8 unchanged sentences
Distributions
−Removed: The Company’s board of trustees declared total distributions of $0.20 per Class A and Class B common share during each of the years ended December 31, 2020 and 2019.
+Added: The Company’s board of trustees declared total distributions of $0.40 and $0.20 per Class A and Class B common share during the years ended December 31, 2021 and 2020, respectively.
The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units.
13 unchanged sentences
To maintain our qualification as a REIT, AH4R must generally make annual distributions to our shareholders of at least 90% of our REIT taxable income for the current taxable year, determined without regard to deductions for dividends paid and any net capital gains.
−Removed: AH4R intends to use its NOL to reduce AH4R’s REIT taxable income and to pay quarterly distributions to our shareholders, and the Operating Partnership intends to pay quarterly distributions to the Operating Partnership’s unitholders, including AH4R, which distributions, in the aggregate, approximately equal or exceed AH4R’s net taxable income in the relevant year.
+Added: AH4R intends to use its NOL (to the extent available) to reduce AH4R’s REIT taxable income and to pay quarterly distributions to our shareholders, and the Operating Partnership intends to pay quarterly distributions to the Operating Partnership’s unitholders, including AH4R, which distributions, in the aggregate, approximately equal or exceed AH4R’s net taxable income in the relevant year.
However, our cash available for distribution may be less than the amount required to meet the distribution requirements for REITs under the Code and we may be required to borrow money, sell assets or make taxable distributions of our equity shares or debt securities to satisfy the distribution requirements.
−Removed: No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series D, Series E, Series F, Series G and Series H perpetual preferred shares.
−Removed: The distribution preference of our Series D, Series E, Series F, Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.
+Added: No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series F, Series G and Series H perpetual preferred shares.
+Added: The distribution preference of our Series F, Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.
The following table displays the estimated income tax treatment of distributions on our Class A and Class B common shares and Series D, Series E, Series F, Series G and Series H perpetual preferred shares for the years ended December 31, 2021 and 2020:
2 unchanged sentences
Total Ordinary dividend income (1)
−Removed: Capital gains (2)
+Added: Qualified dividend income Capital gains (2)(3)
Common Shares 73.1 % 0.7 % 26.2 % 100.0 % 54.9 % 1.1 % 44.0 % 100.0 %
9 unchanged sentences
(3) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends reported on Form 1099-DIV, Box 2a, Total Capital Gain Distributions for purposes of IRC Section 1061.
−Removed: IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gain dividends relate to IRC Section 1231 gains.
+Added: IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2021 and 2020 distributions, since all capital gain dividends relate to IRC Section 1231 gains.
Shareholders should consult with their tax advisors to determine whether IRC Section 1061 applies to their capital gain dividends.
+Added: (4) 100.0% of the capital gain distributions represent gain from dispositions of U.S.
+Added: real property interests pursuant to IRC Section 897 for foreign shareholders.
Stock Performance Graph
4 unchanged sentences
Comparison of Cumulative Total Return
−Removed: Among American Homes 4 Rent, the S&P 500 Index and the MSCI US REIT Index
+Added: Among American Homes 4 Rent, the S&P 500 Index and the MSCI U.S.
The following table provides the same information in tabular form:
−Removed: Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
+Added: 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
American Homes 4 Rent $ 100.00 $ 103.96 $ 97.50 $ 123.52 $ 135.52 $ 172.37
1 unchanged sentence
REIT $ 100.00 $ 100.82 $ 92.53 $ 112.62 $ 101.96 $ 139.16
−Removed: SELECTED FINANCIAL DATA
−Removed: Intentionally omitted.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.