EX-99.2 3 amh1231218kexhibit992.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
Consolidated Statements of Operations			10
Funds from Operations			11
Core Net Operating Income – Total Portfolio			12
Same-Home Results			13
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
2022 Guidance			23
Defined Terms and Non-GAAP Reconciliations			24

						2

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American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Fourth Quarter and Full Year 2021 Financial and Operating Results
Initiated 2022 Earnings Guidance with 14.7% Increase in Full Year Core FFO per Share and Unit
80% Increase in Quarterly Distribution

CALABASAS, Calif., Feb. 24, 2022—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high-quality single-family homes for rent, today announced its financial and operating results for the quarter and full year ended December 31, 2021.

Highlights

•Rents and other single-family property revenues increased 14.0% year-over year to $338.1 million for the fourth quarter of 2021.

•Net income attributable to common shareholders totaled $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021, compared to $27.1 million, or $0.09 per diluted share, for the fourth quarter of 2020.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 20.4% year-over-year to $0.37 per FFO share and unit for the fourth quarter of 2021 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 20.9% year-over-year to $0.34 per FFO share and unit for the fourth quarter of 2021.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 9.8% year-over-year for the fourth quarter of 2021.

•Achieved Same-Home Average Occupied Days Percentage of 97.6% in the fourth quarter of 2021, while generating 12.2% rental rate growth on new leases.

•Subsequent to quarter end, issued 10,000,000 Class A common shares raising net proceeds of $375.8 million and offered 13,000,000 Class A common shares on a forward basis for future estimated net proceeds of $488.6 million.

•Raised common share dividend by 80% to $0.18 in the first quarter of 2022.

“American Homes 4 Rent closed out 2021 with record breaking results, generating industry leading full year Core FFO per share growth of over 17%,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “As we head into 2022, we are positioned for another year of strong performance with continued double-digit earnings growth and an 80% increase in our quarterly distribution. However, we believe that the true excitement for American Homes 4 Rent still lies ahead. Our diversified and high-growth market footprint, expanding AMH Development program and best-in-class balance sheet positions us for years of outsized earnings growth and shareholder value creation ahead.”

Fourth Quarter 2021 Financial Results

Net income attributable to common shareholders totaled $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021, compared to $27.1 million, or $0.09 per diluted share, for the fourth quarter of 2020. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company’s portfolio, higher rental rates and fees and lower uncollectible rents, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Rents and other single-family property revenues increased 14.0% to $338.1 million for the fourth quarter of 2021, compared to $296.6 million for the fourth quarter of 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 53,385 homes for the fourth quarter of 2021, compared to 51,181 homes for the fourth quarter of 2020, as well as higher rental rates and fees and lower uncollectible rents.

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)

Core NOI from our total portfolio increased 14.2% to $192.4 million for the fourth quarter of 2021, compared to $168.4 million for the fourth quarter of 2020. This growth was driven by a 13.5% increase in core revenues resulting from a larger number of occupied properties, higher rental rates and fees and lower uncollectible rents, partially offset by a 12.1% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 7.6% to $248.1 million for the fourth quarter of 2021, compared to $230.5 million for the fourth quarter of 2020, which was driven by a 7.4% increase in Average Monthly Realized Rent per property and a 20 basis point increase in Average Occupied Days Percentage. This growth was further benefited by (i) 40 basis points of contribution from higher fees and (ii) 90 basis points from lower uncollectible rents, which resulted in 8.9% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 7.4% to $86.1 million for the fourth quarter of 2021, compared to $80.2 million for the fourth quarter of 2020. As a result, Core NOI from Same-Home properties increased 9.8% to $163.5 million for the fourth quarter of 2021, compared to $149.0 million for the fourth quarter of 2020.

Core FFO attributable to common share and unit holders was $143.9 million, or $0.37 per FFO share and unit, for the fourth quarter of 2021, compared to $113.6 million, or $0.31 per FFO share and unit, for the fourth quarter of 2020. Adjusted FFO attributable to common share and unit holders was $130.8 million, or $0.34 per FFO share and unit, for the fourth quarter of 2021, compared to $102.8 million, or $0.28 per FFO share and unit, for the fourth quarter of 2020. These improvements were primarily attributable to a larger number of occupied properties resulting from growth in the Company’s portfolio, higher rental rates and fees and lower uncollectible rents, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Full Year 2021 Financial Results

Net income attributable to common shareholders totaled $135.3 million, or $0.41 per diluted share, for the year ended December 31, 2021, compared to $85.2 million, or $0.28 per diluted share, for the year ended December 31, 2020. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates and fees, as well as an increase in gain on sale and impairment of single-family properties and other, net and lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021, partially offset by a noncash charge related to these redemptions.

Rents and other single-family property revenues increased 11.2% to $1.3 billion for the year ended December 31, 2021, compared to $1.2 billion for the year ended December 31, 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 52,542 homes for the year ended December 31, 2021, compared to 50,065 homes for the year ended December 31, 2020, as well as higher rental rates and fees.

Core NOI from our total portfolio increased 13.5% to $719.8 million for the year ended December 31, 2021, compared to $634.1 million for the year ended December 31, 2020. This growth was driven by an 11.3% increase in core revenues resulting from a larger number of occupied properties and higher rental rates and fees, partially offset by a 7.5% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 6.7% to $964.2 million for the year ended December 31, 2021, compared to $903.8 million for the year ended December 31, 2020, which was driven by a 5.3% increase in Average Monthly Realized Rent per property and a 130 basis point increase in Average Occupied Days Percentage. This growth was further benefited by (i) 50 basis points of contribution from higher fees and (ii) 10 basis points from lower uncollectible rents, which resulted in 7.3% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 4.7% to $342.9 million for the year ended December 31, 2021,

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)

compared to $327.4 million for the year ended December 31, 2020. As a result, Core NOI from Same-Home properties increased 8.7% to $621.4 million for the year ended December 31, 2021, compared to $571.5 million for the year ended December 31, 2020.

Core FFO attributable to common share and unit holders was $514.6 million, or $1.36 per FFO share and unit, for the year ended December 31, 2021, compared to $417.6 million, or $1.16 per FFO share and unit, for the year ended December 31, 2020. Adjusted FFO attributable to common share and unit holders was $459.1 million, or $1.22 per FFO share and unit, for the year ended December 31, 2021, compared to $367.5 million, or $1.02 per FFO share and unit, for the year ended December 31, 2020. These improvements were primarily attributable to a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates and fees, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Portfolio

As of December 31, 2021, the Company had an occupancy percentage of 95.2%, compared to 95.8% as of September 30, 2021. The decrease in occupancy percentage is primarily attributable to higher volumes of recent acquisitions. The occupancy percentage on Same-Home properties was 98.1% as of both December 31, 2021 and September 30, 2021.

Investments

As of December 31, 2021, the Company’s wholly-owned portfolio consisted of 57,024 homes, compared to 56,077 homes as of September 30, 2021, an increase of 947 homes during the fourth quarter of 2021, which included 445 newly constructed homes delivered through our AMH Development Program and 616 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 114 homes sold. As of December 31, 2021, the Company had 659 properties held for sale, compared to 604 properties as of September 30, 2021. Also, as of December 31, 2021, the Company had an additional 1,942 properties held in unconsolidated joint ventures, representing a net increase of 213 properties, compared to 1,729 properties held in unconsolidated joint ventures as of September 30, 2021.

Capital Activities, Balance Sheet and Liquidity

In November 2021, the Company issued and physically settled the remaining 1,845,000 Class A common shares available under the May 2021 forward sale agreements, receiving net proceeds of $64.5 million.

