American Homes 4 Rent

Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2013

(dollars in thousands)


	Number of Single- Family Homes		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Total Cost as of December 31, 2013
Markets	Number of Single- Family Homes		Land		Buildings and Improvements		Buildings and Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation			Net Cost Basis		Date of Acquisition
Albuquerque		189	$	5,763	$	21,352	$	2,077	$	5,763	$	23,429	$	29,192	$	(292	)	$	28,900	2013
Antelope Valley		6		212		952		230		212		1,182		1,394		(20	)		1,374	2012
Atlanta		1,461		50,523		160,776		30,233		50,523		191,009		241,532		(4,559	)		236,973	2012-2013
Augusta		113		3,209		12,311		1,472		3,209		13,783		16,992		(109	)		16,883	2013
Austin		408		9,567		42,498		5,763		9,567		48,261		57,828		(775	)		57,053	2012-2013
Bay Area		77		5,410		16,193		1,133		5,410		17,326		22,736		(370	)		22,366	2012-2013
Boise		179		5,233		18,990		1,678		5,233		20,668		25,901		(321	)		25,580	2013
Central Valley		174		6,786		22,149		2,199		6,786		24,348		31,134		(640	)		30,494	2012-2013
Charleston		345		12,617		43,892		4,702		12,617		48,594		61,211		(617	)		60,594	2012-2013
Charlotte		1,058		34,883		131,959		13,655		34,883		145,614		180,497		(2,697	)		177,800	2012-2013
Chicago		1,519		41,146		166,935		25,226		41,146		192,161		233,307		(2,924	)		230,383	2012-2013
Cincinnati		1,244		40,095		151,565		18,470		40,095		170,035		210,130		(2,707	)		207,423	2012-2013
Colorado Springs		21		869		2,802		539		869		3,341		4,210		(42	)		4,168	2013
Columbia		217		5,013		25,301		2,355		5,013		27,656		32,669		(231	)		32,438	2013
Columbus		725		18,255		75,348		11,504		18,255		86,852		105,107		(1,272	)		103,835	2012-2013
Dallas-Fort Worth		2,085		57,649		234,864		36,617		57,649		271,481		329,130		(4,705	)		324,425	2012-2013
Denver		264		12,273		43,965		5,906		12,273		49,871		62,144		(947	)		61,197	2012-2013
Fort Myers		60		1,639		8,889		801		1,639		9,690		11,329		(196	)		11,133	2012-2013
Greensboro		356		10,710		45,731		3,980		10,710		49,711		60,421		(665	)		59,756	2013
Greenville		380		9,576		49,740		4,437		9,576		54,177		63,753		(728	)		63,025	2013
Hilton Head/Beaufort		61		2,389		7,153		479		2,389		7,632		10,021		(23	)		9,998	2013
Houston		1,223		34,806		153,593		24,870		34,806		178,463		213,269		(2,815	)		210,454	2012-2013
Indianapolis		2,021		55,289		212,430		29,258		55,289		241,688		296,977		(4,438	)		292,539	2012-2013
Inland Empire		2		68		309		69		68		378		446		(7	)		439	2012
Jacksonville		974		25,994		102,356		14,878		25,994		117,234		143,228		(2,589	)		140,639	2012-2013
Knoxville		234		7,470		36,217		2,626		7,470		38,843		46,313		(512	)		45,801	2013
Las Vegas		713		19,425		88,495		15,049		19,425		103,544		122,969		(3,149	)		119,820	2011-2013
Memphis		139		4,722		15,431		1,260		4,722		16,691		21,413		(72	)		21,341	2013
Miami		248		7,381		37,820		5,696		7,381		43,516		50,897		(907	)		49,990	2012-2013
Milwaukee		127		7,466		22,253		1,994		7,466		24,247		31,713		(552	)		31,161	2013
Nashville		994		36,408		150,345		16,201		36,408		166,546		202,954		(3,716	)		199,238	2012-2013
Oklahoma City		90		2,539		11,550		756		2,539		12,306		14,845		(106	)		14,739	2013
Orlando		613		17,119		73,588		11,172		17,119		84,760		101,879		(2,087	)		99,792	2012-2013
Phoenix		962		22,327		107,771		16,979		22,327		124,750		147,077		(3,916	)		143,161	2011-2013
Portland		205		14,284		23,792		1,474		14,284		25,266		39,550		(450	)		39,100	2013
Raleigh		815		28,832		107,722		10,111		28,832		117,833		146,665		(1,965	)		144,700	2012-2013
Salt Lake City		727		39,259		104,857		14,774		39,259		119,631		158,890		(2,333	)		156,557	2012-2013
San Antonio		337		8,543		35,607		5,424		8,543		41,031		49,574		(798	)		48,776	2012-2013
San Diego		3		107		404		109		107		513		620		(14	)		606	2012
Savannah		111		3,070		12,235		845		3,070		13,080		16,150		(63	)		16,087	2013
Seattle		242		11,818		34,555		3,674		11,818		38,229		50,047		(505	)		49,542	2012-2013
Tampa		818		29,735		113,836		16,606		29,735		130,442		160,177		(3,204	)		156,973	2012-2013
Tucson		376		7,278		36,588		6,236		7,278		42,824		50,102		(1,226	)		48,876	2011-2013
Winston Salem		352		10,496		42,533		3,624		10,496		46,157		56,653		(633	)		56,020	2013
Corporate overhead				109		10,469		—		109		10,469		10,578		(1,305	)		9,275

Total		23,268	$	728,362	$	2,818,121	$	377,141	$	728,362	$	3,195,262	$	3,923,624	$	(62,202	)	$	3,861,422

Change in Total Real estate Assets


	Years ended December 31
	2013			2012		2011
Balance, beginning of period	$	507,845		$	3,516	$	—
Acquistions and building improvements		3,423,903			504,329		3,516
Dispositions		(8,124	)		—		—

Balance, end of period	$	3,923,624		$	507,845	$	3,516

Change in accumulated depreciation


	Years ended December 31
	2013			2012			2011
Balance, beginning of period	$	(2,132	)	$	(21	)	$	—
Depreciation		(60,254	)		(2,111	)		(21	)
Dispositions		184			—			—

Balance, end of period	$	(62,202	)	$	(2,132	)	$	(21	)