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FORM 10-K

(Mark One)
☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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

American Homes 4 Rent			Maryland			46-1229660
American Homes 4 Rent, L.P.			Delaware			80-0860173
			(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Title of each class

Trading symbols

Name of each exchange on which registered

Class A common shares of beneficial interest, $.01 par value

AMH

New York Stock Exchange

Series G perpetual preferred shares of beneficial interest, $.01 par value

AMH-G

New York Stock Exchange

Series H perpetual preferred shares of beneficial interest, $.01 par value

AMH-H

New York Stock Exchange

American Homes 4 Rent

Large accelerated filer

ý

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

American Homes 4 Rent, L.P.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

ý

Smaller reporting company

☐

Emerging growth company

☐

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

•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.

TABLE OF CONTENTS

									Page
PART I
Item 1.						Business			1
Item 1A.						Risk Factors			8
Item 1B.						Unresolved Staff Comments			21
Item 2.						Properties			21
Item 3.						Legal Proceedings			21
Item 4.						Mine Safety Disclosures			21
PART II
Item 5.						Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			22
Item 6.						[Reserved]			23
Item 7.						Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 7A.						Quantitative and Qualitative Disclosures About Market Risk			40
Item 8.						Financial Statements and Supplementary Data			40
Item 9.						Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			40
Item 9A.						Controls and Procedures			41
Item 9B.						Other Information			44
Item 9C.						Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			44
PART III
Item 10.						Directors, Executive Officers and Corporate Governance			45
Item 11.						Executive Compensation			45
Item 12.						Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			45
Item 13.						Certain Relationships and Related Transactions, and Director Independence			45
Item 14.						Principal Accountant Fees and Services			45
PART IV
Item 15.						Exhibit and Financial Statement Schedules			46
Item 16.						Form 10-K Summary			49
						Signatures			50

•Employ a disciplined property acquisition process. We have an established acquisition and renovation platform to source properties through a variety of traditional acquisition channels, including broker sales via the multiple listing service (“MLS”) and bulk portfolio sales. We focus on homes with a number of key property characteristics, including: (i) construction after the year 2000; (ii) three or more bedrooms; (iii) two or more bathrooms; (iv) a range of $250,000 estimated minimum valuation to $600,000 maximum bid price; and (v) estimated renovation costs in line with our targeted program parameters. Our target areas have above average median household incomes, well-regarded school districts and access to desirable lifestyle amenities. We believe that homes in these areas will attract tenants with strong credit profiles, produce high occupancy and rental rates and generate long-term property appreciation. Not all of the homes we acquire through traditional channels meet all of these criteria, especially if acquired as part of a bulk purchase. In addition to our traditional MLS acquisition channel, we continue to acquire newly constructed homes from third-party developers through our National Builder Program.

•Expand our one-of-a-kind internal development program.  We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program, which we believe represents one of the best available investments on a risk-adjusted return basis. Our “built-for-rental” homes will leverage our existing property management platform and are built with the long-term renter in mind, including maintenance resilient features, as well as floor plans, finishes and other features known to be desirable to our residents. Our experienced land acquisition team and our proprietary data analytics enables us to strategically identify ideal land opportunities that are within our existing footprint in our high-growth markets. Our inventory of land holdings and future acquisitions will allow us to sustain our projected stabilized level of development over the next several years.

•Maintain a geographically diversified portfolio.  We monitor and manage the diversification of our portfolio in order to reduce the risks associated with adverse developments affecting a particular market. We currently are focusing on developing and acquiring single-family homes in select submarkets of MSAs. We continually evaluate potential new markets where we may invest and establish operations as opportunities emerge. We select our markets based on steady population growth and strong rental demand, providing for attractive potential yields and capital appreciation.

•Efficiently manage and operate properties.  We believe we have created a leading, comprehensive single-family home property management business and that the key to efficiently managing a large number of relatively low-cost properties is to strike the appropriate balance between centralization and decentralization. We believe that in-house property management enables us to optimize rental revenues, effectively manage expenses, realize significant economies of scale, standardize brand consistency and maintain direct contact with our tenants. Our property management platform has local leasing agents and property managers who provide customer service to our tenants. Corporate-level functions are centralized, including management, accounting, legal, marketing and call centers to handle leasing and maintenance calls. These centralized services allow us to provide all markets with the benefits of these functions without the burden of staffing each function in every market. In addition, by having a national property management operation, we have the ability to negotiate favorable terms on services and products with many of our contractors and vendors, including national contractors and vendors. Our property management functions are 100% internalized, which we believe provides us with consistency of service, control and branding in the operation of our properties.

