EX-99.3 4 amh033120168kexhibit993.htm EXHIBIT 99.3

American Homes 4 Rent

Table of Contents

Summary |
Earnings Press Release | 3
Fact Sheet | 7
Financial Information |
Condensed Consolidated Statements of Operations | 8
Funds from Operations | 9
Core Net Operating Income—Total Portfolio | 10
Same-Home Results—Quarterly Comparisons | 11
Same-Home Results—Operating Metrics by Market | 11
Condensed Consolidated Balance Sheets | 12
Debt Summary and Maturity Schedule | 13
Capital Structure | 14
Property Information |
Top 20 Markets Summary | 15
Leasing Performance | 16
Scheduled Lease Expirations | 16
Top 20 Markets Home Price Appreciation Trends | 16
Other Information |
Disposition Summary | 17
Share Repurchase History | 17
Defined Terms and Non-GAAP Reconciliations | 18

2

American Homes 4 Rent

Earnings Press Release
American Homes 4 Rent Reports First Quarter 2016 Financial and Operating Results
AGOURA HILLS, California—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended March 31, 2016.
Highlights

• | On February 29, 2016, the Company completed its previously announced merger with American Residential Properties, Inc. ("ARPI") (see "Merger with American Residential Properties, Inc." later in this press release).

• | Core Funds from Operations attributable to common share and unit holders (as defined) for the first quarter of 2016 was $63.6 million, or $0.23 per FFO share and unit, compared to $41.9 million, or $0.16 per FFO share and unit, for the same period in 2015, which represents a 47.1% increase on a per share and unit basis.

• | Core Net Operating Income ("Core NOI") from Same-Home properties increased 4.9% year over year for the quarter ended March 31, 2016.

• | Maintained solid leasing performance with total and Same-Home portfolio leasing percentages of 95.9% and 96.9%, respectively, as of March 31, 2016.

• | Core NOI for the quarter ended March 31, 2016, was $106.2 million, a 38.9% increase from $76.5 million for the quarter ended March 31, 2015.

• | Total portfolio increased by 9,175 homes, including 8,936 homes acquired from ARPI, to 47,955 homes as of March 31, 2016, from 38,780 homes as of December 31, 2015.

• | During the first quarter of 2016, we repurchased and retired 4.9 million of our Class A common shares at a weighted-average price of $15.40 per share and a total price of $75.9 million.

"We are extremely pleased with our first quarter results, during which we made strong progress across our entire platform against our strategic and operational goals,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “We achieved another quarter of strong leasing performance, with a Same-Home portfolio leasing percentage of 96.9%, and captured a further acceleration in year over year Same-Home quarterly Core NOI growth to 4.9%. In addition, we closed our acquisition of ARPI and increased our total portfolio sequentially by more than 23%, which we believe will provide us with unparalleled opportunities to capture sector leading efficiencies and operating margins. As we move through the remainder of 2016, we are well-positioned with a substantially stabilized portfolio to maintain strong operating growth and drive superior returns for our shareholders.”
First Quarter 2016 Financial Results
Total revenues increased 48.2% to $195.2 million for the first quarter of 2016 from $131.7 million for the first quarter of 2015. Revenue growth was primarily driven by continued strong leasing activity, as our total leased portfolio grew to 44,455 homes as of March 31, 2016, which includes 7,246 leased homes acquired from ARPI, compared to 31,183 homes as of March 31, 2015.
Core NOI from Same-Home properties increased 4.9% to $65.7 million for the first quarter of 2016, compared to $62.6 million for the first quarter of 2015. This increase was primarily due to higher average occupancy levels and rental rate growth.
Core NOI increased 38.9% to $106.2 million for the first quarter of 2016, compared to $76.5 million for the first quarter of 2015. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties, including those acquired from ARPI.

3

American Homes 4 Rent

Earnings Press Release (continued)
Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $63.6 million, or $0.23 per FFO share and unit, for the first quarter of 2016, compared to $41.9 million, or $0.16 per FFO share and unit, for the first quarter of 2015.
Net loss attributable to common shareholders decreased to $4.4 million for the first quarter of 2016 from $17.8 million for the first quarter of 2015 primarily related to an $11.5 million gain on the conversion of Series E convertible units to Series D convertible units.
Core NOI, FFO attributable to common share and unit holders and Core FFO attributable to common share and unit holders are supplemental non-GAAP financial measures. Reconciliations to GAAP measures are provided in a schedule accompanying this press release.
Merger with American Residential Properties, Inc.
On February 29, 2016, the Company completed its previously announced merger with ARPI, in which ARPI merged with and into a wholly owned subsidiary of us in a stock-for-stock transaction, with our subsidiary continuing as the surviving entity (the "Merger"). Each holder of ARPI common stock received 1.135 of our Class A common shares for each share of ARPI common stock and each holder of limited partnership interests in ARPI's operating partnership received 1.135 Class A units of our operating partnership. We issued 36,546,170 Class A common shares and 1,343,843 Class A units in connection with the Merger, representing 12.7% of the total Class A common shares, Class B common shares and units of our operating partnership, collectively, as of the acquisition date.
Portfolio
As of March 31, 2016, the Company had 44,455 leased properties, an increase of 8,052 properties from December 31, 2015, which includes 7,246 leased properties acquired from ARPI. As of March 31, 2016, the leased percentage on Same-Home properties was 96.9%, compared to 95.3% as of December 31, 2015.
Investments
During the first quarter of 2016, the Company’s total portfolio grew by 9,175 homes, including 8,936 homes acquired from ARPI, to 47,955 homes as of March 31, 2016, compared to 38,780 homes as of December 31, 2015.
Capital Activities and Balance Sheet
During the first quarter of 2016, we repurchased and retired 4.9 million of our Class A common shares at a weighted-average price of $15.40 per share and a total price of $75.9 million. During April 2016, we repurchased and retired 1.3 million of our Class A common shares at a weighted-average price of $15.59 per share and a total price of $20.0 million.
As of March 31, 2016, the Company had total outstanding debt of $3.5 billion, excluding unamortized discounts on acquired debt, the value of exchangeable senior notes classified within equity and unamortized deferred loan costs, with a weighted-average interest rate of 3.65% and a weighted-average term to maturity of 12.4 years. The Company’s $800.0 million credit facility, which bears interest at 1-month LIBOR plus 275 basis points, had an outstanding balance of $438.0 million at the end of the quarter.

4

American Homes 4 Rent

Earnings Press Release (continued)
Additional Information
A copy of the Company’s First Quarter 2016 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, May 6, 2016, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2016, and to provide an update on its business. The domestic dial-in num ber is (877) 705-6003 (for U.S. and Canada) and the international dial-in number i s (201) 493-6725 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.americanhomes4rent.com, under “For Investors.” A replay of the conference call may be accessed through Friday, Ma y 20, 2016, by calling (877) 870-5176 (U.S. and Canada) or (858) 384-5517 (international), replay passcode number 13635850#, or by using the link at www.americanhomes4rent.com, under “For Investors.”
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and “American Homes 4 Rent” is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of March 31, 2016, we owned 47,955 single-family properties in selected submarkets in 22 states.
Forward-Looking Statements
This press release contains “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” 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 belief that we are well positioned to maintain strong operating growth and continue to drive superior shareholder returns. 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. 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, 2015, and in the Company’s subsequent filings with the SEC.
Non-GAAP Financial Measures
This press release and the First Quarter 2016 Supplemental Information Package include FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our fina

5

American Homes 4 Rent

Earnings Press Release (continued)
ncial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income / (loss) or net cash flows from operating activities, as defined by GAAP, as measures of our liquidity, operating performance or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the First Quarter 2016 Supplemental Information Package.

