8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 2, 2023

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter)

American Homes 4 Rent	Maryland	001-36013	46-1229660
American Homes 4 Rent, L.P.	Delaware	333-221878-02	80-0860173
	(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(805) 413-5300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbols	Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value	AMH	New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value	AMH-G	New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value	AMH-H	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

The information in Item 2.02 of this Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition

On November 2, 2023, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended September 30, 2023, together with a Third Quarter 2023 Earnings Release and Supplemental Information Package. A copy of the press release and the Third Quarter 2023 Earnings Release and Supplemental Information Package are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit 99.1—Press Release dated November 2, 2023 concerning financial results, including financial tables

Exhibit 99.2—Third Quarter 2023 Earnings Release and Supplemental Information Package

Exhibit 104—Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: November 2, 2023

AMERICAN HOMES 4 RENT
By:	/s/ Sara H. Vogt-Lowell
	Sara H. Vogt-Lowell
	Chief Legal Officer

AMERICAN HOMES 4 RENT, L.P.
By:	American Homes 4 Rent, its General Partner
By:	/s/ Sara H. Vogt-Lowell
	Sara H. Vogt-Lowell
	Chief Legal Officer

EX-99.1

Exhibit 99.1

News 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.

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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 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

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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.

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 (defined below) 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.

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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 Guidance	Current 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 growth	5.2% - 7.8%	6.5% - 7.8%
Same-Home
Core revenues growth	5.75% - 7.25%	6.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%	9.00% - 10.00%
Core NOI growth	4.00% - 5.50%	4.40% - 5.40%

	Full Year 2023 (Unchanged)
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,775 - 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 simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call

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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.

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AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

	September 30, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,225,477	$	2,197,233
Buildings and improvements	10,545,835		10,127,891
Single-family properties in operation	12,771,312		12,325,124
Less: accumulated depreciation	(2,639,127)		(2,386,452)
Single-family properties in operation, net	10,132,185		9,938,672
Single-family properties under development and development land	1,334,992		1,187,221
Single-family properties and land held for sale, net	160,328		198,716
Total real estate assets, net	11,627,505		11,324,609
Cash and cash equivalents	69,514		69,155
Restricted cash	173,133		148,805
Rent and other receivables	53,773		47,752
Escrow deposits, prepaid expenses and other assets	372,157		331,446
Investments in unconsolidated joint ventures	117,350		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,559,377	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,876,087		1,890,842
Unsecured senior notes, net	2,498,959		2,495,156
Accounts payable and accrued expenses	633,795		484,403
Total liabilities	5,008,841		5,000,401
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,420,848 and 352,881,826 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)	3,614		3,529
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2023 and December 31, 2022)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2023 and December 31, 2022)	92		92
Additional paid-in capital	7,251,465		6,931,819
Accumulated deficit	(391,452)		(440,791)
Accumulated other comprehensive income	965		1,332
Total shareholders’ equity	6,864,690		6,495,987
Noncontrolling interest	685,846		678,671
Total equity	7,550,536		7,174,658
Total liabilities and equity	$	12,559,377	$	12,175,059

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AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Rents and other single-family property revenues	$	421,697	$	391,627	$	1,214,948	$	1,109,608
Expenses:
Property operating expenses	167,041		152,065		456,662		414,978
Property management expenses	30,785		29,739		92,251		84,541
General and administrative expense	18,336		16,986		56,128		53,115
Interest expense	34,381		36,254		105,107		98,622
Acquisition and other transaction costs	3,399		4,482		12,650		18,114
Depreciation and amortization	114,863		109,319		340,779		313,688
Hurricane-related charges, net	—		6,133		—		6,133
Total expenses	368,805		354,978		1,063,577		989,191
Gain on sale and impairment of single-family properties and other, net	33,335		24,197		180,752		79,052
Other income and expense, net	1,865		819		9,082		6,765
Net income	88,092		61,665		341,205		206,234
Noncontrolling interest	10,493		7,464		41,140		24,119
Dividends on preferred shares	3,486		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:
Basic	362,426,273		348,944,055		361,665,436		347,730,579
Diluted	362,924,932		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

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Defined Terms

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.

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).

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.

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.

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Non-GAAP Financial Measures

This press release and the Third Quarter 2023 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Third Quarter 2023 Earnings Release and Supplemental Information Package.