In the fourth quarter of 2021, the Company issued 1,749,286 Class A common shares under its at-the-market common share offering program, receiving net proceeds of $71.2 million after commissions and other expenses of $1.1 million.

As of December 31, 2021, the Company had cash and cash equivalents of $48.2 million and had total outstanding debt of $3.9 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 11.7 years. The Company had $350.0 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 fourth quarter of 2021, the Company generated $91.8 million of Retained Cash Flow and sold 114 properties generating $30.4 million of net proceeds.

In January 2022, the Company issued 10,000,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising net proceeds of $375.8 million after deducting underwriting fees 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 and for general corporate purposes. In connection with this offering, the Company also entered into a

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)

forward sale agreement to issue an additional 13,000,000 Class A common shares of beneficial interest, $0.01 par value per share, for future estimated net proceeds of $488.6 million after deducting underwriting fees. The forward sale agreement expires in January 2023 and the Company expects to use these net proceeds (i) to develop new single-family properties and communities, (ii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iii) for general corporate purposes.

2022 Guidance

Guidance Summary

									Full Year 2022
Core FFO attributable to common share and unit holders									$1.53 - $1.59
Core FFO attributable to common share and unit holders growth									12.5% - 16.9%
Same-Home
Core revenues growth									7.25% - 9.25%
Core property operating expenses growth									4.75% - 6.75%
Core NOI growth									8.50% - 10.50%
Investment Program			Properties						Investment
Wholly owned inventory additions			3,300 - 3,900						$1.2 - $1.5 billion
Wholly owned land and development pipeline			—						$300 - $400 million
Pro rata share of JV and Property Enhancing Capex			—						$100 million
Total capital investment (wholly owned and pro rata JV)			3,300 - 3,900						$1.6 - $2.0 billion
Total gross capital investment (JVs at 100%)			4,100 - 4,800						$1.7 - $2.2 billion

Reconciliation of Core FFO attributable to common share and unit holders from 2021 to 2022 Guidance Midpoint

			Per FFO Share and Unit
2021 Core FFO attributable to common share and unit holders			$	1.36
Same-Home Core NOI			0.16
Non-Same-Home Core NOI (1)			0.12
General and administrative expense			(0.01)
Financing costs (share count and interest)			(0.07)
2022 Core FFO attributable to common share and unit holders - Guidance Midpoint			$	1.56
2022 Core FFO attributable to common share and unit holders growth - Guidance Midpoint			14.7		%

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2022 Same-Home portfolio, including 2021 additions, and (ii) contribution from 2022 wholly-owned inventory additions (developed and acquired).

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

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

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American Homes 4 Rent

Earnings Press Release (continued)

Additional Information

A copy of the Company’s Fourth 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.

Conference Call

A conference call is scheduled on Friday, February 25, 2022 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter and full year ended December 31, 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, March 11, 2022 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13726501#, 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 resident satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of December 31, 2021, we owned 57,024 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 2022 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 degree 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 duration, spread and severity of the pandemic, including with respect to resurgences, new variants or strains, such as the Delta and Omicron variants, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines against any future variants or strains, employee retention issues resulting from

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)

vaccine mandates, 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, 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 Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
Operating Data
Net income attributable to common shareholders			$	48,105					$	27,081					$	135,290					$	85,246
Core revenues			$	296,320					$	261,121					$	1,125,578					$	1,011,707
Core NOI			$	192,391					$	168,429					$	719,816					$	634,100
Core NOI margin			64.9		%				64.5		%				64.0		%				62.7		%
Platform Efficiency Percentage			13.2		%				12.9		%				12.5		%				12.9		%
Fully Adjusted EBITDAre			$	167,702					$	147,529					$	623,035					$	548,688
Fully Adjusted EBITDAre Margin			56.0		%				56.1		%				54.8		%				53.9		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.35					$	0.29					$	1.25					$	1.10
Core FFO attributable to common share and unit holders			$	0.37					$	0.31					$	1.36					$	1.16
Adjusted FFO attributable to common share and unit holders			$	0.34					$	0.28					$	1.22					$	1.02

			Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	9,247,493					$	8,955,100					$	8,546,652					$	8,330,166					$	8,245,388
Total assets			$	10,962,433					$	10,505,367					$	9,968,726					$	9,686,701					$	9,593,625
Outstanding borrowings under revolving credit facility			$	350,000					$	—					$	620,000					$	80,000					$	—
Total Debt			$	3,924,181					$	3,580,431					$	3,456,214					$	2,922,374					$	2,848,492
Total Market Capitalization			$	21,289,815					$	18,671,083					$	18,379,670					$	16,096,244					$	14,783,745
Total Debt to Total Market Capitalization			18.4		%				19.2		%				18.8		%				18.2		%				19.3		%
Net Debt to Adjusted EBITDAre			5.6 x						5.3 x						5.3 x						4.5 x						4.4 x
Net Debt and Preferred Shares to Adjusted EBITDAre			6.2 x						5.9 x						5.9 x						6.0 x						5.9 x
NYSE AMH Class A common share closing price			$	43.61					$	38.12					$	38.85					$	33.34					$	30.00

Portfolio Data - end of period
Occupied single-family properties			53,637						53,133						52,645						52,025						51,271
Single-family properties leased, not yet occupied			350						514						563						429						392
Single-family properties in turnover process			1,063						822						581						747						978
Single-family properties recently renovated or developed			364						102						39						44						95
Single-family properties newly acquired and under renovation			951						902						368						103						137
Total single-family properties, excluding properties held for sale			56,365						55,473						54,196						53,348						52,873
Single-family properties held for sale			659						604						589						636						711
Total single-family properties			57,024						56,077						54,785						53,984						53,584
Total occupancy percentage (1)			95.2		%				95.8		%				97.1		%				97.5		%				97.0		%
Total Average Occupied Days Percentage (1)			96.7		%				97.0		%				97.3		%				97.1		%				97.2		%
Same-Home occupancy percentage (46,461 properties)			98.1		%				98.1		%				98.2		%				98.1		%				97.6		%
Same-Home Average Occupied Days Percentage (46,461 properties)			97.6		%				97.4		%				97.9		%				97.3		%				97.4		%

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

Consolidated Statements of Operations

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

			For the Three Months Ended Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
			(Unaudited)						(Unaudited)						(Unaudited)
Rents and other single-family property revenues			$	338,092					$	296,551					$	1,303,882					$	1,172,514
Expenses:
Property operating expenses			120,239						106,160						490,205						450,267
Property management expenses			26,188						22,380						96,865						89,892
General and administrative expense			15,799						13,188						56,444						48,517
Interest expense			28,263						28,498						114,893						117,038
Acquisition and other transaction costs			4,656						3,579						15,749						9,298
Depreciation and amortization			97,166						88,500						372,848						343,153
Total expenses			292,311						262,305						1,147,004						1,058,165
Gain on sale and impairment of single-family properties and other, net			13,295						10,251						49,696						38,773
Other income and expense, net			2,247						845						3,985						1,707
Net income			61,323						45,342						210,559						154,829
Noncontrolling interest			7,455						4,479						21,467						14,455
Dividends on preferred shares			5,763						13,782						37,923						55,128
Redemption of perpetual preferred shares			—						—						15,879						—
Net income attributable to common shareholders			$	48,105					$	27,081					$	135,290					$	85,246
Weighted-average common shares outstanding:
Basic			336,014,151						316,424,015						324,245,168						306,613,197
Diluted			336,600,433						316,884,567						325,518,291						307,074,747
Net income attributable to common shareholders per share:
Basic			$	0.14					$	0.09					$	0.42					$	0.28
Diluted			$	0.14					$	0.09					$	0.41					$	0.28