6

American Homes 4 Rent

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

| For the Three Months Ended Mar 31,
| 2016 |  | 2015
Operating Data |  |  |
Core revenues from single-family properties | $ | 169,123 |  |  | $ | 120,740 |
Core net operating income | $ | 106,207 |  |  | $ | 76,453 |
Core net operating income margin | 62.8 | % |  | 63.3 | %
G&A expense as % of total revenues | 4.1 | % |  | 4.7 | %
Annualized G&A expense as % of total assets | 0.40 | % |  | 0.38 | %
Adjusted EBITDA | $ | 100,882 |  |  | $ | 65,715 |
Per FFO share and unit: |  |  |
FFO attributable to common share and unit holders | $ | 0.25 |  |  | $ | 0.14 |
Core FFO attributable to common share and unit holders | $ | 0.23 |  |  | $ | 0.16 |
Adjusted FFO attributable to common share and unit holders | $ | 0.20 |  |  | $ | 0.12 |

| Mar 31, 2016 |  | Dec 31, 2015 |  | Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015
Selected Balance Sheet Information - end of period |  |  |  |  |  |  |  |  |
Single-family properties, net | $ | 7,561,189 |  |  | $ | 6,289,938 |  |  | $ | 6,267,464 |  |  | $ | 6,162,148 |  |  | $ | 6,037,355 |
Total assets | $ | 8,097,710 |  |  | $ | 6,751,219 |  |  | $ | 6,907,373 |  |  | $ | 6,638,037 |  |  | $ | 6,526,078 |
Outstanding borrowings under credit facility | $ | 438,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 177,000 |  |  | $ | 45,000 |
Total debt | $ | 3,469,465 |  |  | $ | 2,580,962 |  |  | $ | 2,587,172 |  |  | $ | 2,291,863 |  |  | $ | 2,164,806 |
Total equity capitalization | $ | 5,150,343 |  |  | $ | 4,824,925 |  |  | $ | 4,672,546 |  |  | $ | 4,707,338 |  |  | $ | 4,840,764 |
Total market capitalization | $ | 8,619,808 |  |  | $ | 7,405,887 |  |  | $ | 7,259,718 |  |  | $ | 6,999,201 |  |  | $ | 7,005,570 |
Total debt to total market capitalization | 40.2 | % |  | 34.9 | % |  | 35.6 | % |  | 32.7 | % |  | 30.9 | %
NYSE AMH Class A common share closing price | $ | 15.90 |  |  | $ | 16.66 |  |  | $ | 16.08 |  |  | $ | 16.04 |  |  | $ | 16.55 |

Portfolio Data - end of period |  |  |  |  |  |  |  |  |
Occupied single-family properties | 43,907 |  |  | 35,958 |  |  | 35,232 |  |  | 34,293 |  |  | 30,185 |
Executed leases for future occupancy | 548 |  |  | 445 |  |  | 385 |  |  | 610 |  |  | 998 |
Total leased single-family properties | 44,455 |  |  | 36,403 |  |  | 35,617 |  |  | 34,903 |  |  | 31,183 |
Single-family properties in acquisition process | 109 |  |  | 151 |  |  | 149 |  |  | 184 |  |  | 371 |
Single-family properties being renovated | 211 |  |  | 325 |  |  | 661 |  |  | 502 |  |  | 1,492 |
Single-family properties being prepared for re-lease | 136 |  |  | 178 |  |  | 283 |  |  | 355 |  |  | 838 |
Vacant single-family properties available for re-lease | 1,242 |  |  | 1,432 |  |  | 1,389 |  |  | 1,116 |  |  | 1,008 |
Vacant single-family properties available for initial lease | 221 |  |  | 246 |  |  | 232 |  |  | 387 |  |  | 1,661 |
Total single-family properties, excluding held for sale | 46,374 |  |  | 38,735 |  |  | 38,331 |  |  | 37,447 |  |  | 36,553 |
Single-family properties held for sale | 1,581 |  |  | 45 |  |  | 46 |  |  | 44 |  |  | 35 |
Total single-family properties | 47,955 |  |  | 38,780 |  |  | 38,377 |  |  | 37,491 |  |  | 36,588 |
Total leased percentage (1) | 95.9 | % |  | 94.0 | % |  | 92.9 | % |  | 93.2 | % |  | 85.3 | %
Total occupancy percentage (1) | 94.7 | % |  | 92.8 | % |  | 91.9 | % |  | 91.6 | % |  | 82.6 | %
Same-Home leased percentage (25,361 properties) | 96.9 | % |  | 95.3 | % |  | 94.8 | % |  | 95.6 | % |  | 95.9 | %
Same-Home occupancy percentage (25,361 properties) | 95.8 | % |  | 94.3 | % |  | 93.8 | % |  | 94.3 | % |  | 94.4 | %

Other Data |  |  |  |  |  |  |  |  |
Distributions declared per common share | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |
Distributions declared per Series A preferred share | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Distributions declared per Series B preferred share | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Distributions declared per Series C preferred share | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |

(1) | Beginning January 1, 2016, leased and occupancy percentages are calculated based on single-family properties, excluding held for sale. Prior period percentages have been restated to conform to the current presentation.

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

American Homes 4 Rent

Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

| For the Three Months Ended Mar 31,
| 2016 |  | 2015
Revenues: |  |  |
Rents from single-family properties | $ | 167,995 |  |  | $ | 120,680 |
Fees from single-family properties | 2,197 |  |  | 1,331 |
Tenant charge-backs | 21,016 |  |  | 8,372 |
Other | 3,985 |  |  | 1,365 |
Total revenues | 195,193 |  |  | 131,748 |
Expenses: |  |  |
Property operating expenses | 85,001 |  |  | 59,208 |
General and administrative expense | 8,057 |  |  | 6,131 |
Interest expense | 30,977 |  |  | 15,670 |
Noncash share-based compensation expense | 870 |  |  | 696 |
Acquisition fees and costs expensed | 5,653 |  |  | 5,908 |
Depreciation and amortization | 69,517 |  |  | 53,664 |
Other | 1,253 |  |  | 694 |
Total expenses | 201,328 |  |  | 141,971 |
Gain on conversion of Series E units | 11,463 |  |  | — |
Remeasurement of Series E units | — |  |  | 1,838 |
Remeasurement of preferred shares | (300 | ) |  | 120 |
Net income (loss) | 5,028 |  |  | (8,265 | )
Noncontrolling interest | 3,836 |  |  | 3,956 |
Dividends on preferred shares | 5,569 |  |  | 5,569 |
Net loss attributable to common shareholders | $ | (4,377 | ) |  | $ | (17,790 | )
Weighted-average shares outstanding–basic and diluted | 219,157,870 |  |  | 211,481,727 |
Net loss attributable to common shareholders per share–basic and diluted | $ | (0.02 | ) |  | $ | (0.08 | )

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. |  | 8

American Homes 4 Rent

Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

| For the Three Months Ended Mar 31,
| 2016 |  | 2015
Net loss attributable to common shareholders | $ | (4,377 | ) |  | $ | (17,790 | )
Adjustments: |  |  |
Noncontrolling interests in the Operating Partnership | 3,912 |  |  | 3,869 |
Net (gain) loss on sale / impairment of single-family properties | (60 | ) |  | — |
Depreciation and amortization | 69,517 |  |  | 53,664 |
Less: depreciation and amortization of non-real estate assets | (1,355 | ) |  | (2,154 | )
Less: outside interest in depreciation of partially owned properties | — |  |  | (306 | )
FFO attributable to common share and unit holders | $ | 67,637 |  |  | $ | 37,283 |
Adjustments: |  |  |
Acquisition fees and costs expensed | 5,653 |  |  | 5,908 |
Noncash share-based compensation expense | 870 |  |  | 696 |
Noncash interest expense related to acquired debt | 576 |  |  | — |
Gain on conversion of Series E units | (11,463 | ) |  | — |
Remeasurement of Series E units | — |  |  | (1,838 | )
Remeasurement of preferred shares | 300 |  |  | (120 | )
Core FFO attributable to common share and unit holders | $ | 63,573 |  |  | $ | 41,929 |
Recurring capital expenditures | (6,017 | ) |  | (7,785 | )
Leasing costs | (1,929 | ) |  | (2,410 | )
Adjusted FFO attributable to common share and unit holders | $ | 55,627 |  |  | $ | 31,734 |
Per FFO share and unit: |  |  |
FFO attributable to common share and unit holders | $ | 0.25 |  |  | $ | 0.14 |
Core FFO attributable to common share and unit holders | $ | 0.23 |  |  | $ | 0.16 |
Adjusted FFO attributable to common share and unit holders | $ | 0.20 |  |  | $ | 0.12 |
Weighted-average FFO shares and units: |  |  |
Common shares outstanding | 219,157,870 |  |  | 211,481,727 |
Class A units | 26,177,307 |  |  | 14,440,670 |
Series C units | 19,813,038 |  |  | 31,085,974 |
Series D units | 5,913,462 |  |  | 4,375,000 |
Series E units | 2,836,538 |  |  | 4,375,000 |
Total weighted-average FFO shares and units | 273,898,215 |  |  | 265,758,371 |

FFO attributable to common share and unit holders is a non-GAAP financial measure defined as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, 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 adjustment for unconsolidated partnerships and joint ventures.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure calculated by adjusting FFO attributable to common share and unit holders for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) noncash gain or loss on conversion of convertible units and (5) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares derivative liability to fair value.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure calculated 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 single-family properties and (2) actual leasing costs incurred during the period. As many of our homes are still recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home property by (b) our total number of properties, excluding non-stabilized and held for sale properties.

