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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, 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.)

23975 Park Sorrento, Suite 300
Calabasas, California 91302
(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 347,657,888 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 4, 2022.





EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 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 March 31, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.

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

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

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

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

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

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

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

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



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

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


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

TABLE OF CONTENTS
  Page
 
 
 



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

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
 
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.


i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
March 31, 2022December 31, 2021
(Unaudited) 
Assets
 
 
Single-family properties:  
Land$2,122,442 $2,062,039 
Buildings and improvements9,583,889 9,258,387 
Single-family properties in operation11,706,331 11,320,426 
Less: accumulated depreciation(2,148,145)(2,072,933)
Single-family properties in operation, net9,558,186 9,247,493 
Single-family properties under development and development land972,034 882,159 
Single-family properties held for sale, net140,627 114,907 
Total real estate assets, net10,670,847 10,244,559 
Cash and cash equivalents56,626 48,198 
Restricted cash 150,354 143,569 
Rent and other receivables43,869 41,587 
Escrow deposits, prepaid expenses and other assets263,883 216,625 
Investments in unconsolidated joint ventures109,861 121,950 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$11,441,385 $10,962,433 
Liabilities  
Revolving credit facility$410,000 $350,000 
Asset-backed securitizations, net1,903,715 1,908,346 
Unsecured senior notes, net1,622,806 1,622,132 
Accounts payable and accrued expenses394,085 343,526 
Total liabilities4,330,606 4,224,004 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 347,642,888 and 337,362,716 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
3,476 3,374 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2022 and December 31, 2021)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 shares issued and outstanding at March 31, 2022 and December 31, 2021)
154 154 
Additional paid-in capital6,873,257 6,492,933 
Accumulated deficit(445,709)(438,710)
Accumulated other comprehensive income1,698 1,814 
Total shareholders’ equity6,432,882 6,059,571 
Noncontrolling interest677,897 678,858 
Total equity7,110,779 6,738,429 
Total liabilities and equity$11,441,385 $10,962,433 

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

1

American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
March 31,
 20222021
Rents and other single-family property revenues$356,105 $312,573 
Expenses:  
Property operating expenses133,643 118,694 
Property management expenses26,034 23,699 
General and administrative expense17,282 15,205 
Interest expense27,567 28,005 
Acquisition and other transaction costs5,974 4,846 
Depreciation and amortization99,954 90,071 
Total expenses310,454 280,520 
Gain on sale and impairment of single-family properties and other, net22,044 16,069 
Other income and expense, net2,319 799 
Net income70,014 48,921 
Noncontrolling interest8,312 4,925 
Dividends on preferred shares5,763 13,782 
Net income attributable to common shareholders$55,939 $30,214 
Weighted-average common shares outstanding:
Basic345,742,526 316,982,460 
Diluted346,480,823 317,441,397 
Net income attributable to common shareholders per share:
Basic$0.16 $0.10 
Diluted$0.16 $0.09 
 
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,
 20222021
Net income $70,014 $48,921 
Other comprehensive (loss) income:
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument 9,230 
Reclassification adjustment for amortization of interest expense included in net income
(141)(241)
Other comprehensive (loss) income(141)8,989 
Comprehensive income 69,873 57,910 
Comprehensive income attributable to noncontrolling interests8,287 6,185 
Dividends on preferred shares5,763 13,782 
Comprehensive income attributable to common shareholders$55,823 $37,943 
 
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 


4

American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)
 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2021337,362,716 $3,374 635,075 $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)(116)(25)(141)
Balances at March 31, 2022347,642,888 $3,476 635,075 $6 15,400,000 $154 $6,873,257 $(445,709)$1,698 $6,432,882 $677,897 $7,110,779 

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,
 20222021
Operating activities  
Net income$70,014 $48,921 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization99,954 90,071 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments2,453 1,829 
Noncash share-based compensation7,405 8,110 
Equity in net income of unconsolidated joint ventures(1,478)(366)
Return on investment from unconsolidated joint ventures2,598  
Gain on sale and impairment of single-family properties and other, net(22,044)(16,069)
Other changes in operating assets and liabilities:
Rent and other receivables(3,811)(8,170)
Prepaid expenses and other assets(6,530)5,742 
Deferred leasing costs(535)(975)
Accounts payable and accrued expenses11,245 23,242 
Amounts due from related parties(529)(338)
Net cash provided by operating activities158,742 151,997 
Investing activities  
Cash paid for single-family properties(288,719)(82,118)
Change in escrow deposits for purchase of single-family properties6,235 (5,341)
Net proceeds received from sales of single-family properties and other51,407 46,304 
Proceeds received from storm-related insurance claims1,529  
Payments received on notes for sale of properties402  
Investment in unconsolidated joint ventures(5,294)(7,990)
Distributions from joint ventures22,587 25,893 
Renovations to single-family properties(21,721)(9,069)
Recurring and other capital expenditures for single-family properties(24,185)(26,033)
Cash paid for development activity(244,621)(141,618)
Other purchases of productive assets(10,384)(8,258)
Net cash used for investing activities(512,764)(208,230)
Financing activities  
Proceeds from issuance of Class A common shares375,840  
Payments of Class A common share issuance costs(200) 
Proceeds from issuances under share-based compensation plans1,439 1,121 
Payments related to tax withholding for share-based compensation(4,058)(2,642)
Payments on asset-backed securitizations(5,876)(6,118)
Proceeds from revolving credit facility420,000 80,000 
Payments on revolving credit facility(360,000) 
Proceeds from liabilities related to consolidated land not owned19,794  
Distributions to noncontrolling interests(9,306)(7,758)
Distributions to common shareholders(62,635)(47,561)
Distributions to preferred shareholders(5,763)(13,782)
Net cash provided by financing activities369,235 3,260 
Net increase (decrease) in cash, cash equivalents and restricted cash15,213 (52,973)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)191,767 265,077 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$206,980 $212,104 

