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Form 8-K American Homes 4 Rent For: Nov 03

November 3, 2014 6:05 AM

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�3, 2014

AMERICAN HOMES 4 RENT

(Exact Name of Registrant as Specified in its Charter)

Maryland

001-36013

46-1229660

(State or Other Jurisdiction of

(Commission File Number)

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

Incorporation)

30601 Agoura Road, Suite�200

Agoura Hills, California

91301

(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 is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o����������� Written communication pursuant to Rule�425 under the Securities Act (17 CFR 230.425)

o����������� Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)

o����������� Pre-commencement communications pursuant to Rule�14d-2(b)�under the Exchange Act (17 CFR 240.14d-2(b))

o����������� Pre-commencements communications pursuant to Rule�13e-4(c)�under the Exchange Act (17 CFR 240.13e-4(c))



The information in Item 2.02 of�this Form�8-K, including Exhibits 99.1, 99.2 and 99.3, 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 and Exhibits

On�November�3, 2014, American Homes 4 Rent issued a press release announcing its financial results for the quarter ended September�30, 2014, together with a Third Quarter 2014 Supplemental Information Package. On November�3, 2014, the company also announced that its Board of Trustees had declared the quarterly distributions on its common and participating preferred shares. A copy of the press releases and the Third Quarter 2014 Supplemental Information Package are furnished as Exhibit�99.1, 99.2 and 99.3, 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�3, 2014 concerning financial results

Exhibit�99.2�Press Release dated November�3, 2014 concerning the declaration of quarterly distributions

Exhibit�99.3�Third Quarter 2014 Supplemental Information Package



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: November�3, 2014

AMERICAN HOMES 4 RENT

By:

/s/Stephanie Heim

� Stephanie Heim

Vice President - Counsel


Exhibit 99.1

GRAPHIC

News Release

Date: November�3, 2014

American Homes 4 Rent Reports Third Quarter 2014 Financial and Operating Results

AGOURA HILLS, California�American Homes 4 Rent (NYSE: AMH), a leading provider of high quality single-family rental homes today announced its financial and operating results for the quarter ended September�30, 2014.

Highlights

�����Core funds from operations (�Core FFO�) (as defined) for the third quarter of 2014 were $38.5 million or $0.15 per FFO share.

�����Net operating income from leased properties (�NOI�) for the quarter ended September�30, 2014, was $59.4 million, a 4.1% increase from $57.1 million for the quarter ended June�30, 2014.

�����Total portfolio increased by 3,704 homes to 30,877 as of September�30, 2014, from 27,173 as of June�30, 2014.� As of September�30, 2014, the Company had 26,161 leased properties, an increase of 2,797 leased properties from June�30, 2014.

�����Continued strong occupancy, with 94.1% of properties leased that have been previously leased or rent-ready for more than 90 days and total portfolio occupancy of 84.7%.

�����In July�2014, completed the acquisition of Beazer Pre-Owned Rental Homes,�Inc. (�Beazer Rental Homes�), which added 1,372 homes located in markets in Arizona, California, Florida and Nevada to the Company�s portfolio.

�����Completed securitization transaction in September�2014, which raised gross proceeds of $487.7 million, with a duration-adjusted weighted-average coupon rate of 4.42% for a ten-year term.

�The single-family rental concept continues to be validated as we continue to acquire exceptional quality homes, see strong tenant demand for our homes and experience high tenant retention with rental rate increases in excess of 4% to new tenants on releasing� stated David Singelyn, American Homes 4 Rent�s Chief Executive Officer.

Third Quarter 2014 Financial Results

Total revenues increased 17.1% to $110.4 million for the third quarter of 2014 from $94.3 million for the second quarter of 2014. Revenue growth was driven by continued strong leasing activity, as our total leased portfolio grew by 2,797 homes during the third quarter of 2014.

NOI from leased properties increased 4.1% to $59.4 million for the third quarter of 2014, compared to $57.1 million for the second quarter of 2014. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties, partially offset by seasonally higher expenses.

Core FFO was $38.5 million, or $0.15 per FFO share, for the third quarter of 2014, compared to $35.3 million, or $0.15 per FFO share, for the second quarter of 2014.

The Company had a net loss of $12.8 million for the third quarter of 2014.



GRAPHIC

Year-to-Date 2014 Financial Results

Total revenues were $282.0 million for the nine-month period ended September�30, 2014. Revenue growth was driven by continued strong leasing activity, as our total leased portfolio grew by 8,833 homes during the nine months ended September�30, 2014.

NOI from leased properties totaled $164.3 million for the nine-month period ended September�30, 2014. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties.

Core FFO was $101.8 million, or $0.42 per FFO share, for the nine-month period ended September�30, 2014.

Net loss totaled $23.1 million for the nine months ended September�30, 2014.

NOI, FFO and Core FFO are supplemental non-GAAP financial measures. Reconciliations to GAAP measures are provided in a schedule accompanying this press release.

Portfolio

As of September�30, 2014, the Company had 26,161 leased properties, an increase of 2,797 properties from June�30, 2014. At September�30, 2014, the leased percentage for properties that have been rent-ready for more than 90 days or initially leased after completing renovations was 94.1%, compared to 94.7% at June�30, 2014.

Investments

During the third quarter of 2014, the company�s total portfolio increased by 3,704 homes, including the acquisition of Beazer Rental Homes, increasing our total portfolio to 30,877 homes as of September�30, 2014, compared with 27,173 homes as of June�30, 2014.

Capital Activities and Recent Announcements

In July�2014, the Company completed a merger with Beazer Rental Homes, which resulted in the addition of 1,372 homes in markets in Arizona, California, Florida and Nevada to the Company�s portfolio.

In September�2014, the Company raised $487.7 million in gross proceeds through the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 4,487 homes transferred to an affiliate from the Company�s portfolio of single-family properties. The offering had a duration-adjusted weighted-average coupon rate of 4.42% for a ten-year term.

