EX-99.2 3 amh0930208kexhibit992.htm EX-99.2

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American Homes 4 Rent

Table of Contents

Summary
Earnings Press Release			3
Fact Sheet			9
Financial Information
Condensed Consolidated Statements of Operations			10
Funds from Operations			11
Core Net Operating Income – Total Portfolio			12
Same-Home Results			13
Condensed Consolidated Balance Sheets			16
Debt Summary			17
Capital Structure and Credit Metrics			18
Property and Other Information
Top 20 Markets Summary			19
Property Additions and Dispositions			20
AMH Development Pipeline Summary			21
Lease Expirations, Share Repurchase / ATM Share Issuance History and Home Price Appreciation Trends			22
Defined Terms and Non-GAAP Reconciliations			23

						2

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American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Third Quarter 2020 Financial and Operating Results

AGOURA HILLS, Calif., Nov. 5, 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 ended September 30, 2020.

Highlights

•Total revenues increased 4.2% to $310.8 million for the third quarter of 2020 from $298.3 million for the third quarter of 2019.

•Net income attributable to common shareholders totaled $22.6 million, or $0.07 per diluted share, for the third quarter of 2020, compared to $23.5 million, or $0.08 per diluted share, for the third quarter of 2019.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.7% to $0.29 per FFO share and unit for the third quarter of 2020 from $0.28 per FFO share and unit for the third quarter of 2019 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 4.7% to $0.25 per FFO share and unit for the third quarter of 2020 from $0.24 per FFO share and unit for the third quarter of 2019.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.0% year-over-year for the third quarter of 2020.

•Experienced record demand, driving Same-Home portfolio Average Occupied Days Percentage to 96.9% in the third quarter of 2020, while achieving 5.9% rental rate growth on new leases.

•Strong leasing momentum continues into the fourth quarter of 2020, with Same-Home portfolio Average Occupied Days Percentage maintaining all-time high levels of 97.2% in October 2020.

•Issued 14,950,000 Class A common shares in an oversubscribed and upsized common equity offering, raising net proceeds of $411.7 million to fund expanded external growth programs and for general corporate purposes.

“American Homes 4 Rent produced impressive third quarter results, driving a nearly 7% year-over-year growth in Core FFO per FFO share and unit,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “The pandemic has fundamentally changed the residential landscape, driving a new wave of demand for single-family rentals. Additionally, as a result of our differentiated strategy, we are positioned in the right markets, with a best-in-class operating platform and dynamic external growth engine that will enable us to translate this new wave of demand into industry leading cash flow growth. And, when combined with our investment grade balance sheet, we believe we are positioned to produce outsized total shareholder returns for years to come.”

COVID-19 Business Update

The Company has maintained continuity in business operations since the beginning of the COVID-19 pandemic and produced strong operating results in the third quarter of 2020 demonstrating the flexibility of its technology enabled operating platform and the resiliency of its high-quality, diversified portfolio. Comprehensive remote working policies remain in place for all corporate and field offices, and operational protocols have been tailored based on state and local mandates to ensure continuity of services, while protecting employees, residents and their families.

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

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American Homes 4 Rent

Earnings Press Release (continued)

Driven by shifting housing preferences as households migrate away from city centers and apartments, the Company is experiencing record demand levels and reported its highest ever Same-Home portfolio Average Occupied Days Percentages in September and October 2020. A summary of the Company’s Same-Home portfolio Average Occupied Days Percentages for the third quarter of 2020 and October 2019 and 2020 is as follows:

			Jul 2020						Aug 2020						Sep 2020						Oct 2019						Oct 2020
Same-Home Average Occupied Days Percentage			96.4		%				97.0		%				97.2		%				95.2		%				97.2		%

Additionally, as the Company entered the third quarter of 2020, it began a socially responsible return to normal operating practices, including the assessment of late fees in jurisdictions where allowable and modest renewal increases on expiring leases. A summary of the Company’s leasing spread activity for the third quarter of 2020 and October 2019 and 2020 is as follows:

			Jul 2020						Aug 2020						Sep 2020						Oct 2019						Oct 2020
Average Change in Rent for Renewals			—		%				1.4		%				2.8		%				4.6		%				3.5		%
Average Change in Rent for Re-Leases			5.4		%				6.0		%				7.7		%				2.1		%				7.0		%
Average Blended Change in Rent			2.0		%				3.0		%				4.4		%				3.6		%				4.9		%

Collections continue to remain resilient. The Company reported third quarter 2020 rental revenue equivalent to 98.0% of quarterly rental billings, comprised of: (i) one percentage point of second quarter 2020 rental billings received and recognized in the third quarter and (ii) 97.0% of revenue recognition on third quarter rental billings. On a cumulative basis through October 2020, we have now received 97.5% of second quarter rental billings and 96.3% of third quarter rental billings, which is consistent with second quarter payment history for the same time frame. Collections are reported without application of any existing resident security deposits or adjustment for deferred payment plans.

During October 2020, the Company has collected 93.7% of October rents, which represents 101% of second quarter 2020 payment history for the same time frame.

Although the Company has produced strong operating results to date during the COVID-19 pandemic, the extent to which the pandemic will ultimately impact us and our residents will depend on future developments which are highly uncertain. These include the scope, severity and duration of the pandemic, including resurgences, status of eviction moratoriums, the speed and effectiveness of vaccine and treatment developments and the direct and indirect economic effects of the pandemic and containment measures, among others.

Third Quarter 2020 Financial Results

Net income attributable to common shareholders totaled $22.6 million, or $0.07 per diluted share, for the third quarter of 2020, compared to $23.5 million, or $0.08 per diluted share, for the third quarter of 2019. This decrease was primarily attributable to increased uncollectible rents and tenant utility reimbursements related to the COVID-19 pandemic, partially offset by growth in the Company’s portfolio and higher occupancy.

Total revenues increased 4.2% to $310.8 million for the third quarter of 2020, compared to $298.3 million for the third quarter of 2019. Revenue growth was driven by an increase in our average occupied portfolio which grew to 50,630 homes for the third quarter of 2020, compared to 48,990 homes for the third quarter of 2019, as well as higher rental rates, offset by an increase in uncollectible rents and tenant utility reimbursements related to the COVID-19 pandemic.

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

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American Homes 4 Rent

Earnings Press Release (continued)

Core NOI from our total portfolio increased 6.2% to $160.2 million for the third quarter of 2020, compared to $150.9 million for the third quarter of 2019. This growth was driven by a 5.4% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by an increase in uncollectible rents related to the COVID-19 pandemic and a 4.2% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 4.4% to $219.9 million for the third quarter of 2020, compared to $210.6 million for the third quarter of 2019, which was driven by a 2.7% increase in Average Monthly Realized Rent per property and a 160 basis point increase in Average Occupied Days Percentage. This growth was (i) further benefited by 10 basis points of contribution from higher fees and (ii) partially offset by 90 basis points of drag from increased uncollectible rents related to the COVID-19 pandemic, which resulted in 3.6% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 3.0% to $82.3 million for the third quarter of 2020, compared to $79.9 million for the third quarter of 2019. As a result, Core NOI from Same-Home properties increased 4.0% to $136.9 million for the third quarter of 2020, compared to $131.6 million for the third quarter of 2019.

Core FFO attributable to common share and unit holders was $106.2 million, or $0.29 per FFO share and unit, for the third quarter of 2020, compared to $97.4 million, or $0.28 per FFO share and unit, for the third quarter of 2019. Adjusted FFO attributable to common share and unit holders was $89.6 million, or $0.25 per FFO share and unit, for the third quarter of 2020, compared to $83.9 million, or $0.24 per FFO share and unit, for the third quarter of 2019. These improvements were primarily attributable to growth in the Company’s portfolio and a larger number of occupied properties as well as higher rental rates, partially offset by $2.9 million of negative financial impacts associated with the COVID-19 pandemic including $2.2 million of increased uncollectible rents and $0.7 million of increased uncollectible tenant utility reimbursements. Additionally, due primarily to abnormally high home system usage during stay-at-home orders, we incurred approximately $2.1 million of incremental capital expenditures within Adjusted FFO attributable to common share and unit holders that primarily related to HVAC and home system replacements during the third quarter of 2020.

Year-to-Date 2020 Financial Results

Net income attributable to common shareholders totaled $58.2 million, or $0.19 per diluted share, for the nine-month period ended September 30, 2020, compared to $62.3 million, or $0.21 per diluted share, for the nine-month period ended September 30, 2019. This decrease was primarily attributable to increased uncollectible rents and tenant utility reimbursements related to the COVID-19 pandemic and a noncash write-down included in other expenses associated with the liquidation of legacy joint ventures, which were acquired as part of the American Residential Properties, Inc. merger in February 2016. This decrease was offset in part by growth in the Company’s portfolio and higher occupancy.