•Establish a nationally recognized brand.  We recently unveiled a new corporate brand identity in January 2023. The simplified name of “AMH” and reimagined look and feel represent a commitment to continued innovation, as well as to the company’s original purpose and leadership in powering a better future for American housing. This branding leverages the company’s rich heritage, people-first employer culture and an industry leading sustainability program. We continue to strive toward establishing “AMH” as a nationally recognized brand because we believe that establishing a brand well-known for quality, value and resident satisfaction will help attract and retain residents and qualified personnel, as well as support higher rental rates. We believe that creating brand awareness will facilitate the growth and success of our company. We have established a toll-free number serviced by our call center and a website to provide a

•Optimize capital structure.  We may use leverage to increase potential returns to our shareholders, but we will seek to maintain a conservative and flexible balance sheet. We have obtained capital through the issuance of equity securities, the use of unsecured credit facilities, the issuance of unsecured senior notes, preferred shares, and through asset-backed securitization transactions completed during 2014 and 2015. We also participate in investment vehicles with third-party investors as an alternative source of equity to grow our business. Our executive officers have substantial experience organizing and managing investment vehicles with third-party investors.

•Property Development.  We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring newly constructed homes from third-party developers through our National Builder Program in target markets in select submarkets of MSAs. 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 availability of suitable land assets and the nature of each lot acquired. 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.

•Property Acquisition.  We have a disciplined acquisition platform that is capable of deploying large amounts of capital across all acquisition channels and in multiple markets simultaneously. Our acquisition process begins with an analysis of housing markets. Target markets are selected based on steady population growth and strong rental demand, providing for attractive potential yields and potential capital appreciation. Our target markets currently include select submarkets of MSAs. Within our target markets, our system allows us to screen broadly and rapidly for potential acquisitions and is designed to identify highly targeted submarkets at the neighborhood and street levels.

•Property Renovation.  We have a team of dedicated personnel to oversee the renovation process for homes added through traditional acquisition channels. This team focuses on maximizing the benefit of our investment in property renovation. Once a home is acquired, if it is not occupied, we promptly begin the renovation process, during which the property is thoroughly evaluated. Any resulting work is presented for bid to approved contractors, which we maintain in each of our markets. We have negotiated quantity discounts in each of our markets for products that we regularly use during the renovation process, such as paint, window blinds and flooring. By establishing and enforcing best practices and quality consistency, we believe that we are able to reduce the costs of both materials and labor.

•Property Management.  We have developed an extensive internal property management infrastructure, with modern systems, dedicated personnel and local offices. We directly manage all of our properties, including those held in our unconsolidated joint ventures, without the engagement of a third-party manager.

•Marketing and Leasing.  We are responsible for establishing rental rates, marketing and leasing properties (including screening prospective tenants) and collecting and processing rent. We establish rental rates centrally, using data-driven pricing models, supported by analysis from the local property management teams in each market. Factors considered in establishing the rental rates include a competitive analysis of rents, the size and age of the house, and many qualitative factors, such as neighborhood characteristics and access to quality schools, transportation and services. We advertise the available properties through multiple channels, including our website, online marketplaces, MLS, yard signs and local brokers. Substantially all of our homes are shown using technology-driven “self-guided” showings.

•Tenant Relations and Property Maintenance.  We also are responsible for most property repairs and maintenance and tenant relations. Our tenants can request maintenance through our online website, our 24/7 emergency line to handle after-hours issues, or through our local property management office or call center. As part of our ongoing property management, we conduct routine repairs and maintenance as appropriate to maximize long-term rental income and cash flows from our portfolio, and are increasingly performing this work using in-house employees as opposed to third-party vendors. In addition, our local teams are involved in periodic visits to our properties to help foster positive, long-term relationships with our tenants, to monitor the condition and use of our homes and to ensure compliance with HOA rules and regulations.

•Systems and Technology.  Effective systems and technology are essential components of our process. We have made significant investments in our lease management, accounting and asset management systems. They are designed to be scalable to accommodate continued growth in our portfolio of homes. Our website is fully integrated into the tenant accounting and leasing system. From the website, which is accessible from mobile devices, prospective tenants can browse homes available for rent, request additional information and apply to rent a specific home. Through the tenant portal existing tenants can set up automatic payments. The system is designed to handle the accounting requirements of residential property accounting, including accounting for security deposits and paying property-level expenses. The system obtains credit information from a major credit bureau, which is used to evaluate prospective tenant rental applications.

As of December 31, 2022, we had 1,794 dedicated personnel. None of our personnel are covered by a collective bargaining agreement. Our success depends on our employees providing quality service to our residents. This requires us to attract, retain and grow a skilled and diverse workforce to design and maintain high quality homes. We are committed to creating and maintaining a great place to work with an inclusive culture, competitive benefits, and opportunities for training and growth. Our commitment to human capital development is a focus of not just our senior management, but also our board of trustees. The Human Capital and Compensation Committee of the board of trustees oversees our company’s human capital programs and policies, including with respect to employee retention and development, and regularly meets with senior management to discuss these issues.