The Company is working on its next securitization loan transaction, which the Company expects to close in the fourth quarter.



GRAPHIC

Additional information

A copy of the Company�s Third Quarter 2014 Supplemental Information Package and this press release are available on our website at www.americanhomes4rent.com. This information has also been furnished to the SEC in a current report on Form�8-K.

Conference Call

A conference call is scheduled on Monday, November�3, 2014, at 10:30�a.m. Eastern Time to discuss the Company�s financial results for the quarter ended September�30, 2014, and to provide an update on its business. The domestic dial-in number is (877) 705-6003 (for U.S. and Canada) and the international dial-in number is (201) 493-6725 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.americanhomes4rent.com, under �For Investors.� A replay of the conference call may be accessed through November�17, 2014, by calling (877) 870-5176 (U.S. and Canada) or (858) 384-5517 (international), replay pin number 13592477#, or by using the link at www.americanhomes4rent.com, under �For Investors.�

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and �American Homes 4 Rent� is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September�30, 2014, we owned 30,877 single-family properties in selected submarkets in 22 states.

Forward-Looking Statements

This press release contains �forward-looking statements.� These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as �estimate,� �project,� �predict,� �believe,� �expect,� �anticipate,� �intend,� �potential,� �plan,� �goal� or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, our belief that we have a continuing significant opportunity to acquire quality single family homes and to experience high tenant retention and rental rate increases. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company�s management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company�s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking 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, 2013, and in the Company�s subsequent filings with the SEC.



GRAPHIC

Non-GAAP Financial Measures

This press release and the Third Quarter 2014 Supplemental Information Package include FFO, Core FFO and NOI, which are non-GAAP financial measures. We believe these are helpful to 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, FFO, Core FFO and NOI may not be comparable among REITs. In addition, FFO, Core FFO and NOI are not substitutes for net income / (loss) or cash flow from operations, as defined by GAAP, as measures of our liquidity, operating performance 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 Supplemental Information Package.



GRAPHIC

American Homes 4 Rent

Consolidated Balance Sheets

(Amounts in thousands, except share information)

September�30, 2014

December�31, 2013

(Unaudited)

Assets

Single-family properties:

Land

�$

982,959

�$

728,362

Buildings and improvements

4,296,874

3,188,693

Single-family properties held for sale

5,574

6,569

5,285,407

3,923,624

Less: accumulated depreciation

(167,664)

(62,202)

Single-family properties, net

5,117,743

3,861,422

Cash and cash equivalents

103,939

148,989

Restricted cash

59,212

26,430

Rent and other receivables, net

5,637

6,863

Escrow deposits, prepaid expenses and other assets

60,685

39,212

Deferred costs and other intangibles, net

42,807

20,573

Asset-backed securitization certificates

25,666

-

Goodwill

120,655

120,655

Total assets

�$

5,536,344

�$

4,224,144

Liabilities

Credit facility

�$

82,000

�$

375,000

Asset-backed securitizations

993,058

-

Accounts payable and accrued expenses

135,789

103,397

Amounts payable to affiliates

10,170

-

Contingently convertible Series�E units liability

71,050

66,938

Preferred shares derivative liability

57,420

28,150

Total liabilities

1,349,487

573,485

Commitments and contingencies

Equity

Shareholders� equity:

Class�A common shares, $0.01 par value per share, 450,000,000 shares authorized, 210,838,831 and 184,869,219 shares issued and outstanding at September�30, 2014 and December�31, 2013, respectively

2,108

1,848

Class�B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September�30, 2014 and December�31, 2013

6

6

Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 17,060,000 and 9,060,000 issued and outstanding at September�30, 2014 and December�31, 2013, respectively

171

91

Additional paid-in capital

3,614,428

2,996,478

Accumulated deficit

(140,277)

(63,479)

Accumulated other comprehensive loss

(196)

-

Total shareholders� equity

3,476,240

2,934,944

Noncontrolling interest

710,617

715,715

Total equity

4,186,857

3,650,659

Total liabilities and equity

�$

5,536,344

�$

4,224,144



GRAPHIC

American Homes 4 Rent

Consolidated Statements of Operations

(Amounts in thousands, except share information)

(Unaudited)

For the Three Months

For the Nine Months

Ended September 30,

Ended September 30,

2014

2013

2014

2013

Revenues:

Rents from single-family properties

$

104,210

$

47,364

$

266,842

$

70,879

Fees from single-family properties

1,529

1,476

4,776

2,230

Tenant charge-backs

4,282

323

9,310

370

Other

372

300

1,047

663

Total revenues

110,393

49,463

281,975

74,142

Expenses:

Property operating expenses

Leased single-family properties

50,583

17,579

116,639

26,941

Vacant single-family properties and other

3,885

7,873

19,279

13,993

General and administrative expense

5,291

2,742

16,068

5,178

Advisory fees

-

-

-

6,352

Interest expense

5,112

-

10,502

370

Noncash share-based compensation expense

751

153

1,895

606

Acquisition fees and costs expensed

14,550

496

15,921

3,985

Depreciation and amortization

44,855

24,043

118,311

37,827

Total expenses

125,027

52,886

298,615

95,252

Gain on remeasurement of equity method investment

-

-

-

10,945

Remeasurement of Series E units

3,588

(438)

(4,112)

(438)

Remeasurement of Preferred shares

(1,750)

-

(2,348)

-

Loss from continuing operations

(12,796)

(3,861)

(23,100)

(10,603)

Discontinued operations

Gain on disposition of single-family properties

-

-

-

904

Income from discontinued operations

-

-

-

104

Income from discontinued operations

-

-

-

1,008

Net loss

(12,796)

(3,861)

(23,100)

(9,595)

Noncontrolling interest

3,382

3,798

11,214

9,357

Dividends on preferred shares

5,569

-

13,359

-

Conversion of preferred units

-

-

-

10,456

Net loss attributable to common shareholders

$

(21,747)

