EX-99.2 3 amh0630218kexhibit992.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
2021 Guidance			23
Defined Terms and Non-GAAP Reconciliations			24

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American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Second Quarter 2021 Financial and Operating Results

CALABASAS, Calif., August 5, 2021—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 June 30, 2021.

Highlights

•Rents and other single-family property revenues increased 11.7% to $313.7 million for the second quarter of 2021.

•Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share, for the second quarter of 2021, compared to $15.4 million, or $0.05 per diluted share, for the second quarter of 2020.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 22.9% to $0.33 per FFO share and unit for the second quarter of 2021 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 26.4% to $0.29 per FFO share and unit for the second quarter of 2021.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 12.2% year-over-year for the second quarter of 2021.

•Achieved new record high Same-Home Average Occupied Days Percentage of 97.9% in the second quarter of 2021, while generating 13.7% rate growth on new leases.

•Record high seasonal demand continues in the third quarter 2021, driving a 90 basis point year-over year increase in Same-Home Average Occupied Days Percentage to 97.4% in July 2021, while achieving over 16.5% rate growth on new leases.

•Closed a $1.25 billion sustainability-linked credit facility, which amends the Company’s existing credit facility and provides for expanded revolving capacity and lower borrowing cost.

•Issued 5,500,000 Class A common shares raising net proceeds of $194.0 million during the second quarter of 2021 and offered 13,245,000 Class A common shares on a forward basis for future estimated net proceeds of $467.3 million.

•Redeemed all outstanding shares of the 6.500% Series D and 6.350% Series E perpetual preferred shares.

•Subsequent to quarter end, issued $450.0 million of 2.375% unsecured senior notes due 2031 and $300.0 million of 3.375% unsecured senior notes due 2051.

•Raised Full Year 2021 Core FFO attributable to common share and unit holders guidance midpoint by $0.05 per share and unit to $1.32, representing anticipated full year growth of 13.8% over prior year.

“The second quarter of 2021 was one of the strongest operational performances in the history of American Homes 4 Rent with quarterly Core FFO per share growth of nearly 23%,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “Additionally, we recently achieved numerous milestone capital accomplishments, including the highly successful debut issuance of 30-year unsecured bonds, which puts us in a position to further expand our 2021 external growth expectations. Coupled with our record-breaking operating results, we are increasing the midpoint of our full-year Core FFO guidance to $1.32 per share, which now represents nearly 14% anticipated year-over-year growth.”

Second Quarter 2021 Financial Results

Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share, for the second quarter of 2021, compared to $15.4 million, or $0.05 per diluted share, for the second quarter of 2020. This increase was primarily attributable to growth in the Company’s portfolio, higher occupancy and higher rental rates, partially offset by a noncash charge related to the redemptions of our Series D and Series E perpetual preferred shares.

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)

Rents and other single-family property revenues increased 11.7% to $313.7 million for the second quarter of 2021, compared to $280.7 million for the second quarter of 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 52,335 homes for the second quarter of 2021, compared to 49,600 homes for the second quarter of 2020, as well as higher rental rates, higher fees and lower uncollectible rents related to the COVID-19 pandemic.

Core NOI from our total portfolio increased 18.1% to $175.3 million for the second quarter of 2021, compared to $148.4 million for the second quarter of 2020. This growth was driven by a 12.4% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 3.7% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 6.6% to $242.2 million for the second quarter of 2021, compared to $227.1 million for the second quarter of 2020, which was driven by a 4.1% increase in Average Monthly Realized Rent per property and a 240 basis point increase in Average Occupied Days Percentage. This growth was further benefited by (i) 90 basis points of contribution from higher fees and (ii) 80 basis points from lower uncollectible rents related to the COVID-19 pandemic, which resulted in 8.3% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 2.2% to $87.0 million for the second quarter of 2021, compared to $85.2 million for the second quarter of 2020. As a result, Core NOI from Same-Home properties increased 12.2% to $153.7 million for the second quarter of 2021, compared to $137.0 million for the second quarter of 2020.

Core FFO attributable to common share and unit holders was $122.8 million, or $0.33 per FFO share and unit, for the second quarter of 2021, compared to $94.8 million, or $0.27 per FFO share and unit, for the second quarter of 2020. Adjusted FFO attributable to common share and unit holders was $108.7 million, or $0.29 per FFO share and unit, for the second quarter of 2021, compared to $81.6 million, or $0.23 per FFO share and unit, for the second quarter of 2020. 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.

Year-to-Date 2021 Financial Results

Net income attributable to common shareholders totaled $50.3 million, or $0.16 per diluted share, for the six-month period ended June 30, 2021, compared to $35.6 million, or $0.12 per diluted share, for the six-month period ended June 30, 2020. This increase was primarily attributable to growth in the Company’s portfolio, higher occupancy and higher rental rates, as well as an increase in gain on sale and impairment of single-family properties and other, net, partially offset by a noncash charge related to the redemptions of our Series D and Series E perpetual preferred shares.

Rents and other single-family property revenues increased 10.2% to $626.2 million for the six-month period ended June 30, 2021, compared to $568.0 million for the six-month period ended June 30, 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 51,980 homes for the six-month period ended June 30, 2021, compared to 49,322 homes for the six-month period ended June 30, 2020, as well as higher rental rates and higher fees, partially offset by increased uncollectible rents related to the COVID-19 pandemic.

Core NOI from our total portfolio increased 13.4% to $346.4 million for the six-month period ended June 30, 2021, compared to $305.4 million for the six-month period ended June 30, 2020. This growth was driven by a 10.1% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 4.7% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 6.1% to $478.9 million for the six-month period ended June 30, 2021, compared to $451.3 million for the six-month period ended June 30, 2020, which was

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)

driven by a 3.7% increase in Average Monthly Realized Rent per property and a 220 basis point increase in Average Occupied Days Percentage. This growth was (i) further benefited by 60 basis points of contribution from higher fees and (ii) partially offset by 50 basis points of drag from increased uncollectible rents related to the COVID-19 pandemic, which resulted in 6.2% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 3.0% to $170.0 million for the six-month period ended June 30, 2021, compared to $165.0 million for the six-month period ended June 30, 2020. As a result, Core NOI from Same-Home properties increased 8.0% to $306.0 million for the six-month period ended June 30, 2021, compared to $283.2 million for the six-month period ended June 30, 2020.

Core FFO attributable to common share and unit holders was $239.7 million, or $0.65 per FFO share and unit, for the six-month period ended June 30, 2021, compared to $197.9 million, or $0.56 per FFO share and unit, for the six-month period ended June 30, 2020. Adjusted FFO attributable to common share and unit holders for the six-month period ended June 30, 2021 was $215.0 million, or $0.58 per FFO share and unit, compared to $175.1 million, or $0.50 per FFO share and unit, for the six-month period ended June 30, 2020. 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.

Collections Update

Collections have continued to remain resilient throughout the pandemic with the Company recognizing bad debt on 2.5% of its second quarter 2021 rental billings for its Same-Home portfolio. Additionally, collections of July 2021 rental billings continue to remain consistent with pandemic payment histories within the same time frame.

Portfolio

As of June 30, 2021, the Company had an occupancy percentage of 97.1%, compared to 97.5% as of March 31, 2021. The occupancy percentage on Same-Home properties was 98.2% as of June 30, 2021, compared to 98.1% as of March 31, 2021.

Investments

As of June 30, 2021, the Company’s wholly-owned portfolio consisted of 54,785 homes, compared to 53,984 homes as of March 31, 2021, an increase of 801 homes during the second quarter of 2021, which included 256 newly constructed properties delivered through our AMH Development Program and 642 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 97 homes sold. As of June 30, 2021, the Company had 589 properties held for sale, compared to 636 properties as of March 31, 2021. Also, as of June 30, 2021, the Company had an additional 1,530 properties held in unconsolidated joint ventures, representing a net increase of 147 properties, compared to 1,383 properties held in unconsolidated joint ventures as of March 31, 2021.

