EX-99.3 4 amh0630178kexhibit993.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 and Year-to-Date Comparisons | 11
Same-Home Results—Operating Metrics by Market | 12
Condensed Consolidated Balance Sheets | 13
Debt Summary, Maturity Schedule and Interest Expense Reconciliation | 14
Capital Structure | 15
Property Information |
Top 20 Markets Summary | 16
Leasing Performance | 17
Scheduled Lease Expirations | 17
Top 20 Markets Home Price Appreciation Trends | 17
Other Information |
Disposition Summary | 18
ATM Share Issuance History | 18
Defined Terms and Non-GAAP Reconciliations | 19

2

American Homes 4 Rent

Earnings Press Release
American Homes 4 Rent Reports Second Quarter 2017 Financial and Operating Results
AGOURA HILLS, Calif., August 3, 2017—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended June 30, 2017.
Highlights

• | Total revenues increased 7.6% to $237.0 million for the second quarter of 2017 from $220.3 million for the second quarter of 2016.

• | Net loss attributable to common shareholders totaled $0.2 million, or a $0.00 loss per basic and diluted share, for the second quarter of 2017, compared to a net loss attributable to common shareholders of $10.4 million, or a $0.04 loss per basic and diluted share, for the second quarter of 2016.

• | Core Funds from Operations attributable to common share and unit holders for the second quarter of 2017 was $81.5 million, or $0.26 per FFO share and unit, compared to $73.5 million, or $0.25 per FFO share and unit, for the same period in 2016, which represents a 4.0% increase on a per share and unit basis.

• | Adjusted Funds from Operations attributable to common share and unit holders for the second quarter of 2017 was $70.4 million, or $0.22 per FFO share and unit, compared to $62.6 million, or $0.21 per FFO share and unit, for the same period in 2016, which represents a 4.8% increase on a per share and unit basis.

• | Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 64.3% for the second quarter of 2017, compared to 62.6% for the same period in 2016.

• | Increased Core NOI after capital expenditures from Same-Home properties by 7.4% year over year for the quarter ended June 30, 2017.

• | Maintained solid leasing performance with total and Same-Home portfolio leasing percentages of 95.2% and 96.5%, respectively, as of June 30, 2017.

• | Achieved rental rate growth with 6.1% and 3.2% rental rate increases on new and renewal leases, respectively, during the quarter ended June 30, 2017.

• | Entered into a $1.0 billion credit agreement amendment, which lowers our cost of borrowing and provides a more flexible borrowing structure (see terms under "Capital Activities and Balance Sheet").

• | In April and July 2017, the Company issued 6,200,000 5.875% Series F perpetual preferred shares and 4,600,000 5.875% Series G perpetual preferred shares, raising gross proceeds of $155.0 million and $115.0 million, respectively, before offering costs.

“We are pleased with our strong operational and financial results for the second quarter, including a 7.4% increase in Core NOI after capital expenditures from our Same-Home properties that demonstrates the strength of our portfolio and operational excellence of our platform,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “Our recently expanded acquisition program and new homebuilding initiative mark the beginning of the next growth phase in the history of American Homes 4 Rent. Coupling the strength of our balance sheet and robust access to investment grade forms of capital, we believe our accelerated external growth will leverage the scalability of our best-in-class operating platform, driving further margin expansion and creating long-term value for our shareholders.”
Second Quarter 2017 Financial Results
Total revenues increased 7.6% to $237.0 million for the second quarter of 2017 from $220.3 million for the second quarter of 2016. Revenue growth was primarily driven by continued strong leasing activity, as our average leased portfolio grew to 45,687 homes for the quarter ended June 30, 2017, compared to 44,592 homes for the quarter ended June 30, 2016.

3

American Homes 4 Rent

Earnings Press Release (continued)
Net loss attributable to common shareholders totaled $0.2 million, or a $0.00 loss per basic and diluted share, for the second quarter of 2017, compared to a net loss attributable to common shareholders of $10.4 million, or a $0.04 loss per basic and diluted share, for the second quarter of 2016. This improvement was primarily attributable to higher revenues, lower interest expense and a reduction in depreciation and amortization expense, partially offset by increases in property operating expenses and preferred dividends, as well as by a loss on early extinguishment of debt.
Core NOI from Same-Home properties increased 6.5% to $102.7 million for the second quarter of 2017, compared to $96.5 million for the second quarter of 2016. This increase was primarily due to rental rate growth and lower core property operating expenses. After capital expenditures, Core NOI from Same-Home properties increased 7.4% to $95.6 million for the second quarter of 2017, compared to $89.0 million for the second quarter of 2016. This additional improvement was attributable to our operational enhancements, which also resulted in lower levels of capital expenditures.
Core NOI on our total portfolio increased 9.0% to $131.7 million for the second quarter of 2017, compared to $120.9 million for the second quarter of 2016. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties.
Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $81.5 million, or $0.26 per FFO share and unit, for the second quarter of 2017, compared to $73.5 million, or $0.25 per FFO share and unit, for the second quarter of 2016. Adjusted Funds from Operations attributable to common share and unit holders ("Adjusted FFO attributable to common share and unit holders") for the second quarter of 2017 was $70.4 million, or $0.22 per FFO share and unit, compared to $62.6 million, or $0.21 per FFO share and unit, for the second quarter of 2016. This improvement was primarily attributable to significant increases in rental revenue driven by a larger number of leased properties and higher rental rates.
Year-to-Date 2017 Financial Results
Total revenues increased 13.4% to $470.8 million for the six-month period ended June 30, 2017, from $415.3 million for the six-month period ended June 30, 2016. Revenue growth was primarily driven by continued strong leasing activity, as our average leased portfolio grew to 45,391 homes for the six-month period ended June 30, 2017, compared to 41,862 homes for the six-month period ended June 30, 2016.
Net loss attributable to common shareholders totaled $1.7 million, or a $0.01 loss per basic and diluted share, for the six-month period ended June 30, 2017, compared to a net loss attributable to common shareholders of $14.8 million, or a $0.06 loss per basic and diluted share, for the six-month period ended June 30, 2016. This improvement was primarily attributable to higher revenues and lower acquisition fees and costs expensed, partially offset by increases in property operating expenses and preferred dividends, as well as a gain on the conversion of Series E convertible units into Series D convertible units in the first quarter of 2016.
Core NOI from Same-Home properties increased 7.0% to $206.0 million for the six-month period ended June 30, 2017, compared to $192.5 million for the six-month period ended June 30, 2016. This increase was primarily due to rental rate growth and lower core property operating expenses. After capital expenditures, Core NOI from Same-Home properties increased 8.2% to $193.9 million for the six-month period ended June 30, 2017, compared to $179.2 million for the six-month period ended June 30, 2016. This additional improvement was attributable to our operational enhancements, which also resulted in lower levels of capital expenditures.

4

American Homes 4 Rent

Earnings Press Release (continued)
Core NOI on our total portfolio increased 16.0% to $263.5 million for the six-month period ended June 30, 2017, compared to $227.1 million for the six-month period ended June 30, 2016. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties.
Core FFO attributable to common share and unit holders was $158.2 million, or $0.51 per FFO share and unit, for the six-month period ended June 30, 2017, compared to $137.1 million, or $0.48 per FFO share and unit, for the six-month period ended June 30, 2016. Adjusted FFO attributable to common share and unit holders for the six-month period ended June 30, 2017, was $139.3 million, or $0.45 per FFO share and unit, compared to $118.3 million, or $0.42 per FFO share and unit, for the six-month period ended June 30, 2016. This improvement was primarily attributable to significant increases in rental revenue driven by a larger number of leased properties and higher rental rates.
Portfolio
As of June 30, 2017, the Company had 46,089 leased properties, an increase of 804 properties from March 31, 2017. As of June 30, 2017, the leased percentage on Same-Home properties was 96.5%, compared to 96.0% as of March 31, 2017.
Investments
As of June 30, 2017, the Company’s total portfolio consisted of 48,982 homes, including 582 homes held for sale, compared to 48,336 homes as of March 31, 2017, including 704 homes held for sale, an increase of 646 homes, which included 773 homes acquired and 127 homes sold (including 89 former ARPI properties).
Capital Activities and Balance Sheet
In the second quarter of 2017, the Company entered into a $1.0 billion credit agreement amendment, which lowers our cost of borrowing and provides a more flexible borrowing structure. The amended terms expanded the borrowing capacity of the revolving credit facility to $800.0 million and reduced the borrowing capacity of the term loan facility to $200.0 million. The interest rates were amended to accrue interest at either a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate plus a margin ranging from 0.00% to 0.55% for the revolving credit facility and at either a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate plus a margin ranging from 0.00% to 0.75% for the term loan facility. The revolving credit facility matures on June 30, 2021, with two six-month extension options at the Company's election, and the term loan facility matures on June 30, 2022.
In the second quarter of 2017, the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million using proceeds from the Class A common share offering in March 2017 and available cash.
In the second quarter of 2017, the Company issued 6,200,000 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $155.0 million before offering costs of approximately $5.2 million, with a liquidation preference of $25.00 per share.
In July 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million, with a liquidation preference of $25.00 per share.
As of June 30, 2017, the Company had cash and cash equivalents of $67.3 million and had total outstanding debt of $2.5 billion, excluding an unamortized discount on acquired debt, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs, with a weighted-average stated interest rate of 4.06% and a weighted-average term to maturity of 15.1 years. The Company’s $800.0 million revolving credit facility and $200.0 million term loan facility had

5

American Homes 4 Rent

Earnings Press Release (continued)
outstanding borrowings of $92.0 million and $200.0 million, respectively, at the end of the quarter. Subsequent to quarter-end, the Company paid down all outstanding borrowings under the revolving credit facility using proceeds from the 5.875% Series G cumulative redeemable perpetual preferred offering, leaving the Company's $800.0 million revolving credit facility fully undrawn.
Additional Information
A copy of the Company’s Second Quarter 2017 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, August 4, 2017, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2017, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (for 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 “For Investors.” A replay of the conference call may be accessed through Friday, August 18, 2017, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13665821#, 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 June 30, 2017, we owned 48,982 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 our acquisition and homebuilding programs will result in continued growth and that we will continue to expand margins. 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, 2016, and in the Company’s subsequent filings with the SEC.