$

(7,659)

$

(47,673)

$

(29,408)

Weighted-average shares outstanding�basic and diluted

202,547,677

162,725,150

191,251,638

102,729,661

Net loss per share�basic and diluted:

Loss from continuing operations

$

(0.11)

$

(0.05)

$

(0.25)

$

(0.30)

Income from discontinued operations

-

-

-

0.01

Net loss attributable to common shareholders

per share�basic and diluted

$

(0.11)

$

(0.05)

$

(0.25)

$

(0.29)



GRAPHIC

Non-GAAP Financial Measures

Funds from Operations and Core Funds from Operations

The following is a reconciliation of net loss attributable to common shareholders to FFO and Core FFO for the three months ended September�30, 2014 and June�30, 2014, and the nine months ended September�30, 2014 (amounts in thousands, except share and per share information):

Three Months Ended

Nine Months Ended

September�30, 2014

June�30, 2014

September�30, 2014

Net loss attributable to common shareholders

$

(21,747)

$

(12,250)

$

(47,673)

Adjustments:

Noncontrolling interests in the Operating Partnership

3,583

4,140

11,438

Depreciation and amortization of real estate assets

43,153

36,793

113,773

Funds from operations

$

24,989

$

28,683

$

77,538

Adjustments:

Acquisition fees and costs expensed

14,550

919

15,921

Noncash share-based compensation expense

751

612

1,895

Remeasurement of Series�E units

(3,588)

4,944

4,112

Remeasurement of Preferred shares

1,750

141

2,348

Core funds from operations

$

38,452

$

35,299

$

101,814

Weighted-average number of FFO shares (1)

256,170,943

239,138,917

244,874,904

FFO per weighted-average FFO share

$

0.10

$

0.12

$

0.32

Core FFO per weighted-average FFO share

$

0.15

$

0.15

$

0.42

(1)�������������� Includes quarterly weighted average common shares outstanding and assumes full conversion of all Operating Partnership units outstanding, including 13,787,292 Class�A units, 31,085,974 Series�C units, 4,375,000 Series�D units and 4,375,000 Series�E units.

FFO is a non-GAAP measure that we calculate in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (�NAREIT�), which defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.

Core FFO is a non-GAAP financial measure that we use as a supplemental measure of our performance.� We compute Core FFO by adjusting FFO for (1)�acquisition fees and costs expensed incurred with business combinations and the acquisition of properties with existing leases, (2)�noncash share-based compensation expense and (3)�noncash fair value adjustments associated with remeasuring our Series�E units liability and Preferred shares derivative liability to fair value.

We present FFO and FFO per FFO share because we consider FFO to be an important measure of the performance of real estate companies, as do many analysts in evaluating our Company.� We believe that FFO is a helpful measure of a REIT�s performance since FFO excludes depreciation, which is included in computing net income and assumes that 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.



GRAPHIC

We also believe that Core FFO and Core FFO per FFO share are helpful to investors as supplemental measures of the operating performance of our Company as they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO and Core FFO are not a substitute for net cash flow provided by operating activities or net loss per share, as determined in accordance with GAAP, as a measure of our liquidity, operating performance or ability to pay dividends.� FFO and Core FFO also are not necessarily indicative of cash available to fund future cash needs.� Because other REITs may not compute FFO and Core FFO in the same manner, FFO and Core FFO may not be comparable among REITs.

Reconciliation of Net Operating Income to Net Loss

NOI is a supplemental non-GAAP financial measure that we define as rents and fees from single-family properties and tenant charge-backs, less property operating expenses for leased single-family properties. NOI excludes income from discontinued operations, gain on remeasurement of equity method investment, remeasurement of preferred shares, remeasurement of Series�E units, depreciation and amortization, acquisition fees and costs expensed, noncash share-based compensation expense, interest expense, advisory fees, general and administrative expense, property operating expenses for vacant single-family properties and other and other revenues.

We consider NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our leased single-family properties. It should be considered only as a supplement to net income / (loss) as a measure of our performance. NOI should not be used as a measure of the Company�s liquidity, nor is it indicative of funds available to fund the Company�s cash needs, including its ability to pay dividends or make distributions. NOI also should not be used as a substitute for net income / (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

The following is a reconciliation of NOI to net loss as determined in accordance with GAAP (amounts in thousands):

For the Three Months Ended

Nine Months Ended

September�30, 2014

June�30, 2014

September�30, 2014

Net loss

$

(12,796)

$

(3,369)

$

(23,100)

Remeasurement of Preferred Shares

1,750

141

2,348

Remeasurement of Series�E units

(3,588)

4,944

4,112

Depreciation and amortization

44,855

38,325

118,311

Acquisition fees and costs expensed

14,550

919

15,921

Noncash share-based compensation expense

751

612

1,895

Interest expense

5,112

3,888

10,502

General and administrative expense

5,291

5,703

16,068

Property operating expenses for vacant single-family properties and other

3,885

6,351

19,279

Other revenues

(372)

(406)

(1,047)

Net operating income

$

59,438

$

57,108

$

164,289

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: [email protected]


Exhibit 99.2

News Release

Date: November�3, 2014

AMERICAN HOMES 4 RENT ANNOUNCES DISTRIBUTIONS

AGOURA HILLS, California�American Homes 4 Rent (NYSE: AMH) announced today that on October�31, 2014, its Board of Trustees declared a distribution of $0.05 per share on the Company�s common shares for the fourth quarter of 2014. The distribution will be payable in cash on December�30, 2014 to shareholders of record on December�15, 2014.

The Board of Trustees also declared a quarterly distribution of $0.3125, $0.3125 and $0.34375 per share on each of the Company�s 5.000% Series�A participating preferred shares, 5.000% Series�B participating preferred shares and 5.500% Series�C Participating Preferred shares, respectively, payable on December�30, 2014 to shareholders of record on December�15, 2014.

