Supplemental Investor Information

© 2019 Front Yard Residential. All rights reserved.

Supplemental Investor Information George Ellison, CEO

Robin Lowe, CFOMiles Adams, SVP Property Operations

2nd Quarter 2019

HOME PICTURED: ST. PAUL, MINNESOTA

Forward-looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement our business strategy; our ability to make distributions to stockholders; our ability to acquire SFR assets for our portfolio; the impact of changes to the supply of, value of and the returns on SFR assets; our ability to successfully integrate newly acquired properties into our portfolio of SFR properties; our ability to successfully perform property management services for our SFR assets at the standard and/or the cost that we anticipate; our ability to predict our costs; our ability to effectively compete with our competitors; our ability to apply the proceeds from financing activities or asset sales to target SFR assets in a timely manner; our ability to sell non-core properties on favorable terms and on a timely basis or at all; the failure to identify unforeseen expenses or material liabilities associated with asset acquisitions through the due diligence process prior to such acquisitions; changes in the market value of our SFR properties and real estate owned; changes in interest rates; our ability to obtain and access financing arrangements on favorable terms or at all; our ability to maintain adequate liquidity; our ability to retain our engagement of Altisource Asset Management Corporation; the failure of our third party vendors to effectively perform their obligations under their respective agreements with us; our failure to maintain our qualification as a REIT; our failure to maintain our exemption from registration under the Investment Company Act; the impact of adverse real estate, mortgage or housing markets; the impact of adverse legislative, regulatory or tax changes; the results of our strategic alternatives review and risks related thereto and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in our current and future filings with the Securities and Exchange Commission. In addition, financial risks such as liquidity, interest rate and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive.

The statements made in this presentation are current as of the date of this presentation only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.

© 2019 Front Yard Residential. All rights reserved. 2

Table of Contents

I. Company Update

II. Financial Results

III. Portfolio Information

IV. Definitions and Disclosures


2nd Quarter 2019 Highlights


1. Comparisons to 2Q 2018Note: Please see the Definitions and Disclosures section of this presentation for important information on definitions of metrics and reconciliations to GAAP. Core FFO reconciliation to GAAP can be found on page 11.

Balance Sheet Fixed or capped rate debt of 92%, up from 65%1

Weighted average debt duration of 5.3 years,

up from 3.2 years1

Amended Credit Suisse and Nomura warehouse

lines, reducing interest rate spreads and

improving fee structures

Financial Rental revenue of $51.6 million, up 26%1

Stabilized Rental NOI of $30.3 million, up 15%1

Stabilized Rental Core NOI Margin of 59.7%

Core FFO per share of $0.05

Portfolio Stabilized Rental portfolio of 14,348 homes, up

22%1

Sold 160 non-core homes for a gain of $3.3

million

Purchased 43 stabilized rental homes

Operations Stabilized blended rent growth of 4.5%, up from

4.2%1

Stabilized leased percentage of 94.1%, down

slightly from 94.3%1

Stabilized rental turnover of 8.7%, unchanged

from 2Q18

Company Snapshot


1. As of June 30, 2019, 148 rental homes and 33 legacy REOs were being prepared for sale and will be classified as held for sale once listed. 2. Please see the Definitions and Disclosures section of this presentation for important information on definitions of metrics and reconciliations to GAAP.

($s in thousands, except per home and per share amounts) (unaudited)

Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018Portfolio Information - end of periodTotal Rental Homes 14,421 14,497 14,544 14,587 11,886

Leased 13,498 13,788 13,546 13,562 11,064Ready to rent 360 260 434 424 335Under turn 498 378 428 479 350Under renovation 65 71 136 122 137

Stabilized Rentals 14,348 14,407 14,383 14,447 11,729% of rentals stabilized 99.5% 99% 99% 99% 99%% of Stabilized Rentals leased 94.1% 95.7% 94.2% 93.9% 94.3%

Total REOs 351 388 901 896 411Previous rentals identified for sale1 291 313 797 763 221Legacy REO1 60 75 104 133 190

