Maryland | 001-36013 | 46-1229660 | ||
(State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
Incorporation) |
30601 Agoura Road, Suite 200 Agoura Hills, California | 91301 | |
(Address of Principal Executive Offices) | (Zip Code) |
(d) | Exhibits |
AMERICAN HOMES 4 RENT | |
By: | /s/ Stephanie Heim |
Stephanie Heim | |
Senior Vice President - Counsel |
Date: August 4, 2016 |
• | Total revenues increased 43.8% to $221.0 million for the second quarter of 2016 from $153.6 million for the second quarter of 2015. |
• | Net loss attributable to common shareholders was $10.4 million, or $0.04 per basic and diluted share, for the second quarter of 2016, compared to a net loss attributable to common shareholders of $17.7 million, or $0.08 per basic and diluted share, for the second quarter of 2015. |
• | Core Funds from Operations attributable to common share and unit holders for the second quarter of 2016 was $73.5 million, or $0.25 per FFO share and unit, compared to $45.3 million, or $0.17 per FFO share and unit, for the same period in 2015, which represents a 46.8% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the second quarter of 2016 was $62.6 million, or $0.21 per FFO share and unit, compared to $32.1 million, or $0.12 per FFO share and unit, for the same period in 2015, which represents a 76.5% increase on a per share and unit basis. |
• | Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 62.2% for the second quarter of 2016, compared to 60.0% for the same period in 2015. |
• | Core NOI after capital expenditures from Same-Home properties increased 14.8% and 12.4% year over year for the three and six months ended June 30, 2016, respectively. |
• | Maintained solid leasing performance with total and Same-Home portfolio leasing percentages of 96.3% and 97.0%, respectively, as of June 30, 2016. |
• | Achieved strong rental rate growth with 7.5% and 4.1% rental rate increases on new and renewal leases, respectively, during the quarter ended June 30, 2016. |
• | Issuances of 6.5% Series D and 6.35% Series E perpetual preferred shares, which totaled 10,750,000 and 9,200,000 shares, respectively, raising aggregate gross proceeds of $498.8 million, before offering costs of $16.0 million. |
June 30, 2016 | December 31, 2015 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,475,312 | $ | 1,229,017 | |||
Buildings and improvements | 6,450,233 | 5,469,533 | |||||
Single-family properties held for sale | 131,762 | 7,432 | |||||
8,057,307 | 6,705,982 | ||||||
Less: accumulated depreciation | (535,648 | ) | (416,044 | ) | |||
Single-family properties, net | 7,521,659 | 6,289,938 | |||||
Cash and cash equivalents | 270,369 | 57,686 | |||||
Restricted cash | 133,996 | 111,282 | |||||
Rent and other receivables, net | 19,280 | 13,936 | |||||
Escrow deposits, prepaid expenses and other assets | 144,376 | 121,627 | |||||
Deferred costs and other intangibles, net | 16,399 | 10,429 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,655 | 120,655 | |||||
Total assets | $ | 8,252,400 | $ | 6,751,219 | |||
Liabilities | |||||||
Credit facility | $ | 142,000 | $ | — | |||
Asset-backed securitizations, net | 2,795,777 | 2,473,643 | |||||
Exchangeable senior notes, net | 106,434 | — | |||||
Secured note payable | 50,295 | 50,752 | |||||
Accounts payable and accrued expenses | 215,307 | 154,751 | |||||
Amounts payable to affiliates | — | 4,093 | |||||
Contingently convertible Series E units liability | — | 69,957 | |||||
Preferred shares derivative liability | 63,240 | 62,790 | |||||
Total liabilities | 3,373,053 | 2,815,986 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders’ equity: | |||||||
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 237,730,284 and 207,235,510 shares issued and outstanding at June 30, 2016, and December 31, 2015, respectively | 2,377 | 2,072 | |||||
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2016, and December 31, 2015 | 6 | 6 | |||||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 37,010,000 and 17,060,000 shares issued and outstanding at June 30, 2016, and December 31, 2015 | 370 | 171 | |||||
Additional paid-in capital | 4,462,743 | 3,554,063 | |||||
Accumulated deficit | (335,684 | ) | (296,865 | ) | |||
Accumulated other comprehensive loss | — | (102 | ) | ||||
Total shareholders’ equity | 4,129,812 | 3,259,345 | |||||
Noncontrolling interest | 749,535 | 675,888 | |||||
Total equity | 4,879,347 | 3,935,233 | |||||
Total liabilities and equity | $ | 8,252,400 | $ | 6,751,219 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 193,491 | $ | 137,818 | $ | 361,486 | $ | 258,498 | |||||||
Fees from single-family properties | 2,724 | 2,204 | 4,921 | 3,535 | |||||||||||
Tenant charge-backs | 20,253 | 11,962 | 41,269 | 20,334 | |||||||||||
Other | 4,504 | 1,644 | 8,489 | 3,009 | |||||||||||
Total revenues | 220,972 | 153,628 | 416,165 | 285,376 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 95,585 | 71,439 | 180,586 | 130,647 | |||||||||||
General and administrative expense | 7,346 | 6,276 | 15,403 | 12,407 | |||||||||||
Interest expense | 35,481 | 22,003 | 66,458 | 37,673 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | |||||||||||
Other | 2,087 | 840 | 3,340 | 1,534 | |||||||||||
Total expenses | 224,575 | 164,749 | 425,903 | 306,720 | |||||||||||
Gain on conversion of Series E units | — | — | 11,463 | — | |||||||||||
Remeasurement of Series E units | — | 2,143 | — | 3,981 | |||||||||||
Remeasurement of preferred shares | (150 | ) | 580 | (450 | ) | 700 | |||||||||
Net (loss) income | (3,753 | ) | (8,398 | ) | 1,275 | (16,663 | ) | ||||||||
Noncontrolling interest | (761 | ) | 3,730 | 3,075 | 7,686 | ||||||||||
Dividends on preferred shares | 7,412 | 5,569 | 12,981 | 11,138 | |||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Weighted-average shares outstanding—basic and diluted | 238,481,265 | 211,487,164 | 228,819,566 | 211,484,461 | |||||||||||
