American Homes 4 Rent - FORM 8-K - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
EX-99.2 - EXHIBIT 99.2 - American Homes 4 Rent	amh0930178kexhibit992.htm
EX-99.1 - EXHIBIT 99.1 - American Homes 4 Rent	amh09301778kexhibit991.htm
8-K - 8-K - American Homes 4 Rent	amh0930178k.htm

American Homes 4 Rent

Table of Contents



Summary
Earnings Press Release	3
Fact Sheet	8

Financial Information
Condensed Consolidated Statements of Operations	9
Funds from Operations	10
Core Net Operating Income—Total Portfolio	11
Same-Home Results—Quarterly and Year-to-Date Comparisons	12
Same-Home Results—Operating Metrics by Market	13
Condensed Consolidated Balance Sheets	14
Debt Summary, Maturity Schedule and Interest Expense Reconciliation	15
Capital Structure	16

Property Information
Top 20 Markets Summary	17
Leasing Performance	18
Scheduled Lease Expirations	18
Top 20 Markets Home Price Appreciation Trends	18

Other Information
Disposition Summary	19
ATM Share Issuance History	19
Defined Terms and Non-GAAP Reconciliations	20

American Homes 4 Rent

Earnings Press Release

American Homes 4 Rent Reports Third Quarter 2017 Financial and Operating Results

AGOURA HILLS, Calif., November 2, 2017—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended September 30, 2017.

Highlights


•	Total revenues increased 4.6% to $246.8 million for the third quarter of 2017 from $236.1 million for the third quarter of 2016.


•	Net income attributable to common shareholders totaled $1.5 million, and a $0.00 loss per diluted share, for the third quarter of 2017, compared to a net loss attributable to common shareholders of $21.2 million, or a $0.09 loss per diluted share, for the third quarter of 2016.

•

Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets, resulting in net hurricane-related charges of $10.1 million during the quarter, which have been excluded from Core Funds from Operations attributable to common share and unit holders, Adjusted Funds from Operations attributable to common share and unit holders and our total and Same-Home operating results (see Other Events).


•	Core Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $79.4 million, or $0.25 per FFO share and unit, compared to $69.1 million, or $0.24 per FFO share and unit, for the same period in 2016, which represents a 4.2% increase on a per share and unit basis.


•	Adjusted Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $65.8 million, or $0.20 per FFO share and unit, compared to $56.6 million, or $0.19 per FFO share and unit, for the same period in 2016, which represents a 5.3% increase on a per share and unit basis.


•	Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 63.3% for the third quarter of 2017, compared to 61.7% for the same period in 2016.


•	Increased Core NOI after capital expenditures from Same-Home properties by 5.5% year over year for the quarter ended September 30, 2017.


•	Maintained solid Same-Home portfolio leasing percentage of 95.2%, as of September 30, 2017.


•	Achieved rental rate growth with 4.9% and 3.6% rental rate increases on new and renewal leases, respectively, during the quarter ended September 30, 2017.


•	Issued 4,600,000 5.875% Series G perpetual preferred shares and 13,800,000 Class A common shares, raising gross proceeds of $115.0 million and $312.0 million, respectively, before offering costs.


•	Converted the Series A and B participating preferred shares into 12,398,276 Class A common shares in October 2017 (see Capital Activities and Balance Sheet).

“Our strong third quarter results, including a 5.5% increase in Core NOI after capital expenditures from our Same-Home properties, while facing unprecedented back-to-back hurricanes, is a true testament to the quality of our people, platform and systems,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “I am also pleased with the progress we have made executing our strategic growth plan, which exceeded our third quarter 2017 acquisition target. As we approach the end of 2017, I remain bullish on the future of American Homes 4 Rent and our unique opportunity to drive value for our shareholders using our sector-leading investment grade balance sheet.”

Third Quarter 2017 Financial Results

Total revenues increased 4.6% to $246.8 million for the third quarter of 2017 from $236.1 million for the third quarter of 2016. Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 46,058 homes for the quarter ended September 30, 2017, compared to 44,738 homes for the quarter ended September 30, 2016.

American Homes 4 Rent

Earnings Press Release (continued)

Net income attributable to common shareholders totaled $1.5 million, and a $0.00 loss per diluted share, for the third quarter of 2017, compared to a net loss attributable to common shareholders of $21.2 million, or a $0.09 loss per diluted share, for the third quarter of 2016. This improvement was primarily attributable to higher revenues and the remeasurement of our participating preferred shares, partially offset by hurricane-related charges in the third quarter of 2017, as well as a loss on early extinguishment of debt in the third quarter of 2016.

Core NOI from Same-Home properties increased 5.0% to $100.5 million for the third quarter of 2017, compared to $95.7 million for the third quarter of 2016. After capital expenditures, Core NOI from Same-Home properties increased 5.5% to $91.5 million for the third quarter of 2017, compared to $86.7 million for the third quarter of 2016. These increases were primarily due to rental rate growth and lower core property operating expenses.

Core NOI on our total portfolio increased 9.2% to $131.5 million for the third quarter of 2017, compared to $120.4 million for the third quarter of 2016. This increase was primarily due to growth in rental income resulting from a larger number of leased properties.

Core Funds from Operations attributable to common share and unit holders ("Core FFO attributable to common share and unit holders") was $79.4 million, or $0.25 per FFO share and unit, for the third quarter of 2017, compared to $69.1 million, or $0.24 per FFO share and unit, for the third quarter of 2016. Adjusted Funds from Operations attributable to common share and unit holders ("Adjusted FFO attributable to common share and unit holders") for the third quarter of 2017 was $65.8 million, or $0.20 per FFO share and unit, compared to $56.6 million, or $0.19 per FFO share and unit, for the third quarter of 2016. This improvement was primarily attributable to increases in rental revenue driven by a larger number of leased properties and higher rental rates.

Year-to-Date 2017 Financial Results

Total revenues increased 10.2% to $717.6 million for the nine-month period ended September 30, 2017, from $651.3 million for the nine-month period ended September 30, 2016. Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 45,550 homes for the nine-month period ended September 30, 2017, compared to 42,583 homes for the nine-month period ended September 30, 2016.

Net loss attributable to common shareholders totaled $0.1 million, or a $0.00 loss per diluted share, for the nine-month period ended September 30, 2017, compared to a net loss attributable to common shareholders of $35.9 million, or a $0.15 loss per diluted share, for the nine-month period ended September 30, 2016. This improvement was primarily attributable to higher revenues and lower interest expense, partially offset by increases in property operating expenses and preferred dividends.

Core NOI from Same-Home properties increased 6.4% to $306.0 million for the nine-month period ended September 30, 2017, compared to $287.7 million for the nine-month period ended September 30, 2016. This increase was primarily due to rental rate growth and lower core property operating expenses. After capital expenditures, Core NOI from Same-Home properties increased 7.3% to $284.9 million for the nine-month period ended September 30, 2017, compared to $265.5 million for the nine-month period ended September 30, 2016. This additional improvement was attributable to our operational enhancements, which resulted in lower levels of capital expenditures.

Core NOI on our total portfolio increased 13.6% to $394.9 million for the nine-month period ended September 30, 2017, compared to $347.5 million for the nine-month period ended September 30, 2016. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties.

American Homes 4 Rent

Earnings Press Release (continued)

Core FFO attributable to common share and unit holders was $237.6 million, or $0.76 per FFO share and unit, for the nine-month period ended September 30, 2017, compared to $206.2 million, or $0.72 per FFO share and unit, for the nine-month period ended September 30, 2016. Adjusted FFO attributable to common share and unit holders for the nine-month period ended September 30, 2017, was $205.1 million, or $0.66 per FFO share and unit, compared to $174.8 million, or $0.61 per FFO share and unit, for the nine-month period ended September 30, 2016. This improvement was primarily attributable to significant increases in rental revenue driven by a larger number of leased properties and higher rental rates.

Portfolio

As of September 30, 2017, the Company had 46,026 leased properties, a decrease of 63 properties from June 30, 2017. As of September 30, 2017, the leased percentage on Same-Home properties was 95.2%, compared to 96.5% as of June 30, 2017.

Investments

As of September 30, 2017, the Company’s total portfolio consisted of 50,015 homes, including 469 homes held for sale, compared to 48,982 homes as of June 30, 2017, including 582 homes held for sale, an increase of 1,033 homes, which included 1,143 homes acquired and 110 homes sold or rescinded (including 67 former ARPI properties).

Capital Activities and Balance Sheet

In the third quarter of 2017, the Company established a new at-the-market common share offering program, which replaced the original at-the-market program, under which the Company may issue Class A common shares from time to time through various sales agents up to an aggregate of $500.0 million. The Company may suspend or terminate the program at any time.

