Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2018

(Amounts in thousands)



				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Total Cost as of December 31, 2018
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	$	24,070	$	3,719	$	6,485	$	27,789	$	34,274	$	(5,725	)	$	28,549	2013-2015
Atlanta	4,827	186,575		150,521		587,913		105,705		150,521		693,618		844,139		(92,257		)	751,882		2012-2018
Augusta	228	—		6,471		26,122		4,228		6,471		30,350		36,821		(4,048		)	32,773		2013-2017
Austin	866	34,959		29,050		113,686		16,273		29,050		129,959		159,009		(17,007		)	142,002		2012-2018
Bay Area	117	—		8,140		22,809		2,181		8,140		24,990		33,130		(4,372		)	28,758		2012-2014
Boise	438	7,645		15,986		53,793		6,220		15,986		60,013		75,999		(6,756		)	69,243		2013-2018
Central Valley	147	—		5,554		18,068		2,394		5,554		20,462		26,016		(3,587		)	22,429		2012-2016
Charleston	1,014	81,793		37,079		137,516		19,563		37,079		157,079		194,158		(20,659		)	173,499		2012-2018
Charlotte	3,608	282,017		132,926		491,815		56,702		132,926		548,517		681,443		(70,200		)	611,243		2012-2018
Cincinnati	1,993	232,960		61,824		243,959		39,488		61,824		283,447		345,271		(53,373		)	291,898		2012-2017
Colorado Springs	22	—		903		2,932		702		903		3,634		4,537		(761		)	3,776		2013
Columbia	43	—		1,004		5,600		690		1,004		6,290		7,294		(1,082		)	6,212		2013-2014
Columbus	2,016	139,446		57,914		240,061		42,741		57,914		282,802		340,716		(40,664		)	300,052		2012-2018
Corpus Christi	220	—		1,857		33,478		3,362		1,857		36,840		38,697		(2,419		)	36,278		2016
Dallas-Fort Worth	4,406	284,099		113,431		520,446		88,809		113,431		609,255		722,686		(101,826		)	620,860		2012-2018
Denver	787	—		42,121		165,369		20,293		42,121		185,662		227,783		(26,237		)	201,546		2012-2018
Fort Myers	6	—		172		817		144		172		961		1,133		(152		)	981		2012-2013
Greater Chicago area, IL and IN	2,046	182,493		62,619		248,970		54,119		62,619		303,089		365,708		(60,011		)	305,697		2012-2016
Greensboro	706	52,672		20,156		90,715		10,550		20,156		101,265		121,421		(16,105		)	105,316		2013-2018
Greenville	677	71,810		16,915		88,510		11,617		16,915		100,127		117,042		(17,492		)	99,550		2013-2018
Houston	3,156	169,122		65,607		381,138		66,681		65,607		447,819		513,426		(71,348		)	442,078		2012-2017
Indianapolis	2,890	292,927		76,727		306,062		55,718		76,727		361,780		438,507		(72,961		)	365,546		2012-2016
Inland Empire	331	—		31,054		41,654		5,602		31,054		47,256		78,310		(5,479		)	72,831		2012-2016
Jacksonville	2,147	60,297		64,202		256,607		45,478		64,202		302,085		366,287		(43,748		)	322,539		2012-2018
Knoxville	401	17,169		13,196		63,292		5,923		13,196		69,215		82,411		(10,656		)	71,755		2013-2017
Las Vegas	1,022	21,722		30,749		127,381		21,022		30,749		148,403		179,152		(29,233		)	149,919		2011-2016
Memphis	674	16,853		21,378		76,791		12,798		21,378		89,589		110,967		(13,028		)	97,939		2013-2018
Miami	218	3,553		3,337		26,238		5,678		3,337		31,916		35,253		(5,833		)	29,420		2012-2016
Milwaukee	124	—		7,286		21,617		2,278		7,286		23,895		31,181		(4,935		)	26,246		2013
Nashville	2,686	181,534		105,177		404,763		46,425		105,177		451,188		556,365		(63,577		)	492,788		2012-2018
Oklahoma City	370	—		9,928		51,381		6,884		9,928		58,265		68,193		(8,112		)	60,081		2012-2015
Orlando	1,705	46,044		61,248		207,515		32,916		61,248		240,431		301,679		(36,222		)	265,457		2011-2018
Phoenix	3,086	55,457		132,322		349,070		48,106		132,322		397,176		529,498		(54,146		)	475,352		2011-2018
Portland	261	24,290		19,099		37,317		2,661		19,099		39,978		59,077		(5,301		)	53,776		2013-2018
Raleigh	2,058	211,240		70,455		272,134		32,192		70,455		304,326		374,781		(46,971		)	327,810		2012-2018
Salt Lake City	1,338	156,579		79,857		208,170		31,465		79,857		239,635		319,492		(35,270		)	284,222		2012-2018
San Antonio	1,038	58,804		31,498		113,695		19,910		31,498		133,605		165,103		(21,915		)	143,188		2012-2018
Savannah/Hilton Head	842	41,692		27,265		108,093		13,246		27,265		121,339		148,604		(13,213		)	135,391		2013-2018
Seattle	690	28,068		45,947		126,046		9,881		45,947		135,927		181,874		(12,513		)	169,361		2012-2018
Tampa	2,170	45,624		79,686		298,996		42,697		79,686		341,693		421,379		(51,324		)	370,055		2012-2018
Tucson	380	11,854		7,533		36,677		7,651		7,533		44,328		51,861		(10,082		)	41,779		2011-2014
Winston Salem	817	42,681		19,235		95,974		10,353		19,235		106,327		125,562		(15,900		)	109,662		2013-2018
Total	52,783	$	3,041,979	$	1,773,914	$	6,727,260	$	1,015,065	$	1,773,914	$	7,742,325	$	9,516,239	$	(1,176,500	)	$	8,339,739

(1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $9.6 billion as of December 31, 2018.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2018 (Continued)

(Amounts in thousands)

Change in Total Real Estate Assets



	For the Years Ended December 31,
	2018			2017			2016
Balance, beginning of period	$	9,004,704		$	8,214,566		$	6,705,982
Acquisitions and building improvements	628,118			870,350			1,597,392
Dispositions	(101,153		)	(68,759		)	(77,916		)
Write-offs	(9,572		)	(6,773		)	(5,922		)
Impairment	(5,858		)	(4,680		)	(4,970		)
Balance, end of period	$	9,516,239		$	9,004,704		$	8,214,566

Change in Accumulated Depreciation



	For the Years Ended December 31,
	2018			2017			2016
Balance, beginning of period	$	(939,724	)	$	(666,710	)	$	(416,044	)
Depreciation (1)	(258,086		)	(281,747		)	(260,154		)
Dispositions	11,738			1,960			3,566
Write-offs	9,572			6,773			5,922
Balance, end of period	$	(1,176,500	)	$	(939,724	)	$	(666,710	)


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