,917			31,980			31,395
HOA fees, net (1)	3,440			3,390			3,991			4,416			4,267
R&M and turnover costs, net (1)	13,811			17,437			15,076			13,265			12,273
Insurance	1,700			1,719			1,700			1,649			1,662
Property management expenses, net (2)	15,283			15,909			15,362			14,623			14,434
Core property operating expenses	67,486			72,118			69,046			65,933			64,031
Core NOI	$	122,579		$	116,892		$	119,846		$	119,901		$	118,726
Core NOI margin	64.5		%	61.8		%	63.4		%	64.5		%	65.0		%
Recurring Capital Expenditures	7,407			9,804			8,223			6,253			6,861
Core NOI After Capital Expenditures	$	115,172		$	107,088		$	111,623		$	113,648		$	111,865
Property Enhancing Capex
Resilient flooring program	$	5,519		$	5,345		$	4,427		$	4,108		$	2,897
Per property:
Average Recurring Capital Expenditures	$	184		$	242		$	204		$	155		$	170
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	526		$	674		$	578		$	484		$	474

(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. Property management expenses, net for the 2018 period also includes an adjustment for the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

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

American Homes 4 Rent

Same-Home Results – Operating Metrics by Market

	Number of Properties	Gross Book Value per Property		% of 4Q19 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	3,494	$	162,355	7.9	%	4.2	%	(0.6	)%	2.3	%
Atlanta, GA	3,395	168,004		8.3	%	5.4	%	2.0	%	4.0	%
Indianapolis, IN	2,695	153,515		5.5	%	4.3	%	1.5	%	3.1	%
Charlotte, NC	2,738	182,124		7.1	%	4.4	%	(0.8	)%	2.1	%
Houston, TX	2,263	166,784		4.8	%	4.9	%	(2.3	)%	2.4	%
Nashville, TN	2,009	208,075		6.2	%	4.8	%	(0.7	)%	2.5	%
Phoenix, AZ	1,931	165,218		4.7	%	7.2	%	7.3	%	7.3	%
Cincinnati, OH	1,894	174,864		4.8	%	4.9	%	2.4	%	3.8	%
Jacksonville, FL	1,729	158,869		3.8	%	3.8	%	0.7	%	2.6	%
Tampa, FL	1,693	188,855		4.2	%	4.3	%	(0.2	)%	2.5	%
Raleigh, NC	1,699	179,892		4.1	%	4.4	%	(0.3	)%	2.5	%
Greater Chicago area, IL and IN	1,679	182,202		3.9	%	3.1	%	1.6	%	2.5	%
Columbus, OH	1,611	161,332		4.1	%	3.8	%	3.3	%	3.6	%
Orlando, FL	1,271	172,165		3.0	%	4.9	%	1.1	%	3.3	%
Salt Lake City, UT	1,036	222,911		3.4	%	6.1	%	3.7	%	5.2	%
Las Vegas, NV	938	177,309		2.5	%	6.4	%	4.3	%	5.6	%
San Antonio, TX	879	157,778		1.9	%	4.1	%	(2.7	)%	1.7	%
Charleston, SC	816	185,190		2.1	%	4.3	%	2.5	%	3.5	%
Savannah/Hilton Head, SC	667	170,055		1.6	%	4.7	%	1.5	%	3.2	%
Denver, CO	635	276,709		2.5	%	4.5	%	1.7	%	3.5	%
All Other (2)	5,283	175,754		13.6	%	4.9	%	3.2	%	4.3	%
Total/Average	40,355	$	175,569	100.0	%	4.7	%	1.3	%	3.4	%

	Average Occupied Days Percentage						Average Monthly Realized Rent per property
	4Q19 QTD		4Q18 QTD		Change		4Q19 QTD		4Q18 QTD		Change
Dallas-Fort Worth, TX	95.0	%	93.9	%	1.1	%	$	1,766	$	1,720	2.7	%
Atlanta, GA	94.9	%	95.4	%	(0.5	)%	1,615		1,551		4.1	%
Indianapolis, IN	95.1	%	93.4	%	1.7	%	1,446		1,379		4.9	%
Charlotte, NC	94.6	%	94.6	%	—	%	1,604		1,575		1.8	%
Houston, TX	95.1	%	94.4	%	0.7	%	1,666		1,639		1.6	%
Nashville, TN	93.6	%	92.8	%	0.8	%	1,756		1,715		2.4	%
Phoenix, AZ	95.5	%	96.1	%	(0.6	)%	1,465		1,369		7.0	%
Cincinnati, OH	96.0	%	95.2	%	0.8	%	1,619		1,576		2.7	%
Jacksonville, FL	95.1	%	95.1	%	—	%	1,572		1,519		3.5	%
Tampa, FL	95.2	%	94.1	%	1.1	%	1,740		1,700		2.4	%
Raleigh, NC	93.7	%	94.7	%	(1.0	)%	1,549		1,505		2.9	%
Greater Chicago area, IL and IN	95.1	%	95.7	%	(0.6	)%	1,884		1,841		2.3	%
Columbus, OH	96.1	%	96.8	%	(0.7	)%	1,646		1,582		4.0	%
Orlando, FL	95.5	%	95.5	%	—	%	1,691		1,656		2.1	%
Salt Lake City, UT	96.1	%	93.0	%	3.1	%	1,774		1,698		4.5	%
Las Vegas, NV	95.1	%	96.2	%	(1.1	)%	1,601		1,519		5.4	%
San Antonio, TX	95.1	%	93.0	%	2.1	%	1,549		1,518		2.0	%
Charleston, SC	95.2	%	94.2	%	1.0	%	1,693		1,643		3.0	%
Savannah/Hilton Head, SC	94.0	%	95.0	%	(1.0	)%	1,554		1,496		3.9	%
Denver, CO	94.8	%	94.5	%	0.3	%	2,236		2,160		3.5	%
All Other (2)	95.5	%	95.3	%	0.2	%	1,595		1,537		3.8	%
Total/Average	95.1	%	94.7	%	0.4	%	$	1,644	$	1,591	3.3	%

(1) Reflected for the three months ended December 31, 2019.

