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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 March 31, 2024
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.)


AMH_Master-Logo-v1.0_rgb.jpg
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)


American Homes 4 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)

(805) 413-5300
(Registrant’s telephone number, including area code)

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 365,686,971 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 May 1, 2024.





EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2024 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AMH” 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

AMH is the general partner of, and as of March 31, 2024 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH 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 AMH and the Operating Partnership in the context of how AMH and the Operating Partnership operate as a consolidated company. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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 condensed 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 condensed consolidated financial statements for the Company and the Operating Partnership; a single set of 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, 2023 (the “2023 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)

March 31, 2024December 31, 2023
(Unaudited) 
Assets  
Single-family properties:  
Land$2,248,041 $2,234,301 
Buildings and improvements10,775,882 10,651,388 
Single-family properties in operation13,023,923 12,885,689 
Less: accumulated depreciation(2,806,637)(2,719,970)
Single-family properties in operation, net10,217,286 10,165,719 
Single-family properties under development and development land1,359,339 1,409,424 
Single-family properties and land held for sale, net229,431 182,082 
Total real estate assets, net11,806,056 11,757,225 
Cash and cash equivalents124,826 59,385 
Restricted cash 158,465 162,476 
Rent and other receivables44,752 42,823 
Escrow deposits, prepaid expenses and other assets392,147 406,138 
Investments in unconsolidated joint ventures114,567 114,198 
Asset-backed securitization certificates 25,666 
Goodwill120,279 120,279 
Total assets$12,761,092 $12,688,190 
Liabilities  
Revolving credit facility$ $90,000 
Asset-backed securitizations, net1,407,380 1,871,421 
Unsecured senior notes, net3,095,733 2,500,226 
Accounts payable and accrued expenses553,248 573,660 
Total liabilities5,056,361 5,035,307 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 365,686,971 and 364,296,431 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)
3,657 3,643 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2024 and December 31, 2023)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023)
92 92 
Additional paid-in capital7,394,461 7,357,848 
Accumulated deficit(381,508)(394,908)
Accumulated other comprehensive income721 843 
Total shareholders’ equity7,017,429 6,967,524 
Noncontrolling interest687,302 685,359 
Total equity7,704,731 7,652,883 
Total liabilities and equity$12,761,092 $12,688,190 

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
March 31,
 20242023
Rents and other single-family property revenues$423,555 $397,703 
Expenses:  
Property operating expenses155,927 147,068 
Property management expenses31,402 30,800 
General and administrative expense21,885 17,855 
Interest expense38,577 35,882 
Acquisition and other transaction costs3,324 5,076 
Depreciation and amortization115,726 112,717 
Total expenses366,841 349,398 
Gain on sale and impairment of single-family properties and other, net68,901 84,659 
Loss on early extinguishment of debt(954) 
Other income and expense, net3,434 4,735 
Net income128,095 137,699 
Noncontrolling interest15,320 16,748 
Dividends on preferred shares3,486 3,486 
Net income attributable to common shareholders$109,289 $117,465 
Weighted-average common shares outstanding:
Basic366,513,257 360,353,124 
Diluted366,972,293 360,674,370 
Net income attributable to common shareholders per share:
Basic$0.30 $0.33 
Diluted$0.30 $0.32 

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
March 31,
 20242023
Net income $128,095 $137,699 
Other comprehensive loss:
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income
(141)(141)
Other comprehensive loss(141)(141)
Comprehensive income 127,954 137,558 
Comprehensive income attributable to noncontrolling interests15,301 16,727 
Dividends on preferred shares3,486 3,486 
Comprehensive income attributable to common shareholders$109,167 $117,345 

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, 2022352,881,826 $3,529 635,075 $6 9,200,000 $92 $6,931,819 $(440,791)$1,332 $6,495,987 $678,671 $7,174,658 
Share-based compensation— — — — — — 5,824 — — 5,824 — 5,824 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes264,466 2 — — — — (3,744)— — (3,742)— (3,742)
Issuance of Class A common shares8,000,000 80 — — — — 298,292 — — 298,372 — 298,372 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (11,303)(11,303)
Common shares ($0.22 per share)
— — — — — — — (79,977)— (79,977)— (79,977)
Net income— — — — — — — 120,951 — 120,951 16,748 137,699 
Total other comprehensive loss— — — — — — — — (120)(120)(21)(141)
Balances at March 31, 2023361,146,292 $3,611 635,075 $6 9,200,000 $92 $7,232,191 $(403,303)$1,212 $6,833,809 $684,095 $7,517,904 