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and �American Homes 4 Rent� is fast becoming a nationally recognized brand for rental homes, known for high quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September�30, 2014, we owned 30,877 single-family properties in selected submarkets in 22 states.

Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.

Forward-Looking Statements

This press release contains �forward-looking statements.� These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as �estimate,� �project,� �predict,� �believe,� �expect,� �anticipate,� �intend,� �potential,� �plan,� �goal� or other words that convey the uncertainty of future events or outcomes. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company�s management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company�s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking 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, 2013 and in the Company�s subsequent filings with the Securities and Exchange Commission.

Contact:

American Homes 4 Rent

Investor Relations

Phone: (855) 794-2447

Email: [email protected]


Exhibit 99.3

GRAPHIC

Third Quarter 2014

Supplemental Information Package

GRAPHIC



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Table of Contents

Summary

�Financial and Operating Highlights

3

�Fact Sheet

4

�Notes to Fact Sheet

5

Earnings

�Quarterly Consolidated Statements of Operations

6

�Funds from Operations and Core Funds from Operations

7

�Net Operating Income and Core Net Operating Income

9

Property Information

�Top 20 Markets Summary

11

�Top 20 Markets Home Price Appreciation Trends

12

�Leasing Experience

13

Operational Information

�Acquisition, Renovation and Leasing Rates

14

�Portfolio Footprint Map

15

�Lease Expirations

16

Other Information

�Debt Maturity Schedule

17

2



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Financial and Operating Highlights

Third Quarter 2014 Highlights

���������������� Core funds from operations (�Core FFO�) (as defined) for the third quarter of 2014 were $38.5 million or $0.15 per FFO share.

���������������� Net operating income from leased properties (�NOI�) for the quarter ended September�30, 2014, was $59.4 million, a 4.1% increase from $57.1 million for the quarter ended June�30, 2014.

���������������� Total portfolio increased by 3,704 homes to 30,877 as of September�30, 2014, from 27,173 as of June�30, 2014.� As of September�30, 2014, the Company had 26,161 leased properties, an increase of 2,797 leased properties from June�30, 2014.

���������������� Continued strong occupancy, with 94.1% of properties leased that have been previously leased or rent-ready for more than 90 days and total portfolio occupancy of 84.7%.

���������������� In July�2014, completed the acquisition of Beazer Pre-Owned Rental Homes,�Inc. (�Beazer Rental Homes�), which added 1,372 homes located in markets in Arizona, California, Florida and Nevada to the Company�s portfolio.

���������������� Completed securitization transaction in September�2014, which raised gross proceeds of $487.7 million, with a duration-adjusted weighted-average coupon rate of 4.42% for a ten-year term.

3



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Fact Sheet

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

(Unaudited)

Sep 30,
2013

Dec 31,
2013

Mar 31,
2014

Jun 30,
2014

Sep 30,
2014

Operating Data - for the three months ended

Rents from single-family properties

$

47,364

$

61,843

$

73,761

$

88,871

$

104,210

Fees from single-family properties

$

1,476

$

1,409

$

1,358

$

1,889

$

1,529

Tenant charge-backs

$

323

$

1,218

$

1,890

$

3,138

$

4,282

Total revenues from single-family properties

$

49,163

$

64,470

$

77,009

$

93,898

$

110,021

Total revenues

$

49,463

$

64,890

$

77,278

$

94,304

$

110,393

Leased property operating expenses

$

17,579

$

24,470

$

29,266

$

36,790

$

50,583

Net operating income (1)

$

31,584

$

40,000

$

47,743

$

57,108

$

59,438

Net operating income margin(1)

64.2%

62.0%

62.0%

60.8%

54.0%

Core net operating income margin(1)

65.2%

65.0%

64.8%

63.6%

57.3%

G&A expense as % of total revenues

5.5%

5.7%

6.6%

6.0%

4.8%

Annualized G&A expense as % of total assets

0.28%

0.35%

0.45%

0.46%

0.38%

Selected Balance Sheet Information - at end of period

Single-family properties, net

$

3,530,122

$

3,861,422

$

4,218,654

$

4,483,794

$

5,117,743

Total assets

$

3,885,261

$

4,224,144

$

4,524,033

$

4,982,557

$

5,536,344

Outstanding borrowings under credit facility (2)

$

238,000

$

375,000

$

671,000

$

481,000

$

82,000

Asset-backed securitizations

$

-

$

-

$

-

$

480,970

$

993,058

Total liabilities

$

395,968

$

573,485

$

889,925

$

1,216,362

$

1,349,487

Total equity capitalization (3)

$

3,861,700

$

4,101,227

$

4,230,122

$

4,671,212

$

4,887,590

Total capitalization (4)

$

4,099,700

$

4,476,227

$

4,901,122

$

5,633,182

$

5,962,648

NYSE AMH Class�A common share closing price

$

16.15

$

16.20

$

16.71

$

17.76

$

16.89

Portfolio Data - at end of period

Leased single-family properties

14,384

17,328

20,666

23,364

26,161

Single-family properties in acquisition process

549

731

805

577

611

Single-family properties being renovated

3,598

1,732

1,466

1,179

1,719

Single-family properties being prepared for re-lease (5)

n/a

281

508

656

295

Vacant single-family properties available for re-lease (5)

n/a

579

700

617

1,442

Vacant single-family properties available for initial lease

2,736

2,573

1,319

744

610

Single-family properties held for sale

-

44

41

36

39

Total single-family properties

21,267

23,268

25,505

27,173

30,877

Total portfolio occupancy

67.6%

74.5%

81.0%

86.0%

84.7%

Available for rent 30+ days occupancy (6)

89.6%

90.1%

92.1%

93.6%

93.2%

Available for rent 90+ days occupancy (7)

96.2%

94.5%

95.1%

94.7%

94.1%

Quarterly lease renewal rate

73.0%

73.4%

71.8%

72.0%

68.4%

Other Data

Distributions declared per common share

$

-

$

0.05

$

0.05

$

0.05

$

0.05

Distributions declared per Series�A preferred share

$

-

$

0.23

$

0.31

$

0.31

$

0.31

Distributions declared per Series�B preferred share

$

-

$

-

$

0.35

$

0.31

$

0.31

Distributions declared per Series�C preferred share

$

-

$

-

$

-

$

0.23

$

0.34

4



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Notes to Fact Sheet

(1)��������� Refer to Net Operating Income and Core Net Operating Income section for calculation details and related reconciliations to net income / (loss), as determined in accordance with Generally Accepted Accounting Principles (�GAAP�).

