What changed in this filing

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Item 1. Financial Statements

2022-11-04 compared with 2022-08-05 · 233 added, 134 removed, 765 unchanged (32% of the section changed)

3 unchanged sentences

(Amounts in thousands, except share data)

June 30, 2022 December 31, 2021

September 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, 347,696,494 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)

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)

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)

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)

Additional paid-in capital 6,926,629 6,492,933

10 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

6 unchanged sentences

Depreciation and amortization 109,319 94,494 313,688 275,682

Hurricane-related charges, net 6,133 — 6,133 —

Total expenses 354,978 300,773 989,191 854,693

17 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

62 unchanged sentences

interest Total

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

Share-based compensation — — — — — — 3,058 — — 3,058 — 3,058

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 152,375 2 — — — — 2,052 — — 2,054 — 2,054

Issuance of Class A common shares 11,400,000 114 — — — — 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, 2021 333,760,558 $ 3,338 635,075 $ 6 15,400,000 $ 154 $ 6,353,611 $ ( 452,949 ) $ 1,933 $ 5,906,093 $ 676,562 $ 6,582,655

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per share data)

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

Balances at December 31, 2021 337,362,716 $ 3,374 635,075 $ 6 15,400,000 $ 154 $ 6,492,933 $ ( 438,710 ) $ 1,814 $ 6,059,571 $ 678,858 $ 6,738,429

25 unchanged sentences

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per share data)

Class A common shares Class B common shares Preferred shares

of shares Amount Number

of shares Amount Additional

capital Accumulated

deficit Accumulated other comprehensive income Shareholders’

equity Noncontrolling

interest Total

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

Share-based compensation — — — — — — 5,680 — — 5,680 — 5,680

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes 112,966 1 — — — — 1,075 — — 1,076 — 1,076

Issuance of Class A common shares 5,000,000 50 — — — — 185,582 — — 185,632 — 185,632

Distributions to equity holders:

Preferred shares (Note 10)

— — — — — — — ( 3,486 ) — ( 3,486 ) — ( 3,486 )

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

Common shares ( 0.18 per share)

— — — — — — — ( 63,004 ) — ( 63,004 ) — ( 63,004 )

Net income — — — — — — — 54,201 — 54,201 7,464 61,665

Total other comprehensive loss — — — — — — — — ( 120 ) ( 120 ) ( 21 ) ( 141 )

Balances at September 30, 2022 352,809,460 $ 3,528 635,075 $ 6 9,200,000 $ 92 $ 6,926,629 $ ( 464,444 ) $ 1,455 $ 6,467,266 $ 675,169 $ 7,142,435

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

25 unchanged sentences

Cash paid for development activity ( 707,764 ) ( 524,884 )

Other purchases of productive assets ( 19,876 ) ( 11,615 )

Cash paid for deposits on land option contracts ( 10,686 ) —

Other investing activities ( 36,021 ) ( 16,907 )

Net cash used for investing activities ( 1,267,654 ) ( 1,191,461 )

9 unchanged sentences

Proceeds from unsecured senior notes, net of discount 876,813 737,195

Settlement of cash flow hedging instrument — ( 3,999 )

Proceeds from liabilities related to consolidated land not owned 60,217 —

10 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

5 unchanged sentences

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

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,885 989

5 unchanged sentences

(Amounts in thousands, except unit data)

June 30, 2022 December 31, 2021

September 30, 2022 December 31, 2021

Single-family properties:

23 unchanged sentences

General partner:

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

Common units ( 353,444,535 and 337,997,791 units issued and outstanding at September 30, 2022 and December 31, 2021, respectively)

6,243,971 5,686,193

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

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

221,840 371,564

Limited partner:

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

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

674,957 678,582

7 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

6 unchanged sentences

Depreciation and amortization 109,319 94,494 313,688 275,682

Hurricane-related charges, net 6,133 — 6,133 —

Total expenses 354,978 300,773 989,191 854,693

16 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

43 unchanged sentences

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

Share-based compensation — 3,058 — — — — 3,058

Common units issued under share-based compensation plans, net of units withheld for employee taxes 152,375 2,054 — — — — 2,054

Issuance of Class A common units 11,400,000 399,000 — — — — 399,000

Distributions to capital holders:

Preferred units (Note 10)

— — ( 5,763 ) — — — ( 5,763 )

Common units ($ 0.10 per unit)

— ( 32,414 ) — — ( 5,137 ) — ( 37,551 )

Net income — 36,869 5,763 — 5,869 — 48,501

Total other comprehensive loss — — — — — ( 149 ) ( 149 )

Balances at September 30, 2021 334,395,633 $ 5,532,596 $ 371,564 51,376,980 $ 676,264 $ 2,231 $ 6,582,655

American Homes 4 Rent, L.P.