Net loss attributable to common shareholders per share—basic and diluted | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.17 | ) |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | (616 | ) | 3,861 | 3,296 | 7,730 | ||||||||||
Net loss on sale / impairment of single-family properties | 68 | — | 8 | — | |||||||||||
Depreciation and amortization of real estate assets | 78,216 | 56,866 | 146,378 | 108,070 | |||||||||||
FFO attributable to common share and unit holders | $ | 67,264 | $ | 43,030 | $ | 134,901 | $ | 80,313 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Noncash interest expense related to acquired debt | 1,649 | — | 2,225 | — | |||||||||||
Gain on conversion of Series E units | — | — | (11,463 | ) | — | ||||||||||
Remeasurement of Series E units | — | (2,143 | ) | — | (3,981 | ) | |||||||||
Remeasurement of preferred shares | 150 | (580 | ) | 450 | (700 | ) | |||||||||
Core FFO attributable to common share and unit holders | $ | 73,535 | $ | 45,277 | $ | 137,108 | $ | 87,206 | |||||||
Recurring capital expenditures | (8,755 | ) | (10,200 | ) | (14,772 | ) | (17,985 | ) | |||||||
Leasing costs | (2,151 | ) | (3,011 | ) | (4,080 | ) | (5,421 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 62,629 | $ | 32,066 | $ | 118,256 | $ | 63,800 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.16 | $ | 0.48 | $ | 0.30 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.17 | $ | 0.48 | $ | 0.33 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.21 | $ | 0.12 | $ | 0.42 | $ | 0.24 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 238,481,265 | 211,487,164 | 228,819,566 | 211,484,461 | |||||||||||
Class A units | 46,812,904 | 14,440,670 | 36,489,875 | 14,440,670 | |||||||||||
Series C units | — | 31,085,974 | 9,906,519 | 31,085,974 | |||||||||||
Series D units | 8,750,000 | 4,375,000 | 7,331,731 | 4,375,000 | |||||||||||
Series E units | — | 4,375,000 | 1,418,269 | 4,375,000 | |||||||||||
Total weighted-average FFO shares and units | 294,044,169 | 265,763,808 | 283,965,960 | 265,761,105 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Dividends on preferred shares | 7,412 | 5,569 | 12,981 | 11,138 | |||||||||||
Noncontrolling interest | (761 | ) | 3,730 | 3,075 | 7,686 | ||||||||||
Net (loss) income | (3,753 | ) | (8,398 | ) | 1,275 | (16,663 | ) | ||||||||
Remeasurement of preferred shares | 150 | (580 | ) | 450 | (700 | ) | |||||||||
Remeasurement of Series E units | — | (2,143 | ) | — | (3,981 | ) | |||||||||
Gain on conversion of Series E units | — | — | (11,463 | ) | — | ||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | |||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Interest expense | 35,481 | 22,003 | 66,458 | 37,673 | |||||||||||
General and administrative expense | 7,346 | 6,276 | 15,403 | 12,407 | |||||||||||
Property operating expenses for vacant single-family properties (1) | — | 3,616 | — | 8,894 | |||||||||||
Other expenses | 2,087 | 840 | 3,340 | 1,534 | |||||||||||
Other revenues | (4,504 | ) | (1,644 | ) | (8,489 | ) | (3,009 | ) | |||||||
Tenant charge-backs | 20,253 | 11,962 | 41,269 | 20,334 | |||||||||||
Expenses reimbursed by tenant charge-backs | (20,253 | ) | (11,962 | ) | (41,269 | ) | (20,334 | ) | |||||||
Bad debt expense excluded from operating expenses | 1,414 | 1,514 | 2,483 | 2,785 | |||||||||||
Bad debt expense included in revenues | (1,414 | ) | (1,514 | ) | (2,483 | ) | (2,785 | ) | |||||||
Core net operating income | 120,883 | 84,161 | 227,090 | 160,614 | |||||||||||
Less: Non-Same-Home core net operating income | 54,482 | 23,376 | 95,202 | 37,453 | |||||||||||
Same-Home core net operating income | 66,401 | 60,785 | 131,888 | 123,161 | |||||||||||
Same-Home capital expenditures | 4,837 | 7,161 | 8,165 | 13,111 | |||||||||||
Same-Home core net operating income after capital expenditures | $ | 61,564 | $ | 53,624 | $ | 123,723 | $ | 110,050 |
(1) | Beginning January 1, 2016, property operating expenses for vacant single-family properties has been included in property operating expenses in the condensed consolidated statements of operations. |
American Homes 4 Rent |
Summary | |
Earnings Press Release | |
Fact Sheet | |
Financial Information | |
Condensed Consolidated Statements of Operations | |
Funds from Operations | |
Core Net Operating Income—Total Portfolio | |
Same-Home Results—Quarterly and Year-to-Date Comparisons | |
Same-Home Results—Operating Metrics by Market | |
Condensed Consolidated Balance Sheets | |
Debt Summary and Maturity Schedule | |
Capital Structure | |
Property Information | |
Top 20 Markets Summary | |
Leasing Performance | |
Scheduled Lease Expirations | |
Top 20 Markets Home Price Appreciation Trends | |
Other Information | |
Disposition Summary | |
Share Repurchase History | |
Defined Terms and Non-GAAP Reconciliations |
American Homes 4 Rent |
• | Total revenues increased 43.8% to $221.0 million for the second quarter of 2016 from $153.6 million for the second quarter of 2015. |
• | Net loss attributable to common shareholders was $10.4 million, or $0.04 per basic and diluted share, for the second quarter of 2016, compared to a net loss attributable to common shareholders of $17.7 million, or $0.08 per basic and diluted share, for the second quarter of 2015. |
• | Core Funds from Operations attributable to common share and unit holders for the second quarter of 2016 was $73.5 million, or $0.25 per FFO share and unit, compared to $45.3 million, or $0.17 per FFO share and unit, for the same period in 2015, which represents a 46.8% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the second quarter of 2016 was $62.6 million, or $0.21 per FFO share and unit, compared to $32.1 million, or $0.12 per FFO share and unit, for the same period in 2015, which represents a 76.5% increase on a per share and unit basis. |
• | Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 62.2% for the second quarter of 2016, compared to 60.0% for the same period in 2015. |