Capital Activities, Balance Sheet and Liquidity

In April 2021, the Company closed a $1.25 billion revolving credit facility, amending its existing $800 million revolving credit facility. The amended revolving credit facility provides for expanded borrowing capacity, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the amended revolving credit facility is at either LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time

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)

to time. The amended revolving credit facility matures on April 15, 2025, with two six-month extension options at the Company’s election if certain conditions are met.

In May 2021, the Company issued 5,500,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising net proceeds of $194.0 million after deducting underwriting discounts and before offering costs of approximately $0.2 million. The Company used the net proceeds from the offering to repay indebtedness under its revolving credit facility, to partially fund the redemption of its Series D and Series E perpetual preferred shares discussed below and for general corporate purposes. In connection with this offering, the Company also entered into a forward sale agreement to issue an additional 13,245,000 Class A common shares of beneficial interest, $0.01 par value per share, for future estimated net proceeds of $467.3 million after deducting underwriting discounts. The forward sale agreement expires May 2022 and the Company expects to use these net proceeds for general corporate purposes including, without limitation, property acquisitions and developments.

In June 2021, the Company redeemed all 10,750,000 shares of the outstanding 6.500% Series D perpetual preferred shares, $0.01 par value per share, and all 9,200,000 shares of the outstanding 6.350% Series E perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends.

As of June 30, 2021, the Company had cash and cash equivalents of $40.6 million and had total outstanding debt of $3.5 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 3.8% and a weighted-average term to maturity of 10.4 years. The Company had $620.0 million of outstanding borrowings on its $1.25 billion 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 second quarter of 2021, the Company generated $71.1 million of Retained Cash Flow and sold 97 properties generating $28.2 million of net proceeds.

In July 2021, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051. Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a $12.8 million discount, and before estimated offering costs of $1.1 million. The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and intends to use any remaining net proceeds for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.

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)

2021 Guidance

The Company is providing revised 2021 guidance based on its current and expected views of the single-family rental market and general economic conditions. However, the extent to which the pandemic may continue to impact us and our residents will continue to depend on future developments. These include resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others. We will continue to monitor these events which may result in future revisions to our guidance estimates.

Guidance Summary

			Full Year 2021
			Previous Guidance						Current Guidance
Core FFO attributable to common share and unit holders			$1.24 - $1.30						$1.29 - $1.35
Core FFO attributable to common share and unit holders growth			6.9% - 12.1%						11.2% - 16.4%
Same-Home
Core revenues growth			3.75% - 4.75%						5.00% - 6.00%
Core property operating expenses growth			4.00% - 5.50%						4.00% - 5.50%
Core NOI growth			3.25% - 4.75%						5.25% - 6.75%

Changes to Full Year 2021 guidance:

•$0.03 related to our Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results.

•$0.02 related to our Non-Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results as well as partial year impact from our expanded external growth program, net of financing costs. Since our first quarter update on May 6, 2021, we have increased our external growth expectations by approximately $300 million to $1.4 billion to $1.6 billion, which now includes between 3,500 and 4,000 wholly-owned inventory additions as well as investments into our wholly-owned land and development pipeline and pro-rata share of joint venture investments. When combined with 100% of gross joint venture investments, we now expect to deploy total gross capital of $1.6 billion to $1.8 billion for the year.

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

Additional Information

A copy of the Company’s Second Quarter 2021 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.

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)

Conference Call

A conference call is scheduled on Friday, August 6, 2021 at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2021 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 “Investor relations.” A replay of the conference call may be accessed through Friday, August 20, 2021 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13721357#, or by using the link at www.americanhomes4rent.com, under “Investor relations.”

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 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 June 30, 2021, we owned 54,785 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 2021 Guidance, 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 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 adverse effect of the COVID-19 pandemic. The extent to which COVID-19 will impact our future financial results 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, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, 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, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, 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 Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Operating Data
Net income attributable to common shareholders			$	20,102					$	15,369					$	50,316					$	35,613
Core revenues			$	275,640					$	245,260					$	542,418					$	492,589
Core NOI			$	175,259					$	148,434					$	346,438					$	305,442
Core NOI margin			63.6		%				60.5		%				63.9		%				62.0		%
Platform Efficiency Percentage			12.0		%				13.1		%				12.4		%				13.1		%
Fully Adjusted EBITDAre			$	151,416					$	127,166					$	302,287					$	266,187
Fully Adjusted EBITDAre Margin			54.4		%				51.6		%				55.3		%				53.8		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.27					$	0.26					$	0.56					$	0.54
Core FFO attributable to common share and unit holders			$	0.33					$	0.27					$	0.65					$	0.56
Adjusted FFO attributable to common share and unit holders			$	0.29					$	0.23					$	0.58					$	0.50

			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	8,546,652					$	8,330,166					$	8,245,388					$	8,158,937					$	8,096,223
Total assets			$	9,968,726					$	9,686,701					$	9,593,625					$	9,600,363					$	9,271,774
Outstanding borrowings under revolving credit facility			$	620,000					$	80,000					$	—					$	—					$	130,000
Total Debt			$	3,456,214					$	2,922,374					$	2,848,492					$	2,853,883					$	2,989,230
Total Market Capitalization			$	18,379,670					$	16,096,244					$	14,783,745					$	14,226,536					$	13,373,387
Total Debt to Total Market Capitalization			18.8		%				18.2		%				19.3		%				20.1		%				22.4		%
Net Debt to Adjusted EBITDAre			5.3 x						4.5 x						4.4 x						4.2 x						5.0 x
Net Debt and Preferred Shares to Adjusted EBITDAre			5.9 x						6.0 x						5.9 x						5.7 x						6.5 x
NYSE AMH Class A common share closing price			$	38.85					$	33.34					$	30.00					$	28.48					$	26.90

Portfolio Data - end of period
Occupied single-family properties			52,645						52,025						51,271						51,090						50,170
Single-family properties recently acquired or developed			411						150						233						82						120
Single-family properties in turnover process			577						744						977						893						1,189
Single-family properties leased, not yet occupied			563						429						392						351						573
Total single-family properties, excluding properties held for sale			54,196						53,348						52,873						52,416						52,052
Single-family properties held for sale			589						636						711						813						948
Total single-family properties			54,785						53,984						53,584						53,229						53,000
Total occupancy percentage (1)			97.1		%				97.5		%				97.0		%				97.5		%				96.4		%
Total Average Occupied Days Percentage			97.3		%				97.1		%				97.2		%				96.9		%				95.1		%
Same-Home occupancy percentage (47,086 properties)			98.2		%				98.1		%				97.6		%				97.8		%				97.0		%
Same-Home Average Occupied Days Percentage (47,086 properties)			97.9		%				97.3		%				97.4		%				97.0		%				95.5		%

Other Data
Distributions declared per common share			$	0.10					$	0.10					$	0.05					$	0.05					$	0.05
Distributions declared per Series D perpetual preferred share (2)			$	0.30					$	0.41					$	0.41					$	0.41					$	0.41
Distributions declared per Series E perpetual preferred share (3)			$	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.

(2)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption.

(3)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021.