6

American Homes 4 Rent

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

| For the Three Months Ended Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Operating Data |  |  |  |  |  |  |
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (10,404 | ) |  | $ | (1,676 | ) |  | $ | (14,781 | )
Core revenues from single-family properties | $ | 206,005 |  |  | $ | 194,801 |  |  | $ | 408,206 |  |  | $ | 363,924 |
Core Net Operating Income | $ | 131,748 |  |  | $ | 120,883 |  |  | $ | 263,466 |  |  | $ | 227,090 |
Core Net Operating Income margin | 64.0 | % |  | 62.1 | % |  | 64.5 | % |  | 62.4 | %
Platform Efficiency Percentage | 12.6 | % |  | 13.3 | % |  | 12.6 | % |  | 13.9 | %
Adjusted EBITDA after Capex and Leasing Costs | $ | 114,991 |  |  | $ | 105,116 |  |  | $ | 231,050 |  |  | $ | 197,992 |
Adjusted EBITDA after Capex and Leasing Costs Margin | 54.9 | % |  | 52.5 | % |  | 55.7 | % |  | 52.9 | %
Per FFO share and unit: |  |  |  |  |  |  |
FFO attributable to common share and unit holders | $ | 0.22 |  |  | $ | 0.23 |  |  | $ | 0.45 |  |  | $ | 0.48 |
Core FFO attributable to common share and unit holders | $ | 0.26 |  |  | $ | 0.25 |  |  | $ | 0.51 |  |  | $ | 0.48 |
Adjusted FFO attributable to common share and unit holders | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.45 |  |  | $ | 0.42 |

| Jun 30, 2017 |  | Mar 31, 2017 |  | Dec 31, 2016 |  | Sep 30, 2016 |  | Jun 30, 2016
Selected Balance Sheet Information - end of period |  |  |  |  |  |  |  |  |
Single-family properties, net | $ | 7,633,784 |  |  | $ | 7,542,196 |  |  | $ | 7,547,856 |  |  | $ | 7,545,398 |  |  | $ | 7,521,659 |
Total assets | $ | 8,146,307 |  |  | $ | 8,490,605 |  |  | $ | 8,107,210 |  |  | $ | 8,086,499 |  |  | $ | 8,252,400 |
Outstanding borrowings under credit facilities, net | $ | 289,648 |  |  | $ | 346,909 |  |  | $ | 321,735 |  |  | $ | 321,575 |  |  | $ | 142,000 |
Total Debt | $ | 2,480,787 |  |  | $ | 2,999,587 |  |  | $ | 2,981,062 |  |  | $ | 2,988,383 |  |  | $ | 3,166,858 |
Total Market Capitalization | $ | 10,716,768 |  |  | $ | 11,194,693 |  |  | $ | 10,227,619 |  |  | $ | 10,319,885 |  |  | $ | 10,145,385 |
Total Debt to Total Market Capitalization | 23.1 | % |  | 26.8 | % |  | 29.1 | % |  | 29.0 | % |  | 31.2 | %
Net Debt to Adjusted EBITDA | 4.8 x |  |  | 5.1 x |  |  | 6.1 x |  |  | 6.6 x |  |  | 7.3 x |
NYSE AMH Class A common share closing price | $ | 22.57 |  |  | $ | 22.96 |  |  | $ | 20.98 |  |  | $ | 21.64 |  |  | $ | 20.48 |

Portfolio Data - end of period |  |  |  |  |  |  |  |  |
Leased single-family properties | 46,089 |  |  | 45,285 |  |  | 44,798 |  |  | 44,746 |  |  | 44,729 |
Occupied single-family properties | 45,495 |  |  | 44,941 |  |  | 44,559 |  |  | 44,267 |  |  | 44,021 |
Single-family properties newly acquired and being renovated | 508 |  |  | 367 |  |  | 312 |  |  | 406 |  |  | 183 |
Single-family properties being prepared for re-lease | 161 |  |  | 121 |  |  | 91 |  |  | 90 |  |  | 177 |
Vacant single-family properties available for re-lease | 1,521 |  |  | 1,796 |  |  | 1,985 |  |  | 1,625 |  |  | 1,333 |
Vacant single-family properties available for initial lease | 121 |  |  | 63 |  |  | 117 |  |  | 48 |  |  | 34 |
Total single-family properties, excluding held for sale | 48,400 |  |  | 47,632 |  |  | 47,303 |  |  | 46,915 |  |  | 46,456 |
Single-family properties held for sale | 582 |  |  | 704 |  |  | 1,119 |  |  | 1,238 |  |  | 1,582 |
Total single-family properties | 48,982 |  |  | 48,336 |  |  | 48,422 |  |  | 48,153 |  |  | 48,038 |
Total leased percentage (1) | 95.2 | % |  | 95.1 | % |  | 94.7 | % |  | 95.4 | % |  | 96.3 | %
Total occupancy percentage (1) | 94.0 | % |  | 94.4 | % |  | 94.2 | % |  | 94.4 | % |  | 94.8 | %
Same-Home leased percentage (36,790 properties) | 96.5 | % |  | 96.0 | % |  | 95.7 | % |  | 96.1 | % |  | 96.8 | %
Same-Home occupancy percentage (36,790 properties) | 95.3 | % |  | 95.3 | % |  | 95.3 | % |  | 95.1 | % |  | 95.2 | %

Other Data |  |  |  |  |  |  |  |  |
Distributions declared per common share | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |  |  | $ | 0.05 |
Distributions declared per Series A participating preferred share | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Distributions declared per Series B participating preferred share | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |  |  | $ | 0.31 |
Distributions declared per Series C participating preferred share | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |  |  | $ | 0.34 |
Distributions declared per Series D perpetual preferred share | $ | 0.41 |  |  | $ | 0.41 |  |  | $ | 0.41 |  |  | $ | 0.41 |  |  | $ | 0.17 |
Distributions declared per Series E perpetual preferred share | $ | 0.40 |  |  | $ | 0.40 |  |  | $ | 0.40 |  |  | $ | 0.41 |  |  | $ | — |
Distributions declared per Series F perpetual preferred share (2) | $ | 0.27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

(1) | Leased and occupancy percentages are calculated based on total single-family properties, excluding held for sale properties.

(2) | Series F perpetual preferred shares offering close date and initial dividend start date is April 24, 2017.

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 Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues: |  |  |  |  |  |  |
Rents from single-family properties | $ | 204,648 |  |  | $ | 193,491 |  |  | $ | 405,755 |  |  | $ | 361,486 |
Fees from single-family properties | 2,690 |  |  | 2,724 |  |  | 5,294 |  |  | 4,921 |
Tenant charge-backs | 27,382 |  |  | 20,253 |  |  | 55,755 |  |  | 41,269 |
Other | 2,288 |  |  | 3,846 |  |  | 3,958 |  |  | 7,597 |
Total revenues | 237,008 |  |  | 220,314 |  |  | 470,762 |  |  | 415,273 |
Expenses: |  |  |  |  |  |  |
Property operating expenses | 85,954 |  |  | 77,887 |  |  | 169,259 |  |  | 146,499 |
Property management expenses | 17,442 |  |  | 18,096 |  |  | 34,920 |  |  | 34,842 |
General and administrative expense | 8,926 |  |  | 7,931 |  |  | 18,221 |  |  | 16,501 |
Interest expense | 28,392 |  |  | 35,481 |  |  | 60,281 |  |  | 66,458 |
Acquisition fees and costs expensed | 1,412 |  |  | 3,489 |  |  | 2,508 |  |  | 9,142 |
Depreciation and amortization | 72,716 |  |  | 79,604 |  |  | 146,669 |  |  | 149,121 |
Other | 1,359 |  |  | 2,087 |  |  | 2,917 |  |  | 3,340 |
Total expenses | 216,201 |  |  | 224,575 |  |  | 434,775 |  |  | 425,903 |
Gain on sale of single-family properties and other, net | 2,454 |  |  | 658 |  |  | 4,480 |  |  | 892 |
Loss on early extinguishment of debt | (6,555 | ) |  | — |  |  | (6,555 | ) |  | — |
Gain on conversion of Series E units | — |  |  | — |  |  | — |  |  | 11,463 |
Remeasurement of participating preferred shares | (1,640 | ) |  | (150 | ) |  | (7,050 | ) |  | (450 | )
Net income (loss) | 15,066 |  |  | (3,753 | ) |  | 26,862 |  |  | 1,275 |
Noncontrolling interest | (30 | ) |  | (761 | ) |  | (331 | ) |  | 3,075 |
Dividends on preferred shares | 15,282 |  |  | 7,412 |  |  | 28,869 |  |  | 12,981 |
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (10,404 | ) |  | $ | (1,676 | ) |  | $ | (14,781 | )
Weighted-average shares outstanding—basic and diluted | 258,900,456 |  |  | 238,481,265 |  |  | 251,685,993 |  |  | 228,819,566 |
Net loss attributable to common shareholders per share—basic and diluted | $ | — |  |  | $ | (0.04 | ) |  | $ | (0.01 | ) |  | $ | (0.06 | )

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 Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (10,404 | ) |  | $ | (1,676 | ) |  | $ | (14,781 | )
Adjustments: |  |  |  |  |  |  |
Noncontrolling interests in the Operating Partnership | (31 | ) |  | (616 | ) |  | (370 | ) |  | 3,296 |
Net (gain) loss on sale / impairment of single-family properties and other | (896 | ) |  | 68 |  |  | (1,993 | ) |  | 8 |
Depreciation and amortization | 72,716 |  |  | 79,604 |  |  | 146,669 |  |  | 149,121 |
Less: depreciation and amortization of non-real estate assets | (1,748 | ) |  | (1,388 | ) |  | (4,297 | ) |  | (2,743 | )
FFO attributable to common share and unit holders | $ | 69,855 |  |  | $ | 67,264 |  |  | $ | 138,333 |  |  | $ | 134,901 |
Adjustments: |  |  |  |  |  |  |
Acquisition fees and costs expensed | 1,412 |  |  | 3,489 |  |  | 2,508 |  |  | 9,142 |
Noncash share-based compensation - general and administrative | 697 |  |  | 585 |  |  | 1,218 |  |  | 1,098 |
Noncash share-based compensation - property management | 424 |  |  | 398 |  |  | 841 |  |  | 755 |
Noncash interest expense related to acquired debt | 874 |  |  | 1,649 |  |  | 1,714 |  |  | 2,225 |
Loss on early extinguishment of debt | 6,555 |  |  | — |  |  | 6,555 |  |  | — |
Gain on conversion of Series E units | — |  |  | — |  |  | — |  |  | (11,463 | )
Remeasurement of participating preferred shares | 1,640 |  |  | 150 |  |  | 7,050 |  |  | 450 |
Core FFO attributable to common share and unit holders | $ | 81,457 |  |  | $ | 73,535 |  |  | $ | 158,219 |  |  | $ | 137,108 |
Recurring capital expenditures (1) | (9,096 | ) |  | (8,755 | ) |  | (15,540 | ) |  | (14,772 | )
Leasing costs | (1,919 | ) |  | (2,151 | ) |  | (3,401 | ) |  | (4,080 | )
Adjusted FFO attributable to common share and unit holders | $ | 70,442 |  |  | $ | 62,629 |  |  | $ | 139,278 |  |  | $ | 118,256 |
Per FFO share and unit: |  |  |  |  |  |  |
FFO attributable to common share and unit holders | $ | 0.22 |  |  | $ | 0.23 |  |  | $ | 0.45 |  |  | $ | 0.48 |
Core FFO attributable to common share and unit holders | $ | 0.26 |  |  | $ | 0.25 |  |  | $ | 0.51 |  |  | $ | 0.48 |
Adjusted FFO attributable to common share and unit holders | $ | 0.22 |  |  | $ | 0.21 |  |  | $ | 0.45 |  |  | $ | 0.42 |
Weighted-average FFO shares and units: |  |  |  |  |  |  |
Common shares outstanding | 258,900,456 |  |  | 238,481,265 |  |  | 251,685,993 |  |  | 228,819,566 |
Share-based compensation plan (2) | 756,166 |  |  | — |  |  | 746,895 |  |  | — |
Operating partnership units | 55,550,593 |  |  | 55,562,904 |  |  | 55,553,262 |  |  | 55,146,394 |
Total weighted-average FFO shares and units | 315,207,215 |  |  | 294,044,169 |  |  | 307,986,150 |  |  | 283,965,960 |

(1) | As a portion of our homes are 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.

(2) | Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options.

