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AMH
Table of Contents
Summary
Financial Information
Property and Other Information
2


AMH
Earnings Press Release
AMH Reports Third Quarter 2023 Financial and Operating Results
Raises Full Year 2023 Core FFO per Share and Unit Guidance
LAS VEGAS, November 2, 2023—AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended September 30, 2023.
Highlights
•Rents and other single-family property revenues increased 7.7% year-over-year to $421.7 million for the third quarter of 2023.
•Net income attributable to common shareholders totaled $74.1 million, or $0.20 per diluted share, for the third quarter of 2023, compared to $50.7 million, or $0.14 per diluted share, for the third quarter of 2022.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.6% year-over-year to $0.41 per FFO share and unit for the third quarter of 2023 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 7.1% year-over-year to $0.35 per FFO share and unit for the third quarter of 2023.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.2% year-over-year for the third quarter of 2023.
•Achieved Same-Home Average Occupied Days Percentage of 96.4% in the third quarter of 2023, while generating 7.2% rate growth on new leases.
•Delivered a total of 714 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2023.
•Raised Full Year 2023 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.65, representing anticipated full year growth of 7.1% over prior year.
“Our solid third quarter operating results reflect both the resilient fundamentals of single-family rentals and the power of the AMH platform. Our teams have done a great job executing this year, leading to another increase this quarter in our full year Core FFO per share guidance,” said David P. Singelyn, AMH’s Chief Executive Officer. “While the U.S. economy continues to face a number of challenges and uncertainties, AMH remains well-positioned for a strong close to 2023 thanks to our diversified portfolio footprint, superior operating platform, one-of-a-kind integrated development program and flexible investment grade balance sheet.”
Third Quarter 2023 Financial Results
Net income attributable to common shareholders totaled $74.1 million, or $0.20 per diluted share, for the third quarter of 2023, compared to $50.7 million, or $0.14 per diluted share, for the third quarter of 2022. The increase was primarily due to higher rental rates as well as higher net gains on property sales.
Rents and other single-family property revenues increased 7.7% to $421.7 million for the third quarter of 2023, compared to $391.6 million for the third quarter of 2022. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 6.6% to $224.8 million for the third quarter of 2023, compared to $210.8 million for the third quarter of 2022. This growth was driven by an 8.0% increase in core revenues resulting from higher rental rates, partially offset by a 10.3% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 5.8% to $302.3 million for the third quarter of 2023, compared to $285.7 million for the third quarter of 2022, which was driven by a 6.8% increase in Average Monthly Realized
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
3


AMH
Earnings Press Release (continued)
Rent per property, partially offset by a 70 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 10.7% to $111.2 million for the third quarter of 2023, compared to $100.4 million for the third quarter of 2022, primarily driven by (i) increased property tax expense from anticipated 2023 property tax assessments and timing of prior year property tax accruals and (ii) increased repairs and maintenance (“R&M”) and turnover costs, net. As a result, Core NOI from Same-Home properties increased 3.2% to $191.1 million for the third quarter of 2023, compared to $185.2 million for the third quarter of 2022.
Core FFO attributable to common share and unit holders was $171.0 million, or $0.41 per FFO share and unit, for the third quarter of 2023, compared to $155.2 million, or $0.39 per FFO share and unit, for the third quarter of 2022. Adjusted FFO attributable to common share and unit holders was $146.2 million, or $0.35 per FFO share and unit, for the third quarter of 2023, compared to $132.1 million, or $0.33 per FFO share and unit, for the third quarter of 2022. These improvements were primarily attributable to higher rental rates.
Year-to-Date 2023 Financial Results
Net income attributable to common shareholders totaled $289.6 million, or $0.80 per diluted share, for the nine-month period ended September 30, 2023, compared to $163.2 million, or $0.47 per diluted share, for the nine-month period ended September 30, 2022. The increase was primarily due to higher net gains on property sales, higher rental rates, and a larger number of occupied properties.
Rents and other single-family property revenues increased 9.5% to $1.2 billion for the nine-month period ended September 30, 2023, compared to $1.1 billion for the nine-month period ended September 30, 2022. Revenue growth was driven by higher rental rates and an increase in our average occupied portfolio which grew to 55,901 homes for the nine-month period ended September 30, 2023, compared to 54,658 homes for the nine-month period ended September 30, 2022.
Core NOI from our total portfolio increased 9.1% to $669.2 million for the nine-month period ended September 30, 2023, compared to $613.2 million for the nine-month period ended September 30, 2022. This growth was driven by a 10.1% increase in core revenues resulting from higher rental rates and a larger number of occupied properties, partially offset by an 11.7% increase in core property operating expenses.
For the Company’s Same-Home portfolio, core revenues increased 6.7% to $895.2 million for the nine-month period ended September 30, 2023, compared to $838.7 million for the nine-month period ended September 30, 2022, which was driven by a 7.3% increase in Average Monthly Realized Rent per property, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 10.8% to $320.0 million for the nine-month period ended September 30, 2023, compared to $288.7 million for the nine-month period ended September 30, 2022, primarily driven by (i) increased property tax expense from anticipated 2023 property tax assessments and timing of prior year property tax accruals and (ii) inflationary increases in R&M and turnover costs, net and property management expenses, net. As a result, Core NOI from Same-Home properties increased 4.6% to $575.2 million for the nine-month period ended September 30, 2023, compared to $550.0 million for the nine-month period ended September 30, 2022.
Core FFO attributable to common share and unit holders was $509.9 million, or $1.23 per FFO share and unit, for the nine-month period ended September 30, 2023, compared to $458.3 million, or $1.15 per FFO share and unit, for the nine-month period ended September 30, 2022. Adjusted FFO attributable to common share and unit holders was $448.5 million, or $1.08 per FFO share and unit, for the nine-month period ended September 30, 2023, compared to $406.8 million, or $1.02 per FFO share and unit, for the nine-month period ended September 30, 2022. These improvements were primarily attributable to higher rental rates and a larger number of occupied properties.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
4


AMH
Earnings Press Release (continued)
Portfolio
Average Occupied Days Percentage was 95.6% for the third quarter of 2023, compared to 96.2% for the second quarter of 2023.
Investments
As of September 30, 2023, the Company’s wholly-owned portfolio consisted of 59,092 homes, compared to 58,693 homes as of June 30, 2023, an increase of 399 homes during the third quarter of 2023, which included 615 newly constructed homes delivered through our AMH Development Program and eight homes acquired through our traditional acquisition channel, offset by 224 homes sold to third parties. During the third quarter of 2023, we also developed an additional 99 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 714 total program deliveries through our AMH Development Program. As of September 30, 2023, the Company had 700 properties held for sale and 2,936 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
As of September 30, 2023, the Company had cash and cash equivalents of $69.5 million and had total outstanding debt of $4.4 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.0% and a weighted-average term to maturity of 11.6 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility. Additionally, the Company has no debt maturities, other than recurring principal amortization, until the fourth quarter of 2024. During the third quarter of 2023, the Company generated $54.8 million of Retained Cash Flow and sold 224 properties generating $72.3 million of net proceeds.
In July 2023, the Company entered into a $625 million second strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes, providing additional scale, opportunity for economic upside and continued institutional endorsement of the Company’s industry leading built-for-rental strategy. The Company holds a 20% ownership interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the joint venture and have an opportunity to earn a promoted interest after construction and initial operation of the joint venture’s properties.

