What changed in this filing

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Item 1. Financial Statements

2022-08-05 compared with 2022-05-06 · 220 added, 125 removed, 679 unchanged (34% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share data)

March 31, 2022 December 31, 2021

June 30, 2022 December 31, 2021

Single-family properties:

22 unchanged sentences

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)

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)

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)

Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 347,696,494 and 337,362,716 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively)

Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2022 and December 31, 2021)

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 June 30, 2022 and December 31, 2021, respectively)

Additional paid-in capital 6,734,292 6,492,933

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Rents and other single-family property revenues $ 361,876 $ 313,654 $ 717,981 $ 626,227

11 unchanged sentences

Dividends on preferred shares 4,346 12,615 10,109 26,397

Redemption of perpetual preferred shares 5,276 15,879 5,276 15,879

Net income attributable to common shareholders $ 56,590 $ 20,102 $ 112,529 $ 50,316

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Net income $ 74,555 $ 51,814 $ 144,569 $ 100,735

Other comprehensive (loss) income:

Other comprehensive loss:

Cash flow hedging instruments:

Unrealized gain on cash flow hedging instrument — 9,230

Loss on settlement of cash flow hedging instrument — ( 13,229 ) — ( 3,999 )

Reclassification adjustment for amortization of interest expense included in net income

( 141 ) ( 240 ) ( 282 ) ( 481 )

Other comprehensive (loss) income ( 141 ) 8,989

Other comprehensive loss ( 141 ) ( 13,469 ) ( 282 ) ( 4,480 )

Comprehensive income 74,414 38,345 144,287 96,255

1 unchanged sentence

Dividends on preferred shares 4,346 12,615 10,109 26,397

Redemption of perpetual preferred shares 5,276 15,879 5,276 15,879

Comprehensive income attributable to common shareholders $ 56,467 $ 8,517 $ 112,290 $ 46,460

24 unchanged sentences

Balances at March 31, 2021 316,617,810 $ 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 taxes 90,373 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, 2021 322,208,183 $ 3,222 635,075 $ 6 15,400,000 $ 154 $ 5,949,615 $ ( 457,404 ) $ 1,991 $ 5,497,584 $ 675,921 $ 6,173,505

American Homes 4 Rent

24 unchanged sentences

Balances at March 31, 2022 347,642,888 $ 3,476 635,075 $ 6 15,400,000 $ 154 $ 6,873,257 $ ( 445,709 ) $ 1,698 $ 6,432,882 $ 677,897 $ 7,110,779

Share-based compensation — — — — — — 10,643 — — 10,643 — 10,643

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 53,606 1 — — — — 54 — — 55 — 55

Redemption of Series F perpetual preferred shares — — — — ( 6,200,000 ) ( 62 ) ( 149,662 ) ( 5,276 ) — ( 155,000 ) — ( 155,000 )

Distributions to equity holders:

Preferred shares (Note 10)

— — — — — — — ( 4,346 ) — ( 4,346 ) — ( 4,346 )

Noncontrolling interests — — — — — — — — — — ( 9,248 ) ( 9,248 )

Common shares ($ 0.18 per share)

— — — — — — — ( 63,036 ) — ( 63,036 ) — ( 63,036 )

Net income — — — — — — — 66,212 — 66,212 8,343 74,555

Total other comprehensive loss — — — — — — — — ( 123 ) ( 123 ) ( 18 ) ( 141 )

Balances at June 30, 2022 347,696,494 $ 3,477 635,075 $ 6 9,200,000 $ 92 $ 6,734,292 $ ( 452,155 ) $ 1,575 $ 6,287,287 $ 676,974 $ 6,964,261

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

19 unchanged sentences

Proceeds received from storm-related insurance claims 1,981 —

Payments received on notes for sale of properties 402 —

Proceeds from notes receivable related to the sale of properties 33,186 —

Investment in unconsolidated joint ventures ( 12,759 ) ( 14,596 )

8 unchanged sentences

Payments of Class A common share issuance costs ( 200 ) ( 200 )

Redemption of perpetual preferred shares ( 155,000 ) ( 498,750 )