Total revenues increased 2.8% to $883.5 million for the nine-month period ended September 30, 2020, compared to $859.4 million for the nine-month period ended September 30, 2019. Revenue growth was driven by an increase in our average occupied portfolio which grew to 49,764 homes for the nine-month period ended September 30, 2020, compared to 48,667 homes for the nine-month period ended September 30, 2019, as well as higher rental rates, offset by an increase in uncollectible rents and tenant utility reimbursements related to the COVID-19 pandemic.

Core NOI from our total portfolio increased 2.2% to $465.7 million for the nine-month period ended September 30, 2020, compared to $455.5 million for the nine-month period ended September 30, 2019. This growth was driven by a 3.2% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by an increase in uncollectible rents related to the COVID-19 pandemic and a 4.9% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 3.7% to $649.4 million for the nine-month period ended September 30, 2020, compared to $626.3 million for the nine-month period ended September 30, 2019,

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

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American Homes 4 Rent

Earnings Press Release (continued)

which was driven by a 3.1% increase in Average Monthly Realized Rent per property and a 50 basis point increase in Average Occupied Days Percentage. This growth was (i) further benefited by 10 basis points of contribution from higher fees and (ii) partially offset by 130 basis points of drag from increased uncollectible rents related to the COVID-19 pandemic, which resulted in 2.5% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 4.3% to $239.6 million for the nine-month period ended September 30, 2020, compared to $229.7 million for the nine-month period ended September 30, 2019. As a result, Core NOI from Same-Home properties increased 1.5% to $406.0 million for the nine-month period ended September 30, 2020, compared to $399.9 million for the nine-month period ended September 30, 2019.

Core FFO attributable to common share and unit holders was $304.1 million, or $0.85 per FFO share and unit, for the nine-month period ended September 30, 2020, compared to $291.4 million, or $0.83 per FFO share and unit, for the nine-month period ended September 30, 2019. Adjusted FFO attributable to common share and unit holders for the nine-month period ended September 30, 2020 was $264.7 million, or $0.74 per FFO share and unit, compared to $257.5 million, or $0.73 per FFO share and unit, for the nine-month period ended September 30, 2019. These improvements were primarily attributable to growth in the Company’s portfolio and a larger number of occupied properties as well as higher rental rates, partially offset by the negative financial impacts associated with the COVID-19 pandemic that relate to (i) the Company’s socially responsible decisions between April and July 2020 to waive month-to-month lease premiums and offer zero percent increases on newly signed renewal leases, (ii) waived late fees between April and July 2020, and (iii) $12.3 million of other negative financial impacts associated with the COVID-19 pandemic including $9.2 million of increased uncollectible rents, $2.6 million of increased uncollectible tenant utility reimbursements and $0.5 million of increased costs associated with enhanced cleaning and safety protocols. Additionally, due primarily to abnormally high home system usage during stay-at-home orders, we incurred approximately $3.4 million of incremental capital expenditures within Adjusted FFO attributable to common share and unit holders that primarily related to HVAC and home system replacements during the nine-month period ended September 30, 2020.

Portfolio

As of September 30, 2020, the Company had an occupancy percentage of 97.5%, compared to 96.4% as of June 30, 2020. The occupancy percentage on Same-Home properties was 97.8% as of September 30, 2020, compared to 96.9% as of June 30, 2020.

Investments

As of September 30, 2020, the Company’s wholly-owned portfolio consisted of 53,229 homes, compared to 53,000 homes as of June 30, 2020, an increase of 229 homes during the third quarter of 2020, which included 400 newly constructed properties delivered through our AMH Development Program and 108 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 233 homes sold and 46 homes contributed to unconsolidated joint ventures. As of September 30, 2020, the Company had 813 properties held for sale, compared to 948 properties as of June 30, 2020. Also, as of September 30, 2020, the Company had an additional 1,131 properties held in unconsolidated joint ventures, representing a net increase of 195 properties, compared to 936 properties held in unconsolidated joint ventures as of June 30, 2020.

Capital Activities, Balance Sheet and Liquidity

During the third quarter of 2020, the Company issued 14,950,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising net proceeds of $411.7 million after deducting underwriting discounts and before offering costs of approximately $0.2 million.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						6

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American Homes 4 Rent

Earnings Press Release (continued)

As of September 30, 2020, the Company had cash and cash equivalents of $315.8 million and had total outstanding debt of $2.9 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.4% and a weighted-average term to maturity of 12.3 years. The Company had no outstanding borrowings on its $800.0 million revolving credit facility at the end of the quarter. Additionally, the Company has no debt maturities, other than recurring principal amortization, until 2024. During the third quarter of 2020, the Company generated $71.2 million of Retained Cash Flow and sold 233 properties generating $56.2 million of net proceeds.

Additional Information

A copy of the Company’s Third Quarter 2020 Earnings Release and Supplemental Information Package and this press release are available on our website at www.americanhomes4rent.com. This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, November 6, 2020 at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2020 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, November 20, 2020 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13711366#, 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 September 30, 2020, we owned 53,229 single-family properties in selected submarkets in 22 states.

Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “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 expectations with respect to the impacts of the COVID-19 pandemic, our belief that our acquisition and homebuilding programs will result in continued growth, and the estimated timing of our development deliveries set forth in the Supplemental Information Package. 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

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

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American Homes 4 Rent

Earnings Press Release (continued)

update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the potential adverse effect of the COVID-19 pandemic on the financial condition, operating results and cash flows of the Company, our tenants, the real estate market, the global economy and the financial markets. The extent to which the COVID-19 pandemic impacts us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, including resurgences, status of eviction moratoriums, the speed and effectiveness of vaccine and treatment developments and the direct and indirect economic effects of the pandemic and containment measures, among others. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, 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.						8

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American Homes 4 Rent

Fact Sheet

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

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Operating Data
Net income attributable to common shareholders			$	22,552					$	23,520					$	58,165					$	62,321
Core revenues			$	257,997					$	244,758					$	750,586					$	727,111
Core NOI			$	160,229					$	150,896					$	465,671					$	455,509
Core NOI margin			62.1		%				61.7		%				62.0		%				62.6		%
Platform Efficiency Percentage			12.7		%				13.2		%				12.9		%				12.6		%
Fully Adjusted EBITDAre			$	134,972					$	131,092					$	401,159					$	400,699
Fully Adjusted EBITDAre Margin			51.7		%				52.5		%				52.8		%				54.4		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.28					$	0.27					$	0.81					$	0.81
Core FFO attributable to common share and unit holders			$	0.29					$	0.28					$	0.85					$	0.83
Adjusted FFO attributable to common share and unit holders			$	0.25					$	0.24					$	0.74					$	0.73

			Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	8,158,937					$	8,096,223					$	8,067,375					$	7,986,276					$	7,959,526
Total assets			$	9,600,363					$	9,271,774					$	9,201,365					$	9,100,109					$	9,140,121
Outstanding borrowings under credit facilities, net			$	—					$	130,000					$	105,000					$	—					$	—
Total Debt			$	2,853,883					$	2,989,230					$	2,970,558					$	2,870,993					$	2,876,223
Total Market Capitalization			$	14,226,536					$	13,373,387					$	12,043,390					$	13,000,836					$	12,892,361
Total Debt to Total Market Capitalization			20.1		%				22.4		%				24.7		%				22.1		%				22.3		%
Net Debt to Adjusted EBITDAre			4.2 x						5.0 x						4.9 x						4.7 x						4.6 x
NYSE AMH Class A common share closing price			$	28.48					$	26.90					$	23.20					$	26.21					$	25.89

Portfolio Data - end of period
Occupied single-family properties			51,090						50,170						49,029						48,767						48,868
Single-family properties recently acquired or developed			82						120						499						335						139
Single-family properties in turnover process			893						1,189						1,817						1,934						1,698
Single-family properties leased, not yet occupied			351						573						471						329						393
Total single-family properties, excluding properties held for sale			52,416						52,052						51,816						51,365						51,098
Single-family properties held for sale			813						948						960						1,187						1,439
Total single-family properties			53,229						53,000						52,776						52,552						52,537
Total occupancy percentage (1)			97.5		%				96.4		%				94.6		%				94.9		%				95.6		%
Total Average Occupied Days Percentage			96.9		%				95.1		%				94.7		%				95.0		%				95.2		%
Same-Home occupancy percentage (44,862 properties)			97.8		%				96.9		%				96.0		%				96.0		%				96.0		%
Same-Home Average Occupied Days Percentage (44,862 properties)			96.9		%				95.6		%				95.3		%				95.2		%				95.3		%