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


AMH
Earnings Press Release (continued)
2023 Guidance
Set forth below are the Company’s current expectations with respect to full year 2023 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2023 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2023
Previous GuidanceCurrent Guidance
Core FFO attributable to common share and unit holders$1.62 - $1.66$1.64 - $1.66
Core FFO attributable to common share and unit holders growth5.2% - 7.8%6.5% - 7.8%
Same-Home
Core revenues growth5.75% - 7.25%6.00% - 7.00%
Core property operating expenses growth8.75% - 10.75%9.00% - 10.00%
Core NOI growth4.00% - 5.50%4.40% - 5.40%
Full Year 2023
(Unchanged)
Investment ProgramPropertiesInvestment
Wholly owned acquisitions——
Wholly owned development deliveries1,775 - 1,925$600 - $700 million
Wholly owned land and development pipeline—$100 - $150 million
Pro rata share of JV and Property Enhancing Capex—$100 - $150 million
Total capital investment (wholly owned and pro rata JV)1,775 - 1,925$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)2,200 - 2,400$1.0 - $1.2 billion
Changes to Full Year 2023 guidance:
•$0.01 incremental Core FFO per share primarily related to increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios driven by better than expected controllable operating expense outlook as well as modestly favorable updates to Other income and expense, net.

Additional Information
A copy of the Company’s Third Quarter 2023 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call
A conference call is scheduled on Friday, November 3, 2023 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2023 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
6


AMH
Earnings Press Release (continued)
simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, November 17, 2023 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13739600#, or by using the link at www.amh.com, under “Investor relations.”
About AMH
American Homes 4 Rent (NYSE: AMH), which does business as AMH, is a leading owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.
In recent years, we’ve been named one of Fortune’s 2023 Best Workplaces in Real Estate™, a 2023 Great Place to Work®, a 2023 Most Loved Workplace®, a 2023 Top U.S. Homebuilder by Builder100, one of America’s Most Responsible Companies 2023 and America’s Most Trustworthy Companies 2023 by Newsweek and Statista Inc., and a Top ESG Regional Performer by Sustainalytics. As of September 30, 2023, we owned over 59,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, our 2023 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent filings with the SEC.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
7


AMH
Select Non-GAAP Reconciliations – Core Net Operating Income
(Amounts in thousands)
(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$421,697 $391,627 $1,214,948 $1,109,608 
Tenant charge-backs(65,840)(62,014)(167,049)(157,423)
Core revenues355,857 329,613 1,047,899 952,185 
Less: Non-Same-Home core revenues53,559 43,953 152,724 113,521 
Same-Home core revenues$302,298 $285,660 $895,175 $838,664 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$167,041 $152,065 $456,662 $414,978 
Property management expenses30,785 29,739 92,251 84,541 
Noncash share-based compensation - property management(953)(1,015)(3,151)(3,146)
Expenses reimbursed by tenant charge-backs(65,840)(62,014)(167,049)(157,423)
Core property operating expenses131,033 118,775 378,713 338,950 
Less: Non-Same-Home core property operating expenses19,824 18,338 58,757 50,243 
Same-Home core property operating expenses$111,209 $100,437 $319,956 $288,707 
Core NOI and Same-Home Core NOI
Net income$88,092 $61,665 $341,205 $206,234 
Hurricane-related charges, net— 6,133 — 6,133 
Gain on sale and impairment of single-family properties and other, net(33,335)(24,197)(180,752)(79,052)
Depreciation and amortization114,863 109,319 340,779 313,688 
Acquisition and other transaction costs3,399 4,482 12,650 18,114 
Noncash share-based compensation - property management953 1,015 3,151 3,146 
Interest expense34,381 36,254 105,107 98,622 
General and administrative expense18,336 16,986 56,128 53,115 
Other income and expense, net(1,865)(819)(9,082)(6,765)
Core NOI224,824 210,838 669,186 613,235 
Less: Non-Same-Home Core NOI33,735 25,615 93,967 63,278 
Same-Home Core NOI$191,089 $185,223 $575,219 $549,957 

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


AMH
Select Non-GAAP Reconciliations – Core Net Operating Income (continued)
(Amounts in thousands)
(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters:
For the Three Months Ended
Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$421,697 $395,548 $397,703 $380,926 $391,627 
Tenant charge-backs(65,840)(45,814)(55,395)(45,183)(62,014)
Core revenues355,857 349,734 342,308 335,743 329,613 
Less: Non-Same-Home core revenues53,559 50,853 48,312 46,059 43,953 
Same-Home core revenues$302,298 $298,881 $293,996 $289,684 $285,660 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$167,041 $142,553 $147,068 $137,113 $152,065 
Property management expenses30,785 30,666 30,800 28,157 29,739 
Noncash share-based compensation - property management(953)(1,132)(1,066)(715)(1,015)
Expenses reimbursed by tenant charge-backs(65,840)(45,814)(55,395)(45,183)(62,014)
Core property operating expenses131,033 126,273 121,407 119,372 118,775 
Less: Non-Same-Home core property operating expenses19,824 19,339 19,594 19,041 18,338 
Same-Home core property operating expenses$111,209 $106,934 $101,813 $100,331 $100,437 
Core NOI and Same-Home Core NOI
Net income$88,092 $115,414 $137,699 $103,791 $61,665 
Hurricane-related charges, net— — — — 6,133 
Gain on sale and impairment of single-family properties and other, net(33,335)(62,758)(84,659)(57,407)(24,197)
Depreciation and amortization114,863 113,199 112,717 112,843 109,319 
Acquisition and other transaction costs3,399 4,175 5,076 5,338 4,482 
Noncash share-based compensation - property management953 1,132 1,066 715 1,015 
Interest expense34,381 34,844 35,882 36,249 36,254 
General and administrative expense18,336 19,937 17,855 14,942 16,986 
Other income and expense, net(1,865)(2,482)(4,735)(100)(819)
Core NOI224,824 223,461 220,901 216,371 210,838 
Less: Non-Same-Home Core NOI33,735 31,514 28,718 27,018 25,615 
Same-Home Core NOI$191,089 $191,947 $192,183 $189,353 $185,223 
Unencumbered Core NOI and Encumbered Core NOI
Core NOI$224,824 $223,461 $220,901 $216,371 $210,838 
Less: Encumbered Core NOI64,844 64,665 64,077 63,798 62,906 
Unencumbered Core NOI$159,980 $158,796 $156,824 $152,573 $147,932 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
9