• | Core NOI after capital expenditures from Same-Home properties increased 14.8% and 12.4% year over year for the three and six months ended June 30, 2016, respectively. |
• | Maintained solid leasing performance with total and Same-Home portfolio leasing percentages of 96.3% and 97.0%, respectively, as of June 30, 2016. |
• | Achieved strong rental rate growth with 7.5% and 4.1% rental rate increases on new and renewal leases, respectively, during the quarter ended June 30, 2016. |
• | Issuances of 6.5% Series D and 6.35% Series E perpetual preferred shares, which totaled 10,750,000 and 9,200,000 shares, respectively, raising aggregate gross proceeds of $498.8 million, before offering costs of $16.0 million. |
American Homes 4 Rent |
American Homes 4 Rent |
American Homes 4 Rent |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Operating Data | |||||||||||||||
Core revenues from single-family properties | $ | 194,801 | $ | 138,508 | $ | 363,924 | $ | 259,248 | |||||||
Core net operating income | $ | 120,883 | $ | 84,161 | $ | 227,090 | $ | 160,614 | |||||||
Core net operating income margin | 62.1 | % | 60.8 | % | 62.4 | % | 62.0 | % | |||||||
G&A expense as % of total revenues | 3.3 | % | 4.1 | % | 3.7 | % | 4.3 | % | |||||||
Annualized G&A expense as % of total assets | 0.36 | % | 0.38 | % | 0.37 | % | 0.37 | % | |||||||
Adjusted EBITDA | $ | 115,954 | $ | 75,073 | $ | 216,836 | $ | 140,788 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.16 | $ | 0.48 | $ | 0.30 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.17 | $ | 0.48 | $ | 0.33 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.21 | $ | 0.12 | $ | 0.42 | $ | 0.24 |
Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | |||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||
Single-family properties, net | $ | 7,521,659 | $ | 7,561,189 | $ | 6,289,938 | $ | 6,267,464 | $ | 6,162,148 | |||||||||
Total assets | $ | 8,252,400 | $ | 8,097,710 | $ | 6,751,219 | $ | 6,907,373 | $ | 6,638,037 | |||||||||
Outstanding borrowings under credit facility | $ | 142,000 | $ | 438,000 | $ | — | $ | — | $ | 177,000 | |||||||||
Total debt | $ | 3,166,858 | $ | 3,469,465 | $ | 2,580,962 | $ | 2,587,172 | $ | 2,291,863 | |||||||||
Total equity capitalization | $ | 6,978,527 | $ | 5,150,343 | $ | 4,824,925 | $ | 4,672,546 | $ | 4,707,338 | |||||||||
Total market capitalization | $ | 10,145,385 | $ | 8,619,808 | $ | 7,405,887 | $ | 7,259,718 | $ | 6,999,201 | |||||||||
Total debt to total market capitalization | 31.2 | % | 40.2 | % | 34.9 | % | 35.6 | % | 32.7 | % | |||||||||
NYSE AMH Class A common share closing price | $ | 20.48 | $ | 15.90 | $ | 16.66 | $ | 16.08 | $ | 16.04 |
Portfolio Data - end of period | ||||||||||||||
Occupied single-family properties | 44,021 | 43,907 | 35,958 | 35,232 | 34,293 | |||||||||
Executed leases for future occupancy | 708 | 548 | 445 | 385 | 610 | |||||||||
Total leased single-family properties | 44,729 | 44,455 | 36,403 | 35,617 | 34,903 | |||||||||
Single-family properties in acquisition process | 65 | 109 | 151 | 149 | 184 | |||||||||
Single-family properties being renovated | 118 | 211 | 325 | 661 | 502 | |||||||||
Single-family properties being prepared for re-lease | 177 | 136 | 178 | 283 | 355 | |||||||||
Vacant single-family properties available for re-lease | 1,333 | 1,242 | 1,432 | 1,389 | 1,116 | |||||||||
Vacant single-family properties available for initial lease | 34 | 221 | 246 | 232 | 387 | |||||||||
Total single-family properties, excluding held for sale | 46,456 | 46,374 | 38,735 | 38,331 | 37,447 | |||||||||
Single-family properties held for sale | 1,582 | 1,581 | 45 | 46 | 44 | |||||||||
Total single-family properties | 48,038 | 47,955 | 38,780 | 38,377 | 37,491 | |||||||||
Total leased percentage (1) | 96.3 | % | 95.9 | % | 94.0 | % | 92.9 | % | 93.2 | % | ||||
Total occupancy percentage (1) | 94.8 | % | 94.7 | % | 92.8 | % | 91.9 | % | 91.6 | % | ||||
Same-Home leased percentage (25,288 properties) | 97.0 | % | 96.9 | % | 95.3 | % | 94.8 | % | 95.6 | % | ||||
Same-Home occupancy percentage (25,288 properties) | 95.5 | % | 95.8 | % | 94.3 | % | 93.8 | % | 94.3 | % |
Other Data | |||||||||||||||||||
Distributions declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
Distributions declared per Series A participating preferred share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
Distributions declared per Series B participating preferred share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
Distributions declared per Series C participating preferred share | $ | 0.34 | $ | 0.34 | $ | 0.34 | $ | 0.34 | $ | 0.34 | |||||||||
Distributions declared per Series D perpetual preferred share (2) | $ | 0.17 | $ | — | $ | — | $ | — | $ | — | |||||||||
Distributions declared per Series E perpetual preferred share (2) | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | Beginning January 1, 2016, leased and occupancy percentages are calculated based on single-family properties, excluding held for sale. Prior period percentages have been restated to conform to the current presentation. |
(2) | Series D perpetual preferred shares offering close date and initial dividend start date is May 24, 2016. Series E perpetual preferred shares offering close date and initial dividend start date is June 29, 2016. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 7 |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 193,491 | $ | 137,818 | $ | 361,486 | $ | 258,498 | |||||||
Fees from single-family properties | 2,724 | 2,204 | 4,921 | 3,535 | |||||||||||
Tenant charge-backs | 20,253 | 11,962 | 41,269 | 20,334 | |||||||||||
Other | 4,504 | 1,644 | 8,489 | 3,009 | |||||||||||
Total revenues | 220,972 | 153,628 | 416,165 | 285,376 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 95,585 | 71,439 | 180,586 | 130,647 | |||||||||||
General and administrative expense | 7,346 | 6,276 | 15,403 | 12,407 | |||||||||||