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 Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Rents from single-family properties | $ | 204,648 |  |  | $ | 193,491 |  |  | $ | 405,755 |  |  | $ | 361,486 |
Fees from single-family properties | 2,690 |  |  | 2,724 |  |  | 5,294 |  |  | 4,921 |
Bad debt expense | (1,333 | ) |  | (1,414 | ) |  | (2,843 | ) |  | (2,483 | )
Core revenues | 206,005 |  |  | 194,801 |  |  | 408,206 |  |  | 363,924 |
Property tax expense | 36,672 |  |  | 36,164 |  |  | 73,434 |  |  | 66,438 |
HOA fees, net (1) | 4,099 |  |  | 3,823 |  |  | 7,985 |  |  | 7,246 |
R&M and turnover costs, net (1) | 15,687 |  |  | 15,077 |  |  | 27,982 |  |  | 27,256 |
Insurance | 1,924 |  |  | 2,261 |  |  | 3,864 |  |  | 4,364 |
Property management expenses, net (2) | 15,875 |  |  | 16,593 |  |  | 31,475 |  |  | 31,530 |
Core property operating expenses | 74,257 |  |  | 73,918 |  |  | 144,740 |  |  | 136,834 |
Core Net Operating Income | $ | 131,748 |  |  | $ | 120,883 |  |  | $ | 263,466 |  |  | $ | 227,090 |
Core Net Operating Income margin | 64.0 | % |  | 62.1 | % |  | 64.5 | % |  | 62.4 | %

| For the Three Months Ended Jun 30, 2017
| Same-Home Properties |  | Stabilized, Non-Same-Home Properties |  | Former ARPI Properties |  | Subtotal Same-Home, Stabilized and ARPI |  | Other & Held for Sale Properties (3) |  | Total Single-Family Properties
Property count | 36,790 |  | 2,873 |  | 7,469 |  | 47,132 |  | 1,850 |  | 48,982
Rents from single-family properties | $ | 158,760 |  |  | $ | 12,392 |  |  | $ | 30,517 |  |  | $ | 201,669 |  |  | $ | 2,979 |  |  | $ | 204,648 |
Fees from single-family properties | 1,969 |  |  | 120 |  |  | 420 |  |  | 2,509 |  |  | 181 |  |  | 2,690 |
Bad debt expense | (1,022 | ) |  | (87 | ) |  | (166 | ) |  | (1,275 | ) |  | (58 | ) |  | (1,333 | )
Core revenues | 159,707 |  |  | 12,425 |  |  | 30,771 |  |  | 202,903 |  |  | 3,102 |  |  | 206,005 |
Property tax expense | 28,031 |  |  | 2,017 |  |  | 5,640 |  |  | 35,688 |  |  | 984 |  |  | 36,672 |
HOA fees, net (1) | 3,043 |  |  | 217 |  |  | 746 |  |  | 4,006 |  |  | 93 |  |  | 4,099 |
R&M and turnover costs, net (1) | 12,163 |  |  | 666 |  |  | 2,263 |  |  | 15,092 |  |  | 595 |  |  | 15,687 |
Insurance | 1,441 |  |  | 138 |  |  | 300 |  |  | 1,879 |  |  | 45 |  |  | 1,924 |
Property management expenses, net (2) | 12,308 |  |  | 958 |  |  | 2,371 |  |  | 15,637 |  |  | 238 |  |  | 15,875 |
Core property operating expenses | 56,986 |  |  | 3,996 |  |  | 11,320 |  |  | 72,302 |  |  | 1,955 |  |  | 74,257 |
Core Net Operating Income | $ | 102,721 |  |  | $ | 8,429 |  |  | $ | 19,451 |  |  | $ | 130,601 |  |  | $ | 1,147 |  |  | $ | 131,748 |
Core Net Operating Income margin | 64.3 | % |  | 67.8 | % |  | 63.2 | % |  | 64.4 | % |  | 37.0 | % |  | 64.0 | %

(1) | Presented net of tenant charge-backs. In-house maintenance costs, which were previously presented separately, are included in R&M and turnover costs, net.

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

(3) | Includes 1,268 non-stabilized properties and 582 properties classified as held for sale.

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 and Year-to-Date Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)

| For the Three Months Ended Jun 30, |  |  |  | For the Six Months Ended Jun 30, |  |
| 2017 |  | 2016 |  | Change |  | 2017 |  | 2016 |  | Change
Number of Same-Home properties | 36,790 |  | 36,790 |  |  |  | 36,790 |  | 36,790 |  |
Leased percentage as of period end | 96.5 | % |  | 96.8 | % |  | (0.3 | )% |  | 96.5 | % |  | 96.8 | % |  | (0.3 | )%
Occupancy percentage as of period end | 95.3 | % |  | 95.2 | % |  | 0.1 | % |  | 95.3 | % |  | 95.2 | % |  | 0.1 | %
Average occupancy percentage | 95.2 | % |  | 95.2 | % |  | — | % |  | 95.2 | % |  | 95.2 | % |  | — | %
Average contractual monthly rent as of period end | $ | 1,522 |  |  | $ | 1,476 |  |  | 3.1 | % |  | $ | 1,522 |  |  | $ | 1,476 |  |  | 3.1 | %
Turnover Rate | 11.5 | % |  | 12.5 | % |  | (1.0 | )% |  | 20.6 | % |  | 21.3 | % |  | (0.7 | )%
Turnover Rate - TTM | 40.3 | % |  | N/A |  |  |  |  | N/A |  |  | N/A |  |  |
Core Net Operating Income: |  |  |  |  |  |  |  |  |  |
Rents from single-family properties | $ | 158,760 |  |  | $ | 153,175 |  |  | 3.6 | % |  | $ | 315,951 |  |  | $ | 304,600 |  |  | 3.7 | %
Fees from single-family properties | 1,969 |  |  | 2,054 |  |  | (4.1 | )% |  | 3,857 |  |  | 3,939 |  |  | (2.1 | )%
Bad debt expense | (1,022 | ) |  | (1,124 | ) |  | (9.1 | )% |  | (2,210 | ) |  | (2,111 | ) |  | 4.7 | %
Core revenues | 159,707 |  |  | 154,105 |  |  | 3.6 | % |  | 317,598 |  |  | 306,428 |  |  | 3.6 | %
Property tax expense | 28,031 |  |  | 28,422 |  |  | (1.4 | )% |  | 56,504 |  |  | 55,768 |  |  | 1.3 | %
HOA fees, net (1) | 3,043 |  |  | 2,937 |  |  | 3.6 | % |  | 5,979 |  |  | 5,935 |  |  | 0.7 | %
R&M and turnover costs, net (1) | 12,163 |  |  | 11,443 |  |  | 6.3 | % |  | 21,602 |  |  | 22,104 |  |  | (2.3 | )%
Insurance | 1,441 |  |  | 1,699 |  |  | (15.2 | )% |  | 2,987 |  |  | 3,534 |  |  | (15.5 | )%
Property management expenses, net (2) | 12,308 |  |  | 13,126 |  |  | (6.2 | )% |  | 24,490 |  |  | 26,579 |  |  | (7.9 | )%
Core property operating expenses | 56,986 |  |  | 57,627 |  |  | (1.1 | )% |  | 111,562 |  |  | 113,920 |  |  | (2.1 | )%
Core Net Operating Income | $ | 102,721 |  |  | $ | 96,478 |  |  | 6.5 | % |  | $ | 206,036 |  |  | $ | 192,508 |  |  | 7.0 | %
Core Net Operating Income margin | 64.3 | % |  | 62.6 | % |  |  |  | 64.9 | % |  | 62.8 | % |  |
Capital expenditures | 7,118 |  |  | 7,465 |  |  | (4.6 | )% |  | 12,160 |  |  | 13,345 |  |  | (8.9 | )%
Core Net Operating Income After Capital Expenditures | $ | 95,603 |  |  | $ | 89,013 |  |  | 7.4 | % |  | $ | 193,876 |  |  | $ | 179,163 |  |  | 8.2 | %
Per property: |  |  |  |  |  |  |  |  |  |  |
Average capital expenditures | $ | 193 |  |  | $ | 203 |  |  | (4.6 | )% |  | $ | 330 |  |  | $ | 363 |  |  | (8.9 | )%
Average R&M and turnover costs, net, plus capital expenditures | $ | 524 |  |  | $ | 514 |  |  | 1.9 | % |  | $ | 917 |  |  | $ | 964 |  |  | (4.9 | )%

Same-Home Results – Sequential Quarterly History

| For the Three Months Ended
| Jun 30, 201 7 |  | Mar 31, 201 7 |  | Dec 31, 201 6 |  | Sep 30, 2016 |  | Jun 30, 2016
Core Net Operating Income: |  |  |  |  |  |  |  |  |
Rents from single-family properties | $ | 158,760 |  |  | $ | 157,191 |  |  | $ | 156,424 |  |  | $ | 155,110 |  |  | $ | 153,175 |
Fees from single-family properties | 1,969 |  |  | 1,888 |  |  | 1,795 |  |  | 2,234 |  |  | 2,054 |
Bad debt expense | (1,022 | ) |  | (1,188 | ) |  | (1,386 | ) |  | (1,812 | ) |  | (1,124 | )
Core revenues | 159,707 |  |  | 157,891 |  |  | 156,833 |  |  | 155,532 |  |  | 154,105 |
Property tax expense | 28,031 |  |  | 28,473 |  |  | 27,033 |  |  | 27,884 |  |  | 28,422 |
HOA fees, net (1) | 3,043 |  |  | 2,936 |  |  | 3,001 |  |  | 3,058 |  |  | 2,937 |
R&M and turnover costs, net (1) | 12,163 |  |  | 9,439 |  |  | 10,563 |  |  | 14,004 |  |  | 11,443 |
Insurance | 1,441 |  |  | 1,546 |  |  | 1,666 |  |  | 1,675 |  |  | 1,699 |
Property management expenses, net (2) | 12,308 |  |  | 12,182 |  |  | 12,343 |  |  | 12,989 |  |  | 13,126 |
Core property operating expenses | 56,986 |  |  | 54,576 |  |  | 54,606 |  |  | 59,610 |  |  | 57,627 |
Core Net Operating Income | $ | 102,721 |  |  | $ | 103,315 |  |  | $ | 102,227 |  |  | $ | 95,922 |  |  | $ | 96,478 |
Core Net Operating Income margin | 64.3 | % |  | 65.4 | % |  | 65.2 | % |  | 61.7 | % |  | 62.6 | %
Capital expenditures | 7,118 |  |  | 5,042 |  |  | 5,401 |  |  | 8,967 |  |  | 7,465 |
Core Net Operating Income After Capital Expenditures | $ | 95,603 |  |  | $ | 98,273 |  |  | $ | 96,826 |  |  | $ | 86,955 |  |  | $ | 89,013 |
Per property: |  |  |  |  |  |  |  |  |
Average capital expenditures | $ | 193 |  |  | $ | 137 |  |  | $ | 147 |  |  | $ | 244 |  |  | $ | 203 |
Average R&M and turnover costs, net, plus capital expenditures | $ | 524 |  |  | $ | 393 |  |  | $ | 435 |  |  | $ | 625 |  |  | $ | 514 |

(1) | Presented net of tenant charge-backs. In-house maintenance costs, which were previously presented separately, are included in R&M and turnover costs, net.