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 Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
Net income attributable to common shareholders			$	48,105					$	27,081					$	135,290					$	85,246
Adjustments:
Noncontrolling interests in the Operating Partnership			7,455						4,479						21,467						14,455
Gain on sale and impairment of single-family properties and other, net			(13,295)						(10,251)						(49,696)						(38,773)
Adjustments for unconsolidated joint ventures			319						333						1,873						1,352
Depreciation and amortization			97,166						88,500						372,848						343,153
Less: depreciation and amortization of non-real estate assets			(2,864)						(2,464)						(11,151)						(9,016)
FFO attributable to common share and unit holders			$	136,886					$	107,678					$	470,631					$	396,417
Adjustments:
Acquisition, other transaction costs and other (1)			4,656						3,624						15,749						12,889
Noncash share-based compensation - general and administrative			1,639						1,832						9,361						6,573
Noncash share-based compensation - property management			726						418						3,004						1,745
Redemption of perpetual preferred shares			—						—						15,879						—
Core FFO attributable to common share and unit holders			$	143,907					$	113,552					$	514,624					$	417,624
Recurring Capital Expenditures			(12,345)						(9,756)						(52,134)						(46,048)
Leasing costs			(750)						(1,011)						(3,422)						(4,070)
Adjusted FFO attributable to common share and unit holders			$	130,812					$	102,785					$	459,068					$	367,506
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.35					$	0.29					$	1.25					$	1.10
Core FFO attributable to common share and unit holders			$	0.37					$	0.31					$	1.36					$	1.16
Adjusted FFO attributable to common share and unit holders			$	0.34					$	0.28					$	1.22					$	1.02
Weighted-average FFO shares and units:
Common shares outstanding			336,014,151						316,424,015						324,245,168						306,613,197
Share-based compensation plan and forward sale equity contracts (2)			1,017,328						764,198						1,617,640						724,523
Operating partnership units			51,376,980						51,880,241						51,447,939						51,990,094
Total weighted-average FFO shares and units			388,408,459						369,068,454						377,310,747						359,327,814

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the year ended December 31, 2020.

(2)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 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 Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
Rents from single-family properties			$	294,528					$	262,972					$	1,126,408					$	1,017,822
Fees from single-family properties			5,904						4,688						22,560						16,351
Bad debt			(4,112)						(6,539)						(23,390)						(22,466)
Core revenues			296,320						261,121						1,125,578						1,011,707
Property tax expense			47,780						44,682						190,992						180,140
HOA fees, net (1)			5,757						5,095						21,580						19,654
R&M and turnover costs, net (1)			23,242						18,985						91,156						83,136
Insurance			3,031						2,492						11,748						9,692
Property management expenses, net (2)			24,119						21,438						90,286						84,985
Core property operating expenses			103,929						92,692						405,762						377,607
Core NOI			$	192,391					$	168,429					$	719,816					$	634,100
Core NOI margin			64.9		%				64.5		%				64.0		%				62.7		%

			For the Three Months Ended Dec 31, 2021
			Same-Home Properties						Stabilized Properties						Non-Stabilized Properties (3)						Held for Sale and Other Properties (4)						Total Single-Family Properties
Property count			46,461						5,310						3,643						1,610						57,024
Average Occupied Days Percentage			97.6		%				98.2		%				80.0		%				70.8		%				96.4		%
Rents from single-family properties			$	248,087					$	30,552					$	13,181					$	2,708					$	294,528
Fees from single-family properties			4,787						589						477						51						5,904
Bad debt			(3,287)						(374)						(331)						(120)						(4,112)
Core revenues			249,587						30,767						13,327						2,639						296,320
Property tax expense			40,688						3,896						2,337						859						47,780
HOA fees, net (1)			4,877						463						325						92						5,757
R&M and turnover costs, net (1)			18,896						1,743						1,779						824						23,242
Insurance			2,473						345						157						56						3,031
Property management expenses, net (2)			19,157						2,465						1,887						610						24,119
Core property operating expenses			86,091						8,912						6,485						2,441						103,929
Core NOI			$	163,496					$	21,855					$	6,842					$	198					$	192,391
Core NOI margin			65.5		%				71.0		%				51.3		%				7.5		%				64.9		%

(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 1,271 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,372 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.

(4)Includes 659 properties held for sale and 951 single-family properties newly acquired and under renovation that are not yet placed into service. Average Occupied Days Percentage is calculated based only on properties held for sale.

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 Full Year Comparisons

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

(Unaudited)

			For the Three Months Ended Dec 31,																		For the Years Ended Dec 31,
			2021						2020						Change						2021						2020						Change
Number of Same-Home properties			46,461						46,461												46,461						46,461
Occupancy percentage as of period end			98.1		%				97.6		%				0.5		%				98.1		%				97.6		%				0.5		%
Average Occupied Days Percentage			97.6		%				97.4		%				0.2		%				97.6		%				96.3		%				1.3		%
Average Monthly Realized Rent per property			$	1,823					$	1,698					7.4		%				$	1,773					$	1,684					5.3		%
Turnover Rate			6.0		%				6.8		%				(0.8)		%				29.8		%				33.4		%				(3.6)		%
Core NOI:
Rents from single-family properties			$	248,087					$	230,475					7.6		%				$	964,193					$	903,848					6.7		%
Fees from single-family properties			4,787						4,022						19.0		%				18,609						14,044						32.5		%
Bad debt			(3,287)						(5,391)						(39.0)		%				(18,524)						(18,902)						(2.0)		%
Core revenues			249,587						229,106						8.9		%				964,278						898,990						7.3		%
Property tax expense			40,688						39,377						3.3		%				164,399						158,493						3.7		%
HOA fees, net (1)			4,877						4,458						9.4		%				18,413						17,088						7.8		%
R&M and turnover costs, net (1)			18,896						16,114						17.3		%				76,329						71,220						7.2		%
Insurance			2,473						2,116						16.9		%				9,766						8,346						17.0		%
Property management expenses, net (2)			19,157						18,085						5.9		%				73,994						72,300						2.3		%
Core property operating expenses			86,091						80,150						7.4		%				342,901						327,447						4.7		%
Core NOI			$	163,496					$	148,956					9.8		%				$	621,377					$	571,543					8.7		%
Core NOI margin			65.5		%				65.0		%										64.4		%				63.6		%
Recurring Capital Expenditures			10,581						8,471						24.9		%				45,062						41,263						9.2		%
Core NOI After Capital Expenditures			$	152,915					$	140,485					8.8		%				$	576,315					$	530,280					8.7		%
Property Enhancing Capex			$	13,059					$	12,957											$	54,193					$	44,766
Per property:
Average Recurring Capital Expenditures			$	228					$	182					24.9		%				$	970					$	888					9.2		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	635					$	529					20.0		%				$	2,613					$	2,421					7.9		%

