Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2017

(Amounts in thousands)



				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Total Cost as of December 31, 2017
Market	Number of Single-Family Homes	Gross Book Value of Encumbered Assets		Land		Buildings and Improvements		Buildings and Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation (1)			Net Cost Basis		Date of Acquisition
Albuquerque	212	$	—	$	6,485	$	24,082	$	3,613	$	6,485	$	27,695	$	34,180	$	(4,583	)	$	29,597	2013-2015
Atlanta	4,533	161,001		136,796		535,359		92,756		136,796		628,115		764,911		(69,476		)	695,435		2012-2017
Augusta	259	10,424		7,472		30,156		4,477		7,472		34,633		42,105		(4,336		)	37,769		2013-2017
Austin	710	44,346		17,083		78,103		14,393		17,083		92,496		109,579		(14,112		)	95,467		2012-2017
Bay Area	118	9,149		8,131		23,231		2,111		8,131		25,342		33,473		(3,946		)	29,527		2012-2014
Boise	328	7,627		10,278		35,532		4,036		10,278		39,568		49,846		(5,279		)	44,567		2013-2017
Central Valley	197	3,609		7,640		24,138		2,896		7,640		27,034		34,674		(4,456		)	30,218		2012-2016
Charleston	979	80,083		35,563		131,741		17,604		35,563		149,345		184,908		(15,284		)	169,624		2012-2017
Charlotte	3,430	289,328		125,217		460,840		50,775		125,217		511,615		636,832		(52,675		)	584,157		2012-2017
Cincinnati	1,998	230,244		61,979		246,025		37,895		61,979		283,920		345,899		(43,515		)	302,384		2012-2017
Colorado Springs	22	—		903		2,952		632		903		3,584		4,487		(630		)	3,857		2013
Columbia	297	32,775		6,903		34,330		4,396		6,903		38,726		45,629		(6,007		)	39,622		2013-2015
Columbus	1,934	133,000		54,958		228,831		38,533		54,958		267,364		322,322		(30,723		)	291,599		2012-2017
Corpus Christi	240	—		2,025		36,504		3,048		2,025		39,552		41,577		(2,569		)	39,008		2016
Dallas-Fort Worth	4,365	293,579		111,767		515,282		83,566		111,767		598,848		710,615		(81,330		)	629,285		2012-2017
Denver	681	—		33,911		138,528		16,498		33,911		155,026		188,937		(20,757		)	168,180		2012-2017
Fort Myers	6	635		172		822		140		172		962		1,134		(150		)	984		2012-2013
Greater Chicago area, IL and IN	2,183	212,285		63,987		259,439		54,384		63,987		313,823		377,810		(50,238		)	327,572		2012-2016
Greensboro	676	45,992		19,023		86,646		9,617		19,023		96,263		115,286		(12,736		)	102,550		2013-2017
Greenville	673	74,723		16,797		88,479		10,889		16,797		99,368		116,165		(14,075		)	102,090		2013-2017
Houston	3,162	180,216		65,774		392,352		49,131		65,774		441,483		507,257		(57,157		)	450,100		2012-2017
Indianapolis	2,898	301,827		76,902		308,729		53,573		76,902		362,302		439,204		(59,988		)	379,216		2012-2016
Inland Empire	347	—		32,142		44,201		5,601		32,142		49,802		81,944		(4,572		)	77,372		2012-2016
Jacksonville	2,009	46,467		57,773		232,925		40,941		57,773		273,866		331,639		(33,731		)	297,908		2012-2017
Knoxville	402	17,335		13,275		63,909		5,607		13,275		69,516		82,791		(8,415		)	74,376		2013-2017
Las Vegas	1,023	21,599		30,784		128,295		20,162		30,784		148,457		179,241		(24,593		)	154,648		2011-2016
Memphis	657	32,374		20,604		74,689		11,754		20,604		86,443		107,047		(9,879		)	97,168		2013-2017
Miami	230	6,298		3,839		28,568		5,821		3,839		34,389		38,228		(5,126		)	33,102		2012-2016
Milwaukee	125	—		7,375		21,972		2,191		7,375		24,163		31,538		(4,246		)	27,292		2013
Nashville	2,609	173,072		100,903		389,959		42,514		100,903		432,473		533,376		(49,296		)	484,080		2012-2017
Oklahoma City	409	23,434		11,090		57,309		6,829		11,090		64,138		75,228		(8,439		)	66,789		2012-2015
Orlando	1,649	21,876		58,701		197,494		29,731		58,701		227,225		285,926		(28,545		)	257,381		2011-2017
Phoenix	2,827	57,762		120,022		301,615		41,053		120,022		342,668		462,690		(42,429		)	420,261		2011-2017
Portland	215	24,218		15,145		25,909		2,128		15,145		28,037		43,182		(4,354		)	38,828		2013-2017
Raleigh	2,043	207,559		69,670		270,783		30,562		69,670		301,345		371,015		(36,881		)	334,134		2012-2017
Salt Lake City	1,239	151,170		72,655		187,752		25,060		72,655		212,812		285,467		(28,039		)	257,428		2012-2017
San Antonio	1,025	71,851		30,848		111,897		18,738		30,848		130,635		161,483		(17,305		)	144,178		2012-2017
Savannah/Hilton Head	793	35,327		25,369		100,750		11,734		25,369		112,484		137,853		(9,123		)	128,730		2013-2017
Seattle	536	28,008		33,234		90,799		6,051		33,234		96,850		130,084		(9,221		)	120,863		2012-2017
Tampa	2,034	31,594		73,724		276,718		38,072		73,724		314,790		388,514		(40,488		)	348,026		2012-2017
Tucson	383	13,192		7,656		37,037		7,450		7,656		44,487		52,143		(8,523		)	43,620		2011-2014
Winston Salem	783	33,868		17,841		91,132		9,512		17,841		100,644		118,485		(12,497		)	105,988		2013-2017
Total	51,239	$	3,107,847	$	1,672,416	$	6,415,814	$	916,474	$	1,672,416	$	7,332,288	$	9,004,704	$	(939,724	)	$	8,064,980

(1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $9.2 billion as of December 31, 2017.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2017 (Continued)

(Amounts in thousands)

Change in Total Real Estate Assets



	For the Years Ended December 31,
	2017			2016			2015
Balance, beginning of period	$	8,214,566		$	6,705,982		$	5,916,933
Acquisitions and building improvements	870,350			1,597,392			814,235
Dispositions	(68,759		)	(77,916		)	(11,555		)
Write-offs	(6,773		)	(5,922		)	(13,631		)
Impairment	(4,680		)	(4,970		)	—
Balance, end of period	$	9,004,704		$	8,214,566		$	6,705,982

Change in Accumulated Depreciation



	For the Years Ended December 31,
	2017			2016			2015
Balance, beginning of period	$	(666,710	)	$	(416,044	)	$	(206,262	)
Depreciation (1)	(281,747		)	(260,154		)	(223,731		)
Dispositions	1,960			3,566			318
Write-offs	6,773			5,922			13,631
Balance, end of period	$	(939,724	)	$	(666,710	)	$	(416,044	)


(1)	Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from 3 to 30 years.