We champion inclusion and diversity and embrace Valuing Differences as one of our company’s core philosophies. A two-part “Valuing Differences” training series is mandatory for all employees, the first part to be completed within an employee’s first six months of service. In 2022, our employees participated in 2,210 hours of total diversity, equity and inclusion training. Our Human Resources department routinely monitors diversity in all employment decisions, including but not limited to hiring and promotions. The data in the table below reflects our employee diversity as of December 31, 2022. We believe that women and minority representation is enhanced through our ongoing human capital programs.

			Women						Minorities (1)						Undeclared Race
Employees			43%						41%						12%
Management positions			41%						29%						16%
Senior leadership of VP or above			25%						30%						8%

(1)Minorities percentage is calculated as the number of employees that declared a minority race divided by total employees (which includes employees who did not declare any race) as of December 31, 2022.

Our investments are, and are expected to continue to be, concentrated in single-family properties. In addition, our strategy is to concentrate our properties in select geographic markets that we believe favor future growth in rents and valuations. For example, 58.7% of our properties are located in Atlanta, GA, Dallas-Fort Worth, TX, Charlotte, NC, Phoenix, AZ, Nashville, TN, Indianapolis, IN, Houston, TX, Jacksonville, FL, Tampa, FL and Raleigh, NC. A downturn or slowdown in the rental demand for single-family housing generally, or in our target markets specifically, caused by adverse economic, regulatory or environmental conditions, or other events, would have a greater impact on our operating results than if we had more diversified investments. Similarly, given our geographic concentrations, a natural disaster, such as an earthquake, tornado, hurricane, flood or wildfire in one of our key markets could have a significant negative effect on our financial condition and results of operations.

We depend on rental income for substantially all of our revenues, and to succeed we must attract and retain qualified tenants. We face competition for quality tenants from other lessors of single-family properties, apartment buildings and condominium units, and the continuing development of single-family properties, apartment buildings and condominium units in many of our markets increases the supply of housing and exacerbates competition for tenants. Competing properties may be newer, better located and more attractive to tenants, or may be offered at more attractive rents. Additionally, some competing housing options, like home ownerships, may qualify for government subsidies or other incentives that may make such options more affordable and therefore more attractive than renting our properties. These competitive factors will impact our occupancy and the rents we can charge. If we are not effective at leasing our properties to quality tenants, a significant number of our tenants may fail to meet their lease obligations or fail to renew their leases. Damage to our properties caused by tenants may delay re-leasing after eviction, necessitate expensive repairs or impair the rental income or value of the property resulting in a lower than expected rate of return. In the event of a tenant default or bankruptcy, we may experience delays in enforcing our rights as landlord at that property and will incur costs in protecting our investment and re-leasing the property.

Our revolving credit facility, unsecured senior notes and securitizations contain financial and operating covenants, such as debt ratios, minimum liquidity, unencumbered asset value, minimum debt service coverage ratio, and other limitations that may restrict our ability to make distributions or other payments to the Company’s shareholders and the Operating Partnership’s ability to make distributions on its OP units and may restrict our investment activities. Our securitizations require, among other things, that a cash management account controlled by the lender collect all rents and cash generated by the properties securing the portfolio. Upon the occurrence of an event of default or failure to satisfy the required minimum debt yield or debt service coverage ratio, the lender may apply any excess cash as the lender elects, including prepayment of principal and amounts due under the loans. These covenants may restrict our ability to engage in transactions that we believe would otherwise be in the best interests of our shareholders. Further, such restrictions could adversely impact our ability to maintain our qualification as a REIT for tax purposes. Failure to meet our financial covenants could result from, among other things, changes in our results of operations, the incurrence of additional debt, substantial impairments in the value of our properties or changes in general economic conditions. If we violate covenants in our financing arrangements, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms or at all.

As landlord of numerous properties, we are involved regularly in evicting tenants who are not paying their rent or are otherwise in material violation of their lease. Eviction activities impose legal and managerial expenses that raise our costs. The eviction process is typically subject to legal barriers, mandatory “cure” policies and other sources of expense and delay, each of which may delay our ability to gain possession and stabilize the property. Additionally, landlord-tenant laws may impose legal duties to assist tenants in relocating to new housing, or restrict the landlord’s ability to recover certain costs or charge tenants for damage caused by them. Because such laws vary by state and locality, we and any regional and local property managers we hire will need to take all appropriate steps to comply with all applicable landlord tenant laws, and we will need to incur supervisory and legal expenses to ensure such compliance. To the extent that we do not comply with state or local laws, we may be subjected to civil litigation filed by individuals, in class actions or by state or local law enforcement. We may be required to pay our adversaries’ litigation fees and expenses if judgment is entered against us in such litigation, or if we settle such litigation. Furthermore, rent control laws or other regulations that may limit our ability to increase rental rates may affect our rental income. If rent controls unexpectedly became applicable to certain of our properties, our revenue from and the value of such properties could be adversely affected. Since the onset of the COVID-19 pandemic, there have been increases in restrictions and other regulations on evictions and rent increases and we believe these increases will continue given increasing political support for these types of regulations.

