8-K - AMH - Equibles

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): May 4, 2023

AMH_Master-Logo-v1.0_rgb.jpg

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)	(I.R.S. Employer Identification No.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(702) 847-7800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K 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))

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. ☐

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

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 May 4, 2023, American Homes 4 Rent (“AMH”) issued a press release announcing its financial results for the quarter ended March 31, 2023, together with a First Quarter 2023 Earnings Release and Supplemental Information Package. A copy of the press release and the First 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 May 4, 2023 concerning financial results, including financial tables

Exhibit 99.2—First 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 Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 4, 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

Document

Exhibit 99.1

News Release

AMH Reports First Quarter 2023 Financial and Operating Results

Early Spring Season Demonstrating Strong Demand and Leasing Environment

LAS VEGAS, May 4, 2023—AMH (NYSE: AMH) (the “Company”), a leading owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended March 31, 2023.

Highlights

•Rents and other single-family property revenues increased 11.7% year-over-year to $397.7 million for the first quarter of 2023.

•Net income attributable to common shareholders totaled $117.5 million, or $0.32 per diluted share, for the first quarter of 2023, compared to $55.9 million, or $0.16 per diluted share, for the first quarter of 2022.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 8.6% year-over-year to $0.41 per FFO share and unit for the first quarter of 2023 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 7.4% year-over-year to $0.37 per FFO share and unit for the first quarter of 2023.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the first quarter of 2023.

•Achieved Same-Home Average Occupied Days Percentage of 97.2% in the first quarter of 2023, while generating 7.8% rate growth on new leases.

•Delivered a total of 466 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2023.

•Published 2022 Sustainability Report highlighting our commitment to ESG considerations as part of our strategy to deliver long-term value to our stakeholders.

“Spring leasing season is off to a strong start driven by our country’s undersupplied housing landscape and a desire for the simplified and convenient lifestyle that leasing a home with AMH can provide,” stated David Singelyn, AMH’s Chief Executive Officer. “Further, our AMH Development Program consistently delivered nearly 500 newly constructed homes this quarter, adding much needed supply to the country’s under met housing needs. Supported by our resilient resident base and flexible industry-leading balance sheet, we are on track to deliver another year of strong results and value creation for our shareholders.”

First Quarter 2023 Financial Results

Net income attributable to common shareholders totaled $117.5 million, or $0.32 per diluted share, for the first quarter of 2023, compared to $55.9 million, or $0.16 per diluted share, for the first quarter of 2022. This increase was primarily due to higher net gains on property sales as well as a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates.

Rents and other single-family property revenues increased 11.7% to $397.7 million for the first quarter of 2023, compared to $356.1 million for the first quarter of 2022. Revenue growth was driven by an increase in our average occupied portfolio which grew to 55,827 homes for the first quarter of 2023, compared to 53,995 homes for the first quarter of 2022, as well as higher rental rates.

Core NOI from our total portfolio increased 11.9% to $220.9 million for the first quarter of 2023, compared to $197.4 million for the first quarter of 2022. This growth was driven by a 12.7% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 14.1% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 7.7% to $298.1 million for the first quarter of 2023, compared to $276.9 million for the first quarter of 2022, which was driven by an 8.0% increase in Average Monthly Realized Rent per property, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 12.2% to $103.6 million for the first quarter of 2023, compared to $92.4 million for the first 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 property management expenses primarily attributable to lower than normal staffing levels in the first quarter of 2022 leading to a subsequent increase in personnel in the second quarter of 2022 to a more stabilized level. As a result, Core NOI from Same-Home properties increased 5.4% to $194.5 million for the first quarter of 2023, compared to $184.5 million for the first quarter of 2022.

Core FFO attributable to common share and unit holders was $168.5 million, or $0.41 per FFO share and unit, for the first quarter of 2023, compared to $149.8 million, or $0.38 per FFO share and unit, for the first quarter of 2022. Adjusted FFO attributable to common share and unit holders was $153.5 million, or $0.37 per FFO share and unit, for the first quarter of 2023, compared to $138.1 million, or $0.35 per FFO share and unit, for the first quarter of 2022. These improvements were primarily attributable to a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates.

Portfolio

Average Occupied Days Percentage was 96.3% for the first quarter of 2023, compared to 95.8% for the fourth quarter of 2022.

Investments

As of March 31, 2023, the Company’s wholly-owned portfolio consisted of 58,639 homes, compared to 58,993 homes as of December 31, 2022, a decrease of 354 homes during the first quarter of 2023, which included 666 homes sold to third parties, partially offset by 299 newly constructed homes delivered through our AMH Development Program and 13 homes acquired through our National Builder Program. During the first quarter of 2023, we also developed an additional 167 newly constructed properties which were delivered to our unconsolidated joint ventures, aggregating to 466 total program deliveries through our AMH Development Program. As of March 31, 2023, the Company had 903 properties held for sale and 2,688 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

In January 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares available under the January 2022 forward sale agreements, receiving net proceeds of $298.4 million, which was used to pay down the Company’s outstanding borrowings on its revolving credit facility at that time as well as for general corporate purposes.

As of March 31, 2023, the Company had cash and cash equivalents of $255.6 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 12.1 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 first quarter of 2023, the Company generated $62.2 million of Retained Cash Flow (defined below) and sold 666 properties generating $184.3 million of net proceeds.

Sustainability Update

The Company published its fifth annual Sustainability Report highlighting its commitment to Environmental, Social, and Governance (“ESG”) considerations as part of its strategy to deliver long-term value to its stakeholders. The report provides transparency on the Company’s ESG performance and priorities with notable highlights including implementation of an Environmental Management System, expanded Greenhouse Gas Inventory, launch of six Employee Resource Groups, improvements to the customer experience, and giving back to the community through charitable donations and employee engagement. The full report can be downloaded on the Company’s website at www.amh.com, under “Investor relations.”

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

As the Company’s heaviest spring leasing season is still ahead, no changes have been made to previous Full Year 2023 guidance ranges.

	Full Year 2023<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.58 - $1.64
Core FFO attributable to common share and unit holders growth	2.5% - 6.5%
Same-Home
Core revenues growth	5.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%
Core NOI growth	3.00% - 5.00%		Full Year 2023<br>(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

Additional Information

A copy of the Company’s First 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, May 5, 2023 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 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 may be accessed through Friday, May 19, 2023 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13737880#, 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 single-family property owner, leasing operator and build-to-rent developer. 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 2022 Best Workplaces in Real Estate™, a 2023 Great Place to Work®, a 2022 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 March 31, 2023, we owned nearly 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.

AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

	March 31, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403
Total liabilities	4,902,109		5,000,401
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,146,292 and 352,881,826 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	3,611		3,529
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 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 March 31, 2023 and December 31, 2022)	92		92
Additional paid-in capital	7,232,191		6,931,819
Accumulated deficit	(403,303)		(440,791)
Accumulated other comprehensive income	1,212		1,332
Total shareholders’ equity	6,833,809		6,495,987
Noncontrolling interest	684,095		678,671
Total equity	7,517,904		7,174,658
Total liabilities and equity	$	12,420,013	$	12,175,059

AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended<br>March 31,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105
Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954
Total expenses	349,398		310,454
Gain on sale and impairment of single-family properties and other, net	84,659		22,044
Other income and expense, net	4,735		2,319
Net income	137,699		70,014
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Net income attributable to common shareholders	$	117,465	$	55,939
Weighted-average common shares outstanding:
Basic	360,353,124		345,742,526
Diluted	360,674,370		346,480,823
Net income attributable to common shareholders per share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

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

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.

Non-GAAP Financial Measures

This press release and the First 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 First Quarter 2023 Earnings Release and Supplemental Information Package.

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.

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 months ended March 31, 2023 and 2022 (amounts in thousands, except share and per share data):

	For the Three Months Ended<br>March 31,
	2023		2022
	(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$	117,465	$	55,939
Adjustments:
Noncontrolling interests in the Operating Partnership	16,748		8,312
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Adjustments for unconsolidated joint ventures	510		(371)
Depreciation and amortization	112,717		99,954
Less: depreciation and amortization of non-real estate assets	(4,177)		(2,992)
FFO attributable to common share and unit holders	$	158,604	$	138,798
Adjustments:
Acquisition, other transaction costs and other	5,076		5,974
Noncash share-based compensation - general and administrative	3,743		4,030
Noncash share-based compensation - property management	1,066		999
Core FFO attributable to common share and unit holders	$	168,489	$	149,801
Recurring Capital Expenditures	(14,193)		(11,178)
Leasing costs	(808)		(535)
Adjusted FFO attributable to common share and unit holders	$	153,488	$	138,088
Common distributions	(91,280)		(72,186)
Retained Cash Flow	$	62,208	$	65,902
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.38	$	0.35
Core FFO attributable to common share and unit holders	$	0.41	$	0.38
Adjusted FFO attributable to common share and unit holders	$	0.37	$	0.35
Weighted-average FFO shares and units:
Common shares outstanding	360,353,124		345,742,526
Share-based compensation plan and forward sale equity contracts (1)	689,437		1,162,605
Operating partnership units	51,376,980		51,376,980
Total weighted-average FFO shares and units	412,419,541		398,282,111

(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.

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).

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 months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended <br>March 31,
	2023		2022
	(Unaudited)		(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	397,703	$	356,105
Tenant charge-backs	(55,395)		(52,272)
Core revenues	342,308		303,833
Less: Non-Same-Home core revenues	44,163		26,940
Same-Home core revenues	$	298,145	$	276,893
Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---
Property operating expenses	$	147,068	$	133,643
Property management expenses	30,800		26,034
Noncash share-based compensation - property management	(1,066)		(999)
Expenses reimbursed by tenant charge-backs	(55,395)		(52,272)
Core property operating expenses	121,407		106,406
Less: Non-Same-Home core property operating expenses	17,786		14,054
Same-Home core property operating expenses	$	103,621	$	92,352	Core NOI and Same-Home Core NOI
---	---	---	---	---
Net income	$	137,699	$	70,014
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Depreciation and amortization	112,717		99,954
Acquisition and other transaction costs	5,076		5,974
Noncash share-based compensation - property management	1,066		999
Interest expense	35,882		27,567
General and administrative expense	17,855		17,282
Other income and expense, net	(4,735)		(2,319)
Core NOI	220,901		197,427
Less: Non-Same-Home Core NOI	26,377		12,886
Same-Home Core NOI	$	194,524	$	184,541

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: investors@amh.com

Document

AMH

Table of Contents

Summary
Earnings Press Release	3
Fact Sheet	7
Financial Information
CondensedConsolidated Statements of Operations	8
Funds from Operations	9
Core Net Operating Income – Total Portfolio	10
Same-Home Results	11
CondensedConsolidated Balance Sheets	14
Debt Summary	15
Capital Structure and Credit Metrics	16
Property and Other Information
Top 20 Markets Summary	17
Property Additions and Dispositions	18
AMH Development Pipeline Summary	19
Lease ExpirationsandShare Repurchase / ATMShareIssuance History	20
2023 Guidance	21
Defined Terms and Non-GAAP Reconciliations	22
AMH
---

Earnings Press Release

AMH Reports First Quarter 2023 Financial and Operating Results

Early Spring Season Demonstrating Strong Demand and Leasing Environment

Highlights

•Rents and other single-family property revenues increased 11.7% year-over-year to $397.7 million for the first quarter of 2023.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the first quarter of 2023.

•Achieved Same-Home Average Occupied Days Percentage of 97.2% in the first quarter of 2023, while generating 7.8% rate growth on new leases.

•Published 2022 Sustainability Report highlighting our commitment to ESG considerations as part of our strategy to deliver long-term value to our stakeholders.

First Quarter 2023 Financial Results

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	3
AMH
---

Earnings Press Release (continued)

Portfolio

Average Occupied Days Percentage was 96.3% for the first quarter of 2023, compared to 95.8% for the fourth quarter of 2022.

Investments

Capital Activities, Balance Sheet and Liquidity

As of March 31, 2023, the Company had cash and cash equivalents of $255.6 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 12.1 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 first quarter of 2023, the Company generated $62.2 million of Retained Cash Flow and sold 666 properties generating $184.3 million of net proceeds.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	4
AMH
---

Earnings Press Release (continued)

Sustainability Update

2023 Guidance

Guidance Summary

As the Company’s heaviest spring leasing season is still ahead, no changes have been made to previous Full Year 2023 guidance ranges.