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

American Homes 4 Rent

Core Net Operating Income - Total Portfolio
(Amounts in thousands)
(Unaudited)

| For the Three Months Ended Mar 31,
| 2016 |  | 2015
Rents from single-family properties | $ | 167,995 |  |  | $ | 120,680 |
Fees from single-family properties | 2,197 |  |  | 1,331 |
Bad debt expense | (1,069 | ) |  | (1,271 | )
Core revenues from single-family properties | 169,123 |  |  | 120,740 |
Property operating expenses (1) | 85,001 |  |  | 53,930 |
Expenses reimbursed by tenant charge-backs | (21,016 | ) |  | (8,372 | )
Bad debt expense | (1,069 | ) |  | (1,271 | )
Core property operating expenses | 62,916 |  |  | 44,287 |
Core net operating income | $ | 106,207 |  |  | $ | 76,453 |
Core net operating income margin | 62.8 | % |  | 63.3 | %

(1) | Property operating expenses for the three months ended March 31, 2015, reflect amounts previously presented as leased property operating expenses, which have been combined into property operating expenses to conform to the current presentation.

| For the Three Months Ended Mar 31, 2016
| Same-Home Properties |  | Stabilized, Non-Same-Home Properties |  | Former ARPI Properties (1) |  | Other & Held for Sale Properties (2) |  | Total Single-Family Properties
Property count | 25,361 |  | 10,251 |  | 7,583 |  | 4,760 |  | 47,955
Rents from single-family properties | $ | 104,863 |  |  | $ | 41,017 |  |  | $ | 9,913 |  |  | $ | 12,202 |  |  | $ | 167,995 |
Fees from single-family properties | 1,313 |  |  | 577 |  |  | 68 |  |  | 239 |  |  | 2,197 |
Bad debt expense | (627 | ) |  | (328 | ) |  | (20 | ) |  | (94 | ) |  | (1,069 | )
Core revenues from single-family properties | 105,549 |  |  | 41,266 |  |  | 9,961 |  |  | 12,347 |  |  | 169,123 |
Property operating expenses | 52,752 |  |  | 22,525 |  |  | 3,921 |  |  | 5,803 |  |  | 85,001 |
Expenses reimbursed by tenant charge-backs | (12,226 | ) |  | (7,351 | ) |  | (353 | ) |  | (1,086 | ) |  | (21,016 | )
Bad debt expense | (627 | ) |  | (328 | ) |  | (20 | ) |  | (94 | ) |  | (1,069 | )
Core property operating expenses | 39,899 |  |  | 14,846 |  |  | 3,548 |  |  | 4,623 |  |  | 62,916 |
Core net operating income | $ | 65,650 |  |  | $ | 26,420 |  |  | $ | 6,413 |  |  | $ | 7,724 |  |  | $ | 106,207 |

(1) | Former ARPI properties includes the operating activity of properties acquired through the ARPI merger from the acquisition date of February 29, 2016, through March 31, 2016.

(2)Includes 2,387 properties acquired through bulk purchases, 792 non-stabilized properties and 1,581 properties classified as held for sale.
Core Net Operating Income ("Core NOI") is a supplemental non-GAAP financial measure defined as rents and fees from single-family properties, net of bad debt expense, less property operating expenses for single-family properties, excluding expenses reimbursed by tenant charge-backs and bad debt expense.

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

American Homes 4 Rent

Same-Home Results – Quarterly Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)

|  | For the Three Months Ended Mar 31, |  |
|  | 2016 |  | 2015 |  | % Change
Number of Same-Home properties |  | 25,361 |  | 25,361 |  |
Leased percentage as of period end |  | 96.9 | % |  | 95.9 | % |  |
Occupancy percentage as of period end |  | 95.8 | % |  | 94.4 | % |  |
Average occupancy percentage |  | 95.1 | % |  | 93.7 | % |  |
Economic occupancy percentage |  | 94.8 | % |  | 91.7 | % |  |
Retention rate |  | 67.8 | % |  | 70.1 | % |  |
Turnover rate |  | 33.5 | % |  | 33.7 | % |  |
Average contractual monthly rent (1) |  | $ | 1,463 |  |  | $ | 1,420 |  |  | 3.0 | %
Core Net Operating Income from Same-Home Properties: |  |  |  |  |  |
Rents from single-family properties |  | $ | 104,863 |  |  | $ | 99,321 |  |  | 5.6 | %
Fees from single-family properties |  | 1,313 |  |  | 833 |  |  | 57.6 | %
Bad debt |  | (627 | ) |  | (1,105 | ) |  | (43.3 | )%
Core revenues from Same-Home properties |  | 105,549 |  |  | 99,049 |  |  | 6.6 | %
Property tax |  | 19,322 |  |  | 17,455 |  |  | 10.7 | %
HOA fees, net of tenant charge-backs |  | 2,068 |  |  | 2,139 |  |  | (3.3 | )%
R&M and turnover costs, net of tenant charge-backs |  | 7,480 |  |  | 6,791 |  |  | 10.1 | %
In-house maintenance |  | 500 |  |  | — |  |  | — | %
Insurance |  | 1,229 |  |  | 1,522 |  |  | (19.3 | )%
Property management |  | 9,300 |  |  | 8,541 |  |  | 8.9 | %
Core property operating expenses from Same-Home properties |  | 39,899 |  |  | 36,448 |  |  | 9.5 | %
Core net operating income |  | $ | 65,650 |  |  | $ | 62,601 |  |  | 4.9 | %
Core net operating income margin |  | 62.2 | % |  | 63.2 | % |  |
Capital expenditures |  | $ | 3,338 |  |  | $ | 5,977 |  |  | (44.2 | )%
Per property: |  |  |  |  |  |
Average capital expenditures |  | $ | 132 |  |  | $ | 236 |  |  | (44.2 | )%
Average R&M and turnover costs, net of tenant charge-backs, in-house maintenance and capital expenditures |  | $ | 446 |  |  | $ | 503 |  |  | (11.4 | )%

(1)Average contractual monthly rent as of end of period.
Same-Home Results – Sequential Quarterly History