Interest expense | 35,481 | 22,003 | 66,458 | 37,673 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | |||||||||||
Other | 2,087 | 840 | 3,340 | 1,534 | |||||||||||
Total expenses | 224,575 | 164,749 | 425,903 | 306,720 | |||||||||||
Gain on conversion of Series E units | — | — | 11,463 | — | |||||||||||
Remeasurement of Series E units | — | 2,143 | — | 3,981 | |||||||||||
Remeasurement of preferred shares | (150 | ) | 580 | (450 | ) | 700 | |||||||||
Net (loss) income | (3,753 | ) | (8,398 | ) | 1,275 | (16,663 | ) | ||||||||
Noncontrolling interest | (761 | ) | 3,730 | 3,075 | 7,686 | ||||||||||
Dividends on preferred shares | 7,412 | 5,569 | 12,981 | 11,138 | |||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Weighted-average shares outstanding–basic and diluted | 238,481,265 | 211,487,164 | 228,819,566 | 211,484,461 | |||||||||||
Net loss attributable to common shareholders per share–basic and diluted | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.06 | ) | $ | (0.17 | ) |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 8 |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | (616 | ) | 3,861 | 3,296 | 7,730 | ||||||||||
Net loss on sale / impairment of single-family properties | 68 | — | 8 | — | |||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | |||||||||||
Less: depreciation and amortization of non-real estate assets | (1,388 | ) | (2,073 | ) | (2,743 | ) | (4,227 | ) | |||||||
Less: outside interest in depreciation of partially owned properties | — | (282 | ) | — | (588 | ) | |||||||||
FFO attributable to common share and unit holders | $ | 67,264 | $ | 43,030 | $ | 134,901 | $ | 80,313 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Noncash interest expense related to acquired debt | 1,649 | — | 2,225 | — | |||||||||||
Gain on conversion of Series E units | — | — | (11,463 | ) | — | ||||||||||
Remeasurement of Series E units | — | (2,143 | ) | — | (3,981 | ) | |||||||||
Remeasurement of preferred shares | 150 | (580 | ) | 450 | (700 | ) | |||||||||
Core FFO attributable to common share and unit holders | $ | 73,535 | $ | 45,277 | $ | 137,108 | $ | 87,206 | |||||||
Recurring capital expenditures | (8,755 | ) | (10,200 | ) | (14,772 | ) | (17,985 | ) | |||||||
Leasing costs | (2,151 | ) | (3,011 | ) | (4,080 | ) | (5,421 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 62,629 | $ | 32,066 | $ | 118,256 | $ | 63,800 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.16 | $ | 0.48 | $ | 0.30 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.17 | $ | 0.48 | $ | 0.33 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.21 | $ | 0.12 | $ | 0.42 | $ | 0.24 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 238,481,265 | 211,487,164 | 228,819,566 | 211,484,461 | |||||||||||
Class A units | 46,812,904 | 14,440,670 | 36,489,875 | 14,440,670 | |||||||||||
Series C units | — | 31,085,974 | 9,906,519 | 31,085,974 | |||||||||||
Series D units | 8,750,000 | 4,375,000 | 7,331,731 | 4,375,000 | |||||||||||
Series E units | — | 4,375,000 | 1,418,269 | 4,375,000 | |||||||||||
Total weighted-average FFO shares and units | 294,044,169 | 265,763,808 | 283,965,960 | 265,761,105 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 9 |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Rents from single-family properties | $ | 193,491 | $ | 137,818 | $ | 361,486 | $ | 258,498 | |||||||
Fees from single-family properties | 2,724 | 2,204 | 4,921 | 3,535 | |||||||||||
Bad debt expense | (1,414 | ) | (1,514 | ) | (2,483 | ) | (2,785 | ) | |||||||
Core revenues from single-family properties | 194,801 | 138,508 | 363,924 | 259,248 | |||||||||||
Property operating expenses (1) | 95,585 | 67,823 | 180,586 | 121,753 | |||||||||||
Expenses reimbursed by tenant charge-backs | (20,253 | ) | (11,962 | ) | (41,269 | ) | (20,334 | ) | |||||||
Bad debt expense | (1,414 | ) | (1,514 | ) | (2,483 | ) | (2,785 | ) | |||||||
Core property operating expenses | 73,918 | 54,347 | 136,834 | 98,634 | |||||||||||
Core net operating income | $ | 120,883 | $ | 84,161 | $ | 227,090 | $ | 160,614 | |||||||
Core net operating income margin | 62.1 | % | 60.8 | % | 62.4 | % | 62.0 | % |
(1) | Property operating expenses for the three and six months ended June 30, 2015, reflect amounts previously presented as leased property operating expenses, which have been combined into property operating expenses to conform to the current presentation. |
For the Three Months Ended Jun 30, 2016 | |||||||||||||||||||
Same-Home Properties | Stabilized, Non-Same-Home Properties | Former ARPI Properties | Other & Held for Sale Properties (1) | Total Single-Family Properties | |||||||||||||||
Property count | 25,288 | 10,580 | 7,582 | 4,588 | 48,038 | ||||||||||||||
Rents from single-family properties | $ | 106,057 | $ | 43,466 | $ | 29,241 | $ | 14,727 | $ | 193,491 | |||||||||
Fees from single-family properties | 1,356 | 669 | 389 | 310 | 2,724 | ||||||||||||||
Bad debt expense | (713 | ) | (397 | ) | (172 | ) | (132 | ) | (1,414 | ) | |||||||||
Core revenues from single-family properties | 106,700 | 43,738 | 29,458 | 14,905 | 194,801 | ||||||||||||||
Property operating expenses | 52,736 | 22,541 | 12,790 | 7,518 | 95,585 | ||||||||||||||
Expenses reimbursed by tenant charge-backs | (11,724 | ) | (6,304 | ) | (876 | ) | (1,349 | ) | (20,253 | ) | |||||||||
Bad debt expense | (713 | ) | (397 | ) | (172 | ) | (132 | ) | (1,414 | ) | |||||||||
Core property operating expenses | 40,299 | 15,840 | 11,742 | 6,037 | 73,918 | ||||||||||||||
Core net operating income | $ | 66,401 | $ | 27,898 | $ | 17,716 | $ | 8,868 | $ | 120,883 | |||||||||
Core net operating income margin | 62.2 | % | 63.8 | % | 60.1 | % | 59.5 | % | 62.1 | % |
(1) | Includes 2,386 properties acquired through bulk purchases, 620 non-stabilized properties and 1,582 properties classified as held for sale. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 10 |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | |||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