(2) Represents 15 markets in 14 states.

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

American Homes 4 Rent

Consolidated Balance Sheets

(Amounts in thousands)

	December 31, 2019			December 31, 2018
	(Unaudited)
Assets
Single-family properties:
Land	$	1,756,504		$	1,713,496
Buildings and improvements	7,691,877			7,483,600
Single-family properties in operation	9,448,381			9,197,096
Less: accumulated depreciation	(1,462,105		)	(1,176,499		)
Single-family properties in operation, net	7,986,276			8,020,597
Single-family properties under development and development land	355,427			153,651
Single-family properties held for sale, net	209,828			318,327
Total real estate assets, net	8,551,531			8,492,575
Cash and cash equivalents	37,575			30,284
Restricted cash	126,544			144,930
Rent and other receivables, net	29,618			29,027
Escrow deposits, prepaid expenses and other assets	202,056			146,034
Deferred costs and other intangibles, net	6,840			12,686
Asset-backed securitization certificates	25,666			25,666
Goodwill	120,279			120,279
Total assets	$	9,100,109		$	9,001,481
Liabilities
Revolving credit facility	$	—		$	250,000
Term loan facility, net	—			99,232
Asset-backed securitizations, net	1,945,044			1,961,511
Unsecured senior notes, net	888,453			492,800
Accounts payable and accrued expenses	243,193			219,229
Amounts payable to affiliates	4,629			4,967
Total liabilities	3,081,319			3,027,739
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares	3,001			2,960
Class B common shares	6			6
Preferred shares	354			354
Additional paid-in capital	5,790,775			5,732,466
Accumulated deficit	(465,368		)	(491,214		)
Accumulated other comprehensive income	6,658			7,393
Total shareholders' equity	5,335,426			5,251,965
Noncontrolling interest	683,364			721,777
Total equity	6,018,790			5,973,742
Total liabilities and equity	$	9,100,109		$	9,001,481

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

American Homes 4 Rent

Debt Summary as of December 31, 2019

(Amounts in thousands)

(Unaudited)

	Secured		Unsecured		Total Balance			% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)	$	—	$	—	$	—		—	%	2.96	%	2.5
Total floating rate debt	—		—		—			—	%	2.96	%	2.5
Fixed rate debt:
AH4R 2014-SFR2	485,828		—		485,828			16.9	%	4.42	%	4.8
AH4R 2014-SFR3	501,393		—		501,393			17.5	%	4.40	%	4.9
AH4R 2015-SFR1	526,560		—		526,560			18.4	%	4.14	%	25.3
AH4R 2015-SFR2	457,212		—		457,212			15.9	%	4.36	%	25.8
2028 unsecured senior notes (4)	—		500,000		500,000			17.4	%	4.08	%	8.1
2029 unsecured senior notes	—		400,000		400,000			13.9	%	4.90	%	9.1
Total fixed rate debt	1,970,993		900,000		2,870,993			100.0	%	4.36	%	13.1
Total Debt	$	1,970,993	$	900,000	$	2,870,993		100.0	%	4.36	%	13.1
Unamortized discounts and loan costs					(37,496		)
Total debt per balance sheet					$	2,833,497

Maturity Schedule by Year (2)	Total Debt		% of Total
2020	$	20,714	0.7	%
2021	20,714		0.7	%
2022	20,714		0.7	%
2023	20,714		0.7	%
2024	955,875		33.2	%
2025	10,302		0.4	%
2026	10,302		0.4	%
2027	10,302		0.4	%
2028	510,302		17.8	%
2029	410,302		14.3	%
Thereafter	880,752		30.7	%
Total	$	2,870,993	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 December 31, 2019.

(4) The stated interest rate on the 2028 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 Dec 31,						For the Years Ended Dec 31,
(Amounts in thousands)	2019			2018			2019			2018
Interest expense per income statement	$	31,163		$	30,691		$	127,114		$	122,900
Less: noncash interest expense related to acquired debt	—			(493		)	—			(3,303		)
Interest expense included in Core FFO attributable to common share and unit holders	31,163			30,198			127,114			119,597
Less: amortization of discounts, loan costs and cash flow hedge	(1,869		)	(1,780		)	(7,457		)	(7,190		)
Add: capitalized interest	3,002			1,458			11,097			6,671
Cash interest	$	32,296		$	29,876		$	130,754		$	119,078

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

American Homes 4 Rent

Capital Structure and Credit Metrics as of December 31, 2019

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

(Unaudited)

Total Capitalization

Total Debt			$	2,870,993	22.1	%
Total preferred shares			883,750		6.8	%
Common equity at market value:
Common shares outstanding	300,742,674
Operating partnership units	52,026,980
Total shares and units	352,769,654
NYSE AMH Class A common share closing price at December 31, 2019	$	26.21
Market value of common shares and operating partnership units			9,246,093		71.1	%
Total Market Capitalization			$	13,000,836	100.0	%