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, 2023364,296,431 $3,643 635,075 $6 9,200,000 $92 $7,357,848 $(394,908)$843 $6,967,524 $685,359 $7,652,883 
Share-based compensation— — — — — — 9,925 — — 9,925 — 9,925 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
457,794 5 — — — — (6,518)— — (6,513)— (6,513)
Issuance of Class A common shares, net of offering costs of $34
932,746 9 — — — — 33,206 — — 33,215 — 33,215 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (13,358)(13,358)
Common shares ($0.26 per share)
— — — — — — — (95,889)— (95,889)— (95,889)
Net income— — — — — — — 112,775 — 112,775 15,320 128,095 
Total other comprehensive loss— — — — — — — — (122)(122)(19)(141)
Balances at March 31, 2024365,686,971 $3,657 635,075 $6 9,200,000 $92 $7,394,461 $(381,508)$721 $7,017,429 $687,302 $7,704,731 

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 Three Months Ended
March 31,
 20242023
Operating activities  
Net income$128,095 $137,699 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization115,726 112,717 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments3,056 3,043 
Noncash share-based compensation9,925 5,824 
Loss on early extinguishment of debt954  
Equity in net loss (income) of unconsolidated joint ventures884 (1,340)
Gain on sale and impairment of single-family properties and other, net(68,901)(84,659)
Other changes in operating assets and liabilities:
Rent and other receivables(1,929)(1,672)
Prepaid expenses and other assets(7,325)4,309 
Deferred leasing costs(795)(808)
Accounts payable and accrued expenses22,918 23,926 
Amounts due from related parties(828)1,428 
Net cash provided by operating activities201,780 200,467 
Investing activities  
Cash paid for single-family properties(4,483)(2,923)
Change in escrow deposits for purchase of single-family properties5,684 988 
Net proceeds received from sales of single-family properties and other156,102 184,510 
Proceeds from notes receivable related to the sale of properties130 24 
Investment in unconsolidated joint ventures(1,116) 
Distributions from joint ventures113 10,943 
Renovations to single-family properties(10,804)(8,735)
Recurring and other capital expenditures for single-family properties(23,804)(31,705)
Cash paid for development activity(209,477)(213,598)
Proceeds from asset-backed securitization certificates25,666  
Other investing activities(6,157)(12,416)
Net cash used for investing activities(68,146)(72,912)
Financing activities  
Proceeds from issuance of Class A common shares33,249 298,372 
Payments of Class A common share issuance costs(34) 
Proceeds from issuances under share-based compensation plans1,423 31 
Payments related to tax withholding for share-based compensation(7,936)(3,773)
Payments on asset-backed securitizations(466,145)(6,765)
Payments on revolving credit facility(90,000)(130,000)
Proceeds from unsecured senior notes, net of discount599,358  
Payments related to liabilities to repurchase consolidated land not owned(24,182) 
Distributions to noncontrolling interests(13,318)(11,248)
Distributions to common shareholders(95,914)(79,831)
Distributions to preferred shareholders(3,486)(3,486)
Deferred financing costs paid(5,219) 
Net cash (used for) provided by financing activities(72,204)63,300 
Net increase in cash, cash equivalents and restricted cash61,430 190,855 
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)221,861 217,960 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$283,291 $408,815 

6


American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
March 31,
20242023
Supplemental cash flow information  
Cash payments for interest, net of amounts capitalized$(38,389)$(39,770)
Supplemental schedule of noncash investing and financing activities  
Accrued property renovations and development expenditures$75,819 $71,110 
Transfers of completed homebuilding deliveries to properties185,123 108,792 
Property and land contributions to unconsolidated joint ventures (11,609)
Accrued distributions to affiliates1,223 551 
Accrued distributions to non-affiliates164 128 

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)

March 31, 2024December 31, 2023
(Unaudited) 
Assets
Single-family properties:
Land$2,248,041 $2,234,301 
Buildings and improvements10,775,882 10,651,388 
Single-family properties in operation13,023,923 12,885,689 
Less: accumulated depreciation(2,806,637)(2,719,970)
Single-family properties in operation, net10,217,286 10,165,719 
Single-family properties under development and development land1,359,339 1,409,424 
Single-family properties and land held for sale, net229,431 182,082 
Total real estate assets, net11,806,056 11,757,225 
Cash and cash equivalents124,826 59,385 
Restricted cash158,465 162,476 
Rent and other receivables44,752 42,823 
Escrow deposits, prepaid expenses and other assets392,147 406,138 
Investments in unconsolidated joint ventures114,567 114,198 
Amounts due from affiliates 25,666 
Goodwill120,279 120,279 
Total assets$12,761,092 $12,688,190 
Liabilities
Revolving credit facility$ $90,000 
Asset-backed securitizations, net1,407,380 1,871,421 
Unsecured senior notes, net3,095,733 2,500,226 
Accounts payable and accrued expenses553,248 573,660 
Total liabilities5,056,361 5,035,307 
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (366,322,046 and 364,931,506 units issued and outstanding at March 31, 2024 and December 31, 2023, respectively)
6,794,868 6,744,841 
Preferred units (9,200,000 units issued and outstanding at March 31, 2024 and December 31, 2023)
221,840 221,840 
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2024 and December 31, 2023)
687,202 685,240 
Accumulated other comprehensive income821 962 
Total capital7,704,731 7,652,883 
Total liabilities and capital$12,761,092 $12,688,190 