In the third quarter of 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million, with a liquidation preference of $25.00 per share.

In the third quarter of 2017, the Company issued 13,800,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising gross proceeds of $312.0 million before offering costs of approximately $9.2 million.

As of September 30, 2017, the Company had cash and cash equivalents of $243.5 million and had total outstanding debt of $2.4 billion, excluding an unamortized discount on acquired debt, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs, with a weighted-average stated interest rate of 4.12% and a weighted-average term to maturity of 15.3 years. The Company’s $800.0 million revolving credit facility and $200.0 million term loan facility had outstanding borrowings of zero and $200.0 million, respectively, at the end of the quarter.

On October 3, 2017, the Company converted all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares into Class A common shares, in accordance with the conversion terms in the Articles Supplementary. This resulted in 12,398,276 total Class A common shares issued from the conversion, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share.

Other Events

Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets during the third quarter of 2017. Approximately 140 homes sustained major damage and nearly 3,400 homes incurred minor damage, consisting primarily

American Homes 4 Rent

Earnings Press Release (continued)

of downed trees and damaged roofs and fences. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the third quarter of 2017, the Company recognized a $12.6 million impairment charge on impacted properties, of which we expect to recover $11.0 million through insurance claims, and accrued $8.5 million of additional repair, remediation and other costs. Of the $10.1 million of net hurricane-related charges recorded in the quarter, which have been excluded from Core Funds from Operations attributable to common share and unit holders, Adjusted Funds from Operations attributable to common share and unit holders and our total and Same-Home operating results, $5.8 million related to nearly 2,400 homes in the current Same-Home portfolio. The previously reported Same-Home portfolio has been revised to exclude approximately 100 homes that sustained major damages.

Additional Information

A copy of the Company’s Third Quarter 2017 Earnings Release and Supplemental Information Package and this press release are available on our website at www.americanhomes4rent.com. This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, November 3, 2017, at 11:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2017, and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (for U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.americanhomes4rent.com, under “For Investors.” A replay of the conference call may be accessed through Friday, November 17, 2017, by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13671946#, or by using the link at www.americanhomes4rent.com, under “For Investors.”

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and “American Homes 4 Rent” is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September 30, 2017, we owned 50,015 single-family properties in selected submarkets in 22 states.

Forward-Looking Statements

This press release contains “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” 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 belief that our acquisition and homebuilding programs will result in continued growth and that we will continue to expand margins. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to 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

American Homes 4 Rent

Earnings Press Release (continued)

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, 2016, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, and in the Company’s subsequent filings with the SEC.

American Homes 4 Rent

Fact Sheet

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

(Unaudited)



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
Operating Data
Net income (loss) attributable to common shareholders	$	1,535		$	(21,152	)	$	(141	)	$	(35,933	)
Core revenues	$	208,034		$	197,426		$	616,240		$	561,350
Core NOI	$	131,453		$	120,431		$	394,919		$	347,521
Core NOI margin	63.2		%	61.0		%	64.1		%	61.9		%
Platform Efficiency Percentage	12.2		%	13.1		%	12.5		%	13.6		%
Adjusted EBITDA after Capex and Leasing Costs	$	110,490		$	102,977		$	341,540		$	300,969
Adjusted EBITDA after Capex and Leasing Costs Margin	52.4		%	50.2		%	54.6		%	52.0		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.23		$	0.17		$	0.68		$	0.64
Core FFO attributable to common share and unit holders	$	0.25		$	0.24		$	0.76		$	0.72
Adjusted FFO attributable to common share and unit holders	$	0.20		$	0.19		$	0.66		$	0.61



	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
Selected Balance Sheet Information - end of period
Single-family properties, net	$	7,802,499		$	7,633,784		$	7,542,196		$	7,547,856		$	7,545,398
Total assets	$	8,509,876		$	8,146,307		$	8,490,605		$	8,107,210		$	8,086,499
Outstanding borrowings under credit facilities, net	$	197,913		$	289,648		$	346,909		$	321,735		$	321,575
Total Debt	$	2,382,871		$	2,480,787		$	2,999,587		$	2,981,062		$	2,988,383
Total Market Capitalization	$	10,799,923		$	10,716,768		$	11,194,693		$	10,227,619		$	10,319,885
Total Debt to Total Market Capitalization	22.1		%	23.1		%	26.8		%	29.1		%	29.0		%
Net Debt to Adjusted EBITDA	4.2 x			4.8 x			5.1 x			6.1 x			6.6 x
NYSE AMH Class A common share closing price	$	21.71		$	22.57		$	22.96		$	20.98		$	21.64



Portfolio Data - end of period
Leased single-family properties	46,026		46,089		45,285		44,798		44,746
Occupied single-family properties	45,660		45,495		44,941		44,559		44,267
Single-family properties newly acquired and being renovated	858		508		367		312		406
Single-family properties being prepared for re-lease	392		161		121		91		90
Vacant single-family properties available for re-lease	1,974		1,521		1,796		1,985		1,625
Vacant single-family properties available for initial lease	296		121		63		117		48
Total single-family properties, excluding held for sale	49,546		48,400		47,632		47,303		46,915
Single-family properties held for sale	469		582		704		1,119		1,238
Total single-family properties	50,015		48,982		48,336		48,422		48,153
Total leased percentage (1)	92.9	%	95.2	%	95.1	%	94.7	%	95.4	%
Total occupancy percentage (1)	92.2	%	94.0	%	94.4	%	94.2	%	94.4	%
Same-Home leased percentage (36,682 properties)	95.2	%	96.5	%	96.0	%	95.7	%	96.1	%
Same-Home occupancy percentage (36,682 properties)	94.4	%	95.3	%	95.3	%	95.3	%	95.1	%



Other Data
Distributions declared per common share	$	0.05	$	0.05	$	0.05	$	0.05	$	0.05
Distributions declared per Series A participating preferred share (2)	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31
Distributions declared per Series B participating preferred share (2)	$	0.31	$	0.31	$	0.31	$	0.31	$	0.31
Distributions declared per Series C participating preferred share	$	0.34	$	0.34	$	0.34	$	0.34	$	0.34
Distributions declared per Series D perpetual preferred share	$	0.41	$	0.41	$	0.41	$	0.41	$	0.41
Distributions declared per Series E perpetual preferred share	$	0.40	$	0.40	$	0.40	$	0.40	$	0.41
Distributions declared per Series F perpetual preferred share (3)	$	0.37	$	0.27	$	—	$	—	$	—
Distributions declared per Series G perpetual preferred share (3)	$	0.30	$	—	$	—	$	—	$	—


(1)	Leased and occupancy percentages are calculated based on total single-family properties, excluding held for sale properties.


(2)	All of the Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017.


(3)	Series F and G perpetual preferred shares offering close dates and initial dividend start dates were April 24, 2017, and July 17, 2017, respectively.



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

American Homes 4 Rent

Condensed Consolidated Statements of Operations

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

(Unaudited)



	For the Three Months Ended Sep 30,					For the Nine Months Ended Sep 30,
	2017		2016			2017			2016
Revenues:
Rents from single-family properties	$	207,490	$	197,137		$	613,245		$	558,623
Fees from single-family properties	2,843		2,898			8,137			7,819
Tenant charge-backs	36,094		30,808			91,849			72,077
Other	409		5,214			4,367			12,811
Total revenues	246,836		236,057			717,598			651,330

Expenses:
Property operating expenses	97,944		92,488			267,203			238,987
Property management expenses	17,447		18,335			52,367			53,177
General and administrative expense	8,525		8,043			26,746			24,544
Interest expense	26,592		32,851			86,873			99,309
Acquisition fees and costs expensed	1,306		1,757			3,814			10,899
Depreciation and amortization	74,790		75,392			221,459			224,513
Hurricane-related charges, net	10,136		—			10,136			—
Other	1,285		3,142			4,202			6,482
Total expenses	238,025		232,008			672,800			657,911

Gain on sale of single-family properties and other, net	1,895		11,682			6,375			12,574
Loss on early extinguishment of debt	—		(13,408		)	(6,555		)	(13,408		)
Gain on conversion of Series E units	—		—			—			11,463
Remeasurement of participating preferred shares	8,391		(2,490		)	1,341			(2,940		)

Net income (loss)	19,097		(167		)	45,959			1,108

Noncontrolling interest	309		7,316			(22		)	10,391
Dividends on preferred shares	17,253		13,669			46,122			26,650

Net income (loss) attributable to common shareholders	$	1,535	$	(21,152	)	$	(141	)	$	(35,933	)