(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. |  | 11

American Homes 4 Rent

Same-Home Results – Operating Metrics by Market

Market |  | Number of Properties |  | Gross Book Value per Property |  | % of 2Q17 NOI |  | Average Contractual Monthly Rent (1)
Dallas-Fort Worth, TX |  | 3,051 |  | $ | 161,884 |  |  | 7.0 | % |  | $ | 1,651 |
Indianapolis, IN |  | 2,718 |  | 153,251 |  |  | 6.3 | % |  | 1,346 |
Atlanta, GA |  | 2,433 |  | 165,351 |  |  | 6.7 | % |  | 1,467 |
Charlotte, NC |  | 2,193 |  | 175,256 |  |  | 6.5 | % |  | 1,491 |
Greater Chicago area, IL and IN |  | 1,997 |  | 180,275 |  |  | 5.7 | % |  | 1,767 |
Houston, TX |  | 1,950 |  | 174,986 |  |  | 4.3 | % |  | 1,648 |
Cincinnati, OH |  | 1,820 |  | 173,659 |  |  | 5.0 | % |  | 1,512 |
Phoenix, AZ |  | 1,575 |  | 163,735 |  |  | 3.9 | % |  | 1,240 |
Tampa, FL |  | 1,514 |  | 190,107 |  |  | 4.3 | % |  | 1,641 |
Raleigh, NC |  | 1,473 |  | 181,596 |  |  | 4.3 | % |  | 1,464 |
Jacksonville, FL |  | 1,465 |  | 153,020 |  |  | 3.6 | % |  | 1,415 |
Nashville, TN |  | 1,440 |  | 209,806 |  |  | 5.2 | % |  | 1,693 |
Columbus, OH |  | 1,374 |  | 154,713 |  |  | 4.0 | % |  | 1,514 |
Orlando, FL |  | 1,076 |  | 169,904 |  |  | 2.8 | % |  | 1,539 |
Salt Lake City, UT |  | 1,047 |  | 220,529 |  |  | 3.7 | % |  | 1,584 |
Las Vegas, NV |  | 950 |  | 176,110 |  |  | 2.8 | % |  | 1,428 |
San Antonio, TX |  | 833 |  | 155,563 |  |  | 2.0 | % |  | 1,472 |
Austin, TX |  | 664 |  | 151,380 |  |  | 1.4 | % |  | 1,464 |
Denver, CO |  | 634 |  | 274,582 |  |  | 2.8 | % |  | 2,062 |
Charleston, SC |  | 604 |  | 179,720 |  |  | 1.7 | % |  | 1,590 |
All Other (2) |  | 5,979 |  | 173,950 |  |  | 16.0 | % |  | 1,453 |
Total / Average |  | 36,790 |  | $ | 173,967 |  |  | 100.0 | % |  | $ | 1,522 |

|  | Average Occupancy Percentage |  | Avg. Change in Rent for Renewals |  | Avg. Change in Rent for Re-Leases |  | Avg. Blended Change in Rent
Market |  | 2Q17 QTD |  | 2Q16 QTD |  | Change |  |  |
Dallas-Fort Worth, TX |  | 94.6 | % |  | 95.7 | % |  | (1.1 | )% |  | 3.5 | % |  | 7.4 | % |  | 5.1 | %
Indianapolis, IN |  | 95.0 | % |  | 94.8 | % |  | 0.2 | % |  | 2.4 | % |  | 6.2 | % |  | 4.1 | %
Atlanta, GA |  | 96.4 | % |  | 96.2 | % |  | 0.2 | % |  | 3.9 | % |  | 9.2 | % |  | 5.9 | %
Charlotte, NC |  | 94.8 | % |  | 96.0 | % |  | (1.2 | )% |  | 3.5 | % |  | 5.7 | % |  | 4.5 | %
Greater Chicago area, IL and IN |  | 96.1 | % |  | 95.9 | % |  | 0.2 | % |  | 2.7 | % |  | 5.6 | % |  | 3.7 | %
Houston, TX |  | 92.4 | % |  | 93.4 | % |  | (1.0 | )% |  | 2.2 | % |  | (0.2 | )% |  | 1.2 | %
Cincinnati, OH |  | 94.8 | % |  | 95.2 | % |  | (0.4 | )% |  | 2.9 | % |  | 4.9 | % |  | 3.8 | %
Phoenix, AZ |  | 97.5 | % |  | 97.2 | % |  | 0.3 | % |  | 3.3 | % |  | 11.1 | % |  | 6.3 | %
Tampa, FL |  | 94.7 | % |  | 95.2 | % |  | (0.5 | )% |  | 3.3 | % |  | 5.2 | % |  | 4.2 | %
Raleigh, NC |  | 94.9 | % |  | 94.5 | % |  | 0.4 | % |  | 3.2 | % |  | 4.9 | % |  | 3.9 | %
Jacksonville, FL |  | 95.7 | % |  | 94.1 | % |  | 1.6 | % |  | 3.3 | % |  | 7.5 | % |  | 5.0 | %
Nashville, TN |  | 94.5 | % |  | 95.5 | % |  | (1.0 | )% |  | 3.1 | % |  | 6.2 | % |  | 4.3 | %
Columbus, OH |  | 96.4 | % |  | 96.3 | % |  | 0.1 | % |  | 3.5 | % |  | 7.4 | % |  | 5.1 | %
Orlando, FL |  | 95.3 | % |  | 95.3 | % |  | — | % |  | 3.9 | % |  | 9.0 | % |  | 6.1 | %
Salt Lake City, UT |  | 96.9 | % |  | 95.8 | % |  | 1.1 | % |  | 3.4 | % |  | 7.7 | % |  | 5.4 | %
Las Vegas, NV |  | 97.0 | % |  | 97.1 | % |  | (0.1 | )% |  | 3.0 | % |  | 7.8 | % |  | 4.7 | %
San Antonio, TX |  | 95.0 | % |  | 93.7 | % |  | 1.3 | % |  | 2.8 | % |  | 5.3 | % |  | 3.7 | %
Austin, TX |  | 94.4 | % |  | 95.3 | % |  | (0.9 | )% |  | 3.9 | % |  | 4.9 | % |  | 4.4 | %
Denver, CO |  | 96.1 | % |  | 96.4 | % |  | (0.3 | )% |  | 3.5 | % |  | 6.5 | % |  | 4.9 | %
Charleston, SC |  | 93.6 | % |  | 95.3 | % |  | (1.7 | )% |  | 3.0 | % |  | 4.7 | % |  | 3.8 | %
All Other (2) |  | 94.8 | % |  | 94.0 | % |  | 0.8 | % |  | 3.0 | % |  | 4.7 | % |  | 3.8 | %
Total / Average |  | 95.2 | % |  | 95.2 | % |  | — | % |  | 3.2 | % |  | 6.0 | % |  | 4.3 | %

(1) | Average contractual monthly rent as of June 30, 2017.

(2) | Represents 21 markets in 15 states.

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

American Homes 4 Rent

Condensed Consolidated Balance Sheets
(Amounts in thousands)

| Jun 30, 2017 |  | Dec 31, 2016
| (Unaudited) |  |
Assets |  |  |
Single-family properties: |  |  |
Land | $ | 1,553,214 |  |  | $ | 1,512,183 |
Buildings and improvements | 6,815,409 |  |  | 6,614,953 |
Single-family properties held for sale, net | 65,237 |  |  | 87,430 |
| 8,433,860 |  |  | 8,214,566 |
Less: accumulated depreciation | (800,076 | ) |  | (666,710 | )
Single-family properties, net | 7,633,784 |  |  | 7,547,856 |
Cash and cash equivalents | 67,325 |  |  | 118,799 |
Restricted cash | 128,524 |  |  | 131,442 |
Rent and other receivables, net | 19,262 |  |  | 17,618 |
Escrow deposits, prepaid expenses and other assets | 137,496 |  |  | 133,594 |
Deferred costs and other intangibles, net | 13,971 |  |  | 11,956 |
Asset-backed securitization certificates | 25,666 |  |  | 25,666 |
Goodwill | 120,279 |  |  | 120,279 |
Total assets | $ | 8,146,307 |  |  | $ | 8,107,210 |
Liabilities |  |  |
Revolving credit facility | $ | 92,000 |  |  | $ | — |
Term loan facility, net | 197,648 |  |  | 321,735 |
Asset-backed securitizations, net | 1,985,847 |  |  | 2,442,863 |
Exchangeable senior notes, net | 109,862 |  |  | 108,148 |
Secured note payable | 49,346 |  |  | 49,828 |
Accounts payable and accrued expenses | 222,990 |  |  | 177,206 |
Participating preferred shares derivative liability | 76,860 |  |  | 69,810 |
Total liabilities | 2,734,553 |  |  | 3,169,590 |
Commitments and contingencies |  |  |
Equity |  |  |
Shareholders’ equity: |  |  |
Class A common shares | 2,585 |  |  | 2,427 |
Class B common shares | 6 |  |  | 6 |
Preferred shares | 432 |  |  | 370 |
Additional paid-in capital | 5,075,460 |  |  | 4,568,616 |
Accumulated deficit | (405,426 | ) |  | (378,578 | )
Accumulated other comprehensive income | — |  |  | 95 |
Total shareholders’ equity | 4,673,057 |  |  | 4,192,936 |
Noncontrolling interest | 738,697 |  |  | 744,684 |
Total equity | 5,411,754 |  |  | 4,937,620 |
Total liabilities and equity | $ | 8,146,307 |  |  | $ | 8,107,210 |

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

American Homes 4 Rent

Debt Summary and Maturity Schedule as of June 30, 2017
(Amounts in thousands)

| Secured |  | Unsecured |  | Total Balance |  | % of Total |  | Interest Rate (1) |  | Years to Maturity (2)
Floating rate debt: |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility (3) | $ | — |  |  | $ | 92,000 |  |  | $ | 92,000 |  |  | 3.7 | % |  | 2.42 | % |  | 5.0
Term loan facility (3) | — |  |  | 200,000 |  |  | 200,000 |  |  | 8.1 | % |  | 2.57 | % |  | 5.0
Total floating rate debt | — |  |  | 292,000 |  |  | 292,000 |  |  | 11.8 | % |  | 2.52 | % |  | 5.0
Fixed rate debt: |  |  |  |  |  |  |  |  |  |  |
AH4R 2014-SFR2 | 499,245 |  |  | — |  |  | 499,245 |  |  | 20.1 | % |  | 4.42 | % |  | 7.3
AH4R 2014-SFR3 | 514,824 |  |  | — |  |  | 514,824 |  |  | 20.8 | % |  | 4.40 | % |  | 7.4
AH4R 2015-SFR1 | 540,717 |  |  | — |  |  | 540,717 |  |  | 21.8 | % |  | 4.14 | % |  | 27.8
AH4R 2015-SFR2 | 469,655 |  |  | — |  |  | 469,655 |  |  | 18.9 | % |  | 4.36 | % |  | 28.3
Exchangeable senior notes | — |  |  | 115,000 |  |  | 115,000 |  |  | 4.6 | % |  | 3.25 | % |  | 1.4
Secured note payable | 49,346 |  |  | — |  |  | 49,346 |  |  | 2.0 | % |  | 4.06 | % |  | 2.0
Total fixed rate debt | 2,073,787 |  |  | 115,000 |  |  | 2,188,787 |  |  | 88.2 | % |  | 4.26 | % |  | 16.5
Total Debt | $ | 2,073,787 |  |  | $ | 407,000 |  |  | $ | 2,480,787 |  |  | 100.0 | % |  | 4.06 | % |  | 15.1
Unamortized discounts and loan costs |  |  |  |  | (46,084 | ) |  |  |  |  |  |
Total debt per balance sheet |  |  |  |  | $ | 2,434,703 |  |  |  |  |  |  |

Year (2) |  | Floating Rate |  | Fixed Rate |  | Total |  | % of Total
Remaining 2017 |  | $ | — |  |  | $ | 10,845 |  |  | $ | 10,845 |  |  | 0.4 | %
2018 |  | — |  |  | 136,723 |  |  | 136,723 |  |  | 5.5 | %
2019 |  | — |  |  | 68,564 |  |  | 68,564 |  |  | 2.8 | %
2020 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.8 | %
2021 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.8 | %
2022 |  | 292,000 |  |  | 20,714 |  |  | 312,714 |  |  | 12.6 | %
2023 |  | — |  |  | 20,714 |  |  | 20,714 |  |  | 0.8 | %
2024 |  | — |  |  | 956,692 |  |  | 956,692 |  |  | 38.6 | %
2025 |  | — |  |  | 10,302 |  |  | 10,302 |  |  | 0.4 | %
2026 |  | — |  |  | 10,302 |  |  | 10,302 |  |  | 0.4 | %
Thereafter |  | — |  |  | 912,503 |  |  | 912,503 |  |  | 36.9 | %
Total |  | $ | 292,000 |  |  | $ | 2,188,787 |  |  | $ | 2,480,787 |  |  | 100.0 | %

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

(2) | Years to maturity and maturity schedule reflect all debt on a fully extended basis.

