<SEC-DOCUMENT>0001193125-22-093769.txt : 20220401
<SEC-HEADER>0001193125-22-093769.hdr.sgml : 20220401
<ACCEPTANCE-DATETIME>20220401164308
ACCESSION NUMBER:		0001193125-22-093769
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20220331
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220401
DATE AS OF CHANGE:		20220401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American Homes 4 Rent
		CENTRAL INDEX KEY:			0001562401
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				461229660
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36013
		FILM NUMBER:		22798941

	BUSINESS ADDRESS:	
		STREET 1:		23975 PARK SORRENTO
		STREET 2:		SUITE 300
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		(805) 413-5300

	MAIL ADDRESS:	
		STREET 1:		23975 PARK SORRENTO
		STREET 2:		SUITE 300
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American Homes 4 Rent, L.P.
		CENTRAL INDEX KEY:			0001716558
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				800860173
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-221878-02
		FILM NUMBER:		22798942

	BUSINESS ADDRESS:	
		STREET 1:		23975 PARK SORRENTO, SUITE 300
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		8054135300

	MAIL ADDRESS:	
		STREET 1:		23975 PARK SORRENTO, SUITE 300
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
</SEC-HEADER>
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<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td style="width:34%">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="width:32%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:32%">&#160;</td></tr>
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<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="P03_31_2022To03_31_2022_CommonClassAMemberusgaapStatementClassOfStockAxis">Class A common shares of beneficial interest, $.01 par value</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:TradingSymbol" contextRef="P03_31_2022To03_31_2022_CommonClassAMemberusgaapStatementClassOfStockAxis">AMH</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="P03_31_2022To03_31_2022_SeriesFPerpetualPreferredSharesMemberusgaapStatementClassOfStockAxis">5.875% Series F perpetual preferred shares of beneficial interest, $.01 par value</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="P03_31_2022To03_31_2022_SeriesFPerpetualPreferredSharesMemberusgaapStatementClassOfStockAxis" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></div></td></tr>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:TradingSymbol" contextRef="P03_31_2022To03_31_2022_SeriesGPerpetualPreferredSharesMemberusgaapStatementClassOfStockAxis">AMH-G</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="P03_31_2022To03_31_2022_SeriesGPerpetualPreferredSharesMemberusgaapStatementClassOfStockAxis" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></div></td></tr>
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<td style="vertical-align:top;text-align:center;"><div style="font-weight:bold;display:inline;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="P03_31_2022To03_31_2022_SeriesHPerpetualPreferredSharesMemberusgaapStatementClassOfStockAxis">6.250% Series H perpetual preferred shares of beneficial interest, $.01 par value</ix:nonNumeric></div></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
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<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top;text-align:left;"><div style="font-weight:bold;display:inline;">Item&#160;8.01.</div></td>
<td style="vertical-align:top;text-align:left;"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Other Events. </div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&#160;31, 2022, American Homes 4 Rent, L.P. (the &#8220;Operating Partnership&#8221;), the operating partnership of American Homes 4 Rent (the &#8220;Company&#8221;), entered into an Underwriting Agreement (the &#8220;Underwriting Agreement&#8221;) with BofA Securities, Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC, as representatives of the several underwriters named therein (the &#8220;Underwriters&#8221;), pursuant to which the Operating Partnership agreed to issue and sell $600,000,000 aggregate principal amount of the Operating Partnership&#8217;s 3.625% Senior Notes due 2032 (the &#8220;2032 Notes&#8221;) and $300,000,000 aggregate principal amount of the Operating Partnership&#8217;s 4.300% Senior Notes due 2052 (the &#8220;2052 Notes&#8221; and, together with the 2032 Notes, the &#8220;Notes&#8221;). The 2032 Notes will be issued at 97.517% of par value with a coupon of 3.625% per annum. The 2052 Notes will be issued at 97.237% of par value with a coupon of 4.300% per annum. Interest on the Notes is payable semi-annually in arrears on April&#160;15 and October&#160;15 of each year, commencing October&#160;15, 2022. The 2032 Notes will mature on April&#160;15, 2032, and the 2052 Notes will mature on April&#160;15, 2052. The Operating Partnership estimates that the net proceeds from this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Operating Partnership, will be approximately $868.7&#160;million. The offering is expected to close on April&#160;7, 2022 subject to the satisfaction of customary closing conditions. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The offering was made pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission on June&#160;17, 2020 (File <div style="white-space:nowrap;display:inline;">Nos.&#160;333-239227</div> and <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">333-239227-01),</div></div> a base prospectus, dated June&#160;17, 2020, and prospectus supplement, dated March&#160;31, 2022, filed by the Operating Partnership with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Operating Partnership intends to use the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and any remaining net proceeds for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership&#8217;s portfolio, other capital expenditures, the redemption of its Series F preferred shares, the redemption of its other preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Operating Partnership made certain customary representations, warranties and covenants concerning the Company, the Operating Partnership and the registration statement in the Underwriting Agreement and also agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of those liabilities. </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Underwriting Agreement is attached to this report as Exhibit 1.1 and incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 1.1. </div><div style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%">
<tr style="page-break-inside:avoid">
<td style="width:11%;vertical-align:top;text-align:left;"><div style="font-weight:bold;display:inline;">Item&#160;9.01.</div></td>
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<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0;margin:0 auto">
<tr>
<td>&#160;</td>
<td style="vertical-align:bottom;width:5%">&#160;</td>
<td style="width:92%">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<td style="vertical-align:bottom;white-space:nowrap"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold">Exhibit</div><div style="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman;font-weight:bold">&#160;&#160;&#160;&#160;No.&#160;&#160;&#160;&#160;</div></td>
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<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">&#160;&#160;1.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d327562dex11.htm">Underwriting Agreement, dated March 31, 2022, by and among American Homes 4 Rent, L.P. and BofA Securities, Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC, as representatives of the several Underwriters named therein. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">&#160;&#160;5.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d327562dex51.htm">Opinion of Hogan Lovells US LLP regarding the legality of the Notes. </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">23.1</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top"><a href="d327562dex51.htm">Consent of Hogan Lovells US LLP (included in Exhibit 5.1). </a></td></tr>
<tr style="font-size:1pt">
<td style="height:6pt">&#160;</td>
<td colspan="2" style="height:6pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:top;white-space:nowrap">&#160;104</td>
<td style="vertical-align:bottom">&#160;&#160;</td>
<td style="vertical-align:top">Cover Page Interactive Data File (embedded within the Inline XBRL documents).</td></tr></table></div></div><div style="margin-top:1em; margin-bottom:0em; page-break-before:always"></div><hr style="color:#999999;height:3px;width:100%"/><div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </div><div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</div>
<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:100%;border:0">
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<td style="width:45%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:4%">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="width:3%">&#160;</td>
<td style="vertical-align:bottom;width:1%">&#160;</td>
<td style="width:45%">&#160;</td></tr>
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<td style="vertical-align:bottom">Date: April&#160;1, 2022</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">AMERICAN HOMES 4 RENT</div></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sara H. Vogt-Lowell</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Sara H. Vogt-Lowell</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Chief Legal Officer</td></tr>
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<td style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">Date: April&#160;1, 2022</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">AMERICAN&#160;HOMES&#160;4 RENT,&#160;L.P.</div></td></tr>
<tr style="font-size:1pt">
<td style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">American Homes 4 Rent, its General Partner</td></tr>
<tr style="font-size:1pt">
<td style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td>
<td colspan="2" style="height:12pt">&#160;</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top">By:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sara H. Vogt-Lowell</div></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Sara H. Vogt-Lowell</td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Chief Legal Officer</td></tr></table></div></div></div></div></div>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN HOMES&nbsp;4 RENT, L.P. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$600,000,000 3.625% Senior Notes due&nbsp;2032 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$300,000,000 4.300% Senior Notes due&nbsp;2052 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Underwriting Agreement </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;31, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PNC Capital Markets LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of the several Underwriters listed in Schedule&nbsp;1 hereto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o BofA Securities, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York&nbsp;10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan Securities LLC
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York&nbsp;10179 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o PNC Capital Markets LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">300 Fifth Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pittsburgh, Pennsylvania 15222 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">American Homes&nbsp;4 Rent, L.P., a Delaware limited partnership (the &#147;<U>Issuer</U>&#148;), proposes to issue and sell to the several
Underwriters listed in Schedule&nbsp;1 hereto (the &#147;<U>Underwriters</U>&#148;), for whom you are acting as representative (the &#147;<U>Representatives</U>&#148;), $600,000,000 principal amount of its&nbsp;3.625% Senior Notes due&nbsp;2032 (the
&#147;<U>2032 Notes</U>&#148;) and $300,000,000 principal amount of its&nbsp;4.300% Senior Notes due&nbsp;2052 (the &#147;<U>2052 Notes</U>&#148; and, collectively with the 2032 Notes, the &#147;<U>Securities</U>&#148;). The Securities will be
issued pursuant to an Indenture dated as of February&nbsp;7, 2018 (the &#147;<U>Base Indenture</U>&#148;) between the Issuer and U.S.&nbsp;Bank National Association, as trustee (the &#147;<U>Trustee</U>&#148;), as amended by a Fifth Supplemental
Indenture to be dated as of April&nbsp;7, 2022, with respect to the 2032 Notes, and a Sixth Supplemental Indenture to be dated as of April&nbsp;7, 2022, with respect to the 2052 Notes (collectively, the &#147;<U>Supplemental Indentures</U>&#148; and
together with the Base Indenture, the &#147;<U>Indenture</U>&#148;), between the Issuer and the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer hereby confirms its
agreement with the several Underwriters concerning the purchase and sale of the Securities, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Registration Statement</U>.
An &#147;automatic shelf registration statement&#148; as defined under Rule&nbsp;405 under the Securities Act of&nbsp;1933, as amended (the &#147;<U>Securities Act</U>&#148;), on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (File Nos. <FONT
STYLE="white-space:nowrap">333-239227</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-239227-01)</FONT></FONT> in respect of the Securities has been filed with the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) not earlier than three years prior to
the date hereof; such registration statement, and any post-effective amendment thereto, became effective upon filing; and no stop order suspending the effectiveness of such registration statement or any part thereof has been issued and no proceeding
for that purpose has been initiated or, to the knowledge of the Issuer, threatened by the Commission, and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to
Rule&nbsp;401(g)(2) under the Securities Act has been received by the Issuer (the base prospectus filed as part of such registration statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this
Agreement, is hereinafter called the &#147;<U>Basic Prospectus</U>&#148;; any preliminary prospectus (including any preliminary prospectus supplement) relating to the Securities filed with the Commission pursuant to Rule&nbsp;424(b) under the
Securities Act is hereinafter called a &#147;<U>Preliminary Prospectus</U>&#148;; the various parts of such registration statement, including all exhibits thereto and including any prospectus supplement relating to the Securities that is filed with
the Commission and deemed by virtue of Rule&nbsp;430B to be part of such registration statement, each as amended at the time such part of the registration statement became effective, are hereinafter collectively called the &#147;<U>Registration
Statement</U>&#148;; the Basic Prospectus, as amended and supplemented by the Preliminary Prospectus immediately prior to the Applicable Time (as defined below), is hereinafter called the &#147;<U>Pricing Prospectus</U>&#148;; the form of the final