Weighted-average shares outstanding:
Basic	266,767,313		238,401,343			256,768,343			232,036,802
Diluted	289,153,060		238,401,343			256,768,343			232,036,802

Net income (loss) attributable to common shareholders per share:
Basic	$	0.01	$	(0.09	)	$	—		$	(0.15	)
Diluted	$	—	$	(0.09	)	$	—		$	(0.15	)



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

American Homes 4 Rent

Funds from Operations

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

(Unaudited)



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
Net income (loss) attributable to common shareholders	$	1,535		$	(21,152	)	$	(141	)	$	(35,933	)
Adjustments:
Noncontrolling interests in the Operating Partnership	340			7,542			(30		)	10,838
Net (gain) on sale / impairment of single-family properties and other	(596		)	(11,115		)	(2,589		)	(11,107		)
Depreciation and amortization	74,790			75,392			221,459			224,513
Less: depreciation and amortization of non-real estate assets	(1,753		)	(1,602		)	(6,050		)	(4,345		)
FFO attributable to common share and unit holders	$	74,316		$	49,065		$	212,649		$	183,966
Adjustments:
Acquisition fees and costs expensed	1,306			1,757			3,814			10,899
Noncash share-based compensation - general and administrative	699			480			1,917			1,578
Noncash share-based compensation - property management	417			411			1,258			1,166
Noncash interest expense related to acquired debt	910			1,474			2,624			3,699
Hurricane-related charges, net	10,136			—			10,136			—
Loss on early extinguishment of debt	—			13,408			6,555			13,408
Gain on conversion of Series E units	—			—			—			(11,463		)
Remeasurement of participating preferred shares	(8,391		)	2,490			(1,341		)	2,940
Core FFO attributable to common share and unit holders	$	79,393		$	69,085		$	237,612		$	206,193
Recurring capital expenditures (1)	(11,600		)	(10,411		)	(27,140		)	(25,183		)
Leasing costs	(1,960		)	(2,119		)	(5,361		)	(6,199		)
Adjusted FFO attributable to common share and unit holders	$	65,833		$	56,555		$	205,111		$	174,811

Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.23		$	0.17		$	0.68		$	0.64
Core FFO attributable to common share and unit holders	$	0.25		$	0.24		$	0.76		$	0.72
Adjusted FFO attributable to common share and unit holders	$	0.20		$	0.19		$	0.66		$	0.61

Weighted-average FFO shares and units:
Common shares outstanding	266,767,313			238,401,343			256,768,343			232,036,802
Share-based compensation plan (2)	736,456			—			746,643			—
Operating partnership units	55,535,824			55,557,147			55,547,386			55,287,787
Total weighted-average FFO shares and units	323,039,593			293,958,490			313,062,372			287,324,589


(1)	As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized and held for sale properties.


(2)	Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options.



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

American Homes 4 Rent

Core Net Operating Income - Total Portfolio

(Amounts in thousands)

(Unaudited)



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
Rents from single-family properties	$	207,490		$	197,137		$	613,245		$	558,623
Fees from single-family properties	2,843			2,898			8,137			7,819
Bad debt expense	(2,299		)	(2,609		)	(5,142		)	(5,092		)
Core revenues	208,034			197,426			616,240			561,350

Property tax expense	36,618			35,871			110,052			102,309
HOA fees, net (1)	4,246			4,031			12,231			11,277
R&M and turnover costs, net (1)	17,966			18,379			45,948			45,635
Insurance	1,981			2,226			5,845			6,590
Property management expenses, net (2)	15,770			16,488			47,245			48,018
Core property operating expenses	76,581			76,995			221,321			213,829

Core NOI	$	131,453		$	120,431		$	394,919		$	347,521
Core NOI margin	63.2		%	61.0		%	64.1		%	61.9		%



	For the Three Months Ended Sep 30, 2017
	Same-Home Properties			Stabilized, Non-Same-Home Properties			Former ARPI Properties			Subtotal Same-Home, Stabilized and ARPI			Other & Held for Sale Properties (3)			Total Single-Family Properties
Property count	36,682			3,448			7,410			47,540			2,475			50,015

Rents from single-family properties	$	158,491		$	15,343		$	30,228		$	204,062		$	3,428		$	207,490
Fees from single-family properties	2,099			135			431			2,665			178			2,843
Bad debt expense	(1,755		)	(136		)	(349		)	(2,240		)	(59		)	(2,299		)
Core revenues	158,835			15,342			30,310			204,487			3,547			208,034

Property tax expense	28,011			2,242			5,317			35,570			1,048			36,618
HOA fees, net (1)	3,117			290			731			4,138			108			4,246
R&M and turnover costs, net (1)	13,720			907			2,482			17,109			857			17,966
Insurance	1,450			167			300			1,917			64			1,981
Property management expenses, net (2)	12,041			1,163			2,298			15,502			268			15,770
Core property operating expenses	58,339			4,769			11,128			74,236			2,345			76,581

Core NOI	$	100,496		$	10,573		$	19,182		$	130,251		$	1,202		$	131,453
Core NOI margin	63.3		%	68.9		%	63.3		%	63.7		%	33.9		%	63.2		%


(1)	Presented net of tenant charge-backs. In-house maintenance costs, which were previously presented separately, are included in R&M and turnover costs, net.


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


(3)	Includes 2,006 non-stabilized properties consisting of recent acquisitions and homes sustaining major damage from the third quarter 2017 hurricanes and 469 properties classified as held for sale.



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

American Homes 4 Rent

Same-Home Results – Quarterly and Year-to-Date Comparisons (1)

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

(Unaudited)



	For the Three Months Ended Sep 30,								For the Nine Months Ended Sep 30,
	2017			2016			Change		2017			2016			Change
Number of Same-Home properties	36,682			36,682					36,682			36,682
Leased percentage as of period end	95.2		%	96.1		%	(0.9	)%	95.2		%	96.1		%	(0.9	)%
Occupancy percentage as of period end	94.4		%	95.1		%	(0.7	)%	94.4		%	95.1		%	(0.7	)%
Average occupancy percentage	95.0		%	95.1		%	(0.1	)%	95.1		%	95.2		%	(0.1	)%
Average contractual monthly rent as of period end	$	1,535		$	1,490		3.0	%	$	1,535		$	1,490		3.0	%
Turnover Rate	11.1		%	11.5		%	(0.4	)%	31.7		%	32.9		%	(1.2	)%
Turnover Rate - TTM	39.9		%	N/A					N/A			N/A

Core NOI:
Rents from single-family properties	$	158,491		$	154,610		2.5	%	$	473,441		$	458,279		3.3	%
Fees from single-family properties	2,099			2,228			(5.8	)%	5,948			6,156			(3.4	)%
Bad debt expense	(1,755		)	(1,805		)	(2.8	)%	(3,947		)	(3,907		)	1.0	%
Core revenues	158,835			155,033			2.5	%	475,442			460,528			3.2	%

Property tax expense	28,011			27,755			0.9	%	84,245			83,269			1.2	%
HOA fees, net (2)	3,117			3,046			2.3	%	9,071			8,955			1.3	%
R&M and turnover costs, net (2)	13,720			13,947			(1.6	)%	35,240			35,953			(2.0	)%
Insurance	1,450			1,667			(13.0	)%	4,423			5,185			(14.7	)%
Property management expenses, net (3)	12,041			12,948			(7.0	)%	36,455			39,446			(7.6	)%
Core property operating expenses	58,339			59,363			(1.7	)%	169,434			172,808			(2.0	)%

Core NOI	$	100,496		$	95,670		5.0	%	$	306,008		$	287,720		6.4	%
Core NOI margin	63.3		%	61.7		%			64.4		%	62.5		%

Capital expenditures	8,968			8,949			0.2	%	21,077			22,223			(5.2	)%
Core NOI After Capital Expenditures	$	91,528		$	86,721		5.5	%	$	284,931		$	265,497		7.3	%

Per property:
Average capital expenditures	$	244		$	244		—	%	$	574		$	606		(5.2	)%
Average R&M and turnover costs, net, plus capital expenditures	$	618		$	625		(1.1	)%	$	1,533		$	1,586		(3.3	)%

Same-Home Results – Sequential Quarterly History (1)



	For the Three Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
Core NOI:
Rents from single-family properties	$	158,491		$	158,278		$	156,672		$	155,925		$	154,610
Fees from single-family properties	2,099			1,964			1,885			1,791			2,228
Bad debt expense	(1,755		)	(1,012		)	(1,180		)	(1,383		)	(1,805		)
Core revenues	158,835			159,230			157,377			156,333			155,033

Property tax expense	28,011			27,897			28,337			26,913			27,755
HOA fees, net (2)	3,117			3,030			2,924			2,989			3,046
R&M and turnover costs, net (2)	13,720			12,106			9,414			10,529			13,947
Insurance	1,450			1,434			1,539			1,659			1,667
Property management expenses, net (3)	12,041			12,272			12,142			12,304			12,948
Core property operating expenses	58,339			56,739			54,356			54,394			59,363

Core NOI	$	100,496		$	102,491		$	103,021		$	101,939		$	95,670
Core NOI margin	63.3		%	64.4		%	65.5		%	65.2		%	61.7		%

Capital expenditures	8,968			7,083			5,026			5,387			8,949
Core NOI After Capital Expenditures	$	91,528		$	95,408		$	97,995		$	96,552		$	86,721

Per property:
Average capital expenditures	$	244		$	193		$	137		$	147		$	244
Average R&M and turnover costs, net, plus capital expenditures	$	618		$	522		$	393		$	434		$	625


(1)	Third quarter 2017 Same-Home results excludes approximately $5.8 million in hurricane-related damages sustained by nearly 2,400 homes.


