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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)


AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)


American Homes 4 RentMaryland 46-1229660
American Homes 4 Rent, L.P.Delaware80-0860173
(State or other jurisdiction of
incorporation or organization)
(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)

23975 Park Sorrento, Suite 300
Calabasas, California 91302
(Former name, former address and former fiscal year, if changed since last report)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value
AMHNew York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value
AMH-GNew York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value
AMH-HNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Homes 4 Rent
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
American Homes 4 Rent, L.P.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
    American Homes 4 Rent  ☐                         American Homes 4 Rent, L.P. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    American Homes 4 Rent   Yes     No                American Homes 4 Rent, L.P.   Yes     No
There were 347,735,087 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on August 3, 2022.





EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2022 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AH4R” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership.

AH4R is the general partner of, and as of June 30, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.

The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:

enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” section that includes discrete information related to each entity.

This report also includes separate Part I, “Item 4. Controls and Procedures” sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the



Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.


American Homes 4 Rent
American Homes 4 Rent, L.P.

TABLE OF CONTENTS
  Page
 
 
 



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may 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. We have based these forward-looking statements on our current expectations and assumptions about future events. While our 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 our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.


i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)

June 30, 2022December 31, 2021
(Unaudited) 
Assets
 
 
Single-family properties:  
Land$2,177,263 $2,062,039 
Buildings and improvements9,888,113 9,258,387 
Single-family properties in operation12,065,376 11,320,426 
Less: accumulated depreciation(2,228,095)(2,072,933)
Single-family properties in operation, net9,837,281 9,247,493 
Single-family properties under development and development land1,063,906 882,159 
Single-family properties held for sale, net159,243 114,907 
Total real estate assets, net11,060,430 10,244,559 
Cash and cash equivalents70,375 48,198 
Restricted cash 151,790 143,569 
Rent and other receivables38,001 41,587 
Escrow deposits, prepaid expenses and other assets273,039 216,625 
Investments in unconsolidated joint ventures115,172 121,950 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$11,854,752 $10,962,433 
Liabilities  
Revolving credit facility$— $350,000 
Asset-backed securitizations, net1,899,602 1,908,346 
Unsecured senior notes, net2,492,610 1,622,132 
Accounts payable and accrued expenses498,279 343,526 
Total liabilities4,890,491 4,224,004 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 347,696,494 and 337,362,716 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively)
3,477 3,374 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2022 and December 31, 2021)
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 June 30, 2022 and December 31, 2021, respectively)
92 154 
Additional paid-in capital6,734,292 6,492,933 
Accumulated deficit(452,155)(438,710)
Accumulated other comprehensive income1,575 1,814 
Total shareholders’ equity6,287,287 6,059,571 
Noncontrolling interest676,974 678,858 
Total equity6,964,261 6,738,429 
Total liabilities and equity$11,854,752 $10,962,433 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Rents and other single-family property revenues$361,876 $313,654 $717,981 $626,227 
Expenses:    
Property operating expenses129,270 116,578 262,913 235,272 
Property management expenses28,768 22,416 54,802 46,115 
General and administrative expense18,847 12,793 36,129 27,998 
Interest expense34,801 27,528 62,368 55,533 
Acquisition and other transaction costs7,658 2,968 13,632 7,814 
Depreciation and amortization104,415 91,117 204,369 181,188 
Total expenses323,759 273,400 634,213 553,920 
Gain on sale and impairment of single-family properties and other, net32,811 10,760 54,855 26,829 
Other income and expense, net3,627 800 5,946 1,599 
Net income74,555 51,814 144,569 100,735 
Noncontrolling interest8,343 3,218 16,655 8,143 
Dividends on preferred shares4,346 12,615 10,109 26,397 
Redemption of perpetual preferred shares5,276 15,879 5,276 15,879 
Net income attributable to common shareholders$56,590 $20,102 $112,529 $50,316 
Weighted-average common shares outstanding:
Basic348,484,158 319,752,730 347,123,576 318,380,175 
Diluted349,002,624 320,808,996 347,751,958 319,408,153 
Net income attributable to common shareholders per share:
Basic$0.16 $0.06 $0.32 $0.16 
Diluted$0.16 $0.06 $0.32 $0.16 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Net income $74,555 $51,814 $144,569 $100,735 
Other comprehensive loss:
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument— (13,229)— (3,999)
Reclassification adjustment for amortization of interest expense included in net income
(141)(240)(282)(481)
Other comprehensive loss(141)(13,469)(282)(4,480)
Comprehensive income 74,414 38,345 144,287 96,255 
Comprehensive income attributable to noncontrolling interests8,325 1,334 16,612 7,519 
Dividends on preferred shares4,346 12,615 10,109 26,397 
Redemption of perpetual preferred shares5,276 15,879 5,276 15,879 
Comprehensive income attributable to common shareholders$56,467 $8,517 $112,290 $46,460 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2020316,021,385 $3,160 635,075 $35,350,000 $354 $6,223,256 $(443,522)$5,840 $5,789,094 $683,336 $6,472,430 
Share-based compensation— — — — — — 8,110 — — 8,110 — 8,110 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes246,425 — — — — (1,523)— — (1,521)— (1,521)
Redemptions of Class A units350,000 — — — — 4,613 — 4,624 (4,624)— 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (5,172)(5,172)
Common shares ($0.10 per share)
— — — — — — — (31,795)— (31,795)— (31,795)
Net income— — — — — — — 43,996 — 43,996 4,925 48,921 
Total other comprehensive income— — — — — — — — 7,729 7,729 1,260 8,989 
Balances at March 31, 2021316,617,810 $3,166 635,075 $35,350,000 $354 $6,234,456 $(445,103)$13,576 $5,806,455 $679,725 $6,486,180 
Share-based compensation— — — — — — 3,151 — — 3,151 — 3,151 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes90,373 — — — — 894 — — 895 — 895 
Issuance of Class A common shares, net of offering costs of $200
5,500,000 55 — — — — 193,785 — — 193,840 — 193,840 
Redemption of Series D perpetual preferred shares— — — — (10,750,000)(108)(260,133)(8,509)— (268,750)— (268,750)
Redemption of Series E perpetual preferred shares— — — — (9,200,000)(92)(222,538)(7,370)— (230,000)— (230,000)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (12,615)— (12,615)— (12,615)
Noncontrolling interests— — — — — — — — — — (5,138)(5,138)
Common shares ($0.10 per share)
— — — — — — — (32,403)— (32,403)— (32,403)
Net income— — — — — — — 48,596 — 48,596 3,218 51,814 
Total other comprehensive loss— — — — — — — — (11,585)(11,585)(1,884)(13,469)
Balances at June 30, 2021322,208,183 $3,222 635,075 $15,400,000 $154 $5,949,615 $(457,404)$1,991 $5,497,584 $675,921 $6,173,505 

4

American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2021337,362,716 $3,374 635,075 $15,400,000 $154 $6,492,933 $(438,710)$1,814 $6,059,571 $678,858 $6,738,429 
Share-based compensation— — — — — — 7,405 — — 7,405 — 7,405 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
280,172 — — — — (2,621)— — (2,619)— (2,619)
Issuance of Class A common shares, net of offering costs of $200
10,000,000 100 — — — — 375,540 — — 375,640 — 375,640 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (5,763)— (5,763)— (5,763)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (62,938)— (62,938)— (62,938)
Net income— — — — — — — 61,702 — 61,702 8,312 70,014 
Total other comprehensive loss— — — — — — — — (116)(116)(25)(141)
Balances at March 31, 2022347,642,888 $3,476 635,075 $15,400,000 $154 $6,873,257 $(445,709)$1,698 $6,432,882 $677,897 $7,110,779 
Share-based compensation— — — — — — 10,643 — — 10,643 — 10,643 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes53,606 — — — — 54 — — 55 — 55 
Redemption of Series F perpetual preferred shares— — — — (6,200,000)(62)(149,662)(5,276)— (155,000)— (155,000)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (4,346)— (4,346)— (4,346)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (63,036)— (63,036)— (63,036)
Net income— — — — — — — 66,212 — 66,212 8,343 74,555 
Total other comprehensive loss— — — — — — — — (123)(123)(18)(141)
Balances at June 30, 2022347,696,494 $3,477 635,075 $9,200,000 $92 $6,734,292 $(452,155)$1,575 $6,287,287 $676,974 $6,964,261 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Six Months Ended
June 30,
 20222021
Operating activities  
Net income$144,569 $100,735 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization204,369 181,188 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments5,502 3,828 
Noncash share-based compensation18,048 11,261 
Equity in net income of unconsolidated joint ventures(2,457)(660)
Return on investment from unconsolidated joint ventures3,986 — 
Gain on sale and impairment of single-family properties and other, net(54,855)(26,829)
Other changes in operating assets and liabilities:
Rent and other receivables1,605 (9,372)
Prepaid expenses and other assets(3,924)6,870 
Deferred leasing costs(1,179)(1,880)
Accounts payable and accrued expenses73,887 66,339 
Amounts due from related parties(10,555)307 
Net cash provided by operating activities378,996 331,787 
Investing activities  
Cash paid for single-family properties(531,249)(279,016)
Change in escrow deposits for purchase of single-family properties6,225 (9,159)
Net proceeds received from sales of single-family properties and other113,002 74,451 
Proceeds received from storm-related insurance claims1,981 — 
Proceeds from notes receivable related to the sale of properties33,186 — 
Investment in unconsolidated joint ventures(12,759)(14,596)
Distributions from joint ventures38,347 34,372 
Renovations to single-family properties(54,961)(13,310)
Recurring and other capital expenditures for single-family properties(53,770)(56,579)
Cash paid for development activity(473,637)(309,706)
Other purchases of productive assets(19,876)(11,615)
Net cash used for investing activities(953,511)(585,158)
Financing activities  
Proceeds from issuance of Class A common shares375,840 194,040 
Payments of Class A common share issuance costs(200)(200)
Redemption of perpetual preferred shares(155,000)(498,750)
Proceeds from issuances under share-based compensation plans1,516 2,030 
Payments related to tax withholding for share-based compensation(4,080)(2,656)
Payments on asset-backed securitizations(11,277)(12,278)
Proceeds from revolving credit facility420,000 790,000 
Payments on revolving credit facility(770,000)(170,000)
Proceeds from unsecured senior notes, net of discount876,813 — 
Proceeds from liabilities related to consolidated land not owned33,821 — 
Distributions to noncontrolling interests(18,394)(12,896)
Distributions to common shareholders(125,781)(79,881)
Distributions to preferred shareholders(10,109)(26,397)
Deferred financing costs paid(8,236)(11,182)
Net cash provided by financing activities604,913 171,830 
Net increase (decrease) in cash, cash equivalents and restricted cash30,398 (81,541)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)191,767 265,077 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$222,165 $183,536 