Number of Same-Home properties | 25,288 | 25,288 | 25,288 | 25,288 | ||||||||||||||||||
Leased percentage as of period end | 97.0 | % | 95.6 | % | 1.4 | % | 97.0 | % | 95.6 | % | 1.4 | % | ||||||||||
Occupancy percentage as of period end | 95.5 | % | 94.3 | % | 1.2 | % | 95.5 | % | 94.3 | % | 1.2 | % | ||||||||||
Average occupancy percentage | 95.7 | % | 94.4 | % | 1.3 | % | 94.9 | % | 93.7 | % | 1.2 | % | ||||||||||
Economic occupancy percentage | 94.9 | % | 93.1 | % | 1.8 | % | 94.2 | % | 91.9 | % | 2.3 | % | ||||||||||
Average contractual monthly rent as of end of period | $ | 1,482 | $ | 1,433 | 3.4 | % | $ | 1,482 | $ | 1,433 | 3.4 | % | ||||||||||
Retention rate | 69.5 | % | 68.6 | % | 0.9 | % | 68.8 | % | 69.2 | % | (0.4 | )% | ||||||||||
Turnover rate | 11.9 | % | 12.3 | % | (0.4 | )% | N/A | N/A | N/A | |||||||||||||
Turnover rate - TTM | 40.4 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||
Core Net Operating Income from Same-Home Properties: | ||||||||||||||||||||||
Rents from single-family properties | $ | 106,057 | $ | 100,930 | 5.1 | % | $ | 210,543 | $ | 199,837 | 5.4 | % | ||||||||||
Fees from single-family properties | 1,356 | 1,385 | (2.1 | )% | 2,663 | 2,218 | 20.1 | % | ||||||||||||||
Bad debt | (713 | ) | (1,085 | ) | (34.3 | )% | (1,334 | ) | (2,189 | ) | (39.1 | )% | ||||||||||
Core revenues from Same-Home properties | 106,700 | 101,230 | 5.4 | % | 211,872 | 199,866 | 6.0 | % | ||||||||||||||
Property tax | 20,095 | 18,211 | 10.3 | % | 39,324 | 35,582 | 10.5 | % | ||||||||||||||
HOA fees, net of tenant charge-backs | 2,001 | 2,069 | (3.3 | )% | 4,047 | 4,186 | (3.3 | )% | ||||||||||||||
R&M and turnover costs, net of tenant charge-backs | 7,539 | 10,095 | (25.3 | )% | 14,966 | 16,851 | (11.2 | )% | ||||||||||||||
In-house maintenance | 726 | — | — | % | 1,224 | — | — | % | ||||||||||||||
Insurance | 1,134 | 1,174 | (3.4 | )% | 2,352 | 2,684 | (12.4 | )% | ||||||||||||||
Property management | 8,804 | 8,896 | (1.0 | )% | 18,071 | 17,402 | 3.8 | % | ||||||||||||||
Core property operating expenses from Same-Home properties | 40,299 | 40,445 | (0.4 | )% | 79,984 | 76,705 | 4.3 | % | ||||||||||||||
Core net operating income | $ | 66,401 | $ | 60,785 | 9.2 | % | $ | 131,888 | $ | 123,161 | 7.1 | % | ||||||||||
Core net operating income margin | 62.2 | % | 60.0 | % | 62.2 | % | 61.6 | % | ||||||||||||||
Capital expenditures | 4,837 | 7,161 | (32.5 | )% | 8,165 | 13,111 | (37.7 | )% | ||||||||||||||
Core net operating income after capital expenditures | $ | 61,564 | $ | 53,624 | 14.8 | % | $ | 123,723 | $ | 110,050 | 12.4 | % | ||||||||||
Per property: | ||||||||||||||||||||||
Average capital expenditures | $ | 191 | $ | 283 | (32.5 | )% | $ | 323 | $ | 518 | (37.6 | )% | ||||||||||
Average R&M and turnover costs, net of tenant charge-backs, in-house maintenance and capital expenditures | $ | 518 | $ | 682 | (24.0 | )% | $ | 963 | $ | 1,185 | (18.7 | )% |
For the Three Months Ended | ||||||||||||||||||||
Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | ||||||||||||||||
Core Net Operating Income from Same-Home Properties: | ||||||||||||||||||||
Rents from single-family properties | $ | 106,057 | $ | 104,486 | $ | 101,952 | $ | 101,790 | $ | 100,930 | ||||||||||
Fees from single-family properties | 1,356 | 1,308 | 1,262 | 1,433 | 1,385 | |||||||||||||||
Bad debt | (713 | ) | (621 | ) | (561 | ) | (1,584 | ) | (1,085 | ) | ||||||||||
Core revenues from Same-Home properties | 106,700 | 105,173 | 102,653 | 101,639 | 101,230 | |||||||||||||||
Property tax | 20,095 | 19,228 | 18,596 | 18,388 | 18,211 | |||||||||||||||
HOA fees, net of tenant charge-backs | 2,001 | 2,047 | 2,120 | 2,060 | 2,069 | |||||||||||||||
R&M and turnover costs, net of tenant charge-backs | 7,539 | 7,427 | 8,660 | 11,883 | 10,095 | |||||||||||||||
In-house maintenance | 726 | 498 | — | — | — | |||||||||||||||
Insurance | 1,134 | 1,218 | 1,358 | 1,310 | 1,174 | |||||||||||||||
Property management | 8,804 | 9,267 | 9,006 | 9,079 | 8,896 | |||||||||||||||
Core property operating expenses from Same-Home properties | 40,299 | 39,685 | 39,740 | 42,720 | 40,445 | |||||||||||||||
Core net operating income | $ | 66,401 | $ | 65,488 | $ | 62,913 | $ | 58,919 | $ | 60,785 | ||||||||||
Core net operating income margin | 62.2 | % | 62.3 | % | 61.3 | % | 58.0 | % | 60.0 | % | ||||||||||
Capital expenditures | 4,837 | 3,328 | 3,867 | 5,800 | 7,161 | |||||||||||||||
Core net operating income after capital expenditures | $ | 61,564 | $ | 62,160 | $ | 59,046 | $ | 53,119 | $ | 53,624 | ||||||||||
Per property: | ||||||||||||||||||||
Average capital expenditures | $ | 191 | $ | 132 | $ | 153 | $ | 241 | $ | 283 | ||||||||||
Average R&M and turnover costs, net of tenant charge-backs, in-house maintenance and capital expenditures | $ | 518 | $ | 445 | $ | 495 | $ | 699 | $ | 682 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 11 |
American Homes 4 Rent |
Average Contractual Monthly Rent (1) | ||||||||||||||||||||
Market | Number of Properties | Gross Book Value per Property | % of 2Q16 NOI | Jun 30, 2016 | Jun 30, 2015 | % Change | ||||||||||||||
Dallas-Fort Worth, TX | 2,351 | $ | 162,011 | 8.3 | % | $ | 1,599 | $ | 1,537 | 4.1 | % | |||||||||
Indianapolis, IN | 2,207 | 151,619 | 7.3 | % | 1,312 | 1,290 | 1.7 | % | ||||||||||||
Atlanta, GA | 1,539 | 170,306 | 6.2 | % | 1,444 | 1,375 | 5.0 | % | ||||||||||||
Greater Chicago area, IL and IN | 1,498 | 175,784 | 5.4 | % | 1,705 | 1,668 | 2.2 | % | ||||||||||||
Cincinnati, OH | 1,444 | 175,069 | 6.1 | % | 1,478 | 1,440 | 2.6 | % | ||||||||||||
Houston, TX | 1,335 | 178,842 | 4.6 | % | 1,658 | 1,621 | 2.3 | % | ||||||||||||
Charlotte, NC | 1,306 | 172,619 | 5.8 | % | 1,438 | 1,381 | 4.1 | % | ||||||||||||
Nashville, TN | 1,105 | 207,290 | 5.9 | % | 1,626 | 1,576 | 3.2 | % | ||||||||||||
Jacksonville, FL | 1,067 | 151,597 | 3.6 | % | 1,374 | 1,320 | 4.1 | % | ||||||||||||