(2)	Presented net of tenant charge-backs. In-house maintenance costs, previously presented separately, are included in R&M and turnover costs, net.


(3)	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.		12

American Homes 4 Rent

Same-Home Results – Operating Metrics by Market



Market	Number of Properties	Gross Book Value per Property		% of 3Q17 NOI		Average Contractual Monthly Rent (1)
Dallas-Fort Worth, TX	3,051	$	162,154	7.3	%	$	1,664
Indianapolis, IN	2,718	153,378		6.3	%	1,357
Atlanta, GA	2,432	165,575		7.1	%	1,488
Charlotte, NC	2,193	175,453		6.6	%	1,505
Greater Chicago area, IL and IN	1,997	180,517		4.7	%	1,782
Houston, TX	1,855	175,391		4.2	%	1,653
Cincinnati, OH	1,820	173,847		5.0	%	1,520
Phoenix, AZ	1,575	163,959		3.9	%	1,260
Tampa, FL	1,513	190,320		4.3	%	1,656
Raleigh, NC	1,473	181,739		4.4	%	1,478
Jacksonville, FL	1,463	153,190		3.6	%	1,433
Nashville, TN	1,439	210,078		5.2	%	1,702
Columbus, OH	1,374	154,864		3.8	%	1,524
Orlando, FL	1,072	170,155		2.9	%	1,559
Salt Lake City, UT	1,046	220,790		3.6	%	1,607
Las Vegas, NV	950	176,347		2.8	%	1,442
San Antonio, TX	831	155,789		1.9	%	1,479
Austin, TX	664	151,560		1.4	%	1,469
Denver, CO	634	274,788		2.8	%	2,068
Charleston, SC	604	179,960		1.7	%	1,593
All Other (2)	5,978	174,159		16.5	%	1,463
Total / Average	36,682	$	174,184	100.0	%	$	1,535



	Average Occupancy Percentage						Avg. Change in Rent for Renewals		Avg. Change in Rent for Re-Leases		Avg. Blended Change in Rent
Market	3Q17 QTD		3Q16 QTD		Change		Avg. Change in Rent for Renewals		Avg. Change in Rent for Re-Leases		Avg. Blended Change in Rent
Dallas-Fort Worth, TX	94.3	%	95.9	%	(1.6	)%	4.3	%	5.9	%	4.9	%
Indianapolis, IN	95.1	%	94.0	%	1.1	%	2.8	%	5.2	%	3.8	%
Atlanta, GA	96.7	%	96.2	%	0.5	%	4.7	%	8.0	%	5.9	%
Charlotte, NC	94.6	%	96.3	%	(1.7	)%	3.7	%	4.1	%	3.8	%
Greater Chicago area, IL and IN	95.6	%	94.2	%	1.4	%	2.9	%	4.5	%	3.5	%
Houston, TX	91.8	%	92.5	%	(0.7	)%	2.4	%	(0.4	)%	1.1	%
Cincinnati, OH	95.1	%	94.6	%	0.5	%	3.2	%	4.2	%	3.6	%
Phoenix, AZ	97.2	%	97.4	%	(0.2	)%	4.9	%	9.5	%	6.8	%
Tampa, FL	94.8	%	95.1	%	(0.3	)%	3.2	%	4.0	%	3.5	%
Raleigh, NC	95.4	%	94.8	%	0.6	%	3.3	%	4.0	%	3.5	%
Jacksonville, FL	95.0	%	94.9	%	0.1	%	3.8	%	5.0	%	4.3	%
Nashville, TN	92.8	%	96.4	%	(3.6	)%	3.4	%	3.5	%	3.4	%
Columbus, OH	95.3	%	96.1	%	(0.8	)%	3.9	%	4.4	%	4.1	%
Orlando, FL	96.9	%	96.6	%	0.3	%	4.2	%	7.1	%	5.4	%
Salt Lake City, UT	96.1	%	95.6	%	0.5	%	3.7	%	8.5	%	6.1	%
Las Vegas, NV	97.8	%	97.3	%	0.5	%	3.8	%	5.8	%	4.5	%
San Antonio, TX	94.0	%	92.6	%	1.4	%	3.1	%	4.0	%	3.5	%
Austin, TX	94.5	%	94.2	%	0.3	%	3.6	%	4.1	%	3.8	%
Denver, CO	96.1	%	95.7	%	0.4	%	3.9	%	6.4	%	4.7	%
Charleston, SC	93.8	%	96.6	%	(2.8	)%	2.5	%	2.7	%	2.6	%
All Other (2)	94.7	%	93.8	%	0.9	%	3.1	%	3.5	%	3.3	%
Total / Average	95.0	%	95.1	%	(0.1	)%	3.5	%	4.7	%	4.0	%


(1)	Average contractual monthly rent as of September 30, 2017.


(2)	Represents 21 markets in 15 states.



Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP.		13

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands)



	Sep 30, 2017			Dec 31, 2016
	(Unaudited)
Assets
Single-family properties:
Land	$	1,600,906		$	1,512,183
Buildings and improvements	7,020,774			6,614,953
Single-family properties held for sale, net	50,370			87,430
	8,672,050			8,214,566
Less: accumulated depreciation	(869,551		)	(666,710		)
Single-family properties, net	7,802,499			7,547,856
Cash and cash equivalents	243,547			118,799
Restricted cash	119,574			131,442
Rent and other receivables, net	35,429			17,618
Escrow deposits, prepaid expenses and other assets	149,366			133,594
Deferred costs and other intangibles, net	13,516			11,956
Asset-backed securitization certificates	25,666			25,666
Goodwill	120,279			120,279
Total assets	$	8,509,876		$	8,107,210

Liabilities
Revolving credit facility	$	—		$	—
Term loan facility, net	197,913			321,735
Asset-backed securitizations, net	1,981,444			2,442,863
Exchangeable senior notes, net	110,771			108,148
Secured note payable	49,107			49,828
Accounts payable and accrued expenses	263,745			177,206
Participating preferred shares derivative liability	68,469			69,810
Total liabilities	2,671,449			3,169,590

Commitments and contingencies

Equity
Shareholders’ equity:
Class A common shares	2,736			2,427
Class B common shares	6			6
Preferred shares	478			370
Additional paid-in capital	5,517,978			4,568,616
Accumulated deficit	(417,609		)	(378,578		)
Accumulated other comprehensive income	—			95
Total shareholders’ equity	5,103,589			4,192,936

Noncontrolling interest	734,838			744,684
Total equity	5,838,427			4,937,620

Total liabilities and equity	$	8,509,876		$	8,107,210



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

American Homes 4 Rent

Debt Summary and Maturity Schedule as of September 30, 2017

(Amounts in thousands)



	Secured		Unsecured		Total Balance			% of Total		Interest Rate (1)		Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)	$	—	$	—	$	—		—	%	2.43	%	4.8
Term loan facility (3)	—		200,000		200,000			8.4	%	2.58	%	4.8
Total floating rate debt	—		200,000		200,000			8.4	%	2.58	%	4.8

Fixed rate debt:
AH4R 2014-SFR2	497,743		—		497,743			20.9	%	4.42	%	7.0
AH4R 2014-SFR3	513,361		—		513,361			21.5	%	4.40	%	7.2
AH4R 2015-SFR1	539,199		—		539,199			22.6	%	4.14	%	27.5
AH4R 2015-SFR2	468,461		—		468,461			19.7	%	4.36	%	28.0
Exchangeable senior notes	—		115,000		115,000			4.8	%	3.25	%	1.1
Secured note payable	49,107		—		49,107			2.1	%	4.06	%	1.8
Total fixed rate debt	2,067,871		115,000		2,182,871			91.6	%	4.26	%	16.2

Total Debt	$	2,067,871	$	315,000	$	2,382,871		100.0	%	4.12	%	15.3

Unamortized discounts and loan costs					(43,636		)
Total debt per balance sheet					$	2,339,235



Year (2)	Floating Rate		Fixed Rate		Total		% of Total
Remaining 2017	$	—	$	5,427	$	5,427	0.2	%
2018	—		136,723		136,723		5.7	%
2019	—		68,564		68,564		2.9	%
2020	—		20,714		20,714		0.9	%
2021	—		20,714		20,714		0.9	%
2022	200,000		20,714		220,714		9.3	%
2023	—		20,714		20,714		0.9	%
2024	—		956,331		956,331		40.1	%
2025	—		10,302		10,302		0.4	%
2026	—		10,302		10,302		0.4	%
Thereafter	—		912,366		912,366		38.3	%
Total	$	200,000	$	2,182,871	$	2,382,871	100.0	%

(1) Interest rates on floating rate debt reflect stated rates as of period end.


