American Homes 4 Rent operates as a real estate investment trust. The company is headquartered in Agoura Hills, California and currently employs 1,234 full-time employees. The firm's primary objective is to generate attractive risk-adjusted returns for its shareholders through dividends and capital appreciation by acquiring, renovating, leasing and operating single-family homes as rental properties. As of December 31, 2016, it owned 48,422 single-family properties in 22 states, including 1,119 properties held for sale, and had an additional 47 properties in escrow that it intended to acquire. Its integrated operating platform offers property management, acquisitions, construction, marketing, leasing, financial and administrative functions. The firm may seek to invest in condominium units, townhouses and real estate-related debt investments. The firm is externally managed and advised by American Homes 4 Rent Advisor, LLC (the Advisor).