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 Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Rents and other single-family property revenues			$	313,654					$	280,689					$	626,227					$	568,031
Expenses:
Property operating expenses			116,578						110,436						235,272						217,933
Property management expenses			22,416						22,260						46,115						45,536
General and administrative expense			12,793						11,493						27,998						22,759
Interest expense			27,528						29,558						55,533						59,273
Acquisition and other transaction costs			2,968						1,956						7,814						4,103
Depreciation and amortization			91,117						84,836						181,188						167,657
Total expenses			273,400						260,539						553,920						517,261
Gain on sale and impairment of single-family properties and other, net			10,760						9,997						26,829						16,316
Other income and expense, net			800						1,660						1,599						2,248
Net income			51,814						31,807						100,735						69,334
Noncontrolling interest			3,218						2,656						8,143						6,157
Dividends on preferred shares			12,615						13,782						26,397						27,564
Redemption of perpetual preferred shares			15,879						—						15,879						—
Net income attributable to common shareholders			$	20,102					$	15,369					$	50,316					$	35,613
Weighted-average common shares outstanding:
Basic			319,752,730						301,011,545						318,380,175						300,912,307
Diluted			320,808,996						301,412,243						319,408,153						301,358,769
Net income attributable to common shareholders per share:
Basic			$	0.06					$	0.05					$	0.16					$	0.12
Diluted			$	0.06					$	0.05					$	0.16					$	0.12

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 Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Net income attributable to common shareholders			$	20,102					$	15,369					$	50,316					$	35,613
Adjustments:
Noncontrolling interests in the Operating Partnership			3,218						2,656						8,143						6,157
Gain on sale and impairment of single-family properties and other, net			(10,760)						(9,997)						(26,829)						(16,316)
Adjustments for unconsolidated joint ventures			449						388						831						626
Depreciation and amortization			91,117						84,836						181,188						167,657
Less: depreciation and amortization of non-real estate assets			(2,605)						(2,192)						(5,393)						(4,256)
FFO attributable to common share and unit holders			$	101,521					$	91,060					$	208,256					$	189,481
Adjustments:
Acquisition, other transaction costs and other			2,968						1,660						7,814						4,512
Noncash share-based compensation - general and administrative			1,823						1,649						6,165						3,018
Noncash share-based compensation - property management			599						441						1,598						880
Redemption of perpetual preferred shares			15,879						—						15,879						—
Core FFO attributable to common share and unit holders			$	122,790					$	94,810					$	239,712					$	197,891
Recurring Capital Expenditures			(13,217)						(12,184)						(22,868)						(20,895)
Leasing costs			(905)						(992)						(1,880)						(1,902)
Adjusted FFO attributable to common share and unit holders			$	108,668					$	81,634					$	214,964					$	175,094
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.27					$	0.26					$	0.56					$	0.54
Core FFO attributable to common share and unit holders			$	0.33					$	0.27					$	0.65					$	0.56
Adjusted FFO attributable to common share and unit holders			$	0.29					$	0.23					$	0.58					$	0.50
Weighted-average FFO shares and units:
Common shares outstanding			319,752,730						301,011,545						318,380,175						300,912,307
Share-based compensation plan and forward sale equity contracts (1)			1,328,529						491,605						1,348,541						648,441
Operating partnership units			51,376,980						52,026,980						51,520,074						52,026,980
Total weighted-average FFO shares and units			372,458,239						353,530,130						371,248,790						353,587,728

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of unsettled forward sale equity contracts under the treasury stock method.

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 Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Rents from single-family properties			$	277,323					$	250,764					$	545,644					$	496,094
Fees from single-family properties			5,526						3,311						10,700						7,325
Bad debt			(7,209)						(8,815)						(13,926)						(10,830)
Core revenues			275,640						245,260						542,418						492,589
Property tax expense			47,980						45,149						95,388						90,117
HOA fees, net (1)			5,302						4,983						10,269						9,499
R&M and turnover costs, net (1)			23,003						23,014						41,239						40,121
Insurance			2,942						2,420						5,730						4,733
Property management expenses, net (2)			21,154						21,260						43,354						42,677
Core property operating expenses			100,381						96,826						195,980						187,147
Core NOI			$	175,259					$	148,434					$	346,438					$	305,442
Core NOI margin			63.6		%				60.5		%				63.9		%				62.0		%

			For the Three Months Ended Jun 30, 2021
			Same-Home Properties						Stabilized Properties						Non-Stabilized Properties (3)						Held for Sale Properties						Total Single-Family Properties
Property count			47,086						3,925						3,185						589						54,785
Average Occupied Days Percentage			97.9		%				98.0		%				85.8		%				88.0		%				97.2		%
Rents from single-family properties			$	242,172					$	21,218					$	10,989					$	2,944					$	277,323
Fees from single-family properties			4,646						414						424						42						5,526
Bad debt			(6,141)						(544)						(281)						(243)						(7,209)
Core revenues			240,677						21,088						11,132						2,743						275,640
Property tax expense			42,105						3,172						1,940						763						47,980
HOA fees, net (1)			4,633						322						272						75						5,302
R&M and turnover costs, net (1)			19,945						1,446						1,094						518						23,003
Insurance			2,469						300						125						48						2,942
Property management expenses, net (2)			17,859						1,718						1,332						245						21,154
Core property operating expenses			87,011						6,958						4,763						1,649						100,381
Core NOI			$	153,666					$	14,130					$	6,369					$	1,094					$	175,259
Core NOI margin			63.8		%				67.0		%				57.2		%				39.9		%				63.6		%

(1)Presented net of tenant charge-backs.

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

(3)Includes 1,115 newly acquired properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,070 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 Jun 30,																		For the Six Months Ended Jun 30,
			2021						2020						Change						2021						2020						Change
Number of Same-Home properties			47,086						47,086												47,086						47,086
Occupancy percentage as of period end			98.2		%				97.0		%				1.2		%				98.2		%				97.0		%				1.2		%
Average Occupied Days Percentage			97.9		%				95.5		%				2.4		%				97.6		%				95.4		%				2.2		%
Average Monthly Realized Rent per property			$	1,752					$	1,683					4.1		%				$	1,737					$	1,675					3.7		%
Turnover Rate			8.2		%				9.4		%				(1.2)		%				15.1		%				17.4		%				(2.3)		%
Turnover Rate - TTM			31.0		%				N/A												31.0		%				N/A
Core NOI:
Rents from single-family properties			$	242,172					$	227,075					6.6		%				$	478,910					$	451,285					6.1		%
Fees from single-family properties			4,646						2,826						64.4		%				9,049						6,375						41.9		%
Bad debt			(6,141)						(7,759)						(20.9)		%				(12,004)						(9,442)						27.1		%
Core revenues			240,677						222,142						8.3		%				475,955						448,218						6.2		%
Property tax expense			42,105						40,274						4.5		%				83,814						80,383						4.3		%
HOA fees, net (1)			4,633						4,341						6.7		%				8,948						8,310						7.7		%
R&M and turnover costs, net (1)			19,945						20,101						(0.8)		%				35,634						34,975						1.9		%
Insurance			2,469						2,120						16.5		%				4,882						4,172						17.0		%
Property management expenses, net (2)			17,859						18,318						(2.5)		%				36,707						37,141						(1.2)		%
Core property operating expenses			87,011						85,154						2.2		%				169,985						164,981						3.0		%
Core NOI			$	153,666					$	136,988					12.2		%				$	305,970					$	283,237					8.0		%
Core NOI margin			63.8		%				61.7		%										64.3		%				63.2		%
Recurring Capital Expenditures			11,727						11,219						4.5		%				20,328						19,546						4.0		%
Core NOI After Capital Expenditures			$	141,939					$	125,769					12.9		%				$	285,642					$	263,691					8.3		%
Property Enhancing Capex			$	15,223					$	11,204											$	28,116					$	18,510
Per property:
Average Recurring Capital Expenditures			$	249					$	238					4.5		%				$	432					$	415					4.0		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	673					$	665					1.2		%				$	1,189					$	1,158					2.7		%

(1)Presented net of tenant charge-backs.