AMH
Fact Sheet
(Amounts in thousands, except per share and property data)
(Unaudited)
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Operating Data
Net income attributable to common shareholders$74,113 $50,715 $289,607 $163,244 
Core revenues$355,857 $329,613 $1,047,899 $952,185 
Core NOI$224,824 $210,838 $669,186 $613,235 
Core NOI margin63.2 %64.0 %63.9 %64.4 %
Fully Adjusted EBITDAre$188,560 $175,341 $576,958 $528,631 
Fully Adjusted EBITDAre Margin52.8 %52.6 %54.7 %54.9 %
Per FFO share and unit:
FFO attributable to common share and unit holders$0.39 $0.35 $1.16 $1.03 
Core FFO attributable to common share and unit holders$0.41 $0.39 $1.23 $1.15 
Adjusted FFO attributable to common share and unit holders$0.35 $0.33 $1.08 $1.02 
Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Selected Balance Sheet Information - end of period
Single-family properties in operation, net$10,132,185 $10,007,290 $9,917,123 $9,938,672 $9,905,410 
Total assets$12,559,377 $12,522,438 $12,420,013 $12,175,059 $12,098,842 
Outstanding borrowings under revolving credit facility$— $— $— $130,000 $— 
Total Debt$4,433,095 $4,438,629 $4,444,863 $4,581,628 $4,457,326 
Total Capitalization$18,591,650 $19,322,870 $17,668,693 $17,015,130 $17,969,520 
Total Debt to Total Capitalization23.8 %23.0 %25.2 %26.9 %24.8 %
Net Debt and Preferred Shares to Adjusted EBITDAre5.4 x5.3 x5.4 x6.0 x5.9 x
NYSE AMH Class A common share closing price$33.69 $35.45 $31.45 $30.14 $32.81 
Portfolio Data - end of period
Occupied single-family properties55,949 56,000 56,049 55,605 55,421 
Single-family properties leased, not yet occupied299 393 412 243 374 
Single-family properties in turnover process1,803 1,437 1,041 1,554 1,577 
Single-family properties recently renovated or developed333 215 234 464 383 
Single-family properties newly acquired and under renovation8 — — 12 149 
Total single-family properties, excluding properties held for sale58,392 58,045 57,736 57,878 57,904 
Single-family properties held for sale700 648 903 1,115 1,057 
Total single-family properties wholly owned59,092 58,693 58,639 58,993 58,961 
Single-family properties managed under joint ventures2,936 2,846 2,688 2,540 2,271 
Total single-family properties wholly owned and managed62,028 61,539 61,327 61,533 61,232 
Total Average Occupied Days Percentage (1)
95.6 %96.2 %96.3 %95.8 %95.7 %
Same-Home Average Occupied Days Percentage (49,643 properties)96.4 %97.1 %97.2 %96.9 %97.1 %
Other Data
Distributions declared per common share$0.22$0.22$0.22$0.18$0.18
Distributions declared per Series G perpetual preferred share$0.37$0.37$0.37$0.37$0.37
Distributions declared per Series H perpetual preferred share$0.39$0.39$0.39$0.39$0.39
(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.


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


AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Rents and other single-family property revenues$421,697 $391,627 $1,214,948 $1,109,608 
Expenses:   
Property operating expenses167,041 152,065 456,662 414,978 
Property management expenses30,785 29,739 92,251 84,541 
General and administrative expense18,336 16,986 56,128 53,115 
Interest expense34,381 36,254 105,107 98,622 
Acquisition and other transaction costs3,399 4,482 12,650 18,114 
Depreciation and amortization114,863 109,319 340,779 313,688 
Hurricane-related charges, net— 6,133 — 6,133 
Total expenses368,805 354,978 1,063,577 989,191 
Gain on sale and impairment of single-family properties and other, net33,335 24,197 180,752 79,052 
Other income and expense, net1,865 819 9,082 6,765 
Net income88,092 61,665 341,205 206,234 
Noncontrolling interest10,493 7,464 41,140 24,119 
Dividends on preferred shares3,486 3,486 10,458 13,595 
Redemption of perpetual preferred shares— — — 5,276 
Net income attributable to common shareholders$74,113 $50,715 $289,607 $163,244 
Weighted-average common shares outstanding:
Basic362,426,273 348,944,055 361,665,436 347,730,579 
Diluted362,924,932 349,344,541 362,121,128 348,282,995 
Net income attributable to common shareholders per share:
Basic$0.20 $0.14 $0.80 $0.47 
Diluted$0.20 $0.14 $0.80 $0.47 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
11


AMH
Funds from Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Net income attributable to common shareholders$74,113 $50,715 $289,607 $163,244 
Adjustments: 
Noncontrolling interests in the Operating Partnership10,493 7,464 41,140 24,119 
Gain on sale and impairment of single-family properties and other, net(33,335)(24,197)(180,752)(79,052)
Adjustments for unconsolidated joint ventures812 448 2,380 (122)
Depreciation and amortization114,863 109,319 340,779 313,688 
Less: depreciation and amortization of non-real estate assets(4,476)(3,543)(12,902)(9,648)
FFO attributable to common share and unit holders$162,470 $140,206 $480,252 $412,229 
Adjustments:
Acquisition, other transaction costs and other3,399 4,482 12,650 18,114 
Noncash share-based compensation - general and administrative4,160 3,390 13,885 13,352 
Noncash share-based compensation - property management953 1,015 3,151 3,146 
Hurricane-related charges, net— 6,133 — 6,133 
Redemption of perpetual preferred shares— — — 5,276 
Core FFO attributable to common share and unit holders$170,982 $155,226 $509,938 $458,250 
Recurring Capital Expenditures(23,973)(22,479)(59,079)(49,616)
Leasing costs(792)(689)(2,368)(1,868)
Adjusted FFO attributable to common share and unit holders$146,217 $132,058 $448,491 $406,766 
Per FFO share and unit: 
FFO attributable to common share and unit holders$0.39 $0.35 $1.16 $1.03 
Core FFO attributable to common share and unit holders$0.41 $0.39 $1.23 $1.15 
Adjusted FFO attributable to common share and unit holders$0.35 $0.33 $1.08 $1.02 
Weighted-average FFO shares and units:
Common shares outstanding362,426,273 348,944,055 361,665,436 347,730,579 
Share-based compensation plan and forward sale equity contracts (1)
910,552 840,009 800,032 984,215 
Operating partnership units51,376,980 51,376,980 51,376,980 51,376,980 
Total weighted-average FFO shares and units414,713,805 401,161,044 413,842,448 400,091,774 
(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

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


AMH
Core Net Operating Income – Total Portfolio
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Rents from single-family properties$352,986 $326,489 $1,040,072 $943,190 
Fees from single-family properties8,022 7,017 22,862 20,008 
Bad debt(5,151)(3,893)(15,035)(11,013)
Core revenues355,857 329,613 1,047,899 952,185 
Property tax expense59,585 52,902 180,212 157,291 
HOA fees, net (1)
6,832 6,406 19,105 17,889 
R&M and turnover costs, net (1)
32,252 28,851 82,822 76,336 
Insurance4,680 3,579 13,212 10,489 
Property management expenses, net (2)
27,684 27,037 83,362 76,945 
Core property operating expenses131,033 118,775 378,713 338,950 
Core NOI$224,824 $210,838 $669,186 $613,235 
Core NOI margin63.2 %64.0 %63.9 %64.4 %
    