Proceeds from issuances under share-based compensation plans 1,516 2,030

3 unchanged sentences

Payments on revolving credit facility ( 770,000 ) ( 170,000 )

Proceeds from unsecured senior notes, net of discount 876,813 —

Proceeds from liabilities related to consolidated land not owned 33,821 —

2 unchanged sentences

Distributions to preferred shareholders ( 10,109 ) ( 26,397 )

Deferred financing costs paid ( 8,236 ) ( 11,182 )

Net cash provided by financing activities 604,913 171,830

5 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

5 unchanged sentences

Property and land distributions from unconsolidated joint ventures 8,397 —

Unrealized gain on cash flow hedging instrument — 9,230

Accrued loss on settlement of cash flow hedging instrument — ( 3,999 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,679 537

Accrued distributions to affiliates 241 —

Accrued distributions to non-affiliates 112 158

3 unchanged sentences

(Amounts in thousands, except unit data)

March 31, 2022 December 31, 2021

June 30, 2022 December 31, 2021

Single-family properties:

23 unchanged sentences

General partner:

Common units ( 348,277,963 and 337,997,791 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively)

Common units ( 348,331,569 and 337,997,791 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)

6,063,872 5,686,193

Preferred units ( 15,400,000 units issued and outstanding at March 31, 2022 and December 31, 2021)

Preferred units ( 9,200,000 and 15,400,000 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively)

221,840 371,564

Limited partner:

Common units ( 51,376,980 units issued and outstanding at March 31, 2022 and December 31, 2021)

Common units ( 51,376,980 units issued and outstanding at June 30, 2022 and December 31, 2021)

676,741 678,582

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Rents and other single-family property revenues $ 361,876 $ 313,654 $ 717,981 $ 626,227

10 unchanged sentences

Preferred distributions 4,346 12,615 10,109 26,397

Redemption of perpetual preferred units 5,276 15,879 5,276 15,879

Net income attributable to common unitholders $ 64,933 $ 23,320 $ 129,184 $ 58,459

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Net income $ 74,555 $ 51,814 $ 144,569 $ 100,735

Other comprehensive (loss) income:

Other comprehensive loss:

Cash flow hedging instruments:

Unrealized gain on cash flow hedging instrument — 9,230

Loss on settlement of cash flow hedging instrument — ( 13,229 ) — ( 3,999 )

Reclassification adjustment for amortization of interest expense included in net income

( 141 ) ( 240 ) ( 282 ) ( 481 )

Other comprehensive (loss) income ( 141 ) 8,989

Other comprehensive loss ( 141 ) ( 13,469 ) ( 282 ) ( 4,480 )

Comprehensive income 74,414 38,345 144,287 96,255

Preferred distributions 4,346 12,615 10,109 26,397

Redemption of perpetual preferred units 5,276 15,879 5,276 15,879

Comprehensive income attributable to common unitholders $ 64,792 $ 9,851 $ 128,902 $ 53,979

18 unchanged sentences

Balances at March 31, 2021 317,252,885 $ 4,938,444 $ 854,435 51,376,980 $ 677,452 $ 15,849 $ 6,486,180

Share-based compensation — 3,151 — — — — 3,151

Common units issued under share-based compensation plans, net of units withheld for employee taxes 90,373 895 — — — — 895

Issuance of Class A common units, net of offering costs of $ 200

5,500,000 193,840 — — — — 193,840

Redemption of Series D perpetual preferred units — ( 8,509 ) ( 260,241 ) — — — ( 268,750 )

Redemption of Series E perpetual preferred units — ( 7,370 ) ( 222,630 ) — — — ( 230,000 )

Distributions to capital holders:

Preferred units (Note 10)

— — ( 12,615 ) — — — ( 12,615 )

Common units ($ 0.10 per unit)

— ( 32,403 ) — — ( 5,138 ) — ( 37,541 )

Net income — 35,981 12,615 — 3,218 — 51,814

Total other comprehensive loss — — — — — ( 13,469 ) ( 13,469 )

Balances at June 30, 2021 322,843,258 $ 5,124,029 $ 371,564 51,376,980 $ 675,532 $ 2,380 $ 6,173,505

American Homes 4 Rent, L.P.