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

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
			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020
Occupancy percentage as of period end			98.2		%				98.1		%				97.6		%				97.8		%				97.0		%
Average Occupied Days Percentage			97.9		%				97.3		%				97.4		%				97.0		%				95.5		%
Average Monthly Realized Rent per property			$	1,752					$	1,722					$	1,698					$	1,690					$	1,683
Average Change in Rent for Renewals			5.4		%				5.1		%				4.3		%				1.1		%				1.3		%
Average Change in Rent for Re-Leases			13.7		%				10.0		%				7.6		%				6.0		%				4.4		%
Average Blended Change in Rent			8.0		%				6.9		%				5.5		%				2.8		%				2.4		%
Core NOI:
Rents from single-family properties			$	242,172					$	236,738					$	233,632					$	231,472					$	227,075
Fees from single-family properties			4,646						4,403						4,084						3,778						2,826
Bad debt			(6,141)						(5,863)						(5,587)						(4,434)						(7,759)
Core revenues			240,677						235,278						232,129						230,816						222,142
Property tax expense			42,105						41,709						39,992						40,578						40,274
HOA fees, net (1)			4,633						4,315						4,510						4,483						4,341
R&M and turnover costs, net (1)			19,945						15,689						16,412						21,022						20,101
Insurance			2,469						2,413						2,144						2,144						2,120
Property management expenses, net (2)			17,859						18,848						18,325						17,802						18,318
Core property operating expenses			87,011						82,974						81,383						86,029						85,154
Core NOI			$	153,666					$	152,304					$	150,746					$	144,787					$	136,988
Core NOI margin			63.8		%				64.7		%				64.9		%				62.7		%				61.7		%
Recurring Capital Expenditures			11,727						8,601						8,676						13,797						11,219
Core NOI After Capital Expenditures			$	141,939					$	143,703					$	142,070					$	130,990					$	125,769
Property Enhancing Capex			$	15,223					$	12,893					$	13,055					$	13,572					$	11,204
Per property:
Average Recurring Capital Expenditures			$	249					$	183					$	184					$	293					$	238
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	673					$	516					$	533					$	739					$	665

(1)Presented net of tenant charge-backs.

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

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 2Q21 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA			4,168						$	182,567					8.6		%				6.2		%				15.3		%				8.9		%
Dallas-Fort Worth, TX			3,924						167,406						7.2		%				5.2		%				11.5		%				7.0		%
Charlotte, NC			3,452						195,941						8.0		%				5.3		%				13.7		%				8.0		%
Indianapolis, IN			2,758						156,445						4.7		%				5.4		%				13.8		%				8.2		%
Houston, TX			2,580						168,588						4.3		%				4.6		%				8.6		%				5.7		%
Phoenix, AZ			2,595						178,706						6.0		%				8.0		%				23.2		%				12.6		%
Nashville, TN			2,450						217,393						6.0		%				4.7		%				10.7		%				6.8		%
Jacksonville, FL			2,147						176,335						4.4		%				5.5		%				14.6		%				8.6		%
Tampa, FL			2,042						198,765						4.3		%				5.1		%				15.5		%				8.7		%
Columbus, OH			1,963						173,968						4.3		%				5.5		%				13.5		%				7.8		%
Cincinnati, OH			1,934						178,029						4.2		%				5.6		%				12.0		%				7.9		%
Raleigh, NC			1,903						185,660						4.2		%				5.0		%				13.0		%				7.4		%
Greater Chicago area, IL and IN			1,702						185,059						3.3		%				4.6		%				13.9		%				7.2		%
Orlando, FL			1,492						182,125						3.1		%				4.6		%				10.8		%				7.1		%
Salt Lake City, UT			1,351						247,424						3.8		%				5.7		%				16.0		%				9.2		%
Charleston, SC			1,028						196,960						2.2		%				5.6		%				11.2		%				8.0		%
Las Vegas, NV			927						179,661						2.0		%				6.9		%				16.7		%				10.0		%
San Antonio, TX			865						163,423						1.5		%				4.6		%				11.5		%				6.7		%
Savannah/Hilton Head, SC			855						181,507						1.8		%				5.2		%				13.6		%				8.3		%
Austin, TX			778						195,135						1.3		%				6.5		%				9.4		%				7.2		%
All Other (2)			6,172						202,839						14.8		%				4.7		%				14.7		%				7.4		%
Total/Average			47,086						$	186,274					100.0		%				5.4		%				13.7		%				8.0		%

			Average Occupied Days Percentage																		Average Monthly Realized Rent per Property
			2Q21 QTD						2Q20 QTD						Change						2Q21 QTD						2Q20 QTD						Change
Atlanta, GA			97.8		%				95.2		%				2.6		%				$	1,740					$	1,671					4.1		%
Dallas-Fort Worth, TX			97.8		%				95.5		%				2.3		%				1,853						1,792						3.4		%
Charlotte, NC			97.9		%				95.8		%				2.1		%				1,709						1,642						4.1		%
Indianapolis, IN			97.7		%				96.2		%				1.5		%				1,536						1,467						4.7		%
Houston, TX			97.9		%				94.9		%				3.0		%				1,733						1,692						2.4		%
Phoenix, AZ			97.9		%				97.3		%				0.6		%				1,649						1,519						8.6		%
Nashville, TN			97.5		%				94.4		%				3.1		%				1,847						1,781						3.7		%
Jacksonville, FL			97.4		%				95.1		%				2.3		%				1,691						1,614						4.8		%
Tampa, FL			98.2		%				95.1		%				3.1		%				1,812						1,737						4.3		%
Columbus, OH			98.4		%				96.7		%				1.7		%				1,767						1,689						4.6		%
Cincinnati, OH			97.4		%				96.7		%				0.7		%				1,726						1,654						4.4		%
Raleigh, NC			97.9		%				93.5		%				4.4		%				1,625						1,580						2.8		%
Greater Chicago area, IL and IN			98.5		%				96.7		%				1.8		%				1,975						1,908						3.5		%
Orlando, FL			97.3		%				94.2		%				3.1		%				1,792						1,731						3.5		%
Salt Lake City, UT			98.2		%				96.1		%				2.1		%				1,911						1,837						4.0		%
Charleston, SC			97.4		%				95.0		%				2.4		%				1,825						1,746						4.5		%
Las Vegas, NV			97.3		%				95.6		%				1.7		%				1,711						1,631						4.9		%
San Antonio, TX			97.7		%				95.7		%				2.0		%				1,622						1,576						2.9		%
Savannah/Hilton Head, SC			98.9		%				95.0		%				3.9		%				1,667						1,598						4.3		%
Austin, TX			98.1		%				94.5		%				3.6		%				1,750						1,699						3.0		%
All Other (2)			98.2		%				95.8		%				2.4		%				1,788						1,717						4.1		%
Total/Average			97.9		%				95.5		%				2.4		%				$	1,752					$	1,683					4.1		%

(1)Reflected for the three months ended June 30, 2021.