For the Three Months Ended
Sep 30, 2023
Same-Home PropertiesStabilized
Properties
Non-Stabilized Properties (3)
Held for Sale and Other Properties (4)
Total
Single-Family
Properties Wholly Owned
Property count49,643 5,888 2,853 708 59,092 
Average Occupied Days Percentage96.4 %95.8 %78.0 %63.8 %95.2 %
Rents from single-family properties$299,652 $38,026 $12,532 $2,776 $352,986 
Fees from single-family properties6,746 822 383 71 8,022 
Bad debt(4,100)(526)(193)(332)(5,151)
Core revenues302,298 38,322 12,722 2,515 355,857 
Property tax expense51,646 5,291 1,948 700 59,585 
HOA fees, net (1)
5,737 750 276 69 6,832 
R&M and turnover costs, net (1)
27,379 2,593 1,759 521 32,252 
Insurance3,962 460 205 53 4,680 
Property management expenses, net (2)
22,485 2,677 2,263 259 27,684 
Core property operating expenses111,209 11,771 6,451 1,602 131,033 
Core NOI$191,089 $26,551 $6,271 $913 $224,824 
Core NOI margin63.2 %69.3 %49.3 %36.3 %63.2 %
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.
(3)Includes 1,441 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,412 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.
(4)Includes 700 properties held for sale and 8 single-family properties newly acquired and under renovation that are not yet placed into service. Average Occupied Days percentage is calculated based only on properties held for sale.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
13


AMH
Same-Home Results – Quarterly and Year-to-Date Comparisons
(Amounts in thousands, except property and per property data)
(Unaudited)
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
20232022Change20232022Change
Number of Same-Home properties49,643 49,643 49,643 49,643 
Average Occupied Days Percentage96.4 %97.1 %(0.7)%96.9 %97.2 %(0.3)%
Average Monthly Realized Rent per property$2,086 $1,954 6.8 %$2,049 $1,910 7.3 %
Turnover Rate 8.6 %8.3 %0.3 %23.1 %22.2 %0.9 %
Turnover Rate - TTM29.0 %N/A29.0 %N/A
Core NOI:
Rents from single-family properties$299,652 $282,489 6.1 %$887,363 $829,690 7.0 %
Fees from single-family properties6,746 5,900 14.3 %19,165 16,740 14.5 %
Bad debt(4,100)(2,729)50.2 %(11,353)(7,766)46.2 %
Core revenues302,298 285,660 5.8 %895,175 838,664 6.7 %
Property tax expense51,646 45,726 12.9 %154,709 136,856 13.0 %
HOA fees, net (1)
5,737 5,465 5.0 %16,287 15,427 5.6 %
R&M and turnover costs, net (1)
27,379 23,972 14.2 %69,494 63,683 9.1 %
Insurance3,962 3,109 27.4 %11,261 9,156 23.0 %
Property management expenses, net (2)
22,485 22,165 1.4 %68,205 63,585 7.3 %
Core property operating expenses111,209 100,437 10.7 %319,956 288,707 10.8 %
Core NOI$191,089 $185,223 3.2 %$575,219 $549,957 4.6 %
Core NOI margin63.2 %64.8 %64.3 %65.6 %
Selected Property Expenditure Details:
Recurring Capital Expenditures$20,917 $19,207 8.9 %$51,650 $43,417 19.0 %
Per property:
Average Recurring Capital Expenditures$421 $387 8.9 %$1,040 $875 19.0 %
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$973 $870 11.8 %$2,440 $2,157 13.1 %
Property Enhancing Capex$14,536 $16,691 $42,070 $43,437 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

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


AMH
Same-Home Results – Sequential Quarterly Results
(Amounts in thousands, except per property data)
(Unaudited)
For the Three Months Ended
Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Average Occupied Days Percentage96.4 %97.1 %97.2 %96.9 %97.1 %
Average Monthly Realized Rent per property$2,086 $2,048 $2,013 $1,991 $1,954 
Average Change in Rent for Renewals7.1 %7.0 %6.8 %7.9 %8.3 %
Average Change in Rent for Re-Leases7.2 %9.4 %7.7 %8.2 %12.3 %
Average Blended Change in Rent7.2 %7.6 %7.1 %8.0 %9.5 %
Core NOI:
Rents from single-family properties$299,652 $296,130 $291,581 $287,342 $282,489 
Fees from single-family properties6,746 6,213 6,206 5,836 5,900 
Bad debt(4,100)(3,462)(3,791)(3,494)(2,729)
Core revenues302,298 298,881 293,996 289,684 285,660 
Property tax expense51,646 52,095 50,968 51,728 45,726 
HOA fees, net (1)
5,737 5,457 5,093 5,186 5,465 
R&M and turnover costs, net (1)
27,379 22,719 19,396 19,449 23,972 
Insurance3,962 3,924 3,375 3,112 3,109 
Property management expenses, net (2)
22,485 22,739 22,981 20,856 22,165 
Core property operating expenses111,209 106,934 101,813 100,331 100,437 
Core NOI$191,089 $191,947 $192,183 $189,353 $185,223 
Core NOI margin63.2 %64.2 %65.4 %65.4 %64.8 %
Selected Property Expenditure Details:
Recurring Capital Expenditures$20,917 $18,338 $12,395 $13,479 $19,207 
Per property:
Average Recurring Capital Expenditures$421 $369 $250 $272 $387 
Average R&M and turnover costs, net, plus Recurring Capital Expenditures
$973 $827 $640 $663 $870 
Property Enhancing Capex$14,536 $13,781 $13,753 $12,868 $16,691 
(1)Presented net of tenant charge-backs.
(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