6

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Six Months Ended
June 30,
20222021
Supplemental cash flow information  
Cash payments for interest, net of amounts capitalized$(49,323)$(51,449)
Supplemental schedule of noncash investing and financing activities  
Accrued property renovations and development expenditures$79,596 $42,795 
Transfers of completed homebuilding deliveries to properties226,993 142,211 
Property and land contributions to unconsolidated joint ventures(25,053)(30,014)
Property and land distributions from unconsolidated joint ventures8,397 — 
Accrued loss on settlement of cash flow hedging instrument— (3,999)
Noncash right-of-use assets obtained in exchange for operating lease liabilities3,679 537 
Accrued distributions to affiliates241 — 
Accrued distributions to non-affiliates112 158 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

American Homes 4 Rent, L.P.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except unit data)

June 30, 2022December 31, 2021
(Unaudited) 
Assets
Single-family properties:
Land$2,177,263 $2,062,039 
Buildings and improvements9,888,113 9,258,387 
Single-family properties in operation12,065,376 11,320,426 
Less: accumulated depreciation(2,228,095)(2,072,933)
Single-family properties in operation, net9,837,281 9,247,493 
Single-family properties under development and development land1,063,906 882,159 
Single-family properties held for sale, net159,243 114,907 
Total real estate assets, net11,060,430 10,244,559 
Cash and cash equivalents70,375 48,198 
Restricted cash151,790 143,569 
Rent and other receivables38,001 41,587 
Escrow deposits, prepaid expenses and other assets273,039 216,625 
Investments in unconsolidated joint ventures115,172 121,950 
Amounts due from affiliates25,666 25,666 
Goodwill120,279 120,279 
Total assets$11,854,752 $10,962,433 
Liabilities
Revolving credit facility$— $350,000 
Asset-backed securitizations, net1,899,602 1,908,346 
Unsecured senior notes, net2,492,610 1,622,132 
Accounts payable and accrued expenses498,279 343,526 
Total liabilities4,890,491 4,224,004 
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (348,331,569 and 337,997,791 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)
6,063,872 5,686,193 
Preferred units (9,200,000 and 15,400,000 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)
221,840 371,564 
Limited partner:
Common units (51,376,980 units issued and outstanding at June 30, 2022 and December 31, 2021)
676,741 678,582 
Accumulated other comprehensive income1,808 2,090 
Total capital6,964,261 6,738,429 
Total liabilities and capital$11,854,752 $10,962,433 

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except unit and per unit data)
(Unaudited)

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2022202120222021
Rents and other single-family property revenues$361,876 $313,654 $717,981 $626,227 
Expenses:
Property operating expenses129,270 116,578 262,913 235,272 
Property management expenses28,768 22,416 54,802 46,115 
General and administrative expense18,847 12,793 36,129 27,998 
Interest expense34,801 27,528 62,368 55,533 
Acquisition and other transaction costs7,658 2,968 13,632 7,814 
Depreciation and amortization104,415 91,117 204,369 181,188 
Total expenses323,759 273,400 634,213 553,920 
Gain on sale and impairment of single-family properties and other, net32,811 10,760 54,855 26,829 
Other income and expense, net3,627 800 5,946 1,599 
Net income74,555 51,814 144,569 100,735 
Preferred distributions4,346 12,615 10,109 26,397 
Redemption of perpetual preferred units5,276 15,879 5,276 15,879 
Net income attributable to common unitholders$64,933 $23,320 $129,184 $58,459 
Weighted-average common units outstanding:
Basic399,861,138 371,129,710 398,500,556 369,900,249 
Diluted400,379,604 372,185,976 399,128,938 370,928,227 
Net income attributable to common unitholders per unit:
Basic$0.16 $0.06 $0.32 $0.16 
Diluted$0.16 $0.06 $0.32 $0.16 

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2022202120222021
Net income$74,555 $51,814 $144,569 $100,735 
Other comprehensive loss:
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument— (13,229)— (3,999)
Reclassification adjustment for amortization of interest expense included in net income
(141)(240)(282)(481)
Other comprehensive loss(141)(13,469)(282)(4,480)
Comprehensive income74,414 38,345 144,287 96,255 
Preferred distributions4,346 12,615 10,109 26,397 
Redemption of perpetual preferred units5,276 15,879 5,276 15,879 
Comprehensive income attributable to common unitholders$64,792 $9,851 $128,902 $53,979 

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(Amounts in thousands, except unit and per unit data)
(Unaudited)

General PartnerLimited PartnersAccumulated other comprehensive incomeTotal capital
Common capitalPreferred capital amountCommon capital
Number of unitsAmountNumber of unitsAmount
Balances at December 31, 2020316,656,460 $4,928,819 $854,435 51,726,980 $682,316 $6,860 $6,472,430 
Share-based compensation— 8,110 — — — — 8,110 
Common units issued under share-based compensation plans, net of units withheld for employee taxes246,425 (1,521)— — — — (1,521)
Redemptions of Class A units350,000 4,617 — (350,000)(4,617)— — 
Distributions to capital holders:
Preferred units (Note 10)
— — (13,782)— — — (13,782)
Common units ($0.10 per unit)
— (31,795)— — (5,172)— (36,967)
Net income— 30,214 13,782 — 4,925 — 48,921 
Total other comprehensive income— — — — — 8,989 8,989 
Balances at March 31, 2021317,252,885 $4,938,444 $854,435 51,376,980 $677,452 $15,849 $6,486,180 
Share-based compensation— 3,151 — — — — 3,151 
Common units issued under share-based compensation plans, net of units withheld for employee taxes90,373 895 — — — — 895 
Issuance of Class A common units, net of offering costs of $200
5,500,000 193,840 — — — — 193,840 
Redemption of Series D perpetual preferred units— (8,509)(260,241)— — — (268,750)
Redemption of Series E perpetual preferred units— (7,370)(222,630)— — — (230,000)
Distributions to capital holders:
Preferred units (Note 10)
— — (12,615)— — — (12,615)
Common units ($0.10 per unit)
— (32,403)— — (5,138)— (37,541)
Net income— 35,981 12,615 — 3,218 — 51,814 
Total other comprehensive loss— — — — — (13,469)(13,469)
Balances at June 30, 2021322,843,258 $5,124,029 $371,564 51,376,980 $675,532 $2,380 $6,173,505 

11

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital (continued)
(Amounts in thousands, except unit and per unit data)
(Unaudited)

General PartnerLimited PartnersAccumulated other comprehensive incomeTotal capital
Common capitalPreferred capital amountCommon capital
Number of unitsAmountNumber of unitsAmount
Balances at December 31, 2021337,997,791 $5,686,193 $371,564 51,376,980 $678,582 $2,090 $6,738,429 
Share-based compensation— 7,405 — — — — 7,405 
Common units issued under share-based compensation plans, net of units withheld for employee taxes280,172 (2,619)— — — — (2,619)
Issuance of Class A common units, net of offering costs of $200
10,000,000 375,640 — — — — 375,640 
Distributions to capital holders:
Preferred units (Note 10)
— — (5,763)— — — (5,763)
Common units ($0.18 per unit)
— (62,938)— — (9,248)— (72,186)
Net income— 55,939 5,763 — 8,312 — 70,014 
Total other comprehensive loss— — — — — (141)(141)
Balances at March 31, 2022348,277,963 $6,059,620 $371,564 51,376,980 $677,646 $1,949 $7,110,779 
Share-based compensation— 10,643 — — — — 10,643 
Common units issued under share-based compensation plans, net of units withheld for employee taxes53,606 55 — — — — 55 
Redemption of Series F perpetual preferred units— (5,276)(149,724)— — — (155,000)
Distributions to capital holders:
Preferred units (Note 10)
— — (4,346)— — — (4,346)
Common units ($0.18 per unit)
— (63,036)— — (9,248)— (72,284)
Net income— 61,866 4,346 — 8,343 — 74,555 
Total other comprehensive loss— — — — — (141)(141)
Balances at June 30, 2022348,331,569 $6,063,872 $221,840 51,376,980 $676,741 $1,808 $6,964,261 

