EX-99.2 3 amh0930218kexhibit992.htm EX-99.2

Document

American Homes 4 Rent

Table of Contents

Summary
Earnings Press Release			3
Fact Sheet			9
Financial Information
Condensed Consolidated Statements of Operations			10
Funds from Operations			11
Core Net Operating Income – Total Portfolio			12
Same-Home Results			13
Condensed Consolidated Balance Sheets			16
Debt Summary			17
Capital Structure and Credit Metrics			18
Property and Other Information
Top 20 Markets Summary			19
Property Additions and Dispositions			20
AMH Development Pipeline Summary			21
Lease Expirations, Share Repurchase / ATM Share Issuance History and Home Price Appreciation Trends			22
2021 Guidance			23
Defined Terms and Non-GAAP Reconciliations			24

2

American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Third Quarter 2021 Financial and Operating Results

CALABASAS, Calif., Nov. 4, 2021—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 September 30, 2021.

Highlights

•Rents and other single-family property revenues increased 10.3% year-over-year to $339.6 million for the third quarter of 2021.

•Net income attributable to common shareholders totaled $36.9 million, or $0.11 per diluted share, for the third quarter of 2021, compared to $22.6 million, or $0.07 per diluted share, for the third quarter of 2020.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 17.8% year-over-year to $0.35 per FFO share and unit for the third quarter of 2021 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 20.7% year-over-year to $0.30 per FFO share and unit for the third quarter of 2021.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 8.2% year-over-year for the third quarter of 2021.

•Achieved Same-Home Average Occupied Days Percentage of 97.4% in the third quarter of 2021, while generating 15.9% rate growth on new leases.

•Issued $450.0 million of 2.375% unsecured senior notes due 2031 and $300.0 million of 3.375% unsecured senior notes due 2051 during the third quarter of 2021.

•Raised Full Year 2021 Core FFO attributable to common share and unit holders guidance midpoint by $0.04 per share and unit to $1.36, representing anticipated full year growth of 17.2% over prior year.

“I am incredibly proud of the American Homes 4 Rent team as we produced another quarter of strong operational execution and increased our full-year 2021 Core FFO per share growth expectations to over 17%,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “We continue to see a long runway of strong demand for single-family rentals driven by our country’s housing shortage and the increasing number of households that desire single-family living but prefer the ease of rental lifestyle. And as we close out 2021, our differentiated strategy has positioned us with a portfolio mix poised for the future of our country’s migration patterns, with a highly efficient operating platform and industry leading build-to-rent development program. We believe that this will enable American Homes 4 Rent to continue producing industry leading cash flow growth and shareholder value creation into 2022 and beyond.”

Third Quarter 2021 Financial Results

Net income attributable to common shareholders totaled $36.9 million, or $0.11 per diluted share, for the third quarter of 2021, compared to $22.6 million, or $0.07 per diluted share, for the third quarter of 2020. This increase was primarily due to growth in the Company’s portfolio, a larger number of occupied properties and higher rental rates and fees, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Rents and other single-family property revenues increased 10.3% to $339.6 million for the third quarter of 2021, compared to $307.9 million for the third quarter of 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 52,889 homes for the third quarter of 2021, compared to 50,630 homes for the third quarter of 2020, as well as higher rental rates and fees.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 3

American Homes 4 Rent

Earnings Press Release (continued)

Core NOI from our total portfolio increased 13.0% to $181.0 million for the third quarter of 2021, compared to $160.2 million for the third quarter of 2020. This growth was driven by an 11.2% increase in core revenues resulting from a larger number of occupied properties and higher rental rates and fees, partially offset by an 8.3% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 6.6% to $245.5 million for the third quarter of 2021, compared to $230.2 million for the third quarter of 2020, which was driven by a 6.2% increase in Average Monthly Realized Rent per property and a 40 basis point increase in Average Occupied Days Percentage. This growth was further benefited by (i) 60 basis points of contribution from higher fees and (ii) 10 basis points from lower uncollectible rents, which resulted in 7.3% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 5.7% to $90.4 million for the third quarter of 2021, compared to $85.5 million for the third quarter of 2020. As a result, Core NOI from Same-Home properties increased 8.2% to $155.9 million for the third quarter of 2021, compared to $144.1 million for the third quarter of 2020.

Core FFO attributable to common share and unit holders was $131.0 million, or $0.35 per FFO share and unit, for the third quarter of 2021, compared to $106.2 million, or $0.29 per FFO share and unit, for the third quarter of 2020. Adjusted FFO attributable to common share and unit holders was $113.3 million, or $0.30 per FFO share and unit, for the third quarter of 2021, compared to $89.6 million, or $0.25 per FFO share and unit, for the third quarter of 2020. These improvements were primarily attributable to growth in the Company’s portfolio, a larger number of occupied properties, higher rental rates and fees, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Year-to-Date 2021 Financial Results

Net income attributable to common shareholders totaled $87.2 million, or $0.27 per diluted share, for the nine-month period ended September 30, 2021, compared to $58.2 million, or $0.19 per diluted share, for the nine-month period ended September 30, 2020. This increase was primarily due to growth in the Company’s portfolio, higher occupancy and higher rental rates and fees, as well as an increase in gain on sale and impairment of single-family properties and other, net and lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021, partially offset by a noncash charge related to these redemptions.

Rents and other single-family property revenues increased 10.3% to $965.8 million for the nine-month period ended September 30, 2021, compared to $876.0 million for the nine-month period ended September 30, 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 52,269 homes for the nine-month period ended September 30, 2021, compared to 49,764 homes for the nine-month period ended September 30, 2020, as well as higher rental rates and fees, partially offset by increased uncollectible rents related to the COVID-19 pandemic.

Core NOI from our total portfolio increased 13.3% to $527.4 million for the nine-month period ended September 30, 2021, compared to $465.7 million for the nine-month period ended September 30, 2020. This growth was driven by a 10.5% increase in core revenues resulting from a larger number of occupied properties and higher rental rates and fees, partially offset by increased uncollectible rents related to the COVID-19 pandemic and a 5.9% increase in core property operating expenses.

For the Company’s Same-Home portfolio, rents from single-family properties increased 6.3% to $721.9 million for the nine-month period ended September 30, 2021, compared to $679.0 million for the nine-month period ended September 30, 2020, which was driven by a 4.5% increase in Average Monthly Realized Rent per property and a 160 basis point increase in Average Occupied Days Percentage. This growth was (i) further benefited by 60 basis points of contribution from higher fees

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 4

American Homes 4 Rent

Earnings Press Release (continued)

and (ii) partially offset by 30 basis points of drag from increased uncollectible rents related to the COVID-19 pandemic, which resulted in 6.6% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 3.9% to $259.3 million for the nine-month period ended September 30, 2021, compared to $249.6 million for the nine-month period ended September 30, 2020. As a result, Core NOI from Same-Home properties increased 8.2% to $460.7 million for the nine-month period ended September 30, 2021, compared to $425.8 million for the nine-month period ended September 30, 2020.

Core FFO attributable to common share and unit holders was $370.7 million, or $0.99 per FFO share and unit, for the nine-month period ended September 30, 2021, compared to $304.1 million, or $0.85 per FFO share and unit, for the nine-month period ended September 30, 2020. Adjusted FFO attributable to common share and unit holders for the nine-month period ended September 30, 2021 was $328.3 million, or $0.88 per FFO share and unit, compared to $264.7 million, or $0.74 per FFO share and unit, for the nine-month period ended September 30, 2020. These improvements were primarily attributable to growth in the Company’s portfolio, a larger number of occupied properties, higher rental rates and fees, as well as lower financing costs as a result of the redemptions of our Series D and Series E perpetual preferred shares in the second quarter of 2021.

Collections Update

Collections remain strong with the Company reporting bad debt equivalent to 1.7% of its third quarter 2021 rental billings for its Same-Home portfolio, which reflects benefits from strengthening underlying collections as well as government rental assistance programs. The Company has helped its residents access nearly $14 million related to these government assistance programs throughout the course of the pandemic and continues to work with residents on a case-by-case basis.

Portfolio

As of September 30, 2021, the Company had an occupancy percentage of 95.8%, compared to 97.1% as of June 30, 2021. The decrease in occupancy percentage is primarily attributable to higher volumes of recent acquisitions. The occupancy percentage on Same-Home properties was 98.0% as of September 30, 2021, compared to 98.2% as of June 30, 2021.