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Funds from Operations attributable to common share and unit holders and Retained Cash Flow

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, 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.

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

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.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes 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.

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The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except share and per share data):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$	74,113	$	50,715	$	289,607	$	163,244
Adjustments:
Noncontrolling interests in the Operating Partnership	10,493		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 ventures	812		448		2,380		(122)
Depreciation and amortization	114,863		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 other	3,399		4,482		12,650		18,114
Noncash share-based compensation - general and administrative	4,160		3,390		13,885		13,352
Noncash share-based compensation - property management	953		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
Common distributions	(91,434)		(72,252)		(274,177)		(216,722)
Retained Cash Flow	$	54,783	$	59,806	$	174,314	$	190,044
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 outstanding	362,426,273		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 units	51,376,980		51,376,980		51,376,980		51,376,980
Total weighted-average FFO shares and units	414,713,805		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.

11

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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
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 Partnership	0.03		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 amortization	0.28		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 other	0.01		0.01		0.03		0.05
Noncash share-based compensation - general and administrative	0.01		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

12

Core Net Operating Income

Core NOI, which we also present separately for our Same-Home portfolio, 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.

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).

13

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 (amounts in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
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 revenues	355,857		329,613		1,047,899		952,185
Less: Non-Same-Home core revenues	53,559		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 expenses	30,785		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 expenses	131,033		118,775		378,713		338,950
Less: Non-Same-Home core property operating expenses	19,824		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 amortization	114,863		109,319		340,779		313,688
Acquisition and other transaction costs	3,399		4,482		12,650		18,114
Noncash share-based compensation - property management	953		1,015		3,151		3,146
Interest expense	34,381		36,254		105,107		98,622
General and administrative expense	18,336		16,986		56,128		53,115
Other income and expense, net	(1,865)		(819)		(9,082)		(6,765)
Core NOI	224,824		210,838		669,186		613,235
Less: Non-Same-Home Core NOI	33,735		25,615		93,967		63,278
Same-Home Core NOI	$	191,089	$	185,223	$	575,219	$	549,957

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com

14

EX-99.2

AMH

Table of Contents

Summary
Earnings Press Release	3
Select Non-GAAP Reconciliations – Core Net Operating Income	8
Fact Sheet	10
Financial Information
Condensed Consolidated Statements of Operations	11
Funds from Operations	12
Core Net Operating Income – Total Portfolio	13
Same-Home Results	14
Condensed Consolidated Balance Sheets	17
Debt Summary	18
Capital Structure and Credit Metrics	19
Property and Other Information
Top 20 Markets Summary	20
Property Additions and Dispositions	21
AMH Development Pipeline Summary	22
Lease Expirations and Share Repurchase / ATM Share Issuance History	23
2023 Guidance	24
Defined Terms and Non-GAAP Reconciliations	25

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 Guidance	Current 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 growth	5.2% - 7.8%	6.5% - 7.8%
Same-Home
Core revenues growth	5.75% - 7.25%	6.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%	9.00% - 10.00%
Core NOI growth	4.00% - 5.50%	4.40% - 5.40%