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Six Months Ended
June 30,
20222021
Operating activities
Net income$144,569 $100,735 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization204,369 181,188 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments5,502 3,828 
Noncash share-based compensation18,048 11,261 
Equity in net income of unconsolidated joint ventures(2,457)(660)
Return on investment from unconsolidated joint ventures3,986 — 
Gain on sale and impairment of single-family properties and other, net(54,855)(26,829)
Other changes in operating assets and liabilities:
Rent and other receivables1,605 (9,372)
Prepaid expenses and other assets(3,924)6,870 
Deferred leasing costs(1,179)(1,880)
Accounts payable and accrued expenses73,887 66,339 
Amounts due from related parties(10,555)307 
Net cash provided by operating activities378,996 331,787 
Investing activities
Cash paid for single-family properties(531,249)(279,016)
Change in escrow deposits for purchase of single-family properties6,225 (9,159)
Net proceeds received from sales of single-family properties and other113,002 74,451 
Proceeds received from storm-related insurance claims1,981 — 
Proceeds from notes receivable related to the sale of properties33,186 — 
Investment in unconsolidated joint ventures(12,759)(14,596)
Distributions from joint ventures38,347 34,372 
Renovations to single-family properties(54,961)(13,310)
Recurring and other capital expenditures for single-family properties(53,770)(56,579)
Cash paid for development activity(473,637)(309,706)
Other purchases of productive assets(19,876)(11,615)
Net cash used for investing activities(953,511)(585,158)
Financing activities
Proceeds from issuance of Class A common units375,840 194,040 
Payments of Class A common unit issuance costs(200)(200)
Redemption of perpetual preferred units(155,000)(498,750)
Proceeds from issuances under share-based compensation plans1,516 2,030 
Payments related to tax withholding for share-based compensation(4,080)(2,656)
Payments on asset-backed securitizations(11,277)(12,278)
Proceeds from revolving credit facility420,000 790,000 
Payments on revolving credit facility(770,000)(170,000)
Proceeds from unsecured senior notes, net of discount876,813 — 
Proceeds from liabilities related to consolidated land not owned33,821 — 
Distributions to common unitholders(144,175)(92,777)
Distributions to preferred unitholders(10,109)(26,397)
Deferred financing costs paid(8,236)(11,182)
Net cash provided by financing activities604,913 171,830 
Net increase (decrease) in cash, cash equivalents and restricted cash30,398 (81,541)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)191,767 265,077 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$222,165 $183,536 

13

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Six Months Ended
June 30,
20222021
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized$(49,323)$(51,449)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures$79,596 $42,795 
Transfers of completed homebuilding deliveries to properties226,993 142,211 
Property and land contributions to unconsolidated joint ventures(25,053)(30,014)
Property and land distributions from unconsolidated joint ventures8,397 — 
Accrued loss on settlement of cash flow hedging instrument— (3,999)
Noncash right-of-use assets obtained in exchange for operating lease liabilities3,679 537 
Accrued distributions to affiliates241 — 
Accrued distributions to non-affiliates112 158 

The accompanying notes are an integral part of these condensed consolidated financial statements.

14

American Homes 4 Rent
American Homes 4 Rent, L.P.
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Organization and Operations

American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of June 30, 2022, the Company held 58,715 single-family properties in 22 states, including 955 properties classified as held for sale.

AH4R is the general partner of, and as of June 30, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated.

The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest but does not consolidate are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets.

The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds an investment in a limited partnership and a deposit with a land banking entity, both of which were determined to be VIEs for which the Company was deemed not to be the primary beneficiary. Because the Company does not have controlling financial interests, the investment in the limited partnership is accounted for under the equity method of accounting, and the deposit with the land banking entity is held at cost. The Company’s maximum exposure to loss is limited to the carrying values included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission

15

(“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
    
Note 3. Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
June 30,December 31,
2022202120212020
Cash and cash equivalents$70,375 $40,585 $48,198 $137,060 
Restricted cash151,790 142,951 143,569 128,017 
Total cash, cash equivalents and restricted cash$222,165 $183,536 $191,767 $265,077 

Note 4. Real Estate Assets, Net
 
The net book values of real estate assets consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):
June 30, 2022December 31, 2021
Occupied single-family properties$9,162,103 $8,522,080 
Single-family properties leased, not yet occupied122,427 77,221 
Single-family properties in turnover process204,736 184,170 
Single-family properties recently renovated or developed157,253 126,379 
Single-family properties newly acquired and under renovation190,762 337,643 
Single-family properties in operation, net9,837,281 9,247,493 
Development land646,855 549,653 
Single-family properties under development417,051 332,506 
Single-family properties held for sale, net159,243 114,907 
Total real estate assets, net$11,060,430 $10,244,559 

Depreciation expense related to single-family properties was $100.6 million and $87.4 million for the three months ended June 30, 2022 and 2021, respectively, and $196.8 million and $173.7 million for the six months ended June 30, 2022 and 2021, respectively.


16

The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except property data):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2022202120222021
Single-family properties:
Properties sold197 97 366 277 
Net proceeds (1)
$60,801 $28,092 $111,060 $74,132 
Net gain on sale$33,147 $11,422 $57,692 $26,772 
Land:
Net proceeds$794 $55 $1,942 $319 
Net gain (loss) on sale$148 $(62)$426 $(139)
(1)Net proceeds are net of deductions for working capital prorations.

Note 5. Rent and Other Receivables

Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $43.1 million and $38.0 million for the three months ended June 30, 2022 and 2021, respectively, and $95.4 million and $83.8 million for the six months ended June 30, 2022 and 2021, respectively. Variable lease payments for fees from single-family properties were $6.9 million and $5.5 million for the three months ended June 30, 2022 and 2021, respectively, and $13.0 million and $10.7 million for the six months ended June 30, 2022 and 2021, respectively.

The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2022 (amounts in thousands):
June 30, 2022
Remaining 2022$470,424 
2023274,307 
202416,682 
202512 
Total$761,425 

As of June 30, 2022 and December 31, 2021, rent and other receivables included zero and $1.9 million, respectively, of insurance claims receivables related to storm damages.

Note 6. Escrow Deposits, Prepaid Expenses and Other Assets

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2022 and December 31, 2021 (amounts in thousands):
 June 30, 2022December 31, 2021
Escrow deposits, prepaid expenses and other$103,298 $88,414 
Commercial real estate, software, vehicles and FF&E, net69,645 62,462 
Consolidated land not owned65,873 — 
Operating lease right-of-use assets19,446 17,269 
Deferred costs and other intangibles, net11,490 13,134 
Notes receivable, net3,287 35,346 
Total$273,039 $216,625 

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $3.1 million and $2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $6.1 million and $5.4 million for the six months ended June 30, 2022 and 2021, respectively.

Consolidated Land Not Owned

During the three and six months ended June 30, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our options to repurchase the finished lots, in

17

accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9. Accounts Payable and Accrued Expenses).

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net, consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):
 June 30, 2022December 31, 2021
Deferred leasing costs$2,433 $3,090 
Deferred financing costs22,491 22,491 
 24,924 25,581 
Less: accumulated amortization(13,434)(12,447)
Total$11,490 $13,134 

Amortization expense related to deferred leasing costs was $0.7 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively, and $1.5 million and $2.1 million for the six months ended June 30, 2022 and 2021, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $1.4 million and $1.1 million for the six months ended June 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization (see Note 8. Debt).
 
The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2022 for future periods (amounts in thousands):
Deferred
Leasing Costs
Deferred
Financing Costs
Total
Remaining 2022$1,149 $1,372 $2,521 
202311 2,722 2,733 
2024— 2,730 2,730 
2025— 2,722 2,722 
2026— 784 784 
Total$1,160 $10,330 $11,490 

Note 7. Investments in Unconsolidated Joint Ventures

As of June 30, 2022, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations.

The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes.

The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):
Joint Venture Description% Ownership at June 30, 2022Completed Homes at June 30, 2022Balances at
June 30, 2022
Balances at
December 31, 2021
Alaska JV20 %287 $20,605 $22,658 
Institutional Investor JV20 %901 29,976 28,695 
J.P. Morgan JV20 %858 64,591 70,597 
2,046 $115,172 $121,950 


18

The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $3.6 million and $2.5 million for the three months ended June 30, 2022 and 2021, respectively, and $6.4 million and $4.6 million for the six months ended June 30, 2022 and 2021, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets.

During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from Institutional Investor JV for total consideration of $74.6 million, of which (i) $66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment. The transaction was accounted for as an asset acquisition and resulted in a gain on sale at Institutional Investor JV. Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets.

During the first quarter of 2022, J.P. Morgan JV entered into a loan agreement to borrow up to a $375.0 million aggregate commitment. During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one-year extension option that include additional fees and interest. As of June 30, 2022, the joint venture’s loan had a $152.5 million outstanding principal balance.

During the third quarter of 2020, Institutional Investor JV entered into a loan agreement to borrow up to a $201.0 million aggregate commitment. During the initial two-year term, the loan bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of June 30, 2022, the joint venture’s loan had a $159.2 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P. Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantees have not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.


19

Note 8. Debt

All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of June 30, 2022 and December 31, 2021 (amounts in thousands):
   Outstanding Principal Balance
 
Interest Rate (1)
Maturity DateJune 30, 2022December 31, 2021
AH4R 2014-SFR2 securitization4.42%October 9, 2024$470,705 $473,594 
AH4R 2014-SFR3 securitization4.40%December 9, 2024486,042 488,790 
AH4R 2015-SFR1 securitization (2)
4.14%April 9, 2045511,859 514,868 
AH4R 2015-SFR2 securitization (3)
4.36%October 9, 2045444,327 446,929 
Total asset-backed securitizations  1,912,933 1,924,181 
2028 unsecured senior notes (4)
4.08%February 15, 2028500,000 500,000 
2029 unsecured senior notes4.90%February 15, 2029400,000 400,000 
2031 unsecured senior notes (5)
2.46%July 15, 2031450,000 450,000 
2032 unsecured senior notes3.63%April 15, 2032600,000 — 
2051 unsecured senior notes3.38%July 15, 2051300,000 300,000 
2052 unsecured senior notes4.30%April 15, 2052300,000 — 
Revolving credit facility (6)
2.89%April 15, 2026— 350,000 
Total debt  4,462,933 3,924,181 
Unamortized discounts on unsecured senior notes(37,658)(15,561)
Deferred financing costs, net (7)
(33,063)(28,142)
Total debt per balance sheet$4,392,212 $3,880,478 
(1)Interest rates are rounded and as of June 30, 2022. Unless otherwise stated, interest rates are fixed percentages.
(2)The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.
(3)The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.
(4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.
(5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.
(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $2.5 million and $1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2022 and December 31, 2021, respectively. The revolving credit facility bears interest at LIBOR plus 1.10% as of June 30, 2022. Effective July 1, 2022, the revolving credit facility bears interest at LIBOR plus 0.90% as a result of an upgrade in the Company's corporate credit rating to BBB with a stable rating outlook by S&P Global Ratings.
(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.7 million and $1.5 million for the three months ended June 30, 2022 and 2021, respectively, and $3.3 million and $3.0 million for the six months ended June 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization.