Total Rental and REO 14,772 14,885 15,445 15,483 12,297

Selected Operating Information2

Stabilized Rental revenue 51,575$ 51,968$ 51,575$ 46,691$ 40,906$ Stabilized Core rental revenues 50,699$ 51,124$ 50,679$ 45,903$ Total rental revenue 51,553$ 52,625$ 54,029$ 48,313$ 40,906$ Stabilized Rental Net Operating Income 30,279$ 32,061$ 31,688$ 28,843$ 26,393$ Stabilized Rental NOI Margin 58.7% 61.7% 61.4% 61.8% 64.5%Stabilized Rental Core NOI Margin 59.7% 62.7% 62.5% 62.8%Stabilized Rental Average Monthly Rent per Leased Property 1,278$ 1,267$ 1,261$ 1,254$ 1,247$ Stabilized Rental Blended Average Change in Rent 4.5% 4.3% 4.3% 4.3% 4.2%Stabilized Rental Turnover Rate 8.7% 6.1% 6.6% 7.2% 8.7%Stabilized Rental TTM turn over rate 28.5% 28.5% 28.8% 28.3% 28.3%

[Art work to come][Art work to come][Art work to come][Art work to come][Art work to come][Art work to come][Art work to come]

© 2019 Front Yard Residential. All rights reserved.HOME PICTURED: KENNESAW, GEORGIA

Financial Results

Consolidated Statements of Operations - GAAP


($s in thousands, except per share amounts)(unaudited)

Three Months Ended Six Months EndedJun 30, 2019 Jun 30, 2018 Jun 30, 2019 Jun 30, 2018

Revenues:Rental revenues 51,553$ 40,906$ 104,178$ 80,671$

Total revenues 51,553 40,906 104,178 80,671

Expenses:Residential property operating expenses 18,968 14,248 37,405 28,103 Property management expenses 3,538 2,949 7,213 5,886 Depreciation and amortization 19,936 18,761 42,321 37,951 Acquisition and integration costs 651 759 2,862 792 Impairment 1,576 2,143 2,596 9,718 Mortgage loan servicing costs 194 319 581 674 Interest expense 21,165 16,338 42,675 32,401 Share-based compensation 1,811 1,094 2,930 680 General and administrative 7,992 2,477 13,758 5,150 Management fees to AAMC 3,556 3,697 7,131 7,487

Total expenses 79,387 62,785 159,472 128,842 Net gain (loss) on real estate and mortgage loans 3,842 (306) 12,619 (1,940)

Operating loss (23,992) (22,185) (42,675) (50,111) Casualty (losses) loss reversals, net (184) 520 (577) 520 Insurance recoveries 11 115 538 115 Other (expense) income (846) 214 (797) 790

Loss before income taxes (25,011) (21,336) (43,511) (48,686) Income tax expense 6 - 14 -

Net loss (25,017)$ (21,336)$ (43,525)$ (48,686)$

Loss per basic share of common stock (0.47)$ (0.40)$ (0.81)$ (0.91)$ Weighted average common stock outstanding - basic 53,714,998 53,520,486 53,672,835 53,487,459 Loss per diluted share of common stock (0.47)$ (0.40)$ (0.81)$ (0.91)$ Weighted average common stock outstanding - diluted 53,714,998 53,520,486 53,672,835 53,487,459

Consolidated Balance Sheets


($s in thousands)

Assets: Jun 30, 2019 Dec 31, 2018Real estate held for use: (unaudited)

Land 392,769$ 395,532$ Rental residential properties 1,665,790 1,667,939 Real estate owned 34,317 40,496

Total real estate held for use 2,092,876 2,103,967 Less: accumulated depreciation (171,278) (137,881)

Total real estate held for use, net 1,921,598 1,966,086 Real estate assets held for sale 30,826 146,921 Mortgage loans at fair value 4,372 8,072 Cash and cash equivalents 45,563 44,186 Restricted cash 35,827 36,974 Accounts receivable 16,079 11,591 Goodwill 13,376 13,376 Prepaid expenses and other assets 34,466 43,045

Total assets 2,102,107$ 2,270,251$

Liabilities:Repurchase and loan agreements 1,624,200$ 1,722,219$ Accounts payable and accrued liabilities 68,671 72,672 Payable to AAMC 3,992 3,968

Total liabilities 1,696,863 1,798,859

Equity:Common stock, at par 538 536 Additional paid-in capital 1,186,683 1,184,132 Accumulated deficit (760,468) (700,623) Accumulated other comprehensive loss (21,509) (12,653)

Total equity 405,244 471,392 Total liabilities and equity 2,102,107$ 2,270,251$

Real Estate Assets


1. The carrying value of an asset held for use is based on historical cost plus renovation costs, net of any accumulated depreciation and impairment. Assets held for sale are carried at the lower of the carrying value or estimated fair value less costs to sell.