prospectus relating to the Securities filed with the Commission pursuant to Rule&nbsp;424(b) under the Securities Act in accordance with Section&nbsp;5(a) hereof is hereinafter called the &#147;<U>Prospectus</U>&#148;; any reference herein to the
Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item&nbsp;12 of
<FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> under the Securities Act, as of the date of such Basic Prospectus, such Pricing Prospectus, such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment or
supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Securities filed with the
Commission pursuant to Rule&nbsp;424(b) under the Securities Act and any documents filed under the Securities Exchange Act of&nbsp;1934, as amended (the &#147;<U>Exchange Act</U>&#148;), and incorporated therein, in each case after the date of the
Basic Prospectus, such Preliminary Prospectus, or the Prospectus, as the case may be; any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Issuer or American Homes&nbsp;4 Rent,
a Maryland real estate investment trust (&#147;<U>AHR</U>&#148;), filed pursuant to Section&nbsp;13(a) or&nbsp;15(d) of the Exchange Act after the effective date of the Registration Statement that is incorporated by reference in the Registration
Statement; and any &#147;issuer free writing prospectus&#148; as defined in Rule&nbsp;433 under the Securities Act relating to the Securities, including the items listed on Schedule&nbsp;2(a) and&nbsp;2(c) hereto, is hereinafter called an
&#147;<U>Issuer Free Writing Prospectus</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this agreement (this &#147;<U>Agreement</U>&#148;), the
&#147;<U>Applicable Time</U>&#148; is&nbsp;2:20 p.m. (New York City time) on the date of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Purchase and Sale of the
Securities</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuer agrees to issue and sell the Securities to the several Underwriters as provided in this Agreement, and each
Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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and not jointly, to purchase from the Issuer (a)&nbsp;in the case of the 2032 Notes, the respective principal amount of 2032 Notes set forth opposite such Underwriter&#146;s name in
Schedule&nbsp;1 hereto at a price equal to&nbsp;96.867% of the principal amount thereof, and (b)&nbsp;in the case of the 2052 Notes, the respective principal amount of 2052 Notes set forth opposite such Underwriter&#146;s name in Schedule&nbsp;1
hereto at a price equal to&nbsp;96.362% of the principal amount thereof, in each case, plus accrued interest, if any, from April 7, 2022 to the Closing Date (as defined below). The Issuer will not be obligated to deliver any of the Securities except
upon payment for all the Securities to be purchased as provided herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Issuer understands that the Underwriters intend to make a
public offering of the Securities as soon after the effectiveness of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Securities on the terms set forth in the Pricing Disclosure Package (as defined
below). The Issuer acknowledges and agrees that the Underwriters may offer and sell Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and sell Securities purchased by it to or through any Underwriter.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Payment for and delivery of the Securities will be made at the offices of Paul Hastings LLP, 515 South Flower Street, Twenty-Fifth
Floor, Los Angeles, California 90071 at&nbsp;10:00 A.M., New York City time, on April&nbsp;7, 2022, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives and the
Issuer may agree upon in writing. The time and date of such payment and delivery is referred to herein as the &#147;<U>Closing Date</U>&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Payment for the Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Issuer to the
Representatives against delivery to the nominee of The Depository Trust Company (&#147;<U>DTC</U>&#148;), for the account of the Underwriters, of one or more global notes representing the Securities (collectively, the &#147;<U>Global
Note</U>&#148;), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Issuer. The Global Note will be made available for inspection by the Representatives not later than&nbsp;1:00 P.M., New York City time,
on the business day prior to the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Issuer acknowledges and agrees that (i)&nbsp;the purchase and sale of the
Securities pursuant to this Agreement is an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transaction between the Issuer, on the one hand, and the several Underwriters, on the other, and does not constitute a recommendation,
investment advice or solicitation of any action by the Underwriters, (ii)&nbsp;in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Issuer,
(iii)&nbsp;no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Issuer with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Issuer on other matters) or any other obligation to the Issuer except the obligations expressly set forth in this Agreement, (iv)&nbsp;the Underwriters have not provided any legal, accounting, regulatory, investment or tax
advice with respect to the offering of the Securities and the Issuer has consulted its own legal and financial advisors to the extent it deemed appropriate, and (v)&nbsp;none of the activities of the Underwriters in connection with the transactions
contemplated herein constitutes a recommendation, investment advice or solicitation of any action by the Underwriters with respect to any entity or natural person. The Issuer agrees that it will not claim that the Underwriters, or any of them, has
rendered advisory services of any </P>
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nature or respect, or owes a fiduciary or similar duty to the Issuer in connection with such transaction or the process leading thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations and Warranties of the Issuer</U>. The Issuer represents and warrants to each Underwriter that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Pricing Disclosure Package and Issuer Free Writing Prospectus</I>. The Pricing Prospectus, as of the Applicable Time, as supplemented by
the information listed on Schedule&nbsp;2(c) hereto, taken together (collectively, the &#147;<U>Pricing Disclosure Package</U>&#148;), did not include any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule&nbsp;2(a) and&nbsp;2(c) hereto does not conflict with the information contained in
the Registration Statement, the Basic Prospectus, the Pricing Prospectus or the Prospectus and each such Issuer Free Writing Prospectus, each as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did
not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this
representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer by the Underwriters through the Representatives expressly for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Preliminary Prospectus</I>. No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing
Prospectus has been issued by the Commission, and each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the rules and regulations of the Commission thereunder,
and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer by the Underwriters through the Representatives
expressly for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Incorporated Documents</I>. The documents incorporated by reference in the Pricing Prospectus and the
Prospectus, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the
Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; any further documents so
filed and incorporated by reference in the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon </P>
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and in conformity with information furnished in writing to the Issuer by the Underwriters expressly for use therein; and no such documents were filed with the Commission since the
Commission&#146;s close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule&nbsp;2(b) hereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Registration Statement and Prospectus</I>. The Registration Statement conforms, and the Prospectus and any further amendments or
supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the Commission thereunder and the Trust Indenture Act of&nbsp;1939, as
amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;<U>Trust Indenture Act</U>&#148;), and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the
applicable filing date as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; provided, however, that this representation and warranty shall not apply to (i)&nbsp;that part of the Registration Statement that constitutes the Statement of Eligibility and Qualification
<FONT STYLE="white-space:nowrap">(Form&nbsp;T-1)</FONT> of the Trustee under the Trust Indenture Act and (ii)&nbsp;any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer by the
Underwriters through the Representatives expressly for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Organization and Good Standing</I>. AHR is a real estate
investment trust duly organized and validly existing and in good standing under the laws of the State of Maryland, with requisite real estate investment trust power and authority to own, lease or operate its properties and to conduct its business as
described in the Pricing Prospectus; the Issuer is a limited partnership duly organized and validly existing and in good standing under the laws of the State of Delaware, with requisite limited partnership power and authority to own, lease or
operate its properties and to conduct its business as described in the Pricing Prospectus; the only significant subsidiaries, direct or indirect, of the Issuer are listed on Schedule&nbsp;3 hereto (each a &#147;<U>Issuer Subsidiary</U>&#148; and,
collectively, the &#147;<U>Issuer Subsidiaries</U>&#148;); each Issuer Subsidiary is duly organized and validly existing as a corporation, limited liability company or limited partnership, as applicable, in good standing under the laws of the state
of its incorporation or organization, as applicable, with requisite corporate, limited liability company or limited partnership power and authority to own, lease or operate its properties and to conduct its business as described in the Pricing
Prospectus; no direct or indirect subsidiary of the Issuer is currently prohibited, directly or indirectly, from paying any dividends or distributions to the Issuer, from repaying to the Issuer any loans or advances from the Issuer to such direct or
indirect subsidiary of the Issuer or from transferring any of such subsidiary&#146;s property or assets to the Issuer or any other direct or indirect subsidiary of the Issuer; all of the outstanding limited liability company or partnership
interests, as the case may be, of each of the Issuer Subsidiaries are, except as described in the Pricing Prospectus, owned by the Issuer or another Issuer Subsidiary free and clear of all liens, encumbrances and equities and claims. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Due Authorization</I>. The Issuer has full right, power and authority to execute and deliver this Agreement, the Securities and the
Indenture (collectively, the &#147;<U>Transaction Documents</U>&#148;) and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the
Transaction </P>
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Documents and the consummation of the transactions contemplated hereby and thereby has been duly and validly taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>The Indenture</I>. The Base Indenture has been duly authorized, executed and delivered by the Issuer and constitutes a valid and legally
binding agreement of the Issuer enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, reorganization, moratorium, insolvency or similar laws affecting the enforcement of
creditors&#146; rights generally or by equitable principles relating to enforceability (collectively, the &#147;<U>Enforceability Exceptions</U>&#148;); each of the Supplemental Indentures has been duly authorized by the Issuer and on the Closing
Date will be duly executed and delivered by the Issuer and, when duly executed and delivered in accordance with its terms by the Trustee, will constitute a valid and legally binding agreement of the Issuer enforceable against the Issuer in
accordance with its terms, subject to the Enforceability Exceptions, and the Indenture will conform in all material respects to the requirements of, and will be qualified under, the Trust Indenture Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>The Securities</I>. The Securities have been duly authorized by the Issuer and, when duly executed, authenticated, issued and delivered
as provided in the Indenture and paid for as provided herein, will constitute valid and legally binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to the Enforceability Exceptions, and will be
entitled to the benefits of the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Underwriting Agreement</I>. This Agreement has been duly authorized, executed and
delivered by the Issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Licenses and Permits</I>. AHR, the Issuer and each Issuer Subsidiary is duly qualified or licensed by, and
is in good standing in, each jurisdiction in which it conducts its business, or in which it owns or leases property or maintains an office and in which such qualification or licensing is necessary and in which the failure, individually or in the
aggregate, to be so qualified or licensed could reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), results of operations or prospects of the Issuer and the Issuer Subsidiaries taken as a
whole (a &#147;<U>Material Adverse Effect</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Title to Real and Personal Property</I>. AHR, the Issuer and each Issuer
Subsidiary has legal, valid and defensible title to all assets and properties reflected as owned by it in the Pricing Prospectus and the Prospectus (whether through fee ownership or similar rights of ownership), in each case free and clear of all
liens, security interests, pledges, charges, encumbrances, mortgages and defects, except such as are disclosed in both the Pricing Prospectus and the Prospectus or as could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect; any real property or personal property held under lease by AHR, the Issuer or any Issuer Subsidiary is held under a lease that is valid, existing and enforceable by AHR, the Issuer or the Issuer Subsidiaries, as applicable,
with such exceptions as are disclosed in the Pricing Prospectus and the Prospectus or as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; none of AHR, the Issuer or any Issuer Subsidiary has
received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of AHR, the Issuer or any Issuer Subsidiary under any such lease, with such exceptions as are disclosed in the Pricing Prospectus and the