Certain organizations, including tenant rights and housing advocacy organizations have been critical of our business model. We have been and may in the future be a target of litigation and adverse media publicity driven by these organizations. While we intend to conduct our business lawfully and in compliance with applicable landlord-tenant and consumer laws, such organizations might work in conjunction with trial and pro bono lawyers to attempt to bring claims against us on a class action basis for damages or injunctive relief and to seek to publicize our activities in a negative light. We cannot anticipate what form such actions might take, or what remedies they may seek. Additionally, these organizations may lobby local county and municipal attorneys or state attorneys general to pursue enforcement or litigation against us, may lobby state and local legislatures to pass new laws and regulations to constrain our business operations or may generate unfavorable publicity for our business. If they are successful in any such endeavors, they could

Real estate investments, particularly large portfolios of properties, are relatively illiquid. If we had a sudden need for significant cash, it would be difficult for us to quickly sell our properties. Our ability to sell our properties may also be limited by our need to avoid the 100% prohibited transactions tax that is imposed on gain recognized by a REIT from the sale of property characterized as dealer property. In order to ensure that we avoid such characterization, we may be required to hold our properties for a minimum period of time and comply with certain other requirements in the Code or dispose of our properties through a TRS.

•“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested shareholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting shares or an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then outstanding shares) or an affiliate of any interested shareholder for five years after the most recent date on which the shareholder becomes an interested shareholder, and thereafter imposes two super-majority shareholder voting requirements on these combinations, unless, among other conditions, our common shareholders receive a minimum price, as defined in the MGCL, for their shares and the consideration is received in cash or in the same form as previously paid by the interested shareholder for its shares; and

•“control share” provisions that provide that our “control shares” (defined as voting shares that, when aggregated with all other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power in electing trustees) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding shares owned by the acquirer, by our officers or by our employees who are also trustees of our company.

•we would not be allowed a deduction for dividends paid to our shareholders in computing our taxable income and would be subject to U.S. federal income tax at the regular corporate tax rate (currently 21%); and

•unless we are entitled to relief under certain U.S. federal income tax laws, we could not re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT.

We have, and may continue to have, series of preferred shares outstanding with respect to which we have the ability to issue additional preferred shares of that series without shareholder approval (referred to as a “reopening” of the preferred shares). We may issue additional series of preferred shares in the future with the reopening feature. If we issue preferred shares in a reopening at a price that exceeds the redemption price of such preferred shares by more than a de minimis amount, those shares could be considered to be “fast-pay stock” under Treasury Regulations promulgated under Section 7701(l) of the Code (the “Fast-Pay Stock Regulations”). Under the Fast-Pay Stock Regulations, if stock of a REIT is structured so that dividends paid with respect to the stock are economically (in whole or in part) a return of the stockholder’s investment (rather than a return on the stockholder’s investment), the stock is characterized as “fast-pay stock,” resulting in the adverse tax consequences described below. Under the Fast-Pay Stock Regulations, unless clearly demonstrated otherwise, our preferred shares are presumed to be fast-pay stock if they are issued for an amount that exceeds (by more than a de minimis amount, as determined under certain other Treasury Regulations) the amount at which the shareholder can be compelled to dispose of the shares (“Fast-Pay Stock”). Apart from the Fast-Pay Stock Regulations, no meaningful guidance exists regarding the determination of whether a dividend economically constitutes a return of investment for these purposes or how a taxpayer could clearly demonstrate otherwise.

•The FP Shareholders would be treated as having purchased financing instruments from the NFP Shareholders. Such financing instruments would be deemed to have the same terms as the Fast-Pay Stock.

•Payments made by us on the Fast-Pay Stock would be deemed to be made by us to the NFP Shareholders, and the NFP Shareholders would be deemed to pay equal amounts to the FP Shareholders under the deemed financing instruments.

•Any Fast-Pay Stock would not be fungible for U.S. federal income tax purposes with other preferred shares.