2. The carrying value of certain properties acquired on November 29, 2017 are included based upon the initial purchase price, certain of which are subject to potential purchase price adjustment provisions as set forth in the purchase and sale agreement.

3. As of June 30, 2019, 148 rental homes and 33 legacy REOs were being prepared for sale and will be classified as held for sale once listed. Note: Please see the Definitions and Disclosures section of this presentation for important information on definitions of metrics and reconciliations to GAAP.

($s in thousands) (unaudited)

As of June 30, 2019Stabilized

Non-Stabilized Total

Carrying Value1,2

CV per home

Rental HomesLeased 13,498 - 13,498 1,766,596$ 131$ Listed and ready for rent 352 8 360 49,981 139 Unit turn 498 - 498 67,164 135 Renovation - 65 65 6,332 97

Total rental homes 14,348 73 14,421 1,890,073 131

Previous rentals identified for sale3 - 291 291 41,281 142

Legacy REO3 - 60 60 21,070 351

14,348 424 14,772 1,952,424$ 132$

Stabilized Rental Operating Efficiency


Note: Please see the Definitions and Disclosures section of this presentation for important information on definitions of metrics and reconciliations to GAAP.


Stabilized Rental Portfolio Jun 30, 2019 Jun 30, 2018 Jun 30, 2019 Jun 30, 2018

Rental revenues 51,575$ 40,906$ 103,543$ 80,671$ Less: Resident charge-backs (876) (649) (1,720) (1,211)

Core revenues 50,699 40,257 101,823 79,459

Fixed Expenses:Taxes 8,642 6,555 16,914 12,872 Insurance 1,057 687 2,013 1,360 HOA 586 571 1,155 1,134

Controllable Expenses:Repair, maintenance and turn 7,570 4,249 14,178 8,014 Property management 3,441 2,451 6,943 4,953

Total property operating expenses 21,296 14,513 41,203 28,333 Less: Resident charge-backs (876) (649) (1,720) (1,211)

Core property operating expenses 20,420 13,864 39,483 27,122

Stabilized Rental NOI 30,279$ 26,393 62,340$ 52,338$ Stabilized Rental Core NOI Margin 59.7% 65.6% 61.2% 65.9%

Count at end of period 14,348 11,729 14,348 11,729 Average count of Stabilized Rentals 14,378 11,745 14,386 11,736

Three Months Ended Six Months Ended

1. Other adjustments include non-recurring income/expense items and one-time costs that management has determined are not representative of Front Yard’s core on-going operations. In 2Q19, $4.6 million related to one-time expenses in connection with the proxy contest, asset management agreement negotiation and other litigation.


FFO and Core FFO


($s in thousands, except per share amounts) (unaudited)

Reconciliation of GAAP net loss to FFO and Core FFO:

Three Months Ended Six Months EndedJun 30, 2019 Jun 30, 2018 Jun 30, 2019 Jun 30, 2018

GAAP net loss (25,017)$ (21,336)$ (43,525)$ (48,686)$

Depreciation and amortization 19,936 18,761 42,321 37,951 Impairment 1,576 2,143 2,596 9,718 Net (gain) loss on real estate and mortgage loans (3,842) 306 (12,619) 1,940 FFO (7,347) (126) (11,227) 923

Acquisition and integration costs 651 759 2,862 792 Non-cash interest expense 2,534 1,219 4,763 2,745 Share-based compensation 1,811 1,094 2,930 680 Other adjustments1 5,025 94 7,047 401 Core FFO 2,674 3,040 6,375 5,541

Weighted average common stock outstanding - diluted 53,714,998 53,520,486 53,672,835 53,487,459 FFO per share - diluted (0.14)$ 0.00$ (0.21)$ 0.02$ Core FFO per share - diluted 0.05$ 0.06$ 0.12$ 0.10$

Financing



1. Interest rates on floating rate debt reflect applicable rates as of period end. The Company's variable rate borrowings are based on a floating rate index plus a fixed margin.

2. Years to maturity on certain of our indebtedness includes the debt’s maturity through its ultimate, rather than initial, maturity date, as applicable.