(2)��������� Our credit facility provides for borrowing capacity of up to $800 million and bears interest at 30 day LIBOR plus 2.75% (3.125% beginning in March�2017).� Borrowings are available until March�2015, which may be extended for an additional year subject to the satisfaction of certain financial covenant tests.� Upon expiration of the credit facility period, any outstanding borrowings will convert to a term loan through September�30, 2018.

(3)��������� Total equity capitalization includes common and preferred shares outstanding at the end of the respective periods and 13,787,292 Class�A units, 31,085,974 Series�C units, 4,375,000 Series�D units and 4,375,000 Series�E units.

(4)��������� Total capitalization includes equity capitalization, principal balance on asset-backed securitizations and borrowings outstanding under our credit facility at the end of the respective periods.

(5)��������� Single-family properties being prepared for re-lease and vacant single-family properties available for re-lease not measured as of September�30, 2013, due to an insignificant number of properties in turn-over process during such period.

(6)��������� Available for rent 30+ days occupancy is calculated at the end of each respective period as the number of leased properties divided by the number of leased properties after we have completed initial renovations or are available for rent for a period of greater than 30 days (i.e., occupancy percentage is net of vacancy associated with properties in turn).

(7)��������� Available for rent 90+ days occupancy is calculated at the end of each respective period as the number of leased properties divided by the number of leased properties after we have completed initial renovations or are available for rent for a period of greater than 90 days (i.e., occupancy percentage is net of vacancy associated with properties in turn).

5



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Quarterly Consolidated Statements of Operations

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

(Unaudited)

For the Three Months Ended

Sep�30,
2013

Dec�31,
2013

Mar�31,
2014

June�30,
2014

Sep�30,
2014

Revenues:

Rents from single-family properties

$

47,364

$

61,843

$

73,761

$

88,871

$

104,210

Fees from single-family properties

1,476

1,409

1,358

1,889

1,529

Tenant charge-backs

323

1,218

1,890

3,138

4,282

Other

300

420

269

406

372

Total revenues

49,463

64,890

77,278

94,304

110,393

Expenses:

Property operating expenses

Leased single-family properties

17,579

24,470

29,266

36,790

50,583

Vacant single-family properties and other

7,873

8,348

9,043

6,351

3,885

General and administrative expense

2,742

3,667

5,074

5,703

5,291

Interest expense

-

-

1,502

3,888

5,112

Noncash share-based compensation expense

153

473

532

612

751

Acquisition fees and costs expensed

496

814

452

919

14,550

Depreciation and amortization

24,043

33,160

35,131

38,325

44,855

Total expenses

52,886

70,932

81,000

92,588

125,027

Remeasurement of Series�E units

(438)

(1,619)

(2,756)

(4,944)

3,588

Remeasurement of Preferred shares

-

(1,810)

(457)

(141)

(1,750)

Loss from continuing operations

(3,861)

(9,471)

(6,935)

(3,369)

(12,796)

Discontinued operations

Gain on disposition of single-family properties

-

-

-

-

-

Income from discontinued operations

-

-

-

-

-

Income from discontinued operations

-

-

-

-

-

Net loss

(3,861)

(9,471)

(6,935)

(3,369)

(12,796)

Noncontrolling interest

3,798

3,888

3,620

4,212

3,382

Dividends on preferred shares

-

1,160

3,121

4,669

5,569

Net loss attributable to common shareholders

$

(7,659)

$

(14,519)

$

(13,676)

$

(12,250)

$

(21,747)

Weighted-average shares outstanding�basic and diluted

162,725,150

185,499,066

185,504,294

185,515,651

202,547,677

Net loss per share�basic and diluted:

Loss from continuing operations

$

(0.05)

$

(0.08)

$

(0.07)

$

(0.07)

$

(0.11)

Income from discontinued operations

-

-

-

-

-

Net loss attributable to common shareholders per share�basic and diluted

$

(0.05)

$

(0.08)

$

(0.07)

$

(0.07)

$

(0.11)

6



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Funds from Operations and Core Funds from Operations

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

(Unaudited)

The following is a reconciliation of net loss attributable to common shareholders, determined in accordance with GAAP, to FFO and Core FFO for the three months ended September�30, 2013, December�31, 2013, March�31, 2014, June�30, 2014, and September�30, 2014 (amounts in thousands, except share and per share data):

For the Three Months Ended

Sep�30,

Dec�31,

Mar�31,

Jun�30,

Sep�30,

2013

2013

2014

2014

2014

Net loss attributable to common shareholders

$

�(7,659)

$

�(14,519)

$

�(13,676)

$

�(12,250)

$

�(21,747)

Adjustments:

Noncontrolling interests in the Operating Partnership

4,028

3,718

3,715

4,140

3,583

Depreciation and amortization of real estate assets

23,211

31,702

33,827

36,793

43,153

Funds from operations

$

�19,580

$

�20,901

$

�23,866

$

�28,683

$

�24,989

Adjustments:

Acquisition fees and costs expensed

496

814

452

919

14,550

Noncash share-based compensation expense

153

473

532

612

751

Remeasurement of Series�E units

438

1,619

2,756

4,944

(3,588)

Remeasurement of Preferred shares

-

1,810

457

141

1,750

Core funds from operations

$

�20,667

$

�25,617

$

�28,063

$

�35,299

$

�38,452

Weighted-average number of FFO shares (1)

216,348,416

239,122,332

239,127,560

239,138,917

256,170,943

FFO per weighted-average FFO share

$

�0.09

$

�0.09

$

�0.10

$

�0.12

$

�0.10

Core FFO per weighted-average FFO share

$

�0.10

$

�0.11

$

�0.12

$

�0.15

$

�0.15

(1)��������� Includes quarterly weighted average common shares outstanding and assumes full conversion of all Operating Partnership units outstanding, including 13,787,292 Class�A units, 31,085,974 Series�C units, 4,375,000 Series�D units and 4,375,000 Series�E units.