</P>
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Prospectus or as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; no tenant under any lease to which AHR, the Issuer or any Issuer Subsidiary
leases any portion of its property is in default under such lease, except as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; none of AHR, the Issuer or any Issuer Subsidiary has
knowledge of any pending or threatened condemnation, zoning change or other proceeding or action that will in any manner affect the size of, use of, improvements on, construction on, or access to the properties of any of AHR, the Issuer or any
Issuer Subsidiary except as disclosed in both the Pricing Prospectus and the Prospectus or as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; title insurance in favor of AHR, the
Issuer or the applicable Issuer Subsidiary has been obtained with respect to each property owned by any such entity in an amount that is customary for companies engaged in the same or similar businesses, except where the failure to maintain such
title insurance could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; and none of AHR, the Issuer or any Issuer Subsidiary has sold or contracted to sell any real property except as
disclosed in both the Pricing Prospectus and the Prospectus or as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>Intellectual Property</I>. AHR, the Issuer and each Issuer Subsidiary owns or possesses such licenses or other rights to use all
patents, trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and <FONT STYLE="white-space:nowrap">know-how</FONT> (collectively
&#147;<U>Intangibles</U>&#148;), as are necessary to entitle&nbsp;AHR, the Issuer and each Issuer Subsidiary to conduct their respective businesses described in the Pricing Prospectus and the Prospectus, and none of AHR, the Issuer or any Issuer
Subsidiary has received written notice of any infringement of or conflict with (and, upon due inquiry, none of AHR, the Issuer or any Issuer Subsidiary knows of any such infringement of or conflict with) asserted rights of others with respect to any
Intangibles which could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>IT Systems and
Data</I>. AHR, the Issuer and the Issuer Subsidiaries own or have a valid right to access and use all information technology and computer systems, networks, hardware, software, databases, websites and equipment used to process, store, maintain and
operate data, information and functions used in connection with the business of AHR, the Issuer and the Issuer Subsidiaries, including the data of AHR&#146;s, the Issuer&#146;s and the Issuer Subsidiaries&#146; respective customers, employees,
suppliers, vendors and any third party data maintained by or on behalf of them (collectively with such data, the &#147;<U>IT Systems and Data</U>&#148;). (i)&nbsp;Except as disclosed in both the Pricing Prospectus and the Prospectus, the Issuer and
AHR are not aware of any security breach or other compromise of or relating to the IT Systems and Data; (ii)&nbsp;AHR, the Issuer and the Issuer Subsidiaries have not been notified of, and have no knowledge of any event or condition that would
reasonably be expected to result in, any security breach or other compromise to their IT Systems and Data; (iii)&nbsp;AHR, the Issuer and the Issuer Subsidiaries believe they have implemented commercially reasonable backup and disaster recovery
technology, including with respect to enabling AHR, the Issuer and the Issuer Subsidiaries to fulfill relevant contractual obligations; (iv)&nbsp;the IT Systems and Data are adequate for, and operate and perform in all material respects as required
in connection with, the operation of the business of AHR, the Issuer and the Issuer Subsidiaries as currently conducted; and (v)&nbsp;AHR, the Issuer and the Issuer Subsidiaries believe they are presently in compliance with all applicable
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority relating to the privacy and security of IT Systems and Data
and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of each of clauses&nbsp;(i)-(v) above, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>Compliance with ERISA</I>. None of AHR, the Issuer or any Issuer Subsidiary has violated, or
received notice of any violation with respect to, any law, rule, regulation, order decree or judgment applicable to it and its business, including those relating to transactions with affiliates, environmental, safety or similar laws, federal or
state laws relating to discrimination in the hiring, promotion or pay of employees, federal or state wages and hours law, the Employee Retirement Income Security Act of&nbsp;1974, as amended (&#147;<U>ERISA</U>&#148;), or the rules and regulations
promulgated thereunder, except for those violations that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <I>No Unlawful Payments</I>. None of AHR, the Issuer, any Issuer Subsidiary or any of their respective officers, trustees, directors,
agents, employees or affiliates purporting to act on behalf of AHR, the Issuer or any Issuer Subsidiary, has within the past five years, directly or indirectly, (i)&nbsp;used corporate funds to make any unlawful contribution, gift, entertainment or
other unlawful expense relating to political activity, (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any unlawful payment or benefit to any domestic or foreign governmental official or employee, or other
person charged with similar public or quasi-public duties, other than payments required or allowed by applicable law (including the Foreign Corrupt Practices Act of&nbsp;1977, as amended (the &#147;<U>FCPA</U>&#148;)), (iii)&nbsp;engaged in any
transactions, maintained any bank account or used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the normally maintained books and records of AHR, (iv)&nbsp;violated or is in violation of
any provision of the FCPA or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or any other applicable anti-bribery or anti-corruption law, or
(v)&nbsp;made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
benefit. AHR, the Issuer and the Issuer Subsidiaries have instituted, maintain and enforce, and reasonably expect to continue to maintain and enforce, policies and procedures designed to ensure compliance with applicable anti- bribery and
anti-corruption laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <I>REIT Status</I>. AHR has made an election to be taxed as a &#147;real estate investment trust&#148; (a
&#147;<U>REIT</U>&#148;) under Sections&nbsp;856 through&nbsp;860 of the provisions of the Internal Revenue Code of&nbsp;1986, as amended, including the regulations and published interpretations thereunder (the &#147;<U>Code</U>&#148;), commencing
with its initial taxable year ending December&nbsp;31, 2012; as of the Closing Date, AHR will be organized in conformity with the requirements for qualification and taxation as a REIT; the proposed method of operation of AHR as described in the
Pricing Prospectus and the Prospectus will enable AHR to meet the requirements for qualification and taxation as a REIT under the Code and no actions have been taken (or not taken which are required to be taken) by AHR that could cause AHR to fail
to qualify as a REIT; AHR has no intention of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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changing its operations or engaging in activities that could cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <I>Insider Loans</I>. There are no outstanding loans or advances or guarantees of indebtedness by AHR, the Issuer or any Issuer Subsidiary
to or for the benefit of any of the officers, trustees, directors, affiliates or representatives of AHR, the Issuer or any Issuer Subsidiary or any of the members of the families of any of them. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <I>No Broker&#146;s Fees</I>. Except with respect to the Underwriters, none of AHR, the Issuer or any Issuer Subsidiary has incurred any
liability for any finder&#146;s fees or similar payments in connection with the transactions contemplated hereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <I>No Violation or
Default</I>. None of AHR, the Issuer or any Issuer Subsidiary is in breach or violation of, or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach or violation of, or default under)
(i)&nbsp;its respective charter, bylaws, limited liability company agreement, partnership agreement or other organizational documents, in each case as amended as of the date hereof (collectively, the &#147;<U>Charter Documents</U>&#148;),
(ii)&nbsp;the performance or observance of any obligation, agreement, covenant or condition contained in any contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or instrument to which AHR, the
Issuer or such Issuer Subsidiary is a party or by which it or its respective properties may be bound or affected or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or order applicable to AHR,
the Issuer or any Issuer Subsidiary, except, in the case of clauses&nbsp;(ii) and (iii)&nbsp;above, for such breaches, violations or defaults which would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <I>No Conflicts</I>. The execution, delivery and performance by the Issuer of each of the Transaction Documents, the issuance and sale of
the Securities and compliance by the Issuer with the terms hereof and thereof and the consummation of the transactions contemplated by the Transaction Documents will not conflict with, or result in any breach of or constitute a default under (nor
constitute any event which with notice, lapse of time, or both would constitute a breach of, or default under), (i)&nbsp;any provision of the Charter Documents of the Issuer or any Issuer Subsidiaries, (ii)&nbsp;any provision of any contract,
license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or instrument to which the Issuer or any Issuer Subsidiary is a party or by which it or its respective properties may be bound or affected or
(iii)&nbsp;any federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or order applicable to the Issuer or any Issuer Subsidiary, except in the case of clauses&nbsp;(ii) or (iii)&nbsp;for such conflicts, breaches or
defaults that have been validly waived or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or result in the creation or imposition of any material lien, charge, claim or encumbrance upon any
property or asset of the Issuer or any Issuer Subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <I>Descriptions of the Transaction Documents</I>. Each Transaction Document
conforms in all material respects to the descriptions thereof contained in both the Pricing Prospectus and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>No Consents Required</I>. No approval, authorization, consent or order of or filing
with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the execution, delivery and performance by the Issuer of each of the Transaction Documents, the issuance
and sale of the Securities and the compliance by the Issuer with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, other than (i)&nbsp;the registration under the Securities Act of the Securities,
(ii)&nbsp;the approval by the Financial Industry Regulatory Authority (&#147;<U>FINRA</U>&#148;) of the underwriting terms and arrangements, if required, and (iii)&nbsp;any necessary qualification under the securities or blue sky laws of the various
jurisdictions in which the Securities are being offered by the Underwriters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <I>Business Licenses</I>. AHR, the Issuer and each Issuer
Subsidiary have all necessary licenses, permits, certificates, authorizations, consents and approvals and have made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and have obtained all necessary
licenses, permits, certificates, authorizations, consents and approvals from other persons required in order to conduct their respective businesses as described in both the Pricing Prospectus and the Prospectus, except to the extent that any failure
to have any such licenses, permits, certificates, authorizations, consents or approvals, to make any such filings or to obtain any such licenses, permits, certificates, authorizations, consents or approvals would not, individually or in the
aggregate, have a Material Adverse Effect; and none of AHR, the Issuer or any Issuer Subsidiary is in violation of, or in default under, any such license, permit, certificate, authorization, consent or approval or any federal, state, local or
foreign law, regulation or rule or any decree, order or judgment applicable to AHR, the Issuer or any Issuer Subsidiary, the effect of which could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <I>Diligence Documents</I>. The copies of all contracts, agreements, instruments, rent rolls and other documents (including governmental
licenses, authorizations, permits, consents and approvals and all amendments or waivers relating to any of the foregoing) that have been previously furnished to the Representatives or their counsel are complete and genuine and include all material
collateral and supplemental agreements thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) <I>Legal Proceedings</I>. There are no actions, suits, proceedings, inquiries or
investigations pending or, to the knowledge of AHR, the Issuer or any Issuer Subsidiary, threatened against AHR, the Issuer or any Issuer Subsidiary or any of their respective properties, trustees, directors, officers or affiliates at law or in
equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency of a character required to be disclosed in the Registration Statement or Prospectus which is not adequately
disclosed in the Preliminary Prospectus and the Prospectus; other than the Underwriters, none of AHR, the Issuer or any Issuer Subsidiary has authorized anyone other than AHR&#146;s trustees and AHR&#146;s officers to make any representations
regarding the offer and sale of the Securities, or regarding AHR, the Issuer or such Issuer Subsidiary in connection therewith; and none of AHR, the Issuer or any Issuer Subsidiary has received notice of any order or decree preventing the use of the
Pricing Prospectus or the Prospectus or any amendment or supplement thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) <I>No Material Adverse Change</I>. Subsequent to the date
of the Preliminary Prospectus, and except as may be otherwise stated in both the Pricing Prospectus and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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Prospectus, there has not been (i)&nbsp;any event, circumstance or change that has, or could reasonably be expected, individually or in the aggregate, to have, a Material Adverse Effect,
(ii)&nbsp;any transaction, other than in the ordinary course of business, which is material to AHR, the Issuer or any Issuer Subsidiary, contemplated or entered into by AHR, the Issuer or any Issuer Subsidiary, (iii)&nbsp;any obligation, contingent