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


AMH
Same-Home Results – Operating Metrics by Market
Number of PropertiesGross Book Value per Property% of
3Q23 NOI
Avg. Change in Rent for Renewals (1)
Avg. Change in Rent for Re-Leases (1)
Avg. Blended Change in
Rent (1)
Atlanta, GA4,696 $201,475 9.2 %7.7 %8.1 %7.8 %
Dallas-Fort Worth, TX3,812 172,447 6.5 %7.2 %6.5 %7.0 %
Charlotte, NC3,633 206,977 7.6 %7.1 %8.4 %7.5 %
Phoenix, AZ2,762 191,273 6.4 %6.8 %5.4 %6.4 %
Nashville, TN2,759 230,731 7.0 %6.2 %6.6 %6.4 %
Indianapolis, IN2,643 163,973 3.8 %5.6 %6.4 %5.9 %
Jacksonville, FL2,519 195,035 4.8 %6.7 %5.3 %6.3 %
Tampa, FL2,469 212,349 4.7 %9.1 %8.4 %8.9 %
Houston, TX2,189 172,569 3.0 %7.0 %5.0 %6.6 %
Raleigh, NC2,015 194,589 4.1 %6.6 %6.2 %6.4 %
Columbus, OH1,986 184,078 4.1 %6.7 %7.1 %6.8 %
Cincinnati, OH1,936 186,415 4.0 %7.9 %8.4 %8.1 %
Orlando, FL1,602 195,625 3.1 %9.7 %9.9 %9.8 %
Salt Lake City, UT1,593 274,758 4.2 %5.9 %6.8 %6.2 %
Greater Chicago area, IL and IN1,536 190,290 3.0 %7.3 %7.7 %7.4 %
Charleston, SC1,271 216,469 2.8 %8.2 %6.6 %7.6 %
Las Vegas, NV1,231 215,464 2.8 %5.0 %3.9 %4.6 %
San Antonio, TX1,097 184,653 1.6 %4.9 %0.6 %3.8 %
Savannah/Hilton Head, SC892 187,959 1.9 %9.1 %11.7 %10.0 %
Seattle, WA879 291,263 2.3 %8.0 %10.0 %8.8 %
All Other (2)
6,123 202,629 13.1 %7.1 %8.1 %7.4 %
Total/Average49,643 $199,752 100.0 %7.1 %7.2 %7.2 %
 Average Occupied Days Percentage Average Monthly Realized Rent per Property
3Q23 QTD3Q22 QTDChange3Q23 QTD3Q22 QTDChange
Atlanta, GA96.3 %97.4 %(1.1)%$2,112 $1,966 7.4 %
Dallas-Fort Worth, TX96.3 %97.5 %(1.2)%2,168 2,034 6.6 %
Charlotte, NC96.8 %97.3 %(0.5)%2,027 1,889 7.3 %
Phoenix, AZ95.8 %96.9 %(1.1)%2,037 1,900 7.2 %
Nashville, TN95.8 %97.3 %(1.5)%2,218 2,061 7.6 %
Indianapolis, IN96.5 %96.1 %0.4 %1,764 1,680 5.0 %
Jacksonville, FL96.6 %97.0 %(0.4)%2,057 1,929 6.6 %
Tampa, FL96.0 %98.3 %(2.3)%2,249 2,055 9.4 %
Houston, TX97.0 %96.8 %0.2 %1,948 1,860 4.7 %
Raleigh, NC96.5 %97.4 %(0.9)%1,921 1,814 5.9 %
Columbus, OH96.8 %96.9 %(0.1)%2,045 1,926 6.2 %
Cincinnati, OH96.5 %96.3 %0.2 %2,012 1,884 6.8 %
Orlando, FL96.3 %98.0 %(1.7)%2,196 2,011 9.2 %
Salt Lake City, UT96.3 %97.0 %(0.7)%2,284 2,153 6.1 %
Greater Chicago area, IL and IN97.5 %96.9 %0.6 %2,298 2,167 6.0 %
Charleston, SC97.0 %96.0 %1.0 %2,147 2,019 6.3 %
Las Vegas, NV96.2 %97.0 %(0.8)%2,104 1,985 6.0 %
San Antonio, TX96.2 %96.9 %(0.7)%1,895 1,830 3.6 %
Savannah/Hilton Head, SC97.4 %98.0 %(0.6)%2,024 1,868 8.4 %
Seattle, WA95.5 %96.1 %(0.6)%2,613 2,410 8.4 %
All Other (2)
96.4 %96.7 %(0.3)%2,062 1,938 6.4 %
Total/Average96.4 %97.1 %(0.7)%$2,086 $1,954 6.8 %
(1)Reflected for the three months ended September 30, 2023.
(2)Represents 15 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
16


AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands)
Sep 30, 2023Dec 31, 2022
(Unaudited)
Assets  
Single-family properties:  
Land$2,225,477 $2,197,233 
Buildings and improvements10,545,835 10,127,891 
Single-family properties in operation12,771,312 12,325,124 
Less: accumulated depreciation(2,639,127)(2,386,452)
Single-family properties in operation, net10,132,185 9,938,672 
Single-family properties under development and development land1,334,992 1,187,221 
Single-family properties and land held for sale, net160,328 198,716 
Total real estate assets, net11,627,505 11,324,609 
Cash and cash equivalents69,514 69,155 
Restricted cash 173,133 148,805 
Rent and other receivables53,773 47,752 
Escrow deposits, prepaid expenses and other assets372,157 331,446 
Investments in unconsolidated joint ventures117,350 107,347 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$12,559,377 $12,175,059 
Liabilities  
Revolving credit facility$— $130,000 
Asset-backed securitizations, net1,876,087 1,890,842 
Unsecured senior notes, net2,498,959 2,495,156 
Accounts payable and accrued expenses633,795 484,403 
Total liabilities5,008,841 5,000,401 
Commitments and contingencies  
Equity  
Shareholders’ equity:  
Class A common shares3,614 3,529 
Class B common shares6 6 
Preferred shares92 92 
Additional paid-in capital7,251,465 6,931,819 
Accumulated deficit(391,452)(440,791)
Accumulated other comprehensive income965 1,332 
Total shareholders’ equity6,864,690 6,495,987 
Noncontrolling interest685,846 678,671 
Total equity7,550,536 7,174,658 
Total liabilities and equity$12,559,377 $12,175,059 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
17


AMH
Debt Summary as of September 30, 2023
(Amounts in thousands)
(Unaudited)
SecuredUnsecuredTotal Balance % of Total
Interest Rate (1)
 Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)
$— $— $— — %6.31 %2.5
Total floating rate debt— — — — %6.31 %2.5
Fixed rate debt:
AMH 2014-SFR2 securitization463,199 — 463,199 10.4 %4.42 %1.0
AMH 2014-SFR3 securitization478,612 — 478,612 10.8 %4.40 %1.2
AMH 2015-SFR1 securitization503,681 — 503,681 11.4 %4.14 %21.5
AMH 2015-SFR2 securitization437,603 — 437,603 9.9 %4.36 %22.0
2028 unsecured senior notes— 500,000 500,000 11.3 %4.08 %4.4
2029 unsecured senior notes— 400,000 400,000 9.0 %4.90 %5.4
2031 unsecured senior notes— 450,000 450,000 10.2 %2.46 %7.8
2032 unsecured senior notes— 600,000 600,000 13.4 %3.63 %8.5
2051 unsecured senior notes— 300,000 300,000 6.8 %3.38 %27.8
2052 unsecured senior notes— 300,000 300,000 6.8 %4.30 %28.6
Total fixed rate debt1,883,095 2,550,000 4,433,095 100.0 %4.00 %11.6
Total Debt$1,883,095 $2,550,000 4,433,095 100.0 %4.00 %11.6
Unamortized discounts and loan costs(58,049)
Total debt per balance sheet$4,375,046 
Maturity Schedule by Year (2)
Total Debt% of Total
Remaining 2023$5,179 0.1 %
2024949,510 21.4 %
202510,302 0.2 %
202610,302 0.2 %
202710,302 0.2 %
Thereafter3,447,500 77.9 %
Total$4,433,095 100.0 %
(1)Interest rates are as of September 30, 2023 and reflect the effect of any hedging instruments, as applicable.
(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis. The AMH 2015-SFR1 securitization and AMH 2015-SFR2 securitization have anticipated repayment dates of April 9, 2025 and October 9, 2025, respectively. If the securitizations are not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%.
(3)The Company amended its revolving credit facility in connection with the transition from the LIBOR to the Secured Overnight Financing Rate (“SOFR”) during the second quarter of 2023. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of period end.