As of June 30, 2019 Amount Outstanding % of Total Interest Rate1

Years to Maturity2

Floating Rate Debt:CS Repurchase Agreement 88,160$ 5.4% 4.70% 0.4 Nomura Loan Agreement 36,294 2.2% 4.68% 0.8 Total Floating Rate Debt 124,454 7.6% 4.70% 0.5

Fixed and Capped Rate Debt:HOME II Loan Agreement 83,270 5.1% 4.40% 3.4 HOME III Loan Agreement 89,150 5.4% 4.40% 3.4 HOME IV Loan Agreement (A) 114,201 7.0% 4.00% 3.4 HOME IV Loan Agreement (B) 114,590 7.0% 4.00% 3.4 Term Loan Agreement 99,782 6.1% 5.00% 2.8 FYR SFR Loan Agreement 508,700 31.0% 4.65% 9.2 MS Loan Agreement 504,986 30.8% 4.21% 4.4 Total Fixed and Capped Rate Debt 1,514,679 92.4% 4.40% 5.7

Total Debt 1,639,133 100.0% 4.42% 5.3 Less: unamortized loan discounts (4,263) Less: deferred financing costs (10,670) Total Carrying Value of Debt 1,624,200$


© 2019 Front Yard Residential. All rights reserved.HOME PICTURED: MEMPHIS, TENNESSEE

Portfolio Information

Rental Portfolio Detail




Rental Portfolio - Q2 2019

Market

Rental Portfolio

CountNet CV per Property

% of Rental Count

Average Size (Sq. ft.)

Average Age (yrs)

Stabilized Count

Non-Stabilized

CountAtlanta, GA 4,359 109$ 30.2% 1,602 37 4,309 50 Memphis, TN 1,288 139 8.9% 1,661 25 1,287 1 Dallas-Fort Worth, TX 884 149 6.1% 1,654 29 884 - Houston, TX 859 141 6.0% 1,655 30 856 3 Miami, FL 809 167 5.6% 1,216 54 807 2 Birmingham, AL 719 113 5.0% 1,486 42 718 1 Indianapolis, IN 649 126 4.5% 1,607 24 649 - Charlotte, NC 589 136 4.1% 1,435 30 588 1 Minneapolis, MN 488 150 3.4% 1,422 88 487 1 Nashville, TN 449 144 3.1% 1,508 18 447 2 Other 3,328 140 23.1% 1,439 34 3,316 12 Total 14,421 131$ 100.0% 1,533 36 14,348 73

State

Rental Portfolio

CountNet CV per Property

% of Rental Count

Average Size (Sq. ft.)

Average Age (yrs)

Stabilized Count

Non-Stabilized

CountGeorgia 4,360 109$ 30.2% 1,602 37 4,310 50 Florida 2,095 147 14.5% 1,339 40 2,092 3 Texas 1,937 145 13.4% 1,648 29 1,934 3 Tennessee 1,470 140 10.2% 1,638 24 1,467 3 North Carolina 867 134 6.0% 1,453 26 866 1 Alabama 720 113 5.0% 1,486 42 719 1 Indiana 666 126 4.6% 1,604 24 665 1 Minnesota 488 150 3.4% 1,422 88 487 1 Missouri 462 143 3.2% 1,412 41 459 3 Oklahoma 305 142 2.1% 1,547 28 305 - Other 1,051 149 7.4% 1,428 36 1,044 7 Total 14,421 131$ 100.0% 1,533 36 14,348 73

Leasing Detail



Leasing by Market - Q2 2019

Market

Avg Monthly Rent per Leased

PropertyStabilized Leased %

Average Change in Renewal

Rent

Average Change in Re-lease

Rent

Blended Average

Change in Rent

Renewal Rate

Turnover Rate

Stabilized Rental

Core NOI Margin

Atlanta, GA 1,139$ 96.3% 4.6% 7.8% 5.6% 78% 8.3% 60.5%Memphis, TN 1,268 90.8% 2.7% 2.3% 2.6% 62% 11.4% 67.9%Dallas-Fort Worth, TX 1,482 93.4% 3.4% 3.1% 3.3% 65% 8.6% 48.6%Houston, TX 1,361 88.7% 3.3% 0.0% 2.5% 73% 6.4% 39.4%Miami, FL 1,632 96.0% 3.6% 3.7% 3.6% 76% 7.6% 59.7%Birmingham, AL 1,127 96.8% 3.5% 4.2% 3.9% 64% 7.5% 69.3%Indianapolis, IN 1,242 90.9% 4.9% 1.6% 3.4% 57% 10.9% 55.0%Charlotte, NC 1,196 96.9% 5.4% 12.8% 9.4% 62% 6.6% 63.2%Minneapolis, MN 1,440 96.5% 4.0% 3.1% 3.6% 59% 9.0% 66.4%Nashville, TN 1,384 94.2% 3.3% 3.9% 3.5% 64% 7.2% 76.9%Other 1,323 92.7% 4.0% 3.4% 3.8% 64% 9.4% 59.1%Total 1,278$ 94.1% 4.1% 5.3% 4.5% 70% 8.7% 59.7%