(3) | The interest rates shown above reflect the Company's LIBOR-based borrowing rates, based on 1-month LIBOR and applicable margin as of period end. Balances reflect borrowings outstanding as of June 30, 2017.

Interest Expense Reconciliation

| For the Three Months Ended Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Interest expense per income statement | $ | 28,392 |  |  | $ | 35,481 |  |  | $ | 60,281 |  |  | $ | 66,458 |
Less: noncash interest expense related to acquired debt | (874 | ) |  | (1,649 | ) |  | (1,714 | ) |  | (2,225 | )
Interest expense included in Core FFO attributable to common share and unit holders | 27,518 |  |  | 33,832 |  |  | 58,567 |  |  | 64,233 |
Less: amortization of deferred financing costs | (1,848 | ) |  | (2,762 | ) |  | (4,410 | ) |  | (5,438 | )
Add: capitalized interest | 1,035 |  |  | 359 |  |  | 1,638 |  |  | 995 |
Cash interest | $ | 26,705 |  |  | $ | 31,429 |  |  | $ | 55,795 |  |  | $ | 59,790 |

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

American Homes 4 Rent

Capital Structure as of June 30, 2017
(Amounts in thousands, except share and per share data)
Total Capitalization

Total Debt |  |  |  | $ | 2,480,787 |  |  | 23.1 | %
Total preferred shares at liquidation value |  |  |  | 1,133,781 |  |  | 10.6 | %
Common equity at market value: |  |  |  |  |  |
Common shares outstanding |  | 259,125,568 |  |  |  |  |
Operating partnership units |  | 55,548,778 |  |  |  |  |
Total shares and units |  | 314,674,346 |  |  |  |  |
NYSE AMH Class A common share closing price at June 30, 2017 |  | $ | 22.57 |  |  |  |  |
Market value of common shares and operating partnership units |  |  |  | 7,102,200 |  |  | 66.3 | %
Total Market Capitalization |  |  |  | $ | 10,716,768 |  |  | 100.0 | %

Preferred Shares

|  | Earliest Redemption Date |  | Outstanding Shares |  | Liquidation Value (1) |  | Annual Dividend Per Share |  | Annual Dividend Amount
Series |  |  |  | Per Share |  | Total |  |
5.000% Series A Participating Preferred Shares |  | 9/30/2017 |  | 5,060,000 |  |  | $ | 28.32 |  |  | $ | 143,317 |  |  | $ | 1.250 |  |  | $ | 6,325 |
5.000% Series B Participating Preferred Shares |  | 9/30/2017 |  | 4,400,000 |  |  | $ | 28.32 |  |  | 124,623 |  |  | $ | 1.250 |  |  | 5,500 |
5.500% Series C Participating Preferred Shares |  | 3/31/2018 |  | 7,600,000 |  |  | $ | 27.91 |  |  | 212,091 |  |  | $ | 1.375 |  |  | 10,450 |
6.500% Series D Perpetual Preferred Shares |  | 5/24/2021 |  | 10,750,000 |  |  | $ | 25.00 |  |  | 268,750 |  |  | $ | 1.625 |  |  | 17,469 |
6.350% Series E Perpetual Preferred Shares |  | 6/29/2021 |  | 9,200,000 |  |  | $ | 25.00 |  |  | 230,000 |  |  | $ | 1.588 |  |  | 14,605 |
5.875% Series F Perpetual Preferred Shares |  | 4/24/2022 |  | 6,200,000 |  |  | $ | 25.00 |  |  | 155,000 |  |  | $ | 1.469 |  |  | 9,106 |
Total preferred shares at liquidation value |  |  |  | 43,210,000 |  |  |  |  | $ | 1,133,781 |  |  |  |  | $ | 63,455 |

(1) | Liquidation value for all Participating Preferred Shares reflects initial liquidation value of $25.00 per share, adjusted by most recent quarterly HPA adjustment calculation, which is made available under the “For Investors” page of the Company’s website.

Credit Ratios |  |  | Credit Ratings |  |  |  |
Net Debt to Adjusted EBITDA | 4.8 x |  |  | Rating Agency |  | Rating |  | Outlook
Debt and Preferred Shares to Adjusted EBITDA | 7.4 x |  |  | Moody's Investor Service |  | Baa3 |  | Stable
Fixed Charge Coverage | 2.9 x |  |  | S&P Global Ratings |  | BBB- |  | Stable
Unencumbered Core NOI percentage | 61.5 | % |  |  |  |  |  |

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

American Homes 4 Rent

Top 20 Markets Summary as of June 30, 2017
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 |  | 4,341 |  | 9.0 | % |  | $ | 162,003 |  |  | 2,121 |  |  | 13.6
Atlanta, GA |  | 4,191 |  | 8.7 | % |  | 164,411 |  |  | 2,107 |  |  | 16.2
Houston, TX |  | 3,151 |  | 6.5 | % |  | 162,836 |  |  | 2,114 |  |  | 11.6
Charlotte, NC |  | 3,056 |  | 6.3 | % |  | 178,639 |  |  | 2,049 |  |  | 13.9
Indianapolis, IN |  | 2,897 |  | 6.0 | % |  | 151,247 |  |  | 1,934 |  |  | 14.8
Phoenix, AZ |  | 2,770 |  | 5.7 | % |  | 162,023 |  |  | 1,815 |  |  | 14.7
Nashville, TN |  | 2,506 |  | 5.2 | % |  | 200,576 |  |  | 2,103 |  |  | 13.1
Greater Chicago area, IL and IN |  | 2,033 |  | 4.2 | % |  | 180,530 |  |  | 1,896 |  |  | 15.8
Cincinnati, OH |  | 1,975 |  | 4.1 | % |  | 172,482 |  |  | 1,849 |  |  | 15.1
Raleigh, NC |  | 1,919 |  | 4.0 | % |  | 177,592 |  |  | 1,850 |  |  | 12.7
Tampa, FL |  | 1,850 |  | 3.8 | % |  | 186,815 |  |  | 1,938 |  |  | 13.8
Jacksonville, FL |  | 1,797 |  | 3.7 | % |  | 156,836 |  |  | 1,910 |  |  | 13.3
Columbus, OH |  | 1,658 |  | 3.4 | % |  | 158,394 |  |  | 1,837 |  |  | 15.8
Orlando, FL |  | 1,575 |  | 3.3 | % |  | 170,097 |  |  | 1,872 |  |  | 16.1
Salt Lake City, UT |  | 1,048 |  | 2.2 | % |  | 220,462 |  |  | 2,131 |  |  | 16.1
Las Vegas, NV |  | 1,023 |  | 2.1 | % |  | 174,757 |  |  | 1,841 |  |  | 14.4
San Antonio, TX |  | 1,004 |  | 2.1 | % |  | 156,048 |  |  | 2,014 |  |  | 14.1
Charleston, SC |  | 858 |  | 1.8 | % |  | 184,292 |  |  | 1,916 |  |  | 11.3
Winston Salem, NC |  | 761 |  | 1.6 | % |  | 149,576 |  |  | 1,730 |  |  | 13.5
Austin, TX |  | 701 |  | 1.3 | % |  | 152,846 |  |  | 1,860 |  |  | 12.9
All Other (3) |  | 7,286 |  | 15.0 | % |  | 188,811 |  |  | 1,881 |  |  | 14.0
Total / Average |  | 48,400 |  | 100.0 | % |  | $ | 172,905 |  |  | 1,963 |  |  | 14.2

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 |  | Avg. Blended Change in Rent
Dallas-Fort Worth, TX |  | 95.6 | % |  | 94.4 | % |  | $ | 1,649 |  |  | 3.6 | % |  | 7.4 | % |  | 5.1 | %
Atlanta, GA |  | 95.7 | % |  | 94.8 | % |  | 1,448 |  |  | 4.0 | % |  | 9.2 | % |  | 6.0 | %
Houston, TX |  | 93.7 | % |  | 91.7 | % |  | 1,592 |  |  | 2.3 | % |  | 0.2 | % |  | 1.4 | %
Charlotte, NC |  | 92.8 | % |  | 91.3 | % |  | 1,490 |  |  | 3.6 | % |  | 6.5 | % |  | 4.8 | %
Indianapolis, IN |  | 97.1 | % |  | 95.6 | % |  | 1,340 |  |  | 2.5 | % |  | 6.5 | % |  | 4.2 | %
Phoenix, AZ |  | 98.2 | % |  | 97.6 | % |  | 1,221 |  |  | 3.2 | % |  | 12.1 | % |  | 6.7 | %
Nashville, TN |  | 93.4 | % |  | 92.2 | % |  | 1,642 |  |  | 3.1 | % |  | 6.5 | % |  | 4.4 | %
Greater Chicago area, IL and IN |  | 96.7 | % |  | 95.7 | % |  | 1,768 |  |  | 2.7 | % |  | 5.6 | % |  | 3.7 | %
Cincinnati, OH |  | 96.5 | % |  | 95.1 | % |  | 1,511 |  |  | 2.9 | % |  | 4.9 | % |  | 3.8 | %
Raleigh, NC |  | 95.8 | % |  | 94.2 | % |  | 1,439 |  |  | 3.2 | % |  | 5.3 | % |  | 4.0 | %
Tampa, FL |  | 94.1 | % |  | 92.8 | % |  | 1,612 |  |  | 3.4 | % |  | 5.4 | % |  | 4.3 | %
Jacksonville, FL |  | 91.0 | % |  | 90.0 | % |  | 1,420 |  |  | 3.2 | % |  | 7.5 | % |  | 5.0 | %
Columbus, OH |  | 94.8 | % |  | 94.1 | % |  | 1,516 |  |  | 3.5 | % |  | 7.3 | % |  | 5.1 | %
Orlando, FL |  | 96.6 | % |  | 95.0 | % |  | 1,515 |  |  | 4.0 | % |  | 9.1 | % |  | 6.2 | %
Salt Lake City, UT |  | 98.4 | % |  | 97.9 | % |  | 1,584 |  |  | 3.4 | % |  | 7.7 | % |  | 5.4 | %
Las Vegas, NV |  | 98.4 | % |  | 97.5 | % |  | 1,416 |  |  | 3.0 | % |  | 7.9 | % |  | 4.7 | %
San Antonio, TX |  | 95.1 | % |  | 93.4 | % |  | 1,471 |  |  | 2.8 | % |  | 5.8 | % |  | 3.9 | %
Charleston, SC |  | 88.3 | % |  | 87.4 | % |  | 1,596 |  |  | 3.1 | % |  | 4.7 | % |  | 3.9 | %
Winston Salem, NC |  | 96.3 | % |  | 95.0 | % |  | 1,254 |  |  | 2.7 | % |  | 4.2 | % |  | 3.3 | %
Austin, TX |  | 95.9 | % |  | 95.0 | % |  | 1,470 |  |  | 4.0 | % |  | 4.8 | % |  | 4.4 | %
All Other (3) |  | 95.1 | % |  | 93.9 | % |  | 1,542 |  |  | 3.1 | % |  | 4.5 | % |  | 3.8 | %
Total / Average |  | 95.2 | % |  | 94.0 | % |  | $ | 1,510 |  |  | 3.2 | % |  | 6.1 | % |  | 4.4 | %

(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 period end.