Preferred Shares

	Earliest Redemption Date	Outstanding Shares	Per Share		Total		Annual Dividend Per Share		Annual Dividend Amount
Series
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		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	6.4 x		Moody's Investor Service	Baa3	Stable
Fixed Charge Coverage	3.1 x		S&P Global Ratings	BBB-	Stable
Unencumbered Core NOI percentage	65.9	%

Unsecured Senior Notes Covenant Ratios	Requirement		Actual
Ratio of Indebtedness to Total Assets	<	60.0%	27.6	%
Ratio of Secured Debt to Total Assets	<	40.0%	18.9	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0%	812.4	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x	4.46 x

Unsecured Credit Facility Covenant Ratios	Requirement		Actual
Ratio of Total Indebtedness to Total Asset Value	<	60.0%	28.7	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0%	18.3	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0%	16.1	%
Ratio of EBITDA to Fixed Charges	>	1.75 x	2.83 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x	9.54 x

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

American Homes 4 Rent

Top 20 Markets Summary as of December 31, 2019

Property Information ⁽¹⁾ 

Market	Number of Properties	Percentage of Total Properties		Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Atlanta, GA	4,779	9.3	%	$	178,876	2,161	17.4
Dallas-Fort Worth, TX	4,314	8.4	%	165,058		2,116	15.8
Charlotte, NC	3,681	7.2	%	193,044		2,095	15.8
Phoenix, AZ	3,088	6.0	%	174,750		1,835	16.3
Houston, TX	3,053	5.9	%	164,294		2,093	14.0
Indianapolis, IN	2,807	5.5	%	153,422		1,930	17.2
Nashville, TN	2,741	5.3	%	211,440		2,113	15.0
Jacksonville, FL	2,233	4.3	%	176,056		1,940	14.6
Tampa, FL	2,243	4.4	%	197,632		1,945	14.9
Raleigh, NC	2,062	4.0	%	183,860		1,875	14.9
Columbus, OH	2,030	4.0	%	172,111		1,870	18.0
Cincinnati, OH	1,973	3.8	%	174,984		1,851	17.5
Greater Chicago area, IL and IN	1,751	3.4	%	182,395		1,868	18.3
Orlando, FL	1,693	3.3	%	180,446		1,895	18.1
Salt Lake City, UT	1,423	2.8	%	245,443		2,185	17.7
San Antonio, TX	1,012	2.0	%	160,781		2,019	15.9
Las Vegas, NV	1,041	2.0	%	179,359		1,844	16.6
Charleston, SC	1,129	2.2	%	198,070		1,959	12.0
Savannah/Hilton Head, SC	878	1.7	%	180,109		1,859	12.4
Winston Salem, NC	813	1.6	%	154,845		1,748	15.9
All Other (3)	6,621	12.9	%	208,122		1,924	15.6
Total/Average	51,365	100.0	%	$	183,946	1,986	16.0

Leasing Information ⁽¹⁾ 

Market	Avg. Occupied Days Percentage (2)		Avg. Monthly Realized Rent per property (2)		Avg. Change in Rent for Renewals (2)		Avg. Change in Rent for Re-Leases (2)		Avg. Blended Change in Rent (2)
Atlanta, GA	94.7	%	$	1,627	5.4	%	2.4	%	4.2	%
Dallas-Fort Worth, TX	94.8	%	1,773		4.3	%	(0.3	)%	2.5	%
Charlotte, NC	94.8	%	1,612		4.4	%	—	%	2.6	%
Phoenix, AZ	95.9	%	1,458		7.3	%	8.7	%	7.8	%
Houston, TX	95.0	%	1,654		4.8	%	(2.3	)%	2.3	%
Indianapolis, IN	95.0	%	1,445		4.3	%	1.5	%	3.1	%
Nashville, TN	93.6	%	1,752		4.6	%	(0.6	)%	2.7	%
Jacksonville, FL	94.5	%	1,603		3.9	%	1.0	%	2.8	%
Tampa, FL	95.1	%	1,737		4.4	%	(0.1	)%	2.7	%
Raleigh, NC	93.6	%	1,552		4.5	%	(0.3	)%	2.6	%
Columbus, OH	96.3	%	1,659		3.8	%	3.4	%	3.7	%
Cincinnati, OH	95.8	%	1,621		4.9	%	2.3	%	3.8	%
Greater Chicago area, IL and IN	95.0	%	1,883		3.2	%	1.6	%	2.5	%
Orlando, FL	95.4	%	1,692		4.9	%	1.1	%	3.5	%
Salt Lake City, UT	95.5	%	1,791		6.0	%	3.8	%	5.2	%
San Antonio, TX	94.7	%	1,559		4.4	%	(2.6	)%	1.8	%
Las Vegas, NV	94.9	%	1,591		6.4	%	4.4	%	5.6	%
Charleston, SC	93.4	%	1,717		4.2	%	2.5	%	3.4	%
Savannah/Hilton Head, SC	94.3	%	1,578		4.6	%	1.4	%	3.2	%
Winston Salem, NC	94.7	%	1,373		4.8	%	2.3	%	3.8	%
All Other (3)	95.6	%	1,712		4.8	%	3.2	%	4.3	%
Total/Average	95.0	%	$	1,649	4.8	%	1.5	%	3.6	%

(1) Property and leasing information excludes held for sale properties.

(2) Reflected for the three months ended December 31, 2019.

(3) Represents 15 markets in 14 states.