Unsecured Senior Notes

In April 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before offering costs of approximately $1.7 million. The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes.

The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indentures require that we maintain certain financial covenants. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes. If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.


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Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2022 (amounts in thousands):
Debt Maturities
Remaining 2022$10,358 
202320,714 
2024951,430 
202510,302 
202610,302 
Thereafter3,459,827 
Total debt$4,462,933 

Interest Expense
 
The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Gross interest cost$48,461 $34,415 $88,922 $68,298 
Capitalized interest(13,660)(6,887)(26,554)(12,765)
Interest expense$34,801 $27,528 $62,368 $55,533 

Note 9. Accounts Payable and Accrued Expenses
 
The following table summarizes accounts payable and accrued expenses as of June 30, 2022 and December 31, 2021 (amounts in thousands):
 June 30, 2022December 31, 2021
Accrued property taxes$118,124 $52,545 
Resident security deposits116,771 105,809 
Accrued construction and maintenance liabilities91,963 50,655 
Accrued interest40,875 33,332 
Liability for consolidated land not owned (see Note 6)38,127 — 
Prepaid rent26,813 31,190 
Operating lease liabilities20,970 18,723 
Accounts payable4,708 1,113 
Other accrued liabilities39,928 50,159 
Total$498,279 $343,526 

Note 10. Shareholders’ Equity / Partners’ Capital

When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances.

Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company, and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which are accounted for in equity. The Company expects to physically settle the January 2022 Forward Sale Agreements by the delivery of the Class A common shares and receive proceeds by January 20, 2023, although the Company has the right to elect settlement prior to that time subject to certain conditions. Although the Company expects to physically settle, the January 2022 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations. If the Company elects to cash or net share settle the January 2022 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash

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or Class A common shares to the forward purchasers in certain circumstances. The January 2022 Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

The Company received net proceeds of $375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $0.2 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. The Company used the net proceeds from the offering to repay indebtedness under its revolving credit facility and for general corporate purposes. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis but estimates that net proceeds will be approximately $488.6 million after deducting underwriting fees. The Company expects to use these net proceeds (i) to repay indebtedness it has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for general corporate purposes. As of June 30, 2022, the Company has estimated net proceeds of $488.6 million available from future settlement under the January 2022 Forward Sale Agreements.

At-the-Market Common Share Offering Program

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the six months ended June 30, 2022 and 2021, no shares were issued under the At-the-Market Program. As of June 30, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 million remained available for future share issuances.

Share Repurchase Program

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the six months ended June 30, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares. As of June 30, 2022, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Perpetual Preferred Shares

As of June 30, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):
June 30, 2022December 31, 2021
SeriesIssuance DateEarliest Redemption DateDividend RateOutstanding SharesCurrent Liquidation Value Outstanding SharesCurrent Liquidation Value
Series F perpetual preferred shares4/24/20174/24/20225.875 %— $— 6,200,000 $155,000 
Series G perpetual preferred shares7/17/20177/17/20225.875 %4,600,000 115,000 4,600,000 115,000 
Series H perpetual preferred shares9/19/20189/19/20236.250 %4,600,000 115,000 4,600,000 115,000 
Total preferred shares9,200,000 $230,000 15,400,000 $385,000 

In May 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875% Series F perpetual preferred shares, $0.01 par value per share, for cash at the liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series F perpetual preferred units. As a result of the redemption, the Company recorded a $5.3 million allocation of income to the Series F perpetual preferred shareholders within the condensed consolidated statements of operations during the three and six months ended June 30, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.


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Distributions

The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.
For the Three Months Ended
SecurityJune 30,
2022
March 31,
2022
June 30,
2021
March 31,
2021
Class A and Class B common shares$0.18 $0.18 $0.10 $0.10 
6.500% Series D perpetual preferred shares (1)
— — 0.30 0.41 
6.350% Series E perpetual preferred shares (2)
— — 0.40 0.40 
5.875% Series F perpetual preferred shares (3)
0.14 0.37 0.37 0.37 
5.875% Series G perpetual preferred shares
0.37 0.37 0.37 0.37 
6.250% Series H perpetual preferred shares
0.39 0.39 0.39 0.39 
(1)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021.
(2)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021.
(3)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022.

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990, or approximately 12.7% and 13.0%, of the total 399,708,549 and 389,374,771 Class A units in the Operating Partnership as of June 30, 2022 and December 31, 2021, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 596,990, or approximately 0.2%, of the total 399,708,549 and 389,374,771 Class A units in the Operating Partnership as of June 30, 2022 and December 31, 2021, respectively. The OP units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Note 11. Share-Based Compensation

2021 Equity Incentive Plan

The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R.
 
During the six months ended June 30, 2022 and 2021, the Human Capital and Compensation Committee granted RSUs to employees that vest over a three-year service period and RSUs to non-management trustees that vest over a one-year service period.

During the six months ended June 30, 2022 and 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain senior employees that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over the three-year performance period January 1, 2022 through December 31, 2024 for PSUs granted during the six months ended June 30, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the six months ended June 30, 2021. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.
 

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The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:
For the Six Months Ended
June 30,
 20222021
Options outstanding at beginning of period824,300 1,090,300 
Granted— — 
Exercised(33,750)(114,000)
Forfeited— — 
Options outstanding at end of period790,550 976,300 
Options exercisable at end of period785,550 938,800 
  
The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:
For the Six Months Ended
June 30,
 20222021
RSUs outstanding at beginning of period1,050,599 651,537 
Awarded446,883 568,313 
Vested(375,039)(200,939)
Forfeited(28,140)(17,697)
RSUs outstanding at end of period1,094,303 1,001,214 

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:
For the Six Months Ended
June 30,
 20222021
PSUs outstanding at beginning of period92,319 — 
Awarded202,104 92,319 
Vested— — 
Forfeited— — 
PSUs outstanding at end of period294,423 92,319 

2021 Employee Stock Purchase Plan

In 2021, the Company’s shareholders approved and the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which provides for the issuance of 3,000,000 Class A common shares. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. The 2021 ESPP allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AH4R.

Share-Based Compensation Expense

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction

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costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2022202120222021
General and administrative expense$5,932 $1,823 $9,962 $6,165 
Property management expenses1,132 599 2,131 1,598 
Acquisition and other transaction costs3,579 729 5,955 3,498 
Total noncash share-based compensation expense$10,643 $3,151 $18,048 $11,261 

Note 12. Earnings per Share / Unit
 
American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except share and per share data):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Numerator:    
Net income$74,555 $51,814 $144,569 $100,735 
Less:
Noncontrolling interest 8,343 3,218 16,655 8,143 
Dividends on preferred shares4,346 12,615 10,109 26,397 
Redemption of perpetual preferred shares5,276 15,879 5,276 15,879 
Allocation to participating securities (1)
198 101 395 194 
Numerator for income per common share–basic and diluted$56,392 $20,001 $112,134 $50,122 
Denominator:
Weighted-average common shares outstanding–basic348,484,158 319,752,730 347,123,576 318,380,175 
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)
518,466 1,056,266 628,382 1,027,978 
Weighted-average common shares outstanding–diluted (3)
349,002,624 320,808,996 347,751,958 319,408,153 
Net income per common share:
Basic$0.16 $0.06 $0.32 $0.16 
Diluted$0.16 $0.06 $0.32 $0.16 
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital).
(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.


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American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except unit and per unit data):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Numerator:    
Net income$74,555 $51,814 $144,569 $100,735 
Less:
Preferred distributions4,346 12,615 10,109 26,397 
Redemption of perpetual preferred units5,276 15,879 5,276 15,879 
Allocation to participating securities (1)
198 101 395 194 
Numerator for income per common unit–basic and diluted$64,735 $23,219 $128,789 $58,265 
Denominator:
Weighted-average common units outstanding–basic399,861,138 371,129,710 398,500,556 369,900,249 
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)
518,466 1,056,266 628,382 1,027,978 
Weighted-average common units outstanding–diluted400,379,604 372,185,976 399,128,938 370,928,227 
Net income per common unit:
Basic$0.16 $0.06 $0.32 $0.16 
Diluted$0.16 $0.06 $0.32 $0.16 
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital).

Note 13. Fair Value
 
The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts.

Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value.

Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.