or otherwise, directly or indirectly incurred by AHR or the Issuer, other than in the ordinary course of business, which is material to AHR, the Issuer or any Issuer Subsidiary, (iv)&nbsp;any dividend or distribution of any kind declared, paid or
made by AHR, the Issuer or any Issuer Subsidiary on any class of its equity shares (or limited liability company or partnership interests, as applicable) or any purchase by AHR, the Issuer or any Issuer Subsidiary of any of its outstanding shares of
beneficial interest (or limited liability company or partnership interests, as applicable), (v)&nbsp;any change of the shares of beneficial interest (or limited liability company or partnership interests, as applicable) of the Issuer or any Issuer
Subsidiary, or (vi)&nbsp;any change of indebtedness of AHR, the Issuer or any Issuer Subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) <I>Investment Company Act</I>. None
of AHR, the Issuer or any Issuer Subsidiary is or, upon the sale of the Securities as contemplated herein and the application of any of the net proceeds therefrom as described in both the Pricing Prospectus and the Prospectus under the caption
&#147;Use of Proceeds,&#148; will be an &#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company&#148; (as such terms are defined in the Investment Company Act of&nbsp;1940, as amended, and the rules and
regulations promulgated thereunder). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) <I>No Registration Rights</I>. No person has the right to require AHR or the Issuer or any
Issuer Subsidiary to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) <I>Conflicts of Interest</I>. None of the independent trustees named in the Pricing Prospectus and the Prospectus has, within the last
five years, been employed by or affiliated, directly or indirectly, with AHR, the Issuer or any Issuer Subsidiary, whether by ownership of, ownership interest in, employment by, any material business or professional relationship with, or serving as
an officer, trustee or director of AHR, the Issuer or any Issuer Subsidiary or any of their respective affiliates other than as disclosed in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) <I>Broker Dealer</I>. None of AHR, the Issuer, any Issuer Subsidiary or any of their respective affiliates (i)&nbsp;is required to
register as a &#147;broker&#148; or &#147;dealer&#148; in accordance with the provisions of the Exchange Act or the rules and regulations thereunder, or (ii)&nbsp;directly, or indirectly through one or more intermediaries, controls or has any other
association with (within the meaning of Article&nbsp;1 of the Bylaws of FINRA) any member firm of FINRA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) <I>No Stabilization</I>.
None of AHR, the Issuer, any Issuer Subsidiary or any of their respective directors, trustees, officers, representatives or affiliates has taken, directly or indirectly, any action intended, or that might reasonably be expected, to cause or result,
under the Securities Act, the Exchange Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of the Securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff) <I>Margin Rules</I>. Neither the issuance, sale and delivery of the Securities nor the
application of the proceeds thereof by the Issuer as described in each of Pricing Prospectus and the Prospectus will violate Regulation&nbsp;T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of
Governors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) <I>Insurance</I>. <I>AHR, </I>the Issuer and each Issuer Subsidiary carries, or is covered by, insurance (issued by
insurers of recognized financial responsibility to the best knowledge of AHR) in such amounts and covering such risks as is appropriate for the conduct of their respective businesses and the value of the assets to be held by them upon the
consummation of the transactions contemplated by both the Pricing Prospectus and the Prospectus and as is customary for companies engaged in businesses similar to the business of AHR, the Issuer and the Issuer Subsidiaries, all of which insurance is
in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(hh) <I>Financial Statements</I>. The consolidated financial statements of AHR, including the notes thereto,
included or incorporated by reference in both the Pricing Prospectus and the Prospectus fairly present in all material respects the financial condition of AHR as of the respective dates thereof, and the results of its operations for the periods then
ended, correctly reflect and disclose all extraordinary items, and have been prepared in conformity with U.S.&nbsp;generally accepted accounting principles (&#147;<U>GAAP</U>&#148;) applied on a consistent basis. The consolidated financial
statements of the Issuer, including the notes thereto, included or incorporated by reference in both the Pricing Prospectus and the Prospectus fairly present in all material respects the financial condition of the Issuer as of the respective dates
thereof, and the results of its operations for the periods then ended, correctly reflect and disclose all extraordinary items, and have been prepared in conformity with GAAP applied on a consistent basis. All disclosures contained in the
Registration Statement, the Basic Prospectus, the Pricing Prospectus or the Prospectus regarding <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; (as such term is defined by the rules and regulations of the Commission)
comply with Regulation&nbsp;G of the Exchange Act and Item&nbsp;10 of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> of the Securities Act, to the extent applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Independent Accountants</I>. Ernst&nbsp;&amp; Young LLP, who has certified certain financial statements included or incorporated by
reference in the Pricing Prospectus and the Prospectus, whose reports with respect to such financial statements included or incorporated by reference in the Pricing Prospectus and the Prospectus are included or incorporated by reference in the
Pricing Prospectus and the Prospectus and who have delivered the comfort letters referred to in Section&nbsp;6(f)(i) hereof, is an independent registered public accounting firm with respect to AHR and the Issuer within the meaning of the Securities
Act and the rules and regulations of the Commission thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(jj) <I>Accounting Controls</I>. AHR maintains systems of internal control
over financial reporting (as such term is defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15(f)</FONT> under the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by AHR&#146;s principal executive
officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP,
including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations, (ii)&nbsp;transactions are
recorded as necessary to permit preparation of financial statements in conformity with GAAP and to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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maintain asset accountability, (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization, (iv)&nbsp;the recorded accountability for
assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v)&nbsp;the interactive data in eXtensible Business Reporting Language included or incorporated by reference in
the Registration Statement, the Basic Prospectus and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. Except as
disclosed in each of the Pricing Prospectus and the Prospectus, there are no material weaknesses in AHR&#146;s internal controls; since the date of the latest audited financial statements included or incorporated by reference in the Pricing
Prospectus, there has been no change in AHR&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, AHR&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(kk) <I>Disclosure Controls</I>. AHR maintains disclosure controls and procedures (as such term is defined in
<FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15(e)</FONT> under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures are designed to ensure that material information relating to AHR, the
Issuer and the Issuer Subsidiaries is made known to AHR&#146;s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective in all material respects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ll) <I>Compliance with Anti-Money Laundering Laws</I>. None of AHR, the Issuer, any Issuer Subsidiary or, to the knowledge of AHR, the Issuer
or any Issuer Subsidiary, any director, trustee, officer, employee, agent or affiliate of AHR, the Issuer or any Issuer Subsidiary, has made any payment of funds of AHR, the Issuer or any Issuer Subsidiary or received or retained any funds in
violation of any law, rule or regulation, including without limitation the &#147;know your customer&#148; and anti-money laundering laws of any jurisdiction (collectively, the &#147;<U>Money Laundering Laws</U>&#148;) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving AHR, the Issuer or any Issuer Subsidiary or, to the knowledge of AHR, the Issuer or any Issuer Subsidiary, any director, trustee, officer,
employee, agent or affiliate of AHR, the Issuer or any Issuer Subsidiary, with respect to the Money Laundering Laws is pending or, to the knowledge of AHR, the Issuer or any Issuer Subsidiary, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(mm) <I>No Conflicts with Sanctions Laws</I>. None of AHR, the Issuer or any Issuer Subsidiary or, to the knowledge of AHR, the Issuer or any
Issuer Subsidiary, any director, trustee, officer, agent, employee or affiliate of AHR, the Issuer or any Issuer Subsidiary is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S.&nbsp;Department of the
Treasury (&#147;<U>OFAC</U>&#148;), the U.S.&nbsp;Department of State (and including, without limitation, the designation as a &#147;specially designated national&#148; or &#147;blocked person&#148;), the United Nations Security Council, the
European Union, Her Majesty&#146;s Treasury or other relevant sanctions authority (collectively, &#147;<U>Sanctions</U>&#148;), nor is controlled by an individual or entity that is currently subject to Sanctions, nor is AHR, the Issuer or any Issuer
Subsidiary located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimea region of Ukraine, the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#146;s
Republic, the <FONT STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#146;s Republic, Cuba, Iran, North Korea, Sudan and Syria (each, a &#147;<U>Sanctioned Countr</U>y&#148;); and neither AHR nor the Issuer will directly or indirectly use
the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such </P>
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proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any Sanctions or any activities in any
Sanctioned Country or in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, AHR, the
Issuer and each Issuer Subsidiary have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with
any Sanctioned Country. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(nn) <I>Certificates</I>. Any certificate signed by any officer of AHR, the Issuer or any Issuer Subsidiary
delivered to the Representatives or to counsel for the Representatives pursuant to or in connection with this Agreement shall be deemed a representation and warranty by AHR, the Issuer or such Issuer Subsidiary, as applicable, to the Representatives
as to the matters covered thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(oo) <I>Taxes </I>(i)&nbsp;AHR, the Issuer and the Issuer Subsidiaries have accurately prepared and
timely filed any and all material federal, state, foreign and other tax returns that are required to be filed by them, if any, and have paid or made provision for the payment of all material taxes, assessments, governmental or other similar charges,
including without limitation, all material sales and use taxes and all material taxes which AHR, the Issuer and the Issuer Subsidiaries are obligated to withhold from amounts owing to employees, creditors and third parties, with respect to the
periods covered by such tax returns (whether or not such amounts are shown as due on any tax return), except for any such tax, assessment, fine or penalty that is currently being contested in good faith by appropriate actions, (ii)&nbsp;no
deficiency assessment with respect to a proposed material adjustment of the federal, state, local or foreign taxes of AHR, the Issuer or any Issuer Subsidiary is pending or, to the best of the knowledge of AHR, the Issuer or any Issuer Subsidiary,
threatened; and (iii)&nbsp;there is no material tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of AHR, the Issuer or any Issuer Subsidiary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(pp) <I>Certain Environmental Matters</I>. Except as described in both the Pricing Prospectus and the Prospectus or as would not in the
aggregate reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;none of AHR, the Issuer or any Issuer Subsidiary is in violation of any federal, state, local or foreign statute, law, rule, regulation,
ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, &#147;<U>Hazardous Materials</U>&#148;) or to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &#147;<U>Environmental Laws</U>&#148;), (ii)&nbsp;AHR, the Issuer and the Issuer Subsidiaries have all permits, authorizations and approvals required under any
applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there are no pending or, to the knowledge of AHR, the Issuer or any Issuer Subsidiary, threatened administrative, regulatory or judicial actions, suits,
demands, demand </P>
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letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against AHR, the Issuer or any Issuer Subsidiary, and (iv)&nbsp;to
the knowledge of AHR, the Issuer or any Issuer Subsidiary, there are no events or circumstances that would reasonably be expected to form the basis of an order for <FONT STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an action, suit
or proceeding by any private party or governmental body or agency, against or affecting AHR, the Issuer or any Issuer Subsidiary relating to Hazardous Materials or any Environmental Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(qq) <I>Benefit Plans</I>. Each employee benefit plan, within the meaning of Section&nbsp;3(3) of ERISA, that is maintained, administered or
contributed to by AHR, the Issuer, any Issuer Subsidiary or any of their affiliates for employees or former employees of AHR, the Issuer, any Issuer Subsidiary or any of their affiliates has been maintained in compliance in all material respects
with its terms and the requirements of any applicable statutes, orders, rules and regulations, including, but not limited to, ERISA and the Code; no prohibited transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the
Code, has occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption, and transactions which, individually or in the aggregate, would not have a Material Adverse Effect, and no such