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


(3)	The interest rates shown above reflect the Company's LIBOR-based borrowing rates, based on 1-month LIBOR and applicable margin as of period end. Balances reflect borrowings outstanding as of September 30, 2017.

Interest Expense Reconciliation



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
Interest expense per income statement	$	26,592		$	32,851		$	86,873		$	99,309
Less: noncash interest expense related to acquired debt	(910		)	(1,474		)	(2,624		)	(3,699		)
Interest expense included in Core FFO attributable to common share and unit holders	25,682			31,377			84,249			95,610
Less: amortization of deferred financing costs	(1,875		)	(2,689		)	(6,285		)	(8,127		)
Add: capitalized interest	1,533			582			3,171			1,577
Cash interest	$	25,340		$	29,270		$	81,135		$	89,060



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

American Homes 4 Rent

Capital Structure as of September 30, 2017

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

Total Capitalization



Total Debt			$	2,382,871	22.1	%

Total preferred shares at liquidation value			1,259,477		11.7	%

Common equity at market value:
Common shares outstanding	274,240,778
Operating partnership units	55,449,466
Total shares and units	329,690,244
NYSE AMH Class A common share closing price at September 30, 2017	$	21.71
Market value of common shares and operating partnership units			7,157,575		66.2	%

Total Market Capitalization			$	10,799,923	100.0	%

Preferred Shares



	Earliest Redemption Date	Outstanding Shares	Liquidation Value (1)				Annual Dividend Per Share		Annual Dividend Amount
Series	Earliest Redemption Date	Outstanding Shares	Per Share		Total		Annual Dividend Per Share		Annual Dividend Amount
5.000% Series A Participating Preferred Shares (2)	9/30/2017	5,060,000	$	28.96	$	146,522	$	1.250	$	6,325
5.000% Series B Participating Preferred Shares (2)	9/30/2017	4,400,000	$	28.96	127,411		$	1.250	5,500
5.500% Series C Participating Preferred Shares	3/31/2018	7,600,000	$	28.53	216,794		$	1.375	10,450
6.500% Series D Perpetual Preferred Shares	5/24/2021	10,750,000	$	25.00	268,750		$	1.625	17,469
6.350% Series E Perpetual Preferred Shares	6/29/2021	9,200,000	$	25.00	230,000		$	1.588	14,605
5.875% Series F Perpetual Preferred Shares	4/24/2022	6,200,000	$	25.00	155,000		$	1.469	9,106
5.875% Series G Perpetual Preferred Shares	7/17/2022	4,600,000	$	25.00	115,000		$	1.469	6,756
Total preferred shares at liquidation value		47,810,000			$	1,259,477			$	70,211


(1)	Liquidation value for all Participating Preferred Shares reflects initial liquidation value of $25.00 per share, adjusted by most recent quarterly HPA adjustment calculation, which is made available under the “For Investors” page of the Company’s website.


(2)	All of the outstanding Series A and Series B participating preferred shares were converted into 12,398,276 Class A common shares on October 3, 2017, based on a conversion ratio of 1.3106 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary.



Credit Ratios			Credit Ratings

Net Debt to Adjusted EBITDA	4.2 x		Rating Agency	Rating	Outlook
Debt and Preferred Shares to Adjusted EBITDA	7.3 x		Moody's Investor Service	Baa3	Stable
Fixed Charge Coverage	2.9 x		S&P Global Ratings	BBB-	Stable
Unencumbered Core NOI percentage	62.5	%



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

American Homes 4 Rent

Top 20 Markets Summary as of September 30, 2017

Property Information (1)



Market	Number of Properties	Percentage of Total Properties		Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Dallas-Fort Worth, TX	4,354	8.8	%	$	162,364	2,121	13.9
Atlanta, GA	4,319	8.7	%	165,430		2,114	16.4
Houston, TX	3,158	6.4	%	159,123		2,113	11.8
Charlotte, NC	3,248	6.6	%	181,934		2,064	14.1
Indianapolis, IN	2,897	5.8	%	151,377		1,933	15.0
Phoenix, AZ	2,768	5.6	%	162,343		1,815	14.9
Nashville, TN	2,557	5.2	%	202,594		2,108	13.3
Greater Chicago area, IL and IN	2,033	4.1	%	180,753		1,896	16.1
Cincinnati, OH	1,993	4.0	%	172,939		1,852	15.3
Raleigh, NC	1,968	4.0	%	179,187		1,858	12.9
Tampa, FL	1,951	3.9	%	188,935		1,942	14.0
Jacksonville, FL	1,918	3.9	%	161,337		1,922	13.3
Columbus, OH	1,789	3.6	%	161,213		1,846	16.0
Orlando, FL	1,601	3.2	%	170,977		1,875	16.3
Salt Lake City, UT	1,109	2.2	%	223,781		2,138	16.4
Las Vegas, NV	1,023	2.1	%	174,983		1,841	14.7
San Antonio, TX	1,022	2.1	%	157,290		2,015	14.1
Charleston, SC	916	1.8	%	187,267		1,934	11.5
Winston Salem, NC	766	1.5	%	150,191		1,733	13.8
Austin, TX	706	1.4	%	153,681		1,865	13.1
All Other (3)	7,450	15.1	%	189,457		1,887	14.2
Total / Average	49,546	100.0	%	$	174,014	1,968	14.4

Leasing Information (1)



Market	Leased Percentage (2)		Occupancy Percentage (2)		Avg. Contractual Monthly Rent Per Property (2)		Avg. Change in Rent for Renewals		Avg. Change in Rent for Re-Leases		Avg. Blended Change in Rent
Dallas-Fort Worth, TX	94.0	%	92.9	%	$	1,662	4.2	%	5.9	%	4.9	%
Atlanta, GA	94.0	%	93.5	%	1,465		4.5	%	8.0	%	5.8	%
Houston, TX	90.2	%	89.3	%	1,595		2.4	%	0.3	%	1.5	%
Charlotte, NC	88.6	%	88.2	%	1,508		3.7	%	4.7	%	4.1	%
Indianapolis, IN	95.0	%	94.3	%	1,350		2.8	%	5.3	%	3.9	%
Phoenix, AZ	97.7	%	97.3	%	1,238		4.9	%	9.9	%	6.9	%
Nashville, TN	92.1	%	91.4	%	1,656		3.6	%	3.7	%	3.6	%
Greater Chicago area, IL and IN	95.4	%	94.4	%	1,784		2.9	%	4.5	%	3.5	%
Cincinnati, OH	94.5	%	93.8	%	1,519		3.2	%	4.4	%	3.7	%
Raleigh, NC	93.6	%	92.7	%	1,456		3.3	%	4.5	%	3.7	%
Tampa, FL	90.2	%	89.0	%	1,624		3.2	%	4.2	%	3.6	%
Jacksonville, FL	88.5	%	87.6	%	1,441		3.9	%	5.0	%	4.3	%
Columbus, OH	89.0	%	88.1	%	1,529		3.9	%	4.4	%	4.1	%
Orlando, FL	96.0	%	95.6	%	1,535		4.4	%	7.2	%	5.5	%
Salt Lake City, UT	90.0	%	89.4	%	1,607		3.7	%	8.5	%	6.1	%
Las Vegas, NV	97.0	%	96.4	%	1,430		3.9	%	6.0	%	4.6	%
San Antonio, TX	92.5	%	91.5	%	1,478		3.1	%	4.1	%	3.5	%
Charleston, SC	88.3	%	88.0	%	1,604		2.5	%	2.8	%	2.7	%
Winston Salem, NC	92.8	%	92.3	%	1,270		3.1	%	4.9	%	3.8	%
Austin, TX	92.8	%	92.1	%	1,476		3.6	%	4.1	%	3.7	%
All Other (3)	93.7	%	92.8	%	1,552		3.4	%	3.6	%	3.5	%
Total / Average	92.9	%	92.2	%	$	1,523	3.6	%	4.9	%	4.1	%


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


(2)	Leased percentage, occupancy percentage and average contractual monthly rent per property are reflected as of period end.