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			$	0.39					$	0.39					$	0.39					$	0.39					$	0.39

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

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

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American Homes 4 Rent

Condensed Consolidated Statements of Operations

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

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Revenues:
Rents and other single-family property revenues			$	307,932					$	293,064					$	875,963					$	850,672
Other			2,877						5,240						7,538						8,696
Total revenues			310,809						298,304						883,501						859,368
Expenses:
Property operating expenses			126,174						119,791						344,107						331,066
Property management expenses			21,976						22,727						67,512						65,086
General and administrative expense			12,570						11,107						35,329						31,028
Interest expense			29,267						31,465						88,540						95,951
Acquisition and other transaction costs			1,616						651						5,719						2,455
Depreciation and amortization			86,996						82,073						254,653						246,074
Other			4,479						2,610						11,992						5,148
Total expenses			283,078						270,424						807,852						776,808
Gain on sale of single-family properties and other, net			12,422						13,521						33,838						32,895
Loss on early extinguishment of debt			—						—						—						(659)
Net income			40,153						41,401						109,487						114,796
Noncontrolling interest			3,819						4,099						9,976						11,129
Dividends on preferred shares			13,782						13,782						41,346						41,346
Net income attributable to common shareholders			$	22,552					$	23,520					$	58,165					$	62,321
Weighted-average common shares outstanding:
Basic			308,080,226						300,580,978						303,319,053						298,974,146
Diluted			308,541,502						301,032,855						303,775,556						299,479,234
Net income attributable to common shareholders per share:
Basic			$	0.07					$	0.08					$	0.19					$	0.21
Diluted			$	0.07					$	0.08					$	0.19					$	0.21

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

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American Homes 4 Rent

Funds from Operations

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

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Net income attributable to common shareholders			$	22,552					$	23,520					$	58,165					$	62,321
Adjustments:
Noncontrolling interests in the Operating Partnership			3,819						4,099						9,976						11,129
Net (gain) on sale / impairment of single-family properties and other			(11,994)						(11,871)						(27,901)						(29,812)
Adjustments for unconsolidated joint ventures			393						(325)						1,019						976
Depreciation and amortization			86,996						82,073						254,653						246,074
Less: depreciation and amortization of non-real estate assets			(2,296)						(1,991)						(6,552)						(5,902)
FFO attributable to common share and unit holders			$	99,470					$	95,505					$	289,360					$	284,786
Adjustments:
Acquisition, other transaction costs and other (1)			4,541						651						8,644						2,455
Noncash share-based compensation - general and administrative			1,723						938						4,741						2,520
Noncash share-based compensation - property management			447						350						1,327						989
Loss on early extinguishment of debt			—						—						—						659
Core FFO attributable to common share and unit holders (2)			$	106,181					$	97,444					$	304,072					$	291,409
Recurring Capital Expenditures			(15,397)						(12,475)						(36,292)						(30,665)
Leasing costs			(1,157)						(1,115)						(3,059)						(3,244)
Adjusted FFO attributable to common share and unit holders (2)			$	89,627					$	83,854					$	264,721					$	257,500
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.28					$	0.27					$	0.81					$	0.81
Core FFO attributable to common share and unit holders (2)			$	0.29					$	0.28					$	0.85					$	0.83
Adjusted FFO attributable to common share and unit holders (2)			$	0.25					$	0.24					$	0.74					$	0.73
Weighted-average FFO shares and units:
Common shares outstanding			308,080,226						300,580,978						303,319,053						298,974,146
Share-based compensation plan (3)			695,681						611,476						691,964						660,267
Operating partnership units			52,026,980						52,133,502						52,026,980						53,388,074
Total weighted-average FFO shares and units			360,802,887						353,325,956						356,037,997						353,022,487

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three months ended September 30, 2020.

(2)Core FFO and Adjusted FFO attributable to common share and unit holders include negative financial impacts associated with the COVID-19 pandemic that relate to (i) the Company’s socially responsible decisions between April and July 2020 to waive month-to-month lease premiums and offer zero percent increases on newly signed renewal leases, (ii) waived late fees between April and July 2020, and (iii) $2.9 million and $12.3 million of other negative financial impacts from the COVID-19 pandemic including $2.2 million and $9.2 million of increased uncollectible rents and $0.7 million and $2.6 million of increased uncollectible tenant utility reimbursements during the three and nine months ended September 30, 2020, respectively. Also included is $0.5 million of increased costs associated with enhanced cleaning and safety protocols during the nine months ended September 30, 2020. Additionally, due primarily to abnormally high home system usage during stay-at-home orders, we incurred approximately $2.1 million and $3.4 million of incremental capital expenditures within Adjusted FFO attributable to common share and unit holders that primarily related to HVAC and home system replacements during the three and nine months ended September 30, 2020, respectively.

(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.						11

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American Homes 4 Rent

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Rents from single-family properties (1)			$	258,756					$	243,853					$	754,850					$	723,208
Fees from single-family properties (1)			4,338						3,657						11,663						10,163
Bad debt (2)			(5,097)						(2,752)						(15,927)						(6,260)
Core revenues			257,997						244,758						750,586						727,111
Property tax expense			45,341						43,782						135,458						129,626
HOA fees, net (3)			5,060						4,598						14,559						15,936
R&M and turnover costs, net (3)(4)			24,030						22,197						64,151						59,162
Insurance			2,467						2,283						7,200						6,748
Property management expenses, net (5)			20,870						21,002						63,547						60,130
Core property operating expenses			97,768						93,862						284,915						271,602
Core NOI			$	160,229					$	150,896					$	465,671					$	455,509
Core NOI margin			62.1		%				61.7		%				62.0		%				62.6		%

			For the Three Months Ended Sep 30, 2020
			Same-Home Properties						Stabilized Properties						Non-Stabilized Properties (6)						Held for Sale Properties						Total Single-Family Properties
Property count			44,862						4,680						2,874						813						53,229
Average Occupied Days Percentage			96.9		%				98.4		%				92.7		%				78.5		%				96.6		%
Rents from single-family properties (1)			$	219,868					$	24,312					$	11,085					$	3,491					$	258,756
Fees from single-family properties (1)			3,569						391						344						34						4,338
Bad debt (2)			(4,311)						(431)						(207)						(148)						(5,097)
Core revenues			219,126						24,272						11,222						3,377						257,997
Property tax expense			38,683						3,800						1,838						1,020						45,341
HOA fees, net (3)			4,235						466						240						119						5,060
R&M and turnover costs, net (3)(4)			20,356						1,547						1,348						779						24,030
Insurance			2,030						261						121						55						2,467
Property management expenses, net (5)			16,960						1,990						1,566						354						20,870
Core property operating expenses			82,264						8,064						5,113						2,327						97,768
Core NOI			$	136,862					$	16,208					$	6,109					$	1,050					$	160,229
Core NOI margin			62.5		%				66.8		%				54.4		%				31.1		%				62.1		%

(1)As a result of the COVID-19 pandemic, rents from single-family properties were impacted by the Company’s socially responsible decisions between April and July 2020 to waive month-to-month lease premiums and offer zero percent increases on newly signed renewal leases. Fees from single-family properties were also impacted as the Company waived late fees between April and July 2020.

(2)Includes increased uncollectible rents related to the COVID-19 pandemic of $2.2 million and $1.9 million for the total portfolio and Same-Home portfolio, respectively, during the third quarter of 2020 and $9.2 million and $7.9 million for the total portfolio and Same-Home portfolio, respectively, during the nine months ended September 30, 2020.

(3)Presented net of tenant charge-backs.

(4)Includes increased uncollectible tenant utility reimbursements of $0.7 million and $0.6 million for the total portfolio and Same-Home portfolio, respectively, for the third quarter of 2020 and $2.6 million and $2.4 million for the total portfolio and Same-Home portfolio, respectively, during the nine months ended September 30, 2020. Includes costs associated with enhanced cleaning and safety protocols related to the COVID-19 pandemic of $0.5 million and $0.4 million for the total portfolio and Same-Home portfolio, respectively, during the nine months ended September 30, 2020.