(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
			Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
Occupancy percentage as of period end			98.1		%				98.1		%				98.2		%				98.1		%				97.6		%
Average Occupied Days Percentage			97.6		%				97.4		%				97.9		%				97.3		%				97.4		%
Average Monthly Realized Rent per property			$	1,823					$	1,794					$	1,751					$	1,723					$	1,698
Average Change in Rent for Renewals			6.7		%				5.7		%				5.4		%				5.1		%				4.3		%
Average Change in Rent for Re-Leases			12.2		%				15.9		%				13.7		%				10.0		%				7.7		%
Average Blended Change in Rent			8.7		%				9.1		%				8.0		%				6.9		%				5.5		%
Core NOI:
Rents from single-family properties			$	248,087					$	243,602					$	238,906					$	233,598					$	230,475
Fees from single-family properties			4,787						4,896						4,583						4,343						4,022
Bad debt			(3,287)						(3,801)						(5,774)						(5,662)						(5,391)
Core revenues			249,587						244,697						237,715						232,279						229,106
Property tax expense			40,688						41,175						41,461						41,075						39,377
HOA fees, net (1)			4,877						4,719						4,562						4,255						4,458
R&M and turnover costs, net (1)			18,896						22,453						19,564						15,416						16,114
Insurance			2,473						2,476						2,436						2,381						2,116
Property management expenses, net (2)			19,157						18,611						17,625						18,601						18,085
Core property operating expenses			86,091						89,434						85,648						81,728						80,150
Core NOI			$	163,496					$	155,263					$	152,067					$	150,551					$	148,956
Core NOI margin			65.5		%				63.5		%				64.0		%				64.8		%				65.0		%
Recurring Capital Expenditures			10,581						14,537						11,491						8,453						8,471
Core NOI After Capital Expenditures			$	152,915					$	140,726					$	140,576					$	142,098					$	140,485
Property Enhancing Capex			$	13,059					$	13,437					$	14,967					$	12,730					$	12,957
Per property:
Average Recurring Capital Expenditures			$	228					$	313					$	247					$	182					$	182
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	635					$	796					$	668					$	514					$	529

(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 4Q21 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA			4,098						$	183,748					8.3		%				7.1		%				15.9		%				10.3		%
Dallas-Fort Worth, TX			3,864						168,178						7.5		%				6.3		%				10.1		%				7.6		%
Charlotte, NC			3,425						196,782						8.0		%				6.7		%				10.6		%				8.1		%
Indianapolis, IN			2,732						157,828						4.8		%				6.8		%				10.2		%				8.4		%
Houston, TX			2,474						169,266						3.9		%				5.3		%				6.8		%				5.8		%
Phoenix, AZ			2,581						179,387						5.8		%				8.6		%				22.6		%				12.5		%
Nashville, TN			2,428						218,429						6.4		%				7.1		%				11.9		%				9.0		%
Jacksonville, FL			2,135						176,863						4.5		%				6.9		%				16.0		%				9.7		%
Tampa, FL			2,025						199,408						4.2		%				6.8		%				17.5		%				9.7		%
Columbus, OH			1,942						175,011						4.2		%				6.6		%				8.5		%				7.3		%
Cincinnati, OH			1,914						179,056						4.3		%				7.0		%				9.9		%				8.2		%
Raleigh, NC			1,882						186,718						4.1		%				6.3		%				11.3		%				8.0		%
Greater Chicago area, IL and IN			1,658						186,175						3.5		%				6.4		%				11.5		%				8.2		%
Orlando, FL			1,472						182,855						3.1		%				5.2		%				16.1		%				8.8		%
Salt Lake City, UT			1,330						248,775						3.7		%				6.6		%				13.3		%				9.4		%
Charleston, SC			1,015						197,755						2.2		%				7.0		%				8.2		%				7.5		%
Las Vegas, NV			917						180,204						2.1		%				7.7		%				19.5		%				10.7		%
San Antonio, TX			916						164,274						1.6		%				5.7		%				8.7		%				6.8		%
Savannah/Hilton Head, SC			851						182,184						1.8		%				6.4		%				13.7		%				9.5		%
Austin, TX			705						198,519						1.3		%				6.7		%				10.9		%				8.1		%
All Other (2)			6,097						203,451						14.7		%				6.8		%				11.3		%				8.4		%
Total/Average			46,461						$	187,170					100.0		%				6.7		%				12.2		%				8.7		%

			Average Occupied Days Percentage																		Average Monthly Realized Rent per Property
			4Q21 QTD						4Q20 QTD						Change						4Q21 QTD						4Q20 QTD						Change
Atlanta, GA			97.0		%				97.7		%				(0.7)		%				$	1,819					$	1,690					7.6		%
Dallas-Fort Worth, TX			97.8		%				97.2		%				0.6		%				1,927						1,812						6.3		%
Charlotte, NC			97.7		%				97.5		%				0.2		%				1,781						1,656						7.5		%
Indianapolis, IN			96.6		%				97.4		%				(0.8)		%				1,601						1,484						7.9		%
Houston, TX			97.8		%				96.8		%				1.0		%				1,769						1,695						4.4		%
Phoenix, AZ			98.4		%				98.3		%				0.1		%				1,727						1,553						11.2		%
Nashville, TN			98.2		%				95.8		%				2.4		%				1,917						1,798						6.6		%
Jacksonville, FL			98.3		%				97.4		%				0.9		%				1,766						1,631						8.3		%
Tampa, FL			98.7		%				97.6		%				1.1		%				1,889						1,760						7.3		%
Columbus, OH			96.4		%				98.5		%				(2.1)		%				1,831						1,718						6.6		%
Cincinnati, OH			97.5		%				97.4		%				0.1		%				1,801						1,674						7.6		%
Raleigh, NC			97.2		%				96.7		%				0.5		%				1,686						1,583						6.5		%
Greater Chicago area, IL and IN			97.6		%				97.3		%				0.3		%				2,059						1,913						7.6		%
Orlando, FL			98.7		%				96.8		%				1.9		%				1,851						1,745						6.1		%
Salt Lake City, UT			97.7		%				98.1		%				(0.4)		%				2,001						1,846						8.4		%
Charleston, SC			96.3		%				97.3		%				(1.0)		%				1,894						1,764						7.4		%
Las Vegas, NV			98.4		%				97.8		%				0.6		%				1,795						1,636						9.7		%
San Antonio, TX			97.2		%				95.6		%				1.6		%				1,686						1,587						6.2		%
Savannah/Hilton Head, SC			97.8		%				97.9		%				(0.1)		%				1,749						1,612						8.5		%
Austin, TX			97.8		%				97.2		%				0.6		%				1,827						1,722						6.1		%
All Other (2)			97.7		%				97.6		%				0.1		%				1,863						1,736						7.3		%
Total/Average			97.6		%				97.4		%				0.2		%				$	1,823					$	1,698					7.4		%

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

Consolidated Balance Sheets

(Amounts in thousands)