•If an NFP Shareholder sells our shares, in addition to any consideration actually paid and received for such shares, (i) the buyer would be deemed to pay, and such NFP Shareholder would be deemed to receive, the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments at fair market value, and (ii) the buyer would be deemed to issue a financing instrument to the appropriate FP Shareholders in exchange for the amount necessary to terminate the NFP Shareholder’s position in the deemed financing instruments. For any transactions that are not sales, but that affect any of our shares that are not Fast-Pay Stock, the parties to the transaction must make appropriate adjustments to properly take into account the Fast-Pay Stock arrangement.

The following table summarizes certain key single-family properties metrics as of December 31, 2022:

Market						Number of Single-Family Properties (1)						% of Total Single-Family Properties						Gross Book Value (millions)						% of Gross Book Value Total						Avg. Gross Book Value per Property						Avg. Sq. Ft.						Avg. Property Age (years)						Avg. Year Purchased or Delivered
Atlanta, GA						5,805						10.0		%				$	1,256.1					10.2		%				$	216,381					2,167						17.1						2016
Dallas-Fort Worth, TX						4,224						7.3		%				735.7						6.0		%				174,165						2,108						18.5						2014
Charlotte, NC						3,962						6.8		%				837.2						6.8		%				211,311						2,105						17.5						2015
Phoenix, AZ						3,405						5.9		%				711.9						5.8		%				209,085						1,838						18.6						2015
Nashville, TN						3,238						5.6		%				775.8						6.3		%				239,592						2,110						15.7						2016
Indianapolis, IN						2,910						5.0		%				499.4						4.1		%				171,612						1,930						19.9						2014
Houston, TX						2,642						4.6		%				465.1						3.8		%				176,023						2,095						17.0						2014
Jacksonville, FL						2,891						5.0		%				602.9						4.9		%				208,527						1,931						14.5						2016
Tampa, FL						2,729						4.7		%				602.7						4.9		%				220,833						1,939						15.5						2016
Raleigh, NC						2,177						3.8		%				429.2						3.5		%				197,136						1,889						16.9						2015
Columbus, OH						2,110						3.6		%				397.3						3.2		%				188,290						1,869						20.6						2015
Cincinnati, OH						2,131						3.7		%				414.1						3.4		%				194,337						1,844						20.0						2014
Orlando, FL						1,867						3.2		%				379.1						3.1		%				203,033						1,897						19.3						2015
Salt Lake City, UT						1,908						3.3		%				575.9						4.7		%				301,837						2,242						16.3						2016
Greater Chicago area, IL and IN						1,611						2.8		%				304.3						2.5		%				188,859						1,869						21.3						2013
Las Vegas, NV						1,854						3.2		%				493.2						4.0		%				266,016						1,908						13.0						2016
Charleston, SC						1,524						2.6		%				345.7						2.8		%				226,808						1,963						12.1						2017
San Antonio, TX						1,325						2.3		%				258.1						2.1		%				194,760						1,933						14.2						2015
Seattle, WA						1,141						2.0		%				369.9						3.0		%				324,227						1,996						13.0						2017
Savannah/Hilton Head, SC						1,042						1.8		%				216.6						1.8		%				207,830						1,889						14.2						2016
All Other (2)						7,382						12.8		%				1,654.9						13.1		%				224,184						1,902						17.1						2015
Total/Average						57,878						100.0		%				$	12,325.1					100.0		%				$	212,950					1,989						17.1						2015

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

			2022																								2021
			Ordinary dividend income (1)						Qualified dividend income												Capital gains (2)(3)(4)						Total						Ordinary dividend income (1)						Qualified dividend income						Capital gains (2)(3)(4)						Total
Common Shares			52.6		%				—		%										47.4		%				100.0		%				73.1		%				0.7		%				26.2		%				100.0		%
Perpetual Preferred Shares:
Series D			—		%				—		%										—		%				—		%				73.1		%				0.7		%				26.2		%				100.0		%
Series E			—		%				—		%										—		%				—		%				73.1		%				0.7		%				26.2		%				100.0		%
Series F			52.6		%				—		%										47.4		%				100.0		%				73.1		%				0.7		%				26.2		%				100.0		%
Series G			52.6		%				—		%										47.4		%				100.0		%				73.1		%				0.7		%				26.2		%				100.0		%
Series H			52.6		%				—		%										47.4		%				100.0		%				73.1		%				0.7		%				26.2		%				100.0		%

(1)100.0% of the ordinary dividend income is treated as Internal Revenue Code (“IRC”) Section 199A qualified REIT dividend income. Treasury Regulation §1.199A-3(c)(2)(ii) requires that shareholders hold their REIT shares for at least 45 days in order for the dividends to be treated as Section 199A dividends.

(2)Represents our designation to shareholders of the capital gain dividend amounts for the year pursuant to IRC Section 857(b)(3)(B).