(3) | Represents 22 markets in 16 states.

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

American Homes 4 Rent

Leasing Performance

|  | 2Q17 |  | 1Q17 |  | 4Q16 |  | 3Q16 |  | 2Q16
Average Change in Rent for Renewals |  | 3.2 | % |  | 3.1 | % |  | 3.3 | % |  | 3.4 | % |  | 4.1 | %
Average Change in Rent for Re-leases |  | 6.1 | % |  | 4.0 | % |  | 2.7 | % |  | 5.0 | % |  | 7.5 | %
Average Blended Change in Rent |  | 4.4 | % |  | 3.5 | % |  | 3.0 | % |  | 4.1 | % |  | 5.6 | %

Scheduled Lease Expirations

|  | MTM |  | 3Q17 |  | 4Q17 |  | 1Q18 |  | 2Q18 |  | Thereafter
Lease expirations |  | 2,093 |  | 11,684 |  | 7,511 |  | 11,509 |  | 12,227 |  | 1,065

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) |  | HPA Index Change
Market |  | Dec 31, 2012 |  | Dec 31, 2013 |  | Dec 31, 2014 |  | Dec 31, 2015 |  | Dec 31, 2016 |  | Mar 31, 2017 |
Dallas-Fort Worth, TX (2) |  | 100.0 |  |  | 108.4 |  |  | 115.2 |  |  | 127.6 |  |  | 140.1 |  |  | 143.4 |  |  | 43.4 | %
Indianapolis, IN |  | 100.0 |  |  | 106.4 |  |  | 112.3 |  |  | 117.8 |  |  | 124.5 |  |  | 123.4 |  |  | 23.4 | %
Atlanta, GA |  | 100.0 |  |  | 114.2 |  |  | 122.3 |  |  | 132.0 |  |  | 143.0 |  |  | 144.4 |  |  | 44.4 | %
Charlotte, NC |  | 100.0 |  |  | 113.4 |  |  | 118.8 |  |  | 126.8 |  |  | 136.6 |  |  | 142.4 |  |  | 42.4 | %
Greater Chicago area, IL and IN |  | 100.0 |  |  | 111.0 |  |  | 115.1 |  |  | 118.8 |  |  | 126.3 |  |  | 125.9 |  |  | 25.9 | %
Houston, TX |  | 100.0 |  |  | 110.8 |  |  | 123.1 |  |  | 130.1 |  |  | 133.0 |  |  | 132.7 |  |  | 32.7 | %
Cincinnati, OH |  | 100.0 |  |  | 104.9 |  |  | 111.2 |  |  | 115.7 |  |  | 121.4 |  |  | 121.0 |  |  | 21.0 | %
Tampa, FL |  | 100.0 |  |  | 113.0 |  |  | 121.1 |  |  | 132.3 |  |  | 149.1 |  |  | 149.9 |  |  | 49.9 | %
Jacksonville, FL |  | 100.0 |  |  | 114.2 |  |  | 121.7 |  |  | 127.7 |  |  | 142.3 |  |  | 147.8 |  |  | 47.8 | %
Nashville, TN |  | 100.0 |  |  | 111.0 |  |  | 117.4 |  |  | 131.1 |  |  | 141.1 |  |  | 145.9 |  |  | 45.9 | %
Raleigh, NC |  | 100.0 |  |  | 106.7 |  |  | 111.6 |  |  | 120.0 |  |  | 130.8 |  |  | 132.1 |  |  | 32.1 | %
Phoenix, AZ |  | 100.0 |  |  | 118.0 |  |  | 123.3 |  |  | 135.9 |  |  | 146.1 |  |  | 147.6 |  |  | 47.6 | %
Columbus, OH |  | 100.0 |  |  | 108.9 |  |  | 114.5 |  |  | 120.8 |  |  | 131.5 |  |  | 127.5 |  |  | 27.5 | %
Salt Lake City, UT |  | 100.0 |  |  | 109.4 |  |  | 114.5 |  |  | 123.2 |  |  | 133.0 |  |  | 138.3 |  |  | 38.3 | %
Orlando, FL |  | 100.0 |  |  | 110.3 |  |  | 123.5 |  |  | 135.4 |  |  | 144.9 |  |  | 149.8 |  |  | 49.8 | %
Las Vegas, NV |  | 100.0 |  |  | 125.1 |  |  | 141.3 |  |  | 149.0 |  |  | 161.5 |  |  | 164.3 |  |  | 64.3 | %
San Antonio, TX |  | 100.0 |  |  | 101.1 |  |  | 108.0 |  |  | 113.9 |  |  | 124.7 |  |  | 127.2 |  |  | 27.2 | %
Denver, CO |  | 100.0 |  |  | 111.0 |  |  | 121.5 |  |  | 136.5 |  |  | 149.9 |  |  | 156.7 |  |  | 56.7 | %
Austin, TX |  | 100.0 |  |  | 110.1 |  |  | 122.2 |  |  | 133.9 |  |  | 145.7 |  |  | 145.8 |  |  | 45.8 | %
Greenville, SC |  | 100.0 |  |  | 104.1 |  |  | 110.8 |  |  | 117.8 |  |  | 127.6 |  |  | 126.9 |  |  | 26.9 | %
Average |  |  |  |  |  |  |  |  |  |  |  |  |  | 39.7 | %

(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 March 31, 2017. 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. |  | 17

American Homes 4 Rent

Disposition Summary
(Amounts in thousands, except property data)

|  | Single-Family Properties Held for Sale (1) |  | Single-Family Properties Sold 2Q17
Market |  | Vacant |  | Leased |  | Total |  | Number of Properties |  | Net Proceeds
Greater Chicago area, IL and IN |  | 101 |  |  | 249 |  |  | 350 |  |  | 57 |  |  | $ | 3,933 |
Inland Empire, CA |  | 5 |  |  | 43 |  |  | 48 |  |  | 5 |  |  | 1,596 |
Miami, FL |  | 28 |  |  | 19 |  |  | 47 |  |  | 6 |  |  | 1,829 |
Central Valley, CA |  | 15 |  |  | 26 |  |  | 41 |  |  | 4 |  |  | 936 |
Atlanta, GA |  | 8 |  |  | 8 |  |  | 16 |  |  | 11 |  |  | 1,104 |
Dallas-Fort Worth, TX |  | 4 |  |  | 10 |  |  | 14 |  |  | 2 |  |  | 417 |
San Antonio, TX |  | 7 |  |  | 5 |  |  | 12 |  |  | 2 |  |  | 284 |
Nashville, TN |  | 2 |  |  | 5 |  |  | 7 |  |  | 1 |  |  | 117 |
Memphis, TN |  | 3 |  |  | 4 |  |  | 7 |  |  | 3 |  |  | 304 |
Oklahoma City, OK |  | 1 |  |  | 5 |  |  | 6 |  |  | 2 |  |  | 292 |
Raleigh, NC |  | 5 |  |  | — |  |  | 5 |  |  | 7 |  |  | 685 |
Phoenix, AZ |  | 2 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | 466 |
Houston, TX |  | 1 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |
Tucson, AZ |  | 1 |  |  | 2 |  |  | 3 |  |  | 4 |  |  | 406 |
Fort Myers, FL |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Denver, CO |  | 1 |  |  | 2 |  |  | 3 |  |  | 5 |  |  | 1,422 |
Tampa, FL |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Austin, TX |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Indianapolis, IN |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | 261 |
Charleston, SC |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | 139 |
Winston Salem, NC |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Orlando, FL |  | 1 |  |  | — |  |  | 1 |  |  | 3 |  |  | 665 |
Columbus, OH |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 134 |
Cincinnati, OH |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 168 |
Charlotte, NC |  | 1 |  |  | — |  |  | 1 |  |  | 3 |  |  | 354 |
Knoxville, TN |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 115 |
Greenville, SC |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 112 |
Total |  | 196 |  |  | 386 |  |  | 582 |  |  | 127 |  |  | $ | 15,739 |

(1) | Reflects single-family properties held for sale as of June 30, 2017.

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

Board authorization announced on 11/10/16 |  |  | $ | 400,000 |  |  |
Quarterly Period |  | Common Shares Issued |  | Gross Proceeds |  | Average Issuance Price Per Share
4Q16 |  | 4,919,948 |  |  | $ | 103,983 |  |  | $ | 21.13 |
1Q17 |  | 629,532 |  |  | 14,304 |  |  | 22.72 |
2Q17 |  | 222,073 |  |  | 5,066 |  |  | 22.81 |
Total |  | 5,771,553 |  |  | $ | 123,353 |  |  | $ | 21.37 |
|  | Remaining authorization: |  |  | $ | 276,647 |  |  |

Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. |  | 18

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations
Average Change in Rent for Re-Leases
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
The percentage change in rent on non-month-to-month lease renewals during the period.
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 lease for each individual property.
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 from single-family properties, which is calculated as rents and fees from single-family properties, net of bad debt expense, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense, expenses reimbursed by tenant charge-backs and bad debt expense.
Core NOI also excludes (1) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of convertible units, (3) gain or loss on early extinguishment of debt, (4) gain or loss on sales of single-family properties and other, (5) depreciation and amortization, (6) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (7) noncash share-based compensation expense, (8) interest expense, (9) general and administrative expense, (10) other expenses and (11) 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. We further adjust Core NOI for our Same-Home portfolio by subtracting capital expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe is a meaningful supplemental non-GAAP financial measure 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 (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

19

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following are reconciliations of core revenues, 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 three and six months ended June 30, 2017 and 2016 (amounts in thousands):

| For the Three Months Ended Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Core revenues |  |  |  |  |  |  |
Total revenues | $ | 237,008 |  |  | $ | 220,314 |  |  | $ | 470,762 |  |  | $ | 415,273 |
Tenant charge-backs | (27,382 | ) |  | (20,253 | ) |  | (55,755 | ) |  | (41,269 | )
Bad debt expense | (1,333 | ) |  | (1,414 | ) |  | (2,843 | ) |  | (2,483 | )
Other revenues | (2,288 | ) |  | (3,846 | ) |  | (3,958 | ) |  | (7,597 | )
Core revenues | $ | 206,005 |  |  | $ | 194,801 |  |  | $ | 408,206 |  |  | $ | 363,924 |

Core property operating expenses |  |  |  |  |  |  |
Property operating expenses | $ | 85,954 |  |  | $ | 77,887 |  |  | $ | 169,259 |  |  | $ | 146,499 |
Property management expenses | 17,442 |  |  | 18,096 |  |  | 34,920 |  |  | 34,842 |
Noncash share-based compensation - property management | (424 | ) |  | (398 | ) |  | (841 | ) |  | (755 | )
Expenses reimbursed by tenant charge-backs | (27,382 | ) |  | (20,253 | ) |  | (55,755 | ) |  | (41,269 | )
Bad debt expense | (1,333 | ) |  | (1,414 | ) |  | (2,843 | ) |  | (2,483 | )
Core property operating expenses | $ | 74,257 |  |  | $ | 73,918 |  |  | $ | 144,740 |  |  | $ | 136,834 |