Investment in Real Estate


1. Investment in Real Estate includes purchase price plus improvement costs minus the value attributed for leases in place for homes owned as of December 31, 2018. The purchases prior to 1Q15 have been HPI adjusted to the 1Q15 level; however, the remaining quarters are shown without HPI adjustment.

16

(unaudited)

Market1 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19Atlanta, GA 10.3$ 1.7$ 138.0$ 9.4$ 33.5$ 15.4$ 102.7$ 0.5$ 23.9$ 16.2$ 1.0$ 21.0$ 3.1$ 2.2$ 143.5$ -$ -$ 2.0$ Memphis, TN 1.3 - 0.3 - 0.1 - 91.1 - 29.0 30.3 - 41.5 - - - - - - Dallas-Fort Worth, TX 4.4 0.4 0.3 0.3 0.4 4.6 101.3 2.6 2.7 9.7 - 19.0 0.3 - - - - - Houston, TX 3.2 0.4 - 0.2 1.1 9.1 105.3 4.1 0.6 3.0 - 10.3 - - - - - - Miami, FL 14.5 3.5 3.7 1.6 1.0 2.8 1.9 0.2 0.3 - 0.2 0.4 - - 116.4 - - - Birmingham, AL 0.5 0.1 - 0.1 - - 2.3 - 4.9 11.7 - 35.6 - - 30.6 - - - Indianapolis, IN 7.9 0.2 1.6 2.0 0.8 0.2 50.1 0.3 8.8 5.3 - 13.9 - - - - - - Charlotte, NC 8.1 0.6 0.2 0.2 14.6 - 31.2 - 3.8 2.0 - 26.9 - - - - - - Minneapolis, MN 1.2 - - - - - 15.4 - - - - - - - 60.2 - - - Nashville, TN 1.6 0.3 0.4 0.2 0.1 - 66.3 - 0.2 0.7 - 0.5 - - - - - - Fort Myers, FL 6.5 0.7 1.1 1.2 2.8 0.2 20.2 0.7 1.9 0.5 - 5.3 - - 17.3 - - - St. Louis, MO 0.9 - - 0.1 - - 1.8 - 0.4 2.7 - 39.2 1.1 0.2 0.8 0.6 - 3.4 Tampa, FL 6.7 0.5 0.9 0.3 11.1 3.0 10.7 0.5 4.2 1.5 - 6.6 - - - - - - Oklahoma City, OK 0.2 - - 0.1 0.1 0.1 26.2 - 8.4 12.6 - - - - - - - - Columbus, OH 1.0 0.1 - - - - - - - - - 38.0 - - - - - - Palm Bay, FL 2.6 0.3 0.2 0.2 0.6 - 12.2 0.2 5.0 1.6 - 6.7 - - 8.4 - - - Greensboro, NC 1.6 - 0.1 0.4 5.5 - 7.3 - 7.3 2.2 - 9.0 - - - - - - Jacksonville, FL 3.7 0.4 - 0.1 4.5 2.1 7.5 0.5 0.4 3.2 - 4.3 - - 0.1 - - - San Antonio, TX 0.3 - 0.1 - 0.2 0.5 18.2 0.4 2.4 5.2 - 1.2 - - - - - - Orlando, FL 9.3 1.6 0.2 1.2 3.2 2.0 6.4 0.2 1.1 0.3 - 2.1 - - - - - - Others 69.5 10.7 7.8 10.6 16.9 3.5 14.5 2.4 4.0 11.8 0.3 20.7 - - 0.2 0.5 1.8 - Total 155.3$ 21.6$ 155.0$ 28.2$ 96.8$ 43.4$ 692.5$ 12.4$ 109.1$ 120.4$ 1.4$ 302.1$ 4.4$ 2.4$ 377.5$ 1.1$ 1.8$ 5.4$