Raleigh, NC | 967 | 181,256 | 4.2 | % | 1,420 | 1,370 | 3.7 | % | ||||||||||||
Phoenix, AZ | 941 | 156,470 | 3.4 | % | 1,208 | 1,155 | 4.5 | % | ||||||||||||
Columbus, OH | 914 | 152,776 | 3.9 | % | 1,460 | 1,405 | 4.0 | % | ||||||||||||
Tampa, FL | 866 | 197,472 | 3.3 | % | 1,625 | 1,559 | 4.3 | % | ||||||||||||
Salt Lake City, UT | 744 | 220,058 | 3.9 | % | 1,525 | 1,483 | 2.8 | % | ||||||||||||
Las Vegas, NV | 664 | 174,405 | 2.8 | % | 1,396 | 1,344 | 3.9 | % | ||||||||||||
Orlando, FL | 656 | 169,418 | 2.4 | % | 1,493 | 1,427 | 4.6 | % | ||||||||||||
Austin, TX | 439 | 150,390 | 1.3 | % | 1,432 | 1,377 | 4.0 | % | ||||||||||||
Greensboro, NC | 412 | 171,153 | 1.6 | % | 1,369 | 1,325 | 3.3 | % | ||||||||||||
San Antonio, TX | 404 | 153,091 | 1.3 | % | 1,439 | 1,383 | 4.0 | % | ||||||||||||
Charleston, SC | 402 | 180,333 | 1.8 | % | 1,549 | 1,492 | 3.9 | % | ||||||||||||
All Other (2) | 4,027 | 180,115 | 16.9 | % | 1,456 | 1,409 | 3.3 | % | ||||||||||||
Total / Average | 25,288 | $ | 172,761 | 100.0 | % | $ | 1,482 | $ | 1,433 | 3.4 | % |
Average Occupancy Percentage | Average Occupancy Percentage | |||||||||||||||||
Market | 2Q16 QTD | 2Q15 QTD | Change | 2Q16 YTD | 2Q15 YTD | Change | ||||||||||||
Dallas-Fort Worth, TX | 96.4 | % | 96.6 | % | (0.2 | )% | 96.0 | % | 95.7 | % | 0.3 | % | ||||||
Indianapolis, IN | 94.9 | % | 91.0 | % | 3.9 | % | 94.0 | % | 89.8 | % | 4.2 | % | ||||||
Atlanta, GA | 96.6 | % | 95.7 | % | 0.9 | % | 95.9 | % | 95.4 | % | 0.5 | % | ||||||
Greater Chicago area, IL and IN | 96.3 | % | 93.8 | % | 2.5 | % | 94.4 | % | 92.7 | % | 1.7 | % | ||||||
Cincinnati, OH | 95.4 | % | 93.6 | % | 1.8 | % | 93.7 | % | 93.1 | % | 0.6 | % | ||||||
Houston, TX | 93.6 | % | 93.4 | % | 0.2 | % | 93.1 | % | 93.9 | % | (0.8 | )% | ||||||
Charlotte, NC | 96.3 | % | 96.5 | % | (0.2 | )% | 96.2 | % | 95.6 | % | 0.6 | % | ||||||
Nashville, TN | 96.2 | % | 94.4 | % | 1.8 | % | 96.1 | % | 93.6 | % | 2.5 | % | ||||||
Jacksonville, FL | 95.1 | % | 93.9 | % | 1.2 | % | 94.6 | % | 92.8 | % | 1.8 | % | ||||||
Raleigh, NC | 96.0 | % | 94.2 | % | 1.8 | % | 95.6 | % | 94.7 | % | 0.9 | % | ||||||
Phoenix, AZ | 97.7 | % | 96.5 | % | 1.2 | % | 96.2 | % | 94.5 | % | 1.7 | % | ||||||
Columbus, OH | 96.6 | % | 95.0 | % | 1.6 | % | 95.3 | % | 94.7 | % | 0.6 | % | ||||||
Tampa, FL | 95.4 | % | 96.4 | % | (1.0 | )% | 94.9 | % | 96.2 | % | (1.3 | )% | ||||||
Salt Lake City, UT | 96.3 | % | 93.7 | % | 2.6 | % | 95.8 | % | 91.6 | % | 4.2 | % | ||||||
Las Vegas, NV | 97.6 | % | 97.0 | % | 0.6 | % | 96.3 | % | 95.2 | % | 1.1 | % | ||||||
Orlando, FL | 96.3 | % | 95.4 | % | 0.9 | % | 96.1 | % | 95.6 | % | 0.5 | % | ||||||
Austin, TX | 94.2 | % | 95.0 | % | (0.8 | )% | 93.7 | % | 95.2 | % | (1.5 | )% | ||||||
Greensboro, NC | 96.2 | % | 94.5 | % | 1.7 | % | 95.4 | % | 94.7 | % | 0.7 | % | ||||||
San Antonio, TX | 95.0 | % | 96.7 | % | (1.7 | )% | 94.3 | % | 95.9 | % | (1.6 | )% | ||||||
Charleston, SC | 96.3 | % | 94.2 | % | 2.1 | % | 94.2 | % | 94.3 | % | (0.1 | )% | ||||||
All Other (2) | 94.8 | % | 92.8 | % | 2.0 | % | 94.1 | % | 92.4 | % | 1.7 | % | ||||||
Total / Average | 95.7 | % | 94.4 | % | 1.3 | % | 94.9 | % | 93.7 | % | 1.2 | % |
(1) | Average contractual monthly rent as of end of period. |
(2) | Represents 21 markets in 15 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 12 |
American Homes 4 Rent |
Jun 30, 2016 | Dec 31, 2015 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,475,312 | $ | 1,229,017 | |||
Buildings and improvements | 6,450,233 | 5,469,533 | |||||
Single-family properties held for sale | 131,762 | 7,432 | |||||
8,057,307 | 6,705,982 | ||||||
Less: accumulated depreciation | (535,648 | ) | (416,044 | ) | |||
Single-family properties, net | 7,521,659 | 6,289,938 | |||||
Cash and cash equivalents | 270,369 | 57,686 | |||||
Restricted cash | 133,996 | 111,282 | |||||
Rent and other receivables, net | 19,280 | 13,936 | |||||
Escrow deposits, prepaid expenses and other assets | 144,376 | 121,627 | |||||
Deferred costs and other intangibles, net | 16,399 | 10,429 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,655 | 120,655 | |||||
Total assets | $ | 8,252,400 | $ | 6,751,219 | |||
Liabilities | |||||||
Credit facility | $ | 142,000 | $ | — | |||
Asset-backed securitizations, net | 2,795,777 | 2,473,643 | |||||
Exchangeable senior notes, net | 106,434 | — | |||||
Secured note payable | 50,295 | 50,752 | |||||
Accounts payable and accrued expenses | 215,307 | 154,751 | |||||
Amounts payable to affiliates | — | 4,093 | |||||
Contingently convertible Series E units liability | — | 69,957 | |||||
Preferred shares derivative liability | 63,240 | 62,790 | |||||
Total liabilities | 3,373,053 | 2,815,986 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders' equity: | |||||||
Class A common shares | 2,377 | 2,072 | |||||
Class B common shares | 6 | 6 | |||||
Preferred shares | 370 | 171 | |||||
Additional paid-in capital | 4,462,743 | 3,554,063 | |||||
Accumulated deficit | (335,684 | ) | (296,865 | ) | |||
Accumulated other comprehensive loss | — | (102 | ) | ||||
Total shareholders' equity | 4,129,812 | 3,259,345 | |||||
Noncontrolling interest | 749,535 | 675,888 | |||||
Total equity | 4,879,347 | 3,935,233 | |||||
Total liabilities and equity | $ | 8,252,400 | $ | 6,751,219 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 13 |
American Homes 4 Rent |
Balance | % of Total | Interest Rate (1) | Years to Maturity | |||||||||
Floating rate debt: | ||||||||||||
Credit facility (2) | $ | 142,000 | 4.5 | % | 3.22 | % | 2.3 | |||||
AH4R 2014-SFR1 (3) | 471,351 | 14.9 | % | 2.01 | % | 2.9 | ||||||
ARP 2014-SFR1 (3) | 342,115 | 10.8 | % | 2.58 | % | 3.2 | ||||||
Total floating rate debt | 955,466 | 30.2 | % | 2.39 | % | 2.9 | ||||||
Fixed rate debt: | ||||||||||||
AH4R 2014-SFR2 | 504,739 | 15.9 | % | 4.42 | % | 8.3 | ||||||
AH4R 2014-SFR3 | 520,468 | 16.4 | % | 4.40 | % | 8.4 | ||||||