			Dec 31, 2021						Dec 31, 2020
			(Unaudited)
Assets
Single-family properties:
Land			$	2,062,039					$	1,836,798
Buildings and improvements			9,258,387						8,163,023
Single-family properties in operation			11,320,426						9,999,821
Less: accumulated depreciation			(2,072,933)						(1,754,433)
Single-family properties in operation, net			9,247,493						8,245,388
Single-family properties under development and development land			882,159						510,365
Single-family properties held for sale, net			114,907						129,026
Total real estate assets, net			10,244,559						8,884,779
Cash and cash equivalents			48,198						137,060
Restricted cash			143,569						128,017
Rent and other receivables			41,587						41,544
Escrow deposits, prepaid expenses and other assets			216,625						163,171
Investments in unconsolidated joint ventures			121,950						93,109
Asset-backed securitization certificates			25,666						25,666
Goodwill			120,279						120,279
Total assets			$	10,962,433					$	9,593,625
Liabilities
Revolving credit facility			$	350,000					$	—
Asset-backed securitizations, net			1,908,346						1,927,607
Unsecured senior notes, net			1,622,132						889,805
Accounts payable and accrued expenses			343,526						298,949
Amounts payable to affiliates			—						4,834
Total liabilities			4,224,004						3,121,195
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares			3,374						3,160
Class B common shares			6						6
Preferred shares			154						354
Additional paid-in capital			6,492,933						6,223,256
Accumulated deficit			(438,710)						(443,522)
Accumulated other comprehensive income			1,814						5,840
Total shareholders' equity			6,059,571						5,789,094
Noncontrolling interest			678,858						683,336
Total equity			6,738,429						6,472,430
Total liabilities and equity			$	10,962,433					$	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 December 31, 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)			$	—					$	350,000					$	350,000					8.9		%				1.20		%				4.3
Total floating rate debt			—						350,000						350,000						8.9		%				1.20		%				4.3
Fixed rate debt:
AH4R 2014-SFR2			473,594						—						473,594						12.1		%				4.42		%				2.8
AH4R 2014-SFR3			488,790						—						488,790						12.5		%				4.40		%				2.9
AH4R 2015-SFR1			514,868						—						514,868						13.1		%				4.14		%				23.3
AH4R 2015-SFR2			446,929						—						446,929						11.4		%				4.36		%				23.8
2028 unsecured senior notes			—						500,000						500,000						12.7		%				4.08		%				6.1
2029 unsecured senior notes			—						400,000						400,000						10.2		%				4.90		%				7.1
2031 unsecured senior notes			—						450,000						450,000						11.5		%				2.46		%				9.5
2051 unsecured senior notes			—						300,000						300,000						7.6		%				3.38		%				29.6
Total fixed rate debt			1,924,181						1,650,000						3,574,181						91.1		%				4.04		%				12.4
Total Debt			$	1,924,181					$	2,000,000					3,924,181						100.0		%				3.79		%				11.7
Unamortized discounts and loan costs															(43,703)
Total debt per balance sheet															$	3,880,478

Maturity Schedule by Year (2)						Total Debt						% of Total
2022						$	20,714					0.5		%
2023						20,714						0.5		%
2024						951,862						24.3		%
2025						10,302						0.3		%
2026						360,302						9.2		%
2027						10,302						0.3		%
2028						510,302						13.0		%
2029						410,302						10.5		%
2030						10,302						0.3		%
2031						460,302						11.7		%
Thereafter						1,158,777						29.4		%
Total						$	3,924,181					100.0		%

(1)Interest rates are as of December 31, 2021 and reflect the effect of any hedging instruments, as applicable.

(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 December 31, 2021.

Interest Expense Reconciliation

			For the Three Months Ended Dec 31,												For the Years Ended Dec 31,
(Amounts in thousands)			2021						2020						2021						2020
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	28,263					$	28,498					$	114,893					$	117,038
Less: amortization of discounts, loan costs and cash flow hedges			(2,500)						(1,867)						(8,790)						(7,431)
Add: capitalized interest			11,967						5,467						33,796						19,996
Cash interest			$	37,730					$	32,098					$	139,899					$	129,603

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 December 31, 2021

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

(Unaudited)

Total Capitalization

Total Debt									$	3,924,181					18.4		%
Total preferred shares									385,000						1.8		%
Common equity at market value:
Common shares outstanding			337,997,791
Operating partnership units			51,376,980
Total shares and units			389,374,771
NYSE AMH Class A common share closing price at December 31, 2021			$	43.61
Market value of common shares and operating partnership units									16,980,634						79.8		%
Total Market Capitalization									$	21,289,815					100.0		%

Preferred Shares

						Earliest Redemption Date						Outstanding Shares						Per Share						Total						Annual Dividend Per Share						Annual Dividend Amount
Series
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

5.6 x

Rating Agency

Rating

Outlook

Net Debt and Preferred Shares to Adjusted EBITDAre

6.2 x

Moody's Investor Service

Baa3

Positive

Fixed Charge Coverage

3.8 x

S&P Global Ratings

BBB-

Positive

Unencumbered Core NOI percentage

68.2

%

Unsecured Senior Notes Covenant Ratios			Requirement									Actual
Ratio of Indebtedness to Total Assets			<			60.0		%				30.6		%
Ratio of Secured Debt to Total Assets			<			40.0		%				14.9		%
Ratio of Unencumbered Assets to Unsecured Debt			>			150.0		%				483.0		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense			>			1.50 x						4.75 x

Unsecured Credit Facility Covenant Ratios

Requirement

Actual

Ratio of Total Indebtedness to Total Asset Value

<

60.0%

29.8

%

Ratio of Secured Indebtedness to Total Asset Value

<

40.0%

13.8

%

Ratio of Unsecured Indebtedness to Unencumbered Asset Value

<

60.0%

24.8

%

Ratio of EBITDA to Fixed Charges

>

1.50 x

3.44 x

Ratio of Unencumbered NOI to Unsecured Interest Expense

>

1.75 x

9.42 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 December 31, 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						5,498						9.8		%				$	201,504					2,165						17.3
Dallas-Fort Worth, TX						4,320						7.7		%				170,321						2,116						17.6
Charlotte, NC						3,897						6.9		%				203,751						2,099						17.1
Phoenix, AZ						3,296						5.8		%				191,969						1,836						18.0
Houston, TX						2,914						5.2		%				170,106						2,099						15.9
Nashville, TN						3,067						5.4		%				228,285						2,107						15.6
Indianapolis, IN						2,919						5.2		%				163,831						1,928						19.0
Tampa, FL						2,635						4.7		%				212,303						1,942						14.9
Jacksonville, FL						2,721						4.8		%				198,525						1,939						14.4
Raleigh, NC						2,165						3.8		%				192,990						1,883						16.2
Columbus, OH						2,139						3.8		%				183,419						1,870						19.7
Cincinnati, OH						2,104						3.7		%				186,948						1,851						19.1
Orlando, FL						1,824						3.2		%				194,952						1,901						18.8
Greater Chicago area, IL and IN						1,700						3.0		%				186,612						1,870						20.3
Salt Lake City, UT						1,762						3.1		%				279,643						2,212						16.6
Charleston, SC						1,463						2.6		%				218,479						1,974						11.8
Las Vegas, NV						1,515						2.7		%				232,029						1,875						14.6
Austin, TX						794						1.4		%				201,922						1,965						13.0
San Antonio, TX						1,292						2.3		%				184,267						1,946						13.8
Savannah/Hilton Head, SC						974						1.7		%				192,293						1,884						13.5
All Other (3)						7,366						13.2		%				224,087						1,905						17.1
Total/Average						56,365						100.0		%				$	200,841					1,988						16.8