Investment in Real Estate ($MM)1

Home Price Appreciation


1. HPI data is from FHFA’s quarterly non-seasonally adjusted all transactions index. Fort Myers, FL market comprises of Cape Coral-Fort Myers and North Port-Sarasota-Bradenton. Tampa, FL market comprises of Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven MSAs. Palm Bay, FL market comprises of Palm Bay-Melbourne-Titusville & Port St. Lucie MSAs. Greensboro, NC market comprises of Winston-Salem and Greensboro-High Point MSAs. Orlando, FL market comprises of Orlando-Kissimmee-Sanford and Deltona-Daytona Beach-Ormond Beach MSAs.

17

Market1 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

HPI Index

ChangeAtlanta, GA 100.0 103.2 105.0 106.4 107.3 110.9 113.0 114.2 115.8 120.1 122.3 123.9 127.6 131.1 135.2 135.2 137.2 37.2%Memphis, TN 100.0 101.0 102.5 103.0 103.4 105.0 106.5 108.1 108.2 111.7 114.0 113.2 114.7 119.1 120.7 121.2 123.2 23.2%Dallas-Fort Worth, TX 100.0 103.4 106.5 107.7 110.3 114.3 116.8 119.0 122.0 127.3 130.0 131.3 133.7 137.4 139.8 140.2 140.5 40.5%Houston, TX 100.0 103.1 104.6 105.0 105.4 107.4 108.8 109.8 110.6 113.4 113.9 115.7 116.9 120.4 121.9 121.6 123.9 23.9%Miami, FL 100.0 102.9 106.3 108.3 111.0 113.2 115.8 118.1 120.6 122.9 124.9 128.0 130.5 132.9 137.0 138.4 140.1 40.1%Birmingham, AL 100.0 101.1 101.9 102.6 103.2 105.0 107.3 107.0 107.8 110.1 112.2 112.1 113.2 117.3 119.1 119.7 122.4 22.4%Indianapolis, IN 100.0 101.9 102.3 102.8 103.6 105.3 107.3 107.8 108.3 112.0 113.5 115.4 116.7 122.6 123.3 125.0 126.1 26.1%Charlotte, NC 100.0 101.4 102.9 104.2 106.4 108.1 110.8 112.3 114.1 118.3 120.9 121.3 123.5 129.9 130.5 132.6 134.8 34.8%Minneapolis, MN 100.0 102.1 104.3 104.6 105.1 107.9 109.5 110.2 111.9 116.2 117.7 118.0 120.3 124.6 126.5 125.4 127.2 27.2%Nashville, TN 100.0 102.8 105.2 106.4 109.2 112.8 114.9 117.3 120.8 123.9 126.5 129.2 131.8 136.3 139.2 140.9 143.1 43.1%Fort Myers, FL 100.0 103.4 106.1 109.7 111.4 114.6 117.1 118.9 122.7 124.0 125.7 128.5 129.4 131.4 133.8 134.5 134.4 34.4%St. Louis, MO 100.0 100.8 101.7 102.9 103.8 104.8 106.8 106.9 108.3 109.9 111.4 112.2 113.8 115.2 117.3 117.6 118.0 18.0%Tampa, FL 100.0 103.3 104.7 107.7 107.8 112.8 115.5 116.7 120.4 123.2 128.4 130.8 131.8 136.8 140.7 141.3 144.5 44.5%Oklahoma City, OK 100.0 101.7 103.6 104.6 104.8 105.4 106.8 107.2 107.9 109.7 111.9 110.9 112.6 115.1 115.1 114.8 117.4 17.4%Columbus, OH 100.0 102.1 104.1 104.6 106.0 108.2 110.9 111.1 112.7 117.3 119.8 120.0 122.2 126.7 128.9 129.2 129.9 29.9%Palm Bay, FL 100.0 103.6 107.7 109.6 113.1 118.5 121.4 124.9 128.4 132.4 136.8 139.2 141.8 147.8 146.6 149.2 151.0 51.0%Greensboro, NC 100.0 100.3 101.3 100.7 99.8 103.4 106.4 103.7 103.6 106.8 108.6 110.6 110.0 114.2 115.6 119.2 119.7 19.7%Jacksonville, FL 100.0 103.0 104.4 104.8 107.5 111.7 113.9 115.8 117.6 120.4 123.1 126.8 127.2 132.5 135.8 136.0 138.2 38.2%San Antonio, TX 100.0 102.9 104.7 104.4 107.0 108.4 111.7 112.5 113.7 116.9 119.5 120.8 121.5 124.9 126.5 129.1 130.1 30.1%Orlando, FL 100.0 100.6 102.4 105.4 108.4 110.5 113.2 117.5 121.1 125.0 127.8 130.5 134.7 137.5 140.6 142.9 142.7 42.7%Top 20 markets 100.0 102.5 104.8 106.4 107.5 110.7 112.1 113.6 115.0 118.4 120.6 121.4 123.5 127.5 130.5 131.1 132.8 32.8%