6

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
March 31,
20222021
Supplemental cash flow information  
Cash payments for interest, net of amounts capitalized$(40,871)$(36,388)
Supplemental schedule of noncash investing and financing activities  
Accrued property renovations and development expenditures$57,500 $31,854 
Transfers of completed homebuilding deliveries to properties112,911 72,862 
Property and land contributions to unconsolidated joint ventures(10,605)(23,835)
Property and land distributions from unconsolidated joint ventures8,397  
Unrealized gain on cash flow hedging instrument 9,230 
Noncash right-of-use assets obtained in exchange for operating lease liabilities746 537 
Accrued distributions to non-affiliates303 105 

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, 2022December 31, 2021
(Unaudited) 
Assets
Single-family properties:
Land$2,122,442 $2,062,039 
Buildings and improvements9,583,889 9,258,387 
Single-family properties in operation11,706,331 11,320,426 
Less: accumulated depreciation(2,148,145)(2,072,933)
Single-family properties in operation, net9,558,186 9,247,493 
Single-family properties under development and development land972,034 882,159 
Single-family properties held for sale, net140,627 114,907 
Total real estate assets, net10,670,847 10,244,559 
Cash and cash equivalents56,626 48,198 
Restricted cash150,354 143,569 
Rent and other receivables43,869 41,587 
Escrow deposits, prepaid expenses and other assets263,883 216,625 
Investments in unconsolidated joint ventures109,861 121,950 
Amounts due from affiliates25,666 25,666 
Goodwill120,279 120,279 
Total assets$11,441,385 $10,962,433 
Liabilities
Revolving credit facility$410,000 $350,000 
Asset-backed securitizations, net1,903,715 1,908,346 
Unsecured senior notes, net1,622,806 1,622,132 
Accounts payable and accrued expenses394,085 343,526 
Total liabilities4,330,606 4,224,004 
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (348,277,963 and 337,997,791 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
6,059,620 5,686,193 
Preferred units (15,400,000 units issued and outstanding at March 31, 2022 and December 31, 2021)
371,564 371,564 
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2022 and December 31, 2021)
677,646 678,582 
Accumulated other comprehensive income1,949 2,090 
Total capital7,110,779 6,738,429 
Total liabilities and capital$11,441,385 $10,962,433 

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

8

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except unit and per unit data)
(Unaudited)
For the Three Months Ended
March 31,
20222021
Rents and other single-family property revenues$356,105 $312,573 
Expenses:
Property operating expenses133,643 118,694 
Property management expenses26,034 23,699 
General and administrative expense17,282 15,205 
Interest expense27,567 28,005 
Acquisition and other transaction costs5,974 4,846 
Depreciation and amortization99,954 90,071 
Total expenses310,454 280,520 
Gain on sale and impairment of single-family properties and other, net22,044 16,069 
Other income and expense, net2,319 799 
Net income70,014 48,921 
Preferred distributions5,763 13,782 
Net income attributable to common unitholders$64,251 $35,139 
Weighted-average common units outstanding:
Basic397,119,506 368,647,217 
Diluted397,857,803 369,106,154 
Net income attributable to common unitholders per unit:
Basic$0.16 $0.10 
Diluted$0.16 $0.09 
 
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,
20222021
Net income$70,014 $48,921 
Other comprehensive (loss) income:
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument 9,230 
Reclassification adjustment for amortization of interest expense included in net income
(141)(241)
Other comprehensive (loss) income(141)8,989 
Comprehensive income69,873 57,910 
Preferred distributions5,763 13,782 
Comprehensive income attributable to common unitholders$64,110 $44,128 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

10

American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(Amounts in thousands, except unit and per unit data)
(Unaudited)
General PartnerLimited PartnersAccumulated other comprehensive incomeTotal capital
Common capitalPreferred capital amountCommon capital
Number of unitsAmountNumber of unitsAmount
Balances at December 31, 2020316,656,460 $4,928,819 $854,435 51,726,980 $682,316 $6,860 $6,472,430 
Share-based compensation— 8,110 — — — — 8,110 
Common units issued under share-based compensation plans, net of units withheld for employee taxes246,425 (1,521)— — — — (1,521)
Redemptions of Class A units350,000