plan is subject to the funding rules of Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(rr) <I>No Labor Disputes</I>. No labor
disturbance by or dispute with employees of AHR, the Issuer or any Issuer Subsidiary exists or, to the knowledge of AHR, the Issuer or any Issuer Subsidiary, is contemplated or threatened, and none of AHR, the Issuer or any Issuer Subsidiary is
aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of AHR&#146;s, the Issuer&#146;s or the Issuer Subsidiary&#146;s principal suppliers, contractors or customers, except as would not have a Material Adverse
Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ss) <I>Statistical and Market Data</I>. Nothing has come to the attention of AHR, the Issuer or any Issuer Subsidiary that has
caused AHR, the Issuer or any Issuer Subsidiary to believe that the statistical and market-related data included in each of the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all
material respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(tt) <I>Forward-Looking Statements</I>. No forward-looking statement&nbsp;(within the meaning of Section&nbsp;27A of
the Securities Act and Section&nbsp;21E of the Exchange Act) contained in any of the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(uu) <I>No Material Adverse Change</I>. None of AHR, the Issuer or any of the Issuer Subsidiaries has sustained since the date of the latest
audited financial statements included or incorporated by reference in the Pricing Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing
Prospectus, there has not been any change in the equity shares (or limited liability company or partnership interests, as applicable) or long-term debt of AHR, the Issuer or any of the Issuer Subsidiaries or any material
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders&#146; equity or results of
operations of AHR, the Issuer and the Issuer Subsidiaries, taken as a whole, otherwise than as set forth or contemplated in the Pricing Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vv) <I>Disclosure</I>. The statements set forth in the Pricing Prospectus and the Prospectus under the captions &#147;Description of the
Notes&#148; and &#147;Description of Debt Securities&#148; insofar as they summarize the terms of the Securities, and under the captions &#147;Supplemental U.S.&nbsp;Federal Income Tax Considerations&#148; and &#147;Certain U.S.&nbsp;Federal Income
Tax Considerations&#148; insofar as they summarize certain provisions of the laws and documents referred to therein, are accurate, complete and fair summaries of the matters referred to therein in all material respects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ww) <I>Status under the Securities Act</I>. (A) (i)&nbsp;At the time of filing the Registration Statement, (ii)&nbsp;at the time of the most
recent amendment thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or&nbsp;15(d) of the Exchange Act
or form of prospectus), and (iii)&nbsp;at the time the Issuer or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c) under the Securities Act) made any offer relating to the Securities in reliance on the
exemption of Rule&nbsp;163 under the Securities Act, AHR was a &#147;well-known seasoned issuer&#148; as defined in Rule&nbsp;405 under the Securities Act; and (B)&nbsp;at the earliest time after the filing of the Registration Statement that the
Issuer or another offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2) under the Securities Act) of the Securities, AHR was not an &#147;ineligible issuer&#148; as defined in Rule&nbsp;405 under the Securities Act.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xx) <I>XBRL</I>. The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration
Statement, the Basic Prospectus and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Further Agreements of the Issuer</U>. The Issuer covenants and agrees with each Underwriter that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Required Filings</I>. The Issuer will file the final Prospectus with the Commission within the time periods specified by
Rule&nbsp;424(b) and Rule&nbsp;430A, 430B or&nbsp;430C under the Securities Act, will file any Issuer Free Writing Prospectus (including the Pricing Term Sheet referred to in Annex&nbsp;A hereto) to the extent required by Rule&nbsp;433 under the
Securities Act; and AHR will file promptly all reports and any definitive proxy or information statements required to be filed by AHR with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or&nbsp;15(d) of the Exchange Act during the
Prospectus Delivery Period (as defined below); and the Issuer will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to&nbsp;10:00 A.M., New
York City time, on the business day next succeeding the date of this Agreement in such quantities as the Representatives may reasonably request. The Issuer will pay the registration fees for this offering within the time period required by
Rule&nbsp;456(b)(1)(i) under the Securities Act (without giving effect to the proviso therein) and in any event prior to the Closing Date. As used herein, </P>
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the term &#147;<U>Prospectus Delivery Period</U>&#148; means such period of time after the first date of the public offering of the Securities as in the opinion of counsel for the Underwriters a
prospectus relating to the Securities is required by law to be delivered (or required to be delivered but for Rule&nbsp;172 under the Securities Act) in connection with sales of the Securities by any Underwriter or dealer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Delivery of Copies</I>. The Issuer will deliver, without charge, (i)&nbsp;to the Representatives, two signed copies of the Registration
Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith and documents incorporated by reference therein; and (ii)&nbsp;to each Underwriter (A)&nbsp;a conformed copy of the
Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith and (B)&nbsp;during the Prospectus Delivery Period, as many copies of the Prospectus (including all amendments
and supplements thereto and documents incorporated by reference therein) and each Issuer Free Writing Prospectus as the Representatives may reasonably request. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Amendments or Supplements; Issuer Free Writing Prospectuses</I>. Before making, preparing, using, authorizing, approving, referring to
or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the Prospectus, whether before or after the time that the Registration Statement becomes
effective the Issuer will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve, refer to or file
any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably objects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Notice to the Representatives</I>. The Issuer will advise the Representatives promptly, and confirm such advice in writing,
(i)&nbsp;when any amendment to the Registration Statement has been filed or becomes effective; (ii)&nbsp;when any supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free Writing Prospectus has been filed; (iii)&nbsp;of any
request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the
Commission for any additional information; (iv)&nbsp;of the issuance by the Commission or any other governmental or regulatory authority of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of
any Preliminary Prospectus, the Prospectus, the Pricing Disclosure Package or any Issuer Free Writing Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act; (v)&nbsp;of
the occurrence of any event within the Prospectus Delivery Period as a result of which the Prospectus, the Pricing Disclosure Package or any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure Package or any such Issuer Free Writing Prospectus is delivered
to a purchaser, not misleading; (vi)&nbsp;of the receipt by the Issuer of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities
Act; and (vii)&nbsp;of the receipt by the Issuer of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such
</P>
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purpose; and the Issuer will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use
of any Preliminary Prospectus, the Pricing Disclosure Package, Issuer Free Writing Prospectus or the Prospectus, or suspending any such qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal
thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Pricing Disclosure Package</I>. If at any time prior to the Closing Date (i)&nbsp;any event shall occur or condition shall
exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Pricing Disclosure Package to comply with law, the Issuer will immediately notify the Underwriters thereof and forthwith prepare and,
subject to paragraph&nbsp;(c) above, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Pricing Disclosure Package (or any
document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented (including such documents to be incorporated by reference
therein) will not, in the light of the circumstances under which they were made, be misleading or so that the Pricing Disclosure Package will comply with law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Ongoing Compliance</I>. If during the Prospectus Delivery Period (i)&nbsp;any event shall occur or condition shall exist as a result of
which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the
Prospectus is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus to comply with law, the Issuer will immediately notify the Underwriters thereof and forthwith prepare and, subject to
paragraph&nbsp;(c) above, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Prospectus (or any document to be filed with the Commission and
incorporated by reference therein) as may be necessary so that the statements in the Prospectus as so amended or supplemented including such documents to be incorporated by reference therein will not, in the light of the circumstances existing when
the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law<I>.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Blue Sky
Compliance</I>. The Issuer will qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required
for distribution of the Securities; provided that the Issuer shall not be required to (i)&nbsp;qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so
qualify, (ii)&nbsp;file any general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it is not otherwise so subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Earning Statement</I>. The Issuer will make generally available to its security holders and the Representatives as soon as practicable
an earning statement that satisfies the </P>
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provisions of Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal
quarter of the Issuer occurring after the &#147;effective date&#148; (as defined in Rule&nbsp;158) of the Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
<I>Clear Market</I>. During the period from the date hereof through and including the Closing Date, the Issuer will not without the prior written consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt
securities issued or guaranteed by the Issuer and having a tenor of more than one year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Use of Proceeds</I>. The Issuer will apply
the net proceeds from the sale of the Securities as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading &#147;Use of Proceeds&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>DTC</I>. The Issuer will assist the Underwriters in arranging for the Securities to be eligible for clearance and settlement through
DTC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>No Stabilization</I>. The Issuer will not take, and will cause AHR to not take, directly or indirectly, any action designed to
or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>Record
Retention</I>. The Issuer will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule&nbsp;433 under the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>Licenses</I>. Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of
AHR&#146;s and the Issuer&#146;s trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the <FONT STYLE="white-space:nowrap">on-line</FONT> offering of the Securities
(the &#147;<U>License</U>&#148;); provided, however, that the License shall be used solely for the purpose described above, is granted without any fee and may not be assigned or transferred </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Certain Agreements of the Underwriters</U>. Each Underwriter hereby represents and agrees that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) It has not and will not use, authorize use of, refer to, or participate in the planning for use of, any &#147;<U>free writing
prospectus</U>&#148;, as defined in Rule&nbsp;405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Issuer and not incorporated by reference into the Registration Statement and any press
release issued by the Issuer) other than (i)&nbsp;a free writing prospectus that, solely as a result of use by such Underwriter, would not trigger an obligation to file such free writing prospectus with the Commission pursuant to Rule&nbsp;433,
(ii)&nbsp;any Issuer Free Writing Prospectus listed on Schedule&nbsp;2 or prepared pursuant to Section&nbsp;4(c) above (including any electronic road show), or (iii)&nbsp;any free writing prospectus prepared by such Underwriter and approved by the
Issuer in advance in writing (each such free writing prospectus referred to in clauses&nbsp;(i) or (iii), an &#147;<U>Underwriter Free Writing Prospectus</U>&#148;). Notwithstanding the foregoing, the Underwriters may use the Pricing Term Sheet
referred to in Annex&nbsp;A hereto without the consent of the Issuer. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) It is not subject to any pending proceeding under Section&nbsp;8A of the Securities Act
with respect to the offering (and will promptly notify the Issuer if any such proceeding against it is initiated during the Prospectus Delivery Period). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Conditions of Underwriters&#146; Obligations</U>. The obligation of each Underwriter to purchase Securities on the Closing Date as
provided herein is subject to the performance by the Issuer of its covenants and other obligations hereunder and to the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Registration Compliance; No Stop Order</I>. No order suspending the effectiveness of the Registration Statement shall be in effect, and
no proceeding for such purpose, pursuant to Rule&nbsp;401(g)(2) or pursuant to Section&nbsp;8A under the Securities Act shall be pending before or, to the knowledge of the Issuer, threatened by the Commission; the Prospectus and each Issuer Free
Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule&nbsp;433 under the Securities Act) and in accordance with
Section&nbsp;4(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Representations and Warranties</I>. The representations and warranties of the Issuer contained herein shall be true and correct on the