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

American Homes 4 Rent

Property Additions

	4Q19 Additions			2019 Additions
Market	Number of Properties	Average Total Investment Cost (1)		Number of Properties	Average Total Investment Cost (1)
Atlanta, GA	37	$	264,087	134	$	252,421
Tampa, FL	74	226,598		126	234,029
Charleston, SC	59	247,852		117	242,341
Jacksonville, FL	18	280,167		103	258,319
Charlotte, NC	22	290,465		88	293,942
Salt Lake City, UT	33	275,336		88	311,134
Nashville, TN	5	260,702		84	270,397
Seattle, WA	23	374,313		63	358,401
Boise, ID	24	254,751		50	254,862
Columbus, OH	18	240,461		40	234,346
Savannah/Hilton Head, SC	2	223,972		39	220,176
Denver, CO	7	394,585		36	377,039
Orlando, FL	9	258,689		35	251,708
Phoenix, AZ	4	272,837		33	267,481
Las Vegas, NV	19	294,849		21	293,574
Raleigh, NC	20	248,051		20	248,051
Dallas-Fort Worth, TX	10	235,229		10	235,229
Portland, OR	6	323,684		8	340,325
San Antonio, TX	—	—		2	239,363
Austin, TX	—	—		1	223,505
Other	1	215,525		1	215,525
Total/Average	391	$	265,319	1,099	$	269,194

(1) Reflects Estimated Total Investment Cost of traditional channel acquisitions and purchase price, including closing costs, or total internal development costs of newly constructed homes.

Property Dispositions

		4Q19 Dispositions			2019 Dispositions
Market	Dec 31, 2019 Single-Family Properties Held for Sale	Number of Properties	Average Net Proceeds Per Property		Number of Properties	Average Net Proceeds Per Property
Greater Chicago area, IL and IN	208	25	$	147,520	87	$	140,058
Oklahoma City, OK	198	56	161,196		171	159,787
Central Valley, CA	96	8	238,375		50	230,267
Bay Area, CA	90	4	406,750		27	425,221
Atlanta, GA	89	27	194,037		93	185,877
Inland Empire, CA	87	12	307,250		32	321,756
Houston, TX	76	7	181,429		27	184,931
Dallas-Fort Worth, TX	68	10	219,500		34	204,112
Austin, TX	58	10	144,500		57	141,711
Tampa, FL	26	5	216,600		27	234,489
Nashville, TN	21	3	283,000		8	226,594
Orlando, FL	16	9	200,333		31	213,436
Augusta, GA	14	154	164,351		214	164,882
Miami, FL	14	2	250,500		11	280,345
San Antonio, TX	14	4	238,250		14	186,425
Indianapolis, IN	13	3	206,333		70	143,788
Phoenix, AZ	13	3	210,667		18	212,872
Columbia, SC	11	7	156,143		32	158,622
Charlotte, NC	10	2	207,000		5	229,961
Memphis, TN	10	5	133,400		9	138,940
All Other (1) (2)	55	20	236,150		313	194,860
Total/Average	1,187	376	$	182,798	1,330	$	186,616

(1) Represents 17 markets in 14 states.

(2) Net proceeds for the year ended December 31, 2019 include a $30.7 million note receivable, before a $1.2 million discount, related to the disposition of 215 properties in Corpus Christi, TX.

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

American Homes 4 Rent

Lease Expirations

	MTM		1Q20		2Q20		3Q20		4Q20		Thereafter
Lease expirations	$	1,915	$	11,001	$	13,534	$	12,110	$	8,467	$	2,069

Share Repurchase / 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
1Q18	1,804,163	$	34,933	$	19.36	—	$	—	$	—
2Q18	—	—		—		—	—		—
3Q18	—	—		—		—	—		—
4Q18	—	—		—		—	—		—
1Q19	—	—		—		—	—		—
2Q19	—	—		—		—	—		—
3Q19	—	—		—		—	—		—
4Q19	—	—		—		—	—		—
Total	1,804,163	34,933		$	19.36	—	—		$	—
	Remaining authorization:	$	265,067			Remaining authorization:	$	500,000

