EX-99.2 3 amh0331238kexhibit992.htm EX-99.2

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AMH

Table of Contents

Summary
Earnings Press Release			3
Fact Sheet			7
Financial Information
Condensed Consolidated Statements of Operations			8
Funds from Operations			9
Core Net Operating Income – Total Portfolio			10
Same-Home Results			11
Condensed Consolidated Balance Sheets			14
Debt Summary			15
Capital Structure and Credit Metrics			16
Property and Other Information
Top 20 Markets Summary			17
Property Additions and Dispositions			18
AMH Development Pipeline Summary			19
Lease Expirations and Share Repurchase / ATM Share Issuance History			20
2023 Guidance			21
Defined Terms and Non-GAAP Reconciliations			22

						2

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AMH

Earnings Press Release

AMH Reports First Quarter 2023 Financial and Operating Results

Early Spring Season Demonstrating Strong Demand and Leasing Environment

LAS VEGAS, May 4, 2023—AMH (NYSE: AMH) (the “Company”), a leading owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended March 31, 2023.

Highlights

•Rents and other single-family property revenues increased 11.7% year-over-year to $397.7 million for the first quarter of 2023.

•Net income attributable to common shareholders totaled $117.5 million, or $0.32 per diluted share, for the first quarter of 2023, compared to $55.9 million, or $0.16 per diluted share, for the first quarter of 2022.

•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 8.6% year-over-year to $0.41 per FFO share and unit for the first quarter of 2023 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 7.4% year-over-year to $0.37 per FFO share and unit for the first quarter of 2023.

•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 5.4% year-over-year for the first quarter of 2023.

•Achieved Same-Home Average Occupied Days Percentage of 97.2% in the first quarter of 2023, while generating 7.8% rate growth on new leases.

•Delivered a total of 466 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2023.

•Published 2022 Sustainability Report highlighting our commitment to ESG considerations as part of our strategy to deliver long-term value to our stakeholders.

“Spring leasing season is off to a strong start driven by our country’s undersupplied housing landscape and a desire for the simplified and convenient lifestyle that leasing a home with AMH can provide,” stated David Singelyn, AMH’s Chief Executive Officer. “Further, our AMH Development Program consistently delivered nearly 500 newly constructed homes this quarter, adding much needed supply to the country’s under met housing needs. Supported by our resilient resident base and flexible industry-leading balance sheet, we are on track to deliver another year of strong results and value creation for our shareholders.”

First Quarter 2023 Financial Results

Net income attributable to common shareholders totaled $117.5 million, or $0.32 per diluted share, for the first quarter of 2023, compared to $55.9 million, or $0.16 per diluted share, for the first quarter of 2022. This increase was primarily due to higher net gains on property sales as well as a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates.

Rents and other single-family property revenues increased 11.7% to $397.7 million for the first quarter of 2023, compared to $356.1 million for the first quarter of 2022. Revenue growth was driven by an increase in our average occupied portfolio which grew to 55,827 homes for the first quarter of 2023, compared to 53,995 homes for the first quarter of 2022, as well as higher rental rates.

Core NOI from our total portfolio increased 11.9% to $220.9 million for the first quarter of 2023, compared to $197.4 million for the first quarter of 2022. This growth was driven by a 12.7% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 14.1% increase in core property operating expenses.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						3

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AMH

Earnings Press Release (continued)

For the Company’s Same-Home portfolio, core revenues increased 7.7% to $298.1 million for the first quarter of 2023, compared to $276.9 million for the first quarter of 2022, which was driven by an 8.0% increase in Average Monthly Realized Rent per property, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 12.2% to $103.6 million for the first quarter of 2023, compared to $92.4 million for the first quarter of 2022, primarily driven by (i) increased property tax expense from anticipated 2023 property tax assessments and timing of prior year property tax accruals and (ii) increased property management expenses primarily attributable to lower than normal staffing levels in the first quarter of 2022 leading to a subsequent increase in personnel in the second quarter of 2022 to a more stabilized level. As a result, Core NOI from Same-Home properties increased 5.4% to $194.5 million for the first quarter of 2023, compared to $184.5 million for the first quarter of 2022.

Core FFO attributable to common share and unit holders was $168.5 million, or $0.41 per FFO share and unit, for the first quarter of 2023, compared to $149.8 million, or $0.38 per FFO share and unit, for the first quarter of 2022. Adjusted FFO attributable to common share and unit holders was $153.5 million, or $0.37 per FFO share and unit, for the first quarter of 2023, compared to $138.1 million, or $0.35 per FFO share and unit, for the first quarter of 2022. These improvements were primarily attributable to a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates.

Portfolio

Average Occupied Days Percentage was 96.3% for the first quarter of 2023, compared to 95.8% for the fourth quarter of 2022.

Investments

As of March 31, 2023, the Company’s wholly-owned portfolio consisted of 58,639 homes, compared to 58,993 homes as of December 31, 2022, a decrease of 354 homes during the first quarter of 2023, which included 666 homes sold to third parties, partially offset by 299 newly constructed homes delivered through our AMH Development Program and 13 homes acquired through our National Builder Program. During the first quarter of 2023, we also developed an additional 167 newly constructed properties which were delivered to our unconsolidated joint ventures, aggregating to 466 total program deliveries through our AMH Development Program. As of March 31, 2023, the Company had 903 properties held for sale and 2,688 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

In January 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares available under the January 2022 forward sale agreements, receiving net proceeds of $298.4 million, which was used to pay down the Company’s outstanding borrowings on its revolving credit facility at that time as well as for general corporate purposes.

As of March 31, 2023, the Company had cash and cash equivalents of $255.6 million and had total outstanding debt of $4.4 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.0% and a weighted-average term to maturity of 12.1 years. The Company had no outstanding borrowings on its $1.25 billion revolving credit facility. Additionally, the Company has no debt maturities, other than recurring principal amortization, until the fourth quarter of 2024. During the first quarter of 2023, the Company generated $62.2 million of Retained Cash Flow and sold 666 properties generating $184.3 million of net proceeds.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						4

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AMH

Earnings Press Release (continued)

Sustainability Update

The Company published its fifth annual Sustainability Report highlighting its commitment to Environmental, Social, and Governance (“ESG”) considerations as part of its strategy to deliver long-term value to its stakeholders. The report provides transparency on the Company’s ESG performance and priorities with notable highlights including implementation of an Environmental Management System, expanded Greenhouse Gas Inventory, launch of six Employee Resource Groups, improvements to the customer experience, and giving back to the community through charitable donations and employee engagement. The full report can be downloaded on the Company’s website at www.amh.com, under “Investor relations.”

2023 Guidance

Set forth below are the Company’s current expectations with respect to full year 2023 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2023 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

As the Company’s heaviest spring leasing season is still ahead, no changes have been made to previous Full Year 2023 guidance ranges.