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						95.9		%				$	1,843					7.1		%				15.7		%				10.3		%
Dallas-Fort Worth, TX						97.4		%				1,934						6.4		%				10.1		%				7.6		%
Charlotte, NC						97.2		%				1,797						6.7		%				11.0		%				8.2		%
Phoenix, AZ						97.6		%				1,724						8.6		%				23.5		%				12.6		%
Houston, TX						96.5		%				1,787						5.3		%				7.5		%				6.0		%
Nashville, TN						97.2		%				1,918						7.0		%				11.4		%				8.8		%
Indianapolis, IN						95.9		%				1,606						6.8		%				10.0		%				8.3		%
Tampa, FL						98.4		%				1,912						6.7		%				17.9		%				9.9		%
Jacksonville, FL						97.1		%				1,797						6.9		%				15.6		%				9.6		%
Raleigh, NC						96.4		%				1,702						6.2		%				11.6		%				8.1		%
Columbus, OH						95.5		%				1,844						6.7		%				8.4		%				7.3		%
Cincinnati, OH						96.8		%				1,797						6.9		%				9.8		%				8.2		%
Orlando, FL						98.3		%				1,871						5.2		%				15.9		%				8.5		%
Greater Chicago area, IL and IN						97.2		%				2,052						6.3		%				11.4		%				8.3		%
Salt Lake City, UT						96.0		%				2,026						6.6		%				12.9		%				9.0		%
Charleston, SC						94.8		%				1,922						7.0		%				8.5		%				7.7		%
Las Vegas, NV						95.2		%				1,868						7.8		%				16.8		%				10.1		%
Austin, TX						96.1		%				1,847						6.7		%				10.6		%				8.1		%
San Antonio, TX						96.0		%				1,737						5.9		%				9.0		%				7.0		%
Savannah/Hilton Head, SC						97.5		%				1,753						6.4		%				13.7		%				9.5		%
All Other (3)						96.3		%				1,885						6.8		%				11.5		%				8.5		%
Total/Average						96.7		%				$	1,840					6.7		%				12.3		%				8.7		%

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

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

						4Q21 Additions												2021 Additions
Market						Number of Properties						Average Total Investment Cost (1)						Number of Properties						Average Total Investment Cost (1)
Atlanta, GA						116						$	318,173					580						$	320,216
Las Vegas, NV						99						352,646						390						350,787
Jacksonville, FL						92						318,404						312						306,826
Charleston, SC						78						294,681						225						294,564
Salt Lake City, UT						76						446,680						170						435,077
Boise, ID						72						392,694						156						392,393
Seattle, WA						70						451,938						176						441,575
Nashville, TN						49						347,042						180						346,533
San Antonio, TX						43						286,993						180						267,590
Houston, TX						30						314,547						41						306,880
Savannah/Hilton Head, SC						30						342,267						58						332,834
Tampa, FL						29						332,946						182						313,494
Greenville, SC						28						305,091						63						280,235
Dallas-Fort Worth, TX						27						365,204						39						352,278
Charlotte, NC						26						366,639						98						341,272
Knoxville, TN						24						373,187						26						368,624
Albuquerque, NM						19						332,099						27						331,911
Colorado Springs, CO						19						466,160						49						464,881
Columbus, OH						17						344,765						87						330,924
Indianapolis, IN						17						307,347						128						300,378
All Other (2)						100						338,633						754						332,613
Total/Average						1,061						$	352,186					3,921						$	336,932

(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 11 markets in nine states.

Property Dispositions

						Dec 31, 2021 Single-Family Properties Held for Sale						4Q21 Dispositions												2021 Dispositions
Market												Number of Properties						Average Net Proceeds per Property						Number of Properties						Average Net Proceeds per Property
Inland Empire, CA						134						10						$	475,400					41						$	423,495
Greater Chicago area, IL and IN						116						16						242,125						45						217,825
Houston, TX						71						43						211,093						87						210,342
Bay Area, CA						55						1						674,000						10						563,366
Central Valley, CA						52						2						376,000						10						276,594
Atlanta, GA						42						3						310,333						55						276,439
Dallas-Fort Worth, TX						36						2						353,500						22						323,768
Nashville, TN						15						4						291,750						20						294,838
Tampa, FL						15						1						368,000						10						324,699
Indianapolis, IN						14						4						229,250						12						233,190
Charlotte, NC						12						—						—						5						341,386
Cincinnati, OH						11						5						247,400						18						231,414
Jacksonville, FL						11						3						231,667						5						231,295
Orlando, FL						11						8						278,500						19						267,450
Miami, FL						9						—						—						5						276,083
San Antonio, TX						9						1						283,000						15						216,125
Columbus, OH						8						1						207,000						3						209,364
Austin, TX						7						—						—						18						248,306
Phoenix, AZ						6						—						—						13						303,063
Milwaukee, WI						4						—						—						2						293,105
All Other (1)						21						10						248,700						66						260,102
Total/Average						659						114						$	266,298					481						$	273,715

(1)Represents 16 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 December 31, 2021

						2021 Deliveries																		Dec 31, 2021 Lots for Future Delivery (1)
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Atlanta, GA						388						$	295,000					$	2,100					1,619
Las Vegas, NV						247						295,000						2,120						1,093
Seattle, WA						228						400,000						2,580						303
Nashville, TN						185						308,000						2,140						653
Charlotte, NC						183						316,000						2,180						731
Salt Lake City, UT						181						404,000						2,380						438
Charleston, SC						132						267,000						1,950						1,408
San Antonio, TX						99						241,000						1,950						—
Boise, ID						98						337,000						2,360						603
Tampa, FL						91						260,000						2,060						989
Jacksonville, FL						83						255,000						1,950						985
Orlando, FL						62						280,000						2,070						1,248
Phoenix, AZ						55						318,000						2,110						1,526
Raleigh, NC						17						336,000						2,220						60
Denver, CO						5						340,000						2,310						395
Columbus, OH						—						—						—						81
Total/Average						2,054						$	314,000					$	2,180					12,132

Estimated Delivery Timing

						Dec 31, 2020 Lots for Future Delivery						2021 Lots Acquired						2021 Deliveries						Full Year Estimated 2022 Deliveries (3)						Deliveries Thereafter (3)
Consolidated development properties						5,875						6,587						1,368						1,300 - 1,500						9,694
Joint venture development properties (2)						1,196						528						686						800 - 900						188
Total development properties						7,071						7,115						2,054						2,100 - 2,400						9,882

(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 February 24, 2022.

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						1Q22						2Q22						3Q22						4Q22						Thereafter
Lease expirations						3,240						11,944						13,034						12,569						8,558						4,642

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						—						—						—						—						—						—
3Q21						—						—						—						—						—						—
4Q21						—						—						—						1,749,286						72,344						41.36
Total						1,804,163						34,933						$	19.36					1,835,416						74,758						$	40.73
						Remaining authorization:						$	265,067											Remaining authorization:						$	425,242

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						Sep 30, 2021
Atlanta, GA						100.0						114.2						122.3						132.0						143.0						152.6						165.1						174.0						191.8						221.1												121.1		%
Dallas-Fort Worth, TX (3)						100.0						108.4						115.2						127.6						140.1						153.7						160.7						167.4						180.4						211.8												111.8		%
Charlotte, NC						100.0						113.4						118.8						126.8						136.6						148.2						157.5						165.1						185.9						217.9												117.9		%
Phoenix, AZ						100.0						118.0						123.3						135.9						146.1						157.2						170.2						180.7						207.3						256.4												156.4		%
Houston, TX						100.0						110.8						123.1						130.1						133.0						137.0						139.7						144.4						150.2						164.4												64.4		%
Nashville, TN						100.0						111.0						117.4						131.1						141.1						156.6						165.0						173.2						190.4						224.0												124.0		%
Indianapolis, IN						100.0						106.4						112.3						117.8						124.5						134.2						142.3						152.7						170.6						192.3												92.3		%
Tampa, FL						100.0						113.0						121.1						132.3						149.1						160.4						173.4						186.6						208.4						251.1												151.1		%
Jacksonville, FL						100.0						114.2						121.7						127.7						142.3						150.6						166.7						177.6						189.9						230.1												130.1		%
Raleigh, NC						100.0						106.7						111.6						120.0						130.8						135.8						146.0						153.0						167.4						201.1												101.1		%
Columbus, OH						100.0						108.9						114.5						120.8						131.5						141.8						148.9						157.4						175.9						199.0												99.0		%
Cincinnati, OH						100.0						104.9						111.2						115.7						121.4						128.3						136.2						143.2						160.3						182.2												82.2		%
Orlando, FL						100.0						110.3						123.5						135.4						144.9						158.9						168.6						184.6						195.9						227.6												127.6		%
Greater Chicago, IL and IN						100.0						111.0						115.1						118.8						126.3						130.5						133.7						135.5						146.5						160.3												60.3		%
Salt Lake City, UT						100.0						109.4						114.5						123.2						133.0						146.5						158.8						170.4						196.9						239.7												139.7		%
Charleston, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						214.6												114.6		%
Las Vegas, NV						100.0						125.1						141.3						149.0						161.5						182.0						207.9						215.9						232.9						282.5												182.5		%
Austin, TX						100.0						110.1						121.4						133.3						144.7						154.7						161.9						176.8						201.4						258.6												158.6		%
San Antonio, TX						100.0						101.1						108.0						113.9						124.7						133.8						137.7						145.4						157.2						183.8												83.8		%
Savannah/Hilton Head, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						214.6												114.6		%
Average																																																																								116.6		%