(3)	Represents 22 markets in 16 states.



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

American Homes 4 Rent

Leasing Performance



	3Q17		2Q17		1Q17		4Q16		3Q16
Average Change in Rent for Renewals	3.6	%	3.2	%	3.1	%	3.3	%	3.4	%
Average Change in Rent for Re-leases	4.9	%	6.1	%	4.0	%	2.7	%	5.0	%
Average Blended Change in Rent	4.1	%	4.4	%	3.5	%	3.0	%	4.1	%

Scheduled Lease Expirations



	MTM	4Q17	1Q18	2Q18	3Q18	Thereafter
Lease expirations	1,981	7,637	11,670	12,070	11,759	909

Top 20 Markets Home Price Appreciation Trends

The table below summarizes historic changes in the House Price Index of the Federal Housing Finance Agency (“FHFA”), known as the Quarterly Purchase-Only Index, specifically the non-seasonally adjusted “Purchase-Only Index” for the “100 Largest Metropolitan Statistical Areas”, which is used for purposes of computing the “HPA Factor” for our 5% Series A participating preferred shares, 5% Series B participating preferred shares and 5.5% Series C participating preferred shares as described in the prospectuses for those securities.



	HPA Index (1)							HPA Index Change
Market	Dec 31, 2012	Dec 31, 2013	Dec 31, 2014	Dec 31, 2015	Dec 31, 2016	Mar 31, 2017	Jun 30, 2017	HPA Index Change
Dallas-Fort Worth, TX (2)	100.0	108.4	115.2	127.6	140.1	143.4	150.0	50.0	%
Indianapolis, IN	100.0	106.4	112.3	117.8	124.5	123.4	131.5	31.5	%
Atlanta, GA	100.0	114.2	122.3	132.0	143.0	144.4	152.3	52.3	%
Charlotte, NC	100.0	113.4	118.8	126.8	136.6	142.4	144.0	44.0	%
Greater Chicago area, IL and IN	100.0	111.0	115.1	118.8	126.3	125.9	129.9	29.9	%
Houston, TX	100.0	110.8	123.1	130.1	133.0	132.7	133.6	33.6	%
Cincinnati, OH	100.0	104.9	111.2	115.7	121.4	121.0	126.8	26.8	%
Tampa, FL	100.0	113.0	121.1	132.3	149.1	149.9	158.1	58.1	%
Jacksonville, FL	100.0	114.2	121.7	127.7	142.3	147.8	148.2	48.2	%
Nashville, TN	100.0	111.0	117.4	131.1	141.1	145.9	151.5	51.5	%
Raleigh, NC	100.0	106.7	111.6	120.0	130.8	132.1	137.9	37.9	%
Phoenix, AZ	100.0	118.0	123.3	135.9	146.1	147.6	151.8	51.8	%
Columbus, OH	100.0	108.9	114.5	120.8	131.5	127.5	138.8	38.8	%
Salt Lake City, UT	100.0	109.4	114.5	123.2	133.0	138.3	142.1	42.1	%
Orlando, FL	100.0	110.3	123.5	135.4	144.9	149.8	154.4	54.4	%
Las Vegas, NV	100.0	125.1	141.3	149.0	161.5	164.3	170.3	70.3	%
San Antonio, TX	100.0	101.1	108.0	113.9	124.7	127.2	133.6	33.6	%
Denver, CO	100.0	111.0	121.5	136.5	149.9	156.7	162.9	62.9	%
Austin, TX	100.0	110.1	122.2	133.9	145.7	145.8	153.1	53.1	%
Greenville, SC	100.0	104.1	110.8	117.8	127.6	126.9	129.6	29.6	%
Average								45.0	%

(1)

Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20^th day of the second month following quarter-end. Accordingly, information in the above table has been presented through June 30, 2017. For the illustrative purposes of this table, the HPA Index has been indexed as of December 31, 2012, and, as such, HPA Index values presented are relative measures calculated in relation to the baseline index value of 100.0 as of December 31, 2012.


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



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

American Homes 4 Rent

Disposition Summary

(Amounts in thousands, except property data)



	Single-Family Properties Held for Sale (1)			Single-Family Properties Sold 3Q17
Market	Vacant	Leased	Total	Number of Properties	Net Proceeds
Greater Chicago area, IL and IN	105	184	289	61	$	4,672
Inland Empire, CA	6	38	44	5	1,228
Central Valley, CA	13	19	32	9	1,872
Miami, FL	16	12	28	11	3,266
Atlanta, GA	5	8	13	3	581
Nashville, TN	5	3	8	—	—
Dallas-Fort Worth, TX	4	4	8	1	160
San Antonio, TX	4	3	7	5	870
Memphis, TN	4	2	6	1	181
Oklahoma City, OK	1	4	5	—	—
Houston, TX	1	3	4	—	—
Phoenix, AZ	1	2	3	3	346
Raleigh, NC	3	—	3	2	207
Fort Myers, FL	3	—	3	—	—
Tucson, AZ	1	2	3	—	—
Orlando, FL	2	—	2	—	—
Tampa, FL	2	—	2	—	—
Denver, CO	1	1	2	1	243
Winston Salem, NC	2	—	2	—	—
Indianapolis, IN	—	1	1	1	127
Columbus, OH	—	1	1	—	—
Cincinnati, OH	—	1	1	—	—
Bay Area, CA	1	—	1	—	—
Jacksonville, FL	1	—	1	—	—
Austin, TX	—	—	—	2	288
Charleston, SC	—	—	—	1	113
Charlotte, NC	—	—	—	1	232
Total	181	288	469	107	$	14,386


(1)	Reflects single-family properties held for sale as of September 30, 2017.

ATM Share Issuance History

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



Board authorization announced on 11/10/16		$	400,000

Quarterly Period	Common Shares Issued	Gross Proceeds		Average Issuance Price Per Share
4Q16	4,919,948	$	103,983	$	21.13
1Q17	629,532	14,304		22.72
2Q17	222,073	5,066		22.81
3Q17	1,181,493	$	26,855	$	22.73
Total	6,953,046	$	150,208	$	21.60

Board authorization announced on 8/10/17 (1)		$	500,000

	Remaining authorization:	$	500,000


(1)	The Company's $500.0 million at-the-market common share offering program replaced the original at-the-market program.



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

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations

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 previous expired lease for each individual property.

Average Change in Rent for Renewals

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

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 lease for each individual property.

Core Net Operating Income ("Core NOI") and Same-Home Core NOI After Capital Expenditures

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and fees from single-family properties, net of bad debt expense, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense, expenses reimbursed by tenant charge-backs and bad debt expense.

Core NOI also excludes (1) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value, (2) noncash gain or loss on conversion of convertible units, (3) gain or loss on early extinguishment of debt, (4) hurricane-related charges, net, (5) gain or loss on sales of single-family properties and other, (6) depreciation and amortization, (7) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (8) noncash share-based compensation expense, (9) interest expense, (10) general and administrative expense, (11) other expenses and (12) other revenues. We consider Core NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. We further adjust Core NOI for our Same-Home portfolio by subtracting capital expenditures to calculate Same-Home Core NOI After Capital Expenditures, which we believe is a meaningful supplemental non-GAAP financial measure because it more fully reflects our operating performance after the impact of all property-level expenditures, regardless of whether they are capitalized or expensed.