			Full Year 2023 (Unchanged)
Core FFO attributable to common share and unit holders			$1.58 - $1.64
Core FFO attributable to common share and unit holders growth			2.5% - 6.5%
Same-Home
Core revenues growth			5.00% - 7.00%
Core property operating expenses growth			8.75% - 10.75%
Core NOI growth			3.00% - 5.00%

Full Year 2023 (Unchanged)

Investment Program

Properties

Investment

Wholly owned acquisitions

—

—

Wholly owned development deliveries

1,775 - 1,925

$600 - $700 million

Wholly owned land and development pipeline

—

$100 - $150 million

Pro rata share of JV and Property Enhancing Capex

—

$100 - $150 million

Total capital investment (wholly owned and pro rata JV)

1,775 - 1,925

$0.8 - $1.0 billion

Total gross capital investment (JVs at 100%)

2,200 - 2,400

$1.0 - $1.2 billion

Additional Information

A copy of the Company’s First Quarter 2023 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						5

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AMH

Earnings Press Release (continued)

Conference Call

A conference call is scheduled on Friday, May 5, 2023 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2023 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, May 19, 2023 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13737880#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

American Homes 4 Rent (NYSE: AMH), which does business as AMH, is a leading single-family property owner, leasing operator and build-to-rent developer. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

In recent years, we’ve been named one of Fortune’s 2022 Best Workplaces in Real Estate™, a 2023 Great Place to Work®, a 2022 Top U.S. Homebuilder by Builder100, one of America’s Most Responsible Companies 2023 and America’s Most Trustworthy Companies 2023 by Newsweek and Statista Inc., and a Top ESG Regional Performer by Sustainalytics. As of March 31, 2023, we owned nearly 59,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P., and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release include, among others, our 2023 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent filings with the SEC.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						6

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AMH

Fact Sheet

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2023						2022
Operating Data
Net income attributable to common shareholders			$	117,465					$	55,939
Core revenues			$	342,308					$	303,833
Core NOI			$	220,901					$	197,427
Core NOI margin			64.5		%				65.0		%
Fully Adjusted EBITDAre			$	197,033					$	174,410
Fully Adjusted EBITDAre Margin			57.0		%				56.9		%
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.38					$	0.35
Core FFO attributable to common share and unit holders			$	0.41					$	0.38
Adjusted FFO attributable to common share and unit holders			$	0.37					$	0.35

			Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
Selected Balance Sheet Information - end of period
Single-family properties in operation, net			$	9,917,123					$	9,938,672					$	9,905,410					$	9,837,281					$	9,558,186
Total assets			$	12,420,013					$	12,175,059					$	12,098,842					$	11,854,752					$	11,441,385
Outstanding borrowings under revolving credit facility			$	—					$	130,000					$	—					$	—					$	410,000
Total Debt			$	4,444,863					$	4,581,628					$	4,457,326					$	4,462,933					$	3,978,305
Total Capitalization			$	17,668,693					$	17,015,130					$	17,969,520					$	18,858,604					$	20,361,492
Total Debt to Total Capitalization			25.2		%				26.9		%				24.8		%				23.7		%				19.5		%
Net Debt and Preferred Shares to Adjusted EBITDAre			5.4 x						6.0 x						5.9 x						6.2 x						6.0 x
NYSE AMH Class A common share closing price			$	31.45					$	30.14					$	32.81					$	35.44					$	40.03

Portfolio Data - end of period
Occupied single-family properties			56,049						55,605						55,421						55,220						54,352
Single-family properties leased, not yet occupied			412						243						374						595						481
Single-family properties in turnover process			1,041						1,554						1,577						1,077						1,054
Single-family properties recently renovated or developed			234						464						383						385						378
Single-family properties newly acquired and under renovation			—						12						149						483						864
Total single-family properties, excluding properties held for sale			57,736						57,878						57,904						57,760						57,129
Single-family properties held for sale			903						1,115						1,057						955						855
Total single-family properties wholly owned			58,639						58,993						58,961						58,715						57,984
Single-family properties managed under joint ventures			2,688						2,540						2,271						2,046						1,849
Total single-family properties wholly owned and managed			61,327						61,533						61,232						60,761						59,833
Total Average Occupied Days Percentage (1)			96.3		%				95.8		%				95.7		%				96.0		%				96.2		%
Same-Home Average Occupied Days Percentage (50,381 properties)			97.2		%				96.9		%				97.1		%				97.3		%				97.4		%

Other Data
Distributions declared per common share			$	0.22					$	0.18					$	0.18					$	0.18					$	0.18
Distributions declared per Series F perpetual preferred share (2)			$	—					$	—					$	—					$	0.14					$	0.37
Distributions declared per Series G perpetual preferred share			$	0.37					$	0.37					$	0.37					$	0.37					$	0.37
Distributions declared per Series H perpetual preferred share			$	0.39					$	0.39					$	0.39					$	0.39					$	0.39

(1)Calculated based on total single-family properties wholly owned, excluding properties held for sale.

(2)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the three months ended June 30, 2022 represent the accrued and unpaid dividends paid to shareholders as part of the redemption.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						7

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AMH

Condensed Consolidated Statements of Operations

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2023						2022
Rents and other single-family property revenues			$	397,703					$	356,105
Expenses:
Property operating expenses			147,068						133,643
Property management expenses			30,800						26,034
General and administrative expense			17,855						17,282
Interest expense			35,882						27,567
Acquisition and other transaction costs			5,076						5,974
Depreciation and amortization			112,717						99,954
Total expenses			349,398						310,454
Gain on sale and impairment of single-family properties and other, net			84,659						22,044
Other income and expense, net			4,735						2,319
Net income			137,699						70,014
Noncontrolling interest			16,748						8,312
Dividends on preferred shares			3,486						5,763
Net income attributable to common shareholders			$	117,465					$	55,939
Weighted-average common shares outstanding:
Basic			360,353,124						345,742,526
Diluted			360,674,370						346,480,823
Net income attributable to common shareholders per share:
Basic			$	0.33					$	0.16
Diluted			$	0.32					$	0.16

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						8

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AMH

Funds from Operations

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2023						2022
Net income attributable to common shareholders			$	117,465					$	55,939
Adjustments:
Noncontrolling interests in the Operating Partnership			16,748						8,312
Gain on sale and impairment of single-family properties and other, net			(84,659)						(22,044)
Adjustments for unconsolidated joint ventures			510						(371)
Depreciation and amortization			112,717						99,954
Less: depreciation and amortization of non-real estate assets			(4,177)						(2,992)
FFO attributable to common share and unit holders			$	158,604					$	138,798
Adjustments:
Acquisition, other transaction costs and other			5,076						5,974
Noncash share-based compensation - general and administrative			3,743						4,030
Noncash share-based compensation - property management			1,066						999
Core FFO attributable to common share and unit holders			$	168,489					$	149,801
Recurring Capital Expenditures			(14,193)						(11,178)
Leasing costs			(808)						(535)
Adjusted FFO attributable to common share and unit holders			$	153,488					$	138,088
Per FFO share and unit:
FFO attributable to common share and unit holders			$	0.38					$	0.35
Core FFO attributable to common share and unit holders			$	0.41					$	0.38
Adjusted FFO attributable to common share and unit holders			$	0.37					$	0.35
Weighted-average FFO shares and units:
Common shares outstanding			360,353,124						345,742,526
Share-based compensation plan and forward sale equity contracts (1)			689,437						1,162,605
Operating partnership units			51,376,980						51,376,980
Total weighted-average FFO shares and units			412,419,541						398,282,111