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (10,404 | ) |  | $ | (1,676 | ) |  | $ | (14,781 | )
Dividends on preferred shares | 15,282 |  |  | 7,412 |  |  | 28,869 |  |  | 12,981 |
Noncontrolling interest | (30 | ) |  | (761 | ) |  | (331 | ) |  | 3,075 |
Net income (loss) | 15,066 |  |  | (3,753 | ) |  | 26,862 |  |  | 1,275 |
Remeasurement of participating preferred shares | 1,640 |  |  | 150 |  |  | 7,050 |  |  | 450 |
Gain on conversion of Series E units | — |  |  | — |  |  | — |  |  | (11,463 | )
Loss on early extinguishment of debt | 6,555 |  |  | — |  |  | 6,555 |  |  | — |
Gain on sale of single-family properties and other, net | (2,454 | ) |  | (658 | ) |  | (4,480 | ) |  | (892 | )
Depreciation and amortization | 72,716 |  |  | 79,604 |  |  | 146,669 |  |  | 149,121 |
Acquisition fees and costs expensed | 1,412 |  |  | 3,489 |  |  | 2,508 |  |  | 9,142 |
Noncash share-based compensation - property management | 424 |  |  | 398 |  |  | 841 |  |  | 755 |
Interest expense | 28,392 |  |  | 35,481 |  |  | 60,281 |  |  | 66,458 |
General and administrative expense | 8,926 |  |  | 7,931 |  |  | 18,221 |  |  | 16,501 |
Other expenses | 1,359 |  |  | 2,087 |  |  | 2,917 |  |  | 3,340 |
Other revenues | (2,288 | ) |  | (3,846 | ) |  | (3,958 | ) |  | (7,597 | )
Tenant charge-backs | 27,382 |  |  | 20,253 |  |  | 55,755 |  |  | 41,269 |
Expenses reimbursed by tenant charge-backs | (27,382 | ) |  | (20,253 | ) |  | (55,755 | ) |  | (41,269 | )
Bad debt expense excluded from operating expenses | 1,333 |  |  | 1,414 |  |  | 2,843 |  |  | 2,483 |
Bad debt expense included in revenues | (1,333 | ) |  | (1,414 | ) |  | (2,843 | ) |  | (2,483 | )
Core Net Operating Income | 131,748 |  |  | 120,883 |  |  | 263,466 |  |  | 227,090 |
Less: Non-Same-Home Core Net Operating Income | 29,027 |  |  | 24,405 |  |  | 57,430 |  |  | 34,582 |
Same-Home Core Net Operating Income | 102,721 |  |  | 96,478 |  |  | 206,036 |  |  | 192,508 |
Less: Same-Home capital expenditures | 7,118 |  |  | 7,465 |  |  | 12,160 |  |  | 13,345 |
Same-Home Core Net Operating Income After Capital Expenditures | $ | 95,603 |  |  | $ | 89,013 |  |  | $ | 193,876 |  |  | $ | 179,163 |

Unencumbered Core NOI and Encumbered Core NOI |  |  |  |  |  |  |
Core Net Operating Income | $ | 131,748 |  |  | $ | 120,883 |  |  | $ | 263,466 |  |  | $ | 227,090 |
Less: Encumbered Core Net Operating Income | 50,737 |  |  | 47,997 |  |  | 101,754 |  |  | 95,497 |
Unencumbered Core Net Operating Income | $ | 81,011 |  |  | $ | 72,886 |  |  | $ | 161,712 |  |  | $ | 131,593 |

20

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following are reconciliations of core revenues, 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 trailing five quarters (amounts in thousands):

| For the Three Months Ended
| Jun 30, 2017 |  | Mar 31, 2017 |  | Dec 31, 2016 |  | Sep 30, 2016 |  | Jun 30, 2016
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Core revenues |  |  |  |  |  |  |  |  |
Total revenues | $ | 237,008 |  |  | $ | 233,754 |  |  | $ | 227,559 |  |  | $ | 236,057 |  |  | $ | 220,314 |
Tenant charge-backs | (27,382 | ) |  | (28,373 | ) |  | (23,177 | ) |  | (30,808 | ) |  | (20,253 | )
Bad debt expense | (1,333 | ) |  | (1,510 | ) |  | (1,877 | ) |  | (2,609 | ) |  | (1,414 | )
Other revenues | (2,288 | ) |  | (1,670 | ) |  | (2,987 | ) |  | (5,214 | ) |  | (3,846 | )
Core revenues | $ | 206,005 |  |  | $ | 202,201 |  |  | $ | 199,518 |  |  | $ | 197,426 |  |  | $ | 194,801 |

Core property operating expenses |  |  |  |  |  |  |  |  |
Property operating expenses | $ | 85,954 |  |  | $ | 83,305 |  |  | $ | 78,323 |  |  | $ | 92,488 |  |  | $ | 77,887 |
Property management expenses | 17,442 |  |  | 17,478 |  |  | 17,547 |  |  | 18,335 |  |  | 18,096 |
Noncash share-based compensation - property management | (424 | ) |  | (417 | ) |  | (394 | ) |  | (411 | ) |  | (398 | )
Expenses reimbursed by tenant charge-backs | (27,382 | ) |  | (28,373 | ) |  | (23,177 | ) |  | (30,808 | ) |  | (20,253 | )
Bad debt expense | (1,333 | ) |  | (1,510 | ) |  | (1,877 | ) |  | (2,609 | ) |  | (1,414 | )
Core property operating expenses | $ | 74,257 |  |  | $ | 70,483 |  |  | $ | 70,422 |  |  | $ | 76,995 |  |  | $ | 73,918 |

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (1,490 | ) |  | $ | 2,391 |  |  | $ | (21,152 | ) |  | $ | (10,404 | )
Dividends on preferred shares | 15,282 |  |  | 13,587 |  |  | 13,587 |  |  | 13,669 |  |  | 7,412 |
Noncontrolling interest | (30 | ) |  | (301 | ) |  | (6,640 | ) |  | 7,316 |  |  | (761 | )
Net income (loss) | 15,066 |  |  | 11,796 |  |  | 9,338 |  |  | (167 | ) |  | (3,753 | )
Remeasurement of participating preferred shares | 1,640 |  |  | 5,410 |  |  | 4,080 |  |  | 2,490 |  |  | 150 |
Loss on early extinguishment of debt | 6,555 |  |  | — |  |  | — |  |  | 13,408 |  |  | — |
Gain on sale of single-family properties and other, net | (2,454 | ) |  | (2,026 | ) |  | (1,995 | ) |  | (11,682 | ) |  | (658 | )
Depreciation and amortization | 72,716 |  |  | 73,953 |  |  | 74,164 |  |  | 75,392 |  |  | 79,604 |
Acquisition fees and costs expensed | 1,412 |  |  | 1,096 |  |  | 544 |  |  | 1,757 |  |  | 3,489 |
Noncash share-based compensation - property management | 424 |  |  | 417 |  |  | 394 |  |  | 411 |  |  | 398 |
Interest expense | 28,392 |  |  | 31,889 |  |  | 31,538 |  |  | 32,851 |  |  | 35,481 |
General and administrative expense | 8,926 |  |  | 9,295 |  |  | 8,524 |  |  | 8,043 |  |  | 7,931 |
Other expenses | 1,359 |  |  | 1,558 |  |  | 5,496 |  |  | 3,142 |  |  | 2,087 |
Other revenues | (2,288 | ) |  | (1,670 | ) |  | (2,987 | ) |  | (5,214 | ) |  | (3,846 | )
Tenant charge-backs | 27,382 |  |  | 28,373 |  |  | 23,177 |  |  | 30,808 |  |  | 20,253 |
Expenses reimbursed by tenant charge-backs | (27,382 | ) |  | (28,373 | ) |  | (23,177 | ) |  | (30,808 | ) |  | (20,253 | )
Bad debt expense excluded from operating expenses | 1,333 |  |  | 1,510 |  |  | 1,877 |  |  | 2,609 |  |  | 1,414 |
Bad debt expense included in revenues | (1,333 | ) |  | (1,510 | ) |  | (1,877 | ) |  | (2,609 | ) |  | (1,414 | )
Core Net Operating Income | 131,748 |  |  | 131,718 |  |  | 129,096 |  |  | 120,431 |  |  | 120,883 |
Less: Non-Same-Home Core Net Operating Income | 29,027 |  |  | 28,403 |  |  | 26,869 |  |  | 24,509 |  |  | 24,405 |
Same-Home Core Net Operating Income | 102,721 |  |  | 103,315 |  |  | 102,227 |  |  | 95,922 |  |  | 96,478 |
Less: Same-Home capital expenditures | 7,118 |  |  | 5,042 |  |  | 5,401 |  |  | 8,967 |  |  | 7,465 |
Same-Home Core Net Operating Income After Capital Expenditures | $ | 95,603 |  |  | $ | 98,273 |  |  | $ | 96,826 |  |  | $ | 86,955 |  |  | $ | 89,013 |

21

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
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.
Debt and Preferred Shares to Adjusted EBITDA

|  | Jun 30, 2017
|  | (Unaudited)
Total Debt |  | $ | 2,480,787 |
Preferred shares at liquidation value |  | 1,133,781 |
Total Debt and preferred shares |  | 3,614,568 |
Adjusted EBITDA - TTM |  | $ | 487,562 |
Debt and Preferred Shares to Adjusted EBITDA |  | 7.4 x |

Fixed Charge Coverage

|  | For the Trailing Twelve Months Ended Jun 30, 2017
|  | (Unaudited)
Interest expense per income statement |  | $ | 124,670 |
Less: noncash interest expense related to acquired debt |  | (4,054 | )
Less: amortization of deferred financing costs |  | (9,739 | )
Add: capitalized interest |  | 2,933 |
Cash interest |  | 113,810 |
Dividends on preferred shares |  | 56,125 |
Fixed charges |  | 169,935 |
Adjusted EBITDA |  | $ | 487,562 |
Fixed Charge Coverage |  | 2.9 x |

Net Debt to Adjusted EBITDA

|  | Jun 30, 2017 |  | Mar 31, 2017 |  | Dec 31, 2016 |  | Sep 30, 2016 |  | Jun 30, 2016
|  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Total Debt |  | $ | 2,480,787 |  |  | $ | 2,999,587 |  |  | $ | 2,981,062 |  |  | $ | 2,988,383 |  |  | $ | 3,166,858 |
Less: cash and cash equivalents |  | (67,325 | ) |  | (495,802 | ) |  | (118,799 | ) |  | (106,308 | ) |  | (270,369 | )
Less: asset-backed securitization certificates |  | (25,666 | ) |  | (25,666 | ) |  | (25,666 | ) |  | (25,666 | ) |  | (25,666 | )
Less: restricted cash related to securitizations |  | (56,058 | ) |  | (63,147 | ) |  | (62,062 | ) |  | (61,434 | ) |  | (63,729 | )
Net debt |  | $ | 2,331,738 |  |  | $ | 2,414,972 |  |  | $ | 2,774,535 |  |  | $ | 2,794,975 |  |  | $ | 2,807,094 |
Adjusted EBITDA - TTM |  | $ | 487,562 |  |  | $ | 477,578 |  |  | $ | 454,415 |  |  | $ | 420,989 |  |  | $ | 385,801 |
Net Debt to Adjusted EBITDA |  | 4.8 x |  |  | 5.1 x |  |  | 6.1 x |  |  | 6.6 x |  |  | 7.3 x |

22

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
Unencumbered Core NOI %

| For the Three Months Ended Jun 30, 2017
| (Unaudited)
Unencumbered Core Net Operating Income | $ | 81,011 |
Core Net Operating Income | $ | 131,748 |
Unencumbered Core Net Operating Income % | 61.5 | %

EBITDA / Adjusted EBITDA / Adjusted EBITDA after Capex and Leasing Costs / Adjusted EBITDA Margin / Adjusted EBITDA after Capex and Leasing Costs 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. 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) net gain or loss on sales / impairment of single-family properties and other, (3) noncash share-based compensation expense, (4) gain or loss on early extinguishment of debt, (5) gain or loss on conversion of convertible units and (6) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value. Adjusted EBITDA after Capex and Leasing Costs is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDA for (1) recurring capital expenditures and (2) leasing costs. Adjusted EBITDA Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDA divided by total revenues, net of tenant charge-backs. Adjusted EBITDA after Capex and Leasing Costs Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDA after Capex and Leasing costs divided by total revenues, net of tenant charge-backs. We consider these metrics to be meaningful financial measures of operating performance because they exclude the impact of various income and expense items that are not indicative of operating performance.