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

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI, Same-Home Core NOI After Capital Expenditures, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the three and nine months ended September 30, 2017 and 2016 (amounts in thousands):



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Core revenues
Total revenues	$	246,836		$	236,057		$	717,598		$	651,330
Tenant charge-backs	(36,094		)	(30,808		)	(91,849		)	(72,077		)
Bad debt expense	(2,299		)	(2,609		)	(5,142		)	(5,092		)
Other revenues	(409		)	(5,214		)	(4,367		)	(12,811		)
Core revenues	$	208,034		$	197,426		$	616,240		$	561,350



Core property operating expenses
Property operating expenses	$	97,944		$	92,488		$	267,203		$	238,987
Property management expenses	17,447			18,335			52,367			53,177
Noncash share-based compensation - property management	(417		)	(411		)	(1,258		)	(1,166		)
Expenses reimbursed by tenant charge-backs	(36,094		)	(30,808		)	(91,849		)	(72,077		)
Bad debt expense	(2,299		)	(2,609		)	(5,142		)	(5,092		)
Core property operating expenses	$	76,581		$	76,995		$	221,321		$	213,829



Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income (loss)	$	19,097		$	(167	)	$	45,959		$	1,108
Remeasurement of participating preferred shares	(8,391		)	2,490			(1,341		)	2,940
Gain on conversion of Series E units	—			—			—			(11,463		)
Loss on early extinguishment of debt	—			13,408			6,555			13,408
Hurricane-related charges, net	10,136			—			10,136			—
Gain on sale of single-family properties and other, net	(1,895		)	(11,682		)	(6,375		)	(12,574		)
Depreciation and amortization	74,790			75,392			221,459			224,513
Acquisition fees and costs expensed	1,306			1,757			3,814			10,899
Noncash share-based compensation - property management	417			411			1,258			1,166
Interest expense	26,592			32,851			86,873			99,309
General and administrative expense	8,525			8,043			26,746			24,544
Other expenses	1,285			3,142			4,202			6,482
Other revenues	(409		)	(5,214		)	(4,367		)	(12,811		)
Tenant charge-backs	36,094			30,808			91,849			72,077
Expenses reimbursed by tenant charge-backs	(36,094		)	(30,808		)	(91,849		)	(72,077		)
Bad debt expense excluded from operating expenses	2,299			2,609			5,142			5,092
Bad debt expense included in revenues	(2,299		)	(2,609		)	(5,142		)	(5,092		)
Core NOI	131,453			120,431			394,919			347,521
Less: Non-Same-Home Core NOI	30,957			24,761			88,911			59,801
Same-Home Core NOI	100,496			95,670			306,008			287,720
Less: Same-Home capital expenditures	8,968			8,949			21,077			22,223
Same-Home Core NOI After Capital Expenditures	$	91,528		$	86,721		$	284,931		$	265,497



Unencumbered Core NOI and Encumbered Core NOI
Core NOI	$	131,453	$	120,431	$	394,919	$	347,521
Less: Encumbered Core NOI	49,267		47,589		151,006		143,075
Unencumbered Core NOI	$	82,186	$	72,842	$	243,913	$	204,446

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

The following are reconciliations of core revenues, core property operating expenses, Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures to their respective GAAP metrics for the trailing five quarters (amounts in thousands):



	For the Three Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Core revenues
Total revenues	$	246,836		$	237,008		$	233,754		$	227,559		$	236,057
Tenant charge-backs	(36,094		)	(27,382		)	(28,373		)	(23,177		)	(30,808		)
Bad debt expense	(2,299		)	(1,333		)	(1,510		)	(1,877		)	(2,609		)
Other revenues	(409		)	(2,288		)	(1,670		)	(2,987		)	(5,214		)
Core revenues	$	208,034		$	206,005		$	202,201		$	199,518		$	197,426



Core property operating expenses
Property operating expenses	$	97,944		$	85,954		$	83,305		$	78,323		$	92,488
Property management expenses	17,447			17,442			17,478			17,547			18,335
Noncash share-based compensation - property management	(417		)	(424		)	(417		)	(394		)	(411		)
Expenses reimbursed by tenant charge-backs	(36,094		)	(27,382		)	(28,373		)	(23,177		)	(30,808		)
Bad debt expense	(2,299		)	(1,333		)	(1,510		)	(1,877		)	(2,609		)
Core property operating expenses	$	76,581		$	74,257		$	70,483		$	70,422		$	76,995



Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures
Net income (loss)	$	19,097		$	15,066		$	11,796		$	9,338		$	(167	)
Remeasurement of participating preferred shares	(8,391		)	1,640			5,410			4,080			2,490
Loss on early extinguishment of debt	—			6,555			—			—			13,408
Hurricane-related charges, net	10,136			—			—			—			—
Gain on sale of single-family properties and other, net	(1,895		)	(2,454		)	(2,026		)	(1,995		)	(11,682		)
Depreciation and amortization	74,790			72,716			73,953			74,164			75,392
Acquisition fees and costs expensed	1,306			1,412			1,096			544			1,757
Noncash share-based compensation - property management	417			424			417			394			411
Interest expense	26,592			28,392			31,889			31,538			32,851
General and administrative expense	8,525			8,926			9,295			8,524			8,043
Other expenses	1,285			1,359			1,558			5,496			3,142
Other revenues	(409		)	(2,288		)	(1,670		)	(2,987		)	(5,214		)
Tenant charge-backs	36,094			27,382			28,373			23,177			30,808
Expenses reimbursed by tenant charge-backs	(36,094		)	(27,382		)	(28,373		)	(23,177		)	(30,808		)
Bad debt expense excluded from operating expenses	2,299			1,333			1,510			1,877			2,609
Bad debt expense included in revenues	(2,299		)	(1,333		)	(1,510		)	(1,877		)	(2,609		)
Core NOI	131,453			131,748			131,718			129,096			120,431
Less: Non-Same-Home Core NOI	30,957			29,257			28,697			27,157			24,761
Same-Home Core NOI	100,496			102,491			103,021			101,939			95,670
Less: Same-Home capital expenditures	8,968			7,083			5,026			5,387			8,949
Same-Home Core NOI After Capital Expenditures	$	91,528		$	95,408		$	97,995		$	96,552		$	86,721

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

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.

Debt and Preferred Shares to Adjusted EBITDA



	Sep 30, 2017
	(Unaudited)
Total Debt	$	2,382,871
Preferred shares at liquidation value (1)	1,259,477
Total Debt and preferred shares	3,642,348

Adjusted EBITDA - TTM	$	496,105

Debt and Preferred Shares to Adjusted EBITDA	7.3 x


(1)	All of the outstanding Series A and Series B participating preferred shares were converted into 12,398,276 Class A common shares on October 3, 2017, based on a conversion ratio of 1.3106 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary.

Fixed Charge Coverage



	For the Trailing Twelve Months Ended Sep 30, 2017
	(Unaudited)
Interest expense per income statement	$	118,411
Less: noncash interest expense related to acquired debt	(3,489		)
Less: amortization of deferred financing costs	(8,925		)
Add: capitalized interest	3,884
Cash interest	109,881
Dividends on preferred shares	59,709
Fixed charges	169,590

Adjusted EBITDA	$	496,105

Fixed Charge Coverage	2.9 x

Net Debt to Adjusted EBITDA



	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Total Debt	$	2,382,871		$	2,480,787		$	2,999,587		$	2,981,062		$	2,988,383
Less: cash and cash equivalents	(243,547		)	(67,325		)	(495,802		)	(118,799		)	(106,308		)
Less: asset-backed securitization certificates	(25,666		)	(25,666		)	(25,666		)	(25,666		)	(25,666		)
Less: restricted cash related to securitizations	(46,166		)	(56,058		)	(63,147		)	(62,062		)	(61,434		)
Net debt	$	2,067,492		$	2,331,738		$	2,414,972		$	2,774,535		$	2,794,975

Adjusted EBITDA - TTM	$	496,105		$	487,562		$	477,578		$	454,415		$	420,989

Net Debt to Adjusted EBITDA	4.2 x			4.8 x			5.1 x			6.1 x			6.6 x

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

Unencumbered Core NOI Percentage



	For the Three Months Ended Sep 30, 2017
	(Unaudited)
Unencumbered Core NOI	$	82,186
Core NOI	$	131,453
Unencumbered Core NOI Percentage	62.5		%

EBITDA / Adjusted EBITDA / Adjusted EBITDA after Capex and Leasing Costs / Adjusted EBITDA Margin / Adjusted EBITDA after Capex and Leasing Costs 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. Adjusted EBITDA is a supplemental non-GAAP financial measure calculated by adjusting EBITDA for (1) acquisition fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) net gain or loss on sales / impairment of single-family properties and other, (3) noncash share-based compensation expense, (4) hurricane-related charges, net, (5) gain or loss on early extinguishment of debt, (6) gain or loss on conversion of convertible units and (7) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value. Adjusted EBITDA after Capex and Leasing Costs is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDA for (1) recurring capital expenditures and (2) leasing costs. Adjusted EBITDA Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDA divided by total revenues, net of tenant charge-backs. Adjusted EBITDA after Capex and Leasing Costs Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDA after Capex and Leasing costs divided by total revenues, net of tenant charge-backs. We consider these metrics to be meaningful financial measures of operating performance because they exclude the impact of various income and expense items that are not indicative of operating performance.

