# EDGAR Filing Document

**Accession Number:** 0001716558
**File Stem:** 0001562401-23-000029
**Filing Date:** 2023-2
**Character Count:** 156036
**Document Hash:** d59fb48933b51a253779cf3e3f9ad06a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562401-23-000029.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001562401-23-000029

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Homes 4 Rent
- **CENTRAL INDEX KEY:** 0001562401
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 461229660
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36013
- **FILM NUMBER:** 23660029

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PILOT ROAD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89119
- **BUSINESS PHONE:** (805) 413-5300

**MAIL ADDRESS:**
- **STREET 1:** 280 PILOT ROAD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89119
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Homes 4 Rent, L.P.
- **CENTRAL INDEX KEY:** 0001716558
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 800860173
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-221878-02
- **FILM NUMBER:** 23660030

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PILOT ROAD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89119
- **BUSINESS PHONE:** 8054135300

**MAIL ADDRESS:**
- **STREET 1:** 280 PILOT ROAD
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89119

?xml version="1.0" ? amh-20230223

**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): February 23, 2023

![amh-20230223_g1.jpg](amh-20230223_g1.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 <br>beneficial interest, $.01 par value | AMH | New York Stock Exchange |
| Series G perpetual preferred shares of <br>beneficial interest, $.01 par value | AMH-G | New York Stock Exchange |
| Series H perpetual preferred shares of <br>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 February 23, 2023, American Homes 4 Rent ("AMH") issued a press release announcing its financial results for the quarter and year ended December 31, 2022, together with a Fourth Quarter 2022 Earnings Release and Supplemental Information Package. A copy of the press release and the Fourth Quarter 2022 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—<u>[Press Release dated February 2](amh1231228kexhibit991.htm)[3](amh1231228kexhibit991.htm)[, 202](amh1231228kexhibit991.htm)[3](amh1231228kexhibit991.htm)[concerning financial results, including financial tables](amh1231228kexhibit991.htm)</u>

Exhibit 99.2—<u>[Fourth Quarter 202](amh1231228kexhibit992.htm)[2](amh1231228kexhibit992.htm)[Earnings Release and Supplemental Information Package](amh1231228kexhibit992.htm)</u>

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: February 23, 2023

---

| | |
|:---|:---|
| **AMERICAN HOMES 4 RENT** | **AMERICAN HOMES 4 RENT** |
| By: | <u>/s/ Sara H. Vogt-Lowell</u> |
|  | Sara H. Vogt-Lowell |
|  | Chief Legal Officer |

---

---

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

---

## Exhibit 99.1

**Exhibit 99.1**

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**News Release**

**AMH Reports Fourth Quarter and Full Year 2022 Financial and Operating Results<br>22% Increase in Quarterly Distribution**

**LAS VEGAS**, Feb. 23, 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 and full year ended December 31, 2022.

**<u>Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rents and other single-family property revenues increased 12.7% year-over-year to $380.9 million for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common shareholders totaled $87.5 million, or $0.25 per diluted share, for the fourth quarter of 2022, compared to $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 6.7% year-over-year to $0.40 per FFO share and unit for the fourth quarter of 2022 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 5.2% year-over-year to $0.35 per FFO share and unit for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Net Operating Income ("Core NOI") from Same-Home properties increased by 5.7% year-over-year for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved Same-Home Average Occupied Days Percentage of 97.0% in the fourth quarter of 2022, while generating 8.5% rental rate growth on new leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered a total of 701 high-quality and energy efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised common share dividend by 22% to $0.22 in the first quarter of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed to expand strategic joint venture with institutional investors advised by J.P. Morgan Asset Management, which is focused on constructing and operating newly built rental homes, up to approximately $900 million to take advantage of incremental land and development opportunities.

"We closed out 2022 with another strong year of impressive operating results and continue to experience strong demand into the start of 2023," stated David Singelyn, AMH's Chief Executive Officer. "From a bigger picture, I'm deeply proud of the accomplishments and maturation of our organization, which are embodied in our recent rebranding from American Homes 4 Rent to AMH. Our new simplified name represents a commitment to continued innovation, which has been the driving force behind our technology-focused operating platform, flexible balance sheet and one-of-a-kind internal development program. As we head into 2023, the newly rebranded AMH platform is well positioned for both resiliency during these uncertain economic times and long-term consistent value creation."

**<u>Fourth Quarter 2022 Financial Results</u>**

Net income attributable to common shareholders totaled $87.5 million, or $0.25 per diluted share, for the fourth quarter of 2022, compared to $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company's portfolio, higher rental rates and higher net gains on property sales.

Rents and other single-family property revenues increased 12.7% to $380.9 million for the fourth quarter of 2022, compared to $338.1 million for the fourth quarter of 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 55,513 homes for the fourth quarter of 2022, compared to 53,385 homes for the fourth quarter of 2021, as well as higher rental rates.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

Core NOI from our total portfolio increased 12.5% to $216.4 million for the fourth quarter of 2022, compared to $192.4 million for the fourth quarter of 2021. This growth was driven by a 13.3% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 14.9% increase in core property operating expenses primarily driven by a year-to-date true up related to 2022 property tax bills that were received in the fourth quarter for our Texas properties.

For the Company's Same-Home portfolio, core revenues increased 7.3% to $272.9 million for the fourth quarter of 2022, compared to $254.3 million for the fourth quarter of 2021, which was driven by an 8.3% increase in Average Monthly Realized Rent per property, partially offset by a 70 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 10.5% to $95.6 million for the fourth quarter of 2022, compared to $86.6 million for the fourth quarter of 2021 primarily driven by a year-to-date true up related to 2022 property tax bills that were received in the fourth quarter for our Texas properties. As a result, Core NOI from Same-Home properties increased 5.7% to $177.2 million for the fourth quarter of 2022, compared to $167.7 million for the fourth quarter of 2021.

Core FFO attributable to common share and unit holders was $160.5 million, or $0.40 per FFO share and unit, for the fourth quarter of 2022, compared to $143.9 million, or $0.37 per FFO share and unit, for the fourth quarter of 2021. Adjusted FFO attributable to common share and unit holders was $143.8 million, or $0.35 per FFO share and unit, for the fourth quarter of 2022, compared to $130.8 million, or $0.34 per FFO share and unit, for the fourth quarter of 2021. These improvements were primarily attributable to a larger number of occupied properties associated with growth in the Company's portfolio and higher rental rates.

**<u>Full Year 2022 Financial Results</u>**

Net income attributable to common shareholders totaled $250.8 million, or $0.71 per diluted share, for the year ended December 31, 2022, compared to $135.3 million, or $0.41 per diluted share, for the year ended December 31, 2021. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company's portfolio, higher rental rates and lower uncollectible rents, as well as higher net gains on property sales.

Rents and other single-family property revenues increased 14.3% to $1.5 billion for the year ended December 31, 2022, compared to $1.3 billion for the year ended December 31, 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 54,847 homes for the year ended December 31, 2022, compared to 52,542 homes for the year ended December 31, 2021, as well as higher rental rates and lower uncollectible rents.

Core NOI from our total portfolio increased 15.3% to $829.6 million for the year ended December 31, 2022, compared to $719.8 million for the year ended December 31, 2021. This growth was driven by a 14.4% increase in core revenues resulting from a larger number of occupied properties, higher rental rates and lower uncollectible rents, partially offset by a 13.0% increase in core property operating expenses.

For the Company's Same-Home portfolio, rents from single-family properties increased 7.6% to $1.1 billion for the year ended December 31, 2022, compared to $979.9 million for the year ended December 31, 2021, which was driven by an 8.0% increase in Average Monthly Realized Rent per property, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. This growth was further benefited by approximately (i) 20 basis points of contribution from higher fees and (ii) 70 basis points from lower uncollectible rents, which resulted in 8.5% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 7.4% to $370.1 million for the year ended December 31, 2022, compared to $344.5 million for the year ended December 31, 2021. As a result, Core NOI from Same-Home properties increased 9.1% to $694.6 million for the year ended December 31, 2022, compared to $636.8 million for the year ended December 31, 2021.

Core FFO attributable to common share and unit holders was $618.8 million, or $1.54 per FFO share and unit, for the year ended December 31, 2022, compared to $514.6 million, or $1.36 per FFO share and unit, for the year ended December 31,

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

2021. Adjusted FFO attributable to common share and unit holders was $550.5 million, or $1.37 per FFO share and unit, for the year ended December 31, 2022, compared to $459.1 million, or $1.22 per FFO share and unit, for the year ended December 31, 2021. These improvements were primarily attributable to a larger number of occupied properties associated with growth in the Company's portfolio, higher rental rates and lower uncollectible rents.

**<u>Portfolio</u>**

Average Occupied Days Percentage was 95.8% for the fourth quarter of 2022, compared to 95.7% for the third quarter of 2022.

**<u>Investments</u>**

As of December 31, 2022, the Company's wholly-owned portfolio consisted of 58,993 homes, compared to 58,961 homes as of September 30, 2022, an increase of 32 homes during the fourth quarter of 2022, which included 415 newly constructed homes delivered through our AMH Development Program and 74 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 457 homes sold to third parties. During the fourth quarter of 2022, we developed an additional 286 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 701 total program deliveries through our AMH Development Program. As of December 31, 2022, the Company had 1,115 properties held for sale and 2,540 properties held in unconsolidated joint ventures.

**<u>Capital Activities, Balance Sheet and Liquidity</u>**

As of December 31, 2022, the Company had cash and cash equivalents of $69.2 million and had total outstanding debt of $4.6 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 $130.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. Additionally, the Company has no debt maturities, other than recurring principal amortization, until 2024. During the fourth quarter of 2022, the Company generated $70.6 million of Retained Cash Flow (defined below) and sold 457 properties generating $128.9 million of net proceeds.

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 partially used to pay down the Company's outstanding borrowings on its revolving credit facility at that time.

**<u>Sustainability Update</u>**

During the fourth quarter of 2022, the Company continued to make great progress across its sustainability programs, including installing solar panels on three amenity centers and developing our first build to rent community with solar improvements on all homes.

**<u>Hurricane and Winter Storm Update</u>**

Hurricane Ian impacted certain properties in our Florida and Carolinas markets during the third quarter of 2022 at which time the Company recorded a $6.1 million net hurricane-related charge, consisting of the Company's insurance deductible and estimated minor repair and remediation costs on properties not subject to the Company's insurance claim. Through the end of 2022, the Company had no material changes to estimates or damages while continuing to repair homes and work through insurance settlements.

Additionally, during the fourth quarter of 2022, Winter Storm Elliott caused freeze related damages to certain properties across the Company's portfolio. These damages are expected to be covered under the Company's property and casualty insurance programs, subject to a $0.2 million deductible which was recorded as a net charge during the fourth quarter of 2022.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**<u>2023 Guidance</u>**

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.

<u>Guidance Summary</u>

---

| | | |
|:---|:---|:---|
| | | **Full Year 2023** |
| **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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core revenues growth |  | 5.00% - 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core property operating expenses growth |  | 8.75% - 10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core NOI growth |  | 3.00% - 5.00% |
|  | **Full Year 2023** | **Full Year 2023** |
| **Investment Program** | **Properties** | **Investment** |
| Wholly owned acquisitions |  |  |
| Wholly owned development deliveries | 1775 - 1925 | $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) | 1775 - 1925 | $0.8 - $1.0 billion |
| Total gross capital investment (JVs at 100%) | 2200 - 2400 | $1.0 - $1.2 billion |

---

<u>Full Year 2023 Guidance Commentary</u>

Operating Outlook:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core revenues growth reflects expectation for a continued strong demand and occupancy environment, along with moderating rental rate growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core property operating expenses growth reflects (1) expectation for continued elevated 2023 property tax growth between 8.00% and 10.00% reflecting backwards looking historically strong home price appreciation and (2) 9.50% to 11.50% growth in all other core property operating expenses, excluding property taxes, reflecting the general inflationary environment, a historically challenging property insurance market and certain investments into our industry-leading property management platform. Given the timing of the Company's 2022 property tax accruals, 2023 property tax growth is expected to be higher during the first three quarters of 2023, normalizing on a full year basis into the Company's expected guidance range.

Investment Program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's acquisition programs currently remain on hold given capital market uncertainty and potentially improving future investment opportunities. Until market conditions change, the Company's current 2023 outlook does not contemplate any material acquisition activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment program outlook contemplates continued consistent growth from the Company's internal AMH Development Program, which is expected to deliver between 2,200 to 2,400 total program deliveries during 2023.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

<u>Reconciliation of Core FFO attributable to common share and unit holders from 2022 to 2023 Guidance Midpoint</u>

---

| | |
|:---|:---|
| | **Per FFO Share <br>and Unit** |
| 2022 Core FFO attributable to common share and unit holders | $1.54 |
| Same-Home Core NOI | 0.08 |
| Non-Same-Home Core NOI <sup>(1)</sup> | 0.09 |
| Disposition program | (0.01) |
| General and administrative expense and amortization of IT software assets <sup>(2)</sup> | (0.02) |
| Financing costs (share count and interest) <sup>(3)</sup> | (0.07) |
| 2023 Core FFO attributable to common share and unit holders - Guidance Midpoint | $1.61 |
| 2023 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 4.5% |

---

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company's 2023 Same-Home portfolio, including 2022 wholly-owned property additions, and (ii) contribution from 2023 wholly-owned property additions.