17 unchanged sentences

Balances at March 31, 2022 348,277,963 $ 6,059,620 $ 371,564 51,376,980 $ 677,646 $ 1,949 $ 7,110,779

Share-based compensation — 10,643 — — — — 10,643

Common units issued under share-based compensation plans, net of units withheld for employee taxes 53,606 55 — — — — 55

Redemption of Series F perpetual preferred units — ( 5,276 ) ( 149,724 ) — — — ( 155,000 )

Distributions to capital holders:

Preferred units (Note 10)

— — ( 4,346 ) — — — ( 4,346 )

Common units ($ 0.18 per unit)

— ( 63,036 ) — — ( 9,248 ) — ( 72,284 )

Net income — 61,866 4,346 — 8,343 — 74,555

Total other comprehensive loss — — — — — ( 141 ) ( 141 )

Balances at June 30, 2022 348,331,569 $ 6,063,872 $ 221,840 51,376,980 $ 676,741 $ 1,808 $ 6,964,261

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

2 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Operating activities

19 unchanged sentences

Proceeds received from storm-related insurance claims 1,981 —

Payments received on notes for sale of properties 402 —

Proceeds from notes receivable related to the sale of properties 33,186 —

Investment in unconsolidated joint ventures ( 12,759 ) ( 14,596 )

8 unchanged sentences

Payments of Class A common unit issuance costs ( 200 ) ( 200 )

Redemption of perpetual preferred units ( 155,000 ) ( 498,750 )

Proceeds from issuances under share-based compensation plans 1,516 2,030

3 unchanged sentences

Payments on revolving credit facility ( 770,000 ) ( 170,000 )

Proceeds from unsecured senior notes, net of discount 876,813 —

Proceeds from liabilities related to consolidated land not owned 33,821 —

1 unchanged sentence

Distributions to preferred unitholders ( 10,109 ) ( 26,397 )

Deferred financing costs paid ( 8,236 ) ( 11,182 )

Net cash provided by financing activities 604,913 171,830

Net increase (decrease) increase in cash, cash equivalents and restricted cash 15,213 ( 52,973 )

Net increase (decrease) in cash, cash equivalents and restricted cash 30,398 ( 81,541 )

Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 191,767 265,077

3 unchanged sentences

(Amounts in thousands)

For the Three Months Ended

For the Six Months Ended

Supplemental cash flow information

5 unchanged sentences

Property and land distributions from unconsolidated joint ventures 8,397 —

Unrealized gain on cash flow hedging instrument — 9,230

Accrued loss on settlement of cash flow hedging instrument — ( 3,999 )

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,679 537

Accrued distributions to affiliates 241 —

Accrued distributions to non-affiliates 112 158

7 unchanged sentences

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.

As of March 31, 2022, the Company held 57,984 single-family properties in 22 states, including 855 properties classified as held for sale.

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.

As of June 30, 2022, the Company held 58,715 single-family properties in 22 states, including 955 properties classified as held for sale.

AH4R is the general partner of, and as of June 30, 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.

27 unchanged sentences

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.

5 unchanged sentences

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,

June 30, December 31,

2022 2021 2021 2020

3 unchanged sentences

Real Estate Assets, Net

The net book values of real estate assets consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):

March 31, 2022 December 31, 2021

The net book values of real estate assets consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

Occupied single-family properties $ 9,162,103 $ 8,522,080

8 unchanged sentences

Total real estate assets, net $ 11,060,430 $ 10,244,559

Depreciation expense related to single-family properties was $ 96.2 million and $ 86.3 million for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2022 and 2021 (amounts in thousands, except property data):

Depreciation expense related to single-family properties was $ 100.6 million and $ 87.4 million for the three months ended June 30, 2022 and 2021, respectively, and $ 196.8 million and $ 173.7 million for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except property data):

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Single-family properties:

8 unchanged sentences

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 $ 52.3 million and $ 45.8 million for the three months ended March 31, 2022 and 2021, respectively.