|  | For the Three Months Ended
|  | Mar 31, 2016 |  | Dec 31, 2015 |  | Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015
Core Net Operating Income from Same-Home Properties: |  |  |  |  |  |  |  |  |  |
Rents from single-family properties |  | $ | 104,863 |  |  | $ | 102,335 |  |  | $ | 102,180 |  |  | $ | 101,355 |  |  | $ | 99,321 |
Fees from single-family properties |  | 1,313 |  |  | 1,266 |  |  | 1,439 |  |  | 1,388 |  |  | 833 |
Bad debt |  | (627 | ) |  | (569 | ) |  | (1,592 | ) |  | (1,093 | ) |  | (1,105 | )
Core revenues from Same-Home properties |  | 105,549 |  |  | 103,032 |  |  | 102,027 |  |  | 101,650 |  |  | 99,049 |
Property tax |  | 19,322 |  |  | 18,683 |  |  | 18,489 |  |  | 18,296 |  |  | 17,455 |
HOA fees, net of tenant charge-backs |  | 2,068 |  |  | 2,142 |  |  | 2,085 |  |  | 2,090 |  |  | 2,139 |
R&M and turnover costs, net of tenant charge-backs |  | 7,480 |  |  | 8,711 |  |  | 11,950 |  |  | 10,139 |  |  | 6,791 |
In-house maintenance |  | 500 |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance |  | 1,229 |  |  | 1,370 |  |  | 1,322 |  |  | 1,186 |  |  | 1,522 |
Property management |  | 9,300 |  |  | 9,039 |  |  | 9,114 |  |  | 8,933 |  |  | 8,541 |
Core property operating expenses from Same-Home properties |  | 39,899 |  |  | 39,945 |  |  | 42,960 |  |  | 40,644 |  |  | 36,448 |
Core net operating income |  | $ | 65,650 |  |  | $ | 63,087 |  |  | $ | 59,067 |  |  | $ | 61,006 |  |  | $ | 62,601 |
Core net operating income margin |  | 62.2 | % |  | 61.2 | % |  | 57.9 | % |  | 60.0 | % |  | 63.2 | %
Capital expenditures |  | $ | 3,338 |  |  | $ | 3,893 |  |  | $ | 5,834 |  |  | $ | 7,171 |  |  | $ | 5,977 |
Per property: |  |  |  |  |  |  |  |  |  |
Average capital expenditures |  | $ | 132 |  |  | $ | 154 |  |  | $ | 230 |  |  | $ | 283 |  |  | $ | 236 |
Average R&M and turnover costs, net of tenant charge-backs, in-house maintenance and capital expenditures |  | $ | 446 |  |  | $ | 497 |  |  | $ | 701 |  |  | $ | 683 |  |  | $ | 503 |

Same-Home Results – Operating Metrics by Market

|  |  |  |  |  |  |  | Average Contractual Monthly Rent (1)
Market |  | Number of Properties |  | Gross Book Value per Property |  | % of 1Q16 NOI |  | Mar 31, 2016 |  | Mar 31, 2015 |  | % Change
Dallas-Fort Worth, TX |  | 2,351 |  | $ | 161,751 |  |  | 9.2 | % |  | $ | 1,573 |  |  | $ | 1,517 |  |  | 3.7 | %
Indianapolis, IN |  | 2,208 |  | 151,466 |  |  | 7.7 | % |  | 1,304 |  |  | 1,279 |  |  | 2.0 | %
Atlanta, GA |  | 1,544 |  | 170,292 |  |  | 6.1 | % |  | 1,415 |  |  | 1,361 |  |  | 4.0 | %
Greater Chicago area, IL and IN |  | 1,500 |  | 175,717 |  |  | 5.3 | % |  | 1,687 |  |  | 1,651 |  |  | 2.1 | %
Cincinnati, OH |  | 1,444 |  | 174,885 |  |  | 5.8 | % |  | 1,463 |  |  | 1,428 |  |  | 2.5 | %
Houston, TX |  | 1,335 |  | 178,650 |  |  | 4.4 | % |  | 1,645 |  |  | 1,603 |  |  | 2.6 | %
Charlotte, NC |  | 1,307 |  | 172,399 |  |  | 5.6 | % |  | 1,416 |  |  | 1,366 |  |  | 3.6 | %
Nashville, TN |  | 1,105 |  | 207,098 |  |  | 5.8 | % |  | 1,600 |  |  | 1,554 |  |  | 2.9 | %
Jacksonville, FL |  | 1,067 |  | 151,405 |  |  | 3.8 | % |  | 1,351 |  |  | 1,311 |  |  | 3.0 | %
Raleigh, NC |  | 967 |  | 181,024 |  |  | 4.1 | % |  | 1,400 |  |  | 1,356 |  |  | 3.3 | %
Phoenix, AZ |  | 941 |  | 156,323 |  |  | 3.4 | % |  | 1,185 |  |  | 1,144 |  |  | 3.5 | %
Columbus, OH |  | 914 |  | 152,659 |  |  | 3.7 | % |  | 1,440 |  |  | 1,392 |  |  | 3.5 | %
Tampa, FL |  | 866 |  | 197,287 |  |  | 3.3 | % |  | 1,595 |  |  | 1,550 |  |  | 2.9 | %
Salt Lake City, UT |  | 744 |  | 219,954 |  |  | 3.8 | % |  | 1,502 |  |  | 1,478 |  |  | 1.6 | %
Las Vegas, NV |  | 664 |  | 174,224 |  |  | 2.7 | % |  | 1,373 |  |  | 1,328 |  |  | 3.4 | %
Orlando, FL |  | 656 |  | 169,261 |  |  | 2.4 | % |  | 1,464 |  |  | 1,407 |  |  | 4.1 | %
Austin, TX |  | 439 |  | 150,189 |  |  | 1.4 | % |  | 1,413 |  |  | 1,348 |  |  | 4.8 | %
Greensboro, NC |  | 412 |  | 170,941 |  |  | 1.6 | % |  | 1,358 |  |  | 1,311 |  |  | 3.6 | %
San Antonio, TX |  | 404 |  | 152,827 |  |  | 1.5 | % |  | 1,415 |  |  | 1,365 |  |  | 3.7 | %
Charleston, SC |  | 402 |  | 180,136 |  |  | 1.6 | % |  | 1,520 |  |  | 1,477 |  |  | 2.9 | %
All Other (2) |  | 4,091 |  | 181,205 |  |  | 16.8 | % |  | 1,446 |  |  | 1,408 |  |  | 2.7 | %
Total / Average |  | 25,361 |  | $ | 172,812 |  |  | 100.0 | % |  | $ | 1,463 |  |  | $ | 1,420 |  |  | 3.0 | %

|  | Average Occupancy Percentage
Market |  | 1Q16 |  | 1Q15 |  | Change
Dallas-Fort Worth, TX |  | 96.3 | % |  | 95.4 | % |  | 0.9 | %
Indianapolis, IN |  | 94.5 | % |  | 90.5 | % |  | 4.0 | %
Atlanta, GA |  | 96.2 | % |  | 96.6 | % |  | (0.4 | )%
Greater Chicago area, IL and IN |  | 94.7 | % |  | 93.8 | % |  | 0.9 | %
Cincinnati, OH |  | 93.7 | % |  | 92.5 | % |  | 1.2 | %
Houston, TX |  | 93.8 | % |  | 93.6 | % |  | 0.2 | %
Charlotte, NC |  | 95.6 | % |  | 95.2 | % |  | 0.4 | %
Nashville, TN |  | 95.0 | % |  | 94.1 | % |  | 0.9 | %
Jacksonville, FL |  | 94.8 | % |  | 94.6 | % |  | 0.2 | %
Raleigh, NC |  | 95.9 | % |  | 94.0 | % |  | 1.9 | %
Phoenix, AZ |  | 96.4 | % |  | 94.4 | % |  | 2.0 | %
Columbus, OH |  | 95.9 | % |  | 94.6 | % |  | 1.3 | %
Tampa, FL |  | 94.7 | % |  | 96.2 | % |  | (1.5 | )%
Salt Lake City, UT |  | 95.9 | % |  | 91.7 | % |  | 4.2 | %
Las Vegas, NV |  | 96.0 | % |  | 94.6 | % |  | 1.4 | %
Orlando, FL |  | 95.7 | % |  | 95.2 | % |  | 0.5 | %
Austin, TX |  | 94.1 | % |  | 96.1 | % |  | (2.0 | )%
Greensboro, NC |  | 94.5 | % |  | 94.5 | % |  | — | %
San Antonio, TX |  | 96.3 | % |  | 95.5 | % |  | 0.8 | %
Charleston, SC |  | 92.9 | % |  | 93.2 | % |  | (0.3 | )%
All Other (2) |  | 94.3 | % |  | 91.7 | % |  | 2.6 | %
Total / Average |  | 95.1 | % |  | 93.7 | % |  | 1.4 | %

(1) | Average contractual monthly rent as of end of period.

(2) | Represents 19 markets in 15 states.