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

(6)Includes 749 newly acquired properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,125 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) or 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.						12

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American Homes 4 Rent

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

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

(Unaudited)

			For the Three Months Ended Sep 30,																		For the Nine Months Ended Sep 30,
			2020						2019						Change						2020						2019						Change
Number of Same-Home properties			44,862						44,862												44,862						44,862
Occupancy percentage as of period end			97.8		%				96.0		%				1.8		%				97.8		%				96.0		%				1.8		%
Average Occupied Days Percentage			96.9		%				95.3		%				1.6		%				96.0		%				95.5		%				0.5		%
Average Monthly Realized Rent per property			$	1,686					$	1,642					2.7		%				$	1,676					$	1,625					3.1		%
Turnover Rate			9.2		%				10.8		%				(1.6)		%				26.3		%				29.6		%				(3.3)		%
Turnover Rate - TTM			33.7		%				N/A												33.7		%				N/A
Core NOI:
Rents from single-family properties (1)			$	219,868					$	210,615					4.4		%				$	649,408					$	626,295					3.7		%
Fees from single-family properties (1)			3,569						3,132						14.0		%				9,528						8,512						11.9		%
Bad debt (2)			(4,311)						(2,290)						88.3		%				(13,349)						(5,223)						155.6		%
Core revenues			219,126						211,457						3.6		%				645,587						629,584						2.5		%
Property tax expense			38,683						37,374						3.5		%				115,306						109,632						5.2		%
HOA fees, net (3)			4,235						3,858						9.8		%				12,065						13,454						(10.3)		%
R&M and turnover costs, net (3)(4)			20,356						19,024						7.0		%				53,933						49,886						8.1		%
Insurance			2,030						1,931						5.1		%				5,983						5,693						5.1		%
Property management expenses, net (5)			16,960						17,686						(4.1)		%				52,346						51,019						2.6		%
Core property operating expenses			82,264						79,873						3.0		%				239,633						229,684						4.3		%
Core NOI			$	136,862					$	131,584					4.0		%				$	405,954					$	399,900					1.5		%
Core NOI margin			62.5		%				62.2		%										62.9		%				63.5		%
Recurring Capital Expenditures (6)			13,354						10,938						22.1		%				31,754						26,793						18.5		%
Core NOI After Capital Expenditures			$	123,508					$	120,646					2.4		%				$	374,200					$	373,107					0.3		%
Property Enhancing Capex			$	13,633					$	5,452											$	31,588					$	14,229
Per property:
Average Recurring Capital Expenditures			$	298					$	244					22.1		%				$	708					$	597					18.5		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	752					$	668					12.6		%				$	1,910					$	1,709					11.8		%

(1)As a result of the COVID-19 pandemic, rents from single-family properties were impacted by the Company’s socially responsible decisions between April and July 2020 to waive month-to-month lease premiums and offer zero percent increases on newly signed renewal leases. Fees from single-family properties were also impacted as the Company waived late fees between April and July 2020.

(2)Includes $1.9 million and $7.9 million of increased uncollectible rents related to the COVID-19 pandemic during the three and nine months ended September 30, 2020, respectively.

(3)Presented net of tenant charge-backs.

(4)Includes $0.6 million and $2.4 million of increased uncollectible tenant utility reimbursements during the three and nine months ended September 30, 2020, respectively, and $0.4 million of increased costs associated with enhanced cleaning and safety protocols related to the COVID-19 pandemic during the nine months ended September 30, 2020.

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

(6)Includes $1.8 million and $3.0 million of incremental capital expenditures that primarily related to HVAC and home system replacements due to abnormally high home system usage during stay-at-home orders during the three and nine months ended September 30, 2020, respectively.

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

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American Homes 4 Rent

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

			For the Three Months Ended
			Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
Occupancy percentage as of period end			97.8		%				96.9		%				96.0		%				96.0		%				96.0		%
Average Occupied Days Percentage			96.9		%				95.6		%				95.3		%				95.2		%				95.3		%
Average Monthly Realized Rent per property			$	1,686					$	1,678					$	1,664					$	1,652					$	1,642
Average Change in Rent for Renewals			1.1		%				1.3		%				4.6		%				4.7		%				4.1		%
Average Change in Rent for Re-Leases			5.9		%				4.4		%				3.3		%				1.4		%				3.6		%
Average Blended Change in Rent			2.8		%				2.4		%				4.1		%				3.4		%				3.9		%
Core NOI:
Rents from single-family properties (1)			$	219,868					$	216,012					$	213,528					$	211,767					$	210,615
Fees from single-family properties (1)			3,569						2,617						3,342						3,120						3,132
Bad debt (2)			(4,311)						(7,497)						(1,541)						(2,133)						(2,290)
Core revenues			219,126						211,132						215,329						212,754						211,457
Property tax expense			38,683						38,364						38,259						37,014						37,374
HOA fees, net (3)			4,235						4,093						3,737						3,847						3,858
R&M and turnover costs, net (3)(4)			20,356						19,284						14,293						14,953						19,024
Insurance			2,030						2,009						1,944						1,917						1,931
Property management expenses, net (5)			16,960						17,452						17,934						16,990						17,686
Core property operating expenses			82,264						81,202						76,167						74,721						79,873
Core NOI			$	136,862					$	129,930					$	139,162					$	138,033					$	131,584
Core NOI margin			62.5		%				61.5		%				64.6		%				64.9		%				62.2		%
Recurring Capital Expenditures (6)			13,354						10,694						7,706						7,864						10,938
Core NOI After Capital Expenditures			$	123,508					$	119,236					$	131,456					$	130,169					$	120,646
Property Enhancing Capex			$	13,633					$	11,140					$	6,815					$	5,662					$	5,452
Per property:
Average Recurring Capital Expenditures			$	298					$	238					$	172					$	175					$	244
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	752					$	668					$	490					$	508					$	668

(1)As a result of the COVID-19 pandemic, rents from single-family properties were impacted by the Company’s socially responsible decisions between April and July 2020 to waive month-to-month lease premiums and offer zero percent increases on newly signed renewal leases. Fees from single-family properties were also impacted as the Company waived late fees between April and July 2020.

(2)Includes $6.0 million and $1.9 million of increased uncollectible rents related to the COVID-19 pandemic during the second and third quarter of 2020, respectively.

(3)Presented net of tenant charge-backs.

(4)Includes $1.8 million and $0.6 million of increased uncollectible tenant utility reimbursements during the second and third quarter of 2020, respectively, and $0.4 million of increased costs associated with enhanced cleaning and safety protocols related to the COVID-19 pandemic during the second quarter of 2020.

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

(6)Includes $1.2 million and $1.8 million of incremental capital expenditures that primarily related to HVAC and home system replacements due to abnormally high home system usage during stay-at-home orders during the second and third quarter of 2020, respectively.

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

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American Homes 4 Rent

Same-Home Results – Operating Metrics by Market

			Number of Properties						Gross Book Value per Property						% of 3Q20 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA			3,904						$	177,771					8.6		%				1.3		%				6.1		%				2.8		%
Dallas-Fort Worth, TX			3,791						165,712						7.2		%				1.4		%				4.2		%				2.3		%
Charlotte, NC			3,256						191,789						7.8		%				1.2		%				5.8		%				2.8		%
Indianapolis, IN			2,744						155,282						5.2		%				1.3		%				7.0		%				3.4		%
Houston, TX			2,485						167,867						4.4		%				0.5		%				4.0		%				1.5		%
Phoenix, AZ			2,297						171,994						5.3		%				2.2		%				11.2		%				5.2		%
Nashville, TN			2,288						213,131						6.2		%				0.6		%				4.9		%				2.1		%
Jacksonville, FL			2,000						170,739						4.3		%				1.3		%				5.4		%				2.8		%
Tampa, FL			1,919						195,364						4.1		%				1.3		%				5.3		%				2.8		%
Cincinnati, OH			1,930						176,797						4.4		%				1.2		%				7.0		%				3.1		%
Columbus, OH			1,917						171,119						4.5		%				1.4		%				6.8		%				3.1		%
Raleigh, NC			1,897						185,029						4.3		%				0.5		%				5.3		%				1.9		%
Greater Chicago area, IL and IN			1,696						183,887						3.3		%				1.1		%				7.3		%				3.1		%
Orlando, FL			1,408						178,831						3.0		%				0.5		%				4.1		%				1.8		%
Salt Lake City, UT			1,252						238,874						3.8		%				1.4		%				7.5		%				3.9		%
Charleston, SC			985						193,044						2.2		%				1.4		%				4.8		%				3.0		%
Las Vegas, NV			914						178,248						2.3		%				1.4		%				7.2		%				3.8		%
San Antonio, TX			907						161,279						1.6		%				0.6		%				3.5		%				1.6		%
Savannah/Hilton Head, SC			811						178,469						1.8		%				0.4		%				4.7		%				2.2		%
Winston Salem, NC			712						158,548						1.5		%				0.6		%				6.4		%				3.2		%
All Other (2)			5,749						197,525						14.2		%				0.8		%				6.4		%				2.7		%
Total/Average			44,862						$	181,993					100.0		%				1.1		%				5.9		%				2.8		%