(2)Represents 15 markets in 13 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)

			Jun 30, 2021						Dec 31, 2020
			(Unaudited)
Assets
Single-family properties:
Land			$	1,911,697					$	1,836,798
Buildings and improvements			8,548,603						8,163,023
Single-family properties in operation			10,460,300						9,999,821
Less: accumulated depreciation			(1,913,648)						(1,754,433)
Single-family properties in operation, net			8,546,652						8,245,388
Single-family properties under development and development land			647,979						510,365
Single-family properties held for sale, net			107,363						129,026
Total real estate assets, net			9,301,994						8,884,779
Cash and cash equivalents			40,585						137,060
Restricted cash			142,951						128,017
Rent and other receivables			50,916						41,544
Escrow deposits, prepaid expenses and other assets			182,701						163,171
Investments in unconsolidated joint ventures			103,634						93,109
Asset-backed securitization certificates			25,666						25,666
Goodwill			120,279						120,279
Total assets			$	9,968,726					$	9,593,625
Liabilities
Revolving credit facility			$	620,000					$	—
Asset-backed securitizations, net			1,917,833						1,927,607
Unsecured senior notes, net			890,481						889,805
Accounts payable and accrued expenses			366,907						298,949
Amounts payable to affiliates			—						4,834
Total liabilities			3,795,221						3,121,195
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares			3,222						3,160
Class B common shares			6						6
Preferred shares			154						354
Additional paid-in capital			5,949,615						6,223,256
Accumulated deficit			(457,404)						(443,522)
Accumulated other comprehensive income			1,991						5,840
Total shareholders’ equity			5,497,584						5,789,094
Noncontrolling interest			675,921						683,336
Total equity			6,173,505						6,472,430
Total liabilities and equity			$	9,968,726					$	9,593,625

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 June 30, 2021

(Amounts in thousands)

(Unaudited)

			Secured						Unsecured						Total Balance						% of Total						Interest Rate (1)						Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)			$	—					$	620,000					$	620,000					17.9		%				1.20		%				4.8
Total floating rate debt			—						620,000						620,000						17.9		%				1.20		%				4.8
Fixed rate debt:
AH4R 2014-SFR2			476,810						—						476,810						13.8		%				4.42		%				3.3
AH4R 2014-SFR3			492,208						—						492,208						14.2		%				4.40		%				3.4
AH4R 2015-SFR1			517,741						—						517,741						15.0		%				4.14		%				23.8
AH4R 2015-SFR2			449,455						—						449,455						13.0		%				4.36		%				24.3
2028 unsecured senior notes (4)			—						500,000						500,000						14.5		%				4.08		%				6.6
2029 unsecured senior notes			—						400,000						400,000						11.6		%				4.90		%				7.6
Total fixed rate debt			1,936,214						900,000						2,836,214						82.1		%				4.36		%				11.6
Total Debt			$	1,936,214					$	1,520,000					3,456,214						100.0		%				3.80		%				10.4
Unamortized discounts and loan costs															(27,900)
Total debt per balance sheet															$	3,428,314

Maturity Schedule by Year (2)						Total Debt						% of Total
Remaining 2021						$	10,358					0.3		%
2022						20,714						0.6		%
2023						20,714						0.6		%
2024						953,288						27.5		%
2025						10,302						0.3		%
2026						630,302						18.2		%
2027						10,302						0.3		%
2028						510,302						14.8		%
2029						410,302						11.9		%
2030						10,302						0.3		%
Thereafter						869,328						25.2		%
Total						$	3,456,214					100.0		%

(1)Interest rates are as of June 30, 2021.

(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 June 30, 2021.

(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 Jun 30,												For the Six Months Ended Jun 30,
(Amounts in thousands)			2021						2020						2021						2020
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	27,528					$	29,558					$	55,533					$	59,273
Less: amortization of discounts, loan costs and cash flow hedge			(1,999)						(1,848)						(3,828)						(3,697)
Add: capitalized interest			6,887						5,072						12,765						9,721
Cash interest			$	32,416					$	32,782					$	64,470					$	65,297

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 June 30, 2021

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

(Unaudited)

Total Capitalization
Total Debt												$	3,456,214					18.8		%
Total preferred shares												385,000						2.1		%
Common equity at market value:
Common shares outstanding						322,843,258
Operating partnership units						51,376,980
Total shares and units						374,220,238
NYSE AMH Class A common share closing price at June 30, 2021						$	38.85
Market value of common shares and operating partnership units												14,538,456						79.1		%
Total Market Capitalization												$	18,379,670					100.0		%

Preferred Shares						Earliest Redemption Date						Outstanding Shares																		Annual Dividend Per Share						Annual Dividend Amount
Series																		Per Share						Total
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												15,400,000												$	385,000											$	23,050

Credit Ratios

Credit Ratings

Net Debt to Adjusted EBITDAre

5.3 x

Rating Agency

Rating

Outlook

Net Debt and Preferred Shares to Adjusted EBITDAre

5.9 x

Moody's Investor Service

Baa3

Stable

Fixed Charge Coverage

3.5 x

S&P Global Ratings

BBB-

Positive

Unencumbered Core NOI percentage

67.4

%

Unsecured Senior Notes Covenant Ratios						Requirement									Actual
Ratio of Indebtedness to Total Assets						<			60.0		%				29.7		%
Ratio of Secured Debt to Total Assets						<			40.0		%				16.5		%
Ratio of Unencumbered Assets to Unsecured Debt						>			150.0		%				559.0		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense						>			1.50 x						4.82 x

Unsecured Credit Facility Covenant Ratios						Requirement									Actual
Ratio of Total Indebtedness to Total Asset Value						<			60.0		%				31.8		%
Ratio of Secured Indebtedness to Total Asset Value						<			40.0		%				16.5		%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value						<			60.0		%				22.8		%
Ratio of EBITDA to Fixed Charges						>			1.50 x						2.96 x
Ratio of Unencumbered NOI to Unsecured Interest Expense						>			1.75 x						10.82 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 June 30, 2021

Property Information (1)

Market						Number of Properties						Percentage of Total Properties						Gross Book Value per Property						Avg. Sq. Ft.						Avg. Age (years)
Atlanta, GA						5,238						9.7		%				$	192,504					2,164						17.4
Dallas-Fort Worth, TX						4,311						8.0		%				168,101						2,116						17.2
Charlotte, NC						3,851						7.1		%				200,690						2,098						16.7
Phoenix, AZ						3,221						5.9		%				185,029						1,837						17.6
Houston, TX						2,946						5.4		%				167,347						2,097						15.5
Nashville, TN						2,968						5.5		%				222,153						2,108						15.5
Indianapolis, IN						2,864						5.3		%				158,899						1,929						18.6
Tampa, FL						2,555						4.7		%				207,635						1,943						14.7
Jacksonville, FL						2,542						4.7		%				189,267						1,937						14.7
Raleigh, NC						2,133						3.9		%				189,078						1,880						15.8
Columbus, OH						2,087						3.9		%				178,191						1,870						19.3
Cincinnati, OH						2,043						3.8		%				181,948						1,851						18.8
Orlando, FL						1,801						3.3		%				190,838						1,904						18.6
Greater Chicago area, IL and IN						1,725						3.2		%				185,239						1,870						19.8
Salt Lake City, UT						1,616						3.0		%				263,799						2,182						17.2
Charleston, SC						1,327						2.4		%				210,296						1,977						12.2
Las Vegas, NV						1,286						2.4		%				206,881						1,867						15.5
Austin, TX						1,024						1.9		%				202,463						1,889						10.9
San Antonio, TX						945						1.7		%				165,440						2,024						16.8
Savannah/Hilton Head, SC						916						1.7		%				184,522						1,872						13.3
All Other (3)						6,797						12.5		%				209,695						1,900						17.0
Total/Average						54,196						100.0		%				$	193,009					1,987						16.7