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The following table displays the carrying values and fair values of our debt instruments as of June 30, 2022 and December 31, 2021 (amounts in thousands):
June 30, 2022December 31, 2021
Carrying ValueFair ValueCarrying ValueFair Value
AH4R 2014-SFR2 securitization$467,786 $473,303 $470,039 $479,464 
AH4R 2014-SFR3 securitization482,895 488,865 485,005 495,659 
AH4R 2015-SFR1 securitization508,245 514,567 510,585 521,639 
AH4R 2015-SFR2 securitization440,676 446,959 442,717 455,264 
Total asset-backed securitizations1,899,602 1,923,694 1,908,346 1,952,026 
2028 unsecured senior notes, net495,561 477,660 495,166 554,895 
2029 unsecured senior notes, net396,271 393,816 395,990 463,840 
2031 unsecured senior notes, net440,614 361,454 440,095 442,953 
2032 unsecured senior notes, net580,524 526,092 — — 
2051 unsecured senior notes, net291,035 207,963 290,881 304,461 
2052 unsecured senior notes, net288,605 244,188 — — 
Total unsecured senior notes, net2,492,610 2,211,173 1,622,132 1,766,149 
Revolving credit facility— — 350,000 350,000 
Total debt$4,392,212 $4,134,867 $3,880,478 $4,068,175 

During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 unsecured senior notes, which resulted in a $4.0 million loss recorded in other comprehensive loss at the time that will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 unsecured senior notes. The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate.

Note 14. Related Party Transactions

As of June 30, 2022 and December 31, 2021, affiliates owned approximately 13.0% and 13.5%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of June 30, 2022 and December 31, 2021) an approximate 24.1% and 24.8% interest as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and December 31, 2021, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Note 15. Commitments and Contingencies

As of June 30, 2022, the Company had commitments to acquire 191 single-family properties for an aggregate purchase price of $57.8 million, as well as $443.2 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of June 30, 2022, the Company had sales in escrow for approximately 87 of our single-family properties for aggregate selling prices of $30.7 million.

As of June 30, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $150.7 million.

Legal Matters

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

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We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

Note 16. Subsequent Events

Subsequent Acquisitions

From July 1, 2022 through July 31, 2022, the Company added 148 properties to its portfolio for a total cost of approximately $54.7 million, which included 92 newly constructed properties delivered through our AMH Development Program and four newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

From July 1, 2022 through July 31, 2022, the Company disposed of 57 properties for aggregate net proceeds of approximately $17.2 million.

Revolving Credit Facility

From July 1, 2022 through July 31, 2022, the Company borrowed an additional $50.0 million under its revolving credit facility, resulting in $50.0 million of outstanding borrowings under its revolving credit facility as of July 31, 2022.


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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Overview

We are a Maryland REIT focused on acquiring, developing, renovating, leasing and operating single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012.

As of June 30, 2022, we owned 58,715 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 22 states, including 955 properties held for sale, compared to 57,024 single-family properties in 22 states, including 659 properties held for sale, as of December 31, 2021, and 54,785 single-family properties in 22 states, including 589 properties held for sale as of June 30, 2021. As of June 30, 2022, 55,220 of our total properties (excluding properties held for sale) were occupied, compared to 53,637 of our total properties (excluding properties held for sale) as of December 31, 2021 and 52,645 of our total properties (excluding properties held for sale) as of June 30, 2021. Also, as of June 30, 2022, the Company had an additional 2,046 properties held in unconsolidated joint ventures, compared to 1,942 properties held in unconsolidated joint ventures as of December 31, 2021, and 1,530 properties held in unconsolidated joint ventures as of June 30, 2021. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics
 
The following table summarizes certain key single-family properties metrics as of June 30, 2022:
Total Single-Family Properties (1)
MarketNumber of Single-Family Properties% of Total Single-Family PropertiesGross Book Value (millions)% of Gross Book Value TotalAvg. Gross Book Value per PropertyAvg.
Sq. Ft.
Avg. Property Age (years)Avg. Year
Purchased or Delivered
 Atlanta, GA 5,779 10.0 %$1,229.1 10.2 %$212,680 2,165 16.92016
 Dallas-Fort Worth, TX 4,306 7.5 %744.1 6.2 %172,814 2,111 18.12014
 Charlotte, NC 3,911 6.8 %810.5 6.7 %207,234 2,100 17.32015
 Phoenix, AZ 3,394 5.9 %692.9 5.7 %204,151 1,833 18.42015
 Nashville, TN 3,182 5.5 %749.4 6.2 %235,510 2,108 15.62015
 Indianapolis, IN 2,954 5.1 %501.0 4.2 %169,598 1,931 19.42014
 Houston, TX 2,817 4.9 %492.2 4.1 %174,715 2,102 16.52014
 Jacksonville, FL 2,804 4.9 %573.0 4.7 %204,358 1,935 14.42016
 Tampa, FL 2,695 4.7 %586.4 4.9 %217,573 1,939 15.22016
 Raleigh, NC 2,164 3.7 %423.4 3.5 %195,651 1,887 16.72015
 Columbus, OH 2,129 3.7 %397.3 3.3 %186,628 1,867 20.12015
 Cincinnati, OH 2,146 3.7 %413.0 3.4 %192,464 1,847 19.52014
 Orlando, FL 1,846 3.2 %367.2 3.0 %198,927 1,895 19.12015
 Salt Lake City, UT 1,884 3.3 %556.0 4.6 %295,125 2,236 16.02015
 Greater Chicago area, IL and IN 1,671 2.9 %313.4 2.6 %187,532 1,867 20.82013
 Las Vegas, NV 1,677 2.9 %422.1 3.5 %251,713 1,886 14.02016
 Charleston, SC 1,524 2.6 %344.1 2.9 %225,770 1,964 11.72017
 San Antonio, TX 1,344 2.3 %259.1 2.1 %192,804 1,935 13.82015
 Seattle, WA 1,138 2.0 %366.1 3.0 %321,705 1,994 12.62017
 Savannah/Hilton Head, SC 1,015 1.8 %205.4 1.7 %202,396 1,888 13.82016
All Other (2)
7,380 12.6 %1,619.7 13.5 %219,468 1,900 17.12015
Total/Average57,760 100.0 %$12,065.4 100.0 %$208,888 1,988 16.92015
(1)Excludes 955 single-family properties held for sale as of June 30, 2022.
(2)Represents 15 markets in 13 states.


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The following table summarizes certain key leasing metrics as of June 30, 2022:
Total Single-Family Properties (1)
Market
Avg. Occupied Days
Percentage (2)
Avg. Monthly Realized Rent per property (3)
Avg. Original Lease Term (months) (4)
Avg. Remaining Lease Term (months) (4)
Avg. Blended Change in
Rent (5)
Atlanta, GA95.8 %$1,939 12.0 6.2 10.6 %
Dallas-Fort Worth, TX97.1 %1,997 12.1 6.3 8.3 %
Charlotte, NC96.7 %1,856 12.2 6.2 8.3 %
Phoenix, AZ95.4 %1,836 11.9 6.6 11.2 %
Nashville, TN97.0 %2,003 12.0 6.5 10.0 %
Indianapolis, IN95.9 %1,654 12.0 6.3 7.5 %
Houston, TX95.0 %1,825 12.5 5.6 6.6 %
Jacksonville, FL97.1 %1,891 12.0 6.2 10.6 %
Tampa, FL97.8 %2,008 12.0 6.2 12.4 %
Raleigh, NC96.1 %1,766 12.3 6.5 8.4 %
Columbus, OH95.6 %1,904 12.0 6.6 7.0 %
Cincinnati, OH95.6 %1,856 11.9 6.8 7.6 %
Orlando, FL97.7 %1,945 12.0 6.5 12.3 %
Salt Lake City, UT96.2 %2,137 12.1 6.6 10.3 %
Greater Chicago area, IL and IN96.8 %2,112 12.3 6.1 8.3 %
Las Vegas, NV94.6 %1,970 11.8 6.3 10.9 %
Charleston, SC93.5 %1,984 12.0 6.6 7.9 %
San Antonio, TX94.0 %1,798 12.0 6.6 7.5 %
Seattle, WA94.7 %2,354 11.9 6.8 11.1 %
Savannah/Hilton Head, SC95.8 %1,832 11.9 7.0 10.4 %
All Other (6)
95.0 %1,899 12.0 6.6 8.8 %
Total/Average 96.0 %$1,917 12.0 6.4 9.3 %
(1)Excludes 955 single-family properties held for sale as of June 30, 2022.
(2)For the three months ended June 30, 2022, Average Occupied Days Percentage represents 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.
(3)For the three months ended June 30, 2022, 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 is adjusted to reflect the number of days of ownership.
(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.
(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended June 30, 2022, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.
(6)Represents 15 markets in 13 states.

We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, our ability to raise capital and our capital structure. Additionally, recent supply chain disruptions, inflationary increases in labor and material costs and labor shortages have impacted and may continue to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with recently acquired properties and our maintenance program.

Property Acquisitions, Development and Dispositions
 
Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, competition for our target assets and our available capital. We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program. In addition, we also acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new

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construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. During the three months ended June 30, 2022, we developed or acquired 928 homes, including 315 newly constructed homes delivered through our AMH Development Program and 613 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 197 homes sold to third parties. During the three months ended June 30, 2022, we also developed an additional 214 newly constructed properties which were delivered to our unconsolidated joint ventures, aggregating to 529 total program deliveries through our AMH Development Program.

Our properties held for sale were identified based on submarket analysis, as well as individual property-level operational review. As of June 30, 2022 and December 31, 2021, there were 955 and 659 properties, respectively, classified as held for sale. We will continue to evaluate our properties for potential disposition going forward as a normal course of business.

Property Operations

Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, historically it has taken approximately four to six months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $250,000 and $450,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incur costs between $20,000 and $40,000 to renovate a home acquired through traditional acquisition channels to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.

Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory. Typically, it takes approximately 10 to 30 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. Typically, it takes approximately 30 to 50 days to complete the turnover process.

Revenues

Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants. Typically, our tenants have household incomes ranging from $70,000 to $120,000 and primarily consist of families with approximately two adults and one or more children.

Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.


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Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in Average Monthly Realized Rent per property was 8.3% for the three months ended June 30, 2022, and we experienced turnover rates of 7.6% and 8.2% during the three months ended June 30, 2022 and 2021, respectively. Based on our Same-Home population of properties, the year-over-year increase in Average Monthly Realized Rent per property was 7.9% for the six months ended June 30, 2022, and we experienced turnover rates of 13.6% and 15.1% during the six months ended June 30, 2022 and 2021, respectively.

