

		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Total Cost as of December 31, 2015
Market	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	212	$	6,445	$	24,231	$	3,422	$	6,445	$	27,653	$	34,098	$	(2,309	)	$	31,789	2013-2015
Atlanta	2,802	87,722		307,888		61,038		87,722		368,926		456,648		(26,503		)	430,145		2012-2015
Augusta	227	6,514		26,318		3,525		6,514		29,843		36,357		(1,804		)	34,553		2013-2015
Austin	675	15,704		72,405		13,180		15,704		85,585		101,289		(6,518		)	94,771		2012-2015
Bay Area	120	8,221		23,656		1,953		8,221		25,609		33,830		(2,065		)	31,765		2012-2014
Boise	289	8,016		29,531		3,578		8,016		33,109		41,125		(2,617		)	38,508		2013-2015
Central Valley	174	6,750		22,309		2,443		6,750		24,752		31,502		(2,543		)	28,959		2012-2013
Charleston	650	23,262		82,412		10,872		23,262		93,284		116,546		(6,330		)	110,216		2012-2015
Charlotte	2,313	74,645		293,876		33,630		74,645		327,506		402,151		(21,231		)	380,920		2012-2015
Cincinnati	1,872	59,345		228,982		34,247		59,345		263,229		322,574		(20,958		)	301,616		2012-2015
Colorado Springs	23	951		3,147		688		951		3,835		4,786		(380		)	4,406		2013
Columbia	297	6,850		34,549		4,089		6,850		38,638		45,488		(2,890		)	42,598		2013-2015
Columbus	1,453	37,851		157,825		28,932		37,851		186,757		224,608		(13,324		)	211,284		2012-2015
Dallas-Fort Worth	3,210	88,581		361,558		63,663		88,581		425,221		513,802		(34,222		)	479,580		2012-2015
Denver	685	34,123		135,739		16,263		34,123		152,002		186,125		(9,083		)	177,042		2012-2015
Fort Myers	32	749		4,691		553		749		5,244		5,993		(537		)	5,456		2012-2014
Greater Chicago area, IL and IN	2,064	63,929		255,264		51,000		63,929		306,264		370,193		(24,395		)	345,798		2012-2015
Greensboro	635	18,046		81,542		8,233		18,046		89,775		107,821		(6,142		)	101,679		2013-2015
Greenville	635	15,863		82,982		9,110		15,863		92,092		107,955		(6,528		)	101,427		2013-2015
Houston	2,048	55,890		254,283		44,219		55,890		298,502		354,392		(22,764		)	331,628		2012-2015
Indianapolis	2,777	75,567		298,023		50,112		75,567		348,135		423,702		(29,561		)	394,141		2012-2015
Inland Empire	135	11,908		20,330		1,908		11,908		22,238		34,146		(1,236		)	32,910		2012-2014
Jacksonville	1,569	42,167		165,529		31,441		42,167		196,970		239,137		(15,518		)	223,619		2012-2015
Knoxville	319	10,256		49,316		4,291		10,256		53,607		63,863		(4,132		)	59,731		2013-2015
Las Vegas	966	28,840		122,184		18,272		28,840		140,456		169,296		(12,712		)	156,584		2011-2015
Memphis	594	17,491		65,668		9,283		17,491		74,951		92,442		(3,771		)	88,671		2013-2015
Miami	342	9,134		50,330		9,077		9,134		59,407		68,541		(4,985		)	63,556		2012-2015
Milwaukee	126	7,373		22,272		2,109		7,373		24,381		31,754		(2,413		)	29,341		2013
Nashville	1,512	57,148		231,869		25,837		57,148		257,706		314,854		(20,261		)	294,593		2012-2015
Oklahoma City	411	11,075		57,943		6,394		11,075		64,337		75,412		(3,422		)	71,990		2012-2015
Orlando	1,175	32,556		143,334		21,783		32,556		165,117		197,673		(12,102		)	185,571		2011-2015
Phoenix	1,603	49,647		184,518		25,362		49,647		209,880		259,527		(17,482		)	242,045		2011-2015
Portland	207	14,445		24,187		1,917		14,445		26,104		40,549		(2,375		)	38,174		2013-2015
Raleigh	1,472	51,655		191,962		22,182		51,655		214,144		265,799		(15,411		)	250,388		2012-2015
Salt Lake City	1,049	58,551		149,739		22,295		58,551		172,034		230,585		(13,998		)	216,587		2012-2015
San Antonio	895	25,419		95,845		15,718		25,419		111,563		136,982		(7,096		)	129,886		2012-2015
Savannah/Hilton Head	434	12,756		50,627		5,550		12,756		56,177		68,933		(3,189		)	65,744		2013-2015
Seattle	294	14,072		41,747		4,920		14,072		46,667		60,739		(3,835		)	56,904		2012-2015
Tampa	1,567	55,807		210,538		28,905		55,807		239,443		295,250		(19,324		)	275,926		2012-2015
Tucson	390	7,839		37,575		7,061		7,839		44,636		52,475		(4,837		)	47,638		2011-2014
Winston Salem	527	15,854		64,655		6,531		15,854		71,186		87,040		(5,241		)	81,799		2013-2015
Total	38,780	$	1,229,017	$	4,761,379	$	715,586	$	1,229,017	$	5,476,965	$	6,705,982	$	(416,044	)	$	6,289,938

American Homes 4 Rent

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2015 (Continued)

(dollars in thousands)

Change in Total Real Estate Assets



	For the Years Ended December 31,
	2015			2014			2013
Balance, beginning of period	$	5,916,933		$	3,923,624		$	507,845
Acquisitions and building improvements	814,235			2,004,742			3,423,903
Dispositions	(11,555		)	(11,433		)	(8,124		)
Write-offs	(13,631		)	—			—
Balance, end of period	$	6,705,982		$	5,916,933		$	3,923,624

Change in Accumulated Depreciation



	For the Years Ended December 31,
	2015			2014			2013
Balance, beginning of period	$	(206,262	)	$	(62,202	)	$	(2,132	)
Depreciation	(223,731		)	(144,270		)	(60,254		)
Dispositions	318			210			184
Write-offs	13,631			—			—
Balance, end of period	$	(416,044	)	$	(206,262	)	$	(62,202	)