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 (2)	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014	Dec 31, 2015	Dec 31, 2016	Dec 31, 2017	Dec 31, 2018	Mar 31, 2019	Jun 30, 2019	Sep 30, 2019
Atlanta, GA	100.0	114.2	122.3	132.0	143.0	152.6	165.1	167.7	172.6	173.1	73.1	%
Dallas-Fort Worth, TX (3)	100.0	108.4	115.2	127.6	140.1	153.7	160.7	162.9	166.5	167.4	67.4	%
Charlotte, NC	100.0	113.4	118.8	126.8	136.6	148.2	157.5	159.6	164.1	163.5	63.5	%
Phoenix, AZ	100.0	118.0	123.3	135.9	146.1	157.2	170.2	171.4	174.9	178.5	78.5	%
Houston, TX	100.0	110.8	123.1	130.1	133.0	137.0	139.7	141.0	143.8	146.3	46.3	%
Indianapolis, IN	100.0	106.4	112.3	117.8	124.5	134.2	142.3	146.6	150.0	153.1	53.1	%
Nashville, TN	100.0	111.0	117.4	131.1	141.1	156.6	165.0	170.4	170.8	172.8	72.8	%
Jacksonville, FL	100.0	114.2	121.7	127.7	142.3	150.6	166.7	166.3	176.8	172.3	72.3	%
Tampa, FL	100.0	113.0	121.1	132.3	149.1	160.4	173.4	177.5	182.0	185.6	85.6	%
Raleigh, NC	100.0	106.7	111.6	120.0	130.8	135.8	146.0	149.5	151.2	152.3	52.3	%
Columbus, OH	100.0	108.9	114.5	120.8	131.5	141.8	148.9	150.3	157.7	157.9	57.9	%
Cincinnati, OH	100.0	104.9	111.2	115.7	121.4	128.3	136.2	137.0	141.5	144.4	44.4	%
Greater Chicago area, IL and IN	100.0	111.0	115.1	118.8	126.3	130.5	133.7	134.2	138.5	137.1	37.1	%
Orlando, FL	100.0	110.3	123.5	135.4	144.9	158.9	168.6	173.3	179.6	178.9	78.9	%
Salt Lake City, UT	100.0	109.4	114.5	123.2	133.0	146.5	158.8	162.9	168.4	170.7	70.7	%
San Antonio, TX	100.0	101.1	108.0	113.9	124.7	133.8	137.7	142.3	145.2	145.5	45.5	%
Las Vegas, NV	100.0	125.1	141.3	149.0	161.5	182.0	207.9	212.5	212.6	215.2	115.2	%
Charleston, SC (4)	100.0	109.4	119.9	137.0	148.0	165.5	165.8	175.5	175.6	178.8	78.8	%
Savannah/Hilton Head, SC (4)	100.0	109.4	119.9	137.0	148.0	165.5	165.8	175.5	175.6	178.8	78.8	%
Winston Salem, NC	100.0	99.7	96.6	105.6	112.7	117.7	125.7	128.3	129.5	130.0	30.0	%
Average											65.1	%

(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 September 30, 2019. 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) Reflects top 20 markets as of December 31, 2019.

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

(4) 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

2020 Guidance

Guidance Summary

	Full Year 2020
Core FFO attributable to common share and unit holders	$1.17 - $1.21
Same-Home
Core revenues growth	3.2% - 4.2%
Core property operating expenses growth (1)	4.0% - 5.0%
Core NOI growth	2.8% - 3.8%

(1) Comprised of expected property tax growth of 4.8% - 5.8% and all other operating expenses growth, excluding property taxes, of 3.2% - 4.2%.

Reconciliation of Core FFO attributable to common share and unit holders from 2019 to 2020 Guidance Midpoint

	Per FFO Share and Unit
2019 Core FFO attributable to common share and unit holders	$	1.11
Same-Home Core NOI growth	0.05
Non-Same-Home Core NOI growth (1)	0.04
Held for sale properties NOI decrease (2)	(0.01		)
2020 Core FFO attributable to common share and unit holders - Guidance Midpoint	$	1.19

(1) Reflects NOI from Non-Same-Home properties including contribution from 2019 acquisitions. For 2020, we expect to add between 2,800 and 3,200 properties with an investment between $700.0 million and $800.0 million.

(2) Reflects less NOI contribution from held for sale properties, which totaled 1,187 as of December 31, 2019 compared to 1,945 as of December 31, 2018.

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. 21

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 the lease component of rents and other single-family property revenues (i.e., 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 classified as held for 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 total revenues, excluding expenses reimbursed by tenant charge-backs and other revenues, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also 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, which result in material charges to the impacted single-family properties, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of 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).

22

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home 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 quarters and years ended December 31, 2019 and 2018 (amounts in thousands):

	For the Three Months Ended Dec 31,						For the Years Ended Dec 31,
	2019			2018			2019			2018
Core revenues and Same-Home core revenues
Total revenues	$	284,010		$	270,316		$	1,143,378		$	1,072,855
Tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Other revenues	(2,545		)	(1,373		)	(11,241		)	(6,180		)
Bad debt expense	—			(2,367		)	—			(8,732		)
Core revenues	245,175			232,659			972,286			911,150
Less: Non-Same-Home core revenues	55,110			49,902			218,485			187,305
Same-Home core revenues	$	190,065		$	182,757		$	753,801		$	723,845

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	102,788		$	99,475		$	433,854		$	412,905
Property management expenses	21,822			18,105			86,908			74,573
Noncash share-based compensation - property management	(353		)	(217		)	(1,342		)	(1,358		)
Expenses reimbursed by tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Bad debt expense	—			(2,367		)	—			(8,732		)
Internal leasing costs (1)	—			2,171			—			7,984
Core property operating expenses	87,967			83,250			359,569			338,579
Less: Non-Same-Home core property operating expenses	20,481			19,219			84,986			76,892
Same-Home core property operating expenses	$	67,486		$	64,031		$	274,583		$	261,687

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	41,464		$	34,734		$	156,260		$	112,438
Remeasurement of participating preferred shares	—			—			—			(1,212		)
Loss on early extinguishment of debt	—			—			659			1,447
Gain on sale of single-family properties and other, net	(10,978		)	(7,497		)	(43,873		)	(17,946		)
Depreciation and amortization	83,219			81,123			329,293			318,685
Acquisition and other transaction costs	769			1,538			3,224			5,225
Noncash share-based compensation - property management	353			217			1,342			1,358
Interest expense	31,163			30,691			127,114			122,900
General and administrative expense	12,178			8,402			43,206			36,575
Other expenses	1,585			3,745			6,733			7,265
Other revenues	(2,545		)	(1,373		)	(11,241		)	(6,180		)
Internal leasing costs (1)	—			(2,171		)	—			(7,984		)
Core NOI	157,208			149,409			612,717			572,571
Less: Non-Same-Home Core NOI	34,629			30,683			133,499			110,413
Same-Home Core NOI	122,579			118,726			479,218			462,158
Less: Same-Home recurring capital expenditures	7,407			6,861			31,687			28,900
Same-Home Core NOI After Capital Expenditures	$	115,172		$	111,865		$	447,531		$	433,258

