6 unchanged sentences
Shareholders / Unitholders
−Removed: As of the close of business on February 23, 2022, there were approximately 29 holders of record of the Company’s Class A common shares (excludes beneficial owners whose shares are held in street name by brokers and other nominees), one shareholder of record of the Company’s Class B common shares and approximately 11 holders of record of the Operating Partnership’s Class A units (including AH4R’s general partnership interest).
+Added: As of the close of business on February 22, 2023, there were 26 holders of record of the Company’s Class A common shares (excludes beneficial owners whose shares are held in street name by brokers and other nominees), one shareholder of record of the Company’s Class B common shares and 11 holders of record of the Operating Partnership’s Class A units (including AMH’s general partnership interest).
Distributions
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the REIT requirements of the Code;
−Removed: utilization of AH4R’s net operating loss (“NOL”) carryforwards;
+Added: utilization of AMH’s net operating loss (“NOL”) carryforwards;
and such other factors as the Company’s board of trustees deems relevant.
−Removed: To maintain our qualification as a REIT, AH4R must generally make annual distributions to our shareholders of at least 90% of our REIT taxable income for the current taxable year, determined without regard to deductions for dividends paid and any net capital gains.
−Removed: AH4R intends to use its NOL (to the extent available) to reduce AH4R’s REIT taxable income and to pay quarterly distributions to our shareholders, and the Operating Partnership intends to pay quarterly distributions to the Operating Partnership’s unitholders, including AH4R, which distributions, in the aggregate, approximately equal or exceed AH4R’s net taxable income in the relevant year.
+Added: To maintain our qualification as a REIT, AMH must generally make annual distributions to our shareholders of at least 90% of our REIT taxable income for the current taxable year, determined without regard to deductions for dividends paid and any net capital gains.
+Added: AMH intends to use its NOL (to the extent available) to reduce AMH’s REIT taxable income and to pay quarterly distributions to our shareholders, and the Operating Partnership intends to pay quarterly distributions to the Operating Partnership’s unitholders, including AMH, which distributions, in the aggregate, approximately equal or exceed AMH’s net taxable income in the relevant year.
However, our cash available for distribution may be less than the amount required to meet the distribution requirements for REITs under the Code and we may be required to borrow money, sell assets or make taxable distributions of our equity shares or debt securities to satisfy the distribution requirements.
−Removed: No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series F, Series G and Series H perpetual preferred shares.
−Removed: The distribution preference of our Series F, Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.
+Added: No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series G and Series H perpetual preferred shares.
+Added: The distribution preference of our Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.
The following table displays the estimated income tax treatment of distributions on our Class A and Class B common shares and Series D, Series E, Series F, Series G and Series H perpetual preferred shares for the years ended December 31, 2022 and 2021:
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(3) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends reported on Form 1099-DIV, Box 2a, Total Capital Gain Distributions for purposes of IRC Section 1061.
−Removed: IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2021 and 2020 distributions, since all capital gain dividends relate to IRC Section 1231 gains.
−Removed: Shareholders should consult with their tax advisors to determine whether IRC Section 1061 applies to their capital gain dividends.
+Added: IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2022 and 2021 distributions, since all capital gain distributions relate to IRC Section 1231 gains.
+Added: Shareholders should consult with their tax advisors to determine whether IRC Section 1061 applies to their capital gain distributions.
(4) 100.0% of the capital gain distributions represent gain from dispositions of U.S.
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Comparison of Cumulative Total Return
−Removed: Among American Homes 4 Rent, the S&P 500 Index and the MSCI U.S.
+Added: Among AMH, the S&P 500 Index and the MSCI U.S.
The following table provides the same information in tabular form:
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
−Removed: American Homes 4 Rent $ 100.00 $ 103.96 $ 97.50 $ 123.52 $ 135.52 $ 172.37
+Added: AMH $ 100.00 $ 91.77 $ 122.16 $ 140.83 $ 206.89 $ 145.98
S&P 500 $ 100.00 $ 95.61 $ 125.70 $ 148.81 $ 191.48 $ 156.77
1 unchanged sentence
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.