Average Change in Renewal Rent: Average percentage change in rent on all non-month-to-month lease renewals during the quarter compared to previous annual contractual rent.

Average Change in Re-lease Rent: Average percentage change in rent for new leases starting in the quarter compared to previous annual contractual rent.

Average Monthly Rent per Leased Property: Total contractual monthly rent on all properties leased divided by the number of properties leased at quarter end.

Blended Average Change in Rent: Total weighted average percentage change in rent for both renewals and re-leases in the quarter.

Renewal Rate: Number of renewed leases in a given period divided by total leases expired, excluding early terminations and leases transitioning to month-to-month in the period.

Rental Portfolio: Properties that are leased, listed and ready to rent, under renovation or in turn status where that property is expected to become leased to qualified tenants.

Stabilized Rental: We define a property as stabilized once it has been renovated and then initially leased or available for rent for a period greater than 90 days. All other homes are considered non-stabilized. Homes are considered stabilized even after subsequent resident turnover. However, homes may be removed from the stabilized home portfolio and placed in the non-stabilized home portfolio due to renovation during the home lifecycle or because they are identified for sale.

Turnover Rate: Total number of properties vacated including move-outs and early terminations during the quarter as a percentage of the stabilized rental portfolio.




FFO and Core FFO: FFO is a supplemental performance measure of an equity real estate investment trust (“REIT”) used by industry analysts and investors in order to facilitate meaningful comparisons between periods and among peer companies. FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net income or loss excluding gains or losses from sales of property, impairment charges on real estate and depreciation and amortization on real estate assets adjusted for unconsolidated partnerships and jointly owned investments.

We believe that FFO is a meaningful supplemental measure of our overall operating performance because historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time, as reflected through depreciation. Because real estate values have historically risen or fallen with market conditions, management considers FFO an appropriate supplemental performance measure as it excludes historical cost depreciation, impairment charges and gains or losses related to sales of previously depreciated homes from GAAP net income. By excluding depreciation, impairment and gains or losses on sales of real estate, FFO provides a measure of our returns on our investments in real estate assets. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the homes that result from use or market conditions nor the level of capital expenditures to maintain the operating performance of the homes, all of which have real economic effect and could materially affect our results from operations, the utility of FFO as a measure of our performance is limited.

Our Core FFO begins with FFO and is adjusted for share-based compensation; acquisition and integration costs; non-cash interest expense related to deferred debt issuance costs, amortization of loan discounts and mark-to-market adjustments on interest rate derivatives and other non-comparable items, as applicable. We believe that Core FFO, when used in conjunction with the results of operations under GAAP, is a meaningful supplemental measure of our operating performance for the same reasons as FFO and is further helpful as itprovides a consistent measurement of our performance across reporting periods by removing the impact of certain items that are not comparable from period to period. Because Core FFO, similar to FFO, captures neither the changes in the value of the homes nor the level of capital expenditures to maintain them, the utility of Core FFO as a measure of our performance is limited.

Although management believes that FFO and Core FFO increase our comparability with other companies, these measures may not becomparable to the FFO or Core FFO of other companies because other companies may adopt a definition of FFO other than the NAREITdefinition, may apply a different method of determining Core FFO or may utilize metrics other than or in addition to Core FFO.