	Full Year 2023 (Unchanged)
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,775 - 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,
	2023		2022		2023		2022
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 revenues	355,857		329,613		1,047,899		952,185
Less: Non-Same-Home core revenues	53,559		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 expenses	30,785		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 expenses	131,033		118,775		378,713		338,950
Less: Non-Same-Home core property operating expenses	19,824		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 amortization	114,863		109,319		340,779		313,688
Acquisition and other transaction costs	3,399		4,482		12,650		18,114
Noncash share-based compensation - property management	953		1,015		3,151		3,146
Interest expense	34,381		36,254		105,107		98,622
General and administrative expense	18,336		16,986		56,128		53,115
Other income and expense, net	(1,865)		(819)		(9,082)		(6,765)
Core NOI	224,824		210,838		669,186		613,235
Less: Non-Same-Home Core NOI	33,735		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 revenues	355,857		349,734		342,308		335,743		329,613
Less: Non-Same-Home core revenues	53,559		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 expenses	30,785		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 expenses	131,033		126,273		121,407		119,372		118,775
Less: Non-Same-Home core property operating expenses	19,824		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 amortization	114,863		113,199		112,717		112,843		109,319
Acquisition and other transaction costs	3,399		4,175		5,076		5,338		4,482
Noncash share-based compensation - property management	953		1,132		1,066		715		1,015
Interest expense	34,381		34,844		35,882		36,249		36,254
General and administrative expense	18,336		19,937		17,855		14,942		16,986
Other income and expense, net	(1,865)		(2,482)		(4,735)		(100)		(819)
Core NOI	224,824		223,461		220,901		216,371		210,838
Less: Non-Same-Home Core NOI	33,735		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 NOI	64,844		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,
	2023			2022			2023			2022
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 margin	63.2		%	64.0		%	63.9		%	64.4		%
Fully Adjusted EBITDAre	$	188,560		$	175,341		$	576,958		$	528,631
Fully Adjusted EBITDAre Margin	52.8		%	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 Capitalization	23.8		%	23.0		%	25.2		%	26.9		%	24.8		%
Net Debt and Preferred Shares to Adjusted EBITDAre	5.4 x			5.3 x			5.4 x			6.0 x			5.9 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 properties	55,949		56,000		56,049		55,605		55,421
Single-family properties leased, not yet occupied	299		393		412		243		374
Single-family properties in turnover process	1,803		1,437		1,041		1,554		1,577
Single-family properties recently renovated or developed	333		215		234		464		383
Single-family properties newly acquired and under renovation	8		—		—		12		149
Total single-family properties, excluding properties held for sale	58,392		58,045		57,736		57,878		57,904
Single-family properties held for sale	700		648		903		1,115		1,057
Total single-family properties wholly owned	59,092		58,693		58,639		58,993		58,961
Single-family properties managed under joint ventures	2,936		2,846		2,688		2,540		2,271
Total single-family properties wholly owned and managed	62,028		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,
	2023		2022		2023		2022
Rents and other single-family property revenues	$	421,697	$	391,627	$	1,214,948	$	1,109,608
Expenses:
Property operating expenses	167,041		152,065		456,662		414,978
Property management expenses	30,785		29,739		92,251		84,541
General and administrative expense	18,336		16,986		56,128		53,115
Interest expense	34,381		36,254		105,107		98,622
Acquisition and other transaction costs	3,399		4,482		12,650		18,114
Depreciation and amortization	114,863		109,319		340,779		313,688
Hurricane-related charges, net	—		6,133		—		6,133
Total expenses	368,805		354,978		1,063,577		989,191
Gain on sale and impairment of single-family properties and other, net	33,335		24,197		180,752		79,052
Other income and expense, net	1,865		819		9,082		6,765
Net income	88,092		61,665		341,205		206,234
Noncontrolling interest	10,493		7,464		41,140		24,119
Dividends on preferred shares	3,486		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:
Basic	362,426,273		348,944,055		361,665,436		347,730,579
Diluted	362,924,932		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,
	2023		2022		2023		2022
Net income attributable to common shareholders	$	74,113	$	50,715	$	289,607	$	163,244
Adjustments:
Noncontrolling interests in the Operating Partnership	10,493		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 ventures	812		448		2,380		(122)
Depreciation and amortization	114,863		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 other	3,399		4,482		12,650		18,114
Noncash share-based compensation - general and administrative	4,160		3,390		13,885		13,352
Noncash share-based compensation - property management	953		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 outstanding	362,426,273		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 units	51,376,980		51,376,980		51,376,980		51,376,980
Total weighted-average FFO shares and units	414,713,805		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,
	2023			2022			2023			2022
Rents from single-family properties	$	352,986		$	326,489		$	1,040,072		$	943,190
Fees from single-family properties	8,022			7,017			22,862			20,008
Bad debt	(5,151)			(3,893)			(15,035)			(11,013)
Core revenues	355,857			329,613			1,047,899			952,185
Property tax expense	59,585			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
Insurance	4,680			3,579			13,212			10,489
Property management expenses, net (2)	27,684			27,037			83,362			76,945
Core property operating expenses	131,033			118,775			378,713			338,950
Core NOI	$	224,824		$	210,838		$	669,186		$	613,235
Core NOI margin	63.2		%	64.0		%	63.9		%	64.4		%