Unencumbered Core NOI and Encumbered Core NOI
Core NOI	$	157,208	$	149,409	$	612,717	$	572,571
Less: Encumbered Core NOI	53,679		52,573		209,759		204,397
Unencumbered Core NOI	$	103,529	$	96,836	$	402,958	$	368,174

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

23

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home 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
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Core revenues and Same-Home core revenues
Total revenues	$	284,010		$	298,304		$	281,860		$	279,204		$	270,316
Tenant charge-backs	(36,290		)	(48,306		)	(35,303		)	(39,952		)	(33,917		)
Other revenues	(2,545		)	(5,240		)	(1,946		)	(1,510		)	(1,373		)
Bad debt expense	—			—			—			—			(2,367		)
Core revenues	245,175			244,758			244,611			237,742			232,659
Less: Non-Same-Home core revenues	55,110			55,748			55,719			51,908			49,902
Same-Home core revenues	$	190,065		$	189,010		$	188,892		$	185,834		$	182,757

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	102,788		$	119,791		$	104,591		$	106,684		$	99,475
Property management expenses	21,822			22,727			21,650			20,709			18,105
Noncash share-based compensation - property management	(353		)	(350		)	(346		)	(293		)	(217		)
Expenses reimbursed by tenant charge-backs	(36,290		)	(48,306		)	(35,303		)	(39,952		)	(33,917		)
Bad debt expense	—			—			—			—			(2,367		)
Internal leasing costs (1)	—			—			—			—			2,171
Core property operating expenses	87,967			93,862			90,592			87,148			83,250
Less: Non-Same-Home core property operating expenses	20,481			21,744			21,546			21,215			19,219
Same-Home core property operating expenses	$	67,486		$	72,118		$	69,046		$	65,933		$	64,031

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income	$	41,464		$	41,401		$	40,304		$	33,091		$	34,734
Loss on early extinguishment of debt	—			—			659			—			—
Gain on sale of single-family properties and other, net	(10,978		)	(13,521		)	(13,725		)	(5,649		)	(7,497		)
Depreciation and amortization	83,219			82,073			82,840			81,161			81,123
Acquisition and other transaction costs	769			651			970			834			1,538
Noncash share-based compensation - property management	353			350			346			293			217
Interest expense	31,163			31,465			32,571			31,915			30,691
General and administrative expense	12,178			11,107			10,486			9,435			8,402
Other expenses	1,585			2,610			1,514			1,024			3,745
Other revenues	(2,545		)	(5,240		)	(1,946		)	(1,510		)	(1,373		)
Internal leasing costs (1)	—			—			—			—			(2,171		)
Core NOI	157,208			150,896			154,019			150,594			149,409
Less: Non-Same-Home Core NOI	34,629			34,004			34,173			30,693			30,683
Same-Home Core NOI	122,579			116,892			119,846			119,901			118,726
Less: Same-Home recurring capital expenditures	7,407			9,804			8,223			6,253			6,861
Same-Home Core NOI After Capital Expenditures	$	115,172		$	107,088		$	111,623		$	113,648		$	111,865

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

24

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)	Dec 31, 2019
Total Debt	$	2,870,993
Preferred shares at liquidation value	883,750
Total Debt and preferred shares	$	3,754,743
Adjusted EBITDAre - TTM	$	582,945
Debt and Preferred Shares to Adjusted EBITDAre	6.4 x

Fixed Charge Coverage

(Amounts in thousands)	For the Trailing Twelve Months Ended Dec 31, 2019
Interest expense per income statement	$	127,114
Less: noncash interest expense related to acquired debt	—
Less: amortization of discounts, loan costs and cash flow hedge	(7,457		)
Add: capitalized interest	11,097
Cash interest	130,754
Dividends on preferred shares	55,128
Fixed charges	$	185,882
Adjusted EBITDAre - TTM	$	582,945
Fixed Charge Coverage	3.1 x

Net Debt to Adjusted EBITDAre

(Amounts in thousands)	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Total Debt	$	2,870,993		$	2,876,223		$	2,881,774		$	2,986,953		$	2,842,510
Less: cash and cash equivalents	(37,575		)	(171,209		)	(119,176		)	(154,584		)	(30,284		)
Less: asset-backed securitization certificates	(25,666		)	(25,666		)	(25,666		)	(25,666		)	(25,666		)
Less: restricted cash related to securitizations	(40,558		)	(40,058		)	(49,032		)	(43,535		)	(45,716		)
Net Debt	$	2,767,194		$	2,639,290		$	2,687,900		$	2,763,168		$	2,740,844
Adjusted EBITDAre - TTM	$	582,945		$	578,942		$	572,905		$	564,543		$	550,828
Net Debt to Adjusted EBITDAre	4.7 x			4.6 x			4.7 x			4.9 x			5.0 x

Unencumbered Core NOI Percentage

(Amounts in thousands)	For the Three Months Ended Dec 31, 2019
Unencumbered Core NOI	$	103,529
Core NOI	$	157,208
Unencumbered Core NOI Percentage	65.9		%

25

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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”) by adjusting EBITDA for the net gain or loss on sales / impairment of single-family properties and other and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (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 and adjusted for unconsolidated joint ventures. 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 and adjusted for unconsolidated joint ventures.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.

