X0206 3 2016-03-23 0 0001562401 American Homes 4 Rent AMH 0001275331 BENHAM DOUGLAS N C/O AMERICAN HOMES 4 RENT 30601 AGOURA ROAD, SUITE 200 AGOURA HILLS CA 91301 1 0 0 0 Class A Common Shares 16707 D Class A Units Class A Common Shares 12208 D Employee Stock Option (right to buy) 15.26 2017-03-23 2026-03-23 Class A Common Shares 10000 D Class A Units of American Homes 4 Rent, L.P. (AMH OP) the operating partnership of American Homes 4 Rent (the "Issuer"). Class A units are redeemable (subject to limitations set forth in AMH OP's partnership agreement. Class A Units do not expire. The Class A units are redeemable at a redemption amount per unit based on the market value of the Company's Class A common shares at the time of redemption. The market value will be equal to the average of the closing trading price of the Class A common shares for the 10 trading days before the date of receipt of the redemption notice. The Company may elect in its sole discretion whether to redeem the Class A units in cash or Class A common shares equal to the number of Class A units offered for redemption. Options become exercisable in four equal annual installments begining on the "Date Exerciseable" indicated. /s/ Stephanie Heim, attorney-in-fact 2016-03-24