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						9

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AMH

Core Net Operating Income – Total Portfolio

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended Mar 31,
			2023						2022
Rents from single-family properties			$	340,214					$	301,665
Fees from single-family properties			7,440						6,087
Bad debt			(5,346)						(3,919)
Core revenues			342,308						303,833
Property tax expense			59,885						51,942
HOA fees, net (1)			5,981						5,408
R&M and turnover costs, net (1)			23,616						22,003
Insurance			3,931						3,373
Property management expenses, net (2)			27,994						23,680
Core property operating expenses			121,407						106,406
Core NOI			$	220,901					$	197,427
Core NOI margin			64.5		%				65.0		%

    

			For the Three Months Ended Mar 31, 2023
			Same-Home Properties						Stabilized Properties						Non-Stabilized Properties (3)						Held for Sale Properties						Total Single-Family Properties Wholly Owned
Property count			50,381						4,144						3,211						903						58,639
Average Occupied Days Percentage			97.2		%				96.4		%				80.5		%				60.9		%				95.7		%
Rents from single-family properties			$	295,830					$	26,410					$	14,568					$	3,406					$	340,214
Fees from single-family properties			6,314						556						454						116						7,440
Bad debt			(3,999)						(345)						(196)						(806)						(5,346)
Core revenues			298,145						26,621						14,826						2,716						342,308
Property tax expense			51,890						4,066						2,789						1,140						59,885
HOA fees, net (1)			5,152						451						343						35						5,981
R&M and turnover costs, net (1)			19,830						1,346						1,761						679						23,616
Insurance			3,428						256						186						61						3,931
Property management expenses, net (2)			23,321						1,918						2,363						392						27,994
Core property operating expenses			103,621						8,037						7,442						2,307						121,407
Core NOI			$	194,524					$	18,584					$	7,384					$	409					$	220,901
Core NOI margin			65.2		%				69.8		%				49.8		%				15.1		%				64.5		%

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

(3)Includes 1,637 recently renovated or developed properties that do not meet the definition of Stabilized Property at the start of the quarter and 1,574 legacy-tenant properties which have not experienced tenant turnover under our ownership (the majority of which were acquired through bulk acquisitions, such as the ARPI merger) or properties currently out of service due to a casualty loss.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						10

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AMH

Same-Home Results – Quarterly Comparisons

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

(Unaudited)

			For the Three Months Ended Mar 31,
			2023						2022						Change
Number of Same-Home properties			50,381						50,381
Average Occupied Days Percentage			97.2		%				97.4		%				(0.2)		%
Average Monthly Realized Rent per property			$	2,014					$	1,865					8.0		%
Turnover Rate			6.4		%				6.2		%				0.2		%
Turnover Rate - TTM			28.2		%				N/A
Core NOI:
Rents from single-family properties			$	295,830					$	274,474					7.8		%
Fees from single-family properties			6,314						5,241						20.5		%
Bad debt			(3,999)						(2,822)						41.7		%
Core revenues			298,145						276,893						7.7		%
Property tax expense			51,890						46,189						12.3		%
HOA fees, net (1)			5,152						4,812						7.1		%
R&M and turnover costs, net (1)			19,830						18,419						7.7		%
Insurance			3,428						3,011						13.8		%
Property management expenses, net (2)			23,321						19,921						17.1		%
Core property operating expenses			103,621						92,352						12.2		%
Core NOI			$	194,524					$	184,541					5.4		%
Core NOI margin			65.2		%				66.6		%
Selected Property Expenditure Details:
Recurring Capital Expenditures			$	12,739					$	10,434					22.1		%
Per property:
Average Recurring Capital Expenditures			$	253					$	207					22.1		%
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	646					$	573					12.7		%
Property Enhancing Capex			$	14,111					$	10,700

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						11

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AMH

Same-Home Results – Sequential Quarterly Results

(Amounts in thousands, except per property data)

(Unaudited)

			For the Three Months Ended
			Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
Average Occupied Days Percentage			97.2		%				96.9		%				97.1		%				97.3		%				97.4		%
Average Monthly Realized Rent per property			$	2,014					$	1,991					$	1,954					$	1,911					$	1,865
Average Change in Rent for Renewals			6.8		%				7.9		%				8.3		%				7.5		%				7.5		%
Average Change in Rent for Re-Leases			7.8		%				8.3		%				12.3		%				13.9		%				12.1		%
Average Blended Change in Rent			7.1		%				8.0		%				9.5		%				9.3		%				8.8		%
Core NOI:
Rents from single-family properties			$	295,830					$	291,690					$	286,758					$	281,022					$	274,474
Fees from single-family properties			6,314						5,930						5,995						5,767						5,241
Bad debt			(3,999)						(3,646)						(2,850)						(2,251)						(2,822)
Core revenues			298,145						293,974						289,903						284,538						276,893
Property tax expense			51,890						52,704						46,507						46,493						46,189
HOA fees, net (1)			5,152						5,258						5,555						5,325						4,812
R&M and turnover costs, net (1)			19,830						19,803						24,388						22,037						18,419
Insurance			3,428						3,161						3,158						3,132						3,011
Property management expenses, net (2)			23,321						21,166						22,496						22,105						19,921
Core property operating expenses			103,621						102,092						102,104						99,092						92,352
Core NOI			$	194,524					$	191,882					$	187,799					$	185,446					$	184,541
Core NOI margin			65.2		%				65.3		%				64.8		%				65.2		%				66.6		%
Selected Property Expenditure Details:
Recurring Capital Expenditures			$	12,739					$	13,748					$	19,587					$	14,301					$	10,434
Per property:
Average Recurring Capital Expenditures			$	253					$	273					$	389					$	284					$	207
Average R&M and turnover costs, net, plus Recurring Capital Expenditures			$	646					$	666					$	873					$	721					$	573
Property Enhancing Capex			$	14,111					$	13,077					$	16,870					$	16,357					$	10,700

(1)Presented net of tenant charge-backs.

(2)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						12

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AMH

Same-Home Results – Operating Metrics by Market

			Number of Properties						Gross Book Value per Property						% of 1Q23 NOI						Avg. Change in Rent for Renewals (1)						Avg. Change in Rent for Re-Leases (1)						Avg. Blended Change in Rent (1)
Atlanta, GA			4,779						$	199,874					9.2		%				9.2		%				9.8		%				9.4		%
Dallas-Fort Worth, TX			3,887						171,666						6.7		%				6.2		%				7.9		%				6.5		%
Charlotte, NC			3,654						205,646						7.7		%				6.2		%				9.7		%				7.2		%
Phoenix, AZ			2,794						190,435						6.3		%				7.1		%				6.3		%				6.9		%
Nashville, TN			2,788						229,223						6.7		%				8.5		%				8.8		%				8.6		%
Indianapolis, IN			2,669						162,706						4.0		%				4.9		%				4.7		%				4.8		%
Jacksonville, FL			2,532						194,009						4.8		%				6.1		%				6.5		%				6.2		%
Tampa, FL			2,490						211,398						5.0		%				8.2		%				10.9		%				8.9		%
Houston, TX			2,293						171,515						3.6		%				4.6		%				6.3		%				4.9		%
Raleigh, NC			2,033						193,396						4.0		%				7.2		%				8.1		%				7.4		%
Columbus, OH			2,008						182,775						3.9		%				6.9		%				5.5		%				6.5		%
Cincinnati, OH			1,942						184,979						3.9		%				6.0		%				6.7		%				6.2		%
Orlando, FL			1,649						194,555						3.1		%				8.1		%				13.2		%				9.5		%
Salt Lake City, UT			1,617						273,015						4.2		%				5.5		%				6.6		%				5.9		%
Greater Chicago area, IL and IN			1,566						188,910						2.9		%				5.7		%				7.1		%				6.0		%
Charleston, SC			1,298						215,772						2.8		%				6.2		%				9.0		%				7.2		%
Las Vegas, NV			1,244						214,398						2.7		%				6.3		%				6.8		%				6.4		%
San Antonio, TX			1,123						183,552						1.8		%				4.7		%				3.1		%				4.2		%
Savannah/Hilton Head, SC			900						187,019						1.8		%				8.0		%				11.8		%				9.1		%
Seattle, WA			891						290,567						2.2		%				7.8		%				6.0		%				7.2		%
All Other (2)			6,224						201,814						12.7		%				6.5		%				6.7		%				6.6		%
Total/Average			50,381						$	198,566					100.0		%				6.8		%				7.8		%				7.1		%