FFO is a non-GAAP financial measure that we calculate in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (�NAREIT�), which defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships and joint ventures.

Core FFO is a non-GAAP financial measure that we use as a supplemental measure of our performance.� We compute Core FFO by adjusting FFO for (1)�acquisition fees and costs expensed incurred with recent business combinations and the acquisition of properties with existing leases, (2)�noncash share-based compensation expense and (3)�noncash fair value adjustments associated with remeasuring our Series�E units liability and Preferred shares derivative liability to fair value.

7



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Funds from Operations and Core Funds from Operations (continued)

We present FFO and FFO per FFO share because we consider FFO to be an important measure of the performance of real estate companies, as do many analysts in evaluating our Company.� We believe that FFO is a helpful measure of a REIT�s performance since FFO 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 Core FFO per FFO share are helpful to investors as supplemental measures of the operating performance of our Company as they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO and Core FFO are not a substitute for net cash flow provided by operating activities or net loss per share, as determined in accordance with GAAP, as a measure of our liquidity, operating performance or ability to pay dividends.� FFO and Core FFO also are not necessarily indicative of cash available to fund future cash needs.� Because other REITs may not compute FFO and Core FFO in the same manner, FFO and Core FFO may not be comparable among REITs.

8



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Net Operating Income and Core Net Operating Income

(Amounts in thousands)

For the Three Months Ended

Sep�30,
2013

Dec�31,
2013

Mar�31,
2014

Jun�30,
2014

Sep�30,
2014

Net Operating Income

Rents from single-family properties

�$

47,364

�$

61,843

�$

73,761

�$

88,871

�$

104,210

Fees from single-family properties

1,476

1,409

1,358

1,889

1,529

Tenant charge-backs

323

1,218

1,890

3,138

4,282

Total revenues from single-family properties

49,163

64,470

77,009

93,898

110,021

Leased property operating expenses

17,579

24,470

29,266

36,790

50,583

Net operating income

�$

31,584

�$

40,000

�$

47,743

�$

57,108

�$

59,438

Net operating income margin

64.2%

62.0%

62.0%

60.8%

54.0%

(1)

Core Net Operating Income

Rents from single-family properties

�$

47,364

�$

61,843

�$

73,761

�$

88,871

�$

104,210

Fees from single-family properties

1,476

1,409

1,358

1,889

1,529

Bad debt expense

(417)

(1,748)

(1,423)

(962)

(2,044)

Core revenues from single-family properties

48,423

61,504

73,696

89,798

103,695

Leased property operating expenses

17,579

24,470

29,266

36,790

50,583

Expenses reimbursed by tenant charge-backs

(323)

(1,218)

(1,890)

(3,138)

(4,282)

Bad debt expense

(417)

(1,748)

(1,423)

(962)

(2,044)

Core property operating expenses

16,839

21,504

25,953

32,690

44,257

Core net operating income

�$

31,584

�$

40,000

�$

47,743

�$

57,108

�$

59,438

Core net operating income margin

65.2%

65.0%

64.8%

63.6%

57.3%

(1)

(1)��������� Decreases in third quarter 2014 net operating income and core net operating income margins are attributable to:

������������������ Higher turn-over costs associated with increased volume of lease expirations and tenant move-outs

������������������ Increased repair and maintenance expenses as a result of seasonality and logistical inefficiencies

������������������ Increased bad debt expense in connection with a higher number of expiring leases that were underwritten prior to internalization of our property management and leasing functions.

NOI is a supplemental non-GAAP financial measure that we define as rents and fees from single-family properties and tenant charge-backs, less property operating expenses for leased single-family properties.� Core NOI is also a supplemental non-GAAP financial measure that we define as rents and fees from single-family properties, net of bad debt expense, less property operating expenses for leased single-family properties, excluding expenses reimbursed by tenant charge-backs and bad debt expense.

NOI and Core NOI also exclude income from discontinued operations, remeasurement of preferred shares, remeasurement of Series�E units, depreciation and amortization, acquisition fees and costs expensed, noncash share-based compensation expense, interest expense, general and administrative expense, property operating expenses for vacant single-family properties and other and other revenues.

9



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Net Operating Income and Core Net Operating Income (continued)

(Amounts in thousands)

We consider NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding the operating performance of our leased single-family properties. Additionally, we believe Core NOI is helpful to our investors as it better reflects the operating margin performance of our leased single-family properties and excludes the impact of certain operating expenses that are reimbursed through tenant charge-backs.

NOI and Core NOI should be considered only as supplements to net loss as measures of our performance. NOI and Core NOI 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. NOI and Core NOI also should not be used as substitutes for net loss or net cash flows from operating activities (as computed in accordance with GAAP).