Expenses

We monitor the following categories of expenses that we believe most significantly affect our results of operations.

Property Operating Expenses

Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control. These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, HOA fees (when applicable) and insurance.

Property Management Expenses

As we internally manage our portfolio of single-family properties through our proprietary property management platform, we incur costs such as salary expenses for property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining our property management platform. As part of developing our property management platform, we have made significant investments in our infrastructure, systems and technology. We believe that these investments will enable our property management platform to become more efficient over time, especially as our portfolio grows. Also included in property management expenses is noncash share-based compensation expense related to centralized and field property management employees.

Seasonality

We believe that our business and related operating results will be impacted by seasonal factors throughout the year. Historically, we have experienced higher levels of tenant move-outs and move-ins during the late spring and summer months, which impacts both our rental revenues and related turnover costs. Our property operating costs are seasonally impacted in certain markets for expenses such as HVAC repairs, turn costs and landscaping expenses during the summer season. Additionally, our single-family properties are at greater risk in certain markets for adverse weather conditions such as hurricanes in the late summer months and extreme cold weather in the winter months.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expenses, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. Also included in general and administrative expense is noncash share-based compensation expense related to corporate administrative employees.

Results of Operations

Net income totaled $74.6 million for the three months ended June 30, 2022, compared to net income of $51.8 million for the three months ended June 30, 2021. This increase was primarily due to a larger number of occupied properties associated with growth in the Company’s portfolio, higher rental rates and lower uncollectible rents, as well as higher net gains on property sales. Net income totaled $144.6 million for the six months ended June 30, 2022, compared to net income of $100.7 million for the six months ended June 30, 2021. This increase was primarily due to a larger number of occupied properties associated with growth in the Company’s portfolio, higher rental rates and lower uncollectible rents, as well as higher net gains on property sales.

As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance. We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or taken out of service as a result of a casualty loss, which allows the performance of these properties to be compared between periods. Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property 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

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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. All other properties, including those classified as held for sale or taken out of service as a result of a casualty loss, are classified as Non-Same-Home and Other.
 
One of the primary financial measures we use in evaluating the operating performance of our single-family properties is Core Net Operating Income (“Core NOI”), which we also present separately for our Same-Home portfolio. Core NOI 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 the impacted single-family properties, (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 accounting principles generally accepted in the United States of America (“GAAP”)).


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Comparison of the Three Months Ended June 30, 2022 to the Three Months Ended June 30, 2021

The following table presents a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the three months ended June 30, 2022 and 2021 (amounts in thousands):
 For the Three Months Ended June 30, 2022
 
Same-Home
Properties (1)
% of Core
Revenue
Non-Same-
Home and Other
Properties
% of Core
Revenue
Total
Properties
% of Core
Revenue
Rents from single-family properties$266,144  $48,892  $315,036  
Fees from single-family properties5,442  1,462  6,904  
Bad debt(2,420) (781) (3,201) 
Core revenues269,166  49,573  318,739  
Property tax expense44,598 16.5 %7,849 15.8 %52,447 16.5 %
HOA fees, net (2)
5,069 1.9 %1,006 2.0 %6,075 1.9 %
R&M and turnover costs, net (2)
21,141 7.9 %4,341 8.8 %25,482 8.0 %
Insurance2,958 1.1 %579 1.2 %3,537 1.1 %
Property management expenses, net (3)
20,965 7.8 %5,263 10.6 %26,228 8.2 %
Core property operating expenses94,731 35.2 %19,038 38.4 %113,769 35.7 %
Core NOI$174,435 64.8 %$30,535 61.6 %$204,970 64.3 %

 For the Three Months Ended June 30, 2021
 
Same-Home
Properties (1)
% of Core
Revenue
Non-Same-
Home and Other
Properties
% of Core
Revenue
Total
Properties
% of Core
Revenue
Rents from single-family properties$247,048  $30,275  $277,323  
Fees from single-family properties4,752  774  5,526  
Bad debt(5,708) (1,501) (7,209) 
Core revenues246,092  29,548  275,640  
Property tax expense42,520 17.3 %5,460 18.5 %47,980 17.4 %
HOA fees, net (2)
4,664 1.9 %638 2.2 %5,302 1.9 %
R&M and turnover costs, net (2)
19,802 8.0 %3,201 10.8 %23,003 8.3 %
Insurance2,586 1.1 %356 1.2 %2,942 1.1 %
Property management expenses, net (3)
18,204 7.4 %2,950 10.0 %21,154 7.7 %
Core property operating expenses87,776 35.7 %12,605 42.7 %100,381 36.4 %
Core NOI$158,316 64.3 %$16,943 57.3 %$175,259 63.6 %

(1)Includes 47,914 properties that have been stabilized longer than 90 days prior to January 1, 2021.
(2)Presented net of tenant charge-backs.
(3)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.


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The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended June 30, 2022 and 2021 (amounts in thousands):
For the Three Months Ended
June 30,
20222021
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$361,876 $313,654 
Tenant charge-backs(43,137)(38,014)
Core revenues318,739 275,640 
Less: Non-Same-Home core revenues49,573 29,548 
Same-Home core revenues$269,166 $246,092 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$129,270 $116,578 
Property management expenses28,768 22,416 
Noncash share-based compensation - property management(1,132)(599)
Expenses reimbursed by tenant charge-backs(43,137)(38,014)
Core property operating expenses113,769 100,381 
Less: Non-Same-Home core property operating expenses19,038 12,605 
Same-Home core property operating expenses$94,731 $87,776 
Core NOI and Same-Home Core NOI
Net income$74,555 $51,814 
Gain on sale and impairment of single-family properties and other, net(32,811)(10,760)
Depreciation and amortization104,415 91,117 
Acquisition and other transaction costs7,658 2,968 
Noncash share-based compensation - property management1,132 599 
Interest expense34,801 27,528 
General and administrative expense18,847 12,793 
Other income and expense, net(3,627)(800)
Core NOI204,970 175,259 
Less: Non-Same-Home Core NOI30,535 16,943 
Same-Home Core NOI$174,435 $158,316 

Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 15.4% to $361.9 million for the three months ended June 30, 2022 from $313.7 million for the three months ended June 30, 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 54,786 homes for the three months ended June 30, 2022, compared to 52,335 homes for the three months ended June 30, 2021, as well as higher rental rates and lower uncollectible rents.

Property Operating Expenses

Property operating expenses increased 10.9% to $129.3 million for the three months ended June 30, 2022 from $116.6 million for the three months ended June 30, 2021. This increase was primarily attributable to inflationary increases and growth in our portfolio.

Property Management Expenses

Property management expenses for the three months ended June 30, 2022 and 2021 were $28.8 million and $22.4 million, respectively, which included $1.1 million and $0.6 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to higher personnel costs from (i) the timing of increased compensation in the second half of 2021 as a result of the inflationary environment and (ii) increased headcount to support growth in our portfolio, as well as an increase in other miscellaneous property management expenses.


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Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 9.4% to $269.2 million for the three months ended June 30, 2022 from $246.1 million for the three months ended June 30, 2021. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 8.3% to $1,901 per month for the three months ended June 30, 2022 compared to $1,755 per month for the three months ended June 30, 2021, and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 97.4% for the three months ended June 30, 2022 compared to 97.9% for the three months ended June 30, 2021.

Core Property Operating Expenses from Same-Home Properties
Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 7.9% to $94.7 million for the three months ended June 30, 2022 from $87.8 million for the three months ended June 30, 2021 primarily driven by annual growth in property tax expense and other inflationary increases.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended June 30, 2022 and 2021 was $18.8 million and $12.8 million, respectively, which included $5.9 million and $1.8 million, respectively, of noncash share-based compensation expense related to corporate administrative employees. The increase in general and administrative expense was primarily related to an increase in noncash share-based compensation expense driven by retirement provisions that resulted in accelerated expense recognition for retirement eligible employees during the three months ended June 30, 2022, as well as the timing of increased personnel and information technology costs to support growth in our business.

Interest Expense

Interest expense increased 26.4% to $34.8 million for the three months ended June 30, 2022 from $27.5 million for the three months ended June 30, 2021. This increase was primarily due to additional interest from the issuances of the 2031 and 2051 unsecured senior notes in July 2021 and the 2032 and 2052 unsecured senior notes in April 2022, partially offset by additional capitalized interest during the three months ended June 30, 2022 related to an increase in our development activities under our AMH Development Program and an increase in acquired properties that underwent initial renovation during the three months ended June 30, 2022.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the three months ended June 30, 2022 and 2021 were $7.7 million and $3.0 million, respectively, which included $3.6 million and $0.7 million, respectively, of noncash share-based compensation expense related to employees in these functions. The increase in acquisition and other transaction costs was primarily related to higher noncash share-based compensation expense driven by retirement provisions that resulted in accelerated expense recognition for retirement eligible employees during the three months ended June 30, 2022, as well as higher acquisition costs associated with the growth of our portfolio.

Depreciation and Amortization

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 14.6% to $104.4 million for the three months ended June 30, 2022 from $91.1 million for the three months ended June 30, 2021 primarily due to growth in our average number of depreciable properties.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the three months ended June 30, 2022 and 2021 was $32.8 million and $10.8 million, respectively, which included zero and $0.2 million of impairment charges, respectively, related to homes

36

classified as held for sale during each period. The increase was primarily related to an increase in properties sold as well as higher net gains from property sales.