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. |  | 11

American Homes 4 Rent

Condensed Consolidated Balance Sheets
(Amounts in thousands)

| Mar 31, 2016 |  | Dec 31, 2015
| (Unaudited) |  |
Assets |  |  |
Single-family properties: |  |  |
Land | $ | 1,474,902 |  |  | $ | 1,229,017 |
Buildings and improvements | 6,434,859 |  |  | 5,469,533 |
Single-family properties held for sale | 123,575 |  |  | 7,432 |
| 8,033,336 |  |  | 6,705,982 |
Less: accumulated depreciation | (472,147 | ) |  | (416,044 | )
Single-family properties, net | 7,561,189 |  |  | 6,289,938 |
Cash and cash equivalents | 71,438 |  |  | 57,686 |
Restricted cash | 132,082 |  |  | 111,282 |
Rent and other receivables, net | 16,998 |  |  | 13,936 |
Escrow deposits, prepaid expenses and other assets | 142,828 |  |  | 121,627 |
Deferred costs and other intangibles, net | 26,854 |  |  | 10,429 |
Asset-backed securitization certificates | 25,666 |  |  | 25,666 |
Goodwill | 120,655 |  |  | 120,655 |
Total assets | $ | 8,097,710 |  |  | $ | 6,751,219 |
Liabilities |  |  |
Credit facility | $ | 438,000 |  |  | $ | — |
Asset-backed securitizations, net | 2,799,267 |  |  | 2,473,643 |
Exchangeable senior notes, net | 105,618 |  |  | — |
Secured note payable | 50,522 |  |  | 50,752 |
Accounts payable and accrued expenses | 200,946 |  |  | 154,751 |
Amounts payable to affiliates | — |  |  | 4,093 |
Contingently convertible Series E units liability | — |  |  | 69,957 |
Preferred shares derivative liability | 63,090 |  |  | 62,790 |
Total liabilities | 3,657,443 |  |  | 2,815,986 |
Commitments and contingencies |  |  |
Equity |  |  |
Shareholders' equity: |  |  |
Class A common shares | 2,389 |  |  | 2,072 |
Class B common shares | 6 |  |  | 6 |
Preferred shares | 171 |  |  | 171 |
Additional paid-in capital | 3,997,747 |  |  | 3,554,063 |
Accumulated deficit | (313,364 | ) |  | (296,865 | )
Accumulated other comprehensive loss | (62 | ) |  | (102 | )
Total shareholders' equity | 3,686,887 |  |  | 3,259,345 |
Noncontrolling interest | 753,380 |  |  | 675,888 |
Total equity | 4,440,267 |  |  | 3,935,233 |
Total liabilities and equity | $ | 8,097,710 |  |  | $ | 6,751,219 |

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. |  | 12

American Homes 4 Rent

Debt Summary and Maturity Schedule as of March 31, 2016
(Amounts in thousands)

|  | Balance |  | % of Total |  | Interest Rate (1) |  | Years to Maturity
Floating rate debt: |  |  |  |  |  |  |  |
Credit facility (2) |  | $ | 438,000 |  |  | 12.6 | % |  | 3.19 | % |  | 2.5
AH4R 2014-SFR1 (3) |  | 472,553 |  |  | 13.6 | % |  | 1.98 | % |  | 3.2
ARP 2014-SFR1 (4) |  | 342,115 |  |  | 9.9 | % |  | 2.55 | % |  | 3.4
Total floating rate debt |  | 1,252,668 |  |  | 36.1 | % |  | 2.56 | % |  | 3.0
Fixed rate debt: |  |  |  |  |  |  |  |
AH4R 2014-SFR2 |  | 506,022 |  |  | 14.6 | % |  | 4.42 | % |  | 8.5
AH4R 2014-SFR3 |  | 521,788 |  |  | 15.0 | % |  | 4.40 | % |  | 8.7
AH4R 2015-SFR1 (5) |  | 547,739 |  |  | 15.8 | % |  | 4.14 | % |  | 29.0
AH4R 2015-SFR2 (5) |  | 475,726 |  |  | 13.7 | % |  | 4.36 | % |  | 29.5
Exchangeable senior notes |  | 115,000 |  |  | 3.3 | % |  | 3.25 | % |  | 2.6
Secured note payable |  | 50,522 |  |  | 1.5 | % |  | 4.06 | % |  | 3.3
Total fixed rate debt |  | 2,216,797 |  |  | 63.9 | % |  | 4.26 | % |  | 17.7
Total debt |  | $ | 3,469,465 |  |  | 100.0 | % |  | 3.65 | % |  | 12.4
Unamortized discounts and loan costs |  | (76,058 | ) |  |  |  |  |  |
Total debt per balance sheet |  | $ | 3,393,407 |  |  |  |  |  |  |

Note: Total interest expense for the three months ended March 31, 2016, includes $2.7 million of loan cost amortization and $0.6 million of noncash interest expense related to acquired debt. Total interest expense capitalized during the three months ended March 31, 2016, was $0.6 million.

Year |  | Floating Rate (6) |  | Fixed Rate |  | Total |  | % of Total
Remaining 2016 |  | $ | 3,608 |  |  | $ | 16,228 |  |  | $ | 19,836 |  |  | 0.6 | %
2017 |  | 4,810 |  |  | 21,683 |  |  | 26,493 |  |  | 0.8 | %
2018 |  | 442,810 |  |  | 136,723 |  |  | 579,533 |  |  | 16.7 | %
2019 |  | 801,440 |  |  | 68,564 |  |  | 870,004 |  |  | 25.1 | %
2020 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.6 | %
2021 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.6 | %
2022 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.6 | %
2023 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.6 | %
2024 |  | — |  |  | 957,420 |  |  | 957,420 |  |  | 27.6 | %
2025 |  | — |  |  | 10,302 |  |  | 10,302 |  |  | 0.3 | %
Thereafter (5) |  | — |  |  | 923,021 |  |  | 923,021 |  |  | 26.5 | %
Total |  | $ | 1,252,668 |  |  | $ | 2,216,797 |  |  | $ | 3,469,465 |  |  | 100.0 | %

(1) Interest rates on floating rate debt reflect stated rates as of end of period.

(2) | Our credit facility provides for a borrowing capacity of up to $800.0 million through June 2016, with outstanding borrowings due September 2018, and bears interest at 1-month LIBOR plus 2.75% (3.125% beginning in March 2017). Balance reflects borrowings outstanding as of end of period. Years to maturity based on final maturity date in September 2018.

(3) | AH4R 2014-SFR1 bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 1.54%, subject to a LIBOR floor of 0.25%, and has an interest rate cap agreement for the initial two-year term with a LIBOR-based strike rate of 3.85%. Years to maturity reflects a fully extended maturity date of June 2019, which is based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.

(4) | ARP 2014-SFR1 bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 2.11% and has an interest rate cap agreement for the initial two-year term with a LIBOR-based strike rate of 3.12%. Years to maturity reflects a fully extended maturity date of September 2019, which is based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.

(5) | AH4R 2015-SFR1 and AH4R 2015-SFR2 have maturity dates in April 2045 and October 2045, respectively, with anticipated repayment dates in April 2025 and October 2025, respectively. In the event the loans are not repaid by each respective anticipated repayment date, the interest rate on each component is increased to a rate per annum equal to the sum of 3% plus the greater of: (a) the initial interest rate and (b) a rate equal to the sum of (i) the bid side yield to maturity for the “on the run” United States Treasury note with a 10 year maturity plus the mid-market 10 year swap spread, plus (ii) the component spread for each component.

(6) | Reflects credit facility based on final maturity date of September 2018, AH4R 2014-SFR1 based on fully extended maturity date of June 2019 and ARP 2014-SFR1 based on fully extended maturity date of September 2019.

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

American Homes 4 Rent

Capital Structure as of March 31, 2016
(Amounts in thousands, except share and per share data)
Total Capitalization

Floating rate debt |  |  | $ | 1,252,668 |  |  |
Fixed rate debt |  |  | 2,216,797 |  |  |
Total debt |  |  | 3,469,465 |  |  | 40.2 | %
Common shares outstanding (1) | 239,554,492 |  |  |  |  |
Operating partnership units (1) | 55,573,368 |  |  |  |  |
Total shares and units | 295,127,860 |  |  |  |  |
NYSE AMH Class A common share closing price at March 31, 2016 | $ | 15.90 |  |  |  |  |
Market value of common shares and operating partnership units |  |  | 4,692,533 |  |  |
Participating preferred shares (see below) |  |  | 457,810 |  |  |
Total equity capitalization |  |  | 5,150,343 |  |  | 59.8 | %
Total market capitalization |  |  | $ | 8,619,808 |  |  | 100.0 | %

(1) | Reflects total common shares and operating partnership units outstanding as of end of period.