(3)Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends reported on Form 1099-DIV, Box 2a, Total Capital Gain Distributions for purposes of IRC Section 1061. IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2022 and 2021 distributions, since all capital gain distributions relate to IRC Section 1231 gains. Shareholders should consult with their tax advisors to determine whether IRC Section 1061 applies to their capital gain distributions.

(4)100.0% of the capital gain distributions represent gain from dispositions of U.S. real property interests pursuant to IRC Section 897 for foreign shareholders.

						12/31/2017						12/31/2018						12/31/2019						12/31/2020						12/31/2021						12/31/2022
AMH						$	100.00					$	91.77					$	122.16					$	140.83					$	206.89					$	145.98
S&P 500						$	100.00					$	95.61					$	125.70					$	148.81					$	191.48					$	156.77
MSCI U.S. REIT						$	100.00					$	95.49					$	120.21					$	111.18					$	159.08					$	120.09

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

						Total Single-Family Properties (1)
Market						Number of Single-Family Properties						% of Total Single-Family Properties						Gross Book Value (millions)						% of Gross Book Value Total						Avg. Gross Book Value per Property						Avg. Sq. Ft.						Avg. Property Age (years)						Avg. Year Purchased or Delivered
Atlanta, GA						5,805						10.0		%				$	1,256.1					10.2		%				$	216,381					2,167						17.1						2016
Dallas-Fort Worth, TX						4,224						7.3		%				735.7						6.0		%				174,165						2,108						18.5						2014
Charlotte, NC						3,962						6.8		%				837.2						6.8		%				211,311						2,105						17.5						2015
Phoenix, AZ						3,405						5.9		%				711.9						5.8		%				209,085						1,838						18.6						2015
Nashville, TN						3,238						5.6		%				775.8						6.3		%				239,592						2,110						15.7						2016
Indianapolis, IN						2,910						5.0		%				499.4						4.1		%				171,612						1,930						19.9						2014
Houston, TX						2,642						4.6		%				465.1						3.8		%				176,023						2,095						17.0						2014
Jacksonville, FL						2,891						5.0		%				602.9						4.9		%				208,527						1,931						14.5						2016
Tampa, FL						2,729						4.7		%				602.7						4.9		%				220,833						1,939						15.5						2016
Raleigh, NC						2,177						3.8		%				429.2						3.5		%				197,136						1,889						16.9						2015
Columbus, OH						2,110						3.6		%				397.3						3.2		%				188,290						1,869						20.6						2015
Cincinnati, OH						2,131						3.7		%				414.1						3.4		%				194,337						1,844						20.0						2014
Orlando, FL						1,867						3.2		%				379.1						3.1		%				203,033						1,897						19.3						2015
Salt Lake City, UT						1,908						3.3		%				575.9						4.7		%				301,837						2,242						16.3						2016
Greater Chicago area, IL and IN						1,611						2.8		%				304.3						2.5		%				188,859						1,869						21.3						2013
Las Vegas, NV						1,854						3.2		%				493.2						4.0		%				266,016						1,908						13.0						2016
Charleston, SC						1,524						2.6		%				345.7						2.8		%				226,808						1,963						12.1						2017
San Antonio, TX						1,325						2.3		%				258.1						2.1		%				194,760						1,933						14.2						2015
Seattle, WA						1,141						2.0		%				369.9						3.0		%				324,227						1,996						13.0						2017
Savannah/Hilton Head, SC						1,042						1.8		%				216.6						1.8		%				207,830						1,889						14.2						2016
All Other (2)						7,382						12.8		%				1,654.9						13.1		%				224,184						1,902						17.1						2015
Total/Average						57,878						100.0		%				$	12,325.1					100.0		%				$	212,950					1,989						17.1						2015

(1)Excludes 1,115 single-family properties held for sale as of December 31, 2022.

(2)Represents 15 markets in 13 states.