Investments

As of September 30, 2021, the Company’s wholly-owned portfolio consisted of 56,077 homes, compared to 54,785 homes as of June 30, 2021, an increase of 1,292 homes during the third quarter of 2021, which included 368 newly constructed properties delivered through our AMH Development Program and 1,014 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 90 homes sold. As of September 30, 2021, the Company had 604 properties held for sale, compared to 589 properties as of June 30, 2021. Also, as of September 30, 2021, the Company had an additional 1,729 properties held in unconsolidated joint ventures, representing a net increase of 199 properties, compared to 1,530 properties held in unconsolidated joint ventures as of June 30, 2021.

Capital Activities, Balance Sheet and Liquidity

In July 2021, American Homes 4 Rent, L.P. (the “Operating Partnership”), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051. Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a $12.8 million discount, and before offering

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 5

American Homes 4 Rent

Earnings Press Release (continued)

costs of $1.4 million. The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.

In September 2021, the Company issued and physically settled 11,400,000 Class A common shares under the May 2021 forward sale agreements, receiving net proceeds of $399.0 million. As of September 30, 2021, 1,845,000 Class A common shares remained available for future settlement under the May 2021 forward sale agreements.

As of September 30, 2021, the Company had cash and cash equivalents of $64.0 million and had total outstanding debt of $3.6 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.0% and a weighted-average term to maturity of 12.7 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility at the end of the quarter. Additionally, the Company has no debt maturities, other than recurring principal amortization, until 2024. During the third quarter of 2021, the Company generated $75.7 million of Retained Cash Flow and sold 90 properties generating $26.9 million of net proceeds.

2021 Guidance

The Company is providing revised 2021 guidance based on its current and expected views of the single-family rental market and general economic conditions. However, the extent to which the pandemic may continue to impact us and our residents will continue to depend on future developments. These include resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others. We will continue to monitor these events which may result in future revisions to our guidance estimates.

Guidance Summary

			Full Year 2021
			Previous Guidance						Current Guidance
Core FFO attributable to common share and unit holders			$1.29 - $1.35						$1.34 - $1.38
Core FFO attributable to common share and unit holders growth			11.2% - 16.4%						15.5% - 19.0%
Same-Home
Core revenues growth			5.00% - 6.00%						6.50% - 7.00%
Core property operating expenses growth			4.00% - 5.50%						4.25% - 5.25%
Core NOI growth			5.25% - 6.75%						7.50% - 8.50%

Changes to Full Year 2021 guidance:

•Updates to Full Year 2021 guidance reflect strengthened core revenues outlook primarily driven by strong occupancy and leasing results as well as additional contribution from our external growth program which we have increased by approximately $200 million to a new range of $1.6 billion to $1.8 billion, which now includes between 3,700 and 4,100 wholly-owned inventory additions as well as increased investments into our wholly-owned land and development pipeline and pro-rata share of joint venture investments. When combined with 100% of gross joint venture investments, we now expect to deploy total gross capital of $1.8 billion to $2.0 billion for the year.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 6

American Homes 4 Rent

Earnings Press Release (continued)

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues and Non-Same-Home property operating expenses. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

Additional Information

A copy of the Company’s Third Quarter 2021 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, November 5, 2021 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2021 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (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 “Investor relations.” A replay of the conference call may be accessed through Friday, November 19, 2021 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13723944#, or by using the link at www.americanhomes4rent.com, under “Investor relations.”

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 a nationally recognized brand for rental homes, known for high-quality, good value and resident satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September 30, 2021, we owned 56,077 single-family properties in selected submarkets in 22 states.

Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “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,” “outlook,” “guidance” 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 2021 Guidance, our expectations with respect to the impacts of the COVID-19 pandemic, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. 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

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

American Homes 4 Rent

Earnings Press Release (continued)

update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the COVID-19 pandemic. The extent to which COVID-19 will impact our future financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, including resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others. 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, 2020, and in the Company’s subsequent filings with the SEC.

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

American Homes 4 Rent

Fact Sheet

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

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Operating Data
Net income attributable to common shareholders			$	36,869					$	22,552					$	87,185					$	58,165
Core revenues			$	286,840					$	257,997					$	829,258					$	750,586
Core NOI			$	180,987					$	160,229					$	527,425					$	465,671
Core NOI margin			63.1		%				62.1		%				63.6		%				62.0		%
Platform Efficiency Percentage			12.1		%				12.7		%				12.3		%				12.9		%
Fully Adjusted EBITDAre			$	153,046					$	134,972					$	455,333					$	401,159
Fully Adjusted EBITDAre Margin			52.8		%				52.0		%				54.4		%				53.2		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.33					$	0.28					$	0.89					$	0.81
Core FFO attributable to common share and unit holders			$	0.35					$	0.29					$	0.99					$	0.85
Adjusted FFO attributable to common share and unit holders			$	0.30					$	0.25					$	0.88					$	0.74

			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	8,955,100					$	8,546,652					$	8,330,166					$	8,245,388					$	8,158,937
Total assets			$	10,505,367					$	9,968,726					$	9,686,701					$	9,593,625					$	9,600,363
Outstanding borrowings under revolving credit facility			$	—					$	620,000					$	80,000					$	—					$	—
Total Debt			$	3,580,431					$	3,456,214					$	2,922,374					$	2,848,492					$	2,853,883
Total Market Capitalization			$	18,671,083					$	18,379,670					$	16,096,244					$	14,783,745					$	14,226,536
Total Debt to Total Market Capitalization			19.2		%				18.8		%				18.2		%				19.3		%				20.1		%
Net Debt to Adjusted EBITDAre			5.3 x						5.3 x						4.5 x						4.4 x						4.2 x
Net Debt and Preferred Shares to Adjusted EBITDAre			5.9 x						5.9 x						6.0 x						5.9 x						5.7 x
NYSE AMH Class A common share closing price			$	38.12					$	38.85					$	33.34					$	30.00					$	28.48

Portfolio Data - end of period
Occupied single-family properties			53,133						52,645						52,025						51,271						51,090
Single-family properties recently acquired or developed			1,037						411						150						233						82
Single-family properties in turnover process			789						577						744						977						893
Single-family properties leased, not yet occupied			514						563						429						392						351
Total single-family properties, excluding properties held for sale			55,473						54,196						53,348						52,873						52,416
Single-family properties held for sale			604						589						636						711						813
Total single-family properties			56,077						54,785						53,984						53,584						53,229
Total occupancy percentage (1)			95.8		%				97.1		%				97.5		%				97.0		%				97.5		%
Total Average Occupied Days Percentage			97.0		%				97.3		%				97.1		%				97.2		%				96.9		%
Same-Home occupancy percentage (46,832 properties)			98.0		%				98.2		%				98.1		%				97.6		%				97.8		%
Same-Home Average Occupied Days Percentage (46,832 properties)			97.4		%				97.9		%				97.3		%				97.4		%				97.0		%

Other Data
Distributions declared per common share			$	0.10					$	0.10					$	0.10					$	0.05					$	0.05
Distributions declared per Series D perpetual preferred share (2)			$	—					$	0.30					$	0.41					$	0.41					$	0.41
Distributions declared per Series E perpetual preferred share (3)			$	—					$	0.40					$	0.40					$	0.40					$	0.40
Distributions declared per Series F perpetual preferred share			$	0.37					$	0.37					$	0.37					$	0.37					$	0.37
Distributions declared per Series G perpetual preferred share			$	0.37					$	0.37					$	0.37					$	0.37					$	0.37
Distributions declared per Series H perpetual preferred share			$	0.39					$	0.39					$	0.39					$	0.39					$	0.39

(1)Occupancy percentage is calculated based on total single-family properties, excluding properties held for sale.

(2)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption.

(3)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021.