	For the Three Months Ended Sep 30, 2023
	Same-Home Properties			Stabilized Properties			Non-Stabilized Properties (3)			Held for Sale and Other Properties (4)			Total Single-Family Properties Wholly Owned
Property count	49,643			5,888			2,853			708			59,092
Average Occupied Days Percentage	96.4		%	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 properties	6,746			822			383			71			8,022
Bad debt	(4,100)			(526)			(193)			(332)			(5,151)
Core revenues	302,298			38,322			12,722			2,515			355,857
Property tax expense	51,646			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
Insurance	3,962			460			205			53			4,680
Property management expenses, net (2)	22,485			2,677			2,263			259			27,684
Core property operating expenses	111,209			11,771			6,451			1,602			131,033
Core NOI	$	191,089		$	26,551		$	6,271		$	913		$	224,824
Core NOI margin	63.2		%	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,
	2023			2022			Change		2023			2022			Change
Number of Same-Home properties	49,643			49,643					49,643			49,643
Average Occupied Days Percentage	96.4		%	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 - TTM	29.0		%	N/A					29.0		%	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 properties	6,746			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 revenues	302,298			285,660			5.8	%	895,175			838,664			6.7	%
Property tax expense	51,646			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	%
Insurance	3,962			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 expenses	111,209			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 margin	63.2		%	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 Percentage	96.4		%	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 Renewals	7.1		%	7.0		%	6.8		%	7.9		%	8.3		%
Average Change in Rent for Re-Leases	7.2		%	9.4		%	7.7		%	8.2		%	12.3		%
Average Blended Change in Rent	7.2		%	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 properties	6,746			6,213			6,206			5,836			5,900
Bad debt	(4,100)			(3,462)			(3,791)			(3,494)			(2,729)
Core revenues	302,298			298,881			293,996			289,684			285,660
Property tax expense	51,646			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
Insurance	3,962			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 expenses	111,209			106,934			101,813			100,331			100,437
Core NOI	$	191,089		$	191,947		$	192,183		$	189,353		$	185,223
Core NOI margin	63.2		%	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 Properties	Gross 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, GA	4,696	$	201,475	9.2	%	7.7	%	8.1	%	7.8	%
Dallas-Fort Worth, TX	3,812	172,447		6.5	%	7.2	%	6.5	%	7.0	%
Charlotte, NC	3,633	206,977		7.6	%	7.1	%	8.4	%	7.5	%
Phoenix, AZ	2,762	191,273		6.4	%	6.8	%	5.4	%	6.4	%
Nashville, TN	2,759	230,731		7.0	%	6.2	%	6.6	%	6.4	%
Indianapolis, IN	2,643	163,973		3.8	%	5.6	%	6.4	%	5.9	%
Jacksonville, FL	2,519	195,035		4.8	%	6.7	%	5.3	%	6.3	%
Tampa, FL	2,469	212,349		4.7	%	9.1	%	8.4	%	8.9	%
Houston, TX	2,189	172,569		3.0	%	7.0	%	5.0	%	6.6	%
Raleigh, NC	2,015	194,589		4.1	%	6.6	%	6.2	%	6.4	%
Columbus, OH	1,986	184,078		4.1	%	6.7	%	7.1	%	6.8	%
Cincinnati, OH	1,936	186,415		4.0	%	7.9	%	8.4	%	8.1	%
Orlando, FL	1,602	195,625		3.1	%	9.7	%	9.9	%	9.8	%
Salt Lake City, UT	1,593	274,758		4.2	%	5.9	%	6.8	%	6.2	%
Greater Chicago area, IL and IN	1,536	190,290		3.0	%	7.3	%	7.7	%	7.4	%
Charleston, SC	1,271	216,469		2.8	%	8.2	%	6.6	%	7.6	%
Las Vegas, NV	1,231	215,464		2.8	%	5.0	%	3.9	%	4.6	%
San Antonio, TX	1,097	184,653		1.6	%	4.9	%	0.6	%	3.8	%
Savannah/Hilton Head, SC	892	187,959		1.9	%	9.1	%	11.7	%	10.0	%
Seattle, WA	879	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/Average	49,643	$	199,752	100.0	%	7.1	%	7.2	%	7.2	%