(2)General and administrative expense and amortization of IT software assets increase reflects (i) general inflationary environment and (ii) investments into certain corporate initiatives and IT systems supporting our industry-leading property management platform.

(3)Financing costs (share count and interest) change primarily reflects full year impact of 2022 financing activities.

**<u>Additional Information</u>**

A copy of the Company's Fourth Quarter 2022 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com. This information has also been furnished to the SEC in a current report on Form 8-K.

**<u>Conference Call</u>**

A conference call is scheduled on Friday, February 24, 2023 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter and full year ended December 31, 2022 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, March 10, 2023 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13735808#, or by using the link at www.amh.com, under "Investor relations."

**<u>About AMH</u>**

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 Trusted Companies 2022 by Newsweek and Statista Inc., and a Top ESG Regional Performer by Sustainalytics. As of December 31, 2022, 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.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**<u>Forward-Looking Statements</u>**

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_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**AMH**

**Consolidated Balance Sheets**

***(Amounts in thousands, except share data)***

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| | (Unaudited) | |
| **Assets** |  |  |
| Single-family properties: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $2197233 | $2062039 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 10127891 | 9258387 |
| Single-family properties in operation | 12325124 | 11320426 |
| &nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (2386452) | (2072933) |
| Single-family properties in operation, net | 9938672 | 9247493 |
| &nbsp;&nbsp;&nbsp;Single-family properties under development and development land | 1187221 | 882159 |
| &nbsp;&nbsp;&nbsp;Single-family properties held for sale, net | 198716 | 114907 |
| Total real estate assets, net | 11324609 | 10244559 |
| Cash and cash equivalents | 69155 | 48198 |
| Restricted cash | 148805 | 143569 |
| Rent and other receivables | 47752 | 41587 |
| Escrow deposits, prepaid expenses and other assets | 331446 | 216625 |
| Investments in unconsolidated joint ventures | 107347 | 121950 |
| Asset-backed securitization certificates | 25666 | 25666 |
| Goodwill | 120279 | 120279 |
| Total assets | $12175059 | $10962433 |
| **Liabilities** |  |  |
| Revolving credit facility | $130000 | $350000 |
| Asset-backed securitizations, net | 1890842 | 1908346 |
| Unsecured senior notes, net | 2495156 | 1622132 |
| Accounts payable and accrued expenses | 484403 | 343526 |
| Total liabilities | 5000401 | 4224004 |
| **Commitments and contingencies** |  |  |
| **Equity** |  |  |
| Shareholders' equity: |  |  |
| Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 352,881,826 and 337,362,716 shares issued and outstanding at December 31, 2022 and 2021, respectively) | 3529 | 3374 |
| Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at December 31, 2022 and 2021) | 6 | 6 |
| Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 and 15,400,000 shares issued and outstanding at December 31, 2022 and 2021, respectively) | 92 | 154 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6931819 | 6492933 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (440791) | (438710) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1332 | 1814 |
| Total shareholders' equity | 6495987 | 6059571 |
| Noncontrolling interest | 678671 | 678858 |
| Total equity | 7174658 | 6738429 |
| Total liabilities and equity | $12175059 | $10962433 |

---

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**AMH**

**Consolidated Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>December 31,** | **For the Three Months Ended <br>December 31,** | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | (Unaudited) | (Unaudited) | (Unaudited) | |
| Rents and other single-family property revenues | $380926 | $338092 | $1490534 | $1303882 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 137113 | 120239 | 552091 | 490205 |
| &nbsp;&nbsp;&nbsp;Property management expenses | 28157 | 26188 | 112698 | 96865 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 14942 | 15799 | 68057 | 56444 |
| &nbsp;&nbsp;&nbsp;Interest expense | 36249 | 28263 | 134871 | 114893 |
| &nbsp;&nbsp;&nbsp;Acquisition and other transaction costs | 5338 | 4656 | 23452 | 15749 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| &nbsp;&nbsp;&nbsp;Hurricane-related charges, net |  |  | 6133 |  |
| Total expenses | 334642 | 292311 | 1323833 | 1147004 |
| Gain on sale and impairment of single-family properties and other, net | 57407 | 13295 | 136459 | 49696 |
| Other income and expense, net | 100 | 2247 | 6865 | 3985 |
| Net income | 103791 | 61323 | 310025 | 210559 |
| Noncontrolling interest | 12768 | 7455 | 36887 | 21467 |
| Dividends on preferred shares | 3486 | 5763 | 17081 | 37923 |
| Redemption of perpetual preferred shares |  |  | 5276 | 15879 |
| Net income attributable to common shareholders | $87537 | $48105 | $250781 | $135290 |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 353857902 | 336014151 | 349290848 | 324245168 |
| &nbsp;&nbsp;&nbsp;Diluted | 354185629 | 336600433 | 349787092 | 325518291 |
| Net income attributable to common shareholders per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.25 | $0.14 | $0.72 | $0.42 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.25 | $0.14 | $0.71 | $0.41 |

---

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**<u>Defined Terms</u>**

**Average Monthly Realized Rent**

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

**Average Occupied Days Percentage**

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.

**Occupied Property**

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

**Recurring Capital Expenditures**

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

**Same-Home Property**

A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale, identified for future 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.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**<u>Non-GAAP Financial Measures</u>**

This press release and the Fourth Quarter 2022 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 Fourth Quarter 2022 Earnings Release and Supplemental Information Package.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**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.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

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 and the years ended December 31, 2022 and 2021 (amounts in thousands, except share and per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>December 31,** | **For the Three Months Ended <br>December 31,** | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| Net income attributable to common shareholders | $87537 | $48105 | $250781 | $135290 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests in the Operating Partnership | 12768 | 7455 | 36887 | 21467 |
| &nbsp;&nbsp;&nbsp;Gain on sale and impairment of single-family properties and other, net | (57407) | (13295) | (136459) | (49696) |
| &nbsp;&nbsp;&nbsp;Adjustments for unconsolidated joint ventures | 466 | 319 | 344 | 1873 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| &nbsp;&nbsp;&nbsp;Less: depreciation and amortization of non-real estate assets | (3710) | (2864) | (13358) | (11151) |
| FFO attributable to common share and unit holders | $152497 | $136886 | $564726 | $470631 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition, other transaction costs and other | 5338 | 4656 | 23452 | 15749 |
| &nbsp;&nbsp;&nbsp;Noncash share-based compensation - general and administrative | 1966 | 1639 | 15318 | 9361 |
| &nbsp;&nbsp;&nbsp;Noncash share-based compensation - property management | 715 | 726 | 3861 | 3004 |
| &nbsp;&nbsp;&nbsp;Hurricane-related charges, net |  |  | 6133 |  |
| &nbsp;&nbsp;&nbsp;Redemption of perpetual preferred shares |  |  | 5276 | 15879 |
| Core FFO attributable to common share and unit holders | $160516 | $143907 | $618766 | $514624 |
| &nbsp;&nbsp;&nbsp;Recurring Capital Expenditures | (16020) | (12345) | (65636) | (52134) |
| &nbsp;&nbsp;&nbsp;Leasing costs | (718) | (750) | (2586) | (3422) |
| Adjusted FFO attributable to common share and unit holders | $143778 | $130812 | $550544 | $459068 |
| &nbsp;&nbsp;&nbsp;Common distributions | (73132) | (39003) | (289854) | (151062) |
| Retained Cash Flow | $70646 | $91809 | $260690 | $308006 |
| *Per FFO share and unit:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO attributable to common share and unit holders | $0.38 | $0.35 | $1.41 | $1.25 |
| &nbsp;&nbsp;&nbsp;Core FFO attributable to common share and unit holders | $0.40 | $0.37 | $1.54 | $1.36 |
| &nbsp;&nbsp;&nbsp;Adjusted FFO attributable to common share and unit holders | $0.35 | $0.34 | $1.37 | $1.22 |
| Weighted-average FFO shares and units: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding | 353857902 | 336014151 | 349290848 | 324245168 |
| &nbsp;&nbsp;&nbsp;Share-based compensation plan and forward sale equity contracts <sup>(1)</sup> | 674400 | 1017328 | 906762 | 1617640 |
| &nbsp;&nbsp;&nbsp;Operating partnership units | 51376980 | 51376980 | 51376980 | 51447939 |
| Total weighted-average FFO shares and units | 405909282 | 388408459 | 401574590 | 377310747 |

---

(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.

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

**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).

------

![amh_master-logoxv10xrgba.jpg](amh_master-logoxv10xrgba.jpg)

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 and the years ended December 31, 2022 and 2021 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>December 31,** | **For the Three Months Ended <br>December 31,** | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Core revenues and Same-Home core revenues** |  |  |  |  |
| Rents and other single-family property revenues | $380926 | $338092 | $1490534 | $1303882 |
| Tenant charge-backs | (45183) | (41772) | (202606) | (178304) |
| &nbsp;&nbsp;&nbsp;Core revenues | 335743 | 296320 | 1287928 | 1125578 |
| Less: Non-Same-Home core revenues | 62866 | 42026 | 223179 | 144316 |
| &nbsp;&nbsp;&nbsp;Same-Home core revenues | $272877 | $254294 | $1064749 | $981262 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | | |
| Property operating expenses | $137113 | $120239 | $552091 | $490205 |
| Property management expenses | 28157 | 26188 | 112698 | 96865 |
| Noncash share-based compensation - property management | (715) | (726) | (3861) | (3004) |
| Expenses reimbursed by tenant charge-backs | (45183) | (41772) | (202606) | (178304) |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 119372 | 103929 | 458322 | 405762 |
| Less: Non-Same-Home core property operating expenses | 23733 | 17375 | 88205 | 61272 |
| &nbsp;&nbsp;&nbsp;Same-Home core property operating expenses | $95639 | $86554 | $370117 | $344490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | | |
| Net income | $103791 | $61323 | $310025 | $210559 |
| Hurricane-related charges, net |  |  | 6133 |  |
| Gain on sale and impairment of single-family properties and other, net | (57407) | (13295) | (136459) | (49696) |
| Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| Acquisition and other transaction costs | 5338 | 4656 | 23452 | 15749 |
| Noncash share-based compensation - property management | 715 | 726 | 3861 | 3004 |
| Interest expense | 36249 | 28263 | 134871 | 114893 |
| General and administrative expense | 14942 | 15799 | 68057 | 56444 |
| Other income and expense, net | (100) | (2247) | (6865) | (3985) |
| &nbsp;&nbsp;&nbsp;Core NOI | 216371 | 192391 | 829606 | 719816 |
| Less: Non-Same-Home Core NOI | 39133 | 24651 | 134974 | 83044 |
| &nbsp;&nbsp;&nbsp;Same-Home Core NOI | $177238 | $167740 | $694632 | $636772 |

---

Contact:

AMH Investor Relations

Phone: (855) 794-2447

Email: <u>investors@amh.com</u>

## Exhibit 99.2

![a4q22suppreportcoverfinal-a.jpg](a4q22suppreportcoverfinal-a.jpg)