NOI, NOI Margin, Stabilized Rental NOI, Stabilized Rental NOI Margin and Stabilized Rental Core NOI Margin: NOI is a non-GAAP supplemental measure that we define as rental revenues less residential property operating expenses. We define NOI Margin as NOIdivided by rental revenues. Stabilized Rental NOI and Stabilized Rental NOI Margin are calculated using only the stabilized rental properties in our rental portfolio. Stabilized Rental NOI is a non-GAAP supplemental measure that we define as rental revenues less residential property operating expenses of the stabilized rental properties in our rental portfolio. We define Stabilized Rental NOI Margin as Stabilized Rental NOI divided by rental revenues. We define Stabilized Rental Core NOI Margin as Stabilized Rental NOIdivided by core rental revenues from Stabilized Rentals, which are rental revenues less tenant charge-back revenues attributable to our Stabilized Rentals.

We consider NOI, NOI Margin, Stabilized Rental NOI, and Stabilized Rental NOI Margin to be meaningful supplemental measures of operating performance because they reflect the operating performance of our stabilized properties without allocation of corporate level overhead or general and administrative costs, acquisition fees and other similar costs and provide insight to the ongoing operations of our business. In addition, Stabilized Rental Core NOI Margin removes the impact of tenant charge-backs that are included in both revenues and expenses and therefore have a no impact to our net results of operations. These measures should beused only as supplements to and not substitutes for net income or loss or net cash flows from operating activities as determined in accordance with GAAP. These net operating income measures should not be used as indicators of funds available to fund cash needs, including distributions and dividends. Although we may use these non-GAAP measures to compare our performance to other REITs, not all REITs may calculate these non-GAAP measures in the same way, and there is no assurance that our calculation is comparable with that of other REITs. While management believes that our calculations are reasonable, there is no standard calculation methodology for Stabilized Rental NOI, Stabilized Rental NOI Margin or Stabilized Rental Core NOI Margin, and different methodologies could produce materially different results.

The following table provides a reconciliation of net loss as determined in accordance with U.S. GAAP to Stabilized Rental NOI, Stabilized Rental NOI Margin and Stabilized Rental Core NOI Margin.



Reconciliation of GAAP Net Loss to Stabilized Rental NOI, Stabilized Rental NOI Margin and Stabilized Rental Core NOI Margin


Three Months Ended Six Months EndedJun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Jun 30, 2019 Jun 30, 2018

GAAP net loss (25,017)$ (18,508)$ (34,216)$ (47,933)$ (21,336)$ (43,525)$ (48,686)$

Adjustments:Rental revenues from non-stabilized properties 22 (657) (2,454) (1,622) - (635) - Net (gain) loss on real estate and mortgage loans (3,842) (8,777) (618) (1,177) 306 (12,619) 1,940 Operating expenses on non-stabilized properties 1,210 2,205 2,631 2,821 2,684 3,415 5,656 Depreciation and amortization 19,936 22,385 21,910 21,100 18,761 42,321 37,951 Acquisition and integration costs 651 2,211 7,595 25,220 759 2,862 792 Impairment 1,576 1,020 1,740 1,276 2,143 2,596 9,718 Mortgage loan servicing costs 194 387 368 479 319 581 674 Interest expense 21,165 21,510 24,492 20,142 16,338 42,675 32,401 Share-based compensation 1,811 1,119 1,144 1,200 1,094 2,930 680 General and administrative 7,992 5,766 5,184 3,483 2,477 13,758 5,150 Management fees to AAMC 3,556 3,575 3,608 3,648 3,697 7,131 7,487 Income tax expense 6 8 40 6 - 14 - Other (income) expense 1,019 (183) 264 200 (849) 836 (1,425) Stabilized Rental NOI 30,279$ 32,061$ 31,688$ 28,843$ 26,393$ 62,340$ 52,338$

Rental revenues 51,553$ 52,625$ 54,029$ 48,313$ 40,906$ 104,178$ 80,671$ Less: Rental revenues from non-stabilized properties 22 (657) (2,454) (1,622) - (635) -

Rental revenues from Stabilized Rentals 51,575 51,968 51,575 46,691 40,906 103,543 80,671 Less: Tenant charge-back revenue from Stabilized Rentals (876) (844) (896) (788) (650) (1,720) (1,212)

Core rental revenues from Stabilized Rentals 50,699$ 51,124$ 50,679$ 45,903$ 40,256$ 101,823$ 79,459$ Stabilized Rental NOI Margin 58.7% 61.7% 61.4% 61.8% 64.5% 60.2% 64.9%Stabilized Rental Core NOI Margin 59.7% 62.7% 62.5% 62.8% 65.6% 61.2% 65.9%

Thank you.


Supplemental Investor Information

Documents

Transcript of Supplemental Investor Information