date hereof and on and as of the Closing Date; and the statements of the Issuer and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>No Downgrade</I>. Subsequent to the earlier of (A)&nbsp;the Applicable Time and (B)&nbsp;the execution and delivery of this Agreement,
(i)&nbsp;no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by AHR, the Issuer or any Issuer Subsidiary by any &#147;nationally recognized statistical rating
organization&#148;, as such term is defined under Section&nbsp;3(a)(62) under the Exchange Act and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its
rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by AHR, the Issuer or any Issuer Subsidiary (other than an announcement with positive implications of a possible upgrading). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>No Material Adverse Change</I>. No event or condition of a type described in Sections&nbsp;3(z) and (uu) hereof shall have occurred or
shall exist, which event or condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) the effect of which in the judgment of the
Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Officer&#146;s Certificate</I>. The Representatives shall have received on and as of the Closing Date a certificate of an executive
officer of the Issuer who has specific knowledge of the Issuer&#146;s financial matters and is satisfactory to the Representatives (i)&nbsp;confirming that such officer has carefully reviewed the Registration Statement, the Pricing Disclosure
Package and the Prospectus and, to the knowledge of such officer, the representations set forth in Sections&nbsp;3(b) </P>
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and&nbsp;3(d) hereof are true and correct, (ii)&nbsp;confirming that the other representations and warranties of the Issuer in this Agreement are true and correct and that the Issuer has complied
with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii)&nbsp;to the effect set forth in paragraphs&nbsp;(a), (c)&nbsp;and (d)&nbsp;above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Comfort Letters</I>. (i)On the date of this Agreement and on the Closing Date, Ernst&nbsp;&amp; Young LLP shall have furnished to the
Representatives, at the request of AHR and the Issuer, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and
information of the type customarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in each of the
Registration Statement, the Pricing Disclosure Package and the Prospectus; provided that the letter delivered on the Closing Date shall use a <FONT STYLE="white-space:nowrap">&#147;cut-off&#148;</FONT> date no more than three business days prior to
the Closing Date; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Issuer shall have furnished to the Representatives certificates, dated the date of this Agreement and the
Closing Date and addressed to the Representatives, of AHR&#146;s chief financial officer and chief operating officer with respect to certain data contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, providing
&#147;management comfort&#148; with respect to such information, in form and substance reasonably satisfactory to the Representatives. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)
<I>Opinion and</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;10b-5</FONT> Statement of Counsel for the Issuer</I>. (x)&nbsp;Hogan Lovells US LLP, counsel for the Issuer, shall have furnished to the Representatives, at the request of the
Issuer, their written opinion <FONT STYLE="white-space:nowrap">and&nbsp;10b-5</FONT> statement, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect set forth
in Annex&nbsp;B hereto, and (y)&nbsp;Fried, Frank, Harris, Shriver&nbsp;&amp; Jacobson LLP shall have furnished to the Representatives, at the request of the Issuer, their written tax opinion, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representatives, to the effect set forth in Annex&nbsp;C hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
<I>Opinion and</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;10b-5</FONT> Statement of Counsel for the Underwriters</I>. The Representatives shall have received on and as of the Closing Date an opinion
<FONT STYLE="white-space:nowrap">and&nbsp;10b-5</FONT> statement, addressed to the Underwriters, of Paul Hastings LLP, counsel for the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall
have received such documents and information as they may reasonably request to enable them to pass upon such matters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>No Legal
Impediment to Issuance</I>. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing
Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Good Standing</I>. The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing of
the Issuer and such other Issuer Subsidiaries </P>
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as the Representatives may reasonably request, in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representatives may reasonably request,
in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>DTC</I>. The Securities shall be eligible for clearance and settlement through DTC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>Indenture and Securities</I>. Each of the Supplemental Indentures shall have been duly executed and delivered by a duly authorized
officer of the Issuer and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of the Issuer and duly authenticated by the Trustee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>Additional Documents</I>. On or prior to the Closing Date, the Issuer shall have furnished to the Representatives such further
certificates and documents as the Representatives may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All opinions, letters, certificates and evidence mentioned above
or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Indemnification of the Underwriters</I>. The Issuer agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term
is defined in Rule&nbsp;405), directors and officers, agents and employees and each person, if any, who controls, is under common control with or is controlled by, such Underwriter within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement&nbsp;(or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to
make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any
amendment or supplement thereto, any Issuer Free Writing Prospectus or any &#147;issuer information&#148; filed or required to be filed pursuant to Rule&nbsp;433(d) under the Securities Act (or any amendment or supplement thereto), or the omission
or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to the extent that any such expense is not paid under clause&nbsp;(i) of this Section&nbsp;7(a), against any
and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim </P></TD></TR></TABLE>
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whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, described in clause&nbsp;(i) of this Section&nbsp;7(a); provided, that (subject to
Section&nbsp;7(d) below) any such settlement is effected with the written consent of the Issuer, which consent shall not unreasonably be delayed or withheld; provided, however, that for the avoidance of doubt, any indemnification provided under this
Section&nbsp;7(a) shall not be duplicative; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to the extent that any such expense is not paid under clause&nbsp;(i) or clause&nbsp;(ii) of this
Section&nbsp;7(a), against any and all expense whatsoever, as incurred (including the fees and disbursements of one counsel (in addition to any local counsel)), reasonably incurred in investigating, preparing or defending against any litigation, or
any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, described in clause&nbsp;(i) of
this Section&nbsp;7(a); provided, however, that for the avoidance of doubt, any indemnification provided under this Section&nbsp;7(a) shall not be duplicative; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">provided, however, that the Issuer shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement
thereto, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Issuer by any Underwriter through the Representatives expressly for use therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Indemnification of the Issuer</I>. Each Underwriter agrees to indemnify and hold harmless the Issuer and each of its directors, trustees
and officers who signed the Registration Statement, and each person, if any, who (i)&nbsp;controls the Issuer within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is
under common control with the Issuer against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section&nbsp;7(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any
&#147;issuer information&#148; filed or required to be filed pursuant to Rule&nbsp;433(d) under the Securities Act, in reliance upon and in conformity with information relating to the Underwriters and furnished to the Issuer in writing by any
Underwriter through the Representatives expressly for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Notice and Procedure</I>. Any party that proposes to assert the
right to be indemnified under this Section&nbsp;7 will, promptly as reasonably practicable after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties
under this Section&nbsp;7, notify each such indemnifying party of the commencement of such action, but the obligation to notify such indemnifying party will not relieve the indemnifying party from (i)&nbsp;any liability that it might have to any
indemnified </P>
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party otherwise than under this Section&nbsp;7, and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provision of this Section&nbsp;7 unless, and only to the
extent that, such omission results in the forfeiture or material impairment of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party, and it notifies the indemnifying party of its
commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified
party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its
election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified
party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless
(1)&nbsp;the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on advice of legal counsel to the indemnified party) that there may
be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3)&nbsp;a conflict or potential conflict exists (based on advice of legal counsel to the indemnified
party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (4)&nbsp;the indemnifying party has not in
fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and
other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly
after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its
written consent. Notwithstanding the foregoing sentence, if an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel for which it is entitled to be reimbursed
under this Section&nbsp;7, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by this Section&nbsp;7(c) effected without its written consent if (i)&nbsp;such settlement is entered into more
than&nbsp;45&nbsp;days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least&nbsp;30&nbsp;days prior to such settlement being entered
into, and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of each indemnified
party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section&nbsp;7 (whether or not any indemnified party is a party thereto),
unless such settlement, compromise or consent </P>
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(x)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim, and (y)&nbsp;does not include a
statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)
<I>Contribution</I>. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section&nbsp;7 is applicable in accordance with its terms but for any reason
is held to be unavailable from the Issuer, on the one hand, or the Underwriters, on the other hand, the Issuer, on the one hand, and the Underwriters, on the other hand, will contribute to the total losses, claims, liabilities, expenses and damages
(including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Issuer
and applied towards such losses, claims, liabilities, expenses and damages from persons other than the Underwriters, such as persons who control the Issuer within the meaning of the Securities Act, officers of the Issuer who signed the Registration
Statement and directors or trustees of the Issuer, who also may be liable for contribution) to which the Issuer, on the one hand, and the Underwriters, on the other hand, may be subject in such proportion as shall be appropriate to reflect the
relative benefits received by the Issuer, on the one hand, and the Underwriters, on the other hand. The relative benefits received by the Issuer, on the one hand, and the Underwriters, on the other hand, shall be deemed to be in the same proportion
as the total net proceeds from the sale of the Securities (before deducting expenses) received by the Issuer bear to the total compensation received by the Underwriters (before deducting expenses) from the sale of Securities on behalf of the Issuer.
If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the
foregoing sentence but also the relative fault of the Issuer, on the one hand, and the Underwriters, on the other hand, with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect
thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Issuer or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or
omission. The Issuer, on the one hand, and the Underwriters, on the other hand, agree that it would not be just and equitable if contributions pursuant to this subsection were to be determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to
above in this subsection shall be deemed to include, for the purpose of this subsection, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent
consistent with subsection&nbsp;(c) hereof. Notwithstanding the foregoing provisions of this subsection, no Underwriter shall be required to contribute any amount in excess of the commissions received by such Underwriter under this Agreement and no
person found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
subsection, any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, </P>
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employees or agents of the Underwriters, will have the same rights to contribution as that party, and each officer, director and trustee of the Issuer who signed the Registration Statement will
have the same rights to contribution as the Issuer, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for
contribution may be made under this subsection, will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other
obligation it or they may have under this subsection except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement
entered into pursuant to the last sentence of subsection&nbsp;(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to subsection&nbsp;(c)