------

**AMH**

**Table of Contents**

---

| | |
|:---|:---|
| **<u>Summary</u>** | |
| &nbsp;&nbsp;[Earnings Press Release](#i87e94fccda6b4e529bf0d6993fc5d4ba_7) | [3](#i87e94fccda6b4e529bf0d6993fc5d4ba_7) |
| &nbsp;&nbsp;[Fact Sheet](#i87e94fccda6b4e529bf0d6993fc5d4ba_10) | [9](#i87e94fccda6b4e529bf0d6993fc5d4ba_10) |
| **<u>Financial Information</u>** |  |
| &nbsp;&nbsp;[Consolidated Statements of Operations](#i87e94fccda6b4e529bf0d6993fc5d4ba_13) | [10](#i87e94fccda6b4e529bf0d6993fc5d4ba_13) |
| &nbsp;&nbsp;[Funds from Operations](#i87e94fccda6b4e529bf0d6993fc5d4ba_16) | [11](#i87e94fccda6b4e529bf0d6993fc5d4ba_16) |
| &nbsp;&nbsp;[Core Net Operating Income – Total Portfolio](#i87e94fccda6b4e529bf0d6993fc5d4ba_19) | [12](#i87e94fccda6b4e529bf0d6993fc5d4ba_19) |
| &nbsp;&nbsp;[Same-Home Results](#i87e94fccda6b4e529bf0d6993fc5d4ba_22) | [13](#i87e94fccda6b4e529bf0d6993fc5d4ba_22) |
| &nbsp;&nbsp;[Consolidated Balance Sheets](#i87e94fccda6b4e529bf0d6993fc5d4ba_31) | [16](#i87e94fccda6b4e529bf0d6993fc5d4ba_31) |
| &nbsp;&nbsp;[Debt Summary](#i87e94fccda6b4e529bf0d6993fc5d4ba_34) | [17](#i87e94fccda6b4e529bf0d6993fc5d4ba_34) |
| &nbsp;&nbsp;[Capital Structure and Credit Metrics](#i87e94fccda6b4e529bf0d6993fc5d4ba_37) | [18](#i87e94fccda6b4e529bf0d6993fc5d4ba_37) |
| **<u>Property and Other Information</u>** |  |
| &nbsp;&nbsp;[Top 20 Markets Summary](#i87e94fccda6b4e529bf0d6993fc5d4ba_40) | [19](#i87e94fccda6b4e529bf0d6993fc5d4ba_40) |
| &nbsp;&nbsp;[Property Additions and Dispositions](#i87e94fccda6b4e529bf0d6993fc5d4ba_43) | [20](#i87e94fccda6b4e529bf0d6993fc5d4ba_43) |
| &nbsp;&nbsp;[AMH Development Pipeline Summary](#i87e94fccda6b4e529bf0d6993fc5d4ba_46) | [21](#i87e94fccda6b4e529bf0d6993fc5d4ba_46) |
| &nbsp;&nbsp;[Lease Expirations](#i87e94fccda6b4e529bf0d6993fc5d4ba_49)[and](#i87e94fccda6b4e529bf0d6993fc5d4ba_49)[Share Repurchase / ATM Share Issuance History](#i87e94fccda6b4e529bf0d6993fc5d4ba_49) | [22](#i87e94fccda6b4e529bf0d6993fc5d4ba_49) |
| &nbsp;&nbsp;[202](#i87e94fccda6b4e529bf0d6993fc5d4ba_52)[3](#i87e94fccda6b4e529bf0d6993fc5d4ba_52)[Guidance](#i87e94fccda6b4e529bf0d6993fc5d4ba_52) | [23](#i87e94fccda6b4e529bf0d6993fc5d4ba_52) |
| &nbsp;&nbsp;[Defined Terms and Non-GAAP Reconciliations](#i87e94fccda6b4e529bf0d6993fc5d4ba_55) | [25](#i87e94fccda6b4e529bf0d6993fc5d4ba_55) |

---

 <br> 2

------

**AMH**

**Earnings Press Release**

**AMH Reports Fourth Quarter and Full Year 2022 Financial and Operating Results<br>22% Increase in Quarterly Distribution**

**LAS VEGAS,** Feb. 23, 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 and full year ended December 31, 2022.

**<u>Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rents and other single-family property revenues increased 12.7% year-over-year to $380.9 million for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common shareholders totaled $87.5 million, or $0.25 per diluted share, for the fourth quarter of 2022, compared to $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 6.7% year-over-year to $0.40 per FFO share and unit for the fourth quarter of 2022 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 5.2% year-over-year to $0.35 per FFO share and unit for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Net Operating Income ("Core NOI") from Same-Home properties increased by 5.7% year-over-year for the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved Same-Home Average Occupied Days Percentage of 97.0% in the fourth quarter of 2022, while generating 8.5% rental rate growth on new leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered a total of 701 high-quality and energy efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised common share dividend by 22% to $0.22 in the first quarter of 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed to expand strategic joint venture with institutional investors advised by J.P. Morgan Asset Management, which is focused on constructing and operating newly built rental homes, up to approximately $900 million to take advantage of incremental land and development opportunities.

"We closed out 2022 with another strong year of impressive operating results and continue to experience strong demand into the start of 2023," stated David Singelyn, AMH's Chief Executive Officer. "From a bigger picture, I'm deeply proud of the accomplishments and maturation of our organization, which are embodied in our recent rebranding from American Homes 4 Rent to AMH. Our new simplified name represents a commitment to continued innovation, which has been the driving force behind our technology-focused operating platform, flexible balance sheet and one-of-a-kind internal development program. As we head into 2023, the newly rebranded AMH platform is well positioned for both resiliency during these uncertain economic times and long-term consistent value creation."

**<u>Fourth Quarter 2022 Financial Results</u>**

Net income attributable to common shareholders totaled $87.5 million, or $0.25 per diluted share, for the fourth quarter of 2022, compared to $48.1 million, or $0.14 per diluted share, for the fourth quarter of 2021. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company's portfolio, higher rental rates and higher net gains on property sales.

Rents and other single-family property revenues increased 12.7% to $380.9 million for the fourth quarter of 2022, compared to $338.1 million for the fourth quarter of 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 55,513 homes for the fourth quarter of 2022, compared to 53,385 homes for the fourth quarter of 2021, as well as higher rental rates.

Core NOI from our total portfolio increased 12.5% to $216.4 million for the fourth quarter of 2022, compared to $192.4 million for the fourth quarter of 2021. This growth was driven by a 13.3% increase in core revenues resulting from a larger

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 3

------

**AMH**

**Earnings Press Release (continued)**

number of occupied properties and higher rental rates, partially offset by a 14.9% increase in core property operating expenses primarily driven by a year-to-date true up related to 2022 property tax bills that were received in the fourth quarter for our Texas properties.

For the Company's Same-Home portfolio, core revenues increased 7.3% to $272.9 million for the fourth quarter of 2022, compared to $254.3 million for the fourth quarter of 2021, which was driven by an 8.3% increase in Average Monthly Realized Rent per property, partially offset by a 70 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 10.5% to $95.6 million for the fourth quarter of 2022, compared to $86.6 million for the fourth quarter of 2021 primarily driven by a year-to-date true up related to 2022 property tax bills that were received in the fourth quarter for our Texas properties. As a result, Core NOI from Same-Home properties increased 5.7% to $177.2 million for the fourth quarter of 2022, compared to $167.7 million for the fourth quarter of 2021.

Core FFO attributable to common share and unit holders was $160.5 million, or $0.40 per FFO share and unit, for the fourth quarter of 2022, compared to $143.9 million, or $0.37 per FFO share and unit, for the fourth quarter of 2021. Adjusted FFO attributable to common share and unit holders was $143.8 million, or $0.35 per FFO share and unit, for the fourth quarter of 2022, compared to $130.8 million, or $0.34 per FFO share and unit, for the fourth quarter of 2021. These improvements were primarily attributable to a larger number of occupied properties associated with growth in the Company's portfolio and higher rental rates.

**<u>Full Year 2022 Financial Results</u>**

Net income attributable to common shareholders totaled $250.8 million, or $0.71 per diluted share, for the year ended December 31, 2022, compared to $135.3 million, or $0.41 per diluted share, for the year ended December 31, 2021. This increase was primarily due to a larger number of occupied properties resulting from growth in the Company's portfolio, higher rental rates and lower uncollectible rents, as well as higher net gains on property sales.

Rents and other single-family property revenues increased 14.3% to $1.5 billion for the year ended December 31, 2022, compared to $1.3 billion for the year ended December 31, 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 54,847 homes for the year ended December 31, 2022, compared to 52,542 homes for the year ended December 31, 2021, as well as higher rental rates and lower uncollectible rents.

Core NOI from our total portfolio increased 15.3% to $829.6 million for the year ended December 31, 2022, compared to $719.8 million for the year ended December 31, 2021. This growth was driven by a 14.4% increase in core revenues resulting from a larger number of occupied properties, higher rental rates and lower uncollectible rents, partially offset by a 13.0% increase in core property operating expenses.

For the Company's Same-Home portfolio, rents from single-family properties increased 7.6% to $1.1 billion for the year ended December 31, 2022, compared to $979.9 million for the year ended December 31, 2021, which was driven by an 8.0% increase in Average Monthly Realized Rent per property, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. This growth was further benefited by approximately (i) 20 basis points of contribution from higher fees and (ii) 70 basis points from lower uncollectible rents, which resulted in 8.5% growth in core revenues from Same-Home properties. Core property operating expenses from Same-Home properties increased 7.4% to $370.1 million for the year ended December 31, 2022, compared to $344.5 million for the year ended December 31, 2021. As a result, Core NOI from Same-Home properties increased 9.1% to $694.6 million for the year ended December 31, 2022, compared to $636.8 million for the year ended December 31, 2021.

Core FFO attributable to common share and unit holders was $618.8 million, or $1.54 per FFO share and unit, for the year ended December 31, 2022, compared to $514.6 million, or $1.36 per FFO share and unit, for the year ended December 31, 2021. Adjusted FFO attributable to common share and unit holders was $550.5 million, or $1.37 per FFO share and unit, for

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 4

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**AMH**

**Earnings Press Release (continued)**

the year ended December 31, 2022, compared to $459.1 million, or $1.22 per FFO share and unit, for the year ended December 31, 2021. These improvements were primarily attributable to a larger number of occupied properties associated with growth in the Company's portfolio, higher rental rates and lower uncollectible rents.

**<u>Portfolio</u>**

Average Occupied Days Percentage was 95.8% for the fourth quarter of 2022, compared to 95.7% for the third quarter of 2022.

**<u>Investments</u>**

As of December 31, 2022, the Company's wholly-owned portfolio consisted of 58,993 homes, compared to 58,961 homes as of September 30, 2022, an increase of 32 homes during the fourth quarter of 2022, which included 415 newly constructed homes delivered through our AMH Development Program and 74 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 457 homes sold to third parties. During the fourth quarter of 2022, we developed an additional 286 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 701 total program deliveries through our AMH Development Program. As of December 31, 2022, the Company had 1,115 properties held for sale and 2,540 properties held in unconsolidated joint ventures.

**<u>Capital Activities, Balance Sheet and Liquidity</u>**

As of December 31, 2022, the Company had cash and cash equivalents of $69.2 million and had total outstanding debt of $4.6 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 $130.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. Additionally, the Company has no debt maturities, other than recurring principal amortization, until 2024. During the fourth quarter of 2022, the Company generated $70.6 million of Retained Cash Flow and sold 457 properties generating $128.9 million of net proceeds.

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 partially used to pay down the Company's outstanding borrowings on its revolving credit facility at that time.

**<u>Sustainability Update</u>**

During the fourth quarter of 2022, the Company continued to make great progress across its sustainability programs, including installing solar panels on three amenity centers and developing our first build to rent community with solar improvements on all homes.

**<u>Hurricane and Winter Storm Update</u>**

Hurricane Ian impacted certain properties in our Florida and Carolinas markets during the third quarter of 2022 at which time the Company recorded a $6.1 million net hurricane-related charge, consisting of the Company's insurance deductible and estimated minor repair and remediation costs on properties not subject to the Company's insurance claim. Through the end of 2022, the Company had no material changes to estimates or damages while continuing to repair homes and work through insurance settlements.

Additionally, during the fourth quarter of 2022, Winter Storm Elliott caused freeze related damages to certain properties across the Company's portfolio. These damages are expected to be covered under the Company's property and casualty insurance programs, subject to a $0.2 million deductible which was recorded as a net charge during the fourth quarter of 2022.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 5

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**AMH**

**Earnings Press Release (continued)**

**<u>2023 Guidance</u>**

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.

<u>Guidance Summary</u>

---

| | | |
|:---|:---|:---|
| | | **Full Year 2023** |
| **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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core revenues growth |  | 5.00% - 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core property operating expenses growth |  | 8.75% - 10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core NOI growth |  | 3.00% - 5.00% |
|  | **Full Year 2023** | **Full Year 2023** |
| **Investment Program** | **Properties** | **Investment** |
| Wholly owned acquisitions |  |  |
| Wholly owned development deliveries | 1775 - 1925 | $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) | 1775 - 1925 | $0.8 - $1.0 billion |
| Total gross capital investment (JVs at 100%) | 2200 - 2400 | $1.0 - $1.2 billion |

---

<u>Full Year 2023 Guidance Commentary</u>

Operating Outlook:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core revenues growth reflects expectation for a continued strong demand and occupancy environment, along with moderating rental rate growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core property operating expenses growth reflects (1) expectation for continued elevated 2023 property tax growth between 8.00% and 10.00% reflecting backwards looking historically strong home price appreciation and (2) 9.50% to 11.50% growth in all other core property operating expenses, excluding property taxes, reflecting the general inflationary environment, a historically challenging property insurance market and certain investments into our industry-leading property management platform. Given the timing of the Company's 2022 property tax accruals, 2023 property tax growth is expected to be higher during the first three quarters of 2023, normalizing on a full year basis into the Company's expected guidance range.