The following table summarizes certain key leasing metrics as of December 31, 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, GA						96.0		%				$	2,014					12.0						6.1						9.7		%
Dallas-Fort Worth, TX						96.7		%				2,069						12.0						6.2						7.4		%
Charlotte, NC						96.6		%				1,930						12.2						6.3						8.3		%
Phoenix, AZ						94.9		%				1,938						12.0						6.1						9.6		%
Nashville, TN						95.8		%				2,104						12.0						6.4						8.9		%
Indianapolis, IN						95.0		%				1,714						12.1						6.2						5.4		%
Houston, TX						96.7		%				1,883						12.0						6.3						5.5		%
Jacksonville, FL						95.8		%				1,981						12.0						6.6						8.2		%
Tampa, FL						97.3		%				2,122						12.0						6.3						10.3		%
Raleigh, NC						96.4		%				1,827						12.1						5.9						9.1		%
Columbus, OH						96.2		%				1,962						12.0						6.1						6.9		%
Cincinnati, OH						96.0		%				1,918						12.0						6.3						6.8		%
Orlando, FL						96.2		%				2,053						12.0						6.3						9.9		%
Salt Lake City, UT						95.8		%				2,247						12.0						5.9						8.2		%
Greater Chicago area, IL and IN						97.9		%				2,201						12.2						6.2						7.3		%
Las Vegas, NV						91.5		%				2,070						12.0						6.4						7.4		%
Charleston, SC						97.0		%				2,062						12.0						6.2						7.8		%
San Antonio, TX						94.0		%				1,859						12.0						6.0						5.3		%
Seattle, WA						93.8		%				2,496						12.0						5.5						7.8		%
Savannah/Hilton Head, SC						96.9		%				1,935						12.0						6.5						9.3		%
All Other (6)						94.7		%				1,988						12.0						6.3						7.9		%
Total/Average						95.8		%				$	2,001					12.0						6.2						8.1		%

(1)Excludes 1,115 single-family properties held for sale as of December 31, 2022.

(2)For the year ended December 31, 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 year ended December 31, 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 year, 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 year ended December 31, 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.

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

			For the Year Ended December 31, 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			$	1,054,675											$	222,317											$	1,276,992
Fees from single-family properties			21,214												5,774												26,988
Bad debt			(11,140)												(4,912)												(16,052)
Core revenues			1,064,749												223,179												1,287,928
Property tax expense			179,726						16.9		%				37,858						17.0		%				217,584						16.9		%
HOA fees, net (2)			19,409						1.8		%				4,540						2.0		%				23,949						1.9		%
R&M and turnover costs, net (2)			79,560						7.5		%				20,653						9.3		%				100,213						7.8		%
Insurance			11,571						1.1		%				2,523						1.1		%				14,094						1.1		%
Property management expenses, net (3)			79,851						7.5		%				22,631						10.1		%				102,482						7.9		%
Core property operating expenses			370,117						34.8		%				88,205						39.5		%				458,322						35.6		%
Core NOI			$	694,632					65.2		%				$	134,974					60.5		%				$	829,606					64.4		%
			For the Year Ended December 31, 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			$	979,896											$	146,512											$	1,126,408
Fees from single-family properties			18,829												3,731												22,560
Bad debt			(17,463)												(5,927)												(23,390)
Core revenues			981,262												144,316												1,125,578
Property tax expense			165,135						16.8		%				25,857						17.9		%				190,992						17.0		%
HOA fees, net (2)			18,445						1.9		%				3,135						2.2		%				21,580						1.9		%
R&M and turnover costs, net (2)			75,808						7.7		%				15,348						10.6		%				91,156						8.1		%
Insurance			10,058						1.0		%				1,690						1.2		%				11,748						1.0		%
Property management expenses, net (3)			75,044						7.7		%				15,242						10.6		%				90,286						8.0		%
Core property operating expenses			344,490						35.1		%				61,272						42.5		%				405,762						36.0		%
Core NOI			$	636,772					64.9		%				$	83,044					57.5		%				$	719,816					64.0		%

(1)Includes 47,068 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.

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

			For the Years Ended December 31,
			2022						2021
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	1,490,534					$	1,303,882
Tenant charge-backs			(202,606)						(178,304)
Core revenues			1,287,928						1,125,578
Less: Non-Same-Home core revenues			223,179						144,316
Same-Home core revenues			$	1,064,749					$	981,262

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	552,091					$	490,205
Property management expenses			112,698						96,865
Noncash share-based compensation - property management			(3,861)						(3,004)
Expenses reimbursed by tenant charge-backs			(202,606)						(178,304)
Core property operating expenses			458,322						405,762
Less: Non-Same-Home core property operating expenses			88,205						61,272
Same-Home core property operating expenses			$	370,117					$	344,490

Core NOI and Same-Home Core NOI
Net income			$	310,025					$	210,559
Hurricane-related charges, net			6,133						—
Gain on sale and impairment of single-family properties and other, net			(136,459)						(49,696)
Depreciation and amortization			426,531						372,848
Acquisition and other transaction costs			23,452						15,749
Noncash share-based compensation - property management			3,861						3,004
Interest expense			134,871						114,893
General and administrative expense			68,057						56,444
Other income and expense, net			(6,865)						(3,985)
Core NOI			829,606						719,816
Less: Non-Same-Home Core NOI			134,974						83,044
Same-Home Core NOI			$	694,632					$	636,772

Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its AMH Development Program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The allocation of the consideration to the various components of properties acquired during the year can have an effect on our net income due to the useful depreciable and amortizable lives applicable to each component and the recognition of the related depreciation and amortization expense. For example, if a greater portion of the fair value is allocated to land, which does not depreciate, our net income would be higher. Typically, we allocate between 10% to 30% of the purchase price of properties to land. For the year ended December 31, 2022, the Company purchased 1,605 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $571.8 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows.