	Full Year 2023<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.58 - $1.64
Core FFO attributable to common share and unit holders growth	2.5% - 6.5%
Same-Home
Core revenues growth	5.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%
Core NOI growth	3.00% - 5.00%		Full Year 2023<br>(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

Additional Information

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

Earnings Press Release (continued)

Conference Call

About AMH

Forward-Looking Statements

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	6
AMH
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Fact Sheet

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023			2022
Operating Data
Net income attributable to common shareholders	$	117,465		$	55,939
Core revenues	$	342,308		$	303,833
Core NOI	$	220,901		$	197,427
Core NOI margin	64.5		%	65.0		%
Fully Adjusted EBITDAre	$	197,033		$	174,410
Fully Adjusted EBITDAre Margin	57.0		%	56.9		%
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.38		$	0.35
Core FFO attributable to common share and unit holders	$	0.41		$	0.38
Adjusted FFO attributable to common share and unit holders	$	0.37		$	0.35				Mar 31, <br>2023			Dec 31,<br>2022			Sep 30,<br>2022		Jun 30,<br>2022	Mar 31,<br>2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Selected Balance Sheet Information - end of period
Single-family properties in operation, net	$	9,917,123		$	9,938,672		$	9,905,410		$	9,837,281		$	9,558,186
Total assets	$	12,420,013		$	12,175,059		$	12,098,842		$	11,854,752		$	11,441,385
Outstanding borrowings under revolving credit facility	$	—		$	130,000		$	—		$	—		$	410,000
Total Debt	$	4,444,863		$	4,581,628		$	4,457,326		$	4,462,933		$	3,978,305
Total Capitalization	$	17,668,693		$	17,015,130		$	17,969,520		$	18,858,604		$	20,361,492
Total Debt to Total Capitalization	25.2		%	26.9		%	24.8		%	23.7		%	19.5		%
Net Debt and Preferred Shares to Adjusted EBITDAre	5.4 x			6.0 x			5.9 x			6.2 x			6.0 x
NYSE AMH Class A common share closing price	$	31.45		$	30.14		$	32.81		$	35.44		$	40.03		Portfolio Data - end of period
---	---	---	---	---	---	---	---	---	---	---
Occupied single-family properties	56,049		55,605		55,421		55,220		54,352
Single-family properties leased, not yet occupied	412		243		374		595		481
Single-family properties in turnover process	1,041		1,554		1,577		1,077		1,054
Single-family properties recently renovated or developed	234		464		383		385		378
Single-family properties newly acquired and under renovation	—		12		149		483		864
Total single-family properties, excluding properties held for sale	57,736		57,878		57,904		57,760		57,129
Single-family properties held for sale	903		1,115		1,057		955		855
Total single-family properties wholly owned	58,639		58,993		58,961		58,715		57,984
Single-family properties managed under joint ventures	2,688		2,540		2,271		2,046		1,849
Total single-family properties wholly owned and managed	61,327		61,533		61,232		60,761		59,833
Total Average Occupied Days Percentage (1)	96.3	%	95.8	%	95.7	%	96.0	%	96.2	%
Same-Home Average Occupied Days Percentage (50,381 properties)	97.2	%	96.9	%	97.1	%	97.3	%	97.4	%		Other Data
---	---	---	---	---	---	---	---	---	---	---
Distributions declared per common share	$	0.22	$	0.18	$	0.18	$	0.18	$	0.18
Distributions declared per Series F perpetual preferred share (2)	$	—	$	—	$	—	$	0.14	$	0.37
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.

(2)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the three months ended June 30, 2022 represent the accrued and unpaid dividends paid to shareholders as part of the redemption.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	7
AMH
---

Condensed Consolidated Statements of Operations

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105
Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954
Total expenses	349,398		310,454
Gain on sale and impairment of single-family properties and other, net	84,659		22,044
Other income and expense, net	4,735		2,319
Net income	137,699		70,014
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Net income attributable to common shareholders	$	117,465	$	55,939
Weighted-average common shares outstanding:
Basic	360,353,124		345,742,526
Diluted	360,674,370		346,480,823
Net income attributable to common shareholders per share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	8
---	---
AMH
---

Funds from Operations

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023		2022
Net income attributable to common shareholders	$	117,465	$	55,939
Adjustments:
Noncontrolling interests in the Operating Partnership	16,748		8,312
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Adjustments for unconsolidated joint ventures	510		(371)
Depreciation and amortization	112,717		99,954
Less: depreciation and amortization of non-real estate assets	(4,177)		(2,992)
FFO attributable to common share and unit holders	$	158,604	$	138,798
Adjustments:
Acquisition, other transaction costs and other	5,076		5,974
Noncash share-based compensation - general and administrative	3,743		4,030
Noncash share-based compensation - property management	1,066		999
Core FFO attributable to common share and unit holders	$	168,489	$	149,801
Recurring Capital Expenditures	(14,193)		(11,178)
Leasing costs	(808)		(535)
Adjusted FFO attributable to common share and unit holders	$	153,488	$	138,088
Per FFO share and unit:
FFO attributable to common share and unit holders	$	0.38	$	0.35
Core FFO attributable to common share and unit holders	$	0.41	$	0.38
Adjusted FFO attributable to common share and unit holders	$	0.37	$	0.35
Weighted-average FFO shares and units:
Common shares outstanding	360,353,124		345,742,526
Share-based compensation plan and forward sale equity contracts (1)	689,437		1,162,605
Operating partnership units	51,376,980		51,376,980
Total weighted-average FFO shares and units	412,419,541		398,282,111

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

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023			2022
Rents from single-family properties	$	340,214		$	301,665
Fees from single-family properties	7,440			6,087
Bad debt	(5,346)			(3,919)
Core revenues	342,308			303,833
Property tax expense	59,885			51,942
HOA fees, net (1)	5,981			5,408
R&M and turnover costs, net (1)	23,616			22,003
Insurance	3,931			3,373
Property management expenses, net (2)	27,994			23,680
Core property operating expenses	121,407			106,406
Core NOI	$	220,901		$	197,427
Core NOI margin	64.5		%	65.0		%
	For the Three Months Ended <br>Mar 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Same-Home Properties			Stabilized<br>Properties			Non-Stabilized Properties (3)			Held for Sale Properties			Total <br>Single-Family <br>Properties Wholly Owned
Property count	50,381			4,144			3,211			903			58,639
Average Occupied Days Percentage	97.2		%	96.4		%	80.5		%	60.9		%	95.7		%
Rents from single-family properties	$	295,830		$	26,410		$	14,568		$	3,406		$	340,214
Fees from single-family properties	6,314			556			454			116			7,440
Bad debt	(3,999)			(345)			(196)			(806)			(5,346)
Core revenues	298,145			26,621			14,826			2,716			342,308
Property tax expense	51,890			4,066			2,789			1,140			59,885
HOA fees, net (1)	5,152			451			343			35			5,981
R&M and turnover costs, net (1)	19,830			1,346			1,761			679			23,616
Insurance	3,428			256			186			61			3,931
Property management expenses, net (2)	23,321			1,918			2,363			392			27,994
Core property operating expenses	103,621			8,037			7,442			2,307			121,407
Core NOI	$	194,524		$	18,584		$	7,384		$	409		$	220,901
Core NOI margin	65.2		%	69.8		%	49.8		%	15.1		%	64.5		%

(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 1,637 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,574 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.