Investment Program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's acquisition programs currently remain on hold given capital market uncertainty and potentially improving future investment opportunities. Until market conditions change, the Company's current 2023 outlook does not contemplate any material acquisition activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment program outlook contemplates continued consistent growth from the Company's internal AMH Development Program, which is expected to deliver between 2,200 to 2,400 total program deliveries during 2023.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 6

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**AMH**

**Earnings Press Release (continued)**

<u>Reconciliation of Core FFO attributable to common share and unit holders from 2022 to 2023 Guidance Midpoint</u>

---

| | |
|:---|:---|
| | **Per FFO Share <br>and Unit** |
| 2022 Core FFO attributable to common share and unit holders | $1.54 |
| Same-Home Core NOI | 0.08 |
| Non-Same-Home Core NOI <sup>(1)</sup> | 0.09 |
| Disposition program | (0.01) |
| General and administrative expense and amortization of IT software assets <sup>(2)</sup> | (0.02) |
| Financing costs (share count and interest) <sup>(3)</sup> | (0.07) |
| 2023 Core FFO attributable to common share and unit holders - Guidance Midpoint | $1.61 |
| 2023 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 4.5% |

---

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company's 2023 Same-Home portfolio, including 2022 wholly-owned property additions, and (ii) contribution from 2023 wholly-owned property additions.

(2)General and administrative expense and amortization of IT software assets increase reflects (i) general inflationary environment and (ii) investments into certain corporate initiatives and IT systems supporting our industry-leading property management platform.

(3)Financing costs (share count and interest) change primarily reflects full year impact of 2022 financing activities.

**<u>Additional Information</u>**

A copy of the Company's Fourth Quarter 2022 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com. This information has also been furnished to the SEC in a current report on Form 8-K.

**<u>Conference Call</u>**

A conference call is scheduled on Friday, February 24, 2023 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter and full year ended December 31, 2022 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, March 10, 2023 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13735808#, or by using the link at www.amh.com, under "Investor relations."

**<u>About AMH</u>**

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 Trusted Companies 2022 by Newsweek and Statista Inc., and a Top ESG Regional Performer by Sustainalytics. As of December 31, 2022, 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.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 7

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**AMH**

**Earnings Press Release (continued)**

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.

**<u>Forward-Looking Statements</u>**

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.

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

------

**AMH**

**Fact Sheet**

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

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Operating Data** |  |  |  |  |
| Net income attributable to common shareholders | $87537 | $48105 | $250781 | $135290 |
| Core revenues | $335743 | $296320 | $1287928 | $1125578 |
| Core NOI | $216371 | $192391 | $829606 | $719816 |
| Core NOI margin | 64.4% | 64.9% | 64.4% | 64.0% |
| Fully Adjusted EBITDAre | $187223 | $167702 | $715854 | $623035 |
| Fully Adjusted EBITDAre Margin | 55.2% | 56.0% | 55.0% | 54.8% |
| *Per FFO share and unit:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO attributable to common share and unit holders | $0.38 | $0.35 | $1.41 | $1.25 |
| &nbsp;&nbsp;&nbsp;Core FFO attributable to common share and unit holders | $0.40 | $0.37 | $1.54 | $1.36 |
| &nbsp;&nbsp;&nbsp;Adjusted FFO attributable to common share and unit holders | $0.35 | $0.34 | $1.37 | $1.22 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31, <br>2022** | **Sep 30, <br>2022** | **Jun 30, <br>2022** | **Mar 31, <br>2022** | **Dec 31, <br>2021** |
| **Selected Balance Sheet Information - end of period** | | | | | |
| Single-family properties in operation, net | $9938672 | $9905410 | $9837281 | $9558186 | $9247493 |
| Total assets | $12175059 | $12098842 | $11854752 | $11441385 | $10962433 |
| Outstanding borrowings under revolving credit facility | $130000 | $— | $— | $410000 | $350000 |
| Total Debt | $4581628 | $4457326 | $4462933 | $3978305 | $3924181 |
| Total Capitalization | $17015130 | $17969520 | $18858604 | $20361492 | $21289815 |
| Total Debt to Total Capitalization | 26.9% | 24.8% | 23.7% | 19.5% | 18.4% |
| Net Debt and Preferred Shares to Adjusted EBITDAre | 6.0 x | 5.9 x | 6.2 x | 6.0 x | 6.2 x |
| NYSE AMH Class A common share closing price | $30.14 | $32.81 | $35.44 | $40.03 | $43.61 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Data - end of period** | | | | | |
| Occupied single-family properties | 55605 | 55421 | 55220 | 54352 | 53637 |
| Single-family properties leased, not yet occupied | 243 | 374 | 595 | 481 | 350 |
| Single-family properties in turnover process | 1554 | 1577 | 1077 | 1054 | 1063 |
| Single-family properties recently renovated or developed | 464 | 383 | 385 | 378 | 364 |
| Single-family properties newly acquired and under renovation | 12 | 149 | 483 | 864 | 951 |
| &nbsp;&nbsp;&nbsp;Total single-family properties, excluding properties held for sale | 57878 | 57904 | 57760 | 57129 | 56365 |
| Single-family properties held for sale | 1115 | 1057 | 955 | 855 | 659 |
| &nbsp;&nbsp;&nbsp;Total single-family properties wholly owned | 58993 | 58961 | 58715 | 57984 | 57024 |
| Single-family properties managed under joint ventures | 2540 | 2271 | 2046 | 1849 | 1942 |
| &nbsp;&nbsp;&nbsp;Total single-family properties wholly owned and managed | 61533 | 61232 | 60761 | 59833 | 58966 |
| Total Average Occupied Days Percentage <sup>(1)</sup> | 95.8% | 95.7% | 96.0% | 96.2% | 96.7% |
| Same-Home Average Occupied Days Percentage (47,068 properties) | 97.0% | 97.1% | 97.4% | 97.5% | 97.7% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Data** | | | | |
| Distributions declared per common share | $0.18 | $0.18 | $0.18 | $0.10 |
| Distributions declared per Series F perpetual preferred share <sup>(2)</sup> | $— | $0.14 | $0.37 | $0.37 |
| Distributions declared per Series G perpetual preferred share | $0.37 | $0.37 | $0.37 | $0.37 |
| Distributions declared per Series H perpetual preferred share | $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.

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

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**AMH**

**Consolidated Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| | (Unaudited) | (Unaudited) | (Unaudited) | |
| Rents and other single-family property revenues | $380926 | $338092 | $1490534 | $1303882 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating expenses | 137113 | 120239 | 552091 | 490205 |
| &nbsp;&nbsp;&nbsp;Property management expenses | 28157 | 26188 | 112698 | 96865 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 14942 | 15799 | 68057 | 56444 |
| &nbsp;&nbsp;&nbsp;Interest expense | 36249 | 28263 | 134871 | 114893 |
| &nbsp;&nbsp;&nbsp;Acquisition and other transaction costs | 5338 | 4656 | 23452 | 15749 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| &nbsp;&nbsp;&nbsp;Hurricane-related charges, net |  |  | 6133 |  |
| Total expenses | 334642 | 292311 | 1323833 | 1147004 |
| Gain on sale and impairment of single-family properties and other, net | 57407 | 13295 | 136459 | 49696 |
| Other income and expense, net | 100 | 2247 | 6865 | 3985 |
| Net income | 103791 | 61323 | 310025 | 210559 |
| Noncontrolling interest | 12768 | 7455 | 36887 | 21467 |
| Dividends on preferred shares | 3486 | 5763 | 17081 | 37923 |
| Redemption of perpetual preferred shares |  |  | 5276 | 15879 |
| Net income attributable to common shareholders | $87537 | $48105 | $250781 | $135290 |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 353857902 | 336014151 | 349290848 | 324245168 |
| &nbsp;&nbsp;&nbsp;Diluted | 354185629 | 336600433 | 349787092 | 325518291 |
| Net income attributable to common shareholders per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.25 | $0.14 | $0.72 | $0.42 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.25 | $0.14 | $0.71 | $0.41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

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**AMH**

**Funds from Operations**

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

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income attributable to common shareholders | $87537 | $48105 | $250781 | $135290 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests in the Operating Partnership | 12768 | 7455 | 36887 | 21467 |
| &nbsp;&nbsp;&nbsp;Gain on sale and impairment of single-family properties and other, net | (57407) | (13295) | (136459) | (49696) |
| &nbsp;&nbsp;&nbsp;Adjustments for unconsolidated joint ventures | 466 | 319 | 344 | 1873 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| &nbsp;&nbsp;&nbsp;Less: depreciation and amortization of non-real estate assets | (3710) | (2864) | (13358) | (11151) |
| FFO attributable to common share and unit holders | $152497 | $136886 | $564726 | $470631 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition, other transaction costs and other | 5338 | 4656 | 23452 | 15749 |
| &nbsp;&nbsp;&nbsp;Noncash share-based compensation - general and administrative | 1966 | 1639 | 15318 | 9361 |
| &nbsp;&nbsp;&nbsp;Noncash share-based compensation - property management | 715 | 726 | 3861 | 3004 |
| &nbsp;&nbsp;&nbsp;Hurricane-related charges, net |  |  | 6133 |  |
| &nbsp;&nbsp;&nbsp;Redemption of perpetual preferred shares |  |  | 5276 | 15879 |
| Core FFO attributable to common share and unit holders | $160516 | $143907 | $618766 | $514624 |
| &nbsp;&nbsp;&nbsp;Recurring Capital Expenditures | (16020) | (12345) | (65636) | (52134) |
| &nbsp;&nbsp;&nbsp;Leasing costs | (718) | (750) | (2586) | (3422) |
| Adjusted FFO attributable to common share and unit holders | $143778 | $130812 | $550544 | $459068 |
| *Per FFO share and unit:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FFO attributable to common share and unit holders | $0.38 | $0.35 | $1.41 | $1.25 |
| &nbsp;&nbsp;&nbsp;Core FFO attributable to common share and unit holders | $0.40 | $0.37 | $1.54 | $1.36 |
| &nbsp;&nbsp;&nbsp;Adjusted FFO attributable to common share and unit holders | $0.35 | $0.34 | $1.37 | $1.22 |
| Weighted-average FFO shares and units: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding | 353857902 | 336014151 | 349290848 | 324245168 |
| &nbsp;&nbsp;&nbsp;Share-based compensation plan and forward sale equity contracts <sup>(1)</sup> | 674400 | 1017328 | 906762 | 1617640 |
| &nbsp;&nbsp;&nbsp;Operating partnership units | 51376980 | 51376980 | 51376980 | 51447939 |
| Total weighted-average FFO shares and units | 405909282 | 388408459 | 401574590 | 377310747 |

---

(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.

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

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**AMH**

**Core Net Operating Income – Total Portfolio**

***(Amounts in thousands)***

***(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Rents from single-family properties | $333802 | $294528 | $1276992 | $1126408 |
| Fees from single-family properties | 6980 | 5904 | 26988 | 22560 |
| Bad debt | (5039) | (4112) | (16052) | (23390) |
| &nbsp;&nbsp;&nbsp;Core revenues | 335743 | 296320 | 1287928 | 1125578 |
| Property tax expense | 60293 | 47780 | 217584 | 190992 |
| HOA fees, net <sup>(1)</sup> | 6060 | 5757 | 23949 | 21580 |
| R&M and turnover costs, net <sup>(1)</sup> | 23877 | 23242 | 100213 | 91156 |
| Insurance | 3605 | 3031 | 14094 | 11748 |
| Property management expenses, net <sup>(2)</sup> | 25537 | 24119 | 102482 | 90286 |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 119372 | 103929 | 458322 | 405762 |
| Core NOI | $216371 | $192391 | $829606 | $719816 |
| Core NOI margin | 64.4% | 64.9% | 64.4% | 64.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31, 2022** | **For the Three Months Ended <br>Dec 31, 2022** | **For the Three Months Ended <br>Dec 31, 2022** | **For the Three Months Ended <br>Dec 31, 2022** | **For the Three Months Ended <br>Dec 31, 2022** |
| | **Same-Home Properties** | **Stabilized<br>Properties** | **Non-Stabilized**<br>**Properties** <sup>(3)</sup> | **Held for Sale and Other Properties** <sup>(4)</sup> | **Total <br>Single-Family <br>Properties Wholly Owned** |
| Property count | 47068 | 7713 | 3085 | 1127 | 58993 |
| Average Occupied Days Percentage | 97.0% | 96.4% | 73.0% | 43.4% | 94.8% |
| Rents from single-family properties | $271095 | $48131 | $11661 | $2915 | $333802 |
| Fees from single-family properties | 5493 | 969 | 394 | 124 | 6980 |
| Bad debt | (3711) | (601) | (195) | (532) | (5039) |
| &nbsp;&nbsp;&nbsp;Core revenues | 272877 | 48499 | 11860 | 2507 | 335743 |
| Property tax expense | 49475 | 7404 | 2368 | 1046 | 60293 |
| HOA fees, net <sup>(1)</sup> | 4849 | 779 | 235 | 197 | 6060 |
| R&M and turnover costs, net <sup>(1)</sup> | 18670 | 2508 | 1751 | 948 | 23877 |
| Insurance | 2934 | 481 | 145 | 45 | 3605 |
| Property management expenses, net <sup>(2)</sup> | 19711 | 3490 | 1993 | 343 | 25537 |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 95639 | 14662 | 6492 | 2579 | 119372 |
| Core NOI | $177238 | $33837 | $5368 | $(72) | $216371 |
| Core NOI margin | 65.0% | 69.8% | 45.3% | (2.9)% | 64.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(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 1,259 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,826 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.