Variable lease payments for fees from single-family properties were $ 6.1 million and $ 5.2 million for the three months ended March 31, 2022 and 2021.

Variable lease payments for tenant charge-backs were $ 43.1 million and $ 38.0 million for the three months ended June 30, 2022 and 2021, respectively, and $ 95.4 million and $ 83.8 million for the six months ended June 30, 2022 and 2021, respectively.

Variable lease payments for fees from single-family properties were $ 6.9 million and $ 5.5 million for the three months ended June 30, 2022 and 2021, respectively, and $ 13.0 million and $ 10.7 million for the six months ended June 30, 2022 and 2021, 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, 2022 (amounts in thousands):

March 31, 2022

The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2022 (amounts in thousands):

June 30, 2022

Remaining 2022 $ 470,424

Total $ 761,425

As of March 31, 2022 and December 31, 2021, rent and other receivables included $ 0.3 million and $ 1.9 million, respectively, of insurance claims receivables related to storm damages.

As of June 30, 2022 and December 31, 2021, rent and other receivables included zero and $ 1.9 million, respectively, of insurance claims receivables related to storm damages.

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

March 31, 2022 December 31, 2021

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

Escrow deposits, prepaid expenses and other $ 103,298 $ 88,414

1 unchanged sentence

Consolidated land not owned 65,873 —

Notes receivable, net 35,062 35,346

Operating lease ROU assets 17,300 17,269

Operating lease right-of-use assets 19,446 17,269

Deferred costs and other intangibles, net 11,490 13,134

Notes receivable, net 3,287 35,346

Total $ 273,039 $ 216,625

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 3.0 million and $ 2.8 million for the three months ended March 31, 2022 and 2021, respectively.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 3.1 million and $ 2.6 million for the three months ended June 30, 2022 and 2021, respectively, and $ 6.1 million and $ 5.4 million for the six months ended June 30, 2022 and 2021, respectively.

Consolidated Land Not Owned

During the first quarter of 2022, the Company entered into a land option contract whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule.

Because of our option to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for this transaction as a financing arrangement rather than a sale.

Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposit on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9.

During the three and six months ended June 30, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule.

Because of our options to repurchase the finished lots, in

accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale.

Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9.

Accounts Payable and Accrued Expenses).

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands):

March 31, 2022 December 31, 2021

Deferred costs and other intangibles, net, consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

Deferred leasing costs $ 2,433 $ 3,090

3 unchanged sentences

Total $ 11,490 $ 13,134

Amortization expense related to deferred leasing costs was $ 0.8 million and $ 1.0 million for the three months ended March 31, 2022 and 2021, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs that relate to our revolving credit facility was $ 0.7 million and $ 0.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2022 for future periods (amounts in thousands):

Amortization expense related to deferred leasing costs was $ 0.7 million and $ 1.1 million for the three months ended June 30, 2022 and 2021, respectively, and $ 1.5 million and $ 2.1 million for the six months ended June 30, 2022 and 2021, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations.

Amortization of deferred financing costs related to our revolving credit facility was $ 0.7 million and $ 0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $ 1.4 million and $ 1.1 million for the six months ended June 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization (see Note 8.

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2022 for future periods (amounts in thousands):

Leasing Costs Deferred

7 unchanged sentences

Investments in Unconsolidated Joint Ventures

As of March 31, 2022, the Company held 20 % ownership interests in three unconsolidated joint ventures.

As of June 30, 2022, the Company held 20 % ownership interests in three unconsolidated joint ventures.

In evaluating the Company’s 20 % ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting.

4 unchanged sentences

The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):

Joint Venture Description % Ownership at March 31, 2022 Completed Homes at March 31, 2022 Balances at

March 31, 2022 Balances at

Joint Venture Description % Ownership at June 30, 2022 Completed Homes at June 30, 2022 Balances at

June 30, 2022 Balances at

December 31, 2021

4 unchanged sentences

The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests.

Management fee and development fee income from unconsolidated joint ventures was $ 2.8 million and $ 2.1 million for the three months ended March 31, 2022 and 2021, respectively, and was included in other income and expense, net within the condensed consolidated statements of operations.