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												96.9		%				$	1,750					6.1		%				15.3		%				8.6		%
Dallas-Fort Worth, TX												97.5		%				1,866						5.3		%				11.6		%				7.1		%
Charlotte, NC												97.5		%				1,718						5.3		%				13.8		%				8.0		%
Phoenix, AZ												97.5		%				1,636						8.2		%				23.7		%				12.6		%
Houston, TX												95.9		%				1,737						4.6		%				8.5		%				5.8		%
Nashville, TN												97.1		%				1,849						4.7		%				10.6		%				6.7		%
Indianapolis, IN												97.1		%				1,543						5.4		%				13.7		%				8.2		%
Tampa, FL												98.0		%				1,826						5.1		%				15.1		%				8.1		%
Jacksonville, FL												97.2		%				1,708						5.4		%				14.6		%				8.5		%
Raleigh, NC												97.6		%				1,638						4.9		%				12.9		%				7.3		%
Columbus, OH												98.1		%				1,778						5.5		%				13.7		%				7.9		%
Cincinnati, OH												96.6		%				1,727						5.6		%				12.0		%				7.9		%
Orlando, FL												97.2		%				1,804						4.6		%				11.0		%				7.1		%
Greater Chicago area, IL and IN												98.4		%				1,984						4.6		%				13.8		%				7.2		%
Salt Lake City, UT												98.1		%				1,926						5.8		%				15.5		%				9.0		%
Charleston, SC												96.9		%				1,842						5.6		%				10.9		%				7.8		%
Las Vegas, NV												96.1		%				1,756						6.9		%				16.0		%				9.8		%
Austin, TX												97.5		%				1,779						6.3		%				9.4		%				7.1		%
San Antonio, TX												97.1		%				1,634						4.6		%				11.4		%				6.8		%
Savannah/Hilton Head, SC												98.9		%				1,676						5.2		%				13.4		%				8.1		%
All Other (3)												97.5		%				1,807						4.6		%				14.6		%				7.4		%
Total/Average												97.3		%				$	1,763					5.4		%				13.6		%				7.9		%

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

(2)Reflected for the three months ended June 30, 2021.

(3)Represents 15 markets in 13 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

						2Q21 Additions												YTD 2Q21 Additions
Market						Number of Properties						Average Total Investment Cost (1)						Number of Properties						Average Total Investment Cost (1)
Atlanta, GA						166						$	336,540					292						$	306,549
Las Vegas, NV						99						341,971						159						326,458
Tampa, FL						60						317,746						96						297,034
Austin, TX						57						244,711						98						245,117
Charleston, SC						57						289,438						89						290,157
Jacksonville, FL						57						309,253						122						285,774
Phoenix, AZ						52						377,247						78						359,062
Cincinnati, OH						49						299,216						69						291,624
Indianapolis, IN						45						292,376						55						284,823
Tucson, AZ						44						300,766						62						293,159
Orlando, FL						32						304,855						60						298,955
Charlotte, NC						31						325,371						43						314,477
Nashville, TN						30						352,696						72						327,666
Seattle, WA						23						371,992						25						370,861
Columbus, OH						20						317,845						27						315,756
Boise, ID						14						392,056						15						396,281
Winston Salem, NC						13						314,213						17						299,407
Greenville, SC						12						210,769						12						210,769
Greensboro, NC						10						330,554						13						323,785
Raleigh, NC						8						324,032						20						284,302
All Other (2)						19						442,862						54						344,132
Total/Average						898						$	322,137					1,478						$	305,484

(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.

(2)Represents five markets in three states.

Property Dispositions

						Jun 30, 2021 Single-Family Properties Held for Sale						2Q21 Dispositions												YTD 2Q21 Dispositions
Market												Number of Properties						Average Net Proceeds per Property						Number of Properties						Average Net Proceeds per Property
Inland Empire, CA						150						7						$	425,571					20						$	397,656
Greater Chicago area, IL and IN						115						7						207,286						21						205,254
Bay Area, CA						59						2						532,000						6						482,004
Central Valley, CA						56						2						264,000						6						233,969
Houston, TX						56						8						221,250						29						209,613
Atlanta, GA						34						11						298,909						35						272,149
Dallas-Fort Worth, TX						16						2						420,000						17						316,583
Nashville, TN						12						3						277,333						14						280,487
Oklahoma City, OK						12						5						220,400						10						204,997
Tampa, FL						11						3						413,333						8						332,427
Miami, FL						10						1						243,000						3						248,742
Cincinnati, OH						7						5						226,600						10						220,546
Orlando, FL						7						4						241,000						9						252,043
Austin, TX						6						3						328,667						16						226,244
Charlotte, NC						4						4						343,750						4						343,811
Milwaukee, WI						4						—						—						2						293,105
Raleigh, NC						4						2						337,000						5						316,640
Jacksonville, FL						3						1						158,000						2						230,583
Phoenix, AZ						3						6						363,667						11						309,806
Portland, OR						3						—						—						—						—
All Other (1)						17						21						258,667						49						244,858
Total/Average						589						97						$	291,144					277						$	268,712

(1)Represents 15 markets in 10 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 June 30, 2021

						YTD 2Q21 Deliveries																		Jun 30, 2021 Lots for Future Delivery (1)
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Atlanta, GA						186						$	279,000					$	1,990					1,056
Las Vegas, NV						107						284,000						2,040						976
Charlotte, NC						78						296,000						2,090						711
Seattle, WA						75						393,000						2,540						451
Nashville, TN						63						290,000						2,060						775
Austin, TX						62						235,000						1,910						37
Tampa, FL						53						253,000						1,980						939
Jacksonville, FL						52						242,000						1,860						545
Charleston, SC						45						254,000						1,890						843
Orlando, FL						33						270,000						1,950						920
Boise, ID						24						299,000						2,100						479
Salt Lake City, UT						23						342,000						2,160						475
Phoenix, AZ						12						332,000						1,980						320
Denver, CO						5						337,000						2,260						373
Raleigh, NC						—						—						—						74
Columbus, OH						—						—						—						54
Total/Average						818						$	287,000					$	2,050					9,028

Estimated Delivery Timing

						Dec 31, 2020 Lots for Future Delivery (1)						YTD 2Q21 Lots Acquired						YTD 2Q21 Deliveries						Full Year Estimated 2021 Deliveries (3)						Deliveries Thereafter (3)
Consolidated development properties						5,875						2,483						555						1,200–1,400						7,058
Joint venture development properties (2)						1,196						292						263						700–800						738
Total development properties						7,071						2,775						818						1,900–2,200						7,796

(1)Represents lots owned by the Company for future home deliveries. Lots controlled in escrow are not included.

(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 August 5, 2021.

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						3Q21						4Q21						1Q22						2Q22						Thereafter
Lease expirations						3,429						12,350						7,990						12,332						12,640						4,467

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						—						—						—						—						—						—
2020						—						—						—						86,130						2,414						28.03
1Q21						—						—						—						—						—						—
2Q21						—						—						—						—						—						—
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						Dec 31, 2020						Mar 31, 2021
Atlanta, GA						100.0						114.2						122.3						132.0						143.0						152.6						165.1						174.0						191.8						197.9						97.9		%
Dallas-Fort Worth, TX (3)						100.0						108.4						115.2						127.6						140.1						153.7						160.7						167.4						180.4						187.6						87.6		%
Charlotte, NC						100.0						113.4						118.8						126.8						136.6						148.2						157.5						165.1						185.9						195.1						95.1		%
Phoenix, AZ						100.0						118.0						123.3						135.9						146.1						157.2						170.2						180.7						207.3						219.9						119.9		%
Houston, TX						100.0						110.8						123.1						130.1						133.0						137.0						139.7						144.4						150.2						155.7						55.7		%
Nashville, TN						100.0						111.0						117.4						131.1						141.1						156.6						165.0						173.2						190.4						199.8						99.8		%
Indianapolis, IN						100.0						106.4						112.3						117.8						124.5						134.2						142.3						152.7						170.6						178.8						78.8		%
Tampa, FL						100.0						113.0						121.1						132.3						149.1						160.4						173.4						186.6						208.4						217.6						117.6		%
Jacksonville, FL						100.0						114.2						121.7						127.7						142.3						150.6						166.7						177.6						189.9						201.3						101.3		%
Raleigh, NC						100.0						106.7						111.6						120.0						130.8						135.8						146.0						153.0						167.4						173.7						73.7		%
Columbus, OH						100.0						108.9						114.5						120.8						131.5						141.8						148.9						157.4						175.9						183.1						83.1		%
Cincinnati, OH						100.0						104.9						111.2						115.7						121.4						128.3						136.2						143.2						160.3						166.2						66.2		%
Orlando, FL						100.0						110.3						123.5						135.4						144.9						158.9						168.6						184.6						195.9						202.9						102.9		%
Greater Chicago area, IL and IN						100.0						111.0						115.1						118.8						126.3						130.5						133.7						135.5						146.5						149.5						49.5		%
Salt Lake City, UT						100.0						109.4						114.5						123.2						133.0						146.5						158.8						170.4						196.9						210.4						110.4		%
Charleston, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						194.1						94.1		%
Las Vegas, NV						100.0						125.1						141.3						149.0						161.5						182.0						207.9						215.9						232.9						242.4						142.4		%
Austin, TX						100.0						110.1						121.4						133.3						144.7						154.7						161.9						176.8						201.4						223.2						123.2		%
San Antonio, TX						100.0						101.1						108.0						113.9						124.7						133.8						137.7						145.4						157.2						165.5						65.5		%
Savannah/Hilton Head, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						194.1						94.1		%
Average																																																																		92.9		%