(4)Includes 1,115 properties held for sale and 12 single-family properties newly acquired and under renovation that are not yet placed into service. Average Occupied Days Percentage is calculated based only on properties held for sale.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 12

------

**AMH**

**Same-Home Results – Quarterly and Full Year Comparisons**

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

***(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | |
| | **2022** | **2021** |<br>**Change** | **2022** | **2021** |<br>**Change** |
| Number of Same-Home properties | 47068 | 47068 |  | 47068 | 47068 |  |
| Average Occupied Days Percentage | 97.0% | 97.7% | (0.7)% | 97.3% | 97.6% | (0.3)% |
| Average Monthly Realized Rent per property | $1979 | $1827 | 8.3% | $1920 | $1777 | 8.0% |
| Turnover Rate | 5.9% | 5.9% | —% | 27.7% | 29.6% | (1.9)% |
| **Core NOI:** |  |  |  |  |  |  |
| Rents from single-family properties | $271095 | $252238 | 7.5% | $1054675 | $979896 | 7.6% |
| Fees from single-family properties | 5493 | 4844 | 13.4% | 21214 | 18829 | 12.7% |
| Bad debt | (3711) | (2788) | 33.1% | (11140) | (17463) | (36.2)% |
| &nbsp;&nbsp;&nbsp;Core revenues | 272877 | 254294 | 7.3% | 1064749 | 981262 | 8.5% |
| Property tax expense | 49475 | 40963 | 20.8% | 179726 | 165135 | 8.8% |
| HOA fees, net <sup>(1)</sup> | 4849 | 4862 | (0.3)% | 19409 | 18445 | 5.2% |
| R&M and turnover costs, net <sup>(1)</sup> | 18670 | 18766 | (0.5)% | 79560 | 75808 | 4.9% |
| Insurance | 2934 | 2543 | 15.4% | 11571 | 10058 | 15.0% |
| Property management expenses, net <sup>(2)</sup> | 19711 | 19420 | 1.5% | 79851 | 75044 | 6.4% |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 95639 | 86554 | 10.5% | 370117 | 344490 | 7.4% |
| Core NOI | $177238 | $167740 | 5.7% | $694632 | $636772 | 9.1% |
| Core NOI margin | 65.0% | 66.0% |  | 65.2% | 64.9% |  |
| **Selected Property Expenditure Details:** |  |  |  |  |  |  |
| Recurring Capital Expenditures | $13327 | $10346 | 28.8% | $55054 | $44026 | 25.0% |
| *Per property:* |  |  |  |  |  |  |
| Average Recurring Capital Expenditures | $283 | $220 | 28.8% | $1170 | $935 | 25.0% |
| Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $680 | $619 | 9.9% | $2860 | $2546 | 12.3% |
| Property Enhancing Capex | $13075 | $12397 |  | $56396 | $51805 |  |

---

(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.

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

------

**AMH**

**Same-Home Results – Sequential Quarterly Results**

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

***(Unaudited)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **Dec 31, <br>2022** | **Sep 30, <br>2022** | **Jun 30, <br>2022** | **Mar 31, <br>2022** | **Dec 31, <br>2021** |
| Average Occupied Days Percentage | 97.0% | 97.1% | 97.4% | 97.5% | 97.7% |
| Average Monthly Realized Rent per property | $1979 | $1944 | $1901 | $1856 | $1827 |
| Average Change in Rent for Renewals | 7.9% | 8.3% | 7.4% | 7.5% | 6.7% |
| Average Change in Rent for Re-Leases | 8.5% | 12.5% | 14.2% | 12.3% | 12.2% |
| Average Blended Change in Rent | 8.1% | 9.5% | 9.3% | 8.8% | 8.7% |
| **Core NOI:** |  |  |  |  |  |
| Rents from single-family properties | $271095 | $266664 | $261451 | $255465 | $252238 |
| Fees from single-family properties | 5493 | 5559 | 5326 | 4836 | 4844 |
| Bad debt | (3711) | (2664) | (2100) | (2665) | (2788) |
| &nbsp;&nbsp;&nbsp;Core revenues | 272877 | 269559 | 264677 | 257636 | 254294 |
| Property tax expense | 49475 | 43456 | 43692 | 43103 | 40963 |
| HOA fees, net <sup>(1)</sup> | 4849 | 5038 | 4980 | 4542 | 4862 |
| R&M and turnover costs, net <sup>(1)</sup> | 18670 | 22910 | 20687 | 17293 | 18766 |
| Insurance | 2934 | 2932 | 2907 | 2798 | 2543 |
| Property management expenses, net <sup>(2)</sup> | 19711 | 20951 | 20609 | 18580 | 19420 |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 95639 | 95287 | 92875 | 86316 | 86554 |
| Core NOI | $177238 | $174272 | $171802 | $171320 | $167740 |
| Core NOI margin | 65.0% | 64.7% | 64.9% | 66.5% | 66.0% |
| **Selected Property Expenditure Details:** |  |  |  |  |  |
| Recurring Capital Expenditures | $13327 | $18708 | $13493 | $9526 | $10346 |
| *Per property:* |  |  |  |  |  |
| Average Recurring Capital Expenditures | $283 | $397 | $287 | $203 | $220 |
| Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $680 | $884 | $726 | $570 | $619 |
| Property Enhancing Capex | $13075 | $16633 | $16221 | $10467 | $12397 |

---

(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.

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

------

**AMH**

**Same-Home Results – Operating Metrics by Market**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Properties** | **Gross Book Value per Property** | **% of <br>4Q22 NOI** | **Avg. Change in Rent for Renewals** <sup>(1)</sup> | **Avg. Change in Rent for Re-Leases** <sup>(1)</sup> | **Avg. Blended Change in** <br>**Rent** <sup>(1)</sup> |
| Atlanta, GA | 4239 | $189507 | 9.0% | 8.9% | 11.6% | 9.7% |
| Dallas-Fort Worth, TX | 3803 | 170859 | 5.9% | 7.1% | 8.4% | 7.4% |
| Charlotte, NC | 3509 | 202618 | 8.1% | 7.8% | 8.9% | 8.2% |
| Indianapolis, IN | 2631 | 160324 | 4.5% | 6.4% | 4.3% | 5.5% |
| Phoenix, AZ | 2623 | 183095 | 6.4% | 9.6% | 8.9% | 9.4% |
| Nashville, TN | 2581 | 223624 | 6.9% | 8.6% | 9.8% | 9.0% |
| Houston, TX | 2224 | 171219 | 2.9% | 5.3% | 6.3% | 5.5% |
| Tampa, FL | 2289 | 204920 | 4.9% | 9.2% | 13.3% | 10.5% |
| Jacksonville, FL | 2231 | 182989 | 4.5% | 9.2% | 7.0% | 8.4% |
| Columbus, OH | 1929 | 178961 | 4.3% | 7.3% | 6.5% | 7.0% |
| Raleigh, NC | 1920 | 190842 | 4.2% | 8.3% | 11.1% | 9.1% |
| Cincinnati, OH | 1866 | 181338 | 4.1% | 7.6% | 5.8% | 6.9% |
| Greater Chicago area, IL and IN | 1560 | 188358 | 3.4% | 7.3% | 7.5% | 7.4% |
| Orlando, FL | 1530 | 188412 | 3.2% | 8.9% | 12.6% | 9.9% |
| Salt Lake City, UT | 1463 | 263266 | 4.1% | 9.4% | 5.8% | 8.3% |
| Charleston, SC | 1151 | 206874 | 2.6% | 7.0% | 8.6% | 7.6% |
| San Antonio, TX | 967 | 172599 | 1.4% | 5.9% | 4.9% | 5.6% |
| Las Vegas, NV | 954 | 186899 | 2.1% | 7.9% | 7.3% | 7.7% |
| Savannah/Hilton Head, SC | 887 | 186493 | 2.0% | 7.8% | 12.1% | 9.3% |
| Seattle, WA | 807 | 283369 | 2.2% | 7.1% | 8.8% | 7.6% |
| All Other <sup>(2)</sup> | 5904 | 197339 | 13.3% | 7.8% | 8.3% | 8.0% |
| &nbsp;&nbsp;&nbsp;Total/Average | 47068 | $192513 | 100.0% | 7.9% | 8.5% | 8.1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Average Occupied Days Percentage** | **Average Occupied Days Percentage** | **Average Occupied Days Percentage** | **Average Monthly Realized Rent per Property** | **Average Monthly Realized Rent per Property** | **Average Monthly Realized Rent per Property** |
| | **4Q22 QTD** | **4Q21 QTD** | **Change** | **4Q22 QTD** | **4Q21 QTD** | **Change** |
| Atlanta, GA | 97.5% | 97.1% | 0.4% | $1988 | $1820 | 9.2% |
| Dallas-Fort Worth, TX | 97.4% | 97.9% | (0.5)% | 2067 | 1926 | 7.3% |
| Charlotte, NC | 97.2% | 97.8% | (0.6)% | 1922 | 1792 | 7.3% |
| Indianapolis, IN | 95.9% | 96.7% | (0.8)% | 1703 | 1601 | 6.4% |
| Phoenix, AZ | 96.9% | 98.3% | (1.4)% | 1930 | 1729 | 11.6% |
| Nashville, TN | 97.1% | 98.2% | (1.1)% | 2094 | 1918 | 9.2% |
| Houston, TX | 97.9% | 97.9% | —% | 1881 | 1774 | 6.0% |
| Tampa, FL | 97.6% | 98.8% | (1.2)% | 2098 | 1890 | 11.0% |
| Jacksonville, FL | 96.6% | 98.3% | (1.7)% | 1942 | 1773 | 9.5% |
| Columbus, OH | 96.7% | 96.6% | 0.1% | 1955 | 1831 | 6.8% |
| Raleigh, NC | 97.0% | 97.2% | (0.2)% | 1822 | 1697 | 7.4% |
| Cincinnati, OH | 96.4% | 97.6% | (1.2)% | 1908 | 1800 | 6.0% |
| Greater Chicago area, IL and IN | 98.0% | 97.8% | 0.2% | 2200 | 2055 | 7.1% |
| Orlando, FL | 97.0% | 98.7% | (1.7)% | 2049 | 1858 | 10.3% |
| Salt Lake City, UT | 96.9% | 97.8% | (0.9)% | 2182 | 2007 | 8.7% |
| Charleston, SC | 97.4% | 96.0% | 1.4% | 2041 | 1909 | 6.9% |
| San Antonio, TX | 95.8% | 96.9% | (1.1)% | 1814 | 1709 | 6.1% |
| Las Vegas, NV | 97.2% | 98.6% | (1.4)% | 1969 | 1806 | 9.0% |
| Savannah/Hilton Head, SC | 97.9% | 97.8% | 0.1% | 1918 | 1753 | 9.4% |
| Seattle, WA | 95.5% | 97.9% | (2.4)% | 2458 | 2233 | 10.1% |
| All Other <sup>(2)</sup> | 96.6% | 97.7% | (1.1)% | 1962 | 1817 | 8.0% |
| &nbsp;&nbsp;&nbsp;Total/Average | 97.0% | 97.7% | (0.7)% | $1979 | $1827 | 8.3% |

---

(1)Reflected for the three months ended December 31, 2022.

(2)Represents 15 markets in 13 states.