Interest Expense Reconciliation
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
(Amounts in thousands)2023202220232022
Interest expense per income statement and included in Core FFO attributable to common share and unit holders$34,381 $36,254 $105,107 $98,622 
Less: amortization of discounts, loan costs and cash flow hedges(3,085)(3,086)(9,193)(8,588)
Add: capitalized interest14,170 12,861 40,991 39,415 
Cash interest$45,466 $46,029 $136,905 $129,449 
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
18


AMH
Capital Structure and Credit Metrics as of September 30, 2023
(Amounts in thousands, except share and per share data)
(Unaudited)
Total Capitalization
Total Debt$4,433,095 23.8 %
Total preferred shares 230,000 1.2 %
Common equity at market value:
Common shares outstanding362,055,923 
Operating partnership units51,376,980 
Total shares and units413,432,903 
NYSE AMH Class A common share closing price at September 30, 2023$33.69 
Market value of common shares and operating partnership units13,928,555 75.0 %
Total Capitalization$18,591,650 100.0 %
Preferred SharesEarliest Redemption DateOutstanding SharesAnnual Dividend
Per Share		Annual Dividend
Amount
SeriesPer ShareTotal
5.875% Series G Perpetual Preferred Shares7/17/20224,600,000 $25.00 $115,000 $1.469 $6,756 
6.250% Series H Perpetual Preferred Shares9/19/20234,600,000 $25.00 115,000 $1.563 7,188 
Total preferred shares9,200,000 $230,000 $13,944 
Credit RatiosCredit Ratings
Net Debt and Preferred Shares to Adjusted EBITDAre5.4 xRating AgencyRatingOutlook
Fixed Charge Coverage4.3 xMoody's Investor ServiceBaa2Stable
Unencumbered Core NOI percentage70.9 %S&P Global RatingsBBBStable
Unsecured Senior Notes Covenant Ratios RequirementActual
Ratio of Indebtedness to Total Assets<60.0 %29.6 %
Ratio of Secured Debt to Total Assets<40.0 %12.5 %
Ratio of Unencumbered Assets to Unsecured Debt>150.0 %459.7 %
Ratio of Consolidated Income Available for Debt Service to Interest Expense>1.50 x4.51 x
Unsecured Credit Facility Covenant Ratios RequirementActual
Ratio of Total Indebtedness to Total Asset Value<60.0 %29.5 %
Ratio of Secured Indebtedness to Total Asset Value<40.0 %11.7 %
Ratio of Unsecured Indebtedness to Unencumbered Asset Value<60.0 %27.2 %
Ratio of EBITDA to Fixed Charges>1.50 x3.77 x
Ratio of Unencumbered NOI to Unsecured Interest Expense>1.75 x6.48 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
19


AMH
Top 20 Markets Summary as of September 30, 2023
Property Information (1)
MarketNumber of
Properties		Percentage
of Total
Properties		Gross Book
Value per
Property		Avg.
Sq. Ft.		Avg. Age
(years)
Atlanta, GA5,85110.0 %$222,478 2,17317.2
Dallas-Fort Worth, TX4,1087.0 %175,506 2,10019.3
Charlotte, NC4,0396.9 %217,682 2,10917.8
Phoenix, AZ3,3865.8 %212,239 1,83919.1
Nashville, TN3,2905.6 %245,952 2,11616.0
Jacksonville, FL3,0385.2 %215,247 1,92814.4
Indianapolis, IN2,8634.9 %173,466 1,92820.6
Tampa, FL2,8754.9 %229,767 1,94715.2
Houston, TX2,4584.2 %177,734 2,08617.8
Raleigh, NC2,1753.7 %199,047 1,89017.6
Cincinnati, OH2,1253.6 %196,358 1,84220.7
Columbus, OH2,1513.7 %194,252 1,87820.9
Las Vegas, NV2,1283.6 %282,700 1,93511.8
Salt Lake City, UT1,8993.3 %303,986 2,24417.0
Orlando, FL1,9823.4 %216,061 1,91018.4
Greater Chicago area, IL and IN1,5592.7 %190,489 1,86622.1
Charleston, SC1,5202.6 %227,982 1,96312.9
San Antonio, TX1,2822.2 %196,843 1,92514.7
Seattle, WA1,1492.0 %327,350 2,00113.6
Savannah/Hilton Head, SC1,0421.8 %209,613 1,88815.0
All Other (3)
7,47212.9 %231,277 1,91017.6
Total/Average58,392100.0 %$218,717 1,99117.4
Leasing Information (1)
Market
Avg. Occupied Days
Percentage (2)
Avg. Monthly Realized Rent
per Property (2)
Avg. Change in Rent for Renewals (2)
Avg. Change in Rent for Re-Leases (2)
Avg. Blended Change
in Rent (2)
Atlanta, GA95.4 %$2,103 7.7 %7.9 %7.7 %
Dallas-Fort Worth, TX95.8 %2,148 7.2 %6.7 %7.0 %
Charlotte, NC96.6 %2,016 7.1 %8.6 %7.6 %
Phoenix, AZ95.4 %2,015 7.1 %5.4 %6.6 %
Nashville, TN95.7 %2,201 6.2 %6.7 %6.4 %
Jacksonville, FL95.3 %2,050 6.7 %5.1 %6.2 %
Indianapolis, IN96.5 %1,753 5.6 %6.3 %5.9 %
Tampa, FL95.3 %2,246 9.1 %8.3 %8.8 %
Houston, TX96.6 %1,928 7.0 %5.0 %6.5 %
Raleigh, NC96.1 %1,909 6.6 %6.3 %6.5 %
Cincinnati, OH96.2 %1,993 7.8 %8.2 %8.0 %
Columbus, OH96.3 %2,033 6.7 %7.3 %6.9 %
Las Vegas, NV92.0 %2,148 4.6 %3.2 %4.2 %
Salt Lake City, UT95.8 %2,311 5.5 %6.6 %5.9 %
Orlando, FL94.8 %2,188 9.8 %10.3 %9.9 %
Greater Chicago area, IL and IN97.3 %2,273 7.3 %7.6 %7.4 %
Charleston, SC95.7 %2,136 8.0 %6.7 %7.6 %
San Antonio, TX95.5 %1,885 5.0 %1.3 %4.1 %
Seattle, WA95.1 %2,612 8.0 %8.5 %8.2 %
Savannah/Hilton Head, SC96.6 %2,031 9.0 %11.9 %10.0 %
All Other (3)
94.8 %2,062 7.0 %7.5 %7.1 %
Total/Average95.6 %$2,081 7.1 %7.1 %7.1 %
(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.
(2)Reflected for the three months ended September 30, 2023.
(3)Represents 15 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
20


AMH
Property Additions
3Q23 AdditionsYTD 3Q23 Additions
MarketNumber of PropertiesAverage
Total Investment Cost		Number of PropertiesAverage
Total Investment Cost
Las Vegas, NV118 $368,974 292 $369,110 
Atlanta, GA86 353,219 154 345,912 
Tampa, FL78 353,903 167 354,119 
Orlando, FL64 335,953 148 339,853 
Jacksonville, FL59 324,498 150 316,424 
Nashville, TN42 381,733 72 403,732 
Charlotte, NC40 335,318 99 372,383 
Boise, ID35 402,233 155 383,724 
Columbus, OH26 372,297 46 376,869 
Colorado Springs, CO24 508,813 43 500,453 
Tucson, AZ22 297,025 22 297,025 
Phoenix, AZ22 392,404 22 392,404 
Savannah/Hilton Head, SC2 336,132 2 336,132 
Salt Lake City, UT2 644,490 2 644,490 
Cincinnati, OH2 282,414 2 282,414 
Indianapolis, IN1 334,242 1 334,242 
Raleigh, NC— — 14 240,504 
Seattle, WA— — 13 528,614 
Total/Average623 $362,134 1,404 $363,593 