AH4R 2015-SFR1 (4) | 546,358 | 17.3 | % | 4.14 | % | 28.8 | ||||||
AH4R 2015-SFR2 (4) | 474,532 | 15.0 | % | 4.36 | % | 29.3 | ||||||
Exchangeable senior notes | 115,000 | 3.6 | % | 3.25 | % | 2.4 | ||||||
Secured note payable | 50,295 | 1.6 | % | 4.06 | % | 3.0 | ||||||
Total fixed rate debt | 2,211,392 | 69.8 | % | 4.26 | % | 17.5 | ||||||
Total debt | $ | 3,166,858 | 100.0 | % | 3.70 | % | 13.1 | |||||
Unamortized discounts and loan costs | (72,352 | ) | ||||||||||
Total debt per balance sheet | $ | 3,094,506 |
Year | Floating Rate (5) | Fixed Rate | Total | % of Total | |||||||||||
Remaining 2016 | $ | 2,406 | $ | 10,823 | $ | 13,229 | 0.4 | % | |||||||
2017 | 4,810 | 21,683 | 26,493 | 0.8 | % | ||||||||||
2018 | 146,810 | 136,723 | 283,533 | 9.0 | % | ||||||||||
2019 | 801,440 | 68,564 | 870,004 | 27.5 | % | ||||||||||
2020 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2021 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2022 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2023 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2024 | — | 957,420 | 957,420 | 30.2 | % | ||||||||||
2025 | — | 10,302 | 10,302 | 0.3 | % | ||||||||||
Thereafter (4) | — | 923,021 | 923,021 | 29.0 | % | ||||||||||
Total | $ | 955,466 | $ | 2,211,392 | $ | 3,166,858 | 100.0 | % |
(2) | Our credit facility provides for a borrowing capacity of up to $800.0 million through September 2016, with outstanding borrowings due September 2018, and bears interest at 1-month LIBOR plus 2.75%. Balance reflects borrowings outstanding as of June 30, 2016, which was fully repaid subsequent to quarter-end using proceeds from our Series E perpetual preferred share offering. |
(3) | AH4R 2014-SFR1 bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 1.54%, subject to a LIBOR floor of 0.25%, and has an interest rate cap agreement through June 2017 with a LIBOR-based strike rate of 3.56%. ARP 2014-SFR1 bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 2.11% and has an interest rate cap agreement for the initial two-year term with a LIBOR-based strike rate of 3.12%. Years to maturity for AH4R 2014-SFR1 and ARP 2014-SFR1 reflects fully extended maturity dates of June 2019 and September 2019, respectively, which are based on initial two-year loan terms and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms. |
(4) | AH4R 2015-SFR1 and AH4R 2015-SFR2 have maturity dates in April 2045 and October 2045, respectively, with anticipated repayment dates in April 2025 and October 2025, respectively. In the event the loans are not repaid by each respective anticipated repayment date, the interest rate on each component is increased to a rate per annum equal to the sum of 3% plus the greater of: (a) the initial interest rate and (b) a rate equal to the sum of (i) the bid side yield to maturity for the “on the run” United States Treasury note with a 10 year maturity plus the mid-market 10 year swap spread, plus (ii) the component spread for each component. |
(5) | Reflects our credit facility based on final maturity date of September 2018, AH4R 2014-SFR1 based on fully extended maturity date of June 2019 and ARP 2014-SFR1 based on fully extended maturity date of September 2019. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 14 |
American Homes 4 Rent |
Floating rate debt | $ | 955,466 | ||||||||
Fixed rate debt | 2,211,392 | |||||||||
Total debt | 3,166,858 | 31.2 | % | |||||||
Common shares outstanding (1) | 238,365,359 | |||||||||
Operating partnership units (1) | 55,561,160 | |||||||||
Total shares and units | 293,926,519 | |||||||||
NYSE AMH Class A common share closing price at June 30, 2016 | $ | 20.48 | ||||||||
Market value of common shares and operating partnership units | 6,019,615 | |||||||||
Perpetual preferred shares | 498,750 | |||||||||
Participating preferred shares (see below) | 460,162 | |||||||||
Total equity capitalization | 6,978,527 | 68.8 | % | |||||||
Total market capitalization | $ | 10,145,385 | 100.0 | % |
(1) | Reflects total common shares and operating partnership units outstanding as of end of period. |
Initial Redemption Period | Outstanding Shares | Initial Liquidation Value | Current Liquidation Value (1) | Annual Dividend Per Share | Annual Dividend Amount | ||||||||||||||||||||||||
Series | Per Share | Total | Per Share | Total | |||||||||||||||||||||||||
5.0% Series A | 9/30/2017-9/30/2020 | 5,060,000 | $ | 25.00 | $ | 126,500 | $ | 27.14 | $ | 137,348 | $ | 1.250 | $ | 6,325 | |||||||||||||||
5.0% Series B | 9/30/2017-9/30/2020 | 4,400,000 | $ | 25.00 | 110,000 | $ | 27.14 | 119,434 | $ | 1.250 | 5,500 | ||||||||||||||||||
5.5% Series C | 3/31/2018-3/31/2021 | 7,600,000 | $ | 25.00 | 190,000 | $ | 26.76 | 203,380 | $ | 1.375 | 10,450 | ||||||||||||||||||
17,060,000 | $ | 426,500 | $ | 460,162 | $ | 22,275 |
(1) | Current liquidation value reflects initial liquidation value, adjusted by most recent quarterly HPA adjustment calculation, which is made available under the “For Investors” page of the Company’s website. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 15 |
American Homes 4 Rent |
Market | Number of Properties | Percentage of Total Properties | Gross Book Value per Property | Avg. Sq. Ft. | Avg. Age (years) | |||||||||
Dallas-Fort Worth, TX | 4,346 | 9.4 | % | $ | 161,010 | 2,120 | 12.7 | |||||||
Atlanta, GA | 3,891 | 8.4 | % | 162,923 | 2,108 | 15.5 | ||||||||
Houston, TX | 3,155 | 6.8 | % | 162,097 | 2,114 | 10.6 | ||||||||
Indianapolis, IN | 2,901 | 6.2 | % | 150,828 | 1,933 | 13.7 | ||||||||
Phoenix, AZ | 2,783 | 6.0 | % | 160,942 | 1,814 | 13.8 | ||||||||
Charlotte, NC | 2,734 | 5.9 | % | 172,017 | 2,017 | 13.0 | ||||||||
Nashville, TN | 2,350 | 5.1 | % | 196,266 | 2,084 | 12.0 | ||||||||
Greater Chicago area, IL and IN | 2,068 | 4.5 | % | 179,972 | 1,898 | 15.0 | ||||||||
Cincinnati, OH | 1,953 | 4.2 | % | 171,777 | 1,846 | 14.1 | ||||||||
Raleigh, NC | 1,834 | 3.9 | % | 175,353 | 1,844 | 11.8 | ||||||||