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

Same-Home Results – Quarterly Comparisons

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

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023			2022			Change
Number of Same-Home properties	50,381			50,381
Average Occupied Days Percentage	97.2		%	97.4		%	(0.2)	%
Average Monthly Realized Rent per property	$	2,014		$	1,865		8.0	%
Turnover Rate	6.4		%	6.2		%	0.2	%
Turnover Rate - TTM	28.2		%	N/A
Core NOI:
Rents from single-family properties	$	295,830		$	274,474		7.8	%
Fees from single-family properties	6,314			5,241			20.5	%
Bad debt	(3,999)			(2,822)			41.7	%
Core revenues	298,145			276,893			7.7	%
Property tax expense	51,890			46,189			12.3	%
HOA fees, net (1)	5,152			4,812			7.1	%
R&M and turnover costs, net (1)	19,830			18,419			7.7	%
Insurance	3,428			3,011			13.8	%
Property management expenses, net (2)	23,321			19,921			17.1	%
Core property operating expenses	103,621			92,352			12.2	%
Core NOI	$	194,524		$	184,541		5.4	%
Core NOI margin	65.2		%	66.6		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	12,739		$	10,434		22.1	%
Per property:
Average Recurring Capital Expenditures	$	253		$	207		22.1	%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	646		$	573		12.7	%
Property Enhancing Capex	$	14,111		$	10,700

(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.	11
AMH
---

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

	For the Three Months Ended
	Mar 31, <br>2023			Dec 31,<br>2022			Sep 30,<br>2022			Jun 30,<br>2022			Mar 31,<br>2022
Average Occupied Days Percentage	97.2		%	96.9		%	97.1		%	97.3		%	97.4		%
Average Monthly Realized Rent per property	$	2,014		$	1,991		$	1,954		$	1,911		$	1,865
Average Change in Rent for Renewals	6.8		%	7.9		%	8.3		%	7.5		%	7.5		%
Average Change in Rent for Re-Leases	7.8		%	8.3		%	12.3		%	13.9		%	12.1		%
Average Blended Change in Rent	7.1		%	8.0		%	9.5		%	9.3		%	8.8		%
Core NOI:
Rents from single-family properties	$	295,830		$	291,690		$	286,758		$	281,022		$	274,474
Fees from single-family properties	6,314			5,930			5,995			5,767			5,241
Bad debt	(3,999)			(3,646)			(2,850)			(2,251)			(2,822)
Core revenues	298,145			293,974			289,903			284,538			276,893
Property tax expense	51,890			52,704			46,507			46,493			46,189
HOA fees, net (1)	5,152			5,258			5,555			5,325			4,812
R&M and turnover costs, net (1)	19,830			19,803			24,388			22,037			18,419
Insurance	3,428			3,161			3,158			3,132			3,011
Property management expenses, net (2)	23,321			21,166			22,496			22,105			19,921
Core property operating expenses	103,621			102,092			102,104			99,092			92,352
Core NOI	$	194,524		$	191,882		$	187,799		$	185,446		$	184,541
Core NOI margin	65.2		%	65.3		%	64.8		%	65.2		%	66.6		%
Selected Property Expenditure Details:
Recurring Capital Expenditures	$	12,739		$	13,748		$	19,587		$	14,301		$	10,434
Per property:
Average Recurring Capital Expenditures	$	253		$	273		$	389		$	284		$	207
Average R&M and turnover costs, net, plus Recurring Capital Expenditures	$	646		$	666		$	873		$	721		$	573
Property Enhancing Capex	$	14,111		$	13,077		$	16,870		$	16,357		$	10,700

(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.	12
AMH
---

Same-Home Results – Operating Metrics by Market

	Number of Properties	Gross Book Value per Property		% of <br>1Q23 NOI		Avg. Change in Rent for Renewals (1)		Avg. Change in Rent for Re-Leases (1)		Avg. Blended Change in<br><br>Rent (1)
Atlanta, GA	4,779	$	199,874	9.2	%	9.2	%	9.8	%	9.4	%
Dallas-Fort Worth, TX	3,887	171,666		6.7	%	6.2	%	7.9	%	6.5	%
Charlotte, NC	3,654	205,646		7.7	%	6.2	%	9.7	%	7.2	%
Phoenix, AZ	2,794	190,435		6.3	%	7.1	%	6.3	%	6.9	%
Nashville, TN	2,788	229,223		6.7	%	8.5	%	8.8	%	8.6	%
Indianapolis, IN	2,669	162,706		4.0	%	4.9	%	4.7	%	4.8	%
Jacksonville, FL	2,532	194,009		4.8	%	6.1	%	6.5	%	6.2	%
Tampa, FL	2,490	211,398		5.0	%	8.2	%	10.9	%	8.9	%
Houston, TX	2,293	171,515		3.6	%	4.6	%	6.3	%	4.9	%
Raleigh, NC	2,033	193,396		4.0	%	7.2	%	8.1	%	7.4	%
Columbus, OH	2,008	182,775		3.9	%	6.9	%	5.5	%	6.5	%
Cincinnati, OH	1,942	184,979		3.9	%	6.0	%	6.7	%	6.2	%
Orlando, FL	1,649	194,555		3.1	%	8.1	%	13.2	%	9.5	%
Salt Lake City, UT	1,617	273,015		4.2	%	5.5	%	6.6	%	5.9	%
Greater Chicago area, IL and IN	1,566	188,910		2.9	%	5.7	%	7.1	%	6.0	%
Charleston, SC	1,298	215,772		2.8	%	6.2	%	9.0	%	7.2	%
Las Vegas, NV	1,244	214,398		2.7	%	6.3	%	6.8	%	6.4	%
San Antonio, TX	1,123	183,552		1.8	%	4.7	%	3.1	%	4.2	%
Savannah/Hilton Head, SC	900	187,019		1.8	%	8.0	%	11.8	%	9.1	%
Seattle, WA	891	290,567		2.2	%	7.8	%	6.0	%	7.2	%
All Other (2)	6,224	201,814		12.7	%	6.5	%	6.7	%	6.6	%
Total/Average	50,381	$	198,566	100.0	%	6.8	%	7.8	%	7.1	%
	Average Occupied Days Percentage						Average Monthly Realized Rent per Property
---	---	---	---	---	---	---	---	---	---	---	---	---
	1Q23 QTD		1Q22 QTD		Change		1Q23 QTD		1Q22 QTD		Change
Atlanta, GA	97.2	%	97.4	%	(0.2)	%	$	2,034	$	1,864	9.1	%
Dallas-Fort Worth, TX	97.7	%	97.5	%	0.2	%	2,096		1,957		7.1	%
Charlotte, NC	97.2	%	97.3	%	(0.1)	%	1,943		1,815		7.1	%
Phoenix, AZ	96.9	%	97.3	%	(0.4)	%	1,970		1,792		9.9	%
Nashville, TN	96.8	%	98.4	%	(1.6)	%	2,129		1,952		9.1	%
Indianapolis, IN	96.6	%	96.8	%	(0.2)	%	1,714		1,612		6.3	%
Jacksonville, FL	97.7	%	97.8	%	(0.1)	%	1,987		1,836		8.2	%
Tampa, FL	97.9	%	98.2	%	(0.3)	%	2,159		1,947		10.9	%
Houston, TX	97.9	%	97.9	%	—	%	1,904		1,808		5.3	%
Raleigh, NC	96.7	%	96.3	%	0.4	%	1,855		1,716		8.1	%
Columbus, OH	96.5	%	96.1	%	0.4	%	1,974		1,863		6.0	%
Cincinnati, OH	97.0	%	96.9	%	0.1	%	1,940		1,811		7.1	%
Orlando, FL	97.4	%	98.6	%	(1.2)	%	2,098		1,902		10.3	%
Salt Lake City, UT	97.0	%	97.6	%	(0.6)	%	2,220		2,051		8.2	%
Greater Chicago area, IL and IN	97.9	%	97.9	%	—	%	2,216		2,059		7.6	%
Charleston, SC	97.9	%	95.1	%	2.8	%	2,080		1,939		7.3	%
Las Vegas, NV	97.1	%	97.6	%	(0.5)	%	2,044		1,887		8.3	%
San Antonio, TX	96.0	%	96.5	%	(0.5)	%	1,855		1,764		5.2	%
Savannah/Hilton Head, SC	98.6	%	96.9	%	1.7	%	1,949		1,780		9.5	%
Seattle, WA	96.7	%	97.5	%	(0.8)	%	2,487		2,275		9.3	%
All Other (2)	96.8	%	97.4	%	(0.6)	%	1,990		1,850		7.6	%
Total/Average	97.2	%	97.4	%	(0.2)	%	$	2,014	$	1,865	8.0	%