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

------

**AMH**

**Consolidated Balance Sheets**

***(Amounts in thousands)***

---

| | | |
|:---|:---|:---|
| | **Dec 31, 2022** | **Dec 31, 2021** |
| | (Unaudited) | |
| **Assets** |  |  |
| Single-family properties: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $2197233 | $2062039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 10127891 | 9258387 |
| Single-family properties in operation | 12325124 | 11320426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation | (2386452) | (2072933) |
| Single-family properties in operation, net | 9938672 | 9247493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-family properties under development and development land | 1187221 | 882159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Single-family properties held for sale, net | 198716 | 114907 |
| Total real estate assets, net | 11324609 | 10244559 |
| Cash and cash equivalents | 69155 | 48198 |
| Restricted cash | 148805 | 143569 |
| Rent and other receivables | 47752 | 41587 |
| Escrow deposits, prepaid expenses and other assets | 331446 | 216625 |
| Investments in unconsolidated joint ventures | 107347 | 121950 |
| Asset-backed securitization certificates | 25666 | 25666 |
| Goodwill | 120279 | 120279 |
| Total assets | $12175059 | $10962433 |
| **Liabilities** |  |  |
| Revolving credit facility | $130000 | $350000 |
| Asset-backed securitizations, net | 1890842 | 1908346 |
| Unsecured senior notes, net | 2495156 | 1622132 |
| Accounts payable and accrued expenses | 484403 | 343526 |
| Total liabilities | 5000401 | 4224004 |
| **Commitments and contingencies** |  |  |
| **Equity** |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common shares | 3529 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common shares | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred shares | 92 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6931819 | 6492933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (440791) | (438710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1332 | 1814 |
| Total shareholders' equity | 6495987 | 6059571 |
| Noncontrolling interest | 678671 | 678858 |
| Total equity | 7174658 | 6738429 |
| Total liabilities and equity | $12175059 | $10962433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**AMH**

**Debt Summary as of December 31, 2022** 

***(Amounts in thousands)***

***(Unaudited)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Secured** | **Unsecured** | **Total Balance** | **% of Total** | **Interest Rate** <sup>(1)</sup> | **Years to Maturity** <sup>(2)</sup> |
| Floating rate debt: |  |  |  |  |  |  |
| Revolving credit facility <sup>(3)</sup> | $— | $130000 | $130000 | 2.8% | 5.29% | 3.3 |
| &nbsp;&nbsp;&nbsp;Total floating rate debt |  | 130000 | 130000 | 2.8% | 5.29% | 3.3 |
| Fixed rate debt: |  |  |  |  |  |  |
| AMH 2014-SFR2 securitization | 468138 |  | 468138 | 10.2% | 4.42% | 1.8 |
| AMH 2014-SFR3 securitization | 482964 |  | 482964 | 10.5% | 4.40% | 1.9 |
| AMH 2015-SFR1 securitization | 508672 |  | 508672 | 11.2% | 4.14% | 22.3 |
| AMH 2015-SFR2 securitization | 441854 |  | 441854 | 9.6% | 4.36% | 22.8 |
| 2028 unsecured senior notes |  | 500000 | 500000 | 11.0% | 4.08% | 5.1 |
| 2029 unsecured senior notes |  | 400000 | 400000 | 8.7% | 4.90% | 6.1 |
| 2031 unsecured senior notes |  | 450000 | 450000 | 9.8% | 2.46% | 8.5 |
| 2032 unsecured senior notes |  | 600000 | 600000 | 13.2% | 3.63% | 9.3 |
| 2051 unsecured senior notes |  | 300000 | 300000 | 6.5% | 3.38% | 28.6 |
| 2052 unsecured senior notes |  | 300000 | 300000 | 6.5% | 4.30% | 29.3 |
| &nbsp;&nbsp;&nbsp;Total fixed rate debt | 1901628 | 2550000 | 4451628 | 97.2% | 4.00% | 12.3 |
| Total Debt | $1901628 | $2680000 | 4581628 | 100.0% | 4.04% | 12.1 |
| Unamortized discounts and loan costs |  |  | (65630) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total debt per balance sheet |  |  | $4515998 |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Maturity Schedule by Year** <sup>(2)</sup> | **Total Debt** | **% of Total** |
| 2023 | $20714 | 0.5% |
| 2024 | 950992 | 20.8% |
| 2025 | 10302 | 0.2% |
| 2026 | 140302 | 3.1% |
| 2027 | 10302 | 0.2% |
| Thereafter | 3449016 | 75.2% |
| &nbsp;&nbsp;&nbsp;Total | $4581628 | 100.0% |

---

(1)Interest rates are as of December 31, 2022 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>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| *(Amounts in thousands)* | **2022** | **2021** | **2022** | **2021** |
| Interest expense per income statement and included in Core FFO attributable to common share and unit holders | $36249 | $28263 | $134871 | $114893 |
| Less: amortization of discounts, loan costs and cash flow hedges | (3085) | (2500) | (11673) | (8790) |
| Add: capitalized interest | 12670 | 11967 | 52085 | 33796 |
| &nbsp;&nbsp;&nbsp;Cash interest | $45834 | $37730 | $175283 | $139899 |

---

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

------

**AMH**

**Capital Structure and Credit Metrics as of December 31, 2022** 

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

***(Unaudited)***

**Total Capitalization**

---

| | | | |
|:---|:---|:---|:---|
| Total Debt |  | $4581628 | 26.9% |
| Total preferred shares |  | 230000 | 1.4% |
| Common equity at market value: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares outstanding | 353516901 |  |  |
| &nbsp;&nbsp;&nbsp;Operating partnership units | 51376980 |  |  |
| &nbsp;&nbsp;&nbsp;Total shares and units | 404893881 |  |  |
| &nbsp;&nbsp;&nbsp;NYSE AMH Class A common share closing price at December 31, 2022 | $30.14 |  |  |
| Market value of common shares and operating partnership units |  | 12203502 | 71.7% |
| Total Capitalization |  | $17015130 | 100.0% |

---

**Preferred Shares**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Earliest<br>Redemption Date** | **Outstanding Shares** | **Per Share** | **Total** | **Annual Dividend Per Share** | **Annual Dividend Amount** |
|<br>**Series** | **Earliest<br>Redemption Date** | **Outstanding Shares** | **Per Share** | **Total** | **Annual Dividend Per Share** | **Annual Dividend Amount** |
| 5.875% Series G Perpetual Preferred Shares | 7/17/2022 | 4600000 | $25.00 | $115000 | $1.469 | $6756 |
| 6.250% Series H Perpetual Preferred Shares | 9/19/2023 | 4600000 | $25.00 | 115000 | $1.563 | 7188 |
| &nbsp;&nbsp;&nbsp;Total preferred shares |  | 9200000 |  | $230000 |  | $13944 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Credit Ratios** | | **Credit Ratings** | | |
| Net Debt and Preferred Shares to Adjusted EBITDAre | 6.0 x | **Rating Agency** | **Rating** | **Outlook** |
| Fixed Charge Coverage | 4.1 x | Moody's Investor Service | Baa3 | Positive |
| Unencumbered Core NOI percentage | 69.9% | S&P Global Ratings | BBB | Stable |

---

---

| | | | |
|:---|:---|:---|:---|
| **Unsecured Senior Notes Covenant Ratios** | **Requirement** | **Requirement** | **Actual** |
| Ratio of Indebtedness to Total Assets | < | 60.0% | 32.0% |
| Ratio of Secured Debt to Total Assets | < | 40.0% | 13.2% |
| Ratio of Unencumbered Assets to Unsecured Debt | > | 150.0% | 415.0% |
| Ratio of Consolidated Income Available for Debt Service to Interest Expense | > | 1.50 x | 4.38 x |

---

---

| | | | |
|:---|:---|:---|:---|
| **Unsecured Credit Facility Covenant Ratios** | **Requirement** | **Requirement** | **Actual** |
| Ratio of Total Indebtedness to Total Asset Value | < | 60.0% | 31.1% |
| Ratio of Secured Indebtedness to Total Asset Value | < | 40.0% | 12.3% |
| Ratio of Unsecured Indebtedness to Unencumbered Asset Value | < | 60.0% | 29.1% |
| Ratio of EBITDA to Fixed Charges | > | 1.50 x | 3.52 x |
| Ratio of Unencumbered NOI to Unsecured Interest Expense | > | 1.75 x | 6.54 x |

---

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

------

**AMH**

**Top 20 Markets Summary as of December 31, 2022** 

**Property Information** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 5805 | 10.0% | $216381 | 2167 | 17.1 |
| Dallas-Fort Worth, TX | 4224 | 7.3% | 174165 | 2108 | 18.5 |
| Charlotte, NC | 3962 | 6.8% | 211311 | 2105 | 17.5 |
| Phoenix, AZ | 3405 | 5.9% | 209085 | 1838 | 18.6 |
| Nashville, TN | 3238 | 5.6% | 239592 | 2110 | 15.7 |
| Indianapolis, IN | 2910 | 5.0% | 171612 | 1930 | 19.9 |
| Houston, TX | 2642 | 4.6% | 176023 | 2095 | 17.0 |
| Jacksonville, FL | 2891 | 5.0% | 208527 | 1931 | 14.5 |
| Tampa, FL | 2729 | 4.7% | 220833 | 1939 | 15.5 |
| Raleigh, NC | 2177 | 3.8% | 197136 | 1889 | 16.9 |
| Columbus, OH | 2110 | 3.6% | 188290 | 1869 | 20.6 |
| Cincinnati, OH | 2131 | 3.7% | 194337 | 1844 | 20.0 |
| Orlando, FL | 1867 | 3.2% | 203033 | 1897 | 19.3 |
| Salt Lake City, UT | 1908 | 3.3% | 301837 | 2242 | 16.3 |
| Greater Chicago area, IL and IN | 1611 | 2.8% | 188859 | 1869 | 21.3 |
| Las Vegas, NV | 1854 | 3.2% | 266016 | 1908 | 13.0 |
| Charleston, SC | 1524 | 2.6% | 226808 | 1963 | 12.1 |
| San Antonio, TX | 1325 | 2.3% | 194760 | 1933 | 14.2 |
| Seattle, WA | 1141 | 2.0% | 324227 | 1996 | 13.0 |
| Savannah/Hilton Head, SC | 1042 | 1.8% | 207830 | 1889 | 14.2 |
| All Other <sup>(3)</sup> | 7382 | 12.8% | 224184 | 1902 | 17.1 |
| &nbsp;&nbsp;&nbsp;Total/Average | 57878 | 100.0% | $212950 | 1989 | 17.1 |

---

**Leasing Information** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market** | **Avg. Occupied Days**<br>**Percentage** <sup>(2)</sup> | **Avg. Monthly Realized Rent**<br>**per Property** <sup>(2)</sup> | **Avg. Change in Rent for Renewals** <sup>(2)</sup> | **Avg. Change in Rent for Re-Leases** <sup>(2)</sup> | **Avg. Blended Change in** <br>**Rent** <sup>(2)</sup> |
| Atlanta, GA | 96.0% | $2014 | 8.9% | 11.4% | 9.7% |
| Dallas-Fort Worth, TX | 96.7% | 2069 | 7.0% | 8.3% | 7.4% |
| Charlotte, NC | 96.6% | 1930 | 7.9% | 9.0% | 8.3% |
| Phoenix, AZ | 94.9% | 1938 | 9.6% | 9.7% | 9.6% |
| Nashville, TN | 95.8% | 2104 | 8.6% | 9.6% | 8.9% |
| Indianapolis, IN | 95.0% | 1714 | 6.4% | 4.1% | 5.4% |
| Houston, TX | 96.7% | 1883 | 5.4% | 5.8% | 5.5% |
| Jacksonville, FL | 95.8% | 1981 | 8.8% | 6.9% | 8.2% |
| Tampa, FL | 97.3% | 2122 | 9.2% | 12.8% | 10.3% |
| Raleigh, NC | 96.4% | 1827 | 8.3% | 11.2% | 9.1% |
| Columbus, OH | 96.2% | 1962 | 7.4% | 6.1% | 6.9% |
| Cincinnati, OH | 96.0% | 1918 | 7.6% | 5.6% | 6.8% |
| Orlando, FL | 96.2% | 2053 | 9.0% | 12.6% | 9.9% |
| Salt Lake City, UT | 95.8% | 2247 | 9.1% | 6.2% | 8.2% |
| Greater Chicago area, IL and IN | 97.9% | 2201 | 7.2% | 7.4% | 7.3% |
| Las Vegas, NV | 91.5% | 2070 | 7.9% | 6.1% | 7.4% |
| Charleston, SC | 97.0% | 2062 | 7.2% | 8.5% | 7.8% |
| San Antonio, TX | 94.0% | 1859 | 5.7% | 4.2% | 5.3% |
| Seattle, WA | 93.8% | 2496 | 7.3% | 9.1% | 7.8% |
| Savannah/Hilton Head, SC | 96.9% | 1935 | 7.7% | 12.1% | 9.3% |
| All Other <sup>(3)</sup> | 94.7% | 1988 | 7.8% | 8.0% | 7.9% |
| &nbsp;&nbsp;&nbsp;Total/Average | 95.8% | $2001 | 8.0% | 8.4% | 8.1% |

---

(1)Property and leasing information based on total single-family properties wholly owned, excluding properties for sale.

(2)Reflected for the three months ended December 31, 2022.

(3)Represents 15 markets in 13 states.