28 unchanged sentences

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

Share-based compensation — 5,680 — — — — 5,680

Common units issued under share-based compensation plans, net of units withheld for employee taxes 112,966 1,076 — — — — 1,076

Issuance of Class A common units 5,000,000 185,632 — — — — 185,632

Distributions to capital holders:

Preferred units (Note 10)

— — ( 3,486 ) — — — ( 3,486 )

Common units ($ 0.18 per unit)

— ( 63,004 ) — — ( 9,248 ) — ( 72,252 )

Net income — 50,715 3,486 — 7,464 — 61,665

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

Balances at September 30, 2022 353,444,535 $ 6,243,971 $ 221,840 51,376,980 $ 674,957 $ 1,667 $ 7,142,435

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

2 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Operating activities

25 unchanged sentences

Cash paid for development activity ( 707,764 ) ( 524,884 )

Other purchases of productive assets ( 19,876 ) ( 11,615 )

Cash paid for deposits on land option contracts ( 10,686 ) —

Other investing activities ( 36,021 ) ( 16,907 )

Net cash used for investing activities ( 1,267,654 ) ( 1,191,461 )

9 unchanged sentences

Proceeds from unsecured senior notes, net of discount 876,813 737,195

Settlement of cash flow hedging instrument — ( 3,999 )

Proceeds from liabilities related to consolidated land not owned 60,217 —

9 unchanged sentences

(Amounts in thousands)

For the Six Months Ended

For the Nine Months Ended

September 30,

Supplemental cash flow information

5 unchanged sentences

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

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

Noncash right-of-use assets obtained in exchange for operating lease liabilities 3,885 989

9 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 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.

As of September 30, 2022, the Company held 58,961 single-family properties in 21 states, including 1,057 properties classified as held for sale.

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.

14 unchanged sentences

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries.

Intercompany accounts and transactions have been eliminated.

The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”) , when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity.

Entities that are not VIEs and for which the Company owns an interest but does not consolidate are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets.

The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE.

The Company holds an investment in a limited partnership and a deposit with a land banking entity, both of which were determined to be VIEs for which the Company was deemed not to be the primary beneficiary.

Because the Company does not have controlling financial interests, the investment in the limited partnership is accounted for under the equity method of accounting, and the deposit with the land banking entity is held at cost.

The Company’s maximum exposure to loss is limited to the carrying values included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”).

Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations.

5 unchanged sentences

Actual results could differ from those estimates.

Principles of Consolidation

The condensed consolidated financial statements present the accounts of both (i) the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries.

Intercompany accounts and transactions have been eliminated.

The Company holds investments in venture capital funds and deposits with land banking entities, which were determined to be VIEs.

As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in these unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of September 30, 2022, the carrying value of the investments in these venture capital funds was $ 11.5 million and the Company’s maximum exposure to loss was $ 16.2 million, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

As of September 30, 2022, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $ 10.7 million.

Cash, Cash Equivalents and Restricted Cash

3 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):

June 30, December 31,

September 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 June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

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

September 30, 2022 December 31, 2021

Occupied single-family properties $ 9,328,228 $ 8,522,080

8 unchanged sentences

Total real estate assets, net $ 11,218,584 $ 10,244,559

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):

Depreciation expense related to single-family properties was $ 105.1 million and $ 90.6 million for the three months ended September 30, 2022 and 2021, respectively, and $ 301.9 million and $ 264.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the three months ended September 30, 2022.

The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits.

During the three months ended September 30, 2022, the Company recognized $ 8.4 million in gross charges primarily related to an estimated accrual for minor repair and remediation costs, partially offset by an estimated $ 2.3 million of related insurance claims that we believe is probable we will recover.

The $ 6.1 million of net charges were included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2022.

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

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

9 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 $ 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.

Variable lease payments for tenant charge-backs were $ 62.0 million and $ 52.7 million for the three months ended September 30, 2022 and 2021, respectively, and $ 157.4 million and $ 136.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Variable lease payments for fees from single-family properties were $ 7.0 million and $ 6.0 million for the three months ended September 30, 2022 and 2021, respectively, and $ 20.0 million and $ 16.7 million for the nine months ended September 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 June 30, 2022 (amounts in thousands):

June 30, 2022

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

September 30, 2022

Remaining 2022 $ 287,284

Total $ 811,694

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.