26

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, 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 quarters and years ended December 31, 2019and2018 (amounts in thousands):

	For the Three Months Ended Dec 31,						For the Years Ended Dec 31,
	2019			2018			2019			2018
Net income	$	41,464		$	34,734		$	156,260		$	112,438
Interest expense	31,163			30,691			127,114			122,900
Depreciation and amortization	83,219			81,123			329,293			318,685
EBITDA	155,846			146,548			612,667			554,023
Net (gain) on sale / impairment of single-family properties and other	(10,398		)	(4,435		)	(40,210		)	(12,088		)
Adjustments for unconsolidated joint ventures	821			—			1,797			—
EBITDAre	146,269			142,113			574,254			541,935
Noncash share-based compensation - general and administrative	946			466			3,466			2,075
Noncash share-based compensation - property management	353			217			1,342			1,358
Acquisition and other transaction costs	769			1,538			3,224			5,225
Loss on early extinguishment of debt	—			—			659			1,447
Remeasurement of participating preferred shares	—			—			—			(1,212		)
Adjusted EBITDAre	$	148,337		$	144,334		$	582,945		$	550,828
Recurring capital expenditures (1)	(9,332		)	(8,546		)	(39,997		)	(35,888		)
Leasing costs	(851		)	(3,047		)	(4,095		)	(12,603		)
Adjusted EBITDAre after Capex and Leasing Costs	$	138,154		$	132,741		$	538,853		$	502,337
Total revenues	$	284,010		$	270,316		$	1,143,378		$	1,072,855
Less: tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Adjustments for unconsolidated joint ventures	821			—			1,797			—
Bad debt expense	—			(2,367		)	—			(8,732		)
Total revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	248,541		$	234,032		$	985,324		$	917,330
Adjusted EBITDAre Margin	59.7		%	61.7		%	59.2		%	60.0		%
Adjusted EBITDAre after Capex and Leasing Costs Margin	55.6		%	56.7		%	54.7		%	54.8		%

(1) As a portion of our homes are recently developed, 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 newly acquired non-stabilized properties and properties classified as held for sale.

27

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, 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
	Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Net income	$	156,260		$	149,530		$	138,410		$	124,004		$	112,438
Interest expense	127,114			126,642			126,107			125,514			122,900
Depreciation and amortization	329,293			327,197			325,064			320,543			318,685
EBITDA	$	612,667		$	603,369		$	589,581		$	570,061		$	554,023
Net (gain) on sale / impairment of single-family properties and other	(40,210		)	(34,247		)	(26,769		)	(15,677		)	(12,088		)
Adjustments for unconsolidated joint ventures	1,797			976			1,301			554			—
EBITDAre	$	574,254		$	570,098		$	564,113		$	554,938		$	541,935
Noncash share-based compensation - general and administrative	3,466			2,986			2,539			2,136			2,075
Noncash share-based compensation - property management	1,342			1,206			1,197			1,274			1,358
Acquisition and other transaction costs	3,224			3,993			4,397			4,748			5,225
Loss on early extinguishment of debt	659			659			659			1,447			1,447
Remeasurement of participating preferred shares	—			—			—			—			(1,212		)
Adjusted EBITDAre	$	582,945		$	578,942		$	572,905		$	564,543		$	550,828

Estimated Total Investment Cost

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional Broker and Trustee channels.

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 definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding 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 adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

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 and other transaction costs incurred with business combinations and the acquisition or disposition of properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (5) gain or loss on early extinguishment of debt, (6) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, and (7) the allocation of income to our participating preferred shares in connection with their redemption.

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) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, 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 newly acquired non-stabilized properties and properties classified as held for sale.

28

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 net cash provided by operating activities, each 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.

29

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

The following reconciliations of previously reported net income (loss) attributable to common shareholders to FFO / Core FFO / Adjusted FFO attributable to common share and unit holders include conforming adjustments for the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

	For the Year Ended			For the Three Months Ended
(Amounts in thousands, except share data)	Dec 31, 2018			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018			Mar 31, 2018
Net income attributable to common shareholders	$	23,472		$	17,632		$	15,177		$	(15,151	)	$	5,814
Adjustments:
Noncontrolling interests in the Operating Partnership	4,424			3,320			2,881			(2,902		)	1,125
Net (gain) on sale / impairment of single-family properties and other	(12,088		)	(4,435		)	(4,393		)	(1,704		)	(1,556		)
Depreciation and amortization	318,685			81,123			79,940			78,319			79,303
Less: depreciation and amortization of non-real estate assets	(7,352		)	(1,890		)	(1,845		)	(1,787		)	(1,830		)
FFO attributable to common share and unit holders	$	327,141		$	95,750		$	91,760		$	56,775		$	82,856
Adjustments:
Internal leasing costs (1)	(7,984		)	(2,171		)	(2,451		)	(1,773		)	(1,589		)
Acquisition and other transaction costs	5,225			1,538			1,055			1,321			1,311
Noncash share-based compensation - general and administrative	2,075			466			491			520			598
Noncash share-based compensation - property management	1,358			217			341			423			377
Noncash interest expense related to acquired debt	3,303			493			973			937			900
Loss on early extinguishment of debt	1,447			—			—			1,447			—
Remeasurement of participating preferred shares	(1,212		)	—			—			—			(1,212		)
Redemption of participating preferred shares	32,215			—			—			32,215			—
Core FFO attributable to common share and unit holders	$	363,568		$	96,293		$	92,169		$	91,865		$	83,241
Recurring capital expenditures	(35,888		)	(8,546		)	(11,467		)	(8,489		)	(7,386		)
Leasing costs	(12,603		)	(3,047		)	(3,722		)	(3,111		)	(2,723		)
Internal leasing costs (1)	7,984			2,171			2,451			1,773			1,589
Adjusted FFO attributable to common share and unit holders	$	323,061		$	86,871		$	79,431		$	82,038		$	74,721
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.94		$	0.27		$	0.26		$	0.16		$	0.24
Core FFO attributable to common share and unit holders	$	1.04		$	0.27		$	0.26		$	0.26		$	0.24
Adjusted FFO attributable to common share and unit holders	$	0.92		$	0.25		$	0.23		$	0.23		$	0.22
Weighted-average FFO shares and units:
Common shares outstanding	293,640,500			296,559,183			296,214,509			295,462,572			286,183,429
Share-based compensation plan	627,830			508,028			753,140			587,270			544,434
Operating partnership units	55,350,062			55,349,791			55,350,153			55,350,153			55,350,153
Total weighted-average FFO shares and units	349,618,392			352,417,002			352,317,802			351,399,995			342,078,016