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

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**AMH**

**Property Additions**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **4Q22 Additions** | **4Q22 Additions** | **2022 Additions** | **2022 Additions** |
|<br>**Market** | **Number of Properties** | **Average**<br>**Total Investment Cost** <sup>(1)</sup> | **Number of Properties** | **Average**<br>**Total Investment Cost** <sup>(1)</sup> |
| Las Vegas, NV | 111 | $375663 | 361 | $387990 |
| Jacksonville, FL | 61 | 304719 | 198 | 316661 |
| Nashville, TN | 51 | 354812 | 208 | 365502 |
| Boise, ID | 47 | 376201 | 174 | 392027 |
| Atlanta, GA | 47 | 348597 | 438 | 356775 |
| Charlotte, NC | 39 | 371707 | 128 | 366269 |
| Phoenix, AZ | 35 | 407956 | 180 | 459068 |
| Raleigh, NC | 24 | 236923 | 40 | 292302 |
| Tampa, FL | 24 | 351111 | 124 | 378713 |
| Orlando, FL | 23 | 334056 | 77 | 363064 |
| Charleston, SC | 9 | 484094 | 110 | 344961 |
| Seattle, WA | 5 | 536451 | 83 | 473609 |
| Salt Lake City, UT | 3 | 541004 | 153 | 512762 |
| Savannah/Hilton Head, SC | 2 | 369555 | 73 | 362149 |
| Greenville, SC | 2 | 345712 | 55 | 352059 |
| Colorado Springs, CO | 2 | 434148 | 35 | 478734 |
| Denver, CO | 2 | 525113 | 9 | 527631 |
| Indianapolis, IN | 1 | 345406 | 76 | 325958 |
| San Antonio, TX | 1 | 386556 | 65 | 298517 |
| Cincinnati, OH |  |  | 66 | 324161 |
| All Other <sup>(2)</sup> |  |  | 305 | 364043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total/Average | 489 | $359431 | 2958 | $378299 |

---

(1)Reflects on a per property basis (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, and (iii) total purchase price, including historic pro rata investment cost, if applicable, of properties acquired through bulk or joint venture portfolio acquisitions.

(2)Represents 11 markets in 7 states.

**Property Dispositions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2022 Single-Family Properties Held for Sale** | **4Q22 Dispositions** | **4Q22 Dispositions** | **2022 Dispositions** | **2022 Dispositions** |
|<br>**Market** | **Dec 31, 2022 Single-Family Properties Held for Sale** | **Number of<br>Properties** | **Average Net Proceeds per Property** | **Number of<br>Properties** | **Average Net Proceeds per Property** |
| Houston, TX | 248 | 58 | $243629 | 145 | $239692 |
| Inland Empire, CA | 132 | 19 | 432824 | 47 | 447717 |
| Greater Chicago area, IL and IN | 113 | 46 | 236884 | 92 | 241810 |
| Dallas-Fort Worth, TX | 97 | 29 | 293659 | 69 | 311461 |
| Phoenix, AZ | 53 | 15 | 314942 | 24 | 357348 |
| Bay Area, CA | 47 | 2 | 492420 | 8 | 619607 |
| Charlotte, NC | 45 | 15 | 336611 | 30 | 357676 |
| Atlanta, GA | 45 | 63 | 295916 | 128 | 309513 |
| Indianapolis, IN | 39 | 30 | 213211 | 60 | 222990 |
| Central Valley, CA | 32 | 7 | 310261 | 20 | 305366 |
| Nashville, TN | 29 | 8 | 313367 | 23 | 358505 |
| Austin, TX | 26 | 3 | 281161 | 9 | 322239 |
| Charleston, SC | 24 | 18 | 300952 | 25 | 305064 |
| San Antonio, TX | 23 | 5 | 218706 | 18 | 227506 |
| Tampa, FL | 20 | 10 | 357106 | 23 | 364730 |
| Orlando, FL | 17 | 15 | 337916 | 28 | 323567 |
| Las Vegas, NV | 14 | 5 | 280965 | 10 | 362627 |
| Columbus, OH | 14 | 26 | 254856 | 47 | 261037 |
| Jacksonville, FL | 14 | 9 | 283005 | 25 | 305231 |
| Cincinnati, OH | 10 | 16 | 232874 | 40 | 247155 |
| All Other <sup>(1)</sup> | 73 | 58 | 282163 | 116 | 281850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total/Average | 1115 | 457 | $282071 | 987 | $293137 |

---

(1)Represents 17 markets in 13 states.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 20

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**AMH**

**AMH Development Pipeline Summary as of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2022 Deliveries** | **2022 Deliveries** | **2022 Deliveries** | **Dec 31, 2022**<br>**Lots for**<br>**Future Delivery** <sup>(1)</sup> |
|<br>**Market** | **Number of Properties** | **Average Total Investment Cost** | **Average<br>Monthly Rent** | **Dec 31, 2022**<br>**Lots for**<br>**Future Delivery** <sup>(1)</sup> |
| Atlanta, GA | 328 | $343000 | $2370 | 934 |
| Las Vegas, NV | 296 | 340000 | 2230 | 1583 |
| Salt Lake City, UT | 265 | 451000 | 2590 | 175 |
| Charlotte, NC | 231 | 338000 | 2300 | 545 |
| Nashville, TN | 216 | 330000 | 2260 | 498 |
| Jacksonville, FL | 212 | 299000 | 2120 | 917 |
| Tampa, FL | 163 | 323000 | 2390 | 827 |
| Boise, ID | 152 | 365000 | 2380 | 451 |
| Phoenix, AZ | 93 | 352000 | 2150 | 1633 |
| Charleston, SC | 82 | 302000 | 2120 | 929 |
| Orlando, FL | 53 | 317000 | 2350 | 1216 |
| Seattle, WA | 47 | 442000 | 2750 | 292 |
| Raleigh, NC | 43 | 342000 | 2230 | 17 |
| Denver, CO | 2 | 553000 | 3410 | 560 |
| Columbus, OH |  |  |  | 600 |
| &nbsp;&nbsp;&nbsp;Total/Average | 2183 | $351000 | $2310 | 11177 |
| Lots optioned |  |  |  | 3330 |
| &nbsp;&nbsp;&nbsp;Total lots owned and optioned |  |  |  | 14507 |

---

**Estimated Delivery Timing**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31, 2021**<br>**Lots for**<br>**Future Delivery** <sup>(2)</sup> | **2022**<br>**Lots Acquired** <sup>(3)</sup> | **2022<br>Deliveries** | **Full Year Estimated 2023 Deliveries** <sup>(4)</sup> | **Deliveries**<br>**Thereafter** <sup>(4)</sup> |
| Wholly-owned development pipeline | 12096 | 3255 | 1320 | 1775 - 1925 | 12181 |
| Joint venture development pipeline <sup>(5)</sup> | 1038 | 301 | 863 | 425 - 475 | 26 |
| &nbsp;&nbsp;&nbsp;Total development pipeline | 13134 | 3556 | 2183 | 2200 - 2400 | 12207 |

---

(1)Lots controlled in escrow are not included.

(2)Represents 12,132 lots owned and 1,002 lots optioned at December 31, 2021. Lots controlled in escrow are not included.

(3)Represents lots acquired and optioned.

(4)Reflects the Company's latest development program estimates as of February 23, 2023.

(5)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 21

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**AMH**

**Lease Expirations**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MTM** | **1Q23** | **2Q23** | **3Q23** | **4Q23** | **Thereafter** |
| Lease expirations | 3,126 | 11,226 | 13,845 | 13,103 | 9,877 | 4,671 |

---

**Share Repurchase / ATM Share Issuance History**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Share Repurchases** | **Share Repurchases** | **Share Repurchases** | **ATM Share Issuances** | **ATM Share Issuances** | **ATM Share Issuances** |
|<br>**Period** | **Common Shares Repurchased** | **Purchase Price** | **Avg. Price Paid Per Share** | **Common Shares Issued** | **Gross Proceeds** | **Avg. Issuance Price Per Share** |
| 2018 | 1804163 | $34933 | $19.36 |  | $— | $— |
| 2019 |  |  |  |  |  |  |
| 2020 |  |  |  | 86130 | 2414 | 28.03 |
| 2021 |  |  |  | 1749286 | 72344 | 41.36 |
| 1Q22 |  |  |  |  |  |  |
| 2Q22 |  |  |  |  |  |  |
| 3Q22 |  |  |  |  |  |  |
| 4Q22 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total | 1804163 | 34933 | $19.36 | 1835416 | 74758 | $40.73 |
|  | Remaining authorization: | $265067 |  | Remaining authorization: | $425242 |  |

---

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 22

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**AMH**

**2023 Guidance**

Set forth below are the Company's current expectations with respect to full year 2023 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2023 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

<u>Guidance Summary</u>

---

| | | |
|:---|:---|:---|
| | | **Full Year 2023** |
| **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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Core revenues growth |  | 5.00% - 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core property operating expenses growth |  | 8.75% - 10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core NOI growth |  | 3.00% - 5.00% |
|  | **Full Year 2023** | **Full Year 2023** |
| **Investment Program** | **Properties** | **Investment** |
| Wholly owned acquisitions |  |  |
| Wholly owned development deliveries | 1775 - 1925 | $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) | 1775 - 1925 | $0.8 - $1.0 billion |
| Total gross capital investment (JVs at 100%) | 2200 - 2400 | $1.0 - $1.2 billion |

---

<u>Full Year 2023 Guidance Commentary</u>

Operating Outlook:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core revenues growth reflects expectation for a continued strong demand and occupancy environment, along with moderating rental rate growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-Home core property operating expenses growth reflects (1) expectation for continued elevated 2023 property tax growth between 8.00% and 10.00% reflecting backwards looking historically strong home price appreciation and (2) 9.50% to 11.50% growth in all other core property operating expenses, excluding property taxes, reflecting the general inflationary environment, a historically challenging property insurance market and certain investments into our industry-leading property management platform. Given the timing of the Company's 2022 property tax accruals, 2023 property tax growth is expected to be higher during the first three quarters of 2023, normalizing on a full year basis into the Company's expected guidance range.

Investment Program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's acquisition programs currently remain on hold given capital market uncertainty and potentially improving future investment opportunities. Until market conditions change, the Company's current 2023 outlook does not contemplate any material acquisition activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment program outlook contemplates continued consistent growth from the Company's internal AMH Development Program, which is expected to deliver between 2,200 to 2,400 total program deliveries during 2023.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 23

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**AMH**

**2023 Guidance (continued)**

<u>Reconciliation of Core FFO attributable to common share and unit holders from 2022 to 2023 Guidance Midpoint</u>

---

| | |
|:---|:---|
| | **Per FFO Share <br>and Unit** |
| 2022 Core FFO attributable to common share and unit holders | $1.54 |
| Same-Home Core NOI | 0.08 |
| Non-Same-Home Core NOI <sup>(1)</sup> | 0.09 |
| Disposition program | (0.01) |
| General and administrative expense and amortization of IT software assets <sup>(2)</sup> | (0.02) |
| Financing costs (share count and interest) <sup>(3)</sup> | (0.07) |
| 2023 Core FFO attributable to common share and unit holders - Guidance Midpoint | $1.61 |
| 2023 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 4.5% |

---

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company's 2023 Same-Home portfolio, including 2022 wholly-owned property additions, and (ii) contribution from 2023 wholly-owned property additions.

(2)General and administrative expense and amortization of IT software assets increase reflects (i) general inflationary environment and (ii) investments into certain corporate initiatives and IT systems supporting our industry-leading property management platform.

(3)Financing costs (share count and interest) change primarily reflects full year impact of 2022 financing activities.

 <br> Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. 24

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**AMH**

**Defined Terms and Non-GAAP Reconciliations**

***(Unaudited)***

**Average Blended Change in Rent**

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

**Average Change in Rent for Re-Leases**

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

**Average Change in Rent for Renewals**

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

**Average Monthly Realized Rent**

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

**Average Occupied Days Percentage**

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

**Core Net Operating Income ("Core NOI") and Same-Home Core NOI**

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

Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

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).