Property Dispositions
Sep 30, 2023 Single-Family Properties Held for Sale3Q23 DispositionsYTD 3Q23 Dispositions
MarketNumber of PropertiesAverage Net Proceeds per PropertyNumber of PropertiesAverage Net Proceeds per Property
Houston, TX106 43 $253,333 326 $233,456 
Greater Chicago area, IL and IN92 15 287,539 73 249,433 
Inland Empire, CA79 26 474,993 75 454,191 
Dallas-Fort Worth, TX66 26 313,369 147 290,661 
Atlanta, GA43 29 318,240 110 286,038 
Austin, TX34 3 286,641 34 302,841 
San Antonio, TX25 10 258,097 41 237,804 
Indianapolis, IN25 9 222,455 62 232,196 
Orlando, FL23 2 361,103 27 326,397 
Bay Area, CA23 3 483,385 24 521,317 
Charlotte, NC21 5 321,129 46 307,379 
Phoenix, AZ21 12 343,724 73 333,762 
Nashville, TN19 8 367,735 30 342,780 
Tampa, FL18 2 393,661 23 372,371 
Central Valley, CA18 4 298,949 14 318,237 
Charleston, SC16 1 517,245 12 299,206 
Milwaukee, WI14 1 404,825 10 338,793 
Memphis, TN8 1 244,522 14 262,214 
Miami, FL7 3 390,331 8 362,871 
Raleigh, NC7 2 170,012 18 242,514 
All Other (1)
35 19 337,262 138 333,577 
Total/Average700 224 $322,719 1,305 $294,327 
(1)Represents 16 markets in 13 states.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
21


AMH
AMH Development Pipeline Summary as of September 30, 2023
YTD 3Q23 Deliveries
Sep 30, 2023
Lots for
Future Delivery (1)
MarketNumber of PropertiesAverage Total Investment CostAverage
Monthly Rent
Las Vegas, NV292 $363,000 $2,380 1,293 
Tampa, FL245 356,000 2,590 614 
Jacksonville, FL198 330,000 2,290 718 
Atlanta, GA188 353,000 2,510 742 
Orlando, FL183 349,000 2,460 1,135 
Charlotte, NC171 373,000 2,450 362 
Boise, ID155 384,000 2,280 295 
Nashville, TN74 405,000 2,560 423 
Denver, CO71 560,000 3,080 579 
Phoenix, AZ65 340,000 2,390 1,875 
Salt Lake City, UT54 448,000 2,610 157 
Columbus, OH46 377,000 2,500 554 
Seattle, WA36 506,000 3,090 256 
Charleston, SC19 520,000 3,350 910 
Raleigh, NC17 394,000 2,380 66 
Total/Average1,814 $376,000 $2,490 9,979 
Lots optioned3,172 
Total lots owned and optioned13,151 

Estimated Delivery Timing
Dec 31, 2022
Lots for
Future Delivery (1)
YTD 3Q23
Lots Added (3)
YTD 3Q23
Deliveries
Full Year Estimated 2023 Deliveries (4)
Deliveries Thereafter (4)
Wholly-owned development pipeline (2)
13,764(11)1,3821,775 - 1,92511,903
Joint venture development pipeline (2)(5)
743469432425 - 475762
Total development pipeline14,5074581,8142,200 - 2,40012,665
(1)Lots controlled in escrow are not included.
(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.
(3)Represents lots acquired and optioned, net of lots transferred to held for sale or disposed during the period.
(4)Reflects the Company’s latest development program estimates as of November 2, 2023.
(5)Represents three unconsolidated joint ventures for each of which the Company holds a 20% interest.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
22


AMH
Lease Expirations
MTM4Q231Q242Q243Q24Thereafter
Lease expirations2,8989,04012,02315,18014,0723,035




Share Repurchase / ATM Share Issuance History
(Amounts in thousands, except share and per share data)
Share RepurchasesATM Share Issuances
PeriodCommon Shares RepurchasedPurchase PriceAvg. Price Paid Per ShareCommon Shares IssuedGross ProceedsAvg. Issuance Price Per Share
20181,804,163 $34,933 $19.36 — $— $— 
2019— — — — — — 
2020— — — 86,130 2,414 28.03 
2021— — — 1,749,286 72,344 41.36 
2022— — — — — — 
1Q23— — — — — — 
2Q23— — — — — — 
3Q23— — — — — — 
Total1,804,163 34,933 $19.36 1,835,416 74,758 $40.73 
 Remaining authorization:$265,067 
 Remaining authorization: (1)
$1,000,000 
(1)In June 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion.

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


AMH
2023 Guidance
Set forth below are the Company’s current expectations with respect to full year 2023 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2023 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2023
Previous GuidanceCurrent Guidance
Core FFO attributable to common share and unit holders$1.62 - $1.66$1.64 - $1.66
Core FFO attributable to common share and unit holders growth5.2% - 7.8%6.5% - 7.8%
Same-Home
Core revenues growth5.75% - 7.25%6.00% - 7.00%
Core property operating expenses growth8.75% - 10.75%9.00% - 10.00%
Core NOI growth4.00% - 5.50%4.40% - 5.40%
Full Year 2023
(Unchanged)
Investment ProgramPropertiesInvestment
Wholly owned acquisitions——
Wholly owned development deliveries1,775 - 1,925$600 - $700 million
Wholly owned land and development pipeline—$100 - $150 million
Pro rata share of JV and Property Enhancing Capex—$100 - $150 million
Total capital investment (wholly owned and pro rata JV)1,775 - 1,925$0.8 - $1.0 billion
Total gross capital investment (JVs at 100%)2,200 - 2,400$1.0 - $1.2 billion
Changes to Full Year 2023 guidance:
•$0.01 incremental Core FFO per share primarily related to increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios driven by better than expected controllable operating expense outlook as well as modestly favorable updates to Other income and expense, net.
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.
24


AMH
Defined Terms and Non-GAAP Reconciliations
(Unaudited)

Average Blended Change in Rent
The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

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

Average Change in Rent for Renewals
The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

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

Average Occupied Days Percentage
The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost
Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI
Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.




25


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

Refer to Select Non-GAAP Reconciliations – Core Net Operating Income for reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics.