Our liquidity and capital resources as of December 31, 2022 included cash and cash equivalents of $69.2 million. Additionally, as of December 31, 2022, we had $130.0 million of outstanding borrowings and $4.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.1 billion of remaining borrowing capacity. As described below, in January 2023, we also issued and physically settled the remaining 8,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

									Payments by Period
			Total						Less than 1 year						Thereafter
Debt maturities (1)			$	4,581,628					$	20,714					$	4,560,914
Interest on debt obligations (2)			1,379,937						181,928						1,198,009
Operating lease obligations			22,764						3,917						18,847
Purchase obligations (3)			241,151						226,404						14,747
Total			$	6,225,480					$	432,963					$	5,792,517

(1)Amounts represent principal amounts due and exclude unamortized discounts and deferred financing costs.

(2)Represents estimated future interest payments on our debt instruments based on applicable interest rates as of December 31, 2022 and assumes the repayment of the AMH 2015-1 and 2015-2 securitizations on their anticipated repayment dates in 2025. The fully extended maturity dates for the AMH 2015-1 and 2015-2 securitizations are in 2045 and the interest rates increase on the anticipated repayment dates in 2025. If the AMH 2015-1 and 2015-2 securitizations are not repaid on the anticipated repayment dates in 2025, our interest on debt obligations above would increase. Future interest payments on debt obligations would also be impacted by the level of borrowing on our revolving credit facility in the future.

(3)Represents commitments to acquire 52 single-family properties for an aggregate purchase price of $12.3 million and land relating to our AMH Development Program for an aggregate purchase price of $228.9 million. The timing of these obligations due within one year may be extended beyond December 31, 2023.

			For the Years Ended December 31,
			2022						2021						Change
Net cash provided by operating activities			$	665,518					$	595,200					$	70,318
Net cash used for investing activities			(1,425,502)						(1,733,465)						307,963
Net cash provided by financing activities			786,177						1,064,955						(278,778)
Net increase (decrease) in cash, cash equivalents and restricted cash			$	26,193					$	(73,310)					$	99,503

			For the Years Ended December 31,												Change
(Amounts in thousands)			2022						2021
Sources of cash from investing activities:
Net proceeds received from sales of single-family properties and other			$	292,509					$	132,072					$	160,437
Distributions from joint ventures			68,310						57,550						10,760
Proceeds from notes receivable related to the sale of properties			34,090						1,253						32,837
Change in escrow deposits for purchase of single-family properties			20,431						(33,005)						53,436
Proceeds received from storm-related insurance claims			1,981						4,842						(2,861)
			$	417,321					$	162,712					$	254,609
Uses of cash for investing activities:
Cash paid for development activity			$	(921,423)					$	(824,247)					$	(97,176)
Cash paid for single-family properties			(595,171)						(850,071)						254,900
Recurring and other capital expenditures for single-family properties			(138,779)						(122,551)						(16,228)
Renovations to single-family properties			(98,019)						(47,681)						(50,338)
Investment in unconsolidated joint ventures			(25,313)						(29,260)						3,947
Other investing activities			(49,570)						(22,367)						(27,203)
Cash paid for deposits on land option contracts			(14,548)						—						(14,548)
			$	(1,842,823)					$	(1,896,177)					$	53,354
Net cash used for investing activities			$	(1,425,502)					$	(1,733,465)					$	307,963

			For the Years Ended December 31,
			2022						2021
Net income attributable to common shareholders			$	250,781					$	135,290
Adjustments:
Noncontrolling interests in the Operating Partnership			36,887						21,467
Gain on sale and impairment of single-family properties and other, net			(136,459)						(49,696)
Adjustments for unconsolidated joint ventures			344						1,873
Depreciation and amortization			426,531						372,848
Less: depreciation and amortization of non-real estate assets			(13,358)						(11,151)
FFO attributable to common share and unit holders (1)			$	564,726					$	470,631
Adjustments:
Acquisition, other transaction costs and other			23,452						15,749
Noncash share-based compensation - general and administrative			15,318						9,361
Noncash share-based compensation - property management			3,861						3,004
Hurricane-related charges, net			6,133						—
Redemption of perpetual preferred shares			5,276						15,879
Core FFO attributable to common share and unit holders (1)			$	618,766					$	514,624
Recurring Capital Expenditures			(65,636)						(52,134)
Leasing costs			(2,586)						(3,422)
Adjusted FFO attributable to common share and unit holders (1)			$	550,544					$	459,068