 <br> 25

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**AMH**

**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 and Same-Home Core NOI to their respective GAAP metrics for the three months and the years ended December 31, 2022 and 2021 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Core revenues and Same-Home core revenues** |  |  |  |  |
| Rents and other single-family property revenues | $380926 | $338092 | $1490534 | $1303882 |
| Tenant charge-backs | (45183) | (41772) | (202606) | (178304) |
| &nbsp;&nbsp;&nbsp;Core revenues | 335743 | 296320 | 1287928 | 1125578 |
| Less: Non-Same-Home core revenues | 62866 | 42026 | 223179 | 144316 |
| &nbsp;&nbsp;&nbsp;Same-Home core revenues | $272877 | $254294 | $1064749 | $981262 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | | |
| Property operating expenses | $137113 | $120239 | $552091 | $490205 |
| Property management expenses | 28157 | 26188 | 112698 | 96865 |
| Noncash share-based compensation - property management | (715) | (726) | (3861) | (3004) |
| Expenses reimbursed by tenant charge-backs | (45183) | (41772) | (202606) | (178304) |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 119372 | 103929 | 458322 | 405762 |
| Less: Non-Same-Home core property operating expenses | 23733 | 17375 | 88205 | 61272 |
| &nbsp;&nbsp;&nbsp;Same-Home core property operating expenses | $95639 | $86554 | $370117 | $344490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | | |
| Net income | $103791 | $61323 | $310025 | $210559 |
| Hurricane-related charges, net |  |  | 6133 |  |
| Gain on sale and impairment of single-family properties and other, net | (57407) | (13295) | (136459) | (49696) |
| Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| Acquisition and other transaction costs | 5338 | 4656 | 23452 | 15749 |
| Noncash share-based compensation - property management | 715 | 726 | 3861 | 3004 |
| Interest expense | 36249 | 28263 | 134871 | 114893 |
| General and administrative expense | 14942 | 15799 | 68057 | 56444 |
| Other income and expense, net | (100) | (2247) | (6865) | (3985) |
| &nbsp;&nbsp;&nbsp;Core NOI | 216371 | 192391 | 829606 | 719816 |
| Less: Non-Same-Home Core NOI | 39133 | 24651 | 134974 | 83044 |
| &nbsp;&nbsp;&nbsp;Same-Home Core NOI | $177238 | $167740 | $694632 | $636772 |

---

 <br> 26

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**AMH**

**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** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **Dec 31, <br>2022** | **Sep 30, <br>2022** | **Jun 30, <br>2022** | **Mar 31, <br>2022** | **Dec 31, <br>2021** |
| **Core revenues and Same-Home core revenues** | | | | | |
| Rents and other single-family property revenues | $380926 | $391627 | $361876 | $356105 | $338092 |
| Tenant charge-backs | (45183) | (62014) | (43137) | (52272) | (41772) |
| &nbsp;&nbsp;&nbsp;Core revenues | 335743 | 329613 | 318739 | 303833 | 296320 |
| Less: Non-Same-Home core revenues | 62866 | 60054 | 54062 | 46197 | 42026 |
| &nbsp;&nbsp;&nbsp;Same-Home core revenues | $272877 | $269559 | $264677 | $257636 | $254294 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | **Core property operating expenses and Same-Home core property operating expenses** | | | |
| Property operating expenses | $137113 | $152065 | $129270 | $133643 | $120239 |
| Property management expenses | 28157 | 29739 | 28768 | 26034 | 26188 |
| Noncash share-based compensation - property management | (715) | (1015) | (1132) | (999) | (726) |
| Expenses reimbursed by tenant charge-backs | (45183) | (62014) | (43137) | (52272) | (41772) |
| &nbsp;&nbsp;&nbsp;Core property operating expenses | 119372 | 118775 | 113769 | 106406 | 103929 |
| Less: Non-Same-Home core property operating expenses | 23733 | 23488 | 20894 | 20090 | 17375 |
| &nbsp;&nbsp;&nbsp;Same-Home core property operating expenses | $95639 | $95287 | $92875 | $86316 | $86554 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** | **Core NOI and Same-Home Core NOI** |
| Net income | $103791 | $61665 | $74555 | $70014 | $61323 |
| Hurricane-related charges, net |  | 6133 |  |  |  |
| Gain on sale and impairment of single-family properties and other, net | (57407) | (24197) | (32811) | (22044) | (13295) |
| Depreciation and amortization | 112843 | 109319 | 104415 | 99954 | 97166 |
| Acquisition and other transaction costs | 5338 | 4482 | 7658 | 5974 | 4656 |
| Noncash share-based compensation - property management | 715 | 1015 | 1132 | 999 | 726 |
| Interest expense | 36249 | 36254 | 34801 | 27567 | 28263 |
| General and administrative expense | 14942 | 16986 | 18847 | 17282 | 15799 |
| Other income and expense, net | (100) | (819) | (3627) | (2319) | (2247) |
| &nbsp;&nbsp;&nbsp;Core NOI | 216371 | 210838 | 204970 | 197427 | 192391 |
| Less: Non-Same-Home Core NOI | 39133 | 36566 | 33168 | 26107 | 24651 |
| &nbsp;&nbsp;&nbsp;Same-Home Core NOI | $177238 | $174272 | $171802 | $171320 | $167740 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unencumbered Core NOI and Encumbered Core NOI** | | | | | |
| Core NOI | $216371 | $210838 | $204970 | $197427 | $192391 |
| Less: Encumbered Core NOI | 63798 | 62906 | 61524 | 61446 | 59995 |
| &nbsp;&nbsp;&nbsp;Unencumbered Core NOI | $152573 | $147932 | $143446 | $135981 | $132396 |

---

 <br> 27

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**AMH**

**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.

<u>Net Debt and Preferred Shares to Adjusted EBITDAre</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Amounts in thousands)* | **Dec 31, <br>2022** | **Sep 30, <br>2022** | **Jun 30, <br>2022** | **Mar 31, <br>2022** | **Dec 31, <br>2021** |
| Total Debt | $4581628 | $4457326 | $4462933 | $3978305 | $3924181 |
| Less: cash and cash equivalents | (69155) | (97244) | (70375) | (56626) | (48198) |
| Less: asset-backed securitization certificates | (25666) | (25666) | (25666) | (25666) | (25666) |
| Less: restricted cash related to securitizations | (39854) | (49932) | (41469) | (42626) | (41162) |
| &nbsp;&nbsp;&nbsp;Net debt | $4446953 | $4284484 | $4325423 | $3853387 | $3809155 |
| Preferred shares at liquidation value | 230000 | 230000 | 230000 | 385000 | 385000 |
| &nbsp;&nbsp;&nbsp;Net debt and preferred shares | $4676953 | $4514484 | $4555423 | $4238387 | $4194155 |
| Adjusted EBITDAre - TTM | $784076 | $760912 | $733162 | $703217 | $678591 |
| Net Debt and Preferred Shares to Adjusted EBITDAre | 6.0 x | 5.9 x | 6.2 x | 6.0 x | 6.2 x |

---

<u>Fixed Charge Coverage</u>

---

| | |
|:---|:---|
| *(Amounts in thousands)* | **For the Trailing Twelve Months Ended <br>Dec 31, 2022** |
| Interest expense per income statement | $134871 |
| Less: amortization of discounts, loan costs and cash flow hedges | (11673) |
| Add: capitalized interest | 52085 |
| &nbsp;&nbsp;&nbsp;Cash interest | 175283 |
| Dividends on preferred shares | 17081 |
| &nbsp;&nbsp;&nbsp;Fixed charges | $192364 |
| Adjusted EBITDAre - TTM | $784076 |
| Fixed Charge Coverage | 4.1 x |

---

<u>Unencumbered Core NOI Percentage</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Trailing Twelve Months Ended<br>Dec 31, 2022** |
| *(Amounts in thousands)* | **Mar 31, <br>2022** | **Jun 30, <br>2022** | **Sep 30, <br>2022** | **Dec 31, <br>2022** | **For the Trailing Twelve Months Ended<br>Dec 31, 2022** |
| Unencumbered Core NOI | $135981 | $143446 | $147932 | $152573 | $579932 |
| Core NOI | 197427 | 204970 | 210838 | 216371 | 829606 |
| &nbsp;&nbsp;&nbsp;Unencumbered Core NOI Percentage |  |  |  |  | 69.9% |

---

 <br> 28

------

**AMH**

**Defined Terms and Non-GAAP Reconciliations (continued)**

***(Unaudited)***

**EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin**

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts ("NAREIT") by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

 <br> 29

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**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 and the years ended December 31, 2022 and 2021 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income | $103791 | $61323 | $310025 | $210559 |
| Interest expense | 36249 | 28263 | 134871 | 114893 |
| Depreciation and amortization | 112843 | 97166 | 426531 | 372848 |
| EBITDA | $252883 | $186752 | $871427 | $698300 |
| Gain on sale and impairment of single-family properties and other, net | (57407) | (13295) | (136459) | (49696) |
| Adjustments for unconsolidated joint ventures | 466 | 319 | 344 | 1873 |
| EBITDAre | $195942 | $173776 | $735312 | $650477 |
| Noncash share-based compensation - general and administrative | 1966 | 1639 | 15318 | 9361 |
| Noncash share-based compensation - property management | 715 | 726 | 3861 | 3004 |
| Acquisition, other transaction costs and other | 5338 | 4656 | 23452 | 15749 |
| Hurricane-related charges, net |  |  | 6133 |  |
| Adjusted EBITDAre | $203961 | $180797 | $784076 | $678591 |
| Recurring Capital Expenditures | (16020) | (12345) | (65636) | (52134) |
| Leasing costs | (718) | (750) | (2586) | (3422) |
| Fully Adjusted EBITDAre | $187223 | $167702 | $715854 | $623035 |
| Rents and other single-family property revenues | $380926 | $338092 | $1490534 | $1303882 |
| Less: tenant charge-backs | (45183) | (41772) | (202606) | (178304) |
| Adjustments for unconsolidated joint ventures - income | 3713 | 2923 | 13899 | 10318 |
| Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures | $339456 | $299243 | $1301827 | $1135896 |
| Adjusted EBITDAre Margin | 60.1% | 60.4% | 60.2% | 59.7% |
| Fully Adjusted EBITDAre Margin | 55.2% | 56.0% | 55.0% | 54.8% |

---

 <br> 30

------

**AMH**

**Defined Terms and Non-GAAP Reconciliations (continued)**

***(Unaudited)***

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Trailing Twelve Months Ended** | **For the Trailing Twelve Months Ended** | **For the Trailing Twelve Months Ended** | **For the Trailing Twelve Months Ended** | **For the Trailing Twelve Months Ended** |
| | **Dec 31, <br>2022** | **Sep 30, <br>2022** | **Jun 30, <br>2022** | **Mar 31, <br>2022** | **Dec 31, <br>2021** |
| Net income | $310025 | $267557 | $254393 | $231652 | $210559 |
| Interest expense | 134871 | 126885 | 121728 | 114455 | 114893 |
| Depreciation and amortization | 426531 | 410854 | 396029 | 382731 | 372848 |
| EBITDA | $871427 | $805296 | $772150 | $728838 | $698300 |
| Gain on sale and impairment of single-family properties and other, net | (136459) | (92347) | (77722) | (55671) | (49696) |
| Adjustments for unconsolidated joint ventures | 344 | 197 | 472 | 1120 | 1873 |
| EBITDAre | $735312 | $713146 | $694900 | $674287 | $650477 |
| Noncash share-based compensation - general and administrative | 15318 | 14991 | 13158 | 9049 | 9361 |
| Noncash share-based compensation - property management | 3861 | 3872 | 3537 | 3004 | 3004 |
| Acquisition, other transaction costs and other | 23452 | 22770 | 21567 | 16877 | 15749 |
| Hurricane-related charges, net | 6133 | 6133 |  |  |  |
| Adjusted EBITDAre | $784076 | $760912 | $733162 | $703217 | $678591 |

---

**Estimated Total Investment Cost**

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

**FFO / Core FFO / Adjusted FFO attributable to common share and unit holders**

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

 <br> 31

------

**AMH**

**Defined Terms and Non-GAAP Reconciliations (continued)**

***(Unaudited)***

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended <br>Dec 31,** | **For the Three Months Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** | **For the Years Ended <br>Dec 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Property management expenses | $28157 | $26188 | $112698 | $96865 |
| Less: tenant charge-backs | (1905) | (1343) | (6355) | (3575) |
| Less: noncash share-based compensation - property management | (715) | (726) | (3861) | (3004) |
| &nbsp;&nbsp;&nbsp;Property management expenses, net | $25537 | $24119 | $102482 | $90286 |
| General and administrative expense | $14942 | $15799 | $68057 | $56444 |
| Less: noncash share-based compensation - general and administrative | (1966) | (1639) | (15318) | (9361) |
| &nbsp;&nbsp;&nbsp;General and administrative expense, net | $12976 | $14160 | $52739 | $47083 |

---

**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.

 <br> 32

------

**AMH**

**Defined Terms and Non-GAAP Reconciliations (continued)**

***(Unaudited)***

**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.

**Retained Cash Flow**

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

---

| | |
|:---|:---|
| | **For the Three Months Ended <br>Dec 31, 2022** |
| Adjusted FFO attributable to common share and unit holders | $143778 |
| Common distributions | (73132) |
| &nbsp;&nbsp;&nbsp;Retained Cash Flow | $70646 |

---

**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, identified for future sale, or has experienced a casualty loss.

**Stabilized Property**

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

**Total Capitalization**

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

**Total Debt**

Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

**Turnover Rate**

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

 <br> 33

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**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.

 <br> 34

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| | |
|:---|:---|
| **Executive Management** | **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**

![amhmap-21statesa.jpg](amhmap-21statesa.jpg)

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

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