Credit Ratios
We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.
Net Debt and Preferred Shares to Adjusted EBITDAre
(Amounts in thousands)Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Total Debt$4,433,095 $4,438,629 $4,444,863 $4,581,628 $4,457,326 
Less: cash and cash equivalents(69,514)(199,601)(255,559)(69,155)(97,244)
Less: asset-backed securitization certificates(25,666)(25,666)(25,666)(25,666)(25,666)
Less: restricted cash related to securitizations(52,382)(45,289)(42,365)(39,854)(49,932)
Net debt$4,285,533 $4,168,073 $4,121,273 $4,446,953 $4,284,484 
Preferred shares at liquidation value230,000 230,000 230,000 230,000 230,000 
Net debt and preferred shares$4,515,533 $4,398,073 $4,351,273 $4,676,953 $4,514,484 
Adjusted EBITDAre - TTM$842,366 $827,550 $809,987 $784,076 $760,912 
Net Debt and Preferred Shares to Adjusted EBITDAre5.4 x5.3 x5.4 x6.0 x5.9 x
Fixed Charge Coverage
(Amounts in thousands)For the Trailing Twelve Months Ended
Sep 30, 2023
Interest expense per income statement$141,356 
Less: amortization of discounts, loan costs and cash flow hedges(12,278)
Add: capitalized interest53,661 
Cash interest182,739 
Dividends on preferred shares13,944 
Fixed charges$196,683 
Adjusted EBITDAre - TTM$842,366 
Fixed Charge Coverage4.3 x
Unencumbered Core NOI Percentage
For the Three Months EndedFor the Trailing Twelve Months Ended
Sep 30, 2023
(Amounts in thousands)Dec 31,
2022		Mar 31,
2023		Jun 30,
2023		Sep 30,
2023
Unencumbered Core NOI$152,573 $156,824 $158,796 $159,980 $628,173 
Core NOI216,371 220,901 223,461 224,824 885,557 
Unencumbered Core NOI Percentage70.9 %
26


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.
27


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Net income$88,092 $61,665 $341,205 $206,234 
Interest expense34,381 36,254 105,107 98,622 
Depreciation and amortization114,863 109,319 340,779 313,688 
EBITDA$237,336 $207,238 $787,091 $618,544 
Gain on sale and impairment of single-family properties and other, net(33,335)(24,197)(180,752)(79,052)
Adjustments for unconsolidated joint ventures812 448 2,380 (122)
EBITDAre$204,813 $183,489 $608,719 $539,370 
Noncash share-based compensation - general and administrative4,160 3,390 13,885 13,352 
Noncash share-based compensation - property management953 1,015 3,151 3,146 
Acquisition, other transaction costs and other3,399 4,482 12,650 18,114 
Hurricane-related charges, net— 6,133 — 6,133 
Adjusted EBITDAre$213,325 $198,509 $638,405 $580,115 
Recurring Capital Expenditures(23,973)(22,479)(59,079)(49,616)
Leasing costs(792)(689)(2,368)(1,868)
Fully Adjusted EBITDAre$188,560 $175,341 $576,958 $528,631 
Rents and other single-family property revenues$421,697 $391,627 $1,214,948 $1,109,608 
Less: tenant charge-backs(65,840)(62,014)(167,049)(157,423)
Adjustments for unconsolidated joint ventures - income1,535 3,835 7,703 10,186 
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures$357,392 $333,448 $1,055,602 $962,371 
Adjusted EBITDAre Margin59.7 %59.5 %60.5 %60.3 %
Fully Adjusted EBITDAre Margin52.8 %52.6 %54.7 %54.9 %

28


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve month periods (amounts in thousands):
For the Trailing Twelve Months Ended
Sep 30,
2023		Jun 30,
2023		Mar 31,
2023		Dec 31,
2022		Sep 30,
2022
Net income$444,996 $418,569 $377,710 $310,025 $267,557 
Interest expense141,356 143,229 143,186 134,871 126,885 
Depreciation and amortization453,622 448,078 439,294 426,531 410,854 
EBITDA$1,039,974 $1,009,876 $960,190 $871,427 $805,296 
Gain on sale and impairment of single-family properties and other, net(238,159)(229,021)(199,074)(136,459)(92,347)
Adjustments for unconsolidated joint ventures2,846 2,482 1,225 344 197 
EBITDAre$804,661 $783,337 $762,341 $735,312 $713,146 
Noncash share-based compensation - general and administrative15,851 15,081 15,031 15,318 14,991 
Noncash share-based compensation - property management3,866 3,928 3,928 3,861 3,872 
Acquisition, other transaction costs and other17,988 19,071 22,554 23,452 22,770 
Hurricane-related charges, net— 6,133 6,133 6,133 6,133 
Adjusted EBITDAre $842,366 $827,550 $809,987 $784,076 $760,912 

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

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.


29


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Property management expenses$30,785 $29,739 $92,251 $84,541 
Less: tenant charge-backs(2,148)(1,687)(5,738)(4,450)
Less: noncash share-based compensation - property management(953)(1,015)(3,151)(3,146)
Property management expenses, net$27,684 $27,037 $83,362 $76,945 
General and administrative expense$18,336 $16,986 $56,128 $53,115 
Less: noncash share-based compensation - general and administrative(4,160)(3,390)(13,885)(13,352)
General and administrative expense, net$14,176 $13,596 $42,243 $39,763 
    

30


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended
Sep 30, 		For the Nine Months Ended
Sep 30,
2023202220232022
Net income per common share–diluted$0.20 $0.14 $0.80 $0.47 
Adjustments:
Conversion from GAAP share count(0.03)(0.01)(0.10)(0.06)
Noncontrolling interests in the Operating Partnership0.03 0.02 0.10 0.06 
Gain on sale and impairment of single-family properties and other, net(0.08)(0.06)(0.44)(0.20)
Adjustments for unconsolidated joint ventures— — 0.01 — 
Depreciation and amortization0.28 0.27 0.82 0.78 
Less: depreciation and amortization of non-real estate assets(0.01)(0.01)(0.03)(0.02)
FFO attributable to common share and unit holders$0.39 $0.35 $1.16 $1.03 
Adjustments:
Acquisition, other transaction costs and other0.01 0.01 0.03 0.05 
Noncash share-based compensation - general and administrative0.01 0.01 0.03 0.03 
Noncash share-based compensation - property management— — 0.01 0.01 
Hurricane-related charges, net— 0.02 — 0.02 
Redemption of perpetual preferred shares— — — 0.01 
Core FFO attributable to common share and unit holders$0.41 $0.39 $1.23 $1.15 
Recurring Capital Expenditures(0.06)(0.06)(0.14)(0.13)
Leasing costs— — (0.01)— 
Adjusted FFO attributable to common share and unit holders$0.35 $0.33 $1.08 $1.02 

FFO Shares and Units
Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property
A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

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

Recurring Capital Expenditures
For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.
31


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

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

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):
For the Three Months Ended
Sep 30, 2023
Adjusted FFO attributable to common share and unit holders$146,217 
Common distributions(91,434)
Retained Cash Flow$54,783 

Same-Home Property
A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property
A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Total Capitalization
Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

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

Turnover Rate
The number of tenant move-outs during the period divided by the total number of properties.

32


AMH
Defined Terms and Non-GAAP Reconciliations (continued)
(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios
Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, and the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Amended and Restated Credit Agreement dated as of April 15, 2021, which has been filed as an exhibit to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company’s subsequent filings with the SEC.
33

Executive Management
David P. SingelynChristopher C. Lau
Chief Executive OfficerChief Financial Officer
Bryan SmithSara H. Vogt-Lowell
Chief Operating OfficerChief Legal Officer





AMH Diversified Portfolio



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