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

American Homes 4 Rent

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Rents and other single-family property revenues			$	339,563					$	307,932					$	965,790					$	875,963
Expenses:
Property operating expenses			134,694						126,174						369,966						344,107
Property management expenses			24,562						21,976						70,677						67,512
General and administrative expense			12,647						12,570						40,645						35,329
Interest expense			31,097						29,267						86,630						88,540
Acquisition and other transaction costs			3,279						1,616						11,093						5,719
Depreciation and amortization			94,494						86,996						275,682						254,653
Total expenses			300,773						278,599						854,693						795,860
Gain on sale and impairment of single-family properties and other, net			9,572						12,206						36,401						28,522
Other income and expense, net			139						(1,386)						1,738						862
Net income			48,501						40,153						149,236						109,487
Noncontrolling interest			5,869						3,819						14,012						9,976
Dividends on preferred shares			5,763						13,782						32,160						41,346
Redemption of perpetual preferred shares			—						—						15,879						—
Net income attributable to common shareholders			$	36,869					$	22,552					$	87,185					$	58,165
Weighted-average common shares outstanding:
Basic			324,002,538						308,080,226						320,267,903						303,319,053
Diluted			326,206,423						308,541,502						321,879,235						303,775,556
Net income attributable to common shareholders per share:
Basic			$	0.11					$	0.07					$	0.27					$	0.19
Diluted			$	0.11					$	0.07					$	0.27					$	0.19

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

American Homes 4 Rent

Funds from Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Net income attributable to common shareholders			$	36,869					$	22,552					$	87,185					$	58,165
Adjustments:
Noncontrolling interests in the Operating Partnership			5,869						3,819						14,012						9,976
Gain on sale and impairment of single-family properties and other, net			(9,572)						(12,206)						(36,401)						(28,522)
Adjustments for unconsolidated joint ventures			723						393						1,554						1,019
Depreciation and amortization			94,494						86,996						275,682						254,653
Less: depreciation and amortization of non-real estate assets			(2,894)						(2,296)						(8,287)						(6,552)
FFO attributable to common share and unit holders			$	125,489					$	99,258					$	333,745					$	288,739
Adjustments:
Acquisition, other transaction costs and other (1)			3,279						4,753						11,093						9,265
Noncash share-based compensation - general and administrative			1,557						1,723						7,722						4,741
Noncash share-based compensation - property management			680						447						2,278						1,327
Redemption of perpetual preferred shares			—						—						15,879						—
Core FFO attributable to common share and unit holders			$	131,005					$	106,181					$	370,717					$	304,072
Recurring Capital Expenditures			(16,921)						(15,397)						(39,789)						(36,292)
Leasing costs			(792)						(1,157)						(2,672)						(3,059)
Adjusted FFO attributable to common share and unit holders			$	113,292					$	89,627					$	328,256					$	264,721
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.33					$	0.28					$	0.89					$	0.81
Core FFO attributable to common share and unit holders			$	0.35					$	0.29					$	0.99					$	0.85
Adjusted FFO attributable to common share and unit holders			$	0.30					$	0.25					$	0.88					$	0.74
Weighted-average FFO shares and units:
Common shares outstanding			324,002,538						308,080,226						320,267,903						303,319,053
Share-based compensation plan and forward sale equity contracts (2)			2,579,441						695,681						1,927,006						691,964
Operating partnership units			51,376,980						52,026,980						51,471,852						52,026,980
Total weighted-average FFO shares and units			377,958,959						360,802,887						373,666,761						356,037,997

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three and nine months ended September 30, 2020.

(2)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

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

American Homes 4 Rent

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Rents from single-family properties			$	286,236					$	258,756					$	831,880					$	754,850
Fees from single-family properties			5,956						4,338						16,656						11,663
Bad debt			(5,352)						(5,097)						(19,278)						(15,927)
Core revenues			286,840						257,997						829,258						750,586
Property tax expense			47,824						45,341						143,212						135,458
HOA fees, net (1)			5,554						5,060						15,823						14,559
R&M and turnover costs, net (1)			26,675						24,030						67,914						64,151
Insurance			2,987						2,467						8,717						7,200
Property management expenses, net (2)			22,813						20,870						66,167						63,547
Core property operating expenses			105,853						97,768						301,833						284,915
Core NOI			$	180,987					$	160,229					$	527,425					$	465,671
Core NOI margin			63.1		%				62.1		%				63.6		%				62.0		%

			For the Three Months Ended Sep 30, 2021
			Same-Home Properties						Stabilized Properties						Non-Stabilized Properties (3)						Held for Sale Properties						Total Single-Family Properties
Property count			46,832						4,445						4,196						604						56,077
Average Occupied Days Percentage			97.4		%				98.5		%				89.3		%				81.3		%				96.9		%
Rents from single-family properties			$	245,501					$	25,009					$	12,894					$	2,832					$	286,236
Fees from single-family properties			4,940						469						497						50						5,956
Bad debt			(4,120)						(364)						(533)						(335)						(5,352)
Core revenues			246,321						25,114						12,858						2,547						286,840
Property tax expense			41,558						3,363						2,190						713						47,824
HOA fees, net (1)			4,752						372						307						123						5,554
R&M and turnover costs, net (1)			22,833						1,512						1,672						658						26,675
Insurance			2,495						293						150						49						2,987
Property management expenses, net (2)			18,757						1,953						1,839						264						22,813
Core property operating expenses			90,395						7,493						6,158						1,807						105,853
Core NOI			$	155,926					$	17,621					$	6,700					$	740					$	180,987
Core NOI margin			63.3		%				70.2		%				52.1		%				29.1		%				63.1		%

(1)Presented net of tenant charge-backs.

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

(3)Includes 1,925 newly acquired properties that do not meet the definition of Stabilized Property at the start of the quarter and 2,271 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.

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

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 Sep 30,																		For the Nine Months Ended Sep 30,
			2021						2020						Change						2021						2020						Change
Number of Same-Home properties			46,832						46,832												46,832						46,832
Occupancy percentage as of period end			98.0		%				97.8		%				0.2		%				98.0		%				97.8		%				0.2		%
Average Occupied Days Percentage			97.4		%				97.0		%				0.4		%				97.5		%				95.9		%				1.6		%
Average Monthly Realized Rent per property			$	1,794					$	1,690					6.2		%				$	1,756					$	1,680					4.5		%
Turnover Rate			8.9		%				9.2		%				(0.3)		%				23.9		%				26.6		%				(2.7)		%
Turnover Rate - TTM			30.7		%				N/A												30.7		%				N/A
Core NOI:
Rents from single-family properties			$	245,501					$	230,206					6.6		%				$	721,855					$	678,986					6.3		%
Fees from single-family properties			4,940						3,757						31.5		%				13,937						10,099						38.0		%
Bad debt			(4,120)						(4,361)						(5.5)		%				(15,832)						(13,709)						15.5		%
Core revenues			246,321						229,602						7.3		%				719,960						675,376						6.6		%
Property tax expense			41,558						40,334						3.0		%				124,863						120,231						3.9		%
HOA fees, net (1)			4,752						4,459						6.6		%				13,633						12,726						7.1		%
R&M and turnover costs, net (1)			22,833						20,861						9.5		%				58,162						55,667						4.5		%
Insurance			2,495						2,131						17.1		%				7,350						6,279						17.1		%
Property management expenses, net (2)			18,757						17,708						5.9		%				55,268						54,648						1.1		%
Core property operating expenses			90,395						85,493						5.7		%				259,276						249,551						3.9		%
Core NOI			$	155,926					$	144,109					8.2		%				$	460,684					$	425,825					8.2		%
Core NOI margin			63.3		%				62.8		%										64.0		%				63.1		%
Recurring Capital Expenditures			14,796						13,677						8.2		%				34,977						33,115						5.6		%
Core NOI After Capital Expenditures			$	141,130					$	130,432					8.2		%				$	425,707					$	392,710					8.4		%
Property Enhancing Capex			$	13,705					$	13,505											$	41,631					$	31,955
Per property:
Average Recurring Capital Expenditures			$	316					$	292					8.2		%				$	747					$	707					5.6		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	804					$	737					9.1		%				$	1,989					$	1,896					4.9		%

(1)Presented net of tenant charge-backs.

(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. 13

American Homes 4 Rent

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

			For the Three Months Ended
			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020
Occupancy percentage as of period end			98.0		%				98.2		%				98.1		%				97.6		%				97.8		%
Average Occupied Days Percentage			97.4		%				97.9		%				97.3		%				97.4		%				97.0		%
Average Monthly Realized Rent per property			$	1,794					$	1,751					$	1,723					$	1,698					$	1,690
Average Change in Rent for Renewals			5.7		%				5.4		%				5.1		%				4.3		%				1.1		%
Average Change in Rent for Re-Leases			15.9		%				13.7		%				10.0		%				7.6		%				6.0		%
Average Blended Change in Rent			9.1		%				8.0		%				6.9		%				5.5		%				2.8		%
Core NOI:
Rents from single-family properties			$	245,501					$	240,868					$	235,486					$	232,346					$	230,206
Fees from single-family properties			4,940						4,618						4,379						4,062						3,757
Bad debt			(4,120)						(5,966)						(5,746)						(5,511)						(4,361)
Core revenues			246,321						239,520						234,119						230,897						229,602
Property tax expense			41,558						41,849						41,456						39,748						40,334
HOA fees, net (1)			4,752						4,595						4,286						4,486						4,459
R&M and turnover costs, net (1)			22,833						19,763						15,566						16,301						20,861
Insurance			2,495						2,455						2,400						2,132						2,131
Property management expenses, net (2)			18,757						17,764						18,747						18,228						17,708
Core property operating expenses			90,395						86,426						82,455						80,895						85,493
Core NOI			$	155,926					$	153,094					$	151,664					$	150,002					$	144,109
Core NOI margin			63.3		%				63.9		%				64.8		%				65.0		%				62.8		%
Recurring Capital Expenditures			14,796						11,638						8,543						8,583						13,677
Core NOI After Capital Expenditures			$	141,130					$	141,456					$	143,121					$	141,419					$	130,432
Property Enhancing Capex			$	13,705					$	15,112					$	12,814					$	13,008					$	13,505
Per property:
Average Recurring Capital Expenditures			$	316					$	249					$	182					$	183					$	292
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	804					$	671					$	514					$	531					$	737

(1)Presented net of tenant charge-backs.