	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
	3Q23 QTD		3Q22 QTD		Change		3Q23 QTD		3Q22 QTD		Change
Atlanta, GA	96.3	%	97.4	%	(1.1)	%	$	2,112	$	1,966	7.4	%
Dallas-Fort Worth, TX	96.3	%	97.5	%	(1.2)	%	2,168		2,034		6.6	%
Charlotte, NC	96.8	%	97.3	%	(0.5)	%	2,027		1,889		7.3	%
Phoenix, AZ	95.8	%	96.9	%	(1.1)	%	2,037		1,900		7.2	%
Nashville, TN	95.8	%	97.3	%	(1.5)	%	2,218		2,061		7.6	%
Indianapolis, IN	96.5	%	96.1	%	0.4	%	1,764		1,680		5.0	%
Jacksonville, FL	96.6	%	97.0	%	(0.4)	%	2,057		1,929		6.6	%
Tampa, FL	96.0	%	98.3	%	(2.3)	%	2,249		2,055		9.4	%
Houston, TX	97.0	%	96.8	%	0.2	%	1,948		1,860		4.7	%
Raleigh, NC	96.5	%	97.4	%	(0.9)	%	1,921		1,814		5.9	%
Columbus, OH	96.8	%	96.9	%	(0.1)	%	2,045		1,926		6.2	%
Cincinnati, OH	96.5	%	96.3	%	0.2	%	2,012		1,884		6.8	%
Orlando, FL	96.3	%	98.0	%	(1.7)	%	2,196		2,011		9.2	%
Salt Lake City, UT	96.3	%	97.0	%	(0.7)	%	2,284		2,153		6.1	%
Greater Chicago area, IL and IN	97.5	%	96.9	%	0.6	%	2,298		2,167		6.0	%
Charleston, SC	97.0	%	96.0	%	1.0	%	2,147		2,019		6.3	%
Las Vegas, NV	96.2	%	97.0	%	(0.8)	%	2,104		1,985		6.0	%
San Antonio, TX	96.2	%	96.9	%	(0.7)	%	1,895		1,830		3.6	%
Savannah/Hilton Head, SC	97.4	%	98.0	%	(0.6)	%	2,024		1,868		8.4	%
Seattle, WA	95.5	%	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/Average	96.4	%	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, 2023		Dec 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,225,477	$	2,197,233
Buildings and improvements	10,545,835		10,127,891
Single-family properties in operation	12,771,312		12,325,124
Less: accumulated depreciation	(2,639,127)		(2,386,452)
Single-family properties in operation, net	10,132,185		9,938,672
Single-family properties under development and development land	1,334,992		1,187,221
Single-family properties and land held for sale, net	160,328		198,716
Total real estate assets, net	11,627,505		11,324,609
Cash and cash equivalents	69,514		69,155
Restricted cash	173,133		148,805
Rent and other receivables	53,773		47,752
Escrow deposits, prepaid expenses and other assets	372,157		331,446
Investments in unconsolidated joint ventures	117,350		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,559,377	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,876,087		1,890,842
Unsecured senior notes, net	2,498,959		2,495,156
Accounts payable and accrued expenses	633,795		484,403
Total liabilities	5,008,841		5,000,401
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares	3,614		3,529
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,251,465		6,931,819
Accumulated deficit	(391,452)		(440,791)
Accumulated other comprehensive income	965		1,332
Total shareholders’ equity	6,864,690		6,495,987
Noncontrolling interest	685,846		678,671
Total equity	7,550,536		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)

	Secured		Unsecured		Total 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 securitization	463,199		—		463,199		10.4	%	4.42	%	1.0
AMH 2014-SFR3 securitization	478,612		—		478,612		10.8	%	4.40	%	1.2
AMH 2015-SFR1 securitization	503,681		—		503,681		11.4	%	4.14	%	21.5
AMH 2015-SFR2 securitization	437,603		—		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 debt	1,883,095		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	%
2024	949,510		21.4	%
2025	10,302		0.2	%
2026	10,302		0.2	%
2027	10,302		0.2	%
Thereafter	3,447,500		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)	2023		2022		2023		2022
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 interest	14,170		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 outstanding	362,055,923
Operating partnership units	51,376,980
Total shares and units	413,432,903
NYSE AMH Class A common share closing price at September 30, 2023	$	33.69
Market value of common shares and operating partnership units			13,928,555		75.0	%
Total Capitalization			$	18,591,650	100.0	%