			Average Occupied Days Percentage																		Average Monthly Realized Rent per Property
			1Q23 QTD						1Q22 QTD						Change						1Q23 QTD						1Q22 QTD						Change
Atlanta, GA			97.2		%				97.4		%				(0.2)		%				$	2,034					$	1,864					9.1		%
Dallas-Fort Worth, TX			97.7		%				97.5		%				0.2		%				2,096						1,957						7.1		%
Charlotte, NC			97.2		%				97.3		%				(0.1)		%				1,943						1,815						7.1		%
Phoenix, AZ			96.9		%				97.3		%				(0.4)		%				1,970						1,792						9.9		%
Nashville, TN			96.8		%				98.4		%				(1.6)		%				2,129						1,952						9.1		%
Indianapolis, IN			96.6		%				96.8		%				(0.2)		%				1,714						1,612						6.3		%
Jacksonville, FL			97.7		%				97.8		%				(0.1)		%				1,987						1,836						8.2		%
Tampa, FL			97.9		%				98.2		%				(0.3)		%				2,159						1,947						10.9		%
Houston, TX			97.9		%				97.9		%				—		%				1,904						1,808						5.3		%
Raleigh, NC			96.7		%				96.3		%				0.4		%				1,855						1,716						8.1		%
Columbus, OH			96.5		%				96.1		%				0.4		%				1,974						1,863						6.0		%
Cincinnati, OH			97.0		%				96.9		%				0.1		%				1,940						1,811						7.1		%
Orlando, FL			97.4		%				98.6		%				(1.2)		%				2,098						1,902						10.3		%
Salt Lake City, UT			97.0		%				97.6		%				(0.6)		%				2,220						2,051						8.2		%
Greater Chicago area, IL and IN			97.9		%				97.9		%				—		%				2,216						2,059						7.6		%
Charleston, SC			97.9		%				95.1		%				2.8		%				2,080						1,939						7.3		%
Las Vegas, NV			97.1		%				97.6		%				(0.5)		%				2,044						1,887						8.3		%
San Antonio, TX			96.0		%				96.5		%				(0.5)		%				1,855						1,764						5.2		%
Savannah/Hilton Head, SC			98.6		%				96.9		%				1.7		%				1,949						1,780						9.5		%
Seattle, WA			96.7		%				97.5		%				(0.8)		%				2,487						2,275						9.3		%
All Other (2)			96.8		%				97.4		%				(0.6)		%				1,990						1,850						7.6		%
Total/Average			97.2		%				97.4		%				(0.2)		%				$	2,014					$	1,865					8.0		%

(1)Reflected for the three months ended March 31, 2023.

(2)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						13

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AMH

Condensed Consolidated Balance Sheets

(Amounts in thousands)

			Mar 31, 2023						Dec 31, 2022
			(Unaudited)
Assets
Single-family properties:
Land			$	2,193,499					$	2,197,233
Buildings and improvements			10,186,856						10,127,891
Single-family properties in operation			12,380,355						12,325,124
Less: accumulated depreciation			(2,463,232)						(2,386,452)
Single-family properties in operation, net			9,917,123						9,938,672
Single-family properties under development and development land			1,279,089						1,187,221
Single-family properties and land held for sale, net			171,448						198,716
Total real estate assets, net			11,367,660						11,324,609
Cash and cash equivalents			255,559						69,155
Restricted cash			153,256						148,805
Rent and other receivables			49,424						47,752
Escrow deposits, prepaid expenses and other assets			339,502						331,446
Investments in unconsolidated joint ventures			108,667						107,347
Asset-backed securitization certificates			25,666						25,666
Goodwill			120,279						120,279
Total assets			$	12,420,013					$	12,175,059
Liabilities
Revolving credit facility			$	—					$	130,000
Asset-backed securitizations, net			1,885,322						1,890,842
Unsecured senior notes, net			2,496,423						2,495,156
Accounts payable and accrued expenses			520,364						484,403
Total liabilities			4,902,109						5,000,401
Commitments and contingencies
Equity
Shareholders’ equity:
Class A common shares			3,611						3,529
Class B common shares			6						6
Preferred shares			92						92
Additional paid-in capital			7,232,191						6,931,819
Accumulated deficit			(403,303)						(440,791)
Accumulated other comprehensive income			1,212						1,332
Total shareholders’ equity			6,833,809						6,495,987
Noncontrolling interest			684,095						678,671
Total equity			7,517,904						7,174,658
Total liabilities and equity			$	12,420,013					$	12,175,059

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						14

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AMH

Debt Summary as of March 31, 2023

(Amounts in thousands)

(Unaudited)

			Secured						Unsecured						Total Balance						% of Total						Interest Rate (1)						Years to Maturity (2)
Floating rate debt:
Revolving credit facility (3)			$	—					$	—					$	—					—		%				5.76		%				3.0
Total floating rate debt			—						—						—						—		%				5.76		%				3.0
Fixed rate debt:
AMH 2014-SFR2 securitization			465,963						—						465,963						10.5		%				4.42		%				1.5
AMH 2014-SFR3 securitization			481,518						—						481,518						10.8		%				4.40		%				1.7
AMH 2015-SFR1 securitization			507,148						—						507,148						11.4		%				4.14		%				22.0
AMH 2015-SFR2 securitization			440,234						—						440,234						9.9		%				4.36		%				22.5
2028 unsecured senior notes			—						500,000						500,000						11.3		%				4.08		%				4.9
2029 unsecured senior notes			—						400,000						400,000						9.0		%				4.90		%				5.9
2031 unsecured senior notes			—						450,000						450,000						10.1		%				2.46		%				8.3
2032 unsecured senior notes			—						600,000						600,000						13.6		%				3.63		%				9.0
2051 unsecured senior notes			—						300,000						300,000						6.7		%				3.38		%				28.3
2052 unsecured senior notes			—						300,000						300,000						6.7		%				4.30		%				29.1
Total fixed rate debt			1,894,863						2,550,000						4,444,863						100.0		%				4.00		%				12.1
Total Debt			$	1,894,863					$	2,550,000					4,444,863						100.0		%				4.00		%				12.1
Unamortized discounts and loan costs															(63,118)
Total debt per balance sheet															$	4,381,745

Maturity Schedule by Year (2)						Total Debt						% of Total
Remaining 2023						$	15,536					0.3		%
2024						949,974						21.5		%
2025						10,302						0.2		%
2026						10,302						0.2		%
2027						10,302						0.2		%
Thereafter						3,448,447						77.6		%
Total						$	4,444,863					100.0		%

(1)Interest rates are as of March 31, 2023 and reflect the effect of any hedging instruments, as applicable.