Rent and other receivables included $ 2.3 million of insurance claims receivables related to Hurricane Ian as of September 30, 2022 and $ 1.9 million of insurance claims receivables related to Winter Storm Uri as of December 31, 2021.

Escrow Deposits, Prepaid Expenses and Other Assets

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

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

September 30, 2022 December 31, 2021

Consolidated land not owned $ 103,942 $ —

Escrow deposits, prepaid expenses and other 102,993 88,414

Commercial real estate, software, vehicles and FF&E, net 76,745 62,462

Consolidated land not owned 65,873 —

Operating lease right-of-use assets 18,815 17,269

2 unchanged sentences

Total $ 315,789 $ 216,625

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.

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $ 3.5 million and $ 2.9 million for the three months ended September 30, 2022 and 2021, respectively, and $ 9.6 million and $ 8.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Consolidated Land Not Owned

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.

During the three and nine months ended September 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.

1 unchanged sentence

Deferred Costs and Other Intangibles, Net

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

September 30, 2022 December 31, 2021

Deferred leasing costs $ 2,336 $ 3,090

3 unchanged sentences

Total $ 10,835 $ 13,134

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):

Amortization expense related to deferred leasing costs was $ 0.7 million and $ 1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $ 2.2 million and $ 3.1 million for the nine months ended September 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 for both the three months ended September 30, 2022 and 2021 and $ 2.1 million and $ 1.8 million for the nine months ended September 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 September 30, 2022 for future periods (amounts in thousands):

Leasing Costs Deferred

7 unchanged sentences

Investments in Unconsolidated Joint Ventures

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

As of September 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 June 30, 2022 Completed Homes at June 30, 2022 Balances at

June 30, 2022 Balances at

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

September 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 $ 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.

Management fee and development fee income from unconsolidated joint ventures was $ 3.8 million and $ 2.8 million for the three months ended September 30, 2022 and 2021, respectively, and $ 10.2 million and $ 7.4 million for the nine months ended September 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.

During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from Institutional Investor JV for total consideration of $ 74.6 million, of which (i) $ 66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $ 8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment.

The transaction was accounted for as an asset acquisition and resulted in a gain on sale at Institutional Investor JV.

During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $ 74.6 million, of which (i) $ 66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $ 8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment.

The transaction was accounted for as an asset acquisition and resulted in a gain on sale at the Institutional Investor JV.

Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets.

During the first quarter of 2022, J.P.

During the first quarter of 2022, the J.P.

Morgan JV entered into a loan agreement to borrow up to a $ 375.0 million aggregate commitment.

During the initial three -year term, the loan bears interest at the Secured Overnight Financing Rate plus a 1.5 % margin and matures on January 28, 2025.

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

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.

During the initial two -year term, the loan bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus a 3.50 % margin and matures on August 11, 2022.

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

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

During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.5 % margin and matures on January 28, 2025.

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

As of September 30, 2022, the joint venture’s loan had a $ 204.2 million outstanding principal balance.

During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $ 250.0 million.

During the initial two-year term, the loan bears interest at SOFR plus a 2.40 % margin and matures on July 1, 2024.

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

As of September 30, 2022, the joint venture’s loan had a $ 232.7 million outstanding principal balance.

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

Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture.

Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture.

To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur.

2 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 June 30, 2022 and December 31, 2021 (amounts in thousands):

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

Outstanding Principal Balance

Interest Rate (1)

Maturity Date June 30, 2022 December 31, 2021

Maturity Date September 30, 2022 December 31, 2021

AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 469,421 $ 473,594

20 unchanged sentences

Total debt per balance sheet $ 4,389,167 $ 3,880,478

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

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

Unless otherwise stated, interest rates are fixed percentages.

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(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 $ 2.5 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.

(6) The revolving credit facility provides for a borrowing capacity of up to $ 1.25 billion, and the Company had approximately $ 2.7 million and $ 1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2022 and December 31, 2021, respectively.

The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90 % as of September 30, 2022.

(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 $ 1.7 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.

Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $ 1.8 million and $ 1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $ 5.1 million and $ 4.5 million for the nine months ended September 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”).

During the second quarter of 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.

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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.

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.

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Debt Maturities

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):

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 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 and six months ended June 30, 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 nine months ended September 30, 2022 and 2021 (amounts in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

3 unchanged sentences

Accounts Payable and Accrued Expenses

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

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

September 30, 2022 December 31, 2021

Accrued property taxes $ 152,439 $ 52,545

1 unchanged sentence

Accrued construction and maintenance liabilities 80,250 50,655

Accrued interest 40,875 33,332

Liability for consolidated land not owned (see Note 6) 65,301 —

Accrued interest 33,966 33,332

Prepaid rent 32,121 31,190

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Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $ 0.01 par value per share, of which 10,000,000 shares were issued directly by the Company, and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers.

shares were offered on a forward basis at the request of the Company by the forward sellers.