(1)Reflected for the three months ended March 31, 2023.

(2)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	13
AMH
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Condensed Consolidated Balance Sheets

(Amounts in thousands)

	Mar 31, 2023		Dec 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403
Total liabilities	4,902,109		5,000,401
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares	3,611		3,529
Class B common shares	6		6
Preferred shares	92		92
Additional paid-in capital	7,232,191		6,931,819
Accumulated deficit	(403,303)		(440,791)
Accumulated other comprehensive income	1,212		1,332
Total shareholders’ equity	6,833,809		6,495,987
Noncontrolling interest	684,095		678,671
Total equity	7,517,904		7,174,658
Total liabilities and equity	$	12,420,013	$	12,175,059
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	14
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AMH
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Debt Summary as of March 31, 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)	$	—	$	—	$	—	—	%	5.76	%	3.0
Total floating rate debt	—		—		—		—	%	5.76	%	3.0
Fixed rate debt:
AMH 2014-SFR2 securitization	465,963		—		465,963		10.5	%	4.42	%	1.5
AMH 2014-SFR3 securitization	481,518		—		481,518		10.8	%	4.40	%	1.7
AMH 2015-SFR1 securitization	507,148		—		507,148		11.4	%	4.14	%	22.0
AMH 2015-SFR2 securitization	440,234		—		440,234		9.9	%	4.36	%	22.5
2028 unsecured senior notes	—		500,000		500,000		11.3	%	4.08	%	4.9
2029 unsecured senior notes	—		400,000		400,000		9.0	%	4.90	%	5.9
2031 unsecured senior notes	—		450,000		450,000		10.1	%	2.46	%	8.3
2032 unsecured senior notes	—		600,000		600,000		13.6	%	3.63	%	9.0
2051 unsecured senior notes	—		300,000		300,000		6.7	%	3.38	%	28.3
2052 unsecured senior notes	—		300,000		300,000		6.7	%	4.30	%	29.1
Total fixed rate debt	1,894,863		2,550,000		4,444,863		100.0	%	4.00	%	12.1
Total Debt	$	1,894,863	$	2,550,000	4,444,863		100.0	%	4.00	%	12.1
Unamortized discounts and loan costs					(63,118)
Total debt per balance sheet					$	4,381,745						Maturity Schedule by Year (2)	Total Debt	% of Total
---	---	---	---	---
Remaining 2023	$	15,536	0.3	%
2024	949,974		21.5	%
2025	10,302		0.2	%
2026	10,302		0.2	%
2027	10,302		0.2	%
Thereafter	3,448,447		77.6	%
Total	$	4,444,863	100.0	%

(1)Interest rates are as of March 31, 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.

(3)The interest rate shown above reflects the Company’s LIBOR-based borrowing rate, based on 1-month LIBOR and applicable margin of 0.90% as of period end.

Interest Expense Reconciliation

	For the Three Months Ended <br>Mar 31,
(Amounts in thousands)	2023		2022
Interest expense per income statement and included in Core FFO attributable to common share and unit holders	$	35,882	$	27,567
Less: amortization of discounts, loan costs and cash flow hedges	(3,043)		(2,453)
Add: capitalized interest	13,088		12,894
Cash interest	$	45,927	$	38,008
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	15
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AMH
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Capital Structure and Credit Metrics as of March 31, 2023

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

(Unaudited)