Management fee and development fee income from unconsolidated joint ventures was $ 3.6 million and $ 2.5 million for the three months ended June 30, 2022 and 2021, respectively, and $ 6.4 million and $ 4.6 million for the six months ended June 30, 2022 and 2021, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets.

6 unchanged sentences

The loan agreement provides for one one -year extension option that include additional fees and interest.

As of March 31, 2022, the joint venture’s loan had a $ 99.0 million outstanding principal balance.

As of June 30, 2022, the joint venture’s loan had a $ 152.5 million outstanding principal balance.

During the third quarter of 2020, Institutional Investor JV entered into a loan agreement to borrow up to a $ 201.0 million aggregate commitment.

1 unchanged sentence

The loan agreement provides for three one -year extension options that include additional fees and interest.

As of March 31, 2022, the joint venture’s loan had a $ 159.2 million outstanding principal balance.

As of June 30, 2022, the joint venture’s loan had a $ 159.2 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P.

4 unchanged sentences

AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership.

The following table presents the Company’s debt as of March 31, 2022 and December 31, 2021 (amounts in thousands):

The following table presents the Company’s debt as of June 30, 2022 and December 31, 2021 (amounts in thousands):

Outstanding Principal Balance

Interest Rate (1)

Maturity Date March 31, 2022 December 31, 2021

Maturity Date June 30, 2022 December 31, 2021

AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 470,705 $ 473,594

10 unchanged sentences

2.46 % July 15, 2031 450,000 450,000

2032 unsecured senior notes 3.63 % April 15, 2032 600,000 —

2051 unsecured senior notes 3.38 % July 15, 2051 300,000 300,000

2052 unsecured senior notes 4.30 % April 15, 2052 300,000 —

Revolving credit facility (6)

5 unchanged sentences

Total debt per balance sheet $ 4,392,212 $ 3,880,478

(1) Interest rates are rounded and as of March 31, 2022.

(1) Interest rates are rounded and as of June 30, 2022.

Unless otherwise stated, interest rates are fixed percentages.

3 unchanged sentences

(5) The stated interest rate on the 2031 unsecured senior notes is 2.38 %, which was hedged to yield an interest rate of 2.46 %.

(6) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion and the Company had approximately $ 2.2 million and $ 1.6 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2022 and December 31, 2021.

The revolving credit facility bears interest at LIBOR plus 1.10 % as of March 31, 2022.

(6) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion and the Company had approximately $ 2.5 million and $ 1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2022 and December 31, 2021, respectively.

The revolving credit facility bears interest at LIBOR plus 1.10 % as of June 30, 2022.

Effective July 1, 2022, the revolving credit facility bears interest at LIBOR plus 0.90 % as a result of an upgrade in the Company's corporate credit rating to BBB with a stable rating outlook by S&P Global Ratings.

(7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.6 million and $ 1.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in gross interest, prior to interest capitalization.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.7 million and $ 1.5 million for the three months ended June 30, 2022 and 2021, respectively, and $ 3.3 million and $ 3.0 million for the six months ended June 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization.

Unsecured Senior Notes

In April 2022, the Operating Partnership issued $ 600.0 million of 3.625 % unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $ 300.0 million of 4.300 % unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Notes”).

Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022.

The Operating Partnership received aggregate net proceeds of $ 870.3 million from these issuances, after underwriting fees of approximately $ 6.5 million and a $ 23.2 million discount, and before offering costs of approximately $ 1.7 million.

The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes.

The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness.

The indentures require that we maintain certain financial covenants.

The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes.