In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which are accounted for in equity.

The Company expects to physically settle the January 2022 Forward Sale Agreements by the delivery of the Class A common shares and receive proceeds by January 20, 2023, although the Company has the right to elect settlement prior to that time subject to certain conditions.

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.

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

The Company received net proceeds of $ 375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $ 0.2 million.

The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance.

The Company used the net proceeds from the offering to repay indebtedness under its revolving credit facility and for general corporate purposes.

The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis but estimates that net proceeds will be approximately $ 488.6 million after deducting underwriting fees.

The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis.

In September 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $ 185.6 million.

The Company used these net proceeds to repay indebtedness under its revolving credit facility and for general corporate purposes.

As of September 30, 2022, 8,000,000 Class A common shares remained available for future settlement under the January 2022 Forward Sale Agreements.

The Company expects to physically settle the remaining shares by January 20, 2023 through the delivery of the Class A common shares and expects that net proceeds will be approximately $ 297.1 million.

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

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.

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

At-the-Market Common Share Offering Program

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

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.

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

As of September 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 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.

During the nine months ended September 30, 2022 and 2021, we did no t repurchase and retire any of our Class A common shares or preferred shares.

As of September 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 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

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

September 30, 2022 December 31, 2021

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

3 unchanged sentences

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

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.

During the second quarter of 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.

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 nine months ended September 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 June 30,

Security September 30,

2022 June 30,

2022 March 31,

2022 September 30,

2021 June 30,

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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 399,708,549 and 389,374,771 Class A units in the Operating Partnership as of June 30, 2022 and December 31, 2021, respectively.

Former AH LLC members owned 50,779,990 , or approximately 12.5 % and 13.0 %, of the total 404,821,515 and 389,374,771 Class A units in the Operating Partnership as of September 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 399,708,549 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.

Non-affiliate Class A unitholders owned 596,990 , or approximately 0.2 %, of the total 404,821,515 and 389,374,771 Class A units in the Operating Partnership as of September 30, 2022 and December 31, 2021, respectively.

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

Share-Based Compensation

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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 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.

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

During the nine months ended September 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 nine months ended September 30, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the nine months ended September 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”).

The number of PSUs that may ultimately vest range from zero to 200 % of the number of PSUs granted based on the level of achievement of these performance conditions.

For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved.

For the TSR Awards, grant

date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved.

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 six months ended June 30, 2022 and 2021:

For the Six Months Ended

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

For the Nine Months Ended

September 30,

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

3 unchanged sentences

Options exercisable at end of period 755,550 793,800

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

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

For the Nine Months Ended

September 30,

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

3 unchanged sentences

RSUs outstanding at end of period 1,039,394 1,060,679

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

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

For the Nine Months Ended

September 30,

PSUs outstanding at beginning of period 92,319 —

11 unchanged sentences

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

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):

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

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

5 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 and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

22 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 and six months ended June 30, 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 nine months ended September 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

September 30, For the Nine Months Ended

September 30,

2022 2021 2022 2021

25 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 June 30, 2022 and December 31, 2021 (amounts in thousands):

June 30, 2022 December 31, 2021

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

September 30, 2022 December 31, 2021

Carrying Value Fair Value Carrying Value Fair Value

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Related Party Transactions

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.

As of September 30, 2022 and December 31, 2021, affiliates owned approximately 12.9 % 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 September 30, 2022 and December 31, 2021) an approximate 23.9 % and 24.8 % interest as of September 30, 2022 and December 31, 2021, respectively.

As of September 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.

Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

Commitments and Contingencies

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.

As of September 30, 2022, the Company had commitments to acquire 102 single-family properties for an aggregate purchase price of $ 27.6 million, as well as $ 453.1 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.

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 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.

As of September 30, 2022, the Company had sales in escrow for approximately 140 of our single-family properties and 275 of our land lots for aggregate selling prices of $ 57.4 million.

As of September 30, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $ 167.2 million.

Legal Matters

5 unchanged sentences

Subsequent Acquisitions

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.

From October 1, 2022 through October 31, 2022, the Company added 154 properties to its portfolio for a total cost of approximately $ 54.2 million, which included 121 newly constructed properties delivered through our AMH Development Program and 19 newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

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 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.

From October 1, 2022 through October 31, 2022, the Company disposed of 92 properties for aggregate net proceeds of approximately $ 27.3 million.

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