Total Capitalization
Total Debt			$	4,444,863	25.2	%
Total preferred shares			230,000		1.3	%
Common equity at market value:
Common shares outstanding	361,781,367
Operating partnership units	51,376,980
Total shares and units	413,158,347
NYSE AMH Class A common share closing price at March 31, 2023	$	31.45
Market value of common shares and operating partnership units			12,993,830		73.5	%
Total Capitalization			$	17,668,693	100.0	%		Preferred Shares	Earliest Redemption Date	Outstanding Shares				Annual Dividend<br>Per Share	Annual Dividend<br>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	4.1 x		Moody's Investor Service	Baa3	Positive
Unencumbered Core NOI percentage	70.4	%	S&P Global Ratings	BBB	Stable		Unsecured Senior Notes Covenant Ratios	Requirement			Actual
---	---	---	---	---	---
Ratio of Indebtedness to Total Assets	<	60.0	%	30.3	%
Ratio of Secured Debt to Total Assets	<	40.0	%	12.9	%
Ratio of Unencumbered Assets to Unsecured Debt	>	150.0	%	448.3	%
Ratio of Consolidated Income Available for Debt Service to Interest Expense	>	1.50 x		4.29 x			Unsecured Credit Facility Covenant Ratios	Requirement			Actual
---	---	---	---	---	---
Ratio of Total Indebtedness to Total Asset Value	<	60.0	%	28.7	%
Ratio of Secured Indebtedness to Total Asset Value	<	40.0	%	11.9	%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value	<	60.0	%	26.1	%
Ratio of EBITDA to Fixed Charges	>	1.50 x		3.63 x
Ratio of Unencumbered NOI to Unsecured Interest Expense	>	1.75 x		6.19 x
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	16
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AMH
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Top 20 Markets Summary as of March 31, 2023

Property Information (1)

Market	Number of <br>Properties	Percentage <br>of Total <br>Properties		Gross Book<br>Value per<br>Property		Avg.<br>Sq. Ft.	Avg. Age<br>(years)
Atlanta, GA	5,770	10.0	%	$	217,811	2,167	17.2
Dallas-Fort Worth, TX	4,162	7.2	%	174,462		2,103	18.8
Charlotte, NC	3,988	6.9	%	213,706		2,107	17.5
Phoenix, AZ	3,387	5.9	%	209,898		1,839	18.8
Nashville, TN	3,240	5.6	%	240,824		2,112	15.8
Jacksonville, FL	2,923	5.1	%	210,110		1,930	14.5
Indianapolis, IN	2,880	5.0	%	172,196		1,928	20.2
Tampa, FL	2,746	4.8	%	222,399		1,939	15.5
Houston, TX	2,548	4.4	%	176,401		2,090	17.3
Raleigh, NC	2,183	3.8	%	197,846		1,889	17.1
Cincinnati, OH	2,126	3.7	%	194,752		1,843	20.2
Columbus, OH	2,108	3.7	%	188,816		1,869	20.8
Las Vegas, NV	1,927	3.3	%	271,349		1,917	12.7
Salt Lake City, UT	1,904	3.3	%	302,233		2,243	16.5
Orlando, FL	1,887	3.3	%	206,036		1,901	19.1
Greater Chicago area, IL and IN	1,586	2.7	%	189,106		1,867	21.6
Charleston, SC	1,521	2.6	%	227,221		1,963	12.4
San Antonio, TX	1,299	2.2	%	195,659		1,927	14.4
Seattle, WA	1,140	2.0	%	324,506		1,995	13.3
Savannah/Hilton Head, SC	1,042	1.8	%	208,192		1,889	14.5
All Other (3)	7,369	12.7	%	226,090		1,903	17.0
Total/Average	57,736	100.0	%	$	214,430	1,989	17.2

Leasing Information (1)

Market	Avg. Occupied Days<br><br>Percentage (2)		Avg. Monthly Realized Rent<br><br>per Property (2)		Avg. Change in Rent for Renewals (2)		Avg. Change in Rent for Re-Leases (2)		Avg. Blended Change<br><br>in Rent (2)
Atlanta, GA	96.3	%	$	2,044	9.1	%	9.9	%	9.3	%
Dallas-Fort Worth, TX	97.3	%	2,096		6.2	%	8.1	%	6.6	%
Charlotte, NC	96.5	%	1,951		6.1	%	9.5	%	7.1	%
Phoenix, AZ	96.2	%	1,964		7.5	%	6.7	%	7.3	%
Nashville, TN	95.7	%	2,133		8.3	%	8.9	%	8.5	%
Jacksonville, FL	97.0	%	2,006		6.1	%	6.2	%	6.2	%
Indianapolis, IN	96.3	%	1,722		4.8	%	4.7	%	4.8	%
Tampa, FL	97.6	%	2,170		8.2	%	10.4	%	8.8	%
Houston, TX	97.4	%	1,906		4.6	%	6.2	%	4.9	%
Raleigh, NC	95.5	%	1,860		7.1	%	8.2	%	7.4	%
Cincinnati, OH	96.9	%	1,941		6.0	%	6.7	%	6.2	%
Columbus, OH	96.5	%	1,978		6.9	%	5.4	%	6.5	%
Las Vegas, NV	92.2	%	2,094		6.0	%	5.1	%	5.8	%
Salt Lake City, UT	96.5	%	2,275		5.5	%	6.4	%	5.8	%
Orlando, FL	96.3	%	2,104		8.1	%	12.3	%	9.3	%
Greater Chicago area, IL and IN	97.7	%	2,218		5.6	%	7.3	%	6.1	%
Charleston, SC	97.2	%	2,090		6.7	%	8.8	%	7.5	%
San Antonio, TX	94.7	%	1,864		4.7	%	3.0	%	4.2	%
Seattle, WA	95.5	%	2,509		7.9	%	6.1	%	7.5	%
Savannah/Hilton Head, SC	98.2	%	1,971		8.0	%	12.5	%	9.3	%
All Other (3)	95.2	%	2,007		6.6	%	6.4	%	6.5	%
Total/Average	96.3	%	$	2,027	6.8	%	7.7	%	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 March 31, 2023.

(3)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	17
AMH
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Property Additions

	1Q23 Additions
Market	Number of Properties	Average<br>Total Investment Cost
Las Vegas, NV	81	$	361,358
Boise, ID	55	376,227
Charlotte, NC	37	389,386
Jacksonville, FL	33	304,950
Orlando, FL	32	339,926
Tampa, FL	28	340,450
Atlanta, GA	23	332,598
Raleigh, NC	13	238,853
Nashville, TN	9	369,414
Colorado Springs, CO	1	502,000
Total/Average	312	$	350,721

Property Dispositions

	Mar 31, 2023 Single-Family Properties Held for Sale		1Q23 Dispositions
Market		Number of Properties		Average Net Proceeds per Property
Houston, TX	170		172		$	224,557
Inland Empire, CA	121		24		433,360
Greater Chicago area, IL and IN	92		46		225,628
Dallas-Fort Worth, TX	81		78		277,175
Atlanta, GA	57		46		265,623
Austin, TX	37		15		288,797
Indianapolis, IN	36		33		239,709
San Antonio, TX	35		14		212,185
Bay Area, CA	35		12		492,713
Phoenix, AZ	32		39		324,694
Charlotte, NC	28		28		277,763
Central Valley, CA	24		8		331,228
Nashville, TN	22		14		298,608
Tampa, FL	20		11		368,729
Charleston, SC	20		7		301,089
Orlando, FL	15		14		307,238
Las Vegas, NV	12		10		375,992
Milwaukee, WI	9		7		329,768
Miami, FL	8		4		346,761
Jacksonville, FL	8		7		329,905
All Other (1)	41		77		291,754
Total/Average	903		666		$	276,776