hereof. The Underwriters&#146; obligations in this subsection (d)&nbsp;are several in proportion to their respective obligations and are not joint. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I><FONT STYLE="white-space:nowrap">Non-Exclusive</FONT> Remedy</I>. The obligations of the Issuer under this Section&nbsp;7 shall be in
addition to any liability which the Issuer may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the
Securities Act and each broker-dealer affiliate of any Underwriter; and the obligations of the Underwriters under this Section&nbsp;7 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon
the same terms and conditions, to each officer, trustee and director of the Issuer and to each person, if any, who controls the Issuer within the meaning of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Effectiveness of Agreement</U>. This Agreement shall become effective as of the date first written above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Termination</U>. This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Issuer, if after
the execution and delivery of this Agreement and on or prior to the Closing Date (i)&nbsp;a suspension or material limitation in trading in securities generally on the New York Stock Exchange or the Nasdaq Global Market; (ii)&nbsp;a suspension or
material limitation in trading any securities issued or guaranteed by AHR, the Issuer on any exchange; (iii)&nbsp;a general moratorium on commercial banking activities declared by either Federal or New York State authorities or a material disruption
in commercial banking or securities settlement or clearance services in the United States; (iv)&nbsp;the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or
(v)&nbsp;the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause&nbsp;(iv) or (v)&nbsp;in the judgment of the
Representatives makes it impracticable or inadvisable to proceed with the public offering, sale or the delivery of the Securities being delivered on the Closing Date on the terms and in the manner contemplated in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Defaulting Underwriter</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any Underwriter shall default in its obligation to purchase the Securities that it has agreed to purchase hereunder on the Closing Date,
you may in your discretion arrange for you or another party or other parties to purchase such Securities on the terms contained herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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If within thirty six hours after such default by any Underwriter you do not arrange for the purchase of such Securities, then the Issuer shall be entitled to a further period of thirty six hours
within which to procure another party or other parties satisfactory to you to purchase such Securities on such terms. In the event that, within the respective prescribed periods, you notify the Issuer that you have so arranged for the purchase of
such Securities, or the Issuer notifies you that it has so arranged for the purchase of such Securities, you or the Issuer shall have the right to postpone the Closing Date for a period of not more than seven days, in order to effect whatever
changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Issuer agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus
which in your opinion may thereby be made necessary. The term &#147;Underwriter&#148; as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to this Agreement
with respect to such Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting
Underwriter or Underwriters by you, the Issuer as provided in subsection&nbsp;(a) above, the aggregate principal amount of such Securities which remains unpurchased does not exceed <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the
aggregate principal amount of all the Securities to be purchased on the Closing Date, then the Issuer shall have the right to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase the aggregate principal amount
of Securities which such Underwriter agreed to purchase hereunder on the Closing Date and, in addition, to require each <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter to purchase its pro rata share (based on the aggregate
principal amount of Securities which such Underwriter agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting
Underwriter from liability for its default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by you, the Issuer as provided in subsection&nbsp;(a) above, the aggregate principal amount of such Securities which remains unpurchased exceeds <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the
aggregate principal amount of all of the Securities to be purchased on the Closing Date, or if the Issuer shall not exercise the right described in subsection&nbsp;(b) above to require <FONT STYLE="white-space:nowrap">non-defaulting</FONT>
Underwriters to purchase Securities of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter or the Issuer,
except for the expenses to be borne by the Issuer and the Underwriters as provided in Section&nbsp;11 hereof and the indemnity and contribution agreements in Section&nbsp;7 hereof; but nothing herein shall relieve a defaulting Underwriter from
liability for its default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Payment of Expenses</U><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuer covenants and agrees with the several Underwriters that the Issuer will pay or cause to be paid the following: (i)&nbsp;the
fees, disbursements and expenses of the Issuer&#146;s counsel and accountants in connection with the registration of the Securities under the Securities Act and all other expenses in connection with the preparation, printing, reproduction and filing
of the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and
dealers; (ii)&nbsp;the cost of printing or producing any Agreement among the Underwriters, this Agreement, the Blue Sky Memorandum, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Securities; (iii)&nbsp;all expenses in
connection with the qualification of the Securities for offering and sale under state securities laws as provided in Section&nbsp;4(g) hereof, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such
qualification and in connection with any Blue Sky survey; (iv)&nbsp;the cost of preparing certificates for the Securities, if any; (v)&nbsp;the cost and charges of any trustee, including the fee and disbursement of counsel of the Trustee, if any;
(vi)&nbsp;the costs and expenses of the Issuer relating to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production of
road show slides and graphics and fees and expenses of any consultants engaged in connection with the road show presentations; and (vii)&nbsp;all other costs and expenses incident to the performance of its obligations hereunder which are not
otherwise specifically provided for in this Section. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If this Agreement shall be terminated pursuant to Section&nbsp;9 hereof (other
than Section&nbsp;9(ii)), the Issuer shall not then be under any liability to any defaulting Underwriter except as provided in Sections&nbsp;9 and&nbsp;11(a) hereof; but, if for any other reason any Securities are not delivered by or on behalf of
the Issuer as provided herein, the Issuer will reimburse the Underwriters through you for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses approved in writing by you, including fees and
disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Securities not so delivered, but the Issuer shall then be under no further liability to any Underwriter except as
provided in Sections&nbsp;9 and&nbsp;11(a) hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Persons Entitled to Benefit of Agreement</U>. This Agreement shall be binding
upon, and inure solely to the benefit of, the Underwriters, the Issuer and, to the extent provided in Sections&nbsp;9 and&nbsp;11 hereof, the directors, officers or trustees and each person who controls the Issuer or any Underwriter, and their
respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or
assign by reason merely of such purchase. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Essence of Time</U>. Time shall be of the essence of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Survival</U>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Issuer and the
Underwriters contained in this Agreement or made by or on behalf of the Issuer or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain
in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Issuer or the Underwriters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Certain Defined Terms</U>. For purposes of this Agreement, (a)&nbsp;except where otherwise expressly provided, the term
&#147;<U>affiliate</U>&#148; has the meaning set forth in Rule&nbsp;405 under the Securities Act; (b)&nbsp;the term &#147;<U>business day</U>&#148; means any day other than a day on which banks are permitted or required to be closed in New York
City; (c)&nbsp;the term &#147;<U>subsidiary</U>&#148; has the meaning set forth in Rule&nbsp;405 under the Securities Act; and (d)&nbsp;the term &#147;<U>significant subsidiary</U>&#148; has the meaning set forth in
<FONT STYLE="white-space:nowrap">Rule&nbsp;1-02</FONT> of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> under the Exchange Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Compliance with USA Patriot Act</U>. In accordance with the requirements of the USA
Patriot Act (Title&nbsp;III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients,
including the Issuer, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Recognition of the U.S.</U><U></U><U>&nbsp;Special Resolution Regimes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S.&nbsp;Special
Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the
U.S.&nbsp;Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Underwriter that is a Covered Entity (as defined below) or a BHC Act Affiliate (as defined below) of such Underwriter
becomes subject to a proceeding under a U.S.&nbsp;Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S.&nbsp;Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;17, (w)&nbsp;the term &#147;<U>BHC Act Affiliate</U>&#148; has the meaning assigned to the term
&#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (x)&nbsp;the term &#147;<U>Covered Entity</U>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167;&nbsp;252.82(b); (ii)&nbsp;a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b); (y)&nbsp;the term &#147;<U>Default Right</U>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12&nbsp;C.F.R. &#167;&#167; 252.81,
47.2 or&nbsp;382.1, as applicable; and (z)&nbsp;the term &#147;<U>U.S.</U><U></U><U>&nbsp;Special Resolution Regime</U>&#148; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and
(ii)&nbsp;Title&nbsp;II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.
<U>Miscellaneous</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Authority of the Representatives</I>. Any action by the Underwriters hereunder may be taken by the
Representatives on behalf of the Underwriters, and any such action taken by the Representatives shall be binding upon the Underwriters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Notices</I>. All statements, requests, notices, agreements and other communications hereunder shall be in writing and shall be deemed to
have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o BofA Securities, Inc., 1540 Broadway, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">NY8-540-26-02,</FONT></FONT></FONT> New York, New York&nbsp;10036, Attn: High Grade Debt Capital Markets </P>
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Transaction Management/Legal, Fax: (212) <FONT STYLE="white-space:nowrap">901-7881,</FONT> Email: dg.hg_ua_notices@bofa.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New
York&nbsp;10179, Attn: Investment Grade Syndicate Desk, Fax: (212) <FONT STYLE="white-space:nowrap">834-6081;</FONT> and PNC Capital Markets LLC, 300 Fifth Avenue, 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Pittsburgh,
Pennsylvania 15222, Attn: Debt Capital Markets, Fixed Income Transaction Execution, Fax: (412) <FONT STYLE="white-space:nowrap">762-2760.</FONT> Notices to the Issuer shall be given to them at to the address of the Issuer set forth on the cover of
the Registration Statement, Attention: Chief Legal Officer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>No Prior Agreements</I>. This Agreement supersedes all prior agreements
and understandings (whether written or oral) between the Issuer and the Underwriters, or any of them, with respect to the subject matter hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <B><I>Governing Law</I></B><B>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be
governed by and construed in accordance with the laws of the State of New York.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <B><I>Submission to Jurisdiction</I></B><B>. EACH
PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED
HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED
OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Waiver of Jury Trial</I>.
The Issuer and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Counterparts</I>. This Agreement may be executed by any one or more of the parties hereto in any number of
counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. The words &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in
this Agreement or in any other certificate, agreement or document related to this Agreement or the offering and sale of the Securities shall include images of manually executed signatures transmitted by facsimile or other
</P>
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electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or &#147;jpg&#148;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The
use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Amendments or Waivers</I>. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Disclosure of Tax
Treatment</I>. Notwithstanding anything herein to the contrary, the Issuer is authorized to disclose to any persons the U.S.&nbsp;federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind
(including tax opinions and other tax analyses) provided to the Issuer relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure
shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, &#147;tax structure&#148; is limited to any facts that may be relevant to that
treatment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Headings</I>. The headings herein are included for convenience of reference only and are not intended to be part of, or
to affect the meaning or interpretation of, this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Representatives</I>. In all dealings hereunder, the Representatives
shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the Representatives jointly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please indicate your acceptance
of this Agreement by signing in the space provided below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="92%"></TD></TR>