(2)Years to maturity and maturity schedule reflect all debt on a fully extended basis.

(3)The interest rate shown above reflects the Company’s LIBOR-based borrowing rate, based on 1-month LIBOR and applicable margin of 0.90% as of period end.

Interest Expense Reconciliation

			For the Three Months Ended Mar 31,
(Amounts in thousands)			2023						2022
Interest expense per income statement and included in Core FFO attributable to common share and unit holders			$	35,882					$	27,567
Less: amortization of discounts, loan costs and cash flow hedges			(3,043)						(2,453)
Add: capitalized interest			13,088						12,894
Cash interest			$	45,927					$	38,008

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						15

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AMH

Capital Structure and Credit Metrics as of March 31, 2023

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

(Unaudited)

Total Capitalization
Total Debt												$	4,444,863					25.2		%
Total preferred shares												230,000						1.3		%
Common equity at market value:
Common shares outstanding						361,781,367
Operating partnership units						51,376,980
Total shares and units						413,158,347
NYSE AMH Class A common share closing price at March 31, 2023						$	31.45
Market value of common shares and operating partnership units												12,993,830						73.5		%
Total Capitalization												$	17,668,693					100.0		%

Preferred Shares						Earliest Redemption Date						Outstanding Shares																		Annual Dividend Per Share						Annual Dividend Amount
Series																		Per Share						Total
5.875% Series G Perpetual Preferred Shares						7/17/2022						4,600,000						$	25.00					$	115,000					$	1.469					$	6,756
6.250% Series H Perpetual Preferred Shares						9/19/2023						4,600,000						$	25.00					115,000						$	1.563					7,188
Total preferred shares												9,200,000												$	230,000											$	13,944

Credit Ratios

Credit Ratings

Net Debt and Preferred Shares to Adjusted EBITDAre

5.4 x

Rating Agency

Rating

Outlook

Fixed Charge Coverage

4.1 x

Moody's Investor Service

Baa3

Positive

Unencumbered Core NOI percentage

70.4

%

S&P Global Ratings

BBB

Stable

Unsecured Senior Notes Covenant Ratios						Requirement									Actual
Ratio of Indebtedness to Total Assets						<			60.0		%				30.3		%
Ratio of Secured Debt to Total Assets						<			40.0		%				12.9		%
Ratio of Unencumbered Assets to Unsecured Debt						>			150.0		%				448.3		%
Ratio of Consolidated Income Available for Debt Service to Interest Expense						>			1.50 x						4.29 x

Unsecured Credit Facility Covenant Ratios						Requirement									Actual
Ratio of Total Indebtedness to Total Asset Value						<			60.0		%				28.7		%
Ratio of Secured Indebtedness to Total Asset Value						<			40.0		%				11.9		%
Ratio of Unsecured Indebtedness to Unencumbered Asset Value						<			60.0		%				26.1		%
Ratio of EBITDA to Fixed Charges						>			1.50 x						3.63 x
Ratio of Unencumbered NOI to Unsecured Interest Expense						>			1.75 x						6.19 x

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						16

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AMH

Top 20 Markets Summary as of March 31, 2023

Property Information (1)

Market						Number of Properties						Percentage of Total Properties						Gross Book Value per Property						Avg. Sq. Ft.						Avg. Age (years)
Atlanta, GA						5,770						10.0		%				$	217,811					2,167						17.2
Dallas-Fort Worth, TX						4,162						7.2		%				174,462						2,103						18.8
Charlotte, NC						3,988						6.9		%				213,706						2,107						17.5
Phoenix, AZ						3,387						5.9		%				209,898						1,839						18.8
Nashville, TN						3,240						5.6		%				240,824						2,112						15.8
Jacksonville, FL						2,923						5.1		%				210,110						1,930						14.5
Indianapolis, IN						2,880						5.0		%				172,196						1,928						20.2
Tampa, FL						2,746						4.8		%				222,399						1,939						15.5
Houston, TX						2,548						4.4		%				176,401						2,090						17.3
Raleigh, NC						2,183						3.8		%				197,846						1,889						17.1
Cincinnati, OH						2,126						3.7		%				194,752						1,843						20.2
Columbus, OH						2,108						3.7		%				188,816						1,869						20.8
Las Vegas, NV						1,927						3.3		%				271,349						1,917						12.7
Salt Lake City, UT						1,904						3.3		%				302,233						2,243						16.5
Orlando, FL						1,887						3.3		%				206,036						1,901						19.1
Greater Chicago area, IL and IN						1,586						2.7		%				189,106						1,867						21.6
Charleston, SC						1,521						2.6		%				227,221						1,963						12.4
San Antonio, TX						1,299						2.2		%				195,659						1,927						14.4
Seattle, WA						1,140						2.0		%				324,506						1,995						13.3
Savannah/Hilton Head, SC						1,042						1.8		%				208,192						1,889						14.5
All Other (3)						7,369						12.7		%				226,090						1,903						17.0
Total/Average						57,736						100.0		%				$	214,430					1,989						17.2

Leasing Information (1)

Market						Avg. Occupied Days Percentage (2)						Avg. Monthly Realized Rent per Property (2)						Avg. Change in Rent for Renewals (2)						Avg. Change in Rent for Re-Leases (2)						Avg. Blended Change in Rent (2)
Atlanta, GA						96.3		%				$	2,044					9.1		%				9.9		%				9.3		%
Dallas-Fort Worth, TX						97.3		%				2,096						6.2		%				8.1		%				6.6		%
Charlotte, NC						96.5		%				1,951						6.1		%				9.5		%				7.1		%
Phoenix, AZ						96.2		%				1,964						7.5		%				6.7		%				7.3		%
Nashville, TN						95.7		%				2,133						8.3		%				8.9		%				8.5		%
Jacksonville, FL						97.0		%				2,006						6.1		%				6.2		%				6.2		%
Indianapolis, IN						96.3		%				1,722						4.8		%				4.7		%				4.8		%
Tampa, FL						97.6		%				2,170						8.2		%				10.4		%				8.8		%
Houston, TX						97.4		%				1,906						4.6		%				6.2		%				4.9		%
Raleigh, NC						95.5		%				1,860						7.1		%				8.2		%				7.4		%
Cincinnati, OH						96.9		%				1,941						6.0		%				6.7		%				6.2		%
Columbus, OH						96.5		%				1,978						6.9		%				5.4		%				6.5		%
Las Vegas, NV						92.2		%				2,094						6.0		%				5.1		%				5.8		%
Salt Lake City, UT						96.5		%				2,275						5.5		%				6.4		%				5.8		%
Orlando, FL						96.3		%				2,104						8.1		%				12.3		%				9.3		%
Greater Chicago area, IL and IN						97.7		%				2,218						5.6		%				7.3		%				6.1		%
Charleston, SC						97.2		%				2,090						6.7		%				8.8		%				7.5		%
San Antonio, TX						94.7		%				1,864						4.7		%				3.0		%				4.2		%
Seattle, WA						95.5		%				2,509						7.9		%				6.1		%				7.5		%
Savannah/Hilton Head, SC						98.2		%				1,971						8.0		%				12.5		%				9.3		%
All Other (3)						95.2		%				2,007						6.6		%				6.4		%				6.5		%
Total/Average						96.3		%				$	2,027					6.8		%				7.7		%				7.1		%

(1)Property and leasing information based on total single-family properties wholly owned, excluding properties held for sale.