(1)Represents 16 markets in 11 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	18
AMH
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AMH Development Pipeline Summary as of March 31, 2023

	YTD 1Q23 Deliveries					Mar 31, 2023<br><br>Lots for<br><br>Future Delivery (1)
Market	Number of Properties	Average Total Investment Cost		Average<br>Monthly Rent
Las Vegas, NV	81	$	361,000	$	2,390	1,502
Tampa, FL	73	342,000		2,490		786
Boise, ID	55	376,000		2,240		395
Charlotte, NC	53	389,000		2,380		583
Jacksonville, FL	47	324,000		2,170		871
Orlando, FL	46	355,000		2,450		1,174
Atlanta, GA	41	345,000		2,370		891
Salt Lake City, UT	18	473,000		2,720		220
Raleigh, NC	14	406,000		2,370		3
Denver, CO	12	628,000		3,550		548
Nashville, TN	9	369,000		2,440		489
Charleston, SC	9	500,000		3,300		920
Seattle, WA	8	496,000		2,970		284
Phoenix, AZ	—	—		—		1,634
Columbus, OH	—	—		—		600
Total/Average	466	$	375,000	$	2,440	10,900
Lots optioned						3,330
Total lots owned and optioned						14,230

Estimated Delivery Timing

	Dec 31, 2022<br><br>Lots for<br><br>Future Delivery (1)	YTD 1Q23<br><br>Lots Added (3)	YTD 1Q23 Deliveries	Full Year Estimated 2023 Deliveries (4)	Deliveries Thereafter (4)
Wholly-owned development pipeline (2)	13,764	128	299	1,775 - 1,925	12,042
Joint venture development pipeline (2)(5)	743	61	167	425 - 475	354
Total development pipeline	14,507	189	466	2,200 - 2,400	12,396

(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.

(4)Reflects the Company’s latest development program estimates as of May 4, 2023.

(5)Represents two 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.	19
AMH
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Lease Expirations

	MTM	2Q23	3Q23	4Q23	1Q24	Thereafter
Lease expirations	3,366	13,372	12,815	9,738	12,320	4,850

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	—	—		—		—	—		—
Total	1,804,163	34,933		$	19.36	1,835,416	74,758		$	40.73
	Remaining authorization:	$	265,067			Remaining authorization:	$	425,242
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	20
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AMH
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2023 Guidance

Guidance Summary

As the Company’s heaviest spring leasing season is still ahead, no changes have been made to previous Full Year 2023 guidance ranges.

	Full Year 2023<br>(Unchanged)
Core FFO attributable to common share and unit holders	$1.58 - $1.64
Core FFO attributable to common share and unit holders growth	2.5% - 6.5%
Same-Home
Core revenues growth	5.00% - 7.00%
Core property operating expenses growth	8.75% - 10.75%
Core NOI growth	3.00% - 5.00%		Full Year 2023<br>(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
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.	21
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AMH
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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

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

	For the Three Months Ended <br>Mar 31,
	2023		2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	397,703	$	356,105
Tenant charge-backs	(55,395)		(52,272)
Core revenues	342,308		303,833
Less: Non-Same-Home core revenues	44,163		26,940
Same-Home core revenues	$	298,145	$	276,893	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---
Property operating expenses	$	147,068	$	133,643
Property management expenses	30,800		26,034
Noncash share-based compensation - property management	(1,066)		(999)
Expenses reimbursed by tenant charge-backs	(55,395)		(52,272)
Core property operating expenses	121,407		106,406
Less: Non-Same-Home core property operating expenses	17,786		14,054
Same-Home core property operating expenses	$	103,621	$	92,352	Core NOI and Same-Home Core NOI
---	---	---	---	---
Net income	$	137,699	$	70,014
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Depreciation and amortization	112,717		99,954
Acquisition and other transaction costs	5,076		5,974
Noncash share-based compensation - property management	1,066		999
Interest expense	35,882		27,567
General and administrative expense	17,855		17,282
Other income and expense, net	(4,735)		(2,319)
Core NOI	220,901		197,427
Less: Non-Same-Home Core NOI	26,377		12,886
Same-Home Core NOI	$	194,524	$	184,541
AMH
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Defined Terms and Non-GAAP Reconciliations (continued)

(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 (amounts in thousands):