(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 September 30, 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 December 31, 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

2022 Guidance

Guidance Summary

									Full Year 2022
Core FFO attributable to common share and unit holders									$1.53 - $1.59
Core FFO attributable to common share and unit holders growth									12.5% - 16.9%
Same-Home
Core revenues growth									7.25% - 9.25%
Core property operating expenses growth									4.75% - 6.75%
Core NOI growth									8.50% - 10.50%
Investment Program			Properties						Investment
Wholly owned inventory additions			3,300 - 3,900						$1.2 - $1.5 billion
Wholly owned land and development pipeline			—						$300 - $400 million
Pro rata share of JV and Property Enhancing Capex			—						$100 million
Total capital investment (wholly owned and pro rata JV)			3,300 - 3,900						$1.6 - $2.0 billion
Total gross capital investment (JVs at 100%)			4,100 - 4,800						$1.7 - $2.2 billion

Reconciliation of Core FFO attributable to common share and unit holders from 2021 to 2022 Guidance Midpoint

			Per FFO Share and Unit
2021 Core FFO attributable to common share and unit holders			$	1.36
Same-Home Core NOI			0.16
Non-Same-Home Core NOI (1)			0.12
General and administrative expense			(0.01)
Financing costs (share count and interest)			(0.07)
2022 Core FFO attributable to common share and unit holders - Guidance Midpoint			$	1.56
2022 Core FFO attributable to common share and unit holders growth - Guidance Midpoint			14.7		%

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company’s 2022 Same-Home portfolio, including 2021 additions, and (ii) contribution from 2022 wholly-owned inventory additions (developed and acquired).

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 in Core Net Operating Income – Total 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 months and years ended December 31, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	338,092					$	296,551					$	1,303,882					$	1,172,514
Tenant charge-backs			(41,772)						(35,430)						(178,304)						(160,807)
Core revenues			296,320						261,121						1,125,578						1,011,707
Less: Non-Same-Home core revenues			46,733						32,015						161,300						112,717
Same-Home core revenues			$	249,587					$	229,106					$	964,278					$	898,990

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	120,239					$	106,160					$	490,205					$	450,267
Property management expenses			26,188						22,380						96,865						89,892
Noncash share-based compensation - property management			(726)						(418)						(3,004)						(1,745)
Expenses reimbursed by tenant charge-backs			(41,772)						(35,430)						(178,304)						(160,807)
Core property operating expenses			103,929						92,692						405,762						377,607
Less: Non-Same-Home core property operating expenses			17,838						12,542						62,861						50,160
Same-Home core property operating expenses			$	86,091					$	80,150					$	342,901					$	327,447

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	61,323					$	45,342					$	210,559					$	154,829
Gain on sale and impairment of single-family properties and other, net			(13,295)						(10,251)						(49,696)						(38,773)
Depreciation and amortization			97,166						88,500						372,848						343,153
Acquisition and other transaction costs			4,656						3,579						15,749						9,298
Noncash share-based compensation - property management			726						418						3,004						1,745
Interest expense			28,263						28,498						114,893						117,038
General and administrative expense			15,799						13,188						56,444						48,517
Other income and expense, net			(2,247)						(845)						(3,985)						(1,707)
Core NOI			192,391						168,429						719,816						634,100
Less: Non-Same-Home Core NOI			28,895						19,473						98,439						62,557
Same-Home Core NOI			163,496						148,956						621,377						571,543
Less: Same-Home Recurring Capital Expenditures			10,581						8,471						45,062						41,263
Same-Home Core NOI After Capital Expenditures			$	152,915					$	140,485					$	576,315					$	530,280

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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
			Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	338,092					$	339,563					$	313,654					$	312,573					$	296,551
Tenant charge-backs			(41,772)						(52,723)						(38,014)						(45,795)						(35,430)
Core revenues			296,320						286,840						275,640						266,778						261,121
Less: Non-Same-Home core revenues			46,733						42,143						37,925						34,499						32,015
Same-Home core revenues			$	249,587					$	244,697					$	237,715					$	232,279					$	229,106

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	120,239					$	134,694					$	116,578					$	118,694					$	106,160
Property management expenses			26,188						24,562						22,416						23,699						22,380
Noncash share-based compensation - property management			(726)						(680)						(599)						(999)						(418)
Expenses reimbursed by tenant charge-backs			(41,772)						(52,723)						(38,014)						(45,795)						(35,430)
Core property operating expenses			103,929						105,853						100,381						95,599						92,692
Less: Non-Same-Home core property operating expenses			17,838						16,419						14,733						13,871						12,542
Same-Home core property operating expenses			$	86,091					$	89,434					$	85,648					$	81,728					$	80,150

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	61,323					$	48,501					$	51,814					$	48,921					$	45,342
Gain on sale and impairment of single-family properties and other, net			(13,295)						(9,572)						(10,760)						(16,069)						(10,251)
Depreciation and amortization			97,166						94,494						91,117						90,071						88,500
Acquisition and other transaction costs			4,656						3,279						2,968						4,846						3,579
Noncash share-based compensation - property management			726						680						599						999						418
Interest expense			28,263						31,097						27,528						28,005						28,498
General and administrative expense			15,799						12,647						12,793						15,205						13,188
Other income and expense, net			(2,247)						(139)						(800)						(799)						(845)
Core NOI			192,391						180,987						175,259						171,179						168,429
Less: Non-Same-Home Core NOI			28,895						25,724						23,192						20,628						19,473
Same-Home Core NOI			163,496						155,263						152,067						150,551						148,956
Less: Same-Home Recurring Capital Expenditures			10,581						14,537						11,491						8,453						8,471
Same-Home Core NOI After Capital Expenditures			$	152,915					$	140,726					$	140,576					$	142,098					$	140,485

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	192,391					$	180,987					$	175,259					$	171,179					$	168,429
Less: Encumbered Core NOI			59,995						57,191						56,243						55,712						55,432
Unencumbered Core NOI			$	132,396					$	123,796					$	119,016					$	115,467					$	112,997