Preferred Shares	Earliest Redemption Date	Outstanding Shares					Annual Dividend Per Share		Annual Dividend Amount
Series			Per Share		Total
5.875% Series G Perpetual Preferred Shares	7/17/2022	4,600,000	$	25.00	$	115,000	$	1.469	$	6,756
6.250% Series H Perpetual Preferred Shares	9/19/2023	4,600,000	$	25.00	115,000		$	1.563	7,188
Total preferred shares		9,200,000			$	230,000			$	13,944

Credit Ratios			Credit Ratings
Net Debt and Preferred Shares to Adjusted EBITDAre	5.4 x		Rating Agency	Rating	Outlook
Fixed Charge Coverage	4.3 x		Moody's Investor Service	Baa2	Stable
Unencumbered Core NOI percentage	70.9	%	S&P Global Ratings	BBB	Stable

Unsecured Senior Notes Covenant Ratios	Requirement			Actual
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 x		4.51 x

Unsecured Credit Facility Covenant Ratios	Requirement			Actual
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 x		3.77 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		6.48 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)

Market	Number of Properties	Percentage of Total Properties		Gross Book Value per Property		Avg. Sq. Ft.	Avg. Age (years)
Atlanta, GA	5,851	10.0	%	$	222,478	2,173	17.2
Dallas-Fort Worth, TX	4,108	7.0	%	175,506		2,100	19.3
Charlotte, NC	4,039	6.9	%	217,682		2,109	17.8
Phoenix, AZ	3,386	5.8	%	212,239		1,839	19.1
Nashville, TN	3,290	5.6	%	245,952		2,116	16.0
Jacksonville, FL	3,038	5.2	%	215,247		1,928	14.4
Indianapolis, IN	2,863	4.9	%	173,466		1,928	20.6
Tampa, FL	2,875	4.9	%	229,767		1,947	15.2
Houston, TX	2,458	4.2	%	177,734		2,086	17.8
Raleigh, NC	2,175	3.7	%	199,047		1,890	17.6
Cincinnati, OH	2,125	3.6	%	196,358		1,842	20.7
Columbus, OH	2,151	3.7	%	194,252		1,878	20.9
Las Vegas, NV	2,128	3.6	%	282,700		1,935	11.8
Salt Lake City, UT	1,899	3.3	%	303,986		2,244	17.0
Orlando, FL	1,982	3.4	%	216,061		1,910	18.4
Greater Chicago area, IL and IN	1,559	2.7	%	190,489		1,866	22.1
Charleston, SC	1,520	2.6	%	227,982		1,963	12.9
San Antonio, TX	1,282	2.2	%	196,843		1,925	14.7
Seattle, WA	1,149	2.0	%	327,350		2,001	13.6
Savannah/Hilton Head, SC	1,042	1.8	%	209,613		1,888	15.0
All Other (3)	7,472	12.9	%	231,277		1,910	17.6
Total/Average	58,392	100.0	%	$	218,717	1,991	17.4