			Average Occupied Days Percentage																		Average Monthly Realized Rent per property
			3Q20 QTD						3Q19 QTD						Change						3Q20 QTD						3Q19 QTD						Change
Atlanta, GA			96.9		%				95.0		%				1.9		%				$	1,676					$	1,621					3.4		%
Dallas-Fort Worth, TX			96.3		%				95.1		%				1.2		%				1,799						1,766						1.9		%
Charlotte, NC			97.8		%				95.0		%				2.8		%				1,646						1,604						2.6		%
Indianapolis, IN			97.1		%				95.4		%				1.7		%				1,483						1,435						3.3		%
Houston, TX			96.2		%				94.7		%				1.5		%				1,696						1,655						2.5		%
Phoenix, AZ			98.1		%				96.3		%				1.8		%				1,523						1,450						5.0		%
Nashville, TN			95.6		%				93.9		%				1.7		%				1,791						1,756						2.0		%
Jacksonville, FL			97.1		%				95.1		%				2.0		%				1,617						1,588						1.8		%
Tampa, FL			96.8		%				94.6		%				2.2		%				1,745						1,727						1.0		%
Cincinnati, OH			97.1		%				95.2		%				1.9		%				1,660						1,618						2.6		%
Columbus, OH			98.2		%				96.7		%				1.5		%				1,694						1,638						3.4		%
Raleigh, NC			96.7		%				94.9		%				1.8		%				1,581						1,537						2.9		%
Greater Chicago area, IL and IN			97.6		%				95.7		%				1.9		%				1,917						1,878						2.1		%
Orlando, FL			96.0		%				95.7		%				0.3		%				1,740						1,706						2.0		%
Salt Lake City, UT			97.2		%				96.3		%				0.9		%				1,829						1,771						3.3		%
Charleston, SC			96.7		%				95.0		%				1.7		%				1,740						1,694						2.7		%
Las Vegas, NV			97.8		%				96.5		%				1.3		%				1,639						1,589						3.1		%
San Antonio, TX			95.5		%				94.7		%				0.8		%				1,580						1,551						1.9		%
Savannah/Hilton Head, SC			96.8		%				96.0		%				0.8		%				1,604						1,553						3.3		%
Winston Salem, NC			96.1		%				95.0		%				1.1		%				1,423						1,394						2.1		%
All Other (2)			96.9		%				95.6		%				1.3		%				1,745						1,700						2.6		%
Total/Average			96.9		%				95.3		%				1.6		%				$	1,686					$	1,642					2.7		%

(1)Reflected for the three months ended September 30, 2020.

(2)Represents 15 markets in 14 states.

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

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American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands)

			Sep 30, 2020						Dec 31, 2019
			(Unaudited)
Assets
Single-family properties:
Land			$	1,813,951					$	1,756,504
Buildings and improvements			8,022,817						7,691,877
Single-family properties in operation			9,836,768						9,448,381
Less: accumulated depreciation			(1,677,831)						(1,462,105)
Single-family properties in operation, net			8,158,937						7,986,276
Single-family properties under development and development land			449,867						355,427
Single-family properties held for sale, net			146,447						209,828
Total real estate assets, net			8,755,251						8,551,531
Cash and cash equivalents			315,808						37,575
Restricted cash			126,219						126,544
Rent and other receivables			46,908						29,618
Escrow deposits, prepaid expenses and other assets			135,251						140,961
Investments in unconsolidated joint ventures			74,981						67,935
Asset-backed securitization certificates			25,666						25,666
Goodwill			120,279						120,279
Total assets			$	9,600,363					$	9,100,109
Liabilities
Revolving credit facility			$	—					$	—
Asset-backed securitizations, net			1,931,725						1,945,044
Unsecured senior notes, net			889,467						888,453
Accounts payable and accrued expenses			324,732						243,193
Amounts payable to affiliates			—						4,629
Total liabilities			3,145,924						3,081,319
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares			3,156						3,001
Class B common shares			6						6
Preferred shares			354						354
Additional paid-in capital			6,214,149						5,790,775
Accumulated deficit			(454,697)						(465,368)
Accumulated other comprehensive income			6,041						6,658
Total shareholders’ equity			5,769,009						5,335,426
Noncontrolling interest			685,430						683,364
Total equity			6,454,439						6,018,790
Total liabilities and equity			$	9,600,363					$	9,100,109

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

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American Homes 4 Rent

Debt Summary as of September 30, 2020

(Amounts in thousands)

(Unaudited)

			Secured						Unsecured						Total Balance						% of Total						Interest Rate (1)						Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)			$	—					$	—					$	—					—		%				1.35		%				1.7
Total floating rate debt			—						—						—						—		%				1.35		%				1.7
Fixed rate debt:
AH4R 2014-SFR2			481,520						—						481,520						16.9		%				4.42		%				4.0
AH4R 2014-SFR3			496,577						—						496,577						17.4		%				4.40		%				4.2
AH4R 2015-SFR1			522,338						—						522,338						18.3		%				4.14		%				24.5
AH4R 2015-SFR2			453,448						—						453,448						15.9		%				4.36		%				25.0
2028 unsecured senior notes (4)			—						500,000						500,000						17.5		%				4.08		%				7.4
2029 unsecured senior notes			—						400,000						400,000						14.0		%				4.90		%				8.4
Total fixed rate debt			1,953,883						900,000						2,853,883						100.0		%				4.36		%				12.3
Total Debt			$	1,953,883					$	900,000					2,853,883						100.0		%				4.36		%				12.3
Unamortized discounts and loan costs															(32,691)
Total debt per balance sheet															$	2,821,192

Maturity Schedule by Year (2)						Total Debt						% of Total
Remaining 2020						$	5,179					0.2		%
2021						20,714						0.7		%
2022						20,714						0.7		%
2023						20,714						0.7		%
2024						954,560						33.2		%
2025						10,302						0.4		%
2026						10,302						0.4		%
2027						10,302						0.4		%
2028						510,302						17.9		%
2029						410,302						14.4		%
Thereafter						880,492						31.0		%
Total						$	2,853,883					100.0		%

(1)Interest rates are as of September 30, 2020.

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

(3)The interest rate shown above reflects the Company’s LIBOR-based borrowing rate, based on 1-month LIBOR and applicable margin as of period end. Balance reflects borrowings outstanding as of September 30, 2020.

(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 Sep 30,												For the Nine Months Ended Sep 30,
(Amounts in thousands)			2020						2019						2020						2019
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	29,267					$	31,465					$	88,540					$	95,951
Less: amortization of discount, loan costs and cash flow hedge			(1,867)						(1,876)						(5,564)						(5,588)
Add: capitalized interest			4,808						2,748						14,529						8,095
Cash interest			$	32,208					$	32,337					$	97,505					$	98,458

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

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American Homes 4 Rent

Capital Structure and Credit Metrics as of September 30, 2020

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

(Unaudited)

Total Capitalization
Total Debt												$	2,853,883					20.1		%
Total preferred shares												883,750						6.2		%
Common equity at market value:
Common shares outstanding						316,263,142
Operating partnership units						52,026,980
Total shares and units						368,290,122
NYSE AMH Class A common share closing price at September 30, 2020						$	28.48
Market value of common shares and operating partnership units												10,488,903						73.7		%
Total Market Capitalization												$	14,226,536					100.0		%

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

Credit Ratios

Credit Ratings

Net Debt to Adjusted EBITDAre

4.2 x

Rating Agency

Rating

Outlook

Debt and Preferred Shares to Adjusted EBITDAre

6.3 x

Moody's Investor Service

Baa3

Stable

Fixed Charge Coverage

3.2 x

S&P Global Ratings

BBB-

Stable

Unencumbered Core NOI percentage

66.2

%

Unsecured Senior Notes Covenant Ratios						Requirement									Actual
Ratio of Indebtedness to Total Assets						<			60.0		%				25.7		%
Ratio of Secured Debt to Total Assets						<			40.0		%				17.6		%
Ratio of Unencumbered Assets to Unsecured Debt						>			150.0		%				886.3		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense						>			1.50 x						4.49 x

Unsecured Credit Facility Covenant Ratios						Requirement									Actual
Ratio of Total Indebtedness to Total Asset Value						<			60.0		%				26.3		%
Ratio of Secured Indebtedness to Total Asset Value						<			40.0		%				17.5		%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value						<			60.0		%				13.3		%
Ratio of EBITDA to Fixed Charges						>			1.75 x						2.89 x
Ratio of Unencumbered NOI to Unsecured Interest Expense						>			1.75 x						9.91 x

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

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American Homes 4 Rent

Top 20 Markets Summary as of September 30, 2020

Property Information (1)