	For the Three Months Ended
	Mar 31, <br>2023		Dec 31,<br>2022		Sep 30,<br>2022		Jun 30,<br>2022		Mar 31,<br>2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	397,703	$	380,926	$	391,627	$	361,876	$	356,105
Tenant charge-backs	(55,395)		(45,183)		(62,014)		(43,137)		(52,272)
Core revenues	342,308		335,743		329,613		318,739		303,833
Less: Non-Same-Home core revenues	44,163		41,769		39,710		34,201		26,940
Same-Home core revenues	$	298,145	$	293,974	$	289,903	$	284,538	$	276,893	Core property operating expenses and Same-Home core property operating expenses
---	---	---	---	---	---	---	---	---	---	---
Property operating expenses	$	147,068	$	137,113	$	152,065	$	129,270	$	133,643
Property management expenses	30,800		28,157		29,739		28,768		26,034
Noncash share-based compensation - property management	(1,066)		(715)		(1,015)		(1,132)		(999)
Expenses reimbursed by tenant charge-backs	(55,395)		(45,183)		(62,014)		(43,137)		(52,272)
Core property operating expenses	121,407		119,372		118,775		113,769		106,406
Less: Non-Same-Home core property operating expenses	17,786		17,280		16,671		14,677		14,054
Same-Home core property operating expenses	$	103,621	$	102,092	$	102,104	$	99,092	$	92,352	Core NOI and Same-Home Core NOI
---	---	---	---	---	---	---	---	---	---	---
Net income	$	137,699	$	103,791	$	61,665	$	74,555	$	70,014
Hurricane-related charges, net	—		—		6,133		—		—
Gain on sale and impairment of single-family properties and other, net	(84,659)		(57,407)		(24,197)		(32,811)		(22,044)
Depreciation and amortization	112,717		112,843		109,319		104,415		99,954
Acquisition and other transaction costs	5,076		5,338		4,482		7,658		5,974
Noncash share-based compensation - property management	1,066		715		1,015		1,132		999
Interest expense	35,882		36,249		36,254		34,801		27,567
General and administrative expense	17,855		14,942		16,986		18,847		17,282
Other income and expense, net	(4,735)		(100)		(819)		(3,627)		(2,319)
Core NOI	220,901		216,371		210,838		204,970		197,427
Less: Non-Same-Home Core NOI	26,377		24,489		23,039		19,524		12,886
Same-Home Core NOI	$	194,524	$	191,882	$	187,799	$	185,446	$	184,541	Unencumbered Core NOI and Encumbered Core NOI
---	---	---	---	---	---	---	---	---	---	---
Core NOI	$	220,901	$	216,371	$	210,838	$	204,970	$	197,427
Less: Encumbered Core NOI	64,077		63,798		62,906		61,524		61,446
Unencumbered Core NOI	$	156,824	$	152,573	$	147,932	$	143,446	$	135,981
AMH
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Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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)	Mar 31, <br>2023		Dec 31,<br>2022		Sep 30,<br>2022		Jun 30,<br>2022		Mar 31,<br>2022
Total Debt	$	4,444,863	$	4,581,628	$	4,457,326	$	4,462,933	$	3,978,305
Less: cash and cash equivalents	(255,559)		(69,155)		(97,244)		(70,375)		(56,626)
Less: asset-backed securitization certificates	(25,666)		(25,666)		(25,666)		(25,666)		(25,666)
Less: restricted cash related to securitizations	(42,365)		(39,854)		(49,932)		(41,469)		(42,626)
Net debt	$	4,121,273	$	4,446,953	$	4,284,484	$	4,325,423	$	3,853,387
Preferred shares at liquidation value	230,000		230,000		230,000		230,000		385,000
Net debt and preferred shares	$	4,351,273	$	4,676,953	$	4,514,484	$	4,555,423	$	4,238,387
Adjusted EBITDAre - TTM	$	809,987	$	784,076	$	760,912	$	733,162	$	703,217
Net Debt and Preferred Shares to Adjusted EBITDAre	5.4 x		6.0 x		5.9 x		6.2 x		6.0 x

Fixed Charge Coverage

(Amounts in thousands)	For the Trailing Twelve Months Ended<br>Mar 31, 2023
Interest expense per income statement	$	143,186
Less: amortization of discounts, loan costs and cash flow hedges	(12,263)
Add: capitalized interest	52,279
Cash interest	183,202
Dividends on preferred shares	14,804
Fixed charges	$	198,006
Adjusted EBITDAre - TTM	$	809,987
Fixed Charge Coverage	4.1 x

Unencumbered Core NOI Percentage

	For the Three Months Ended								For the Trailing Twelve Months Ended<br>Mar 31, 2023
(Amounts in thousands)	Jun 30,<br>2022		Sep 30,<br>2022		Dec 31,<br>2022		Mar 31, <br>2023
Unencumbered Core NOI	$	143,446	$	147,932	$	152,573	$	156,824	$	600,775
Core NOI	204,970		210,838		216,371		220,901		853,080
Unencumbered Core NOI Percentage									70.4		%
AMH
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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.

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 months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended <br>Mar 31,
	2023			2022
Net income	$	137,699		$	70,014
Interest expense	35,882			27,567
Depreciation and amortization	112,717			99,954
EBITDA	$	286,298		$	197,535
Gain on sale and impairment of single-family properties and other, net	(84,659)			(22,044)
Adjustments for unconsolidated joint ventures	510			(371)
EBITDAre	$	202,149		$	175,120
Noncash share-based compensation - general and administrative	3,743			4,030
Noncash share-based compensation - property management	1,066			999
Acquisition, other transaction costs and other	5,076			5,974
Adjusted EBITDAre	$	212,034		$	186,123
Recurring Capital Expenditures	(14,193)			(11,178)
Leasing costs	(808)			(535)
Fully Adjusted EBITDAre	$	197,033		$	174,410
Rents and other single-family property revenues	$	397,703		$	356,105
Less: tenant charge-backs	(55,395)			(52,272)
Adjustments for unconsolidated joint ventures - income	3,295			2,799
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures	$	345,603		$	306,632
Adjusted EBITDAre Margin	61.4		%	60.7		%
Fully Adjusted EBITDAre Margin	57.0		%	56.9		%
AMH
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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
	Mar 31, <br>2023		Dec 31,<br>2022		Sep 30,<br>2022		Jun 30,<br>2022		Mar 31,<br>2022
Net income	$	377,710	$	310,025	$	267,557	$	254,393	$	231,652
Interest expense	143,186		134,871		126,885		121,728		114,455
Depreciation and amortization	439,294		426,531		410,854		396,029		382,731
EBITDA	$	960,190	$	871,427	$	805,296	$	772,150	$	728,838
Gain on sale and impairment of single-family properties and other, net	(199,074)		(136,459)		(92,347)		(77,722)		(55,671)
Adjustments for unconsolidated joint ventures	1,225		344		197		472		1,120
EBITDAre	$	762,341	$	735,312	$	713,146	$	694,900	$	674,287
Noncash share-based compensation - general and administrative	15,031		15,318		14,991		13,158		9,049
Noncash share-based compensation - property management	3,928		3,861		3,872		3,537		3,004
Acquisition, other transaction costs and other	22,554		23,452		22,770		21,567		16,877
Hurricane-related charges, net	6,133		6,133		6,133		—		—
Adjusted EBITDAre	$	809,987	$	784,076	$	760,912	$	733,162	$	703,217

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

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 <br>Mar 31,
	2023		2022
Property management expenses	$	30,800	$	26,034
Less: tenant charge-backs	(1,740)		(1,355)
Less: noncash share-based compensation - property management	(1,066)		(999)
Property management expenses, net	$	27,994	$	23,680
General and administrative expense	$	17,855	$	17,282
Less: noncash share-based compensation - general and administrative	(3,743)		(4,030)
General and administrative expense, net	$	14,112	$	13,252

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.

AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Recurring Capital Expenditures

Retained Cash Flow

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 <br>Mar 31, 2023
Adjusted FFO attributable to common share and unit holders	$	153,488
Common distributions	(91,280)
Retained Cash Flow	$	62,208

Same-Home Property

Stabilized Property

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.

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 Credit Agreement dated as of August 17, 2016, as amended by Amendment No. 1 to Credit Agreement dated as of June 30, 2017 and Amendment No. 2 to Credit Agreement dated as of April 15, 2021, which have been filed as exhibits 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.

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
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Corporate Information	Investor Relations
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