If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100 % of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2022 (amounts in thousands):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2022 (amounts in thousands):

Debt Maturities

3 unchanged sentences

Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2022 and 2021 (amounts in thousands):

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Gross interest cost $ 48,461 $ 34,415 $ 88,922 $ 68,298

2 unchanged sentences

Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 (amounts in thousands):

March 31, 2022 December 31, 2021

Resident security deposits $ 110,275 $ 105,809

The following table summarizes accounts payable and accrued expenses as of June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

Accrued property taxes $ 118,124 $ 52,545

Resident security deposits 116,771 105,809

Accrued construction and maintenance liabilities 91,963 50,655

Prepaid rent 29,237 31,190

Accrued interest 40,875 33,332

Liability for consolidated land not owned (see Note 6) 38,127 —

Prepaid rent 26,813 31,190

Operating lease liabilities 20,970 18,723

Accrued interest 17,575 33,332

Accounts payable 4,708 1,113

8 unchanged sentences

Although the Company expects to physically settle, the January 2022 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations.

If the Company elects to cash or net share settle the January 2022 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchasers in certain circumstances.

If the Company elects to cash or net share settle the January 2022 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash

or Class A common shares to the forward purchasers in certain circumstances.

The January 2022 Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

4 unchanged sentences

The Company expects to use these net proceeds (i) to repay indebtedness it has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for general corporate purposes.

As of March 31, 2022, the Company has estimated net proceeds of $ 488.6 million available from future settlement under the January 2022 Forward Sale Agreements.

As of June 30, 2022, the Company has estimated net proceeds of $ 488.6 million available from future settlement under the January 2022 Forward Sale Agreements.

At-the-Market Common Share Offering Program

3 unchanged sentences

The At-the-Market Program may be suspended or terminated by the Company at any time.

During the three

months ended March 31, 2022 and 2021, no shares were issued under the At-the-Market Program.

As of March 31, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $ 425.2 million remained available for future share issuances.

During the six months ended June 30, 2022 and 2021, no shares were issued under the At-the-Market Program.

As of June 30, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $ 425.2 million remained available for future share issuances.

Share Repurchase Program

3 unchanged sentences

The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.

During the three months ended March 31, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of March 31, 2022, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

During the six months ended June 30, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares.

As of June 30, 2022, we had a remaining repurchase authorization of up to $ 265.1 million of our outstanding Class A common shares and up to $ 250.0 million of our outstanding preferred shares under the program.

Perpetual Preferred Shares

As of March 31, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

March 31, 2022 December 31, 2021

As of June 30, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

June 30, 2022 December 31, 2021

Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value

Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % — $ — 6,200,000 $ 155,000

4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000

Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000

1 unchanged sentence

Total preferred shares 9,200,000 $ 230,000 15,400,000 $ 385,000

(1) The 5.875 % Series F perpetual preferred shares were redeemed on May 5, 2022.

Subsequent Events.

In May 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875 % Series F perpetual preferred shares, $ 0.01 par value per share, for cash at the liquidation preference of $ 25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares.

The Operating Partnership also redeemed its corresponding Series F perpetual preferred units.

As a result of the redemption, the Company recorded a $ 5.3 million allocation of income to the Series F perpetual preferred shareholders within the condensed consolidated statements of operations during the three and six months ended June 30, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.

Distributions

2 unchanged sentences

For the Three Months Ended

Security March 31,

Security June 30,

2022 March 31,

2022 June 30,

2021 March 31,

Class A and Class B common shares $ 0.18 $ 0.18 $ 0.10 $ 0.10

6.500 % Series D perpetual preferred shares (1)

— — 0.30 0.41

6.350 % Series E perpetual preferred shares (2)

— — 0.40 0.40

5.875 % Series F perpetual preferred shares (3)

0.14 0.37 0.37 0.37

5.875 % Series G perpetual preferred shares

0.37 0.37 0.37 0.37

6.250 % Series H perpetual preferred shares

0.39 0.39 0.39 0.39

(1) The 6.500 % Series D perpetual preferred shares were redeemed on June 7, 2021.

1 unchanged sentence

(3) The 5.875 % Series F perpetual preferred shares were redeemed on May 5, 2022.

Subsequent Events.

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership.

Former AH LLC members owned 50,779,990 , or approximately 12.7 % and 13.0 %, of the total 399,654,943 and 389,374,771 Class A units in the Operating Partnership as of March 31, 2022 and December 31, 2021, respectively.