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, GA	95.4	%	$	2,103	7.7	%	7.9	%	7.7	%
Dallas-Fort Worth, TX	95.8	%	2,148		7.2	%	6.7	%	7.0	%
Charlotte, NC	96.6	%	2,016		7.1	%	8.6	%	7.6	%
Phoenix, AZ	95.4	%	2,015		7.1	%	5.4	%	6.6	%
Nashville, TN	95.7	%	2,201		6.2	%	6.7	%	6.4	%
Jacksonville, FL	95.3	%	2,050		6.7	%	5.1	%	6.2	%
Indianapolis, IN	96.5	%	1,753		5.6	%	6.3	%	5.9	%
Tampa, FL	95.3	%	2,246		9.1	%	8.3	%	8.8	%
Houston, TX	96.6	%	1,928		7.0	%	5.0	%	6.5	%
Raleigh, NC	96.1	%	1,909		6.6	%	6.3	%	6.5	%
Cincinnati, OH	96.2	%	1,993		7.8	%	8.2	%	8.0	%
Columbus, OH	96.3	%	2,033		6.7	%	7.3	%	6.9	%
Las Vegas, NV	92.0	%	2,148		4.6	%	3.2	%	4.2	%
Salt Lake City, UT	95.8	%	2,311		5.5	%	6.6	%	5.9	%
Orlando, FL	94.8	%	2,188		9.8	%	10.3	%	9.9	%
Greater Chicago area, IL and IN	97.3	%	2,273		7.3	%	7.6	%	7.4	%
Charleston, SC	95.7	%	2,136		8.0	%	6.7	%	7.6	%
San Antonio, TX	95.5	%	1,885		5.0	%	1.3	%	4.1	%
Seattle, WA	95.1	%	2,612		8.0	%	8.5	%	8.2	%
Savannah/Hilton Head, SC	96.6	%	2,031		9.0	%	11.9	%	10.0	%
All Other (3)	94.8	%	2,062		7.0	%	7.5	%	7.1	%
Total/Average	95.6	%	$	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 Additions			YTD 3Q23 Additions
Market	Number of Properties	Average Total Investment Cost		Number of Properties	Average Total Investment Cost
Las Vegas, NV	118	$	368,974	292	$	369,110
Atlanta, GA	86	353,219		154	345,912
Tampa, FL	78	353,903		167	354,119
Orlando, FL	64	335,953		148	339,853
Jacksonville, FL	59	324,498		150	316,424
Nashville, TN	42	381,733		72	403,732
Charlotte, NC	40	335,318		99	372,383
Boise, ID	35	402,233		155	383,724
Columbus, OH	26	372,297		46	376,869
Colorado Springs, CO	24	508,813		43	500,453
Tucson, AZ	22	297,025		22	297,025
Phoenix, AZ	22	392,404		22	392,404
Savannah/Hilton Head, SC	2	336,132		2	336,132
Salt Lake City, UT	2	644,490		2	644,490
Cincinnati, OH	2	282,414		2	282,414
Indianapolis, IN	1	334,242		1	334,242
Raleigh, NC	—	—		14	240,504
Seattle, WA	—	—		13	528,614
Total/Average	623	$	362,134	1,404	$	363,593

Property Dispositions

	Sep 30, 2023 Single-Family Properties Held for Sale	3Q23 Dispositions			YTD 3Q23 Dispositions
Market		Number of Properties	Average Net Proceeds per Property		Number of Properties	Average Net Proceeds per Property
Houston, TX	106	43	$	253,333	326	$	233,456
Greater Chicago area, IL and IN	92	15	287,539		73	249,433
Inland Empire, CA	79	26	474,993		75	454,191
Dallas-Fort Worth, TX	66	26	313,369		147	290,661
Atlanta, GA	43	29	318,240		110	286,038
Austin, TX	34	3	286,641		34	302,841
San Antonio, TX	25	10	258,097		41	237,804
Indianapolis, IN	25	9	222,455		62	232,196
Orlando, FL	23	2	361,103		27	326,397
Bay Area, CA	23	3	483,385		24	521,317
Charlotte, NC	21	5	321,129		46	307,379
Phoenix, AZ	21	12	343,724		73	333,762
Nashville, TN	19	8	367,735		30	342,780
Tampa, FL	18	2	393,661		23	372,371
Central Valley, CA	18	4	298,949		14	318,237
Charleston, SC	16	1	517,245		12	299,206
Milwaukee, WI	14	1	404,825		10	338,793
Memphis, TN	8	1	244,522		14	262,214
Miami, FL	7	3	390,331		8	362,871
Raleigh, NC	7	2	170,012		18	242,514
All Other (1)	35	19	337,262		138	333,577
Total/Average	700	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)
Market	Number of Properties	Average Total Investment Cost		Average Monthly Rent
Las Vegas, NV	292	$	363,000	$	2,380	1,293
Tampa, FL	245	356,000		2,590		614
Jacksonville, FL	198	330,000		2,290		718
Atlanta, GA	188	353,000		2,510		742
Orlando, FL	183	349,000		2,460		1,135
Charlotte, NC	171	373,000		2,450		362
Boise, ID	155	384,000		2,280		295
Nashville, TN	74	405,000		2,560		423
Denver, CO	71	560,000		3,080		579
Phoenix, AZ	65	340,000		2,390		1,875
Salt Lake City, UT	54	448,000		2,610		157
Columbus, OH	46	377,000		2,500		554
Seattle, WA	36	506,000		3,090		256
Charleston, SC	19	520,000		3,350		910
Raleigh, NC	17	394,000		2,380		66
Total/Average	1,814	$	376,000	$	2,490	9,979
Lots optioned						3,172
Total lots owned and optioned						13,151