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized and treated as a reduction to Adjusted FFO attributable to common share and unit holders that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

30

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

FFO Shares and Units

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

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).

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 Dec 31,						For the Years Ended Dec 31,
(Amounts in thousands)	2019			2018			2019			2018
Property management expenses	$	21,822		$	18,105		$	86,908		$	74,573
Less: tenant charge-backs	(1,397		)	(1,421		)	(5,364		)	(5,108		)
Less: noncash share-based compensation - property management	(353		)	(217		)	(1,342		)	(1,358		)
Add: internal leasing costs (1)	—			2,171			—			7,984
Property management expenses, net	20,072			18,638			80,202			76,091
General and administrative expense	12,178			8,402			43,206			36,575
Less: noncash share-based compensation - general and administrative	(946		)	(466		)	(3,466		)	(2,075		)
General and administrative expense, net	11,232			7,936			39,740			34,500
Leasing costs	851			3,047			4,095			12,603
Less: internal leasing costs (1)	—			(2,171		)	—			(7,984		)
Leasing costs, net	851			876			4,095			4,619
Platform costs	$	32,155		$	27,450		$	124,037		$	115,210
Total revenues	$	284,010		$	270,316		$	1,143,378		$	1,072,855
Less: tenant charge-backs	(36,290		)	(33,917		)	(159,851		)	(146,793		)
Less: other revenues	(2,545		)	(1,373		)	(11,241		)	(6,180		)
Less: bad debt expense	—			(2,367		)	—			(8,732		)
Total portfolio rents and fees	$	245,175		$	232,659		$	972,286		$	911,150
Platform Efficiency Percentage	13.1		%	11.8		%	12.8		%	12.6		%

(1) Adjustment amount reflects the portion of leasing costs that were previously capitalized that would be expensed under the new lease accounting standard ASU 2016-02, adopted by the Company on January 1, 2019.

31

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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 newly acquired non-stabilized properties and properties classified as held for 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 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 by the Company 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.

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 show the Company’s compliance with selected covenants on the 2028 Unsecured Senior Notes 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, and the 2029 Unsecured Senior Notes provided in the Indenture dated as of February 7, 2018, as supplemented by the Second Supplemental Indenture dated as of January 23, 2019, 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.

32

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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, 2018, and in the Company’s subsequent filings with the SEC.

33

Executive Management
David P. Singelyn	Jack Corrigan
Chief Executive Officer	Chief Investment Officer
Bryan Smith	Christopher C. Lau
Chief Operating Officer	Chief Financial Officer
Sara H. Vogt-Lowell	Stephanie G. Heim
Chief Legal Officer	Chief Governance Officer
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	Jeff Spector	Ryan Gilbert	Michael Bilerman
arygiel@brileyfbr.com	jeff.spector@baml.com	rgilbert@btig.com	michael.bilerman@citi.com
Credit Suisse	Evercore ISI	Goldman Sachs & Co.	Green Street Advisors
Douglas Harter	Steve Sakwa	Richard Skidmore	John Pawlowski
douglas.harter@credit-suisse.com	steve.sakwa@evercoreisi.com	richard.skidmore@gs.com	jpawlowski@greenst.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	Todd Stender
richard.hill1@morganstanley.com	buck.horne@raymondjames.com	dbabin@rwbaird.com	todd.stender@wellsfargo.com
Zelman & Associates
Hardik Goel
hardik@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.

XML

Document and Entity Information	Feb. 27, 2020
Document Information
Document Type	8-K
Document Period End Date	Feb. 27, 2020
Entity Registrant Name	AMERICAN HOMES 4 RENT
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36013
Entity Tax Identification Number	46-1229660
Entity Address, Address Line One	30601 Agoura Road, Suite 200
Entity Address, City or Town	Agoura Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91301
City Area Code	805
Local Phone Number	413-5300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001562401
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Series D Perpetual Preferred Shares/Units
Document Information
Title of 12(b) Security	Series D perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-D
Security Exchange Name	NYSE
Series E Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series E perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-E
Security Exchange Name	NYSE
Series F Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
American Homes 4 Rent, L.P.
Document Information
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-221878-02
Entity Tax Identification Number	80-0860173
Entity Central Index Key	0001716558