Market						Number of Properties						Percentage of Total Properties						Gross Book Value per Property						Avg. Sq. Ft.						Avg. Age (years)
Atlanta, GA						4,919						9.4		%				$	183,684					2,165						17.3
Dallas-Fort Worth, TX						4,309						8.2		%				166,603						2,117						16.5
Charlotte, NC						3,789						7.2		%				197,444						2,099						16.0
Phoenix, AZ						3,114						5.9		%				177,414						1,835						17.0
Houston, TX						2,988						5.7		%				165,923						2,094						14.7
Nashville, TN						2,868						5.5		%				216,094						2,109						15.0
Indianapolis, IN						2,801						5.3		%				154,853						1,930						18.0
Tampa, FL						2,417						4.6		%				202,117						1,943						14.4
Jacksonville, FL						2,374						4.5		%				181,887						1,938						14.6
Raleigh, NC						2,093						4.0		%				186,084						1,879						15.3
Columbus, OH						2,046						3.9		%				174,226						1,870						18.7
Cincinnati, OH						1,967						3.8		%				176,466						1,853						18.2
Greater Chicago area, IL and IN						1,731						3.3		%				183,566						1,869						19.1
Orlando, FL						1,739						3.3		%				185,020						1,901						18.2
Salt Lake City, UT						1,545						2.9		%				256,653						2,185						17.1
Charleston, SC						1,242						2.4		%				204,036						1,972						11.9
Las Vegas, NV						1,077						2.1		%				184,017						1,852						16.7
San Antonio, TX						931						1.8		%				161,893						2,019						16.5
Savannah/Hilton Head, SC						916						1.7		%				183,625						1,871						12.6
Denver, CO						829						1.6		%				298,932						2,106						18.2
All Other (3)						6,721						12.9		%				193,077						1,877						15.7
Total/Average						52,416						100.0		%				$	187,667					1,987						16.3

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												97.0		%				$	1,671					1.3		%				6.2		%				2.8		%
Dallas-Fort Worth, TX												96.2		%				1,796						1.4		%				4.1		%				2.4		%
Charlotte, NC												97.8		%				1,652						1.1		%				6.0		%				2.9		%
Phoenix, AZ												98.0		%				1,515						2.0		%				12.2		%				5.3		%
Houston, TX												95.8		%				1,685						0.5		%				4.1		%				1.7		%
Nashville, TN												95.6		%				1,787						0.6		%				5.0		%				2.1		%
Indianapolis, IN												97.0		%				1,481						1.3		%				7.0		%				3.4		%
Tampa, FL												97.2		%				1,745						1.3		%				5.4		%				2.8		%
Jacksonville, FL												97.0		%				1,632						1.3		%				5.8		%				3.0		%
Raleigh, NC												96.4		%				1,581						0.5		%				5.7		%				2.1		%
Columbus, OH												98.0		%				1,698						1.4		%				6.6		%				3.0		%
Cincinnati, OH												97.1		%				1,659						1.2		%				7.1		%				3.1		%
Greater Chicago area, IL and IN												97.3		%				1,916						1.0		%				7.3		%				3.1		%
Orlando, FL												96.0		%				1,736						0.5		%				4.4		%				2.0		%
Salt Lake City, UT												97.7		%				1,836						1.4		%				7.5		%				3.9		%
Charleston, SC												97.0		%				1,763						1.4		%				4.9		%				3.0		%
Las Vegas, NV												97.0		%				1,637						1.3		%				7.0		%				3.8		%
San Antonio, TX												95.4		%				1,572						0.5		%				3.4		%				1.5		%
Savannah/Hilton Head, SC												96.4		%				1,613						0.5		%				4.6		%				2.2		%
Denver, CO												94.9		%				2,284						1.1		%				6.1		%				3.1		%
All Other (3)												97.0		%				1,668						0.8		%				6.5		%				2.7		%
Total/Average												96.9		%				$	1,689					1.1		%				6.1		%				2.8		%

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

(2)Reflected for the three months ended September 30, 2020.

(3)Represents 15 markets in 14 states.

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

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American Homes 4 Rent

Property Additions

						3Q20 Additions												YTD 3Q20 Additions
Market						Number of Properties						Average Total Investment Cost (1)						Number of Properties						Average Total Investment Cost (1)
Atlanta, GA						67						$	244,780					221						$	244,070
Jacksonville, FL						60						263,129						143						258,017
Salt Lake City, UT						60						335,787						124						322,875
Tampa, FL						53						253,986						203						238,705
Charlotte, NC						47						294,763						119						291,693
Austin, TX						41						220,771						96						209,951
Las Vegas, NV						38						304,744						38						304,744
Nashville, TN						38						265,301						144						272,141
Orlando, FL						23						257,649						71						257,163
Charleston, SC						19						254,997						118						251,251
Raleigh, NC						15						240,094						44						253,702
Savannah/Hilton Head, SC						15						242,709						40						241,389
Portland, OR						12						359,400						33						339,443
Greenville, SC						5						183,843						5						183,843
Columbus, OH						4						256,324						24						250,771
Seattle, WA						4						404,428						25						377,911
Phoenix, AZ						3						326,483						33						292,629
Tucson, AZ						3						275,355						32						241,050
Denver, CO						1						426,505						16						398,250
Dallas-Fort Worth, TX						—						—						20						247,790
Boise, ID						—						—						11						278,947
Total/Average						508						$	272,605					1,560						$	264,771

(1)Reflects on a per property basis 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

						Sep 30, 2020 Single-Family Properties Held for Sale						3Q20 Dispositions												YTD 3Q20 Dispositions
Market												Number of Properties						Average Net Proceeds per property						Number of Properties						Average Net Proceeds per property
Inland Empire, CA						162						9						$	358,556					24						$	357,594
Greater Chicago area, IL and IN						146						20						203,350						82						174,426
Bay Area, CA						69						7						489,286						21						471,619
Houston, TX						69						24						212,833						72						212,726
Central Valley, CA						68						8						235,875						29						243,119
Atlanta, GA						56						47						227,660						114						219,400
Dallas-Fort Worth, TX						42						17						237,647						51						235,163
Oklahoma City, OK						38						11						192,273						161						171,056
Austin, TX						22						6						171,167						45						143,705
Orlando, FL						18						9						231,222						23						242,359
Tampa, FL						18						20						249,250						37						256,663
Miami, FL						15						2						289,500						6						308,372
San Antonio, TX						9						5						187,800						15						180,080
Cincinnati, OH						8						—						—						5						172,100
Columbia, SC						8						—						—						3						153,718
Nashville, TN						8						9						303,111						30						266,149
Phoenix, AZ						8						4						306,750						12						256,994
Charlotte, NC						6						2						193,000						15						215,083
Milwaukee, WI						6						1						365,000						3						279,585
Indianapolis, IN						5						1						173,000						14						177,425
All Other (1)						32						31						228,710						97						208,348
Total/Average						813						233						$	240,983					859						$	215,295

(1)Represents 18 markets in 14 states.

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

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American Homes 4 Rent

AMH Development Pipeline Summary as of September 30, 2020

						YTD 3Q20 Deliveries																		Sep 30, 2020 Lots for Future Delivery
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Nashville, TN						181						$	261,000					$	1,830					570
Tampa, FL						158						240,000						1,810						419
Atlanta, GA						138						253,000						1,770						826
Jacksonville, FL						122						255,000						1,780						433
Charlotte, NC						114						279,000						1,930						841
Salt Lake City, UT						109						319,000						1,880						427
Austin, TX (1)						96						210,000						1,790						119
Charleston, SC						94						243,000						1,800						266
Las Vegas, NV						72						289,000						1,930						767
Seattle, WA						68						361,000						2,360						323
Raleigh, NC						31						256,000						1,800						81
Denver, CO						30						328,000						2,300						167
Orlando, FL						29						274,000						1,890						83
Phoenix, AZ						25						285,000						1,900						266
Boise, ID						13						307,000						1,870						516
Total						1,280						$	268,000					$	1,870					6,104

Estimated Delivery Timing

						YTD 3Q20 Deliveries						Remainder 2020 Deliveries (3)						Full Year Estimated 2020 Deliveries (3)						Thereafter (3)
Consolidated development properties						963						162—212						1,125—1,175						5,467
Joint venture development properties (2)						317						58—108						375—425						367
Total development properties						1,280						220—320						1,500—1,600						5,834

(1)Reflects the third quarter 2020 reclassification of 215 properties from the San Antonio, TX market to the Austin, TX market.

(2)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

(3)Reflects the Company’s latest development program estimates as of November 5, 2020. To date, the Company has experienced certain COVID-19 related construction delays, including government office slowdowns, and the extent to which the pandemic will ultimately impact us will depend on future events which are highly uncertain.