Participating Preferred Shares

|  | Initial Redemption Period |  | Outstanding Shares |  | Initial Liquidation Value |  | Current Liquidation Value (1) |  | Annual Dividend Per Share |  | Annual Dividend Amount
Series |  |  |  | Per Share |  | Total |  | Per Share |  | Total |  |
5.0% Series A |  | 9/30/2017-9/30/2020 |  | 5,060,000 |  |  | $ | 25.00 |  |  | $ | 126,500 |  |  | $ | 27.00 |  |  | $ | 136,643 |  |  | $ | 1.250 |  |  | $ | 6,325 |
5.0% Series B |  | 9/30/2017-9/30/2020 |  | 4,400,000 |  |  | $ | 25.00 |  |  | 110,000 |  |  | $ | 27.00 |  |  | 118,820 |  |  | $ | 1.250 |  |  | 5,500 |
5.5% Series C |  | 3/31/2018-3/31/2021 |  | 7,600,000 |  |  | $ | 25.00 |  |  | 190,000 |  |  | $ | 26.62 |  |  | 202,347 |  |  | $ | 1.375 |  |  | 10,450 |
|  |  |  | 17,060,000 |  |  |  |  | $ | 426,500 |  |  |  |  | $ | 457,810 |  |  |  |  | $ | 22,275 |

(1) | Current liquidation value reflects initial liquidation value, adjusted by most recent quarterly HPA adjustment calculation, which is made available under the “For Investors” page of the Company’s website.

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

American Homes 4 Rent

Top 20 Markets Summary as of March 31, 2016
Property Information (1)

Market |  | Number of Properties |  | Percentage of Total Properties |  | Gross Book Value per Property |  | Avg. Sq. Ft. |  | Avg. Age (years)
Dallas-Fort Worth, TX |  | 4,348 |  | 9.4 | % |  | $ | 160,622 |  |  | 2,120 |  |  | 12.4
Atlanta, GA |  | 3,837 |  | 8.3 | % |  | 162,554 |  |  | 2,110 |  |  | 15.3
Houston, TX |  | 3,154 |  | 6.8 | % |  | 161,837 |  |  | 2,114 |  |  | 10.4
Indianapolis, IN |  | 2,901 |  | 6.3 | % |  | 150,684 |  |  | 1,933 |  |  | 13.5
Phoenix, AZ |  | 2,783 |  | 6.0 | % |  | 160,752 |  |  | 1,814 |  |  | 13.6
Charlotte, NC |  | 2,713 |  | 5.9 | % |  | 171,667 |  |  | 2,016 |  |  | 12.8
Nashville, TN |  | 2,352 |  | 5.1 | % |  | 195,979 |  |  | 2,084 |  |  | 11.8
Greater Chicago area, IL and IN |  | 2,062 |  | 4.4 | % |  | 180,062 |  |  | 1,899 |  |  | 14.7
Cincinnati, OH |  | 1,953 |  | 4.2 | % |  | 171,549 |  |  | 1,846 |  |  | 13.9
Raleigh, NC |  | 1,824 |  | 3.9 | % |  | 175,110 |  |  | 1,844 |  |  | 11.5
Tampa, FL |  | 1,678 |  | 3.6 | % |  | 186,558 |  |  | 1,961 |  |  | 12.5
Jacksonville, FL |  | 1,593 |  | 3.4 | % |  | 152,439 |  |  | 1,906 |  |  | 12.2
Orlando, FL |  | 1,557 |  | 3.4 | % |  | 168,859 |  |  | 1,871 |  |  | 14.9
Columbus, OH |  | 1,450 |  | 3.1 | % |  | 154,624 |  |  | 1,828 |  |  | 14.7
Salt Lake City, UT |  | 1,048 |  | 2.3 | % |  | 219,892 |  |  | 2,131 |  |  | 14.9
Las Vegas, NV |  | 1,024 |  | 2.2 | % |  | 173,959 |  |  | 1,841 |  |  | 13.2
San Antonio, TX |  | 1,004 |  | 2.2 | % |  | 154,069 |  |  | 2,010 |  |  | 13.1
Winston Salem, NC |  | 761 |  | 1.6 | % |  | 148,605 |  |  | 1,729 |  |  | 12.3
Austin, TX |  | 695 |  | 1.5 | % |  | 150,733 |  |  | 1,850 |  |  | 11.9
Charleston, SC |  | 681 |  | 1.5 | % |  | 178,094 |  |  | 1,849 |  |  | 10.3
All Other (3) |  | 6,956 |  | 15.0 | % |  | 186,159 |  |  | 1,876 |  |  | 13.1
Total / Average |  | 46,374 |  | 100.0 | % |  | $ | 170,565 |  |  | 1,959 |  |  | 13.1

Leasing Information (1)

Market |  | Leased Percentage (2) |  | Occupancy Percentage (2) |  | Avg. Contractual Monthly Rent Per Property (2) |  | Avg. Change in Rent for Renewals |  | Avg. Change in Rent for Re-Leases
Dallas-Fort Worth, TX |  | 96.4 | % |  | 95.2 | % |  | $ | 1,560 |  |  | 4.8 | % |  | 6.1 | %
Atlanta, GA |  | 93.8 | % |  | 92.9 | % |  | 1,358 |  |  | 4.9 | % |  | 7.9 | %
Houston, TX |  | 95.5 | % |  | 94.2 | % |  | 1,567 |  |  | 3.9 | % |  | 2.5 | %
Indianapolis, IN |  | 96.1 | % |  | 94.8 | % |  | 1,303 |  |  | 1.5 | % |  | 2.2 | %
Phoenix, AZ |  | 97.8 | % |  | 97.2 | % |  | 1,138 |  |  | 4.1 | % |  | 7.6 | %
Charlotte, NC |  | 95.5 | % |  | 94.4 | % |  | 1,401 |  |  | 5.0 | % |  | 6.1 | %
Nashville, TN |  | 95.3 | % |  | 94.3 | % |  | 1,561 |  |  | 3.9 | % |  | 3.8 | %
Greater Chicago area, IL and IN |  | 97.5 | % |  | 95.7 | % |  | 1,707 |  |  | 3.0 | % |  | (0.1 | )%
Cincinnati, OH |  | 96.2 | % |  | 94.8 | % |  | 1,455 |  |  | 3.5 | % |  | 2.4 | %
Raleigh, NC |  | 95.2 | % |  | 94.4 | % |  | 1,370 |  |  | 4.5 | % |  | 5.5 | %
Tampa, FL |  | 95.5 | % |  | 94.5 | % |  | 1,546 |  |  | 4.6 | % |  | 4.6 | %
Jacksonville, FL |  | 95.4 | % |  | 94.1 | % |  | 1,348 |  |  | 4.0 | % |  | 5.5 | %
Orlando, FL |  | 95.8 | % |  | 94.9 | % |  | 1,419 |  |  | 4.7 | % |  | 6.4 | %
Columbus, OH |  | 98.6 | % |  | 97.2 | % |  | 1,440 |  |  | 4.0 | % |  | 4.9 | %
Salt Lake City, UT |  | 96.9 | % |  | 96.0 | % |  | 1,494 |  |  | 2.7 | % |  | 4.2 | %
Las Vegas, NV |  | 96.6 | % |  | 95.8 | % |  | 1,336 |  |  | 4.0 | % |  | 6.4 | %
San Antonio, TX |  | 96.4 | % |  | 95.5 | % |  | 1,409 |  |  | 4.6 | % |  | 5.8 | %
Winston Salem, NC |  | 95.8 | % |  | 94.1 | % |  | 1,215 |  |  | 4.0 | % |  | 3.7 | %
Austin, TX |  | 96.7 | % |  | 95.7 | % |  | 1,395 |  |  | 4.4 | % |  | 7.6 | %
Charleston, SC |  | 93.2 | % |  | 91.8 | % |  | 1,504 |  |  | 4.7 | % |  | 4.4 | %
All Other (3) |  | 95.3 | % |  | 93.8 | % |  | 1,483 |  |  | 4.2 | % |  | 4.7 | %
Total / Average |  | 95.9 | % |  | 94.7 | % |  | $ | 1,441 |  |  | 4.1 | % |  | 4.7 | %

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

(2) | Leased percentage, occupancy percentage and average contractual monthly rent per property are reflected as of end of period.