(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 March 31, 2021. 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 June 30, 2021.

(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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American Homes 4 Rent

2021 Guidance

The Company is providing revised 2021 guidance based on its current and expected views of the single-family rental market and general economic conditions. However, the extent to which the pandemic may continue to impact us and our residents will continue to depend on future developments. These include resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others. We will continue to monitor these events which may result in future revisions to our guidance estimates.

Guidance Summary

			Full Year 2021
			Previous Guidance						Current Guidance
Core FFO attributable to common share and unit holders			$1.24 - $1.30						$1.29 - $1.35
Core FFO attributable to common share and unit holders growth			6.9% - 12.1%						11.2% - 16.4%
Same-Home
Core revenues growth			3.75% - 4.75%						5.00% - 6.00%
Core property operating expenses growth			4.00% - 5.50%						4.00% - 5.50%
Core NOI growth			3.25% - 4.75%						5.25% - 6.75%

Changes to Full Year 2021 guidance:

•$0.03 related to our Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results.

•$0.02 related to our Non-Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results as well as partial year impact from our expanded external growth program, net of financing costs. Since our first quarter update on May 6, 2021, we have increased our external growth expectations by approximately $300 million to $1.4 billion to $1.6 billion, which now includes between 3,500 and 4,000 wholly-owned inventory additions as well as investments into our wholly-owned land and development pipeline and pro-rata share of joint venture investments. When combined with 100% of gross joint venture investments, we now expect to deploy total gross capital of $1.6 billion to $1.8 billion for the year.

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

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						23

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American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month 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 except where presented for the Total Single-Family Properties portfolio.

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

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, 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) gains and losses from sales or impairments 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, and (9) other income and expense, net. 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).

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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 six months ended June 30, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	313,654					$	280,689					$	626,227					$	568,031
Tenant charge-backs			(38,014)						(35,429)						(83,809)						(75,442)
Core revenues			275,640						245,260						542,418						492,589
Less: Non-Same-Home core revenues			34,963						23,118						66,463						44,371
Same-Home core revenues			$	240,677					$	222,142					$	475,955					$	448,218

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	116,578					$	110,436					$	235,272					$	217,933
Property management expenses			22,416						22,260						46,115						45,536
Noncash share-based compensation - property management			(599)						(441)						(1,598)						(880)
Expenses reimbursed by tenant charge-backs			(38,014)						(35,429)						(83,809)						(75,442)
Core property operating expenses			100,381						96,826						195,980						187,147
Less: Non-Same-Home core property operating expenses			13,370						11,672						25,995						22,166
Same-Home core property operating expenses			$	87,011					$	85,154					$	169,985					$	164,981

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	51,814					$	31,807					$	100,735					$	69,334
Gain on sale and impairment of single-family properties and other, net			(10,760)						(9,997)						(26,829)						(16,316)
Depreciation and amortization			91,117						84,836						181,188						167,657
Acquisition and other transaction costs			2,968						1,956						7,814						4,103
Noncash share-based compensation - property management			599						441						1,598						880
Interest expense			27,528						29,558						55,533						59,273
General and administrative expense			12,793						11,493						27,998						22,759
Other income and expense, net			(800)						(1,660)						(1,599)						(2,248)
Core NOI			175,259						148,434						346,438						305,442
Less: Non-Same-Home Core NOI			21,593						11,446						40,468						22,205
Same-Home Core NOI			153,666						136,988						305,970						283,237
Less: Same-Home Recurring Capital Expenditures			11,727						11,219						20,328						19,546
Same-Home Core NOI After Capital Expenditures			$	141,939					$	125,769					$	285,642					$	263,691

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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
			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	313,654					$	312,573					$	296,551					$	307,932					$	280,689
Tenant charge-backs			(38,014)						(45,795)						(35,430)						(49,935)						(35,429)
Core revenues			275,640						266,778						261,121						257,997						245,260
Less: Non-Same-Home core revenues			34,963						31,500						28,992						27,181						23,118
Same-Home core revenues			$	240,677					$	235,278					$	232,129					$	230,816					$	222,142

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	116,578					$	118,694					$	106,160					$	126,174					$	110,436
Property management expenses			22,416						23,699						22,380						21,976						22,260
Noncash share-based compensation - property management			(599)						(999)						(418)						(447)						(441)
Expenses reimbursed by tenant charge-backs			(38,014)						(45,795)						(35,430)						(49,935)						(35,429)
Core property operating expenses			100,381						95,599						92,692						97,768						96,826
Less: Non-Same-Home core property operating expenses			13,370						12,625						11,309						11,739						11,672
Same-Home core property operating expenses			$	87,011					$	82,974					$	81,383					$	86,029					$	85,154

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	51,814					$	48,921					$	45,342					$	40,153					$	31,807
Gain on sale and impairment of single-family properties and other, net			(10,760)						(16,069)						(10,251)						(12,206)						(9,997)
Depreciation and amortization			91,117						90,071						88,500						86,996						84,836
Acquisition and other transaction costs			2,968						4,846						3,579						1,616						1,956
Noncash share-based compensation - property management			599						999						418						447						441
Interest expense			27,528						28,005						28,498						29,267						29,558
General and administrative expense			12,793						15,205						13,188						12,570						11,493
Other income and expense, net			(800)						(799)						(845)						1,386						(1,660)
Core NOI			175,259						171,179						168,429						160,229						148,434
Less: Non-Same-Home Core NOI			21,593						18,875						17,683						15,442						11,446
Same-Home Core NOI			153,666						152,304						150,746						144,787						136,988
Less: Same-Home Recurring Capital Expenditures			11,727						8,601						8,676						13,797						11,219
Same-Home Core NOI After Capital Expenditures			$	141,939					$	143,703					$	142,070					$	130,990					$	125,769

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	175,259					$	171,179					$	168,429					$	160,229					$	148,434
Less: Encumbered Core NOI			56,243						55,712						55,432						52,573						50,135
Unencumbered Core NOI			$	119,016					$	115,467					$	112,997					$	107,656					$	98,299

						26

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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.