(2)Reflected for the three months ended March 31, 2023.

(3)Represents 15 markets in 13 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						17

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AMH

Property Additions

						1Q23 Additions
Market						Number of Properties						Average Total Investment Cost
Las Vegas, NV						81						$	361,358
Boise, ID						55						376,227
Charlotte, NC						37						389,386
Jacksonville, FL						33						304,950
Orlando, FL						32						339,926
Tampa, FL						28						340,450
Atlanta, GA						23						332,598
Raleigh, NC						13						238,853
Nashville, TN						9						369,414
Colorado Springs, CO						1						502,000
Total/Average						312						$	350,721

Property Dispositions

						Mar 31, 2023 Single-Family Properties Held for Sale						1Q23 Dispositions
Market												Number of Properties						Average Net Proceeds per Property
Houston, TX						170						172						$	224,557
Inland Empire, CA						121						24						433,360
Greater Chicago area, IL and IN						92						46						225,628
Dallas-Fort Worth, TX						81						78						277,175
Atlanta, GA						57						46						265,623
Austin, TX						37						15						288,797
Indianapolis, IN						36						33						239,709
San Antonio, TX						35						14						212,185
Bay Area, CA						35						12						492,713
Phoenix, AZ						32						39						324,694
Charlotte, NC						28						28						277,763
Central Valley, CA						24						8						331,228
Nashville, TN						22						14						298,608
Tampa, FL						20						11						368,729
Charleston, SC						20						7						301,089
Orlando, FL						15						14						307,238
Las Vegas, NV						12						10						375,992
Milwaukee, WI						9						7						329,768
Miami, FL						8						4						346,761
Jacksonville, FL						8						7						329,905
All Other (1)						41						77						291,754
Total/Average						903						666						$	276,776

(1)Represents 16 markets in 11 states.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						18

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AMH

AMH Development Pipeline Summary as of March 31, 2023

						YTD 1Q23 Deliveries																		Mar 31, 2023 Lots for Future Delivery (1)
Market						Number of Properties						Average Total Investment Cost						Average Monthly Rent
Las Vegas, NV						81						$	361,000					$	2,390					1,502
Tampa, FL						73						342,000						2,490						786
Boise, ID						55						376,000						2,240						395
Charlotte, NC						53						389,000						2,380						583
Jacksonville, FL						47						324,000						2,170						871
Orlando, FL						46						355,000						2,450						1,174
Atlanta, GA						41						345,000						2,370						891
Salt Lake City, UT						18						473,000						2,720						220
Raleigh, NC						14						406,000						2,370						3
Denver, CO						12						628,000						3,550						548
Nashville, TN						9						369,000						2,440						489
Charleston, SC						9						500,000						3,300						920
Seattle, WA						8						496,000						2,970						284
Phoenix, AZ						—						—						—						1,634
Columbus, OH						—						—						—						600
Total/Average						466						$	375,000					$	2,440					10,900
Lots optioned																								3,330
Total lots owned and optioned																								14,230

Estimated Delivery Timing

						Dec 31, 2022 Lots for Future Delivery (1)						YTD 1Q23 Lots Added (3)						YTD 1Q23 Deliveries						Full Year Estimated 2023 Deliveries (4)						Deliveries Thereafter (4)
Wholly-owned development pipeline (2)						13,764						128						299						1,775 - 1,925						12,042
Joint venture development pipeline (2)(5)						743						61						167						425 - 475						354
Total development pipeline						14,507						189						466						2,200 - 2,400						12,396

(1)Lots controlled in escrow are not included.

(2)Reflects land pipeline and delivery timeline for projects that are intended either for the Company’s wholly-owned or joint venture portfolios.

(3)Represents lots acquired and optioned.

(4)Reflects the Company’s latest development program estimates as of May 4, 2023.

(5)Represents two unconsolidated joint ventures for each of which the Company holds a 20% interest.

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						19

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AMH

Lease Expirations

						MTM						2Q23						3Q23						4Q23						1Q24						Thereafter
Lease expirations						3,366						13,372						12,815						9,738						12,320						4,850

Share Repurchase / ATM Share Issuance History

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

						Share Repurchases																		ATM Share Issuances
Period						Common Shares Repurchased						Purchase Price						Avg. Price Paid Per Share						Common Shares Issued						Gross Proceeds						Avg. Issuance Price Per Share
2018						1,804,163						$	34,933					$	19.36					—						$	—					$	—
2019						—						—						—						—						—						—
2020						—						—						—						86,130						2,414						28.03
2021						—						—						—						1,749,286						72,344						41.36
2022						—						—						—						—						—						—
1Q23						—						—						—						—						—						—
Total						1,804,163						34,933						$	19.36					1,835,416						74,758						$	40.73
						Remaining authorization:						$	265,067											Remaining authorization:						$	425,242

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						20

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AMH

2023 Guidance

Set forth below are the Company’s current expectations with respect to full year 2023 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2023 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2023 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

As the Company’s heaviest spring leasing season is still ahead, no changes have been made to previous Full Year 2023 guidance ranges.

			Full Year 2023 (Unchanged)
Core FFO attributable to common share and unit holders			$1.58 - $1.64
Core FFO attributable to common share and unit holders growth			2.5% - 6.5%
Same-Home
Core revenues growth			5.00% - 7.00%
Core property operating expenses growth			8.75% - 10.75%
Core NOI growth			3.00% - 5.00%

Full Year 2023 (Unchanged)

Investment Program

Properties

Investment

Wholly owned acquisitions

—

—

Wholly owned development deliveries

1,775 - 1,925

$600 - $700 million

Wholly owned land and development pipeline

—

$100 - $150 million

Pro rata share of JV and Property Enhancing Capex

—

$100 - $150 million

Total capital investment (wholly owned and pro rata JV)

1,775 - 1,925

$0.8 - $1.0 billion

Total gross capital investment (JVs at 100%)

2,200 - 2,400

$1.0 - $1.2 billion

Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP.						21

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AMH

Defined Terms and Non-GAAP Reconciliations

(Unaudited)

Average Blended Change in Rent

The percentage change in rent on all non-month-to-month lease renewals and re-leases during the period, compared to the annual rent of the previous expired non-month-to-month comparable long-term lease for each individual property.

Average Change in Rent for Re-Leases

The percentage change in annual rent on properties re-leased during the period, compared to the annual rent of the comparable long-term previous expired lease for each individual property.