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

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American Homes 4 Rent

Lease Expirations

						MTM						4Q20						1Q21						2Q21						3Q21						Thereafter
Lease expirations						2,151						8,183						11,322						13,256						12,304						4,225

Share Repurchase / ATM Share Issuance History

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

						Share Repurchases																		ATM Share Issuances
Period						Common Shares Repurchased						Purchase Price						Avg. Price Paid Per Share						Common Shares Issued						Gross Proceeds						Avg. Issuance Price Per Share
2018						1,804,163						$	34,933					$	19.36					—						$	—					$	—
2019						—						—						—						—						—						—
1Q20						—						—						—						—						—						—
2Q20						—						—						—						—						—						—
3Q20						—						—						—						86,130						2,414						28.03
Total						1,804,163						34,933						$	19.36					86,130						2,414						$	28.03
						Remaining authorization:						$	265,067											Remaining authorization:						$	497,586

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						Dec 31, 2019						Mar 31, 2020						Jun 30, 2020
Atlanta, GA						100.0						114.2						122.3						132.0						143.0						152.6						165.1						174.0						177.5						181.4						81.4		%
Dallas-Fort Worth, TX (3)						100.0						108.4						115.2						127.6						140.1						153.7						160.7						167.4						169.1						172.6						72.6		%
Charlotte, NC						100.0						113.4						118.8						126.8						136.6						148.2						157.5						165.1						171.8						175.3						75.3		%
Phoenix, AZ						100.0						118.0						123.3						135.9						146.1						157.2						170.2						180.7						187.0						193.2						93.2		%
Houston, TX						100.0						110.8						123.1						130.1						133.0						137.0						139.7						144.4						146.0						148.8						48.8		%
Nashville, TN						100.0						111.0						117.4						131.1						141.1						156.6						165.0						173.2						175.3						181.4						81.4		%
Indianapolis, IN						100.0						106.4						112.3						117.8						124.5						134.2						142.3						152.7						157.2						162.9						62.9		%
Tampa, FL						100.0						113.0						121.1						132.3						149.1						160.4						173.4						186.6						190.4						196.0						96.0		%
Jacksonville, FL						100.0						114.2						121.7						127.7						142.3						150.6						166.7						177.6						180.8						183.5						83.5		%
Raleigh, NC						100.0						106.7						111.6						120.0						130.8						135.8						146.0						153.0						153.3						161.3						61.3		%
Columbus, OH						100.0						108.9						114.5						120.8						131.5						141.8						148.9						157.4						161.4						169.0						69.0		%
Cincinnati, OH						100.0						104.9						111.2						115.7						121.4						128.3						136.2						143.2						144.8						151.1						51.1		%
Greater Chicago area, IL and IN						100.0						111.0						115.1						118.8						126.3						130.5						133.7						135.5						137.4						140.4						40.4		%
Orlando, FL						100.0						110.3						123.5						135.4						144.9						158.9						168.6						184.6						187.2						188.3						88.3		%
Salt Lake City, UT						100.0						109.4						114.5						123.2						133.0						146.5						158.8						170.4						178.2						182.0						82.0		%
Charleston, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						177.6						180.9						80.9		%
Las Vegas, NV						100.0						125.1						141.3						149.0						161.5						182.0						207.9						215.9						217.9						223.4						123.4		%
San Antonio, TX						100.0						101.1						108.0						113.9						124.7						133.8						137.7						145.4						151.2						149.0						49.0		%
Savannah/Hilton Head, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						177.6						180.9						80.9		%
Denver, CO						100.0						110.1						121.3						136.4						151.4						166.9						177.5						187.6						193.6						194.6						94.6		%
Average																																																																		75.8		%

(1)Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20th day of the second month following quarter-end. Accordingly, information in the above table has been presented through June 30, 2020. 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 September 30, 2020.

(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.						22

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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 comparable long-term 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 comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month comparable long-term 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 after initially being placed in-service. 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) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (3) gain or loss on sales of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, (9) other expenses and (10) other revenues. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. We further adjust Core NOI for our Same-Home portfolio by subtracting Recurring Capital Expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe provides useful information to investors because it more fully reflects our operating performance after the impact of all property-level expenditures, regardless of whether they are capitalized or expensed.

Core NOI and Same-Home Core NOI After Capital Expenditures should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

						23

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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 and Same-Home Core NOI After Capital Expenditures to their respective GAAP metrics for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands):

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Core revenues and Same-Home core revenues
Total revenues			$	310,809					$	298,304					$	883,501					$	859,368
Tenant charge-backs			(49,935)						(48,306)						(125,377)						(123,561)
Other revenues			(2,877)						(5,240)						(7,538)						(8,696)
Core revenues			257,997						244,758						750,586						727,111
Less: Non-Same-Home core revenues			38,871						33,301						104,999						97,527
Same-Home core revenues			$	219,126					$	211,457					$	645,587					$	629,584

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	126,174					$	119,791					$	344,107					$	331,066
Property management expenses			21,976						22,727						67,512						65,086
Noncash share-based compensation - property management			(447)						(350)						(1,327)						(989)
Expenses reimbursed by tenant charge-backs			(49,935)						(48,306)						(125,377)						(123,561)
Core property operating expenses			97,768						93,862						284,915						271,602
Less: Non-Same-Home core property operating expenses			15,504						13,989						45,282						41,918
Same-Home core property operating expenses			$	82,264					$	79,873					$	239,633					$	229,684

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	40,153					$	41,401					$	109,487					$	114,796
Loss on early extinguishment of debt			—						—						—						659
Gain on sale of single-family properties and other, net			(12,422)						(13,521)						(33,838)						(32,895)
Depreciation and amortization			86,996						82,073						254,653						246,074
Acquisition and other transaction costs			1,616						651						5,719						2,455
Noncash share-based compensation - property management			447						350						1,327						989
Interest expense			29,267						31,465						88,540						95,951
General and administrative expense			12,570						11,107						35,329						31,028
Other expenses			4,479						2,610						11,992						5,148
Other revenues			(2,877)						(5,240)						(7,538)						(8,696)
Core NOI			160,229						150,896						465,671						455,509
Less: Non-Same-Home Core NOI			23,367						19,312						59,717						55,609
Same-Home Core NOI			136,862						131,584						405,954						399,900
Less: Same-Home Recurring Capital Expenditures			13,354						10,938						31,754						26,793
Same-Home Core NOI After Capital Expenditures			$	123,508					$	120,646					$	374,200					$	373,107

						24

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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 trailing five quarters (amounts in thousands):

			For the Three Months Ended
			Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
Core revenues and Same-Home core revenues
Total revenues			$	310,809					$	283,098					$	289,594					$	284,010					$	298,304
Tenant charge-backs			(49,935)						(35,429)						(40,013)						(36,290)						(48,306)
Other revenues			(2,877)						(2,409)						(2,252)						(2,545)						(5,240)
Core revenues			257,997						245,260						247,329						245,175						244,758
Less: Non-Same-Home core revenues			38,871						34,128						32,000						32,421						33,301
Same-Home core revenues			$	219,126					$	211,132					$	215,329					$	212,754					$	211,457

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	126,174					$	110,436					$	107,497					$	102,788					$	119,791
Property management expenses			21,976						22,260						23,276						21,822						22,727
Noncash share-based compensation - property management			(447)						(441)						(439)						(353)						(350)
Expenses reimbursed by tenant charge-backs			(49,935)						(35,429)						(40,013)						(36,290)						(48,306)
Core property operating expenses			97,768						96,826						90,321						87,967						93,862
Less: Non-Same-Home core property operating expenses			15,504						15,624						14,154						13,246						13,989
Same-Home core property operating expenses			$	82,264					$	81,202					$	76,167					$	74,721					$	79,873

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	40,153					$	31,807					$	37,527					$	41,464					$	41,401
Gain on sale of single-family properties and other, net			(12,422)						(10,651)						(10,765)						(10,978)						(13,521)
Depreciation and amortization			86,996						84,836						82,821						83,219						82,073
Acquisition and other transaction costs			1,616						1,956						2,147						769						651
Noncash share-based compensation - property management			447						441						439						353						350
Interest expense			29,267						29,558						29,715						31,163						31,465
General and administrative expense			12,570						11,493						11,266						12,178						11,107
Other expenses			4,479						1,403						6,110						1,585						2,610
Other revenues			(2,877)						(2,409)						(2,252)						(2,545)						(5,240)
Core NOI			160,229						148,434						157,008						157,208						150,896
Less: Non-Same-Home Core NOI			23,367						18,504						17,846						19,175						19,312
Same-Home Core NOI			136,862						129,930						139,162						138,033						131,584
Less: Same-Home Recurring Capital Expenditures			13,354						10,694						7,706						7,864						10,938
Same-Home Core NOI After Capital Expenditures			$	123,508					$	119,236					$	131,456					$	130,169					$	120,646