Net Debt to Adjusted EBITDAre and Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020
Total Debt			$	3,456,214					$	2,922,374					$	2,848,492					$	2,853,883					$	2,989,230
Less: cash and cash equivalents			(40,585)						(75,237)						(137,060)						(315,808)						(32,010)
Less: asset-backed securitization certificates			(25,666)						(25,666)						(25,666)						(25,666)						(25,666)
Less: restricted cash related to securitizations			(42,115)						(40,439)						(36,015)						(35,315)						(39,892)
Net debt			$	3,347,848					$	2,781,032					$	2,649,751					$	2,477,094					$	2,891,662
Preferred shares at liquidation value			385,000						883,750						883,750						883,750						883,750
Net debt and preferred shares			$	3,732,848					$	3,664,782					$	3,533,501					$	3,360,844					$	3,775,412
Adjusted EBITDAre - TTM			$	636,857					$	611,661					$	598,806					$	588,847					$	582,003
Net Debt to Adjusted EBITDAre			5.3 x						4.5 x						4.4 x						4.2 x						5.0 x
Net Debt and Preferred Shares to Adjusted EBITDAre			5.9 x						6.0 x						5.9 x						5.7 x						6.5 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Jun 30, 2021
Interest expense per income statement			$	113,298
Less: amortization of discounts, loan costs and cash flow hedge			(7,562)
Add: capitalized interest			23,040
Cash interest			128,776
Dividends on preferred shares			53,961
Fixed charges			$	182,737
Adjusted EBITDAre - TTM			$	636,857
Fixed Charge Coverage			3.5 x

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Jun 30, 2021
(Amounts in thousands)			Sep 30, 2020						Dec 31, 2020						Mar 31, 2021						Jun 30, 2021
Unencumbered Core NOI			$	107,656					$	112,997					$	115,467					$	119,016					$	455,136
Core NOI			160,229						168,429						171,179						175,259						675,096
Unencumbered Core NOI Percentage																											67.4		%

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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 gains and losses from sales or impairments of single-family properties 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 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 rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from 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 six months ended June 30, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Jun 30,												For the Six Months Ended Jun 30,
			2021						2020						2021						2020
Net income			$	51,814					$	31,807					$	100,735					$	69,334
Interest expense			27,528						29,558						55,533						59,273
Depreciation and amortization			91,117						84,836						181,188						167,657
EBITDA			$	170,459					$	146,201					$	337,456					$	296,264
Gain on sale and impairment of single-family properties and other, net			(10,760)						(9,997)						(26,829)						(16,316)
Adjustments for unconsolidated joint ventures			449						388						831						626
EBITDAre			$	160,148					$	136,592					$	311,458					$	280,574
Noncash share-based compensation - general and administrative			1,823						1,649						6,165						3,018
Noncash share-based compensation - property management			599						441						1,598						880
Acquisition, other transaction costs and other			2,968						1,660						7,814						4,512
Adjusted EBITDAre			$	165,538					$	140,342					$	327,035					$	288,984
Recurring Capital Expenditures			(13,217)						(12,184)						(22,868)						(20,895)
Leasing costs			(905)						(992)						(1,880)						(1,902)
Fully Adjusted EBITDAre			$	151,416					$	127,166					$	302,287					$	266,187
Rents and other single-family property revenues			$	313,654					$	280,689					$	626,227					$	568,031
Less: tenant charge-backs			(38,014)						(35,429)						(83,809)						(75,442)
Adjustments for unconsolidated joint ventures - income			2,552						1,214						4,638						2,143
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	278,192					$	246,474					$	547,056					$	494,732
Adjusted EBITDAre Margin			59.5		%				56.9		%				59.8		%				58.4		%
Fully Adjusted EBITDAre Margin			54.4		%				51.6		%				55.3		%				53.8		%

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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
			Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020						Jun 30, 2020
Net income			$	186,230					$	166,223					$	154,829					$	150,951					$	152,199
Interest expense			113,298						115,328						117,038						119,703						121,901
Depreciation and amortization			356,684						350,403						343,153						337,872						332,949
EBITDA			$	656,212					$	631,954					$	615,020					$	608,526					$	607,049
Gain on sale and impairment of single-family properties and other, net			(49,286)						(48,523)						(38,773)						(38,920)						(38,585)
Adjustments for unconsolidated joint ventures			1,557						1,496						1,352						1,840						1,122
EBITDAre			$	608,483					$	584,927					$	577,599					$	571,446					$	569,586
Noncash share-based compensation - general and administrative			9,720						9,546						6,573						5,687						4,902
Noncash share-based compensation - property management			2,463						2,305						1,745						1,680						1,583
Acquisition, other transaction costs and other			16,191						14,883						12,889						10,034						5,932
Adjusted EBITDAre			$	636,857					$	611,661					$	598,806					$	588,847					$	582,003

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, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

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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

Platform 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 rents and other single-family property revenues, net of tenant charge-backs.

			For the Three Months Ended Jun 30,												For the Six Months Ended Jun 30,
(Amounts in thousands)			2021						2020						2021						2020
Property management expenses			$	22,416					$	22,260					$	46,115					$	45,536
Less: tenant charge-backs			(663)						(559)						(1,163)						(1,979)
Less: noncash share-based compensation - property management			(599)						(441)						(1,598)						(880)
Property management expenses, net			21,154						21,260						43,354						42,677
General and administrative expense			12,793						11,493						27,998						22,759
Less: noncash share-based compensation - general and administrative			(1,823)						(1,649)						(6,165)						(3,018)
General and administrative expense, net			10,970						9,844						21,833						19,741
Leasing costs			905						992						1,880						1,902
Platform costs			$	33,029					$	32,096					$	67,067					$	64,320
Rents and other single-family property revenues			$	313,654					$	280,689					$	626,227					$	568,031
Less: tenant charge-backs			(38,014)						(35,429)						(83,809)						(75,442)
Total portfolio rents and fees			$	275,640					$	245,260					$	542,418					$	492,589
Platform Efficiency Percentage			12.0		%				13.1		%				12.4		%				13.1		%

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 Jun 30, 2021
Adjusted FFO attributable to common share and unit holders			$	108,668
Common distributions			(37,541)
Retained Cash Flow			$	71,127

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 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 and Amendment No. 2 to Credit Agreement dated as of April 15, 2021, 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, 2020, 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)
23975 Park Sorrento, Suite 300						investors@ah4r.com
Calabasas, CA 91302
(805) 413-5300
www.americanhomes4rent.com

Analyst Coverage (1)
B. Riley Securities			BTIG			Berenberg Capital Markets			BofA Global Research
Craig Kucera			Ryan Gilbert			Keegan Carl			Jeff Spector
craigkucera@brileyfbr.com			rgilbert@btig.com			keegan.carl@berenberg-us.com			jeff.spector@bofa.com
Citi			Credit Suisse			Evercore ISI			Green Street
Nicholas Joseph			Sam Choe			Steve Sakwa			John Pawlowski
nicholas.joseph@citi.com			samuel.choe@credit-suisse.com			steve.sakwa@evercoreisi.com			jpawlowski@greenstreet.com
JMP Securities			J.P. Morgan Securities			Janney Montgomery Scott			Keefe, Bruyette & Woods, Inc.
Aaron Hecht			Anthony Paolone			Tyler Batory			Jade Rahmani
ahecht@jmpsecurities.com			anthony.paolone@jpmorgan.com			tbatory@janney.com			jrahmani@kbw.com
Mizuho Securities USA Inc.			Morgan Stanley			RBC Capital Markets			Raymond James & Associates, Inc.
Haendel St. Juste			Richard Hill			Brad Heffern			Buck Horne
haendel.st.juste@mizuho-sc.com			richard.hill1@morganstanley.com			brad.heffern@rbccm.com			buck.horne@raymondjames.com
Wells Fargo Securities			Wolfe Research			Zelman & Associates
Todd Stender			Andrew Rosivach			Alexander Kalmus
todd.stender@wellsfargo.com			arosivach@wolferesearch.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.