(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. 14

American Homes 4 Rent

Same-Home Results – Operating Metrics by Market

			Number of Properties						Gross Book Value per Property						% of 3Q21 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA			4,147						$	183,115					8.2		%				6.1		%				17.9		%				9.8		%
Dallas-Fort Worth, TX			3,905						167,875						7.6		%				5.7		%				13.8		%				8.3		%
Charlotte, NC			3,442						196,461						7.8		%				5.6		%				15.4		%				8.8		%
Indianapolis, IN			2,751						157,171						4.7		%				5.6		%				15.0		%				9.4		%
Houston, TX			2,529						169,206						4.5		%				4.9		%				9.9		%				6.3		%
Phoenix, AZ			2,590						179,169						5.8		%				8.0		%				26.0		%				13.6		%
Nashville, TN			2,443						217,976						6.4		%				5.5		%				13.9		%				8.2		%
Jacksonville, FL			2,142						176,598						4.6		%				6.0		%				17.9		%				10.4		%
Tampa, FL			2,037						199,223						4.3		%				5.6		%				18.4		%				9.7		%
Columbus, OH			1,959						174,545						4.1		%				5.8		%				14.4		%				8.5		%
Cincinnati, OH			1,923						178,454						4.1		%				5.8		%				14.2		%				9.0		%
Raleigh, NC			1,890						186,313						4.2		%				5.2		%				15.6		%				8.7		%
Greater Chicago area, IL and IN			1,680						185,733						3.1		%				5.6		%				13.8		%				8.0		%
Orlando, FL			1,480						182,503						3.0		%				4.9		%				15.4		%				8.1		%
Salt Lake City, UT			1,338						248,268						3.8		%				6.4		%				18.4		%				9.9		%
Charleston, SC			1,026						197,511						2.2		%				5.2		%				12.6		%				8.3		%
Las Vegas, NV			925						180,082						2.1		%				6.9		%				21.5		%				11.6		%
San Antonio, TX			924						163,947						1.7		%				5.0		%				14.0		%				8.4		%
Savannah/Hilton Head, SC			855						181,873						1.8		%				5.7		%				17.2		%				10.3		%
Austin, TX			711						198,279						1.5		%				5.4		%				14.8		%				8.4		%
All Other (2)			6,135						203,272						14.5		%				5.1		%				16.2		%				8.8		%
Total/Average			46,832						$	186,793					100.0		%				5.7		%				15.9		%				9.1		%

			Average Occupied Days Percentage																		Average Monthly Realized Rent per Property
			3Q21 QTD						3Q20 QTD						Change						3Q21 QTD						3Q20 QTD						Change
Atlanta, GA			97.3		%				97.0		%				0.3		%				$	1,782					$	1,677					6.3		%
Dallas-Fort Worth, TX			97.0		%				96.4		%				0.6		%				1,896						1,795						5.6		%
Charlotte, NC			97.1		%				97.9		%				(0.8)		%				1,746						1,649						5.9		%
Indianapolis, IN			96.8		%				97.1		%				(0.3)		%				1,574						1,481						6.3		%
Houston, TX			97.2		%				96.1		%				1.1		%				1,765						1,698						3.9		%
Phoenix, AZ			98.0		%				98.0		%				—		%				1,688						1,532						10.2		%
Nashville, TN			97.3		%				95.9		%				1.4		%				1,907						1,792						6.4		%
Jacksonville, FL			97.8		%				97.1		%				0.7		%				1,736						1,625						6.8		%
Tampa, FL			98.4		%				96.9		%				1.5		%				1,857						1,745						6.4		%
Columbus, OH			97.0		%				98.2		%				(1.2)		%				1,802						1,697						6.2		%
Cincinnati, OH			97.4		%				97.1		%				0.3		%				1,767						1,660						6.4		%
Raleigh, NC			97.6		%				96.7		%				0.9		%				1,666						1,580						5.4		%
Greater Chicago area, IL and IN			98.3		%				97.6		%				0.7		%				2,014						1,919						5.0		%
Orlando, FL			98.1		%				96.1		%				2.0		%				1,824						1,738						4.9		%
Salt Lake City, UT			97.7		%				97.4		%				0.3		%				1,966						1,833						7.3		%
Charleston, SC			96.9		%				96.6		%				0.3		%				1,864						1,754						6.3		%
Las Vegas, NV			97.4		%				97.7		%				(0.3)		%				1,772						1,639						8.1		%
San Antonio, TX			96.6		%				95.5		%				1.1		%				1,674						1,583						5.7		%
Savannah/Hilton Head, SC			98.5		%				96.6		%				1.9		%				1,697						1,609						5.5		%
Austin, TX			97.5		%				96.9		%				0.6		%				1,814						1,714						5.8		%
All Other (2)			97.2		%				97.0		%				0.2		%				1,834						1,730						6.0		%
Total/Average			97.4		%				97.0		%				0.4		%				$	1,794					$	1,690					6.2		%

(1)Reflected for the three months ended September 30, 2021.

(2)Represents 15 markets in 13 states.

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

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands)

			Sep 30, 2021						Dec 31, 2020
			(Unaudited)
Assets
Single-family properties:
Land			$	2,001,598					$	1,836,798
Buildings and improvements			8,947,009						8,163,023
Single-family properties in operation			10,948,607						9,999,821
Less: accumulated depreciation			(1,993,507)						(1,754,433)
Single-family properties in operation, net			8,955,100						8,245,388
Single-family properties under development and development land			733,260						510,365
Single-family properties held for sale, net			106,232						129,026
Total real estate assets, net			9,794,592						8,884,779
Cash and cash equivalents			63,997						137,060
Restricted cash			137,997						128,017
Rent and other receivables			53,414						41,544
Escrow deposits, prepaid expenses and other assets			198,836						163,171
Investments in unconsolidated joint ventures			110,586						93,109
Asset-backed securitization certificates			25,666						25,666
Goodwill			120,279						120,279
Total assets			$	10,505,367					$	9,593,625
Liabilities
Revolving credit facility			$	—					$	—
Asset-backed securitizations, net			1,913,322						1,927,607
Unsecured senior notes, net			1,621,342						889,805
Accounts payable and accrued expenses			388,048						298,949
Amounts payable to affiliates			—						4,834
Total liabilities			3,922,712						3,121,195
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares			3,338						3,160
Class B common shares			6						6
Preferred shares			154						354
Additional paid-in capital			6,353,611						6,223,256
Accumulated deficit			(452,949)						(443,522)
Accumulated other comprehensive income			1,933						5,840
Total shareholders’ equity			5,906,093						5,789,094
Noncontrolling interest			676,562						683,336
Total equity			6,582,655						6,472,430
Total liabilities and equity			$	10,505,367					$	9,593,625

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

American Homes 4 Rent

Debt Summary as of September 30, 2021

(Amounts in thousands)

(Unaudited)

			Secured						Unsecured						Total Balance						% of Total						Interest Rate (1)						Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)			$	—					$	—					$	—					—		%				1.18		%				4.5
Total floating rate debt			—						—						—						—		%				1.18		%				4.5
Fixed rate debt:
AH4R 2014-SFR2			475,336						—						475,336						13.3		%				4.42		%				3.0
AH4R 2014-SFR3			490,585						—						490,585						13.7		%				4.40		%				3.2
AH4R 2015-SFR1			516,249						—						516,249						14.3		%				4.14		%				23.5
AH4R 2015-SFR2			448,261						—						448,261						12.5		%				4.36		%				24.0
2028 unsecured senior notes			—						500,000						500,000						14.0		%				4.08		%				6.4
2029 unsecured senior notes			—						400,000						400,000						11.2		%				4.90		%				7.4
2031 unsecured senior notes			—						450,000						450,000						12.6		%				2.46		%				9.8
2051 unsecured senior notes			—						300,000						300,000						8.4		%				3.38		%				29.8
Total fixed rate debt			1,930,431						1,650,000						3,580,431						100.0		%				4.04		%				12.7
Total Debt			$	1,930,431					$	1,650,000					3,580,431						100.0		%				4.04		%				12.7
Unamortized discounts and loan costs															(45,767)
Total debt per balance sheet															$	3,534,664

Maturity Schedule by Year (2)						Total Debt						% of Total
Remaining 2021						$	5,179					0.1		%
2022						20,714						0.6		%
2023						20,714						0.6		%
2024						952,795						26.5		%
2025						10,302						0.3		%
2026						10,302						0.3		%
2027						10,302						0.3		%
2028						510,302						14.3		%
2029						410,302						11.5		%
2030						10,302						0.3		%
Thereafter						1,619,217						45.2		%
Total						$	3,580,431					100.0		%

(1)Interest rates are as of September 30, 2021 and reflect the effect of any hedging instruments, as applicable.

