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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 September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)


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


American Homes 4 RentMaryland 46-1229660
American Homes 4 Rent, L.P.Delaware80-0860173
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

280 Pilot Road
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
 
(702) 847-7800
(Registrant’s telephone number, including area code)


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 352,809,460 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 November 2, 2022.





EXPLANATORY NOTE

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

AH4R is the general partner of, and as of September 30, 2022 owned approximately 87.3% of the common partnership interest in, the Operating Partnership. The remaining 12.7% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.

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

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

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

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

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

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

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

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



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

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





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

TABLE OF CONTENTS
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

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

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


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

September 30, 2022December 31, 2021
(Unaudited) 
Assets  
Single-family properties:  
Land$2,190,724 $2,062,039 
Buildings and improvements10,024,700 9,258,387 
Single-family properties in operation12,215,424 11,320,426 
Less: accumulated depreciation(2,310,014)(2,072,933)
Single-family properties in operation, net9,905,410 9,247,493 
Single-family properties under development and development land1,123,183 882,159 
Single-family properties held for sale, net189,991 114,907 
Total real estate assets, net11,218,584 10,244,559 
Cash and cash equivalents97,244 48,198 
Restricted cash 160,476 143,569 
Rent and other receivables50,395 41,587 
Escrow deposits, prepaid expenses and other assets315,789 216,625 
Investments in unconsolidated joint ventures110,409 121,950 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$12,098,842 $10,962,433 
Liabilities  
Revolving credit facility$ $350,000 
Asset-backed securitizations, net1,895,269 1,908,346 
Unsecured senior notes, net2,493,898 1,622,132 
Accounts payable and accrued expenses567,240 343,526 
Total liabilities4,956,407 4,224,004 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 352,809,460 and 337,362,716 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
3,528 3,374 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2022 and December 31, 2021)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 and 15,400,000 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
92 154 
Additional paid-in capital6,926,629 6,492,933 
Accumulated deficit(464,444)(438,710)
Accumulated other comprehensive income1,455 1,814 
Total shareholders’ equity6,467,266 6,059,571 
Noncontrolling interest675,169 678,858 
Total equity7,142,435 6,738,429 
Total liabilities and equity$12,098,842 $10,962,433 

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

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

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2022202120222021
Rents and other single-family property revenues$391,627 $339,563 $1,109,608 $965,790 
Expenses:    
Property operating expenses152,065 134,694 414,978 369,966 
Property management expenses29,739 24,562 84,541 70,677 
General and administrative expense16,986 12,647 53,115 40,645 
Interest expense36,254 31,097 98,622 86,630 
Acquisition and other transaction costs4,482 3,279 18,114 11,093 
Depreciation and amortization109,319 94,494 313,688 275,682 
Hurricane-related charges, net6,133  6,133  
Total expenses354,978 300,773 989,191 854,693 
Gain on sale and impairment of single-family properties and other, net24,197 9,572 79,052 36,401 
Other income and expense, net819 139 6,765 1,738 
Net income61,665 48,501 206,234 149,236 
Noncontrolling interest7,464 5,869 24,119 14,012 
Dividends on preferred shares3,486 5,763 13,595 32,160 
Redemption of perpetual preferred shares  5,276 15,879 
Net income attributable to common shareholders$50,715 $36,869 $163,244 $87,185 
Weighted-average common shares outstanding:
Basic348,944,055 324,002,538 347,730,579 320,267,903 
Diluted349,344,541 326,206,423 348,282,995 321,879,235 
Net income attributable to common shareholders per share:
Basic$0.14 $0.11 $0.47 $0.27 
Diluted$0.14 $0.11 $0.47 $0.27 

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
September 30,
For the Nine Months Ended
September 30,
 2022202120222021
Net income $61,665 $48,501 $206,234 $149,236 
Other comprehensive loss:
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument   (3,999)
Reclassification adjustment for amortization of interest expense included in net income
(141)(149)(423)(630)
Other comprehensive loss(141)(149)(423)(4,629)
Comprehensive income 61,524 48,352 205,811 144,607 
Comprehensive income attributable to noncontrolling interests7,443 5,778 24,055 13,297 
Dividends on preferred shares3,486 5,763 13,595 32,160 
Redemption of perpetual preferred shares  5,276 15,879 
Comprehensive income attributable to common shareholders$50,595 $36,811 $162,885 $83,271 