Former AH LLC members owned 50,779,990 , or approximately 12.7 % and 13.0 %, of the total 399,708,549 and 389,374,771 Class A units in the Operating Partnership as of June 30, 2022 and December 31, 2021, respectively.

Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.2 %, of the total 399,654,943 and 389,374,771 Class A units in the Operating Partnership as of March 31, 2022 and December 31, 2021, respectively.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.2 %, of the total 399,708,549 and 389,374,771 Class A units in the Operating Partnership as of June 30, 2022 and December 31, 2021, respectively.

The OP units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

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When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R.

During the three months ended March 31, 2022 and 2021, the Human Capital and Compensation Committee granted RSUs to employees that vest over a three -year service period.

During the three months ended March 31, 2022 and 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain senior employees that cliff vest at the end of a three -year service period.

The performance conditions of the PSUs are measured over the three -year performance period January 1, 2022 through December 31, 2024 for PSUs granted during the three months ended March 31, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the three months ended March 31, 2021.

During the six months ended June 30, 2022 and 2021, the Human Capital and Compensation Committee granted RSUs to employees that vest over a three -year service period and RSUs to non-management trustees that vest over a one -year service period.

During the six months ended June 30, 2022 and 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain senior employees that cliff vest at the end of a three -year service period.

The performance conditions of the PSUs are measured over the three -year performance period January 1, 2022 through December 31, 2024 for PSUs granted during the six months ended June 30, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the six months ended June 30, 2021.

A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”).

2 unchanged sentences

For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021:

For the Three Months Ended

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:

For the Six Months Ended

Options outstanding at beginning of period 824,300 1,090,300

3 unchanged sentences

Options exercisable at end of period 785,550 938,800

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021:

For the Three Months Ended

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:

For the Six Months Ended

RSUs outstanding at beginning of period 1,050,599 651,537

3 unchanged sentences

RSUs outstanding at end of period 1,094,303 1,001,214

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021:

For the Three Months Ended

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the six months ended June 30, 2022 and 2021:

For the Six Months Ended

PSUs outstanding at beginning of period 92,319 —

6 unchanged sentences

The 2021 ESPP allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six -month purchase periods.

The first purchase period commenced on July 1, 2021.

The purchase price for Class A common shares may be set at a maximum discount equal to 85 % of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period.

2 unchanged sentences

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses.

Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs.

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2022 and 2021 (amounts in thousands):

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2022 and 2021 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

General and administrative expense $ 5,932 $ 1,823 $ 9,962 $ 6,165

4 unchanged sentences

American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except share and per share data):

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except share and per share data):

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Net income $ 74,555 $ 51,814 $ 144,569 $ 100,735

1 unchanged sentence

Dividends on preferred shares 4,346 12,615 10,109 26,397

Redemption of perpetual preferred shares 5,276 15,879 5,276 15,879

Allocation to participating securities (1)

198 101 395 194

Numerator for income per common share–basic and diluted $ 56,392 $ 20,001 $ 112,134 $ 50,122

15 unchanged sentences

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except unit and per unit data):

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except unit and per unit data):

For the Three Months Ended

June 30, For the Six Months Ended

2022 2021 2022 2021

Net income $ 74,555 $ 51,814 $ 144,569 $ 100,735

Preferred distributions 4,346 12,615 10,109 26,397

Redemption of perpetual preferred units 5,276 15,879 5,276 15,879

Allocation to participating securities (1)

198 101 395 194

Numerator for income per common unit–basic and diluted $ 64,735 $ 23,219 $ 128,789 $ 58,265

19 unchanged sentences

Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.

The following table displays the carrying values and fair values of our debt instruments as of March 31, 2022 and December 31, 2021 (amounts in thousands):

March 31, 2022 December 31, 2021

The following table displays the carrying values and fair values of our debt instruments as of June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

Carrying Value Fair Value Carrying Value Fair Value

8 unchanged sentences

2032 unsecured senior notes, net 580,524 526,092 — —

2051 unsecured senior notes, net 291,035 207,963 290,881 304,461

2052 unsecured senior notes, net 288,605 244,188 — —

Total unsecured senior notes, net 2,492,610 2,211,173 1,622,132 1,766,149

2 unchanged sentences

During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $ 400.0 million based on the 10 -year treasury note rate at the time.