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

(3)The interest rate shown above reflects the Company’s LIBOR-based borrowing rate, based on 1-month LIBOR and applicable margin as of period end. Balance reflects borrowings outstanding as of September 30, 2021.

Interest Expense Reconciliation

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
(Amounts in thousands)			2021						2020						2021						2020
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	31,097					$	29,267					$	86,630					$	88,540
Less: amortization of discounts, loan costs and cash flow hedge			(2,462)						(1,867)						(6,290)						(5,564)
Add: capitalized interest			9,064						4,808						21,829						14,529
Cash interest			$	37,699					$	32,208					$	102,169					$	97,505

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

American Homes 4 Rent

Capital Structure and Credit Metrics as of September 30, 2021

(Amounts in thousands, except share and per share data)

(Unaudited)

Total Capitalization
Total Debt												$	3,580,431					19.2		%
Total preferred shares												385,000						2.1		%
Common equity at market value:
Common shares outstanding						334,395,633
Operating partnership units						51,376,980
Total shares and units						385,772,613
NYSE AMH Class A common share closing price at September 30, 2021						$	38.12
Market value of common shares and operating partnership units												14,705,652						78.7		%
Total Market Capitalization												$	18,671,083					100.0		%

Preferred Shares						Earliest Redemption Date						Outstanding Shares																		Annual Dividend Per Share						Annual Dividend Amount
Series																		Per Share						Total
5.875% Series F Perpetual Preferred Shares						4/24/2022						6,200,000						$	25.00					$	155,000					$	1.469					$	9,106
5.875% Series G Perpetual Preferred Shares						7/17/2022						4,600,000						$	25.00					115,000						$	1.469					6,756
6.250% Series H Perpetual Preferred Shares						9/19/2023						4,600,000						$	25.00					115,000						$	1.563					7,188
Total preferred shares												15,400,000												$	385,000											$	23,050

Credit Ratios

Credit Ratings

Net Debt to Adjusted EBITDAre

5.3 x

Rating Agency

Rating

Outlook

Net Debt and Preferred Shares to Adjusted EBITDAre

5.9 x

Moody's Investor Service

Baa3

Stable

Fixed Charge Coverage

3.6 x

S&P Global Ratings

BBB-

Positive

Unencumbered Core NOI percentage

67.7

%

Unsecured Senior Notes Covenant Ratios						Requirement									Actual
Ratio of Indebtedness to Total Assets						<			60.0		%				29.2		%
Ratio of Secured Debt to Total Assets						<			40.0		%				15.7		%
Ratio of Unencumbered Assets to Unsecured Debt						>			150.0		%				551.8		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense						>			1.50 x						4.79 x

Unsecured Credit Facility Covenant Ratios						Requirement									Actual
Ratio of Total Indebtedness to Total Asset Value						<			60.0		%				29.6		%
Ratio of Secured Indebtedness to Total Asset Value						<			40.0		%				14.8		%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value						<			60.0		%				22.7		%
Ratio of EBITDA to Fixed Charges						>			1.50 x						3.29 x
Ratio of Unencumbered NOI to Unsecured Interest Expense						>			1.75 x						9.97 x

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

American Homes 4 Rent

Top 20 Markets Summary as of September 30, 2021

Property Information (1)

Market						Number of Properties						Percentage of Total Properties						Gross Book Value per Property						Avg. Sq. Ft.						Avg. Age (years)
Atlanta, GA						5,404						9.7		%				$	197,702					2,165						17.3
Dallas-Fort Worth, TX						4,313						7.8		%				168,879						2,117						17.4
Charlotte, NC						3,873						7.0		%				202,143						2,097						16.9
Phoenix, AZ						3,291						5.9		%				190,418						1,835						17.8
Houston, TX						2,917						5.3		%				168,444						2,099						15.7
Nashville, TN						3,024						5.5		%				225,588						2,106						15.6
Indianapolis, IN						2,916						5.3		%				162,080						1,929						18.8
Tampa, FL						2,612						4.7		%				210,645						1,944						14.8
Jacksonville, FL						2,640						4.8		%				194,475						1,937						14.5
Raleigh, NC						2,156						3.9		%				191,654						1,882						16.0
Columbus, OH						2,129						3.8		%				181,596						1,869						19.5
Cincinnati, OH						2,099						3.8		%				185,324						1,852						18.9
Orlando, FL						1,817						3.3		%				193,181						1,902						18.7
Greater Chicago area, IL and IN						1,713						3.1		%				186,003						1,871						20.1
Salt Lake City, UT						1,687						3.0		%				271,706						2,196						16.9
Charleston, SC						1,385						2.5		%				214,394						1,979						12.0
Las Vegas, NV						1,418						2.6		%				221,721						1,869						15.2
Austin, TX (3)						781						1.4		%				200,229						1,957						13.0
San Antonio, TX (3)						1,254						2.3		%				180,099						1,951						13.9
Savannah/Hilton Head, SC						944						1.7		%				187,872						1,875						13.5
All Other (4)						7,100						12.6		%				217,564						1,902						16.6
Total/Average						55,473						100.0		%				$	197,368					1,987						16.7

Leasing Information (1)

Market												Avg. Occupied Days Percentage (2)						Avg. Monthly Realized Rent per Property (2)						Avg. Change in Rent for Renewals (2)						Avg. Change in Rent for Re-Leases (2)						Avg. Blended Change in Rent (2)
Atlanta, GA												97.0		%				$	1,803					6.1		%				18.0		%				9.8		%
Dallas-Fort Worth, TX												96.8		%				1,905						5.7		%				13.7		%				8.3		%
Charlotte, NC												96.8		%				1,761						5.6		%				15.6		%				8.9		%
Phoenix, AZ												97.7		%				1,685						8.1		%				26.4		%				13.6		%
Houston, TX												96.0		%				1,766						4.9		%				10.0		%				6.5		%
Nashville, TN												97.0		%				1,893						5.4		%				13.8		%				8.0		%
Indianapolis, IN												96.5		%				1,584						5.6		%				15.0		%				9.4		%
Tampa, FL												98.2		%				1,879						5.5		%				17.9		%				9.5		%
Jacksonville, FL												97.6		%				1,758						5.9		%				17.8		%				10.4		%
Raleigh, NC												97.0		%				1,677						5.2		%				15.4		%				8.6		%
Columbus, OH												96.9		%				1,820						5.7		%				14.3		%				8.5		%
Cincinnati, OH												97.0		%				1,771						5.8		%				14.2		%				9.0		%
Orlando, FL												98.1		%				1,844						4.9		%				15.1		%				7.9		%
Greater Chicago area, IL and IN												97.9		%				2,029						5.6		%				13.7		%				8.0		%
Salt Lake City, UT												97.2		%				1,986						6.4		%				17.9		%				9.7		%
Charleston, SC												96.6		%				1,903						5.3		%				12.6		%				8.4		%
Las Vegas, NV												96.9		%				1,828						6.9		%				21.1		%				11.3		%
Austin, TX												96.1		%				1,835						5.4		%				14.9		%				8.4		%
San Antonio, TX												96.1		%				1,716						5.2		%				14.1		%				8.4		%
Savannah/Hilton Head, SC												98.5		%				1,711						5.7		%				17.2		%				10.1		%
All Other (4)												96.6		%				1,853						5.0		%				16.2		%				8.7		%
Total/Average												97.0		%				$	1,809					5.7		%				15.9		%				9.0		%

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

(2)Reflected for the three months ended September 30, 2021.