The following is a reconciliation of NOI and Core NOI to net loss determined in accordance with GAAP:

For the Three Months Ended

Sep�30,
2013

Dec�31,
2013

Mar�31,
2014

Jun�30,
2014

Sep�30,
2014

Net loss

�$

(3,861

)

�$

(9,471

)

�$

(6,935

)

�$

(3,369

)

�$

(12,796

)

Income from discontinued operations

-

-

-

-

-

Remeasurement of Preferred shares

-

1,810

457

141

1,750

Remeasurement of Series�E units

438

1,619

2,756

4,944

(3,588

)

Depreciation and amortization

24,043

33,160

35,131

38,325

44,855

Acquisition fees and costs expensed

496

814

452

919

14,550

Noncash share-based compensation expense

153

473

532

612

751

Interest expense

-

-

1,502

3,888

5,112

General and administrative expense

2,742

3,667

5,074

5,703

5,291

Property operating expenses for vacant

single-family properties and other

7,873

8,348

9,043

6,351

3,885

Other revenues

(300

)

(420

)

(269

)

(406

)

(372

)

Net operating income

�$

31,584

�$

40,000

�$

47,743

�$

57,108

�$

59,438

Tenant charge-backs

323

1,218

1,890

3,138

4,282

Expenses reimbursed by tenant charge-backs

(323

)

(1,218

)

(1,890

)

(3,138

)

(4,282

)

Bad debt expense excluded from operating expenses

417

1,748

1,423

962

2,044

Bad debt expense included in revenues

(417

)

(1,748

)

(1,423

)

(962

)

(2,044

)

Core net operating income

�$

31,584

�$

40,000

�$

47,743

�$

57,108

�$

59,438

10



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Top 20 Markets Summary

The table below summarizes certain information with respect to our top 20 markets as of September�30, 2014:

Market

Number�of
Properties

Percentage
of�Total
Properties

Gross�Book
Value
($�millions)

Percentage
of�Gross
Book�Value

Gross�Book
Value�per
Property

Average
Sq.�Ft.

Avg.�Age
(years)

Leased
Properties

Occupancy
Percentage

Dallas-Fort Worth, TX

2,666

8.6%

$

422.8

8.0%

$

158,590

2,142

10.9

2,388

89.6%

Indianapolis,�IN

2,530

8.2%

377.7

7.1%

149,289

1,923

12.1

2,024

80.0%

Greater Chicago area,�IL and IN

1,828

5.9%

308.2

5.8%

168,600

1,893

13.0

1,428

78.1%

Atlanta, GA

1,790

5.8%

297.4

5.6%

166,145

2,135

13.7

1,574

87.9%

Cincinnati, OH

1,701

5.5%

289.8

5.5%

170,370

1,851

12.5

1,348

79.2%

Houston, TX

1,627

5.3%

280.6

5.3%

172,465

2,251

10.2

1,368

84.1%

Charlotte, NC

1,550

5.0%

263.7

5.0%

170,129

1,984

11.3

1,317

85.0%

Tampa, FL

1,445

4.7%

272.0

5.1%

188,235

2,002

10.8

1,316

91.1%

Phoenix, AZ

1,320

4.3%

211.1

4.0%

159,924

1,838

11.4

1,252

94.8%

Jacksonville, FL

1,247

4.0%

185.2

3.5%

148,516

1,922

10.6

1,048

84.0%

Nashville, TN

1,200

3.9%

246.4

4.7%

205,333

2,198

10.2

1,095

91.3%

Columbus, OH

1,119

3.6%

165.8

3.1%

148,168

1,827

13.3

920

82.2%

Raleigh, NC

1,116

3.6%

198.3

3.8%

177,688

1,894

10.4

910

81.5%

Orlando, FL

922

3.0%

155.4

2.9%

168,547

1,923

12.7

807

87.5%

Las Vegas, NV

907

2.9%

158.6

3.0%

174,862

1,865

12.0

843

92.9%

Salt Lake City, UT

840

2.7%

181.6

3.4%

216,190

2,167

13.1

670

79.8%

Austin, TX

582

1.9%

84.1

1.6%

144,502

1,855

10.4

453

77.8%

San Antonio, TX

514

1.7%

76.8

1.5%

149,416

2,021

10.1

413

80.4%

Greenville, SC

483

1.6%

81.0

1.5%

167,702

1,913

11.2

381

78.9%

Denver, CO

481

1.6%

123.1

2.3%

255,925

2,103

12.1

325

67.6%

All Other (1)

5,009

16.2%

905.8

17.1%

180,834

1,823

11.0

4,281

85.5%

Total / Average

30,877

100.0%

$

5,285.4

100.0%

$

171,176

1,967

11.6

26,161

84.7%

(1)�Represents 21 markets in 15 states.

11



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Top 20 Markets Home Price Appreciation Trends

HPA�Index�(1)

Market

Relative
Weighting�of
Top�20�Markets�(2)

Dec�31,
2012�(3)

Mar�31,
2013

Jun�30,
2013

Sep�30,
2013

Dec�31,
2013

Mar�31,
2014

Jun�30,
2014

HPA�Index
Appreciation

Dallas-Fort Worth, TX (4)