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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">AMERICAN HOMES&nbsp;4 RENT, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: American Homes&nbsp;4 Rent, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher C. Lau</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Christopher C. Lau</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV>
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted: As of the date first written above</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BofA Securities, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PNC Capital Markets LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">For themselves and on behalf of the several Underwriters listed in Schedule&nbsp;1 hereto.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BOFA SECURITIES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Porter</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Chris Porter</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">J.P. MORGAN SECURITIES LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Bottamedi</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Robert Bottamedi</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PNC CAPITAL MARKETS LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Valerie Shadeck</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Valerie Shadeck</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Managing Director</TD></TR>
</TABLE></DIV>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d327562dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
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<TITLE>EX-5.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<IMG SRC="g327562g0401085544959.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hogan Lovells US
LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Square</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 Thirteenth Street, NW</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, DC 20004</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T +1 202 637 5600</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F +1 202 637 5910</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.hoganlovells.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;1, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of
Trustees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23975 Park Sorrento, Suite
300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calabasas, California 91302 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are acting as counsel to American Homes 4 Rent, L.P., a Delaware limited partnership (the &#147;<B>Company</B>&#148;), in connection with the issuance and
sale of (i) $600&nbsp;million aggregate principal amount of the Company&#146;s 3.625% Senior Notes due 2032 (the &#147;<B>2032 Notes</B>&#148;) and (ii) $300&nbsp;million aggregate principal amount of the Company&#146;s 4.300% Senior Notes due 2052
(the &#147;<B>2052 Notes</B>&#148; and, together with the 2032 Notes, the &#147;<B>Notes</B>&#148;) pursuant to a&nbsp;registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File
<FONT STYLE="white-space:nowrap">Nos.&nbsp;333-239227</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-239227-01)</FONT></FONT> (the &#147;<B>Registration Statement</B>&#148;), filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the &#147;<B>Act</B>&#148;), on June&nbsp;17, 2020, and the prospectus dated June&nbsp;17, 2020 (the &#147;<B>Prospectus</B>&#148;), as supplemented by the supplement to the Prospectus dated
March&nbsp;31, 2022 (the &#147;<B>Prospectus Supplement</B>&#148;). The Notes are to be issued pursuant to an Indenture, dated as of February&nbsp;7, 2018 (the &#147;<B>Indenture</B>&#148;), between the Company and U.S. Bank Trust Company, National
Association, as trustee (the &#147;<B>Trustee</B>&#148;), as supplemented by, in the case of the 2032 Notes, a Fifth Supplemental Indenture (the &#147;<B>Fifth</B> <B>Supplemental Indenture</B>&#148;) and, in the case of the 2052 Notes, a Sixth
Supplemental Indenture (the &#147;<B>Sixth</B> <B>Supplemental Indenture</B>&#148; and, together with the Fifth Supplemental Indenture, the &#147;<B>Supplemental Indentures</B>&#148;), each to be entered into between the Company and the Trustee.
This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> 17&nbsp;C.F.R. &#167;&nbsp;229.601(b)(5), in connection with the
Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an
appropriate basis on which to render the opinions hereinafter expressed.&nbsp;In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness
of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied on the
representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia. &#147;Hogan Lovells&#148; is an international legal practice
that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong
Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Moscow Munich New York Northern Virginia Paris Perth Philadelphia Rome San Francisco S&#227;o Paulo Shanghai Silicon Valley Singapore Sydney
Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information see www.hoganlovells.com </P>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of Trustees</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">American Homes 4
Rent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">- 2 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">April 1, 2022</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have assumed that (i)&nbsp;the Trustee under the Indenture, to be
supplemented by the Supplemental Indentures, upon execution of each Supplemental Indenture, will have all requisite power and authority under all applicable laws, regulations and governing documents to execute, deliver and perform its obligations
under the Indenture and the Supplemental Indentures and has complied with all legal requirements pertaining to its status as such status relates to the Trustee&#146;s right to enforce the Indenture and the Supplemental Indentures against the
Company, (ii)&nbsp;the Trustee has authorized, executed and delivered the Indenture and has authorized and will duly execute and deliver each Supplemental Indenture, (iii)&nbsp;the Trustee is validly existing and in good standing in all necessary
jurisdictions, (iv)&nbsp;the Indenture constitutes and, upon its execution, each Supplemental Indenture will constitute valid and binding obligations, enforceable against the Trustee in accordance with their terms, (v)&nbsp;there has been no, and in
the case of the Supplemental Indentures, there will be no mutual mistake of fact or misunderstanding, or fraud, duress or undue influence, in connection with the negotiation, execution or delivery of the Indenture or the Supplemental Indentures, and
the conduct of all parties to the Indenture and, upon execution, each Supplemental Indenture has complied and will comply with any requirements of good faith, fair dealing and conscionability, and (vi)&nbsp;there are, have been and will be no
agreements or understandings among the parties, written or oral, and there is, has been and will be no usage of trade or course of prior dealing among the parties (and no act or omission of any party) that would, in either case, define, supplement
or qualify the terms of the Indenture or, upon its execution, each Supplemental Indenture. We also have assumed the validity and constitutionality of each relevant statute, rule, regulation and agency action covered by this opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter is based as to matters of law solely on the applicable provisions of the following, as currently in effect: (i)&nbsp;the Delaware Revised
Uniform Limited Partnership Act; and (ii)&nbsp;the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). We express no
opinion herein as to any other statutes, rules or regulations (and in particular, we express no opinion as to any effect that such other statutes, rules or regulations may have on the opinion expressed herein). As used herein, the term
&#147;Delaware Revised Uniform Limited Partnership Act&#148; includes the statutory provisions contained therein, all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting these laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon, subject to and limited by the foregoing, we are of the opinion that the Notes have been duly authorized on behalf of the Company, and that,
following (i)&nbsp;receipt by the Company of the consideration therefor specified in the Underwriting Agreement (the &#147;<B>Agreement</B>&#148;) dated March&nbsp;31, 2022, by and among the Company and BofA Securities, Inc., J.P. Morgan Securities
LLC and PNC Capital Markets LLC, as representatives of the several underwriters named therein, and (ii)&nbsp;the due execution, authentication, issuance and delivery of the Notes pursuant to the terms of the Indenture and the applicable Supplemental
Indenture, and as contemplated by the Prospectus Supplement, the Notes will constitute valid and binding obligations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The opinion
expressed above with respect to the valid and binding nature of obligations may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors&#146; rights (including, without limitation, the effect
of statutory and other law regarding fraudulent conveyances, fraudulent transfers and preferential transfers) and by the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness,
conscionability and materiality (regardless of whether the Notes are considered in a proceeding in equity or at law). </P>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of Trustees</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">American Homes 4
Rent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">- 3 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">April 1, 2022</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter has been prepared for use in connection with the filing by American Homes 4 Rent, a
Maryland real estate investment trust, and the Company of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on the date hereof (the &#147;<B>Form <FONT STYLE="white-space:nowrap">8-K</FONT></B>&#148;), which Form <FONT
STYLE="white-space:nowrap">8-K</FONT> will be incorporated by reference into the Registration Statement and the Prospectus Supplement, and speaks as of the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to
the delivery of this opinion letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> and to the reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus Supplement constituting a part of the Registration Statement. In giving this consent, we do not thereby
admit that we are an &#147;expert&#148; within the meaning of the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Hogan Lovells US LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOGAN LOVELLS US LLP </P>
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<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<import namespace="http://xbrl.sec.gov/dei/2021q4" schemaLocation="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd" />
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<DOCUMENT>
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<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>6
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<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1254378" xlink:to="loc_dei_TradingSymbol_1254412" use="optional" order="33" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName_1254413" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_DocumentInformationLineItems_1254378" xlink:to="loc_dei_SecurityExchangeName_1254413" use="optional" order="34" />
</definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>amh-20220331_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 01-April-2022 [05:21:29] {PM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
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<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
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<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="loc_dei_CoverAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CoverAbstract" xml:lang="en-US">Cover [Abstract]</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationTable" xlink:label="loc_dei_DocumentInformationTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationTable" xml:lang="en-US">Document Information [Table]</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFileNumber" xml:lang="en-US">Entity File Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
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<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityTaxIdentificationNumber" xml:lang="en-US">Entity Tax Identification Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressAddressLine1" xml:lang="en-US">Entity Address, Address Line One</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressCityOrTown" xml:lang="en-US">Entity Address, City or Town</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_dei_EntityAddressStateOrProvince" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressStateOrProvince" xml:lang="en-US">Entity Address, State or Province</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressPostalZipCode" xml:lang="en-US">Entity Address, Postal Zip Code</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CityAreaCode" xml:lang="en-US">City Area Code</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LocalPhoneNumber" xml:lang="en-US">Local Phone Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_WrittenCommunications" xlink:label="loc_dei_WrittenCommunications" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_WrittenCommunications" xml:lang="en-US">Written Communications</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_SolicitingMaterial" xml:lang="en-US">Soliciting Material</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_PreCommencementTenderOffer" xml:lang="en-US">Pre-commencement Tender Offer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xml:lang="en-US">Pre-commencement Issuer Tender Offer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityEmergingGrowthCompany" xml:lang="en-US">Entity Emerging Growth Company</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_Security12bTitle" xml:lang="en-US">Title of 12(b) Security</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_SecurityExchangeName" xml:lang="en-US">Security Exchange Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" />
<loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" />
<loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassOfStockDomain" xml:lang="en-US">Class of Stock [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" />
<loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonClassAMember" xlink:label="loc_us-gaap_CommonClassAMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommonClassAMember" xml:lang="en-US">Common Class A [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommonClassAMember" xml:lang="en-US">Class A common shares/units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonClassAMember" xlink:to="lab_us-gaap_CommonClassAMember" />
<loc xlink:type="locator" xlink:href="amh-20220331.xsd#amh_SeriesFPerpetualPreferredSharesMember" xlink:label="loc_amh_SeriesFPerpetualPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_amh_SeriesFPerpetualPreferredSharesMember" xml:lang="en-US">Series F Perpetual Preferred Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_amh_SeriesFPerpetualPreferredSharesMember" xml:lang="en-US">Series F Perpetual Preferred Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_amh_SeriesFPerpetualPreferredSharesMember" xlink:to="lab_amh_SeriesFPerpetualPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_amh_SeriesFPerpetualPreferredSharesMember" xml:lang="en-US">Series F perpetual preferred shares.</label>
<loc xlink:type="locator" xlink:href="amh-20220331.xsd#amh_SeriesGPerpetualPreferredSharesMember" xlink:label="loc_amh_SeriesGPerpetualPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_amh_SeriesGPerpetualPreferredSharesMember" xml:lang="en-US">Series G Perpetual Preferred Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_amh_SeriesGPerpetualPreferredSharesMember" xml:lang="en-US">Series G Perpetual Preferred Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_amh_SeriesGPerpetualPreferredSharesMember" xlink:to="lab_amh_SeriesGPerpetualPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_amh_SeriesGPerpetualPreferredSharesMember" xml:lang="en-US">Series G perpetual preferred shares.</label>
<loc xlink:type="locator" xlink:href="amh-20220331.xsd#amh_SeriesHPerpetualPreferredSharesMember" xlink:label="loc_amh_SeriesHPerpetualPreferredSharesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_amh_SeriesHPerpetualPreferredSharesMember" xml:lang="en-US">Series H Perpetual Preferred Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_amh_SeriesHPerpetualPreferredSharesMember" xml:lang="en-US">Series H Perpetual Preferred Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_amh_SeriesHPerpetualPreferredSharesMember" xlink:to="lab_amh_SeriesHPerpetualPreferredSharesMember" />
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end
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140696941837592">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th"><div>Mar. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001562401<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMERICAN HOMES 4 RENT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 31,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36013<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">46-1229660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">23975 Park Sorrento, Suite 300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Calabasas<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">91302<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">413-5300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=amh_AmericanHomes4RentLimitedPartnershipMember', window );">American Homes 4 Rent, L.P.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001716558<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMERICAN HOMES 4 RENT, L.P.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">333-221878-02<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">80-0860173<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares/units</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A common shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=amh_SeriesFPerpetualPreferredSharesMember', window );">Series F Perpetual Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">5.875% Series F perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=amh_SeriesGPerpetualPreferredSharesMember', window );">Series G Perpetual Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">5.875% Series G perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-G<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=amh_SeriesHPerpetualPreferredSharesMember', window );">Series H Perpetual Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.250% Series H perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-H<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
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	display: block;
	width: 200px;
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}

..report td.pl div.a {
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}

..report td.pl a:hover {
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}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
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}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
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}

/* styles for numeric types */
..report .num, .report .nump {
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	white-space: nowrap;
}

..report .nump {
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}

..report .nump {
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}

/* styles for text types */
..report .text {
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}

..report .text .big {
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}

..report .text .more {
	display: none;
}

..report .text .note {
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	font-weight: bold;
}

..report .text .small {
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