(3)263 properties were reclassified from Austin, TX to San Antonio, TX during the three months ended September 30, 2021 as a result of property reassignments between district offices.

(4)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 19

American Homes 4 Rent

Property Additions

						3Q21 Additions												YTD 3Q21 Additions
Market						Number of Properties						Average Total Investment Cost (1)						Number of Properties						Average Total Investment Cost (1)
Atlanta, GA						172						$	342,859					464						$	320,240
Las Vegas, NV						132						374,105						291						348,656
Jacksonville, FL						98						328,200						220						304,691
Seattle, WA						81						453,294						106						434,221
Tucson, AZ						73						337,631						135						317,207
Phoenix, AZ						72						432,747						150						394,430
Salt Lake City, UT						71						447,878						94						424,559
Boise, ID						69						392,174						84						391,883
Cincinnati, OH						61						307,065						130						298,869
Nashville, TN						59						366,048						131						345,491
Charleston, SC						58						299,195						147						294,253
Tampa, FL						57						330,570						153						309,504
Indianapolis, IN						56						313,538						111						299,310
San Antonio, TX						49						278,288						137						259,046
Columbus, OH						43						334,544						70						327,297
Charlotte, NC						29						357,896						72						331,662
Savannah/Hilton Head, SC						28						322,727						28						322,727
Raleigh, NC						25						375,924						45						335,203
Colorado Springs, CO						23						471,127						30						464,071
Greenville, SC						23						285,954						35						260,277
All Other (2)						103						331,322						227						313,809
Total/Average						1,382						$	357,709					2,860						$	330,956

(1)Reflects on a per property basis Estimated Total Investment Cost of traditional channel acquisitions and purchase price, including closing costs, or total internal development costs of newly constructed homes.

(2)Represents 10 markets in seven states.

Property Dispositions

						Sep 30, 2021 Single-Family Properties Held for Sale						3Q21 Dispositions												YTD 3Q21 Dispositions
Market												Number of Properties						Average Net Proceeds per Property						Number of Properties						Average Net Proceeds per Property
Inland Empire, CA						143						11						$	423,273					31						$	406,747
Greater Chicago area, IL and IN						119						8						202,250						29						204,430
Houston, TX						81						15						209,600						44						209,610
Bay Area, CA						56						3						689,333						9						551,074
Central Valley, CA						54						2						305,000						8						251,687
Atlanta, GA						23						17						279,294						52						274,490
Dallas-Fort Worth, TX						18						3						344,667						20						320,809
Nashville, TN						13						2						401,500						16						295,630
Orlando, FL						12						2						292,500						11						259,440
Charlotte, NC						10						1						332,000						5						341,386
Tampa, FL						10						1						220,000						9						319,898
Cincinnati, OH						9						3						241,000						13						225,298
Miami, FL						9						2						317,000						5						276,083
Oklahoma City, OK						6						6						221,500						16						211,200
Austin, TX						5						2						425,000						18						248,306
San Antonio, TX						5						—						—						14						211,315
Indianapolis, IN						4						1						263,000						8						235,131
Milwaukee, WI						4						—						—						2						293,105
Raleigh, NC						4						2						100,000						7						254,732
Jacksonville, FL						3						—						—						2						230,583
All Other (1)						16						9						338,778						48						289,116
Total/Average						604						90						$	298,511					367						$	276,018

(1)Represents 16 markets in 10 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 20

American Homes 4 Rent

AMH Development Pipeline Summary as of September 30, 2021

						YTD 3Q21 Deliveries																		Sep 30, 2021 Lots for Future Delivery (1)
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Atlanta, GA						286						$	286,000					$	2,050					1,078
Las Vegas, NV						168						288,000						2,070						915
Seattle, WA						148						391,000						2,560						378
Charlotte, NC						122						298,000						2,110						755
Nashville, TN						120						298,000						2,080						723
Salt Lake City, UT						95						394,000						2,360						526
San Antonio, TX						83						237,000						1,940						16
Tampa, FL						78						257,000						2,010						914
Charleston, SC						77						260,000						1,940						1,064
Jacksonville, FL						71						263,000						1,930						725
Boise, ID						58						321,000						2,310						573
Orlando, FL						45						273,000						2,000						979
Phoenix, AZ						28						318,000						2,040						304
Denver, CO						5						340,000						2,260						395
Raleigh, NC						3						293,000						2,110						71
Columbus, OH						—						—						—						94
Total/Average						1,387						$	302,000					$	2,120					9,510

Estimated Delivery Timing

						Dec 31, 2020 Lots for Future Delivery (1)						YTD 3Q21 Lots Acquired						YTD 3Q21 Deliveries						Full Year Estimated 2021 Deliveries (3)						Deliveries Thereafter (3)
Consolidated development properties						5,875						3,417						923						1,275 – 1,325						7,992
Joint venture development properties (2)						1,196						409						464						725 – 775						855
Total development properties						7,071						3,826						1,387						2,000 – 2,100						8,847

(1)Represents lots owned by the Company for future home deliveries. Lots controlled in escrow are not included.

(2)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

(3)Reflects the Company’s latest development program estimates as of November 4, 2021.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 21

American Homes 4 Rent

Lease Expirations

						MTM						4Q21						1Q22						2Q22						3Q22						Thereafter
Lease expirations						3,438						7,557						12,437						12,945						12,644						4,626

Share Repurchase / ATM Share Issuance History

(Amounts in thousands, except share and per share data)

						Share Repurchases																		ATM Share Issuances
Period						Common Shares Repurchased						Purchase Price						Avg. Price Paid Per Share						Common Shares Issued						Gross Proceeds						Avg. Issuance Price Per Share
2018						1,804,163						$	34,933					$	19.36					—						$	—					$	—
2019						—						—						—						—						—						—
2020						—						—						—						86,130						2,414						28.03
1Q21						—						—						—						—						—						—
2Q21						—						—						—						—						—						—
3Q21						—						—						—						—						—						—
Total						1,804,163						34,933						$	19.36					86,130						2,414						$	28.03
						Remaining authorization:						$	265,067											Remaining authorization:						$	497,586

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.”

						HPA Index (1)																																																																		HPA Index Change
Market (2)						Dec 31, 2012						Dec 31, 2013						Dec 31, 2014						Dec 31, 2015						Dec 31, 2016						Dec 31, 2017						Dec 31, 2018						Dec 31, 2019						Dec 31, 2020						Mar 31, 2021						Jun 30, 2021
Atlanta, GA						100.0						114.2						122.3						132.0						143.0						152.6						165.1						174.0						191.8						197.9						208.3						108.3		%
Dallas-Fort Worth, TX (3)						100.0						108.4						115.2						127.6						140.1						153.7						160.7						167.4						180.4						187.6						202.2						102.2		%
Charlotte, NC						100.0						113.4						118.8						126.8						136.6						148.2						157.5						165.1						185.9						195.1						206.0						106.0		%
Phoenix, AZ						100.0						118.0						123.3						135.9						146.1						157.2						170.2						180.7						207.3						219.9						238.0						138.0		%
Houston, TX						100.0						110.8						123.1						130.1						133.0						137.0						139.7						144.4						150.2						155.7						158.8						58.8		%
Nashville, TN						100.0						111.0						117.4						131.1						141.1						156.6						165.0						173.2						190.4						199.8						211.6						111.6		%
Indianapolis, IN						100.0						106.4						112.3						117.8						124.5						134.2						142.3						152.7						170.6						178.8						185.4						85.4		%
Tampa, FL						100.0						113.0						121.1						132.3						149.1						160.4						173.4						186.6						208.4						217.6						235.6						135.6		%
Jacksonville, FL						100.0						114.2						121.7						127.7						142.3						150.6						166.7						177.6						189.9						201.3						211.2						111.2		%
Raleigh, NC						100.0						106.7						111.6						120.0						130.8						135.8						146.0						153.0						167.4						173.7						185.3						85.3		%
Columbus, OH						100.0						108.9						114.5						120.8						131.5						141.8						148.9						157.4						175.9						183.1						195.1						95.1		%
Cincinnati, OH						100.0						104.9						111.2						115.7						121.4						128.3						136.2						143.2						160.3						166.2						176.2						76.2		%
Orlando, FL						100.0						110.3						123.5						135.4						144.9						158.9						168.6						184.6						195.9						202.9						214.5						114.5		%
Greater Chicago, IL and IN						100.0						111.0						115.1						118.8						126.3						130.5						133.7						135.5						146.5						149.5						157.4						57.4		%
Salt Lake City, UT						100.0						109.4						114.5						123.2						133.0						146.5						158.8						170.4						196.9						210.4						228.8						128.8		%
Charleston, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						194.1						215.3						115.3		%
Las Vegas, NV						100.0						125.1						141.3						149.0						161.5						182.0						207.9						215.9						232.9						242.4						261.2						161.2		%
Austin, TX						100.0						110.1						121.4						133.3						144.7						154.7						161.9						176.8						201.4						223.2						254.6						154.6		%
San Antonio, TX						100.0						101.1						108.0						113.9						124.7						133.8						137.7						145.4						157.2						165.5						173.1						73.1		%
Savannah/Hilton Head, SC (4)						100.0						109.4						119.9						137.0						148.0						165.5						165.8						171.4						189.9						194.1						215.3						115.3		%
Average																																																																								106.7		%

(1)Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20th day of the second month following quarter-end. Accordingly, information in the above table has been presented through June 30, 2021. 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)Reflects top 20 markets as of September 30, 2021.