Average Change in Rent for Renewals

The percentage change in rent on non-month-to-month comparable long-term lease renewals during the period.

Average Monthly Realized Rent

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale except where presented for Total Single-Family Properties Wholly Owned in Core Net Operating Income – Total Portfolio.

Average Total Investment Cost

Reflects on a per property basis, depending on the property addition channel, (i) Estimated Total Investment Cost of traditional channel acquisitions, (ii) purchase price, including closing costs, or total internal development costs of newly constructed homes, or (iii) total purchase price, including historic pro rata investment cost of properties acquired through bulk or joint venture portfolio acquisitions.

Core Net Operating Income (“Core NOI”) and Same-Home Core NOI

Core NOI, which we also present separately for our Same-Home, unencumbered and encumbered portfolios, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

						22

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2023 and 2022 (amounts in thousands):

			For the Three Months Ended Mar 31,
			2023						2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	397,703					$	356,105
Tenant charge-backs			(55,395)						(52,272)
Core revenues			342,308						303,833
Less: Non-Same-Home core revenues			44,163						26,940
Same-Home core revenues			$	298,145					$	276,893

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	147,068					$	133,643
Property management expenses			30,800						26,034
Noncash share-based compensation - property management			(1,066)						(999)
Expenses reimbursed by tenant charge-backs			(55,395)						(52,272)
Core property operating expenses			121,407						106,406
Less: Non-Same-Home core property operating expenses			17,786						14,054
Same-Home core property operating expenses			$	103,621					$	92,352

Core NOI and Same-Home Core NOI
Net income			$	137,699					$	70,014
Gain on sale and impairment of single-family properties and other, net			(84,659)						(22,044)
Depreciation and amortization			112,717						99,954
Acquisition and other transaction costs			5,076						5,974
Noncash share-based compensation - property management			1,066						999
Interest expense			35,882						27,567
General and administrative expense			17,855						17,282
Other income and expense, net			(4,735)						(2,319)
Core NOI			220,901						197,427
Less: Non-Same-Home Core NOI			26,377						12,886
Same-Home Core NOI			$	194,524					$	184,541

						23

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI, Same-Home Core NOI, Unencumbered Core NOI and Encumbered Core NOI to their respective GAAP metrics for the trailing five quarters (amounts in thousands):

			For the Three Months Ended
			Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues			$	397,703					$	380,926					$	391,627					$	361,876					$	356,105
Tenant charge-backs			(55,395)						(45,183)						(62,014)						(43,137)						(52,272)
Core revenues			342,308						335,743						329,613						318,739						303,833
Less: Non-Same-Home core revenues			44,163						41,769						39,710						34,201						26,940
Same-Home core revenues			$	298,145					$	293,974					$	289,903					$	284,538					$	276,893

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses			$	147,068					$	137,113					$	152,065					$	129,270					$	133,643
Property management expenses			30,800						28,157						29,739						28,768						26,034
Noncash share-based compensation - property management			(1,066)						(715)						(1,015)						(1,132)						(999)
Expenses reimbursed by tenant charge-backs			(55,395)						(45,183)						(62,014)						(43,137)						(52,272)
Core property operating expenses			121,407						119,372						118,775						113,769						106,406
Less: Non-Same-Home core property operating expenses			17,786						17,280						16,671						14,677						14,054
Same-Home core property operating expenses			$	103,621					$	102,092					$	102,104					$	99,092					$	92,352

Core NOI and Same-Home Core NOI
Net income			$	137,699					$	103,791					$	61,665					$	74,555					$	70,014
Hurricane-related charges, net			—						—						6,133						—						—
Gain on sale and impairment of single-family properties and other, net			(84,659)						(57,407)						(24,197)						(32,811)						(22,044)
Depreciation and amortization			112,717						112,843						109,319						104,415						99,954
Acquisition and other transaction costs			5,076						5,338						4,482						7,658						5,974
Noncash share-based compensation - property management			1,066						715						1,015						1,132						999
Interest expense			35,882						36,249						36,254						34,801						27,567
General and administrative expense			17,855						14,942						16,986						18,847						17,282
Other income and expense, net			(4,735)						(100)						(819)						(3,627)						(2,319)
Core NOI			220,901						216,371						210,838						204,970						197,427
Less: Non-Same-Home Core NOI			26,377						24,489						23,039						19,524						12,886
Same-Home Core NOI			$	194,524					$	191,882					$	187,799					$	185,446					$	184,541

Unencumbered Core NOI and Encumbered Core NOI
Core NOI			$	220,901					$	216,371					$	210,838					$	204,970					$	197,427
Less: Encumbered Core NOI			64,077						63,798						62,906						61,524						61,446
Unencumbered Core NOI			$	156,824					$	152,573					$	147,932					$	143,446					$	135,981

						24

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Credit Ratios

We present the following selected metrics because we believe they are helpful as supplemental measures in assessing the Company’s ability to service its financing obligations and in evaluating balance sheet leverage against that of other real estate companies. The tables below reconcile these metrics, which are calculated in part based on several non-GAAP financial measures.

Net Debt and Preferred Shares to Adjusted EBITDAre

(Amounts in thousands)			Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
Total Debt			$	4,444,863					$	4,581,628					$	4,457,326					$	4,462,933					$	3,978,305
Less: cash and cash equivalents			(255,559)						(69,155)						(97,244)						(70,375)						(56,626)
Less: asset-backed securitization certificates			(25,666)						(25,666)						(25,666)						(25,666)						(25,666)
Less: restricted cash related to securitizations			(42,365)						(39,854)						(49,932)						(41,469)						(42,626)
Net debt			$	4,121,273					$	4,446,953					$	4,284,484					$	4,325,423					$	3,853,387
Preferred shares at liquidation value			230,000						230,000						230,000						230,000						385,000
Net debt and preferred shares			$	4,351,273					$	4,676,953					$	4,514,484					$	4,555,423					$	4,238,387
Adjusted EBITDAre - TTM			$	809,987					$	784,076					$	760,912					$	733,162					$	703,217
Net Debt and Preferred Shares to Adjusted EBITDAre			5.4 x						6.0 x						5.9 x						6.2 x						6.0 x

Fixed Charge Coverage

(Amounts in thousands)			For the Trailing Twelve Months Ended Mar 31, 2023
Interest expense per income statement			$	143,186
Less: amortization of discounts, loan costs and cash flow hedges			(12,263)
Add: capitalized interest			52,279
Cash interest			183,202
Dividends on preferred shares			14,804
Fixed charges			$	198,006
Adjusted EBITDAre - TTM			$	809,987
Fixed Charge Coverage			4.1 x

Unencumbered Core NOI Percentage

			For the Three Months Ended																								For the Trailing Twelve Months Ended Mar 31, 2023
(Amounts in thousands)			Jun 30, 2022						Sep 30, 2022						Dec 31, 2022						Mar 31, 2023
Unencumbered Core NOI			$	143,446					$	147,932					$	152,573					$	156,824					$	600,775
Core NOI			204,970						210,838						216,371						220,901						853,080
Unencumbered Core NOI Percentage																											70.4		%

						25

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre / Adjusted EBITDAre Margin / Fully Adjusted EBITDAre Margin