(3) | Represents 22 markets in 16 states.

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

American Homes 4 Rent

Leasing Performance

|  | 1Q15 |  | 2Q15 |  | 3Q15 |  | 4Q15 |  | 1Q16
Average change in rent for re-leases |  | 1.1 | % |  | 4.6 | % |  | 5.0 | % |  | 2.4 | % |  | 4.7 | %
Average change in rent for renewals |  | 3.6 | % |  | 2.4 | % |  | 3.3 | % |  | 3.7 | % |  | 4.1 | %

Scheduled Lease Expirations

|  | MTM |  | 2Q16 |  | 3Q16 |  | 4Q16 |  | 1Q17 |  | Thereafter
Lease expirations |  | 2,084 |  | 13,564 |  | 10,290 |  | 7,080 |  | 10,687 |  | 750

Top 20 Markets 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”, which is used for purposes of computing the “HPA Factor” for our 5% Series A participating preferred shares, 5% Series B participating preferred shares and 5.5% Series C participating preferred shares as described in the prospectuses for those securities.

|  | HPA Index (1) |  |
Market |  | Dec 31, 2012 |  | Dec 31, 2013 |  | Dec 31, 2014 |  | Mar 31, 2015 |  | Jun 30, 2015 |  | Sep 30, 2015 |  | Dec 31, 2015 |  | HPA Index Change
Dallas-Fort Worth, TX (2) |  | 100.0 |  |  | 108.4 |  |  | 115.2 |  |  | 119.8 |  |  | 124.8 |  |  | 126.8 |  |  | 127.6 |  |  | 27.6 | %
Indianapolis, IN |  | 100.0 |  |  | 106.4 |  |  | 112.3 |  |  | 113.9 |  |  | 116.8 |  |  | 117.4 |  |  | 117.8 |  |  | 17.8 | %
Atlanta, GA |  | 100.0 |  |  | 114.2 |  |  | 122.3 |  |  | 124.7 |  |  | 131.6 |  |  | 132.6 |  |  | 132.0 |  |  | 32.0 | %
Charlotte, NC |  | 100.0 |  |  | 113.4 |  |  | 118.8 |  |  | 120.1 |  |  | 126.2 |  |  | 124.9 |  |  | 126.8 |  |  | 26.8 | %
Greater Chicago area, IL and IN |  | 100.0 |  |  | 111.0 |  |  | 115.1 |  |  | 114.0 |  |  | 119.7 |  |  | 120.9 |  |  | 118.8 |  |  | 18.8 | %
Houston, TX |  | 100.0 |  |  | 110.8 |  |  | 123.1 |  |  | 123.0 |  |  | 126.8 |  |  | 128.6 |  |  | 130.1 |  |  | 30.1 | %
Cincinnati, OH |  | 100.0 |  |  | 104.9 |  |  | 111.2 |  |  | 110.3 |  |  | 114.0 |  |  | 116.5 |  |  | 115.7 |  |  | 15.7 | %
Tampa, FL |  | 100.0 |  |  | 113.0 |  |  | 121.1 |  |  | 123.1 |  |  | 127.5 |  |  | 131.6 |  |  | 132.3 |  |  | 32.3 | %
Jacksonville, FL |  | 100.0 |  |  | 114.2 |  |  | 121.7 |  |  | 121.3 |  |  | 130.8 |  |  | 132.0 |  |  | 127.7 |  |  | 27.7 | %
Nashville, TN |  | 100.0 |  |  | 111.0 |  |  | 117.4 |  |  | 120.6 |  |  | 125.8 |  |  | 126.5 |  |  | 131.1 |  |  | 31.1 | %
Raleigh, NC |  | 100.0 |  |  | 106.7 |  |  | 111.6 |  |  | 114.1 |  |  | 116.9 |  |  | 120.8 |  |  | 120.0 |  |  | 20.0 | %
Phoenix, AZ |  | 100.0 |  |  | 118.0 |  |  | 123.3 |  |  | 125.9 |  |  | 129.4 |  |  | 133.9 |  |  | 135.9 |  |  | 35.9 | %
Columbus, OH |  | 100.0 |  |  | 108.9 |  |  | 114.5 |  |  | 117.2 |  |  | 120.8 |  |  | 123.1 |  |  | 120.8 |  |  | 20.8 | %
Salt Lake City, UT |  | 100.0 |  |  | 109.4 |  |  | 114.5 |  |  | 117.4 |  |  | 120.4 |  |  | 123.7 |  |  | 123.2 |  |  | 23.2 | %
Orlando, FL |  | 100.0 |  |  | 110.3 |  |  | 123.5 |  |  | 124.4 |  |  | 129.3 |  |  | 131.8 |  |  | 135.4 |  |  | 35.4 | %
Las Vegas, NV |  | 100.0 |  |  | 125.1 |  |  | 141.3 |  |  | 141.8 |  |  | 142.9 |  |  | 149.4 |  |  | 149.0 |  |  | 49.0 | %
San Antonio, TX |  | 100.0 |  |  | 101.1 |  |  | 108.0 |  |  | 113.0 |  |  | 117.3 |  |  | 116.0 |  |  | 113.9 |  |  | 13.9 | %
Denver, CO |  | 100.0 |  |  | 111.0 |  |  | 121.5 |  |  | 128.1 |  |  | 134.2 |  |  | 136.4 |  |  | 136.5 |  |  | 36.5 | %
Austin, TX |  | 100.0 |  |  | 110.1 |  |  | 122.2 |  |  | 127.3 |  |  | 133.7 |  |  | 134.3 |  |  | 133.9 |  |  | 33.9 | %
Greenville, SC |  | 100.0 |  |  | 104.1 |  |  | 110.8 |  |  | 114.9 |  |  | 116.7 |  |  | 115.0 |  |  | 117.8 |  |  | 17.8 | %
Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.3 | %

(1) | Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20 th day of the second month following quarter-end. Accordingly, information in the above table has been presented through December 31, 2015. 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) | Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington Metropolitan Divisions.

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

American Homes 4 Rent

Disposition Summary
(Amounts in thousands, except property data)

|  | Single-Family Properties Held for Sale (1) |  | Single-Family Properties Sold 1Q16
Market |  | Vacant |  | Leased |  | Total |  | Number of Properties |  | Net Proceeds
Greater Chicago area, IL and IN |  | 504 |  |  | 6 |  |  | 510 |  |  | 3 |  |  | $ | 381 |
Indianapolis, IN |  | 123 |  |  | 289 |  |  | 412 |  |  | 2 |  |  | 210 |
Phoenix, AZ |  | 16 |  |  | 139 |  |  | 155 |  |  | 3 |  |  | 445 |
Fort Myers, FL |  | 4 |  |  | 146 |  |  | 150 |  |  | — |  |  | — |
Atlanta, GA |  | 20 |  |  | 56 |  |  | 76 |  |  | 39 |  |  | 3,486 |
Miami, FL |  | 10 |  |  | 57 |  |  | 67 |  |  | — |  |  | — |
Central Valley, CA |  | — |  |  | 51 |  |  | 51 |  |  | — |  |  | — |
Denver, CO |  | 1 |  |  | 25 |  |  | 26 |  |  | 1 |  |  | 223 |
San Antonio, TX |  | 1 |  |  | 21 |  |  | 22 |  |  | 1 |  |  | 154 |
Memphis, TN |  | 6 |  |  | 11 |  |  | 17 |  |  | 1 |  |  | 47 |
All Other (2) |  | 31 |  |  | 64 |  |  | 95 |  |  | 16 |  |  | 2,741 |
Total |  | 716 |  |  | 865 |  |  | 1,581 |  |  | 66 |  |  | $ | 7,687 |

(1) | Reflects single-family properties held for sale as of March 31, 2016.

(2) | Represents 19 markets in 13 states.