(3)Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington-Grapevine Metropolitan Divisions.

(4)Our Charleston, SC and Savannah/Hilton Head, SC markets are both indexed to the Charleston-North Charleston Metropolitan Division.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 22

American Homes 4 Rent

2021 Guidance

The Company is providing revised 2021 guidance based on its current and expected views of the single-family rental market and general economic conditions. However, the extent to which the pandemic may continue to impact us and our residents will continue to depend on future developments. These include resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others. We will continue to monitor these events which may result in future revisions to our guidance estimates.

Guidance Summary

			Full Year 2021
			Previous Guidance						Current Guidance
Core FFO attributable to common share and unit holders			$1.29 - $1.35						$1.34 - $1.38
Core FFO attributable to common share and unit holders growth			11.2% - 16.4%						15.5% - 19.0%
Same-Home
Core revenues growth			5.00% - 6.00%						6.50% - 7.00%
Core property operating expenses growth			4.00% - 5.50%						4.25% - 5.25%
Core NOI growth			5.25% - 6.75%						7.50% - 8.50%

Changes to Full Year 2021 guidance:

•Updates to Full Year 2021 guidance reflect strengthened core revenues outlook primarily driven by strong occupancy and leasing results as well as additional contribution from our external growth program which we have increased by approximately $200 million to a new range of $1.6 billion to $1.8 billion, which now includes between 3,700 and 4,100 wholly-owned inventory additions as well as increased investments into our wholly-owned land and development pipeline and pro-rata share of joint venture investments. When combined with 100% of gross joint venture investments, we now expect to deploy total gross capital of $1.8 billion to $2.0 billion for the year.

Note: The Company does not provide guidance for the most comparable GAAP financial measures of net income or loss, total revenues and property operating expenses, or a reconciliation of the above-listed forward-looking non-GAAP financial measures to the comparable GAAP financial measures because we are unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, net gain or loss on sales and impairment of single-family properties, casualty loss, Non-Same-Home revenues and Non-Same-Home property operating expenses. These items are uncertain, depend on various factors and could have a material impact on our GAAP results for the guidance period.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. 23

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

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 comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for the Total Single-Family Properties portfolio.

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, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about 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 Recurring Capital Expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe provides useful information to investors 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 or loss or net cash flows from operating activities (as computed in accordance with GAAP).

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home 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 three and nine months ended September 30, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	339,563					$	307,932					$	965,790					$	875,963
Tenant charge-backs			(52,723)						(49,935)						(136,532)						(125,377)
Core revenues			286,840						257,997						829,258						750,586
Less: Non-Same-Home core revenues			40,519						28,395						109,298						75,210
Same-Home core revenues			$	246,321					$	229,602					$	719,960					$	675,376

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	134,694					$	126,174					$	369,966					$	344,107
Property management expenses			24,562						21,976						70,677						67,512
Noncash share-based compensation - property management			(680)						(447)						(2,278)						(1,327)
Expenses reimbursed by tenant charge-backs			(52,723)						(49,935)						(136,532)						(125,377)
Core property operating expenses			105,853						97,768						301,833						284,915
Less: Non-Same-Home core property operating expenses			15,458						12,275						42,557						35,364
Same-Home core property operating expenses			$	90,395					$	85,493					$	259,276					$	249,551

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	48,501					$	40,153					$	149,236					$	109,487
Gain on sale and impairment of single-family properties and other, net			(9,572)						(12,206)						(36,401)						(28,522)
Depreciation and amortization			94,494						86,996						275,682						254,653
Acquisition and other transaction costs			3,279						1,616						11,093						5,719
Noncash share-based compensation - property management			680						447						2,278						1,327
Interest expense			31,097						29,267						86,630						88,540
General and administrative expense			12,647						12,570						40,645						35,329
Other income and expense, net			(139)						1,386						(1,738)						(862)
Core NOI			180,987						160,229						527,425						465,671
Less: Non-Same-Home Core NOI			25,061						16,120						66,741						39,846
Same-Home Core NOI			155,926						144,109						460,684						425,825
Less: Same-Home Recurring Capital Expenditures			14,796						13,677						34,977						33,115
Same-Home Core NOI After Capital Expenditures			$	141,130					$	130,432					$	425,707					$	392,710

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home 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 trailing five quarters (amounts in thousands):

			For the Three Months Ended
			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	339,563					$	313,654					$	312,573					$	296,551					$	307,932
Tenant charge-backs			(52,723)						(38,014)						(45,795)						(35,430)						(49,935)
Core revenues			286,840						275,640						266,778						261,121						257,997
Less: Non-Same-Home core revenues			40,519						36,120						32,659						30,224						28,395
Same-Home core revenues			$	246,321					$	239,520					$	234,119					$	230,897					$	229,602

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	134,694					$	116,578					$	118,694					$	106,160					$	126,174
Property management expenses			24,562						22,416						23,699						22,380						21,976
Noncash share-based compensation - property management			(680)						(599)						(999)						(418)						(447)
Expenses reimbursed by tenant charge-backs			(52,723)						(38,014)						(45,795)						(35,430)						(49,935)
Core property operating expenses			105,853						100,381						95,599						92,692						97,768
Less: Non-Same-Home core property operating expenses			15,458						13,955						13,144						11,797						12,275
Same-Home core property operating expenses			$	90,395					$	86,426					$	82,455					$	80,895					$	85,493

Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income			$	48,501					$	51,814					$	48,921					$	45,342					$	40,153
Gain on sale and impairment of single-family properties and other, net			(9,572)						(10,760)						(16,069)						(10,251)						(12,206)
Depreciation and amortization			94,494						91,117						90,071						88,500						86,996
Acquisition and other transaction costs			3,279						2,968						4,846						3,579						1,616
Noncash share-based compensation - property management			680						599						999						418						447
Interest expense			31,097						27,528						28,005						28,498						29,267
General and administrative expense			12,647						12,793						15,205						13,188						12,570
Other income and expense, net			(139)						(800)						(799)						(845)						1,386
Core NOI			180,987						175,259						171,179						168,429						160,229
Less: Non-Same-Home Core NOI			25,061						22,165						19,515						18,427						16,120
Same-Home Core NOI			155,926						153,094						151,664						150,002						144,109
Less: Same-Home Recurring Capital Expenditures			14,796						11,638						8,543						8,583						13,677
Same-Home Core NOI After Capital Expenditures			$	141,130					$	141,456					$	143,121					$	141,419					$	130,432

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	180,987					$	175,259					$	171,179					$	168,429					$	160,229
Less: Encumbered Core NOI			57,191						56,243						55,712						55,432						52,573
Unencumbered Core NOI			$	123,796					$	119,016					$	115,467					$	112,997					$	107,656

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(Unaudited)

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.