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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)			Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
Total Debt			$	3,924,181					$	3,580,431					$	3,456,214					$	2,922,374					$	2,848,492
Less: cash and cash equivalents			(48,198)						(63,997)						(40,585)						(75,237)						(137,060)
Less: asset-backed securitization certificates			(25,666)						(25,666)						(25,666)						(25,666)						(25,666)
Less: restricted cash related to securitizations			(41,162)						(36,559)						(42,115)						(40,439)						(36,015)
Net debt			$	3,809,155					$	3,454,209					$	3,347,848					$	2,781,032					$	2,649,751
Preferred shares at liquidation value			385,000						385,000						385,000						883,750						883,750
Net debt and preferred shares			$	4,194,155					$	3,839,209					$	3,732,848					$	3,664,782					$	3,533,501
Adjusted EBITDAre - TTM			$	678,591					$	656,090					$	636,857					$	611,661					$	598,806
Net Debt to Adjusted EBITDAre			5.6 x						5.3 x						5.3 x						4.5 x						4.4 x
Net Debt and Preferred Shares to Adjusted EBITDAre			6.2 x						5.9 x						5.9 x						6.0 x						5.9 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Dec 31, 2021
Interest expense per income statement			$	114,893
Less: amortization of discounts, loan costs and cash flow hedges			(8,790)
Add: capitalized interest			33,796
Cash interest			139,899
Dividends on preferred shares			37,923
Fixed charges			$	177,822
Adjusted EBITDAre - TTM			$	678,591
Fixed Charge Coverage			3.8 x

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Dec 31, 2021
(Amounts in thousands)			Mar 31, 2021						Jun 30, 2021						Sep 30, 2021						Dec 31, 2021
Unencumbered Core NOI			$	115,467					$	119,016					$	123,796					$	132,396					$	490,675
Core NOI			171,179						175,259						180,987						192,391						719,816
Unencumbered Core NOI Percentage																											68.2		%

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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 months and years ended December 31, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Dec 31,												For the Years Ended Dec 31,
			2021						2020						2021						2020
Net income			$	61,323					$	45,342					$	210,559					$	154,829
Interest expense			28,263						28,498						114,893						117,038
Depreciation and amortization			97,166						88,500						372,848						343,153
EBITDA			$	186,752					$	162,340					$	698,300					$	615,020
Gain on sale and impairment of single-family properties and other, net			(13,295)						(10,251)						(49,696)						(38,773)
Adjustments for unconsolidated joint ventures			319						333						1,873						1,352
EBITDAre			$	173,776					$	152,422					$	650,477					$	577,599
Noncash share-based compensation - general and administrative			1,639						1,832						9,361						6,573
Noncash share-based compensation - property management			726						418						3,004						1,745
Acquisition, other transaction costs and other (1)			4,656						3,624						15,749						12,889
Adjusted EBITDAre			$	180,797					$	158,296					$	678,591					$	598,806
Recurring Capital Expenditures			(12,345)						(9,756)						(52,134)						(46,048)
Leasing costs			(750)						(1,011)						(3,422)						(4,070)
Fully Adjusted EBITDAre			$	167,702					$	147,529					$	623,035					$	548,688
Rents and other single-family property revenues			$	338,092					$	296,551					$	1,303,882					$	1,172,514
Less: tenant charge-backs			(41,772)						(35,430)						(178,304)						(160,807)
Adjustments for unconsolidated joint ventures - income			2,923						1,845						10,318						5,749
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	299,243					$	262,966					$	1,135,896					$	1,017,456
Adjusted EBITDAre Margin			60.4		%				60.2		%				59.7		%				58.9		%
Fully Adjusted EBITDAre Margin			56.0		%				56.1		%				54.8		%				53.9		%

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the year ended December 31, 2020.

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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

			For the Trailing Twelve Months Ended
			Dec 31, 2021						Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020
Net income			$	210,559					$	194,578					$	186,230					$	166,223					$	154,829
Interest expense			114,893						115,128						113,298						115,328						117,038
Depreciation and amortization			372,848						364,182						356,684						350,403						343,153
EBITDA			$	698,300					$	673,888					$	656,212					$	631,954					$	615,020
Gain on sale and impairment of single-family properties and other, net			(49,696)						(46,652)						(49,286)						(48,523)						(38,773)
Adjustments for unconsolidated joint ventures			1,873						1,887						1,557						1,496						1,352
EBITDAre			$	650,477					$	629,123					$	608,483					$	584,927					$	577,599
Noncash share-based compensation - general and administrative			9,361						9,554						9,720						9,546						6,573
Noncash share-based compensation - property management			3,004						2,696						2,463						2,305						1,745
Acquisition, other transaction costs and other (1)			15,749						14,717						16,191						14,883						12,889
Adjusted EBITDAre			$	678,591					$	656,090					$	636,857					$	611,661					$	598,806

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

Estimated Total Investment Cost

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

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

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (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 Dec 31,												For the Years Ended Dec 31,
(Amounts in thousands)			2021						2020						2021						2020
Property management expenses			$	26,188					$	22,380					$	96,865					$	89,892
Less: tenant charge-backs			(1,343)						(524)						(3,575)						(3,162)
Less: noncash share-based compensation - property management			(726)						(418)						(3,004)						(1,745)
Property management expenses, net			24,119						21,438						90,286						84,985
General and administrative expense			15,799						13,188						56,444						48,517
Less: noncash share-based compensation - general and administrative			(1,639)						(1,832)						(9,361)						(6,573)
General and administrative expense, net			14,160						11,356						47,083						41,944
Leasing costs			750						1,011						3,422						4,070
Platform costs			$	39,029					$	33,805					$	140,791					$	130,999
Rents and other single-family property revenues			$	338,092					$	296,551					$	1,303,882					$	1,172,514
Less: tenant charge-backs			(41,772)						(35,430)						(178,304)						(160,807)
Total portfolio rents and fees			$	296,320					$	261,121					$	1,125,578					$	1,011,707
Platform Efficiency Percentage			13.2		%				12.9		%				12.5		%				12.9		%

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 Dec 31, 2021
Adjusted FFO attributable to common share and unit holders			$	130,812
Common distributions			(39,003)
Retained Cash Flow			$	91,809

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 provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, and the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, 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, 2021, 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			Barclays			Berenberg Capital Markets
Craig Kucera			Ryan Gilbert			Anthony Powell			Keegan Carl
craigkucera@brileyfbr.com			rgilbert@btig.com			anthony.powell@barclays.com			keegan.carl@berenberg-us.com
BofA Global Research			Citi			Credit Suisse			Evercore ISI
Jeff Spector			Nicholas Joseph			Sam Choe			Steve Sakwa
jeff.spector@bofa.com			nicholas.joseph@citi.com			samuel.choe@credit-suisse.com			steve.sakwa@evercoreisi.com
Goldman Sachs			Green Street			JMP Securities			J.P. Morgan Securities
Chandni Luthra			John Pawlowski			Aaron Hecht			Anthony Paolone
chandni.luthra@gs.com			jpawlowski@greenstreet.com			ahecht@jmpsecurities.com			anthony.paolone@jpmorgan.com
Janney Montgomery Scott			Keefe, Bruyette & Woods, Inc.			Mizuho Securities USA Inc.			Morgan Stanley
Tyler Batory			Jade Rahmani			Haendel St. Juste			Richard Hill
tbatory@janney.com			jrahmani@kbw.com			haendel.st.juste@mizuho-sc.com			richard.hill1@morganstanley.com
RBC Capital Markets			Raymond James & Associates, Inc.			Wolfe Research			Zelman & Associates
Brad Heffern			Buck Horne			Andrew Rosivach			Philip Martin
brad.heffern@rbccm.com			buck.horne@raymondjames.com			arosivach@wolferesearch.com			philip@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.