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)	1,382	1,775 - 1,925	11,903
Joint venture development pipeline (2)(5)	743	469	432	425 - 475	762
Total development pipeline	14,507	458	1,814	2,200 - 2,400	12,665

(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

	MTM	4Q23	1Q24	2Q24	3Q24	Thereafter
Lease expirations	2,898	9,040	12,023	15,180	14,072	3,035

Share Repurchase / ATM Share Issuance History

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

	Share Repurchases					ATM Share Issuances
Period	Common Shares Repurchased	Purchase Price		Avg. Price Paid Per Share		Common Shares Issued	Gross Proceeds		Avg. Issuance Price Per Share
2018	1,804,163	$	34,933	$	19.36	—	$	—	$	—
2019	—	—		—		—	—		—
2020	—	—		—		86,130	2,414		28.03
2021	—	—		—		1,749,286	72,344		41.36
2022	—	—		—		—	—		—
1Q23	—	—		—		—	—		—
2Q23	—	—		—		—	—		—
3Q23	—	—		—		—	—		—
Total	1,804,163	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 Guidance	Current 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 growth	5.2% - 7.8%	6.5% - 7.8%
Same-Home
Core revenues growth	5.75% - 7.25%	6.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%	9.00% - 10.00%
Core NOI growth	4.00% - 5.50%	4.40% - 5.40%

	Full Year 2023 (Unchanged)
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,775 - 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 value	230,000		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 EBITDAre	5.4 x		5.3 x		5.4 x		6.0 x		5.9 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 interest	53,661
Cash interest	182,739
Dividends on preferred shares	13,944
Fixed charges	$	196,683
Adjusted EBITDAre - TTM	$	842,366
Fixed Charge Coverage	4.3 x

Unencumbered Core NOI Percentage

	For the Three Months Ended								For 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 NOI	216,371		220,901		223,461		224,824		885,557
Unencumbered Core NOI Percentage									70.9		%

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,
	2023			2022			2023			2022
Net income	$	88,092		$	61,665		$	341,205		$	206,234
Interest expense	34,381			36,254			105,107			98,622
Depreciation and amortization	114,863			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 ventures	812			448			2,380			(122)
EBITDAre	$	204,813		$	183,489		$	608,719		$	539,370
Noncash share-based compensation - general and administrative	4,160			3,390			13,885			13,352
Noncash share-based compensation - property management	953			1,015			3,151			3,146
Acquisition, other transaction costs and other	3,399			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 - income	1,535			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 Margin	59.7		%	59.5		%	60.5		%	60.3		%
Fully Adjusted EBITDAre Margin	52.8		%	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 expense	141,356		143,229		143,186		134,871		126,885
Depreciation and amortization	453,622		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 ventures	2,846		2,482		1,225		344		197
EBITDAre	$	804,661	$	783,337	$	762,341	$	735,312	$	713,146
Noncash share-based compensation - general and administrative	15,851		15,081		15,031		15,318		14,991
Noncash share-based compensation - property management	3,866		3,928		3,928		3,861		3,872
Acquisition, other transaction costs and other	17,988		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,
	2023		2022		2023		2022
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,
	2023		2022		2023		2022
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 Partnership	0.03		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 amortization	0.28		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 other	0.01		0.01		0.03		0.05
Noncash share-based compensation - general and administrative	0.01		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. Singelyn	Christopher C. Lau
Chief Executive Officer	Chief Financial Officer
Bryan Smith	Sara H. Vogt-Lowell
Chief Operating Officer	Chief Legal Officer

AMH Diversified Portfolio

Corporate Information	Investor Relations
280 Pilot Road	(855) 794-2447
Las Vegas, NV 89119	investors@amh.com
	Media Relations
23975 Park Sorrento, Suite 300
Calabasas, CA 91302	(855) 774-4663
	media@amh.com
(702) 847-7800
www.amh.com

XML

Document and Entity Information	Nov. 02, 2023
Document Information
Document Type	8-K
Document Period End Date	Nov. 02, 2023
Entity Registrant Name	AMERICAN HOMES 4 RENT
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36013
Entity Tax Identification Number	46-1229660
Entity Address, Address Line One	280 Pilot Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	805
Local Phone Number	413-5300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001562401
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
American Homes 4 Rent, L.P.
Document Information
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-221878-02
Entity Tax Identification Number	80-0860173
Entity Central Index Key	0001716558