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

3




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

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2020316,021,385 $3,160 635,075 $6 35,350,000 $354 $6,223,256 $(443,522)$5,840 $5,789,094 $683,336 $6,472,430 
Share-based compensation— — — — — — 8,110 — — 8,110 — 8,110 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes246,425 2 — — — — (1,523)— — (1,521)— (1,521)
Redemptions of Class A units350,000 4 — — — — 4,613 — 7 4,624 (4,624) 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (5,172)(5,172)
Common shares ($0.10 per share)
— — — — — — — (31,795)— (31,795)— (31,795)
Net income— — — — — — — 43,996 — 43,996 4,925 48,921 
Total other comprehensive income— — — — — — — — 7,729 7,729 1,260 8,989 
Balances at March 31, 2021316,617,810 $3,166 635,075 $6 35,350,000 $354 $6,234,456 $(445,103)$13,576 $5,806,455 $679,725 $6,486,180 
Share-based compensation— — — — — — 3,151 — — 3,151 — 3,151 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes90,373 1 — — — — 894 — — 895 — 895 
Issuance of Class A common shares, net of offering costs of $200
5,500,000 55 — — — — 193,785 — — 193,840 — 193,840 
Redemption of Series D perpetual preferred shares— — — — (10,750,000)(108)(260,133)(8,509)— (268,750)— (268,750)
Redemption of Series E perpetual preferred shares— — — — (9,200,000)(92)(222,538)(7,370)— (230,000)— (230,000)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (12,615)— (12,615)— (12,615)
Noncontrolling interests— — — — — — — — — — (5,138)(5,138)
Common shares ($0.10 per share)
— — — — — — — (32,403)— (32,403)— (32,403)
Net income— — — — — — — 48,596 — 48,596 3,218 51,814 
Total other comprehensive loss— — — — — — — — (11,585)(11,585)(1,884)(13,469)
Balances at June 30, 2021322,208,183 $3,222 635,075 $6 15,400,000 $154 $5,949,615 $(457,404)$1,991 $5,497,584 $675,921 $6,173,505 


4




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

 Class A common sharesClass B common sharesPreferred shares
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at June 30, 2021322,208,183 $3,222 635,075 $6 15,400,000 $154 $5,949,615 $(457,404)$1,991 $5,497,584 $675,921 $6,173,505 
Share-based compensation— — — — — — 3,058 — — 3,058 — 3,058 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes152,375 2 — — — — 2,052 — — 2,054 — 2,054 
Issuance of Class A common shares11,400,000 114 — — — — 398,886 — — 399,000 — 399,000 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (5,763)— (5,763)— (5,763)
Noncontrolling interests— — — — — — — — — — (5,137)(5,137)
Common shares ($0.10 per share)
— — — — — — — (32,414)— (32,414)— (32,414)
Net income— — — — — — — 42,632 — 42,632 5,869 48,501 
Total other comprehensive loss— — — — — — — — (58)(58)(91)(149)
Balances at September 30, 2021333,760,558 $3,338 635,075 $6 15,400,000 $154 $6,353,611 $(452,949)$1,933 $5,906,093 $676,562 $6,582,655 



5




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

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2021337,362,716 $3,374 635,075 $6 15,400,000 $154 $6,492,933 $(438,710)$1,814 $6,059,571 $678,858 $6,738,429 
Share-based compensation— — — — — — 7,405 — — 7,405 — 7,405 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
280,172 2 — — — — (2,621)— — (2,619)— (2,619)
Issuance of Class A common shares, net of offering costs of $200
10,000,000 100 — — — — 375,540 — — 375,640 — 375,640 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (5,763)— (5,763)— (5,763)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (62,938)— (62,938)— (62,938)
Net income— — — — — — — 61,702 — 61,702 8,312 70,014 
Total other comprehensive loss— — — — — — — — (116)(