9.508%

100.0

100.6

105.9

107.2

108.6

109.8

112.9

12.9%

Indianapolis,�IN

8.881%

100.0

104.2

107.8

110.3

106.9

109.0

112.4

12.4%

Greater Chicago area,�IL and IN

7.679%

100.0

101.2

110.2

111.0

111.5

108.7

114.8

14.8%

Atlanta, GA

7.545%

100.0

103.8

111.0

114.0

114.9

120.1

122.4

22.4%

Nashville, TN

6.390%

100.0

102.3

107.5

108.4

110.5

110.6

116.0

16.0%

Houston, TX

6.312%

100.0

101.9

107.6

108.7

111.1

115.1

117.4

17.4%

Cincinnati, OH

6.119%

100.0

100.3

105.7

108.0

105.6

106.4

110.9

10.9%

Salt Lake City, UT

5.495%

100.0

103.9

109.6

109.9

109.4

110.2

115.7

15.7%

Tampa, FL

5.361%

100.0

99.7

107.5

110.5

112.0

113.1

113.7

13.7%

Charlotte, NC

5.354%

100.0

105.1

109.6

112.9

113.6

109.7

116.3

16.3%

Phoenix, AZ

5.270%

100.0

103.0

111.0

115.9

117.8

118.8

122.5

22.5%

Jacksonville, FL

4.776%

100.0

107.6

110.9

111.7

113.3

110.4

115.5

15.5%

Las Vegas, NV

4.371%

100.0

101.7

111.5

121.5

124.4

130.3

132.4

32.4%

Raleigh, NC

4.040%

100.0

103.1

105.7

107.3

106.2

108.2

110.9

10.9%

Columbus, OH

3.167%

100.0

102.4

107.7

111.5

109.2

111.1

114.8

14.8%

Orlando, FL

3.036%

100.0

99.8

107.5

109.9

110.2

112.0

115.1

15.1%

Tucson, AZ

1.867%

100.0

98.5

102.5

105.7

108.5

106.1

109.2

9.2%

Greensboro, NC

1.789%

100.0

100.8

104.7

104.8

103.1

105.1

110.5

10.5%

Austin, TX

1.550%

100.0

101.1

109.1

111.0

110.0

114.7

120.1

20.1%

San Antonio, TX

1.490%

100.0

99.1

100.4

100.1

100.7

104.6

107.6

7.6%

Total / weighted average

100.0%

15.9%

(1)��������� HPA Index reflects the House Price Index of the Federal Housing Finance Agency (�FHFA�), known as the Quarterly Purchase-Only Index, specifically the non-seasonally adjusted �Purchase-Only Index� for the �100 Largest Metropolitan Statistical Areas.� Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20th�day of the second month following quarter-end. Accordingly, information in the above table has been presented through June�30, 2014, as the third quarter 2014 Quarterly Purchase-Only Index will not be available until approximately the week of November�20, 2014.

(2)��������� Relative weighting of top 20 markets based on properties as of September�30, 2013, consistent with relative weighting used for purposes of computing the �HPA Factor� for our 5% Series�A participating preferred shares, 5% Series�B participating preferred shares and 5.5% Series�C participating preferred shares as described in the prospectuses for those securities.

(3)��������� For the illustrative purposes of this table, the HPA Index has been indexed as of December�31, 2012 and, as such, a baseline index value of 100.0 has been assigned to each market as of such date.� The HPA Index values with respect to the other periods presented are relative measures calculated in relation to the baseline index value.

(4)��������� Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington Metropolitan Divisions, with each division being given equal weighting for purposes of determining the HPA Index.

12



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Leasing Experience

The table below summarizes our leasing experience through September�30, 2014:

Market

Leased�(1)

Available�for
Rent�30+
Days�
(2)

Available�for
Rent�90+
Days�
(3)

30+�Days
Occupancy�%�
(4)

90+�Days
Occupancy�%�
(5)

Average�Annual
Scheduled�Rent
Per�Property

Dallas-Fort Worth, TX

2,340

2,424

2,409

96.5%

97.1%

��$

17,951

Indianapolis,�IN

2,018

2,306

2,270

87.5%

88.9%

15,372

Atlanta, GA

1,543

1,595

1,586

96.7%

97.3%

16,158

Greater Chicago area,�IL and IN

1,399

1,549

1,510

90.3%

92.6%

19,839

Cincinnati, OH

1,331

1,497

1,472

88.9%

90.4%

17,151

Houston, TX

1,319

1,401

1,382

94.1%

95.4%

18,970

Charlotte, NC

1,299

1,356

1,347

95.8%

96.4%

16,279

Tampa, FL

1,297

1,375

1,365

94.3%

95.0%

18,443

Phoenix, AZ

1,240

1,306

1,306

94.9%

94.9%

13,396

Jacksonville, FL

1,016

1,105

1,091

91.9%

93.1%

15,696

All Other (6)

10,916

11,694

11,593

93.3%

94.2%

16,878

Total / Average

25,718

27,608

27,331

93.2%

94.1%

��$

16,931

(1)��������� Includes leases on properties for which we have completed renovations and excludes leases with tenants existing at the date of acquisition (�Stabilized Properties�)

(2)��������� Available for Rent 30+ Days represents the number of properties that have been leased after we have completed renovations or are available for rent (i.e., �rent-ready�) for a period of greater than 30 days.

(3)��������� Available for Rent 90+ Days represents the number of properties that have been leased after we have completed renovations or are available for rent (i.e., �rent-ready�) for a period of greater than 90 days.

(4)��������� Occupancy percentage is computed by dividing the number of leased properties by the number of properties available for rent 30+ days from the date of completing initial renovations (i.e., occupancy percentage is net of vacancy associated with properties in turn).

(5)��������� Occupancy percentage is computed by dividing the number of leased properties by the number of properties available for rent 90+ days from the date of completing initial renovations (i.e., occupancy percentage is net of vacancy associated with properties in turn).

(6)��������� Represents 31 markets in 19 states.

13



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Acquisition, Renovation and Leasing Rates

GRAPHIC

(1)��������� �Rent Ready� includes properties for which initial construction has been completed during each quarter. Q3 2014 includes 1,338 renovated properties acquired as part of the Beazer Rental Homes portfolio.

(2)��������� �Leases Signed� includes the number of initial leases signed each quarter (includes Pre-Existing Leases). Q3 2014 includes 1,236 leased properties acquired as part of the Beazer Rental Homes portfolio.

14



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Portfolio Footprint Map

All properties in all markets are managed by AMH personnel.

GRAPHIC

15



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Lease Expirations

GRAPHIC

16



American Homes 4 Rent

Supplemental Information Package

Third Quarter 2014

Debt Maturity Schedule

(Amounts in thousands)

GRAPHIC

(1)��������� Reflects borrowings outstanding under credit facility as of September�30, 2014, which become due (based on fully extended maturity date) on September�30, 2018.

(2)��������� Reflects fully extended maturity date of June�9, 2019, which is based on an initial two-year loan term and three, 12-month extension options, at the Company�s election, provided there is no event of default and compliance with certain other terms.

17


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