Other Income and Expense, net

Other income and expense, net for the three months ended June 30, 2022 and 2021 was $3.6 million and $0.8 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Comparison of the Six Months Ended June 30, 2022 to the Six Months Ended June 30, 2021

The following table presents a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties and total properties for the six months ended June 30, 2022 and 2021 (amounts in thousands):
 For the Six Months Ended June 30, 2022
 
Same-Home
Properties (1)
% of Core
Revenue
Non-Same-
Home and Other
Properties
% of Core
Revenue
Total
Properties
% of Core
Revenue
Rents from single-family properties$526,327 $90,374 $616,701 
Fees from single-family properties10,377 2,614 12,991 
Bad debt(5,134)(1,986)(7,120)
Core revenues531,570  91,002  622,572  
Property tax expense88,604 16.7 %15,785 17.3 %104,389 16.9 %
HOA fees, net (2)
9,703 1.8 %1,780 2.0 %11,483 1.8 %
R&M and turnover costs, net (2)
38,784 7.3 %8,701 9.6 %47,485 7.6 %
Insurance5,805 1.1 %1,105 1.2 %6,910 1.1 %
Property management expenses, net (3)
39,872 7.5 %10,036 11.0 %49,908 8.0 %
Core property operating expenses182,768 34.4 %37,407 41.1 %220,175 35.4 %
Core NOI$348,802 65.6 %$53,595 58.9 %$402,397 64.6 %

 For the Six Months Ended June 30, 2021
 
Same-Home
Properties (1)
% of Core
Revenue
Non-Same-
Home and Other
Properties
% of Core
Revenue
Total
Properties
% of Core
Revenue
Rents from single-family properties$488,774 $56,870 $545,644 
Fees from single-family properties9,222 1,478 10,700 
Bad debt(11,466)(2,460)(13,926)
Core revenues486,530  55,888  542,418  
Property tax expense84,596 17.4 %10,792 19.3 %95,388 17.5 %
HOA fees, net (2)
9,021 1.9 %1,248 2.2 %10,269 1.9 %
R&M and turnover costs, net (2)
35,439 7.3 %5,800 10.4 %41,239 7.6 %
Insurance5,057 1.0 %673 1.2 %5,730 1.1 %
Property management expenses, net (3)
37,397 7.7 %5,957 10.7 %43,354 8.0 %
Core property operating expenses171,510 35.3 %24,470 43.8 %195,980 36.1 %
Core NOI$315,020 64.7 %$31,418 56.2 %$346,438 63.9 %

(1)Includes 47,914 properties that have been stabilized longer than 90 days prior to January 1, 2021.
(2)Presented net of tenant charge-backs.
(3)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.


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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 six months ended June 30, 2022 and 2021 (amounts in thousands):
For the Six Months Ended
June 30,
20222021
Core revenues and Same-Home core revenues
Rents and other single-family property revenues$717,981 $626,227 
Tenant charge-backs(95,409)(83,809)
Core revenues622,572 542,418 
Less: Non-Same-Home core revenues91,002 55,888 
Same-Home core revenues$531,570 $486,530 
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses$262,913 $235,272 
Property management expenses54,802 46,115 
Noncash share-based compensation - property management(2,131)(1,598)
Expenses reimbursed by tenant charge-backs(95,409)(83,809)
Core property operating expenses220,175 195,980 
Less: Non-Same-Home core property operating expenses37,407 24,470 
Same-Home core property operating expenses$182,768 $171,510 
Core NOI and Same-Home Core NOI
Net income$144,569 $100,735 
Gain on sale and impairment of single-family properties and other, net(54,855)(26,829)
Depreciation and amortization204,369 181,188 
Acquisition and other transaction costs13,632 7,814 
Noncash share-based compensation - property management2,131 1,598 
Interest expense62,368 55,533 
General and administrative expense36,129 27,998 
Other income and expense, net(5,946)(1,599)
Core NOI402,397 346,438 
Less: Non-Same-Home Core NOI53,595 31,418 
Same-Home Core NOI$348,802 $315,020 

Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 14.7% to $718.0 million for the six months ended June 30, 2022 from $626.2 million for the six months ended June 30, 2021. Revenue growth was driven by an increase in our average occupied portfolio which grew to 54,403 homes for the six months ended June 30, 2022, compared to 51,980 homes for the six months ended June 30, 2021, as well as higher rental rates and lower uncollectible rents.

Property Operating Expenses

Property operating expenses increased 11.7% to $262.9 million for the six months ended June 30, 2022 from $235.3 million for the six months ended June 30, 2021. This increase was primarily attributable to inflationary increases and growth in our portfolio.

Property Management Expenses

Property management expenses for the six months ended June 30, 2022 and 2021 were $54.8 million and $46.1 million, respectively, which included $2.1 million and $1.6 million, respectively, of noncash share-based compensation expense in each period related to centralized and field property management employees. The increase in property management expenses was primarily attributable to higher personnel costs from (i) the timing of increased compensation in the second half of 2021 as a result of the inflationary environment and (ii) increased headcount to support growth in our portfolio, as well as an increase in other miscellaneous property management expenses.


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Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 9.3% to $531.6 million for the six months ended June 30, 2022 from $486.5 million for the six months ended June 30, 2021. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 7.9% to $1,878 per month for the six months ended June 30, 2022 compared to $1,741 per month for the six months ended June 30, 2021, and lower uncollectible rents, partially offset by a decrease in Average Occupied Days Percentage, which was 97.5% for the six months ended June 30, 2022 compared to 97.6% for the six months ended June 30, 2021.

Core Property Operating Expenses from Same-Home Properties

Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 6.6% to $182.8 million for the six months ended June 30, 2022 from $171.5 million for the six months ended June 30, 2021 primarily driven by annual growth in property tax expense and other inflationary increases.

General and Administrative Expense

General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the six months ended June 30, 2022 and 2021 was $36.1 million and $28.0 million, respectively, which included $10.0 million and $6.2 million, respectively, of noncash share-based compensation expense related to corporate administrative employees. The increase in general and administrative expense was primarily related to an increase in noncash share-based compensation expense, as well as the timing of increased personnel and information technology costs to support growth in our business.

Interest Expense

Interest expense increased 12.3% to $62.4 million for the six months ended June 30, 2022 from $55.5 million for the six months ended June 30, 2021. This increase was primarily due to additional interest from the issuances of the 2031 and 2051 unsecured senior notes in July 2021 and the 2032 and 2052 unsecured senior notes in April 2022, partially offset by additional capitalized interest during the six months ended June 30, 2022 related to an increase in our development activities under our AMH Development Program and an increase in acquired properties that underwent initial renovation during the six months ended June 30, 2022.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of costs associated with purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties which do not qualify for capitalization. Acquisition and other transaction costs for the six months ended June 30, 2022 and 2021 were $13.6 million and $7.8 million, respectively, which included $6.0 million and $3.5 million, respectively, of noncash share-based compensation expense related to employees in these functions. The increase in acquisition and other transaction costs was primarily related to higher acquisition costs associated with the growth of our portfolio and higher noncash share-based compensation expense.

Depreciation and Amortization

Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 12.8% to $204.4 million for the six months ended June 30, 2022 from $181.2 million for the six months ended June 30, 2021 primarily due to growth in our average number of depreciable properties.

Gain on Sale and Impairment of Single-Family Properties and Other, net

Gain on sale and impairment of single-family properties and other, net for the six months ended June 30, 2022 and 2021 was $54.9 million and $26.8 million, respectively, which included $1.1 million and $0.2 million of impairment charges, respectively, related to homes classified as held for sale during each period. The increase was primarily related to an increase in properties sold as well as higher net gains from property sales, partially offset by higher impairment charges.


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Other Income and Expense, net

Other income and expense, net for the six months ended June 30, 2022 and 2021 was $5.9 million and $1.6 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Critical Accounting Estimates

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2021 Annual Report. There have been no material changes to these estimates during the six months ended June 30, 2022.

Recent Accounting Pronouncements

See Note 2. Significant Accounting Policies to our condensed consolidated financial statements in this report for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, make distributions to our shareholders and OP unitholders, including AH4R, and meet other general requirements of our business. Our liquidity, to a certain extent, is subject to general economic, financial, competitive and other factors beyond our control.

Sources of Capital

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), asset-backed securitizations, property dispositions and joint venture transactions. We have financed our operations, acquisitions and development expenditures to date through the issuance of equity securities, borrowings under our credit facilities, asset-backed securitizations and unsecured senior notes, and proceeds from the sale of single-family properties. Going forward, we expect to meet our operating liquidity requirements generally through cash on hand and cash provided by operations. We believe our rental income, net of operating expenses and recurring capital expenditures, will generally provide cash flow sufficient to fund our operations and dividend distributions. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

Our liquidity and capital resources as of June 30, 2022 included cash and cash equivalents of $70.4 million. Additionally, as of June 30, 2022, we had no outstanding borrowings under our revolving credit facility, which provides for maximum borrowings of up to $1.25 billion, of which $2.5 million was committed to outstanding letters of credit. As described below, we also have estimated net proceeds of $488.6 million available from future settlement of the January 2022 Forward Sale Agreements. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Uses of Capital

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 16. Subsequent Events to our condensed consolidated financial statements in this report, there have been no other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2021 Annual Report.


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Cash Flows

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the six months ended June 30, 2022 and 2021 (amounts in thousands):
For the Six Months Ended
June 30,
20222021Change
Net cash provided by operating activities$378,996 $331,787 $47,209 
Net cash used for investing activities(953,511)(585,158)(368,353)
Net cash provided by financing activities604,913 171,830 433,083 
Net increase (decrease) in cash, cash equivalents and restricted cash$30,398 $(81,541)$111,939 

Operating Activities

Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses and general and administrative expenses. Net cash provided by operating activities increased $47.2 million, or 14.2%, from $331.8 million for the six months ended June 30, 2021 to $379.0 million for the six months ended June 30, 2022 primarily as a result of increased cash flows generated from a larger number of occupied properties, higher rental rates and lower uncollectible rents, partially offset by higher cash outflows for property related expenses as a result of inflationary increases and growth in our portfolio.