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”) by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. Fully Adjusted EBITDAre Margin is a supplemental non-GAAP financial measure calculated as Fully Adjusted EBITDAre divided by rents and other single-family property revenues, net of tenant charge-backs and adjusted for income from unconsolidated joint ventures. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

						26

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre, Fully Adjusted EBITDAre, Adjusted EBITDAre Margin and Fully Adjusted EBITDAre Margin for the three months ended March 31, 2023 and 2022 (amounts in thousands):

			For the Three Months Ended Mar 31,
			2023						2022
Net income			$	137,699					$	70,014
Interest expense			35,882						27,567
Depreciation and amortization			112,717						99,954
EBITDA			$	286,298					$	197,535
Gain on sale and impairment of single-family properties and other, net			(84,659)						(22,044)
Adjustments for unconsolidated joint ventures			510						(371)
EBITDAre			$	202,149					$	175,120
Noncash share-based compensation - general and administrative			3,743						4,030
Noncash share-based compensation - property management			1,066						999
Acquisition, other transaction costs and other			5,076						5,974
Adjusted EBITDAre			$	212,034					$	186,123
Recurring Capital Expenditures			(14,193)						(11,178)
Leasing costs			(808)						(535)
Fully Adjusted EBITDAre			$	197,033					$	174,410
Rents and other single-family property revenues			$	397,703					$	356,105
Less: tenant charge-backs			(55,395)						(52,272)
Adjustments for unconsolidated joint ventures - income			3,295						2,799
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures			$	345,603					$	306,632
Adjusted EBITDAre Margin			61.4		%				60.7		%
Fully Adjusted EBITDAre Margin			57.0		%				56.9		%

						27

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre and Adjusted EBITDAre for the following trailing twelve month periods (amounts in thousands):

			For the Trailing Twelve Months Ended
			Mar 31, 2023						Dec 31, 2022						Sep 30, 2022						Jun 30, 2022						Mar 31, 2022
Net income			$	377,710					$	310,025					$	267,557					$	254,393					$	231,652
Interest expense			143,186						134,871						126,885						121,728						114,455
Depreciation and amortization			439,294						426,531						410,854						396,029						382,731
EBITDA			$	960,190					$	871,427					$	805,296					$	772,150					$	728,838
Gain on sale and impairment of single-family properties and other, net			(199,074)						(136,459)						(92,347)						(77,722)						(55,671)
Adjustments for unconsolidated joint ventures			1,225						344						197						472						1,120
EBITDAre			$	762,341					$	735,312					$	713,146					$	694,900					$	674,287
Noncash share-based compensation - general and administrative			15,031						15,318						14,991						13,158						9,049
Noncash share-based compensation - property management			3,928						3,861						3,872						3,537						3,004
Acquisition, other transaction costs and other			22,554						23,452						22,770						21,567						16,877
Hurricane-related charges, net			6,133						6,133						6,133						—						—
Adjusted EBITDAre			$	809,987					$	784,076					$	760,912					$	733,162					$	703,217

Estimated Total Investment Cost

Represents the sum of purchase price, closing costs and if applicable, estimated initial renovation costs for homes purchased through traditional broker and trustee channels.

FFO / Core FFO / Adjusted FFO attributable to common share and unit holders

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by NAREIT, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

						28

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

Refer to Funds from Operations for a reconciliation of these metrics to net income attributable to common shareholders, determined in accordance with GAAP.

The following are reconciliations of property management expenses and general administrative expense, as determined in accordance with GAAP, to property management expenses, net of tenant charge-backs and excluding noncash share-based compensation expense, and general and administrative expense, excluding noncash share-based compensation expense, as included in Core FFO attributable to common share and unit holders (amounts in thousands):

			For the Three Months Ended Mar 31,
			2023						2022
Property management expenses			$	30,800					$	26,034
Less: tenant charge-backs			(1,740)						(1,355)
Less: noncash share-based compensation - property management			(1,066)						(999)
Property management expenses, net			$	27,994					$	23,680
General and administrative expense			$	17,855					$	17,282
Less: noncash share-based compensation - general and administrative			(3,743)						(4,030)
General and administrative expense, net			$	14,112					$	13,252

FFO Shares and Units

Includes weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Property Enhancing Capex

Includes elective capital expenditures to enhance the operating profile of a property, such as investments to increase future revenues or reduce maintenance expenditures.

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Recurring Capital Expenditures

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

Retained Cash Flow

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

Refer to Funds from Operations for a reconciliation of Adjusted FFO attributable to common share and unit holders to net income attributable to common shareholders, determined in accordance with GAAP. The following is a reconciliation of Adjusted FFO attributable to common share and unit holders to Retained Cash Flow (amounts in thousands):

			For the Three Months Ended Mar 31, 2023
Adjusted FFO attributable to common share and unit holders			$	153,488
Common distributions			(91,280)
Retained Cash Flow			$	62,208

Same-Home Property

A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Total Capitalization

Includes the market value of all outstanding common shares and operating partnership units (based on the NYSE AMH Class A common share closing price as of period end), the current liquidation value of preferred shares as of period end and Total Debt.

Total Debt

Includes principal balances on asset-backed securitizations, unsecured senior notes and borrowings outstanding under our revolving credit facility as of period end, and excludes unamortized discounts and unamortized deferred financing costs.

Turnover Rate

The number of tenant move-outs during the period divided by the total number of properties.

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AMH

Defined Terms and Non-GAAP Reconciliations (continued)

(Unaudited)

Unsecured Senior Notes Covenant Ratios and Unsecured Credit Facility Covenant Ratios

Debt covenant compliance ratios for the unsecured senior notes show the Company’s compliance with selected covenants provided in the Indenture dated as of February 7, 2018, as supplemented by the First Supplemental Indenture dated as of February 7, 2018 for the 2028 Unsecured Senior Notes, the Second Supplemental Indenture dated as of January 23, 2019 for the 2029 Unsecured Senior Notes, the Third Supplemental Indenture dated as of July 8, 2021 for the 2031 Unsecured Senior Notes, the Fourth Supplemental Indenture dated as of July 8, 2021 for the 2051 Unsecured Senior Notes, the Fifth Supplemental Indenture dated as of April 7, 2022 for the 2032 Unsecured Senior Notes, and the Sixth Supplemental Indenture dated as of April 7, 2022 for the 2052 Unsecured Senior Notes, which have been filed as exhibits to the Company’s SEC reports. The ratios for the Unsecured Credit Facility covenants show the Company’s compliance with selected covenants provided in the Credit Agreement dated as of August 17, 2016, as amended by Amendment No. 1 to Credit Agreement dated as of June 30, 2017 and Amendment No. 2 to Credit Agreement dated as of April 15, 2021, which have been filed as exhibits to the Company’s SEC reports.

The debt covenant compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the Indenture governing its unsecured debt securities and in the Credit Agreement, as of the date reported. These ratios should not be used for any other purpose, including without limitation to evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Agreement, and may differ materially from similar terms used elsewhere in this document and used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks Related to Our Business” and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company’s subsequent filings with the SEC.

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Executive Management
David P. Singelyn						Christopher C. Lau
Chief Executive Officer						Chief Financial Officer
Bryan Smith						Sara H. Vogt-Lowell
Chief Operating Officer						Chief Legal Officer

AMH Diversified Portfolio

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