Share Repurchase History
(Amounts in thousands, except share and per share data)

Board authorization announced on 9/21/15: |  |  | $ | 300,000 |  |  |
Quarterly Period |  | Shares Repurchased |  | Purchase Price |  | Avg. Price Paid Per Share
3Q15 |  | 3,407,046 |  |  | $ | 53,679 |  |  | $ | 15.76 |
4Q15 |  | 226,556 |  |  | 3,601 |  |  | 15.89 |
1Q16 |  | 4,930,783 |  |  | 75,947 |  |  | 15.40 |
Total |  | 8,564,385 |  |  | $ | 133,227 |  |  | $ | 15.56 |
|  | Remaining authorization: |  |  | $ | 166,773 |  |  |

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

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations
Average Change in Rent for Re-Leases
Average change in rent for re-leases is calculated as the percentage change in annual rent on properties re-leased during the period, compared to annual rent of the previous expired lease for each individual property.
Average Change in Rent for Renewals
Average change in rent for renewals is calculated as the percentage change in rent on non-month-to-month lease renewals during the period.
Core Net Operating Income ("Core NOI")
Core NOI is a supplemental non-GAAP financial measure that we define as rents and fees from single-family properties, net of bad debt expense, less property operating expenses for single-family properties, excluding expenses reimbursed by tenant charge-backs and bad debt expense.
Core NOI also excludes (1) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of convertible units, (3) depreciation and amortization, (4) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (5) noncash share-based compensation expense, (6) interest expense, (7) general and administrative expense, (8) other expenses and (9) other revenues.
We consider Core NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
Core NOI should be considered only as a supplement to net income (loss) as a measure of our performance. Core NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Core NOI also should not be used as a substitute for net income (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

18

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following is a reconciliation of net income (loss), determined in accordance with GAAP, to Core NOI for the three months ended March 31, 2016 and 2015 (amounts in thousands):

| For the Three Months Ended Mar 31,
| 2016 |  | 2015
| (Unaudited) |  | (Unaudited)
Net income (loss) | $ | 5,028 |  |  | $ | (8,265 | )
Remeasurement of preferred shares | 300 |  |  | (120 | )
Remeasurement of Series E units | — |  |  | (1,838 | )
Gain on conversion of Series E units | (11,463 | ) |  | — |
Depreciation and amortization | 69,517 |  |  | 53,664 |
Acquisition fees and costs expensed | 5,653 |  |  | 5,908 |
Noncash share-based compensation expense | 870 |  |  | 696 |
Interest expense | 30,977 |  |  | 15,670 |
General and administrative expense | 8,057 |  |  | 6,131 |
Property operating expenses for vacant single-family properties (1) | — |  |  | 5,278 |
Other expenses | 1,253 |  |  | 694 |
Other revenues | (3,985 | ) |  | (1,365 | )
Tenant charge-backs | 21,016 |  |  | 8,372 |
Expenses reimbursed by tenant charge-backs | (21,016 | ) |  | (8,372 | )
Bad debt expense excluded from operating expenses | 1,069 |  |  | 1,271 |
Bad debt expense included in revenues | (1,069 | ) |  | (1,271 | )
Core net operating income | $ | 106,207 |  |  | $ | 76,453 |

(1) | Beginning January 1, 2016, property operating expenses for vacant single-family properties has been included in property operating expenses in the condensed consolidated statements of operations.

EBITDA / Adjusted EBITDA
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. Adjusted EBITDA is a supplemental non-GAAP financial measure calculated by adjusting EBITDA for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) gain or loss on conversion of convertible units and (4) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares derivative liability to fair value. We consider Adjusted EBITDA to be a meaningful financial measure of operating performance because it excludes the impact of various income and expense items that are not indicative of operating performance.

19

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following is a reconciliation of net income (loss), determined in accordance with GAAP, to Adjusted EBITDA for the three months ended March 31, 2016 and 2015 (amounts in thousands):

|  | For the Three Months Ended Mar 31,
|  | 2016 |  | 2015
|  | (Unaudited) |  | (Unaudited)
Net income (loss) |  | $ | 5,028 |  |  | $ | (8,265 | )
Depreciation and amortization |  | 69,517 |  |  | 53,664 |
Interest expense |  | 30,977 |  |  | 15,670 |
EBITDA |  | $ | 105,522 |  |  | $ | 61,069 |
Acquisition fees and costs expensed |  | 5,653 |  |  | 5,908 |
Noncash share-based compensation expense |  | 870 |  |  | 696 |
Gain on conversion of Series E units |  | (11,463 | ) |  | — |
Remeasurement of preferred shares |  | 300 |  |  | (120 | )
Remeasurement of Series E units |  | — |  |  | (1,838 | )
Adjusted EBITDA |  | $ | 100,882 |  |  | $ | 65,715 |

Economic Occupancy
Economic occupancy is calculated as core revenues divided by the product of (1) average contractual monthly rent, (2) total number of properties and (3) number of months in period.
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 White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, 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 adjustment for unconsolidated partnerships and joint ventures.
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 fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) noncash gain or loss on conversion of convertible units and (5) noncash fair value adjustments associated with remeasuring our Series E convertible units liability and preferred shares derivative liability to fair value.
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) actual leasing costs incurred during the period. As many of our homes are still recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home property by (b) our total number of properties, excluding non-stabilized and held for sale properties.
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 analysts in evaluating our Company. We believe that FFO attributable to common share and unit holders is a helpful measure of a REIT’s performance

20

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
since 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, are helpful to investors as supplemental measures of the operating performance of our Company as 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 cash flow provided by operating activities or net income (loss) per share, as determined in accordance with GAAP, as a measure of our liquidity, operating performance 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 loss attributable to common shareholders, determined in accordance with GAAP.
FFO Shares and Units
FFO shares and units includes weighted-average common shares and operating partnership units outstanding.
Leased Property
A property is classified as leased upon the execution (i.e., signature) of a lease agreement.
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).
Retention Rate
Retention rate is calculated as the number of renewed leases in a given period divided by the sum of total lease expirations and early terminations during the same period.
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.
Stabilized Property
Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property is classified as stabilized once it has been renovated and then initially leased or available for rent for a period greater than 90 days.
Total Debt
Total Debt includes principal balances on asset-backed securitizations, exchangeable senior notes, secured notes payable and borrowings outstanding under our credit facility as of end of period and excludes unamortized discounts on acquired debt, the value of exchangeable senior notes classified within equity and unamortized deferred loan costs.

21

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
Total Equity Capitalization
Total equity capitalization represents 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 end of period) and the current liquidation value of preferred shares as of end of period.
Total Market Capitalization
Total market capitalization includes total equity capitalization and total debt.
Turnover Rate
Turnover rate is calculated as the number of tenant move-outs during the period, divided by total number of properties.

22

Corporate Information |  | Executive Management |
American Homes 4 Rent |  | David P. Singelyn |
30601 Agoura Road, Suite 200 |  | Chief Executive Officer |
Agoura Hills, CA 91301 |  |  |
Phone: (805) 413-5300 |  | Jack Corrigan |
Website: www.americanhomes4rent.com |  | Chief Operating Officer |
Investor Relations |  | Diana M. Laing |
Phone: (855) 794-AH4R (2447) |  | Chief Financial Officer |
Email: investors@ah4r.com |  |  |

Analyst Coverage (1)

Bank of America / Merrill Lynch | FBR Capital Markets & Co | GS Global Investment Research
Jana Galan | Patrick Kealey | Andrew Rosivach
jana.galan@baml.com | pkealey@fbr.com | andrew.rosivach@gs.com
(646) 855-3081 | (703) 312-9656 | (212) 902-2796
JP Morgan Securities | Keefe, Bruyette & Woods, Inc. | Morgan Stanley
Anthony Paolone | Jade Rahmani | Greg Van Winkle
anthony.paolone@jpmorgan.com | jrahmani@kbw.com | gregory.van.winkle@morganstanley.com
(212) 622-6682 | (212) 887-3882 | (212) 761-4968
Raymond James & Associates, Inc. | Wells Fargo Securities | Zelman & Associates
Buck Horne | Jeff Donnelly | Dennis McGill
buck.horne@raymondjames.com | jeff.donnelly@wellsfargo.com | dennis@zelmanassociates.com
(727) 567-2561 | (617) 603-4262 | (212) 993-5833

(1) | The sell-side analysts listed above follow American Homes 4 Rent ("AH4R"). Any opinions, estimates or forecasts regarding AH4R's performance made by these analysts are theirs alone and do not represent the opinions, forecasts or predictions of AH4R or its management. AH4R 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.