Investing Activities

Net cash used for investing activities increased $368.4 million, or 62.9%, from $585.2 million for the six months ended June 30, 2021 to $953.5 million for the six months ended June 30, 2022. Our investing activities are most significantly impacted by the strategic expansion of our portfolio through traditional acquisition channels, the development of “built-for-rental” homes through our AMH Development Program and the acquisition of newly built properties through our National Builder Program. Cash outflows for the addition of single-family properties to our portfolio through these channels increased $400.8 million during the six months ended June 30, 2022. Homes acquired through our traditional acquisition channel also require additional expenditures to prepare them for rental, and cash outflows for renovations to single-family properties increased $41.7 million primarily as a result of an increased volume of newly acquired properties that underwent initial renovation during the six months ended June 30, 2022. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per home basis in the future. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in this strategic expansion. Net proceeds received from the sale of single-family properties and other increased $38.6 million as a result of an increased volume of properties sold and a higher average realized sales price per property during the six months ended June 30, 2022, and we collected $33.2 million during the six months ended June 30, 2022 from notes receivables related to property sales. Net cash inflows from unconsolidated joint ventures increased $5.8 million during the six months ended June 30, 2022 due to the timing of contributions and distributions to and from our unconsolidated joint ventures. Cash outflows for other purchases of productive assets increased $8.3 million primarily due to an investment in a residential-focused proptech venture capital fund during the six months ended June 30, 2022.

Financing Activities

Net cash provided by financing activities increased $433.1 million from $171.8 million for the six months ended June 30, 2021 to $604.9 million for the six months ended June 30, 2022 primarily due to $876.8 million of proceeds from unsecured senior notes, net of discount, during the six months ended June 30, 2022, a $343.8 million reduction in cash paid for the redemptions of the Series F perpetual preferred shares during the six months ended June 30, 2022 compared to the Series D and Series E perpetual preferred shares during the during the six months ended June 30, 2021, and a $181.8 million increase in proceeds from the issuance of Class A common shares, net of offering costs, during six months ended June 30, 2022. Net cash provided by financing activities also increased due to $33.8 million of proceeds from liabilities related to consolidated land not owned during the six months ended June 30, 2022 and a $16.3 million reduction in distributions to preferred shareholders as a result of the redemptions of our Series F perpetual preferred shares during the six months ended June 30, 2022 and Series D and Series E perpetual preferred shares during the six months ended June 30, 2021. These increases were partially offset by activity under our revolving credit facility, which resulted in $350.0 million of net cash outflows during the six months ended June 30, 2022 compared to $620.0 million of net cash inflows during the six months

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ended June 30, 2021, and a $51.4 million increase in distributions paid to common share and unit holders resulting from an 80% increase in distributions paid per common share and unit.

Unsecured Senior Notes

In April 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before offering costs of approximately $1.7 million. The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes.

The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indentures require that we maintain certain financial covenants. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes. If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company, and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which are accounted for in equity. The Company expects to physically settle the January 2022 Forward Sale Agreements by the delivery of the Class A common shares and receive proceeds by January 20, 2023, although the Company has the right to elect settlement prior to that time subject to certain conditions. Although the Company expects to physically settle, the January 2022 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations. If the Company elects to cash or net share settle the January 2022 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchasers in certain circumstances. The January 2022 Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

The Company received net proceeds of $375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $0.2 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. The Company used the net proceeds from the offering to repay indebtedness under its revolving credit facility and for general corporate purposes. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis but estimates that net proceeds will be approximately $488.6 million after deducting underwriting fees. The Company expects to use these net proceeds (i) to repay indebtedness it has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for general corporate purposes. As of June 30, 2022, the Company has estimated net proceeds of $488.6 million available from future settlement under the January 2022 Forward Sale Agreements.

At-the-Market Common Share Offering Program

The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the six

42

months ended June 30, 2022 and 2021, no shares were issued under the At-the-Market Program. As of June 30, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 million remained available for future share issuances.

Share Repurchase Program

The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the six months ended June 30, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares. As of June 30, 2022, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Redemption of Perpetual Preferred Shares

In May 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875% Series F perpetual preferred shares, $0.01 par value per share, for cash at the liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series F perpetual preferred units. As a result of the redemption, the Company recorded a $5.3 million allocation of income to the Series F perpetual preferred shareholders within the condensed consolidated statements of operations during the three and six months ended June 30, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.

Distributions

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. As of December 31, 2021, AH4R had a net operating loss (“NOL”) for U.S. federal income tax purposes of an estimated $25.4 million. We intend to use our NOL (to the extent available) to reduce our REIT taxable income to the extent that REIT taxable income is not reduced by our deduction for dividends paid.

During the six months ended June 30, 2022 and 2021, the Company distributed an aggregate $154.3 million and $119.2 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

Additional Non-GAAP Measures

Funds from Operations (“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 the National Association of Real Estate Investment Trusts (“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 the impacted single-family properties, (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

43

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 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 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.

The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):
 For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2022202120222021
Net income attributable to common shareholders$56,590 $20,102 $112,529 $50,316 
Adjustments:  
Noncontrolling interests in the Operating Partnership8,343 3,218 16,655 8,143 
Gain on sale and impairment of single-family properties and other, net(32,811)(10,760)(54,855)(26,829)
Adjustments for unconsolidated joint ventures(199)449 (570)831 
Depreciation and amortization104,415 91,117 204,369 181,188 
Less: depreciation and amortization of non-real estate assets(3,113)(2,605)(6,105)(5,393)
FFO attributable to common share and unit holders$133,225 $101,521 $272,023 $208,256 
Adjustments:    
Acquisition, other transaction costs and other7,658 2,968 13,632 7,814 
Noncash share-based compensation - general and administrative5,932 1,823 9,962 6,165 
Noncash share-based compensation - property management1,132 599 2,131 1,598 
Redemption of perpetual preferred shares5,276 15,879 5,276 15,879 
Core FFO attributable to common share and unit holders$153,223 $122,790 $303,024 $239,712 
Recurring Capital Expenditures(15,959)(13,217)(27,137)(22,868)
Leasing costs(644)(905)(1,179)(1,880)
Adjusted FFO attributable to common share and unit holders$136,620 $108,668 $274,708 $214,964 

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre

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 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 the impacted single-family properties, 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. 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 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.


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The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2022202120222021
Net income$74,555 $51,814 $144,569 $100,735 
Interest expense34,801 27,528 62,368 55,533 
Depreciation and amortization104,415 91,117 204,369 181,188 
EBITDA$213,771 $170,459 $411,306 $337,456 
Gain on sale and impairment of single-family properties and other, net(32,811)(10,760)(54,855)(26,829)
Adjustments for unconsolidated joint ventures(199)449 (570)831 
EBITDAre$180,761 $160,148 $355,881 $311,458 
Noncash share-based compensation - general and administrative5,932 1,823 9,962 6,165 
Noncash share-based compensation - property management1,132 599 2,131 1,598 
Acquisition, other transaction costs and other7,658 2,968 13,632 7,814 
Adjusted EBITDAre$195,483 $165,538 $381,606 $327,035 
Recurring Capital Expenditures(15,959)(13,217)(27,137)(22,868)
Leasing costs(644)(905)(1,179)(1,880)
Fully Adjusted EBITDAre$178,880 $151,416 $353,290 $302,287 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

During the six months ended June 30, 2022, the Company borrowed an additional $420.0 million and paid down $770.0 million on its revolving credit facility, resulting in no outstanding variable rate debt as of June 30, 2022 and therefore no exposure to interest rate risk on its current borrowings. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.

Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt. We do not hold or issue these derivative contracts for trading or speculative purposes.

There have been no other material changes to our market risk from those disclosed in section Part II, “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of the 2021 Annual Report.

45


Item 4. Controls and Procedures

American Homes 4 Rent

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at a reasonable assurance level.

Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

American Homes 4 Rent, L.P.

Disclosure Controls and Procedures

The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, the Operating Partnership’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.

Under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, the Operating Partnership evaluated the effectiveness of its disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of the Operating Partnership’s general partner concluded that the Operating Partnership’s disclosure controls and procedures were effective, at a reasonable assurance level.

Internal Control over Financial Reporting

There were no changes in the Operating Partnership’s internal control over financial reporting during the quarter ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.


46

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

For a description of the Company’s legal proceedings, see Note 15. Commitments and Contingencies to our condensed consolidated financial statements in this report.

Item 1A. Risk Factors

In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in the 2021 Annual Report in Part I, “Item 1A. Risk Factors” and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results and could cause our actual results to differ materially from expectations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits listed below are filed herewith or incorporated herein by reference.
Exhibit
Number
 
Exhibit Document
3.1 
3.2 
3.3
3.4
3.5
4.1
4.2
4.3
4.4

47

Exhibit
Number
 
Exhibit Document
4.5
4.6
4.7
4.8
4.9
4.10
4.11
4.12
4.13
10.1 †
10.2 †
31.1 
31.2 
31.3
31.4
32.1 
32.2
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
_______________________________________________________________________________
†    Indicates management contract or compensatory plan

48

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN HOMES 4 RENT
/s/ Brian F. Reitz
Brian F. Reitz
Executive Vice President, Chief Accounting Officer
(Chief Accounting Officer and duly authorized signatory of registrant)
Date: August 5, 2022

AMERICAN HOMES 4 RENT, L.P.
By: American Homes 4 Rent, its General Partner
/s/ Brian F. Reitz
Brian F. Reitz
Executive Vice President, Chief Accounting Officer
(Chief Accounting Officer and duly authorized signatory of registrant)
Date: August 5, 2022


49
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