The treasury lock was designated as a cash flow hedging instrument and had a fair value of $ 9.2 million as of March 31, 2021, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income.

The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 unsecured senior notes which resulted in a $ 4.0 million loss recorded in other comprehensive (loss) income at the time that will be reclassified into earnings as an increase to interest expense over the 10 -year term of the 2031 unsecured senior notes.

The treasury lock was designated as a cash flow hedging instrument.

The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 unsecured senior notes, which resulted in a $ 4.0 million loss recorded in other comprehensive loss at the time that will be reclassified into earnings as an increase to interest expense over the 10 -year term of the 2031 unsecured senior notes.

The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10 -year treasury note rate.

Related Party Transactions

As of March 31, 2022 and December 31, 2021, affiliates owned approximately 12.8 % and 13.5 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2022 and December 31, 2021) an approximate 24.0 % and 24.8 % interest as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, the Operating Partnership had a receivable from affiliates of $ 25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

As of June 30, 2022 and December 31, 2021, affiliates owned approximately 13.0 % and 13.5 %, respectively, of the Company’s outstanding Class A common shares.

On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of June 30, 2022 and December 31, 2021) an approximate 24.1 % and 24.8 % interest as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and December 31, 2021, the Operating Partnership had a receivable from affiliates of $ 25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

As of March 31, 2022, the Company had commitments to acquire 343 single-family properties for an aggregate purchase price of $ 116.3 million, as well as $ 446.1 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

As of June 30, 2022, the Company had commitments to acquire 191 single-family properties for an aggregate purchase price of $ 57.8 million, as well as $ 443.2 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence.

Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of March 31, 2022, the Company had sales in escrow for approximately 154 of our single-family properties for aggregate selling prices of $ 48.6 million.

As of March 31, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 130.0 million.

As of June 30, 2022, the Company had sales in escrow for approximately 87 of our single-family properties for aggregate selling prices of $ 30.7 million.

As of June 30, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 150.7 million.

Legal Matters

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters.

We are continuing to cooperate with the Georgia Attorney General’s Office on this matter.

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters.

We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

We are involved in various other legal and administrative proceedings that are incidental to our business.

2 unchanged sentences

Subsequent Acquisitions

From April 1, 2022 through April 30, 2022, the Company added 352 properties to its portfolio for a total cost of approximately $ 139.1 million, which included 97 newly constructed properties delivered through our AMH Development Program and two newly constructed homes acquired from third-party developers through our National Builder Program.

From July 1, 2022 through July 31, 2022, the Company added 148 properties to its portfolio for a total cost of approximately $ 54.7 million, which included 92 newly constructed properties delivered through our AMH Development Program and four newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

From April 1, 2022 through April 30, 2022, the Company disposed of 54 properties for aggregate net proceeds of approximately $ 17.3 million.

From July 1, 2022 through July 31, 2022, the Company disposed of 57 properties for aggregate net proceeds of approximately $ 17.2 million.

Revolving Credit Facility

From April 1, 2022 through April 30, 2022, the Company paid down $ 410.0 million under its revolving credit facility, resulting in no outstanding borrowings under its revolving credit facility as of April 30, 2022.

Unsecured Senior Notes

Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022.

The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility and in connection with the redemption of its Series F preferred shares and intends to use the remaining net proceeds for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its other preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes.

The indentures require that we maintain certain financial covenants.

The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes.

Redemption of Perpetual Preferred Shares

On May 5, 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875 % Series F perpetual preferred shares, $ 0.01 par value per share, for cash at the liquidation preference of $ 25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares.

The Operating Partnership also redeemed its corresponding Series F perpetual preferred units.

From July 1, 2022 through July 31, 2022, the Company borrowed an additional $ 50.0 million under its revolving credit facility, resulting in $ 50.0 million of outstanding borrowings under its revolving credit facility as of July 31, 2022.

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.

What changed 10-Q

Item 1. Financial Statements