23

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following is a reconciliation of net loss attributable to common shareholders, determined in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted EBITDA after Capex and Leasing Costs, Adjusted EBITDA Margin and Adjusted EBITDA after Capex and Leasing Costs Margin for the three and six months ended June 30, 2017 and 2016 (amounts in thousands):

| For the Three Months Ended Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Net loss attributable to common shareholders | $ | (186 | ) |  | $ | (10,404 | ) |  | $ | (1,676 | ) |  | $ | (14,781 | )
Dividends on preferred shares | 15,282 |  |  | 7,412 |  |  | 28,869 |  |  | 12,981 |
Noncontrolling interest | (30 | ) |  | (761 | ) |  | (331 | ) |  | 3,075 |
Net income (loss) | 15,066 |  |  | (3,753 | ) |  | 26,862 |  |  | 1,275 |
Interest expense | 28,392 |  |  | 35,481 |  |  | 60,281 |  |  | 66,458 |
Depreciation and amortization | 72,716 |  |  | 79,604 |  |  | 146,669 |  |  | 149,121 |
EBITDA | $ | 116,174 |  |  | $ | 111,332 |  |  | $ | 233,812 |  |  | $ | 216,854 |
Noncash share-based compensation - general and administrative | 697 |  |  | 585 |  |  | 1,218 |  |  | 1,098 |
Noncash share-based compensation - property management | 424 |  |  | 398 |  |  | 841 |  |  | 755 |
Acquisition fees and costs expensed | 1,412 |  |  | 3,489 |  |  | 2,508 |  |  | 9,142 |
Net (gain) loss on sale / impairment of single-family properties and other | (896 | ) |  | 68 |  |  | (1,993 | ) |  | 8 |
Loss on early extinguishment of debt | 6,555 |  |  | — |  |  | 6,555 |  |  | — |
Gain on conversion of Series E units | — |  |  | — |  |  | — |  |  | (11,463 | )
Remeasurement of participating preferred shares | 1,640 |  |  | 150 |  |  | 7,050 |  |  | 450 |
Adjusted EBITDA | $ | 126,006 |  |  | $ | 116,022 |  |  | $ | 249,991 |  |  | $ | 216,844 |
Recurring capital expenditures (1) | (9,096 | ) |  | (8,755 | ) |  | (15,540 | ) |  | (14,772 | )
Leasing costs | (1,919 | ) |  | (2,151 | ) |  | (3,401 | ) |  | (4,080 | )
Adjusted EBITDA after Capex and Leasing Costs | $ | 114,991 |  |  | $ | 105,116 |  |  | $ | 231,050 |  |  | $ | 197,992 |
Total revenues | $ | 237,008 |  |  | $ | 220,314 |  |  | $ | 470,762 |  |  | $ | 415,273 |
Less: tenant charge-backs | (27,382 | ) |  | (20,253 | ) |  | (55,755 | ) |  | (41,269 | )
Total revenues, net of tenant charge-backs | $ | 209,626 |  |  | $ | 200,061 |  |  | $ | 415,007 |  |  | $ | 374,004 |
Adjusted EBITDA Margin | 60.1 | % |  | 58.0 | % |  | 60.2 | % |  | 58.0 | %
Adjusted EBITDA after Capex and Leasing Costs Margin | 54.9 | % |  | 52.5 | % |  | 55.7 | % |  | 52.9 | %

(1) | As a portion of our homes are 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.

24

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
The following is a reconciliation of net loss attributable to common shareholders, determined in accordance with GAAP, to EBITDA and Adjusted EBITDA for the following trailing twelve-month periods (amounts in thousands):

|  | For the Trailing Twelve Months Ended
|  | Jun 30, 2017 |  | Mar 31, 2017 |  | Dec 31, 2016 |  | Sep 30, 2016 |  | Jun 30, 2016
|  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Net loss attributable to common shareholders |  | $ | (20,437 | ) |  | $ | (30,655 | ) |  | $ | (33,542 | ) |  | $ | (56,407 | ) |  | $ | (63,871 | )
Dividends on preferred shares |  | 56,125 |  |  | 48,255 |  |  | 40,237 |  |  | 32,219 |  |  | 24,119 |
Noncontrolling interest |  | 345 |  |  | (386 | ) |  | 3,751 |  |  | 13,949 |  |  | 9,742 |
Net income (loss) |  | 36,033 |  |  | 17,214 |  |  | 10,446 |  |  | (10,239 | ) |  | (30,010 | )
Interest expense |  | 124,670 |  |  | 131,759 |  |  | 130,847 |  |  | 127,183 |  |  | 118,198 |
Depreciation and amortization |  | 296,225 |  |  | 303,113 |  |  | 298,677 |  |  | 286,676 |  |  | 279,084 |
EBITDA |  | 456,928 |  |  | 452,086 |  |  | 439,970 |  |  | 403,620 |  |  | 367,272 |
Noncash share-based compensation - general and administrative |  | 2,196 |  |  | 2,084 |  |  | 2,076 |  |  | 2,051 |  |  | 2,173 |
Noncash share-based compensation - property management |  | 1,646 |  |  | 1,620 |  |  | 1,560 |  |  | 1,475 |  |  | 1,375 |
Acquisition fees and costs expensed |  | 4,809 |  |  | 6,886 |  |  | 11,443 |  |  | 16,179 |  |  | 18,575 |
Net (gain) loss on sale / impairment of single-family properties and other |  | (11,600 | ) |  | (10,636 | ) |  | (9,599 | ) |  | (11,107 | ) |  | 8 |
Loss on early extinguishment of debt |  | 19,963 |  |  | 13,408 |  |  | 13,408 |  |  | 13,408 |  |  | — |
Gain on conversion of Series E units |  | — |  |  | — |  |  | (11,463 | ) |  | (11,463 | ) |  | (11,463 | )
Remeasurement of Series E units |  | — |  |  | — |  |  | — |  |  | 1,356 |  |  | 1,881 |
Remeasurement of participating preferred shares |  | 13,620 |  |  | 12,130 |  |  | 7,020 |  |  | 5,470 |  |  | 5,980 |
Adjusted EBITDA |  | $ | 487,562 |  |  | $ | 477,578 |  |  | $ | 454,415 |  |  | $ | 420,989 |  |  | $ | 385,801 |

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) gain or loss on early extinguishment of debt, (5) noncash gain or loss on conversion of convertible units and (6) noncash fair value adjustments associated with remeasuring our participating 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 a portion of our homes are 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.

25

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
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 the Company. We believe that FFO attributable to common share and unit holders is a helpful measure of a REIT’s performance
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 the 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 income (loss) per share or net cash flow provided by operating activities, 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 or loss 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.
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).

26

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)
Platform Efficiency Percentage
Management 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 total portfolio rents and fees.

| For the Three Months Ended Jun 30, |  | For the Six Months Ended Jun 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (Unaudited) |  | (Unaudited) |  | (Unaudited) |  | (Unaudited)
Property management expenses | $ | 17,442 |  |  | $ | 18,096 |  |  | $ | 34,920 |  |  | $ | 34,842 |
Less: tenant charge-backs | (1,143 | ) |  | (1,105 | ) |  | (2,604 | ) |  | (2,557 | )
Less: noncash share-based compensation - property management | (424 | ) |  | (398 | ) |  | (841 | ) |  | (755 | )
Property management expenses, net | 15,875 |  |  | 16,593 |  |  | 31,475 |  |  | 31,530 |
General and administrative expense | 8,926 |  |  | 7,931 |  |  | 18,221 |  |  | 16,501 |
Less: noncash share-based compensation - general and administrative | (697 | ) |  | (585 | ) |  | (1,218 | ) |  | (1,098 | )
General and administrative expense, net | 8,229 |  |  | 7,346 |  |  | 17,003 |  |  | 15,403 |
Leasing costs | 1,919 |  |  | 2,151 |  |  | 3,401 |  |  | 4,080 |
Platform costs | $ | 26,023 |  |  | $ | 26,090 |  |  | $ | 51,879 |  |  | $ | 51,013 |
Rents from single-family properties | $ | 204,648 |  |  | $ | 193,491 |  |  | $ | 405,755 |  |  | $ | 361,486 |
Fees from single-family properties | 2,690 |  |  | 2,724 |  |  | 5,294 |  |  | 4,921 |
Total portfolio rents and fees | $ | 207,338 |  |  | $ | 196,215 |  |  | $ | 411,049 |  |  | $ | 366,407 |
Platform Efficiency Percentage | 12.6 | % |  | 13.3 | % |  | 12.6 | % |  | 13.9 | %

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 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 considered stabilized, as an entire group, provided (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.
Total Debt
Includes principal balances on asset-backed securitizations, exchangeable senior notes, secured notes payable and borrowings outstanding under our revolving credit facility and term loan facility as of period end, and excludes unamortized discounts on acquired debt, the value of exchangeable senior notes classified within equity 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.

27

Executive Management
David P. Singelyn |  | Jack Corrigan
Chief Executive Officer |  | Chief Operating Officer
Diana M. Laing |  | Sara H. Vogt-Lowell
Chief Financial Officer |  | Chief Legal Officer
David Goldberg |  | Stephanie Heim
Executive Vice President |  | Executive Vice President - Counsel & Assistant Secretary
Christopher C. Lau |  | Bryan Smith
Executive Vice President - Finance |  | Executive Vice President - President of Property Management
Corporate Information |  | Investor Relations
American Homes 4 Rent |  | (855) 794-AH4R (2447)
30601 Agoura Road, Suite 200 |  | investors@ah4r.com
Agoura Hills, CA 91301 |  |
(805) 413-5300 |  |
www.americanhomes4rent.com |  |

Analyst Coverage (1) |  |  |
Bank of America Merrill Lynch | Credit Suisse | Evercore ISI | FBR Capital Markets & Co
Juan Sanabria | Douglas Harter | Steve Sakwa | David Corak
juan.sanabria@baml.com | douglas.harter@credit-suisse.com | steve.sakwa@evercoreisi.com | dcorak@fbr.com
Green Street Advisors | GS Global Investment Research | JMP Securities | JP Morgan Securities
John Pawlowski | Andrew Rosivach | Aaron Hecht | Anthony Paolone
jpawlowski@greenst.com | andrew.rosivach@gs.com | ahecht@jmpsecurities.com | anthony.paolone@jpmorgan.com
Keefe, Bruyette & Woods, Inc. | Mizuho Securities USA Inc. | Morgan Stanley | Raymond James & Associates, Inc.
Jade Rahmani | Haendel St. Juste | Richard Hill | Buck Horne
jrahmani@kbw.com | haendel.st.juste@mizuho-sc.com | richard.hill1@morganstanley.com | buck.horne@raymondjames.com
Wells Fargo Securities | Zelman & Associates |  |
Jeff Donnelly | Dennis McGill |  |
jeff.donnelly@wellsfargo.com | dennis@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.