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
March 31,
20242023
Rents and other single-family property revenues$423,555 $397,703 
Expenses:
Property operating expenses155,927 147,068 
Property management expenses31,402 30,800 
General and administrative expense21,885 17,855 
Interest expense38,577 35,882 
Acquisition and other transaction costs3,324 5,076 
Depreciation and amortization115,726 112,717 
Total expenses366,841 349,398 
Gain on sale and impairment of single-family properties and other, net68,901 84,659 
Loss on early extinguishment of debt(954) 
Other income and expense, net3,434 4,735 
Net income128,095 137,699 
Preferred distributions3,486 3,486 
Net income attributable to common unitholders$124,609 $134,213 
Weighted-average common units outstanding:
Basic417,890,237 411,730,104 
Diluted418,349,273 412,051,350 
Net income attributable to common unitholders per unit:
Basic$0.30 $0.33 
Diluted$0.30 $0.32 

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
March 31,
20242023
Net income$128,095 $137,699 
Other comprehensive loss:
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income
(141)(141)
Other comprehensive loss(141)(141)
Comprehensive income127,954 137,558 
Preferred distributions3,486 3,486 
Comprehensive income attributable to common unitholders$124,468 $134,072 

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, 2022353,516,901 $6,272,815 $221,840 51,376,980 $678,477 $1,526 $7,174,658 
Share-based compensation— 5,824 — — — — 5,824 
Common units issued under share-based compensation plans, net of units withheld for employee taxes264,466 (3,742)— — — — (3,742)
Issuance of Class A common units8,000,000 298,372 — — — — 298,372 
Distributions to capital holders:
Preferred units (Note 10)
— — (3,486)— — — (3,486)
Common units ($0.22 per unit)
— (79,977)— — (11,303)— (91,280)
Net income— 117,465 3,486 — 16,748 — 137,699 
Total other comprehensive loss— — — — — (141)(141)
Balances at March 31, 2023361,781,367 $6,610,757 $221,840 51,376,980 $683,922 $1,385 $7,517,904 

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, 2023364,931,506 $6,744,841 $221,840 51,376,980 $685,240 $962 $7,652,883 
Share-based compensation— 9,925 — — — — 9,925 
Common units issued under share-based compensation plans, net of units withheld for employee taxes457,794 (6,513)— — — — (6,513)
Issuance of Class A common units, net of offering costs of $34
932,746 33,215 — — — — 33,215 
Distributions to capital holders:
Preferred units (Note 10)
— — (3,486)— — — (3,486)
Common units ($0.26 per unit)
— (95,889)— — (13,358)— (109,247)
Net income— 109,289 3,486 — 15,320 — 128,095 
Total other comprehensive loss— — — — — (141)(141)
Balances at March 31, 2024366,322,046 $6,794,868 $221,840 51,376,980 $687,202 $821 $7,704,731 

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 Three Months Ended
March 31,
20242023
Operating activities
Net income$128,095 $137,699 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization115,726 112,717 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments3,056 3,043 
Noncash share-based compensation9,925 5,824 
Loss on early extinguishment of debt954  
Equity in net loss (income) of unconsolidated joint ventures884 (1,340)
Gain on sale and impairment of single-family properties and other, net(68,901)(84,659)
Other changes in operating assets and liabilities:
Rent and other receivables(1,929)(1,672)
Prepaid expenses and other assets(7,325)4,309 
Deferred leasing costs(795)(808)
Accounts payable and accrued expenses22,918 23,926 
Amounts due from related parties(828)1,428 
Net cash provided by operating activities201,780 200,467 
Investing activities
Cash paid for single-family properties(4,483)(2,923)
Change in escrow deposits for purchase of single-family properties5,684 988 
Net proceeds received from sales of single-family properties and other156,102 184,510 
Proceeds from notes receivable related to the sale of properties130 24 
Investment in unconsolidated joint ventures(1,116) 
Distributions from joint ventures113 10,943 
Renovations to single-family properties(10,804)(8,735)
Recurring and other capital expenditures for single-family properties(23,804)(31,705)
Cash paid for development activity(209,477)(213,598)
Proceeds from repayment of loan from affiliate25,666  
Other investing activities(6,157)(12,416)
Net cash used for investing activities(68,146)(72,912)
Financing activities
Proceeds from issuance of Class A common units33,249 298,372 
Payments of Class A common unit issuance costs(34) 
Proceeds from issuances under share-based compensation plans1,423 31 
Payments related to tax withholding for share-based compensation(7,936)(3,773)
Payments on asset-backed securitizations(466,145)(6,765)
Payments on revolving credit facility(90,000)(130,000)
Proceeds from unsecured senior notes, net of discount599,358  
Payments related to liabilities to repurchase consolidated land not owned(24,182) 
Distributions to common unitholders(109,232)(91,079)
Distributions to preferred unitholders(3,486)(3,486)
Deferred financing costs paid(5,219) 
Net cash (used for) provided by financing activities(72,204)63,300 
Net increase in cash, cash equivalents and restricted cash61,430 190,855 
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)221,861 217,960 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$283,291 $408,815 