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	160,229					$	148,434					$	157,008					$	157,208					$	150,896
Less: Encumbered Core NOI			52,573						50,135						53,881						53,679						51,072
Unencumbered Core NOI			$	107,656					$	98,299					$	103,127					$	103,529					$	99,824

						25

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Credit Ratios

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

Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)			Sep 30, 2020
Total Debt			$	2,853,883
Preferred shares at liquidation value			883,750
Total Debt and preferred shares			$	3,737,633
Adjusted EBITDAre - TTM			$	588,847
Debt and Preferred Shares to Adjusted EBITDAre			6.3 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Sep 30, 2020
Interest expense per income statement			$	119,703
Less: amortization of discounts, loan costs and cash flow hedge			(7,433)
Add: capitalized interest			17,531
Cash interest			129,801
Dividends on preferred shares			55,128
Fixed charges			$	184,929
Adjusted EBITDAre - TTM			$	588,847
Fixed Charge Coverage			3.2 x

Net Debt to Adjusted EBITDAre

(Amounts in thousands)			Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
Total Debt			$	2,853,883					$	2,989,230					$	2,970,558					$	2,870,993					$	2,876,223
Less: cash and cash equivalents			(315,808)						(32,010)						(33,108)						(37,575)						(171,209)
Less: asset-backed securitization certificates			(25,666)						(25,666)						(25,666)						(25,666)						(25,666)
Less: restricted cash related to securitizations			(35,315)						(39,892)						(42,060)						(40,558)						(40,058)
Net Debt			$	2,477,094					$	2,891,662					$	2,869,724					$	2,767,194					$	2,639,290
Adjusted EBITDAre - TTM			$	588,847					$	582,003					$	588,225					$	582,945					$	578,942
Net Debt to Adjusted EBITDAre			4.2 x						5.0 x						4.9 x						4.7 x						4.6 x

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Sep 30, 2020
(Amounts in thousands)			Dec 31, 2019						Mar 31, 2020						Jun 30, 2020						Sep 30, 2020
Unencumbered Core NOI			$	103,529					$	103,127					$	98,299					$	107,656					$	412,611
Core NOI			157,208						157,008						148,434						160,229						622,879
Unencumbered Core NOI Percentage																											66.2		%

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre 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 as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre (formerly known as 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. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre 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.

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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, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands):

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2020						2019						2020						2019
Net income			$	40,153					$	41,401					$	109,487					$	114,796
Interest expense			29,267						31,465						88,540						95,951
Depreciation and amortization			86,996						82,073						254,653						246,074
EBITDA			$	156,416					$	154,939					$	452,680					$	456,821
Net (gain) on sale / impairment of single-family properties and other			(11,994)						(11,871)						(27,901)						(29,812)
Adjustments for unconsolidated joint ventures			393						(325)						1,019						976
EBITDAre			$	144,815					$	142,743					$	425,798					$	427,985
Noncash share-based compensation - general and administrative			1,723						938						4,741						2,520
Noncash share-based compensation - property management			447						350						1,327						989
Acquisition, other transaction costs and other (1)			4,541						651						8,644						2,455
Loss on early extinguishment of debt			—						—						—						659
Adjusted EBITDAre			$	151,526					$	144,682					$	440,510					$	434,608
Recurring Capital Expenditures			(15,397)						(12,475)						(36,292)						(30,665)
Leasing costs			(1,157)						(1,115)						(3,059)						(3,244)
Fully Adjusted EBITDAre			$	134,972					$	131,092					$	401,159					$	400,699
Total revenues			$	310,809					$	298,304					$	883,501					$	859,368
Less: tenant charge-backs			(49,935)						(48,306)						(125,377)						(123,561)
Adjustments for unconsolidated joint ventures			393						(325)						1,019						976
Total revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	261,267					$	249,673					$	759,143					$	736,783
Adjusted EBITDAre Margin			58.0		%				57.9		%				58.0		%				59.0		%
Fully Adjusted EBITDAre Margin			51.7		%				52.5		%				52.8		%				54.4		%

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three months ended September 30, 2020.

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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
			Sep 30, 2020						Jun 30, 2020						Mar 31, 2020						Dec 31, 2019						Sep 30, 2019
Net income			$	150,951					$	152,199					$	160,696					$	156,260					$	149,530
Interest expense			119,703						121,901						124,914						127,114						126,642
Depreciation and amortization			337,872						332,949						330,953						329,293						327,197
EBITDA			$	608,526					$	607,049					$	616,563					$	612,667					$	603,369
Net (gain) on sale / impairment of single-family properties and other			(38,299)						(38,176)						(40,679)						(40,210)						(34,247)
Adjustments for unconsolidated joint ventures			1,840						1,122						1,481						1,797						976
EBITDAre			$	572,067					$	569,995					$	577,365					$	574,254					$	570,098
Noncash share-based compensation - general and administrative			5,687						4,902						4,176						3,466						2,986
Noncash share-based compensation - property management			1,680						1,583						1,488						1,342						1,206
Acquisition, other transaction costs and other (1)			9,413						5,523						4,537						3,224						3,993
Loss on early extinguishment of debt			—						—						659						659						659
Adjusted EBITDAre			$	588,847					$	582,003					$	588,225					$	582,945					$	578,942

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three months ended September 30, 2020.

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 as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, and (4) gain or loss on early extinguishment of debt.

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.

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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 attributable to common shareholders, determined in accordance with GAAP.

FFO Shares and Units

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

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).

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Platform Efficiency Percentage

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

			For the Three Months Ended Sep 30, 2020												For the Nine Months Ended Sep 30,
(amounts in thousands)			2020						2019						2020						2019
Property management expenses			$	21,976					$	22,727					$	67,512					$	65,086
Less: tenant charge-backs			(659)						(1,375)						(2,638)						(3,967)
Less: noncash share-based compensation - property management			(447)						(350)						(1,327)						(989)
Property management expenses, net			20,870						21,002						63,547						60,130
General and administrative expense			12,570						11,107						35,329						31,028
Less: noncash share-based compensation - general and administrative			(1,723)						(938)						(4,741)						(2,520)
General and administrative expense, net			10,847						10,169						30,588						28,508
Leasing costs			1,157						1,115						3,059						3,244
Platform costs			$	32,874					$	32,286					$	97,194					$	91,882
Total revenues			$	310,809					$	298,304					$	883,501					$	859,368
Less: tenant charge-backs			(49,935)						(48,306)						(125,377)						(123,561)
Less: other revenues			(2,877)						(5,240)						(7,538)						(8,696)
Total portfolio rents and fees			$	257,997					$	244,758					$	750,586					$	727,111
Platform Efficiency Percentage			12.7		%				13.2		%				12.9		%				12.6		%

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.

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Retained Cash Flow

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

						For the Three Months Ended Sep 30, 2020
Adjusted FFO attributable to common share and unit holders						$	89,627
Common distributions						(18,416)
Retained Cash Flow						$	71,211

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 and borrowings outstanding under our revolving credit 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.

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American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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.

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, 2019, and in the Company’s subsequent filings with the SEC.

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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
Chief Legal 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.			Berenberg Capital Markets			BofA Global Research			BTIG
Alex Rygiel			Keegan Carl			Jeff Spector			Ryan Gilbert
arygiel@brileyfbr.com			keegan.carl@berenberg-us.com			jeff.spector@bofa.com			rgilbert@btig.com
Citi			Credit Suisse			Evercore ISI			Goldman Sachs & Co.
Nicholas Joseph			Douglas Harter			Steve Sakwa			Richard Skidmore
nicholas.joseph@citi.com			douglas.harter@credit-suisse.com			steve.sakwa@evercoreisi.com			richard.skidmore@gs.com
Green Street Advisors			Janney Montgomery Scott			JMP Securities			J.P. Morgan Securities
John Pawlowski			Tyler Batory			Aaron Hecht			Anthony Paolone
jpawlowski@greenst.com			tbatory@janney.com			ahecht@jmpsecurities.com			anthony.paolone@jpmorgan.com
Keefe, Bruyette & Woods, Inc.			Mizuho Securities USA Inc.			Morgan Stanley			Raymond James & Associates, Inc.
Jade Rahmani			Haendel St. Juste			Richard Hill			Buck Horne
jrahmani@kbw.com			haendel.st.juste@mizuho-sc.com			richard.hill1@morganstanley.com			buck.horne@raymondjames.com
Wells Fargo Securities			Zelman & Associates
Todd Stender			Alexander Kalmus
todd.stender@wellsfargo.com			alex@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.