Net Debt to Adjusted EBITDAre and Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020
Total Debt			$	3,580,431					$	3,456,214					$	2,922,374					$	2,848,492					$	2,853,883
Less: cash and cash equivalents			(63,997)						(40,585)						(75,237)						(137,060)						(315,808)
Less: asset-backed securitization certificates			(25,666)						(25,666)						(25,666)						(25,666)						(25,666)
Less: restricted cash related to securitizations			(36,559)						(42,115)						(40,439)						(36,015)						(35,315)
Net debt			$	3,454,209					$	3,347,848					$	2,781,032					$	2,649,751					$	2,477,094
Preferred shares at liquidation value			385,000						385,000						883,750						883,750						883,750
Net debt and preferred shares			$	3,839,209					$	3,732,848					$	3,664,782					$	3,533,501					$	3,360,844
Adjusted EBITDAre - TTM			$	656,090					$	636,857					$	611,661					$	598,806					$	588,847
Net Debt to Adjusted EBITDAre			5.3 x						5.3 x						4.5 x						4.4 x						4.2 x
Net Debt and Preferred Shares to Adjusted EBITDAre			5.9 x						5.9 x						6.0 x						5.9 x						5.7 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Sep 30, 2021
Interest expense per income statement			$	115,128
Less: amortization of discounts, loan costs and cash flow hedge			(8,157)
Add: capitalized interest			27,296
Cash interest			134,267
Dividends on preferred shares			45,942
Fixed charges			$	180,209
Adjusted EBITDAre - TTM			$	656,090
Fixed Charge Coverage			3.6 x

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Sep 30, 2021
(Amounts in thousands)			Dec 31, 2020						Mar 31, 2021						Jun 30, 2021						Sep 30, 2021
Unencumbered Core NOI			$	112,997					$	115,467					$	119,016					$	123,796					$	471,276
Core NOI			168,429						171,179						175,259						180,987						695,854
Unencumbered Core NOI Percentage																											67.7		%

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(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre 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. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net which result in material charges to the impacted single-family properties, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands):

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
			2021						2020						2021						2020
Net income			$	48,501					$	40,153					$	149,236					$	109,487
Interest expense			31,097						29,267						86,630						88,540
Depreciation and amortization			94,494						86,996						275,682						254,653
EBITDA			$	174,092					$	156,416					$	511,548					$	452,680
Gain on sale and impairment of single-family properties and other, net			(9,572)						(12,206)						(36,401)						(28,522)
Adjustments for unconsolidated joint ventures			723						393						1,554						1,019
EBITDAre			$	165,243					$	144,603					$	476,701					$	425,177
Noncash share-based compensation - general and administrative			1,557						1,723						7,722						4,741
Noncash share-based compensation - property management			680						447						2,278						1,327
Acquisition, other transaction costs and other (1)			3,279						4,753						11,093						9,265
Adjusted EBITDAre			$	170,759					$	151,526					$	497,794					$	440,510
Recurring Capital Expenditures			(16,921)						(15,397)						(39,789)						(36,292)
Leasing costs			(792)						(1,157)						(2,672)						(3,059)
Fully Adjusted EBITDAre			$	153,046					$	134,972					$	455,333					$	401,159
Rents and other single-family property revenues			$	339,563					$	307,932					$	965,790					$	875,963
Less: tenant charge-backs			(52,723)						(49,935)						(136,532)						(125,377)
Adjustments for unconsolidated joint ventures - income			2,757						1,761						7,395						3,904
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	289,597					$	259,758					$	836,653					$	754,490
Adjusted EBITDAre Margin			59.0		%				58.3		%				59.5		%				58.4		%
Fully Adjusted EBITDAre Margin			52.8		%				52.0		%				54.4		%				53.2		%

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three and nine months ended September 30, 2020.

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve month periods (amounts in thousands):

			For the Trailing Twelve Months Ended
			Sep 30, 2021						Jun 30, 2021						Mar 31, 2021						Dec 31, 2020						Sep 30, 2020
Net income			$	194,578					$	186,230					$	166,223					$	154,829					$	150,951
Interest expense			115,128						113,298						115,328						117,038						119,703
Depreciation and amortization			364,182						356,684						350,403						343,153						337,872
EBITDA			$	673,888					$	656,212					$	631,954					$	615,020					$	608,526
Gain on sale and impairment of single-family properties and other, net			(46,652)						(49,286)						(48,523)						(38,773)						(38,920)
Adjustments for unconsolidated joint ventures			1,887						1,557						1,496						1,352						1,840
EBITDAre			$	629,123					$	608,483					$	584,927					$	577,599					$	571,446
Noncash share-based compensation - general and administrative			9,554						9,720						9,546						6,573						5,687
Noncash share-based compensation - property management			2,696						2,463						2,305						1,745						1,680
Acquisition, other transaction costs and other (1)			14,717						16,191						14,883						12,889						10,034
Adjusted EBITDAre			$	656,090					$	636,857					$	611,661					$	598,806					$	588,847

(1)Included in acquisition, other transaction costs and other is a net $2.9 million nonrecurring expense related to a legal matter involving a former employee during the three months ended September 30, 2020.

Estimated Total Investment Cost

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

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 definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding 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 adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

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 and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

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) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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 investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because 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, provide useful information to investors because 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 or net cash provided by operating activities, each 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 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.

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).

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Platform Efficiency Percentage

Platform 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 rents and other single-family property revenues, net of tenant charge-backs.

			For the Three Months Ended Sep 30,												For the Nine Months Ended Sep 30,
(Amounts in thousands)			2021						2020						2021						2020
Property management expenses			$	24,562					$	21,976					$	70,677					$	67,512
Less: tenant charge-backs			(1,069)						(659)						(2,232)						(2,638)
Less: noncash share-based compensation - property management			(680)						(447)						(2,278)						(1,327)
Property management expenses, net			22,813						20,870						66,167						63,547
General and administrative expense			12,647						12,570						40,645						35,329
Less: noncash share-based compensation - general and administrative			(1,557)						(1,723)						(7,722)						(4,741)
General and administrative expense, net			11,090						10,847						32,923						30,588
Leasing costs			792						1,157						2,672						3,059
Platform costs			$	34,695					$	32,874					$	101,762					$	97,194
Rents and other single-family property revenues			$	339,563					$	307,932					$	965,790					$	875,963
Less: tenant charge-backs			(52,723)						(49,935)						(136,532)						(125,377)
Total portfolio rents and fees			$	286,840					$	257,997					$	829,258					$	750,586
Platform Efficiency Percentage			12.1		%				12.7		%				12.3		%				12.9		%

Property Enhancing Capex

Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

Recurring Capital Expenditures

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

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(Unaudited)

Retained Cash Flow

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

			For the Three Months Ended Sep 30, 2021
Adjusted FFO attributable to common share and unit holders			$	113,292
Common distributions			(37,551)
Retained Cash Flow			$	75,741

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 by the Company 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 first considered non-stabilized, as an entire group, until (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. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Total Debt

Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts 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.

33

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, and the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of August 17, 2016, as amended by Amendment No. 1 to Credit Agreement dated as of June 30, 2017 and Amendment No. 2 to Credit Agreement dated as of April 15, 2021, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company’s subsequent filings with the SEC.

34

Executive Management
David P. Singelyn						Jack Corrigan
Chief Executive Officer						Chief Investment Officer
Bryan Smith						Christopher C. Lau
Chief Operating Officer						Chief Financial Officer
Sara H. Vogt-Lowell
Chief Legal Officer
Corporate Information						Investor Relations
American Homes 4 Rent						(855) 794-AH4R (2447)
23975 Park Sorrento, Suite 300						investors@ah4r.com
Calabasas, CA 91302
(805) 413-5300
www.americanhomes4rent.com

Analyst Coverage (1)
B. Riley Securities			BTIG			Barclays			Berenberg Capital Markets
Craig Kucera			Ryan Gilbert			Anthony Powell			Keegan Carl
craigkucera@brileyfbr.com			rgilbert@btig.com			anthony.powell@barclays.com			keegan.carl@berenberg-us.com
BofA Global Research			Citi			Credit Suisse			Evercore ISI
Jeff Spector			Nicholas Joseph			Sam Choe			Steve Sakwa
jeff.spector@bofa.com			nicholas.joseph@citi.com			samuel.choe@credit-suisse.com			steve.sakwa@evercoreisi.com
Goldman Sachs			Green Street			JMP Securities			J.P. Morgan Securities
Chandni Luthra			John Pawlowski			Aaron Hecht			Anthony Paolone
chandni.luthra@gs.com			jpawlowski@greenstreet.com			ahecht@jmpsecurities.com			anthony.paolone@jpmorgan.com
Janney Montgomery Scott			Keefe, Bruyette & Woods, Inc.			Mizuho Securities USA Inc.			Morgan Stanley
Tyler Batory			Jade Rahmani			Haendel St. Juste			Richard Hill
tbatory@janney.com			jrahmani@kbw.com			haendel.st.juste@mizuho-sc.com			richard.hill1@morganstanley.com
RBC Capital Markets			Raymond James & Associates, Inc.			Wells Fargo Securities			Wolfe Research
Brad Heffern			Buck Horne			Todd Stender			Andrew Rosivach
brad.heffern@rbccm.com			buck.horne@raymondjames.com			todd.stender@wellsfargo.com			arosivach@wolferesearch.com
Zelman & Associates
Alexander Kalmus
alex@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.