13


American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
March 31,
20242023
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized$(38,389)$(39,770)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures$75,819 $71,110 
Transfers of completed homebuilding deliveries to properties185,123 108,792 
Property and land contributions to unconsolidated joint ventures (11,609)
Accrued distributions to affiliates1,223 551 
Accrued distributions to non-affiliates164 128 

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 (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of March 31, 2024, the Company held 59,343 single-family properties in 21 states, including 728 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2024 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 was $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH in connection with the Operating Partnership’s AMH 2014-SFR2 securitization debt offering. The asset-backed securitization certificates were recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the Operating Partnership’s payoff of the AMH 2014-SFR2 securitization during the three months ended March 31, 2024 (see Note 8. Debt). AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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 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 (“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, 2023. 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.


15


Principles of Consolidation

The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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 and has the ability to exercise significant influence but does not control 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 investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $12.7 million and $13.0 million, respectively, and the Company’s maximum exposure to loss was $15.4 million and $15.6 million, respectively, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of both March 31, 2024 and December 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $15.7 million.

Recent Accounting Pronouncements Not Yet Effective

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable to do so. The Company is currently assessing the impact of the guidance on its financial statements.

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):
March 31,December 31,
2024202320232022
Cash and cash equivalents$124,826 $255,559 $59,385 $69,155 
Restricted cash158,465 153,256 162,476 148,805 
Total cash, cash equivalents and restricted cash$283,291 $408,815 $221,861 $217,960 


16


Note 4. Real Estate Assets, Net

The net book values of real estate assets consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
March 31, 2024December 31, 2023
Occupied single-family properties$9,722,674 $9,595,421 
Single-family properties leased, not yet occupied89,206 54,481 
Single-family properties in turnover process275,613 370,856 
Single-family properties recently renovated or developed128,177 140,962 
Single-family properties newly acquired and under renovation1,616 3,999 
Single-family properties in operation, net10,217,286 10,165,719 
Development land531,641 563,718 
Single-family properties under development827,698 845,706 
Single-family properties and land held for sale, net229,431 182,082 
Total real estate assets, net$11,806,056 $11,757,225 

Depreciation expense related to single-family properties was $110.3 million and $107.8 million for the three months ended March 31, 2024 and 2023, respectively.

During the three months ended March 31, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $156.1 million and $184.5 million, respectively, which resulted in an aggregate net gain on sale of $69.8 million and $85.7 million, respectively, as a result of submarket analysis, as well as individual asset-level review.

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 $57.3 million and $55.4 million for the three months ended March 31, 2024 and 2023, respectively. Variable lease payments for fees from single-family properties were $8.0 million and $7.4 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 (amounts in thousands):
March 31, 2024
Remaining 2024$662,763 
2025100,114 
20264,636 
202754 
202854 
Thereafter14 
Total$767,635 



17


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 March 31, 2024 and December 31, 2023 (amounts in thousands):
March 31, 2024December 31, 2023
Escrow deposits, prepaid expenses and other$140,011 $136,640 
Consolidated land not owned130,604 147,330 
Commercial real estate, software, vehicles and FF&E, net97,882 96,862 
Operating lease right-of-use assets15,748 16,623 
Deferred costs and other intangibles, net6,977 7,630 
Notes receivable, net925 1,053 
Total$392,147 $406,138 

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.6 million and $4.2 million for the three months ended March 31, 2024 and 2023, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net consisted of the following as of March 31, 2024 and December 31, 2023 (amounts in thousands):
 March 31, 2024December 31, 2023
Deferred leasing costs