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

The following is a reconciliation of net income or loss, as determined in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted EBITDA after Capex and Leasing Costs, Adjusted EBITDA Margin and Adjusted EBITDA after Capex and Leasing Costs Margin for the three and nine months ended September 30, 2017 and 2016 (amounts in thousands):



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net income (loss)	$	19,097		$	(167	)	$	45,959		$	1,108
Interest expense	26,592			32,851			86,873			99,309
Depreciation and amortization	74,790			75,392			221,459			224,513
EBITDA	$	120,479		$	108,076		$	354,291		$	324,930

Noncash share-based compensation - general and administrative	699			480			1,917			1,578
Noncash share-based compensation - property management	417			411			1,258			1,166
Acquisition fees and costs expensed	1,306			1,757			3,814			10,899
Net (gain) on sale / impairment of single-family properties and other	(596		)	(11,115		)	(2,589		)	(11,107		)
Hurricane-related charges, net	10,136			—			10,136			—
Loss on early extinguishment of debt	—			13,408			6,555			13,408
Gain on conversion of Series E units	—			—			—			(11,463		)
Remeasurement of participating preferred shares	(8,391		)	2,490			(1,341		)	2,940
Adjusted EBITDA	$	124,050		$	115,507		$	374,041		$	332,351

Recurring capital expenditures (1)	(11,600		)	(10,411		)	(27,140		)	(25,183		)
Leasing costs	(1,960		)	(2,119		)	(5,361		)	(6,199		)
Adjusted EBITDA after Capex and Leasing Costs	$	110,490		$	102,977		$	341,540		$	300,969

Total revenues	$	246,836		$	236,057		$	717,598		$	651,330
Less: tenant charge-backs	(36,094		)	(30,808		)	(91,849		)	(72,077		)
Total revenues, net of tenant charge-backs	$	210,742		$	205,249		$	625,749		$	579,253

Adjusted EBITDA Margin	58.9		%	56.3		%	59.8		%	57.4		%

Adjusted EBITDA after Capex and Leasing Costs Margin	52.4		%	50.2		%	54.6		%	52.0		%


(1)	As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized and held for sale properties.

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

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



	For the Trailing Twelve Months Ended
	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net income (loss)	$	55,297		$	36,033		$	17,214		$	10,446		$	(10,239	)
Interest expense	118,411			124,670			131,759			130,847			127,183
Depreciation and amortization	295,623			296,225			303,113			298,677			286,676
EBITDA	469,331			456,928			452,086			439,970			403,620

Noncash share-based compensation - general and administrative	2,415			2,196			2,084			2,076			2,051
Noncash share-based compensation - property management	1,652			1,646			1,620			1,560			1,475
Acquisition fees and costs expensed	4,358			4,809			6,886			11,443			16,179
Net (gain) on sale / impairment of single-family properties and other	(1,081		)	(11,600		)	(10,636		)	(9,599		)	(11,107		)
Hurricane-related charges, net	10,136			—			—			—			—
Loss on early extinguishment of debt	6,555			19,963			13,408			13,408			13,408
Gain on conversion of Series E units	—			—			—			(11,463		)	(11,463		)
Remeasurement of Series E units	—			—			—			—			1,356
Remeasurement of participating preferred shares	2,739			13,620			12,130			7,020			5,470
Adjusted EBITDA	$	496,105		$	487,562		$	477,578		$	454,415		$	420,989

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 White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, 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 adjustment for unconsolidated partnerships and joint ventures.

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 fees and costs expensed incurred with recent business combinations and the acquisition of individual properties, (2) noncash share-based compensation expense, (3) noncash interest expense related to acquired debt, (4) hurricane-related charges, net, (5) gain or loss on early extinguishment of debt, (6) noncash gain or loss on conversion of convertible units and (7) noncash fair value adjustments associated with remeasuring our participating preferred shares derivative liability to fair value.

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

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

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 analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders is a helpful measure of a REIT’s performance

since 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, are helpful to investors as supplemental measures of the operating performance of the Company as 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 (loss) per share or net cash flow provided by operating activities, 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 or loss attributable to common shareholders, determined in accordance with GAAP.

FFO Shares and Units

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

Leased Property

A property is classified as leased upon the execution (i.e., signature) of a lease agreement.

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).

American Homes 4 Rent

Defined Terms and Non-GAAP Reconciliations (continued)

Platform Efficiency Percentage

Management costs, including (1) property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, (2) general and administrative expense, excluding noncash share-based compensation expense and (3) leasing costs, as a percentage of total portfolio rents and fees.



	For the Three Months Ended Sep 30,						For the Nine Months Ended Sep 30,
	2017			2016			2017			2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Property management expenses	$	17,447		$	18,335		$	52,367		$	53,177
Less: tenant charge-backs	(1,260		)	(1,436		)	(3,864		)	(3,993		)
Less: noncash share-based compensation - property management	(417		)	(411		)	(1,258		)	(1,166		)
Property management expenses, net	15,770			16,488			47,245			48,018

General and administrative expense	8,525			8,043			26,746			24,544
Less: noncash share-based compensation - general and administrative	(699		)	(480		)	(1,917		)	(1,578		)
General and administrative expense, net	7,826			7,563			24,829			22,966

Leasing costs	1,960			2,119			5,361			6,199
Platform costs	$	25,556		$	26,170		$	77,435		$	77,183

Rents from single-family properties	$	207,490		$	197,137		$	613,245		$	558,623
Fees from single-family properties	2,843			2,898			8,137			7,819
Total portfolio rents and fees	$	210,333		$	200,035		$	621,382		$	566,442

Platform Efficiency Percentage	12.2		%	13.1		%	12.5		%	13.6		%

Same-Home Property

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

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated 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 considered stabilized, as an entire group, provided (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.

Total Debt

Includes principal balances on asset-backed securitizations, exchangeable senior notes, secured notes payable and borrowings outstanding under our revolving credit facility and term loan facility as of period end, and excludes unamortized discounts on acquired debt, the value of exchangeable senior notes classified within equity and unamortized deferred financing costs.

Total Market Capitalization

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

Turnover Rate

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



Executive Management

David P. Singelyn		Jack Corrigan
Chief Executive Officer		Chief Operating Officer

Diana M. Laing		Sara H. Vogt-Lowell
Chief Financial Officer		Chief Legal Officer

David Goldberg		Stephanie Heim
Executive Vice President		Executive Vice President - Counsel & Assistant Secretary

Christopher C. Lau		Bryan Smith
Executive Vice President - Finance		Executive Vice President - President of Property Management

Corporate Information		Investor Relations

American Homes 4 Rent		(855) 794-AH4R (2447)
30601 Agoura Road, Suite 200		investors@ah4r.com
Agoura Hills, CA 91301
(805) 413-5300
www.americanhomes4rent.com



Analyst Coverage (1)

Bank of America Merrill Lynch	BTIG	Citi	Credit Suisse
Juan Sanabria	Ryan Gilbert	Michael Bilerman	Douglas Harter
juan.sanabria@baml.com	rgilbert@btig.com	michael.bilerman@citi.com	douglas.harter@credit-suisse.com

Evercore ISI	FBR Capital Markets & Co	Green Street Advisors	GS Global Investment Research
Steve Sakwa	David Corak	John Pawlowski	Andrew Rosivach
steve.sakwa@evercoreisi.com	dcorak@fbr.com	jpawlowski@greenst.com	andrew.rosivach@gs.com

JMP Securities	JP Morgan Securities	Keefe, Bruyette & Woods, Inc.	Mizuho Securities USA Inc.
Aaron Hecht	Anthony Paolone	Jade Rahmani	Haendel St. Juste
ahecht@jmpsecurities.com	anthony.paolone@jpmorgan.com	jrahmani@kbw.com	haendel.st.juste@mizuho-sc.com

Morgan Stanley	Raymond James & Associates, Inc.	Wells Fargo Securities	Zelman & Associates
Richard Hill	Buck Horne	Jeff Donnelly	Dennis McGill
richard.hill1@morganstanley.com	buck.horne@raymondjames.com	jeff.donnelly@wellsfargo.com	dennis@zelmanassociates.com

(1)

The sell-side analysts listed above follow American Homes 4 Rent ("AMH"). Any opinions, estimates or forecasts regarding AMH's performance made by these analysts are theirs alone and do not represent the opinions, forecasts or predictions of AMH or its management. AMH does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions, or recommendations. The above list may not be complete and is subject to change as firms add or discontinue coverage.

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