Tampa, FL | 1,686 | 3.6 | % | 186,636 | 1,961 | 12.8 | ||||||||
Jacksonville, FL | 1,618 | 3.5 | % | 152,506 | 1,902 | 12.4 | ||||||||
Orlando, FL | 1,558 | 3.4 | % | 169,082 | 1,871 | 15.1 | ||||||||
Columbus, OH | 1,450 | 3.1 | % | 154,736 | 1,828 | 14.9 | ||||||||
Salt Lake City, UT | 1,048 | 2.3 | % | 219,984 | 2,131 | 15.1 | ||||||||
Las Vegas, NV | 1,023 | 2.2 | % | 174,241 | 1,841 | 13.4 | ||||||||
San Antonio, TX | 1,003 | 2.2 | % | 154,492 | 2,010 | 13.4 | ||||||||
Winston Salem, NC | 761 | 1.6 | % | 148,858 | 1,729 | 12.5 | ||||||||
Austin, TX | 695 | 1.5 | % | 150,965 | 1,850 | 12.1 | ||||||||
Charleston, SC | 692 | 1.5 | % | 178,189 | 1,851 | 10.6 | ||||||||
All Other (3) | 6,907 | 14.7 | % | 185,281 | 1,874 | 13.3 | ||||||||
Total / Average | 46,456 | 100.0 | % | $ | 170,603 | 1,958 | 13.3 |
Market | Leased Percentage (2) | Occupancy Percentage (2) | Avg. Contractual Monthly Rent Per Property (2) | Avg. Change in Rent for Renewals | Avg. Change in Rent for Re-Leases | |||||||||||
Dallas-Fort Worth, TX | 97.1 | % | 95.5 | % | $ | 1,587 | 5.0 | % | 8.0 | % | ||||||
Atlanta, GA | 94.8 | % | 93.8 | % | 1,383 | 4.8 | % | 10.6 | % | |||||||
Houston, TX | 95.1 | % | 93.0 | % | 1,579 | 3.5 | % | 2.4 | % | |||||||
Indianapolis, IN | 95.9 | % | 93.8 | % | 1,311 | 0.9 | % | 5.0 | % | |||||||
Phoenix, AZ | 98.5 | % | 97.0 | % | 1,158 | 4.0 | % | 12.6 | % | |||||||
Charlotte, NC | 97.3 | % | 96.1 | % | 1,427 | 4.7 | % | 9.9 | % | |||||||
Nashville, TN | 98.1 | % | 97.2 | % | 1,584 | 4.0 | % | 6.2 | % | |||||||
Greater Chicago area, IL and IN | 96.3 | % | 95.1 | % | 1,730 | 3.3 | % | 5.8 | % | |||||||
Cincinnati, OH | 96.9 | % | 95.0 | % | 1,472 | 3.9 | % | 5.6 | % | |||||||
Raleigh, NC | 96.3 | % | 94.3 | % | 1,392 | 3.9 | % | 6.4 | % | |||||||
Tampa, FL | 96.2 | % | 95.2 | % | 1,572 | 5.2 | % | 7.7 | % | |||||||
Jacksonville, FL | 94.9 | % | 92.9 | % | 1,374 | 4.3 | % | 7.3 | % | |||||||
Orlando, FL | 98.0 | % | 96.1 | % | 1,444 | 4.3 | % | 8.7 | % | |||||||
Columbus, OH | 97.0 | % | 95.7 | % | 1,459 | 7.7 | % | 9.5 | % | |||||||
Salt Lake City, UT | 97.5 | % | 95.7 | % | 1,521 | 3.2 | % | 8.7 | % | |||||||
Las Vegas, NV | 98.4 | % | 97.9 | % | 1,357 | 4.9 | % | 10.5 | % | |||||||
San Antonio, TX | 92.9 | % | 91.4 | % | 1,430 | 5.4 | % | 7.0 | % | |||||||
Winston Salem, NC | 95.9 | % | 94.3 | % | 1,228 | 3.7 | % | 6.0 | % | |||||||
Austin, TX | 95.8 | % | 93.5 | % | 1,416 | 4.6 | % | 8.5 | % | |||||||
Charleston, SC | 96.0 | % | 95.2 | % | 1,537 | 4.0 | % | 9.4 | % | |||||||
All Other (3) | 95.1 | % | 93.5 | % | 1,497 | 3.9 | % | 7.1 | % | |||||||
Total / Average | 96.3 | % | 94.8 | % | $ | 1,461 | 4.1 | % | 7.5 | % |
(1) | Property and leasing information excludes held for sale properties. |
(2) | Leased percentage, occupancy percentage and average contractual monthly rent per property are reflected as of end of period. |
(3) | Represents 22 markets in 16 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 16 |
American Homes 4 Rent |
2Q15 | 3Q15 | 4Q15 | 1Q16 | 2Q16 | |||||||||||
Average change in rent for re-leases | 4.6 | % | 5.0 | % | 2.4 | % | 4.7 | % | 7.5 | % | |||||
Average change in rent for renewals | 2.4 | % | 3.3 | % | 3.7 | % | 4.1 | % | 4.1 | % |
MTM | 3Q16 | 4Q16 | 1Q17 | 2Q17 | Thereafter | |||||||
Lease expirations | 2,519 | 11,105 | 7,328 | 10,613 | 12,374 | 790 |
HPA Index (1) | |||||||||||||||||||||||||||
Market | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Mar 31, 2015 | Jun 30, 2015 | Sep 30, 2015 | Dec 31, 2015 | Mar 31, 2016 | HPA Index Change | ||||||||||||||||||
Dallas-Fort Worth, TX (2) | 100.0 | 108.4 | 115.2 | 119.8 | 124.8 | 126.8 | 127.6 | 130.4 | 30.4 | % | |||||||||||||||||
Indianapolis, IN | 100.0 | 106.4 | 112.3 | 113.9 | 116.8 | 117.4 | 117.8 | 117.7 | 17.7 | % | |||||||||||||||||
Atlanta, GA | 100.0 | 114.2 | 122.3 | 124.7 | 131.6 | 132.6 | 132.0 | 133.8 | 33.8 | % | |||||||||||||||||
Charlotte, NC | 100.0 | 113.4 | 118.8 | 120.1 | 126.2 | 124.9 | 126.8 | 129.5 | 29.5 | % | |||||||||||||||||
Greater Chicago area, IL and IN | 100.0 | 111.0 | 115.1 | 114.0 | 119.7 | 120.9 | 118.8 | 118.4 | 18.4 | % | |||||||||||||||||
Houston, TX | 100.0 | 110.8 | 123.1 | 123.0 | 126.8 | 128.6 | 130.1 | 126.7 | 26.7 | % | |||||||||||||||||
Cincinnati, OH | 100.0 | 104.9 | 111.2 | 110.3 | 114.0 | 116.5 | 115.7 | 113.8 | 13.8 | % | |||||||||||||||||
Tampa, FL | 100.0 | 113.0 | 121.1 | 123.1 | 127.5 | 131.6 | 132.3 | 137.3 | 37.3 | % | |||||||||||||||||
Jacksonville, FL | 100.0 | 114.2 | 121.7 | 121.3 | 130.8 | 132.0 | 127.7 | 134.3 | 34.3 | % | |||||||||||||||||
Nashville, TN | 100.0 | 111.0 | 117.4 | 120.6 | 125.8 | 126.5 | 131.1 | 129.9 | 29.9 | % | |||||||||||||||||
Raleigh, NC | 100.0 | 106.7 | 111.6 | 114.1 | 116.9 | 120.8 | 120.0 | 122.6 | 22.6 | % | |||||||||||||||||
Phoenix, AZ | 100.0 | 118.0 | 123.3 | 125.9 | 129.4 | 133.9 | 135.9 | 136.7 | 36.7 | % | |||||||||||||||||
Columbus, OH | 100.0 | 108.9 | 114.5 | 117.2 | 120.8 | 123.1 | 120.8 | 120.5 | 20.5 | % | |||||||||||||||||
Salt Lake City, UT | 100.0 | 109.4 | 114.5 | 117.4 | 120.4 | 123.7 | 123.2 | 125.7 | 25.7 | % | |||||||||||||||||
Orlando, FL | 100.0 | 110.3 | 123.5 | 124.4 | 129.3 | 131.8 | 135.4 | 137.0 | 37.0 | % | |||||||||||||||||
Las Vegas, NV | 100.0 | 125.1 | 141.3 | 141.8 | 142.9 | 149.4 | 149.0 | 151.2 | 51.2 | % | |||||||||||||||||
San Antonio, TX | 100.0 | 101.1 | 108.0 | 113.0 | 117.3 | 116.0 | 113.9 | 117.0 | 17.0 | % | |||||||||||||||||
Denver, CO | 100.0 | 111.0 | 121.5 | 128.1 | 134.2 | 136.4 | 136.5 | 140.5 | 40.5 | % | |||||||||||||||||
Austin, TX | 100.0 | 110.1 | 122.2 | 127.3 | 133.7 | 134.3 | 133.9 | 138.4 | 38.4 | % | |||||||||||||||||
Greenville, SC | 100.0 | 104.1 | 110.8 | 114.9 | 116.7 | 115.0 | 117.8 | 120.6 | 20.6 | % | |||||||||||||||||
Average | 29.1 | % |
(1) | Updates to the Quarterly Purchase-Only Index are released by the FHFA on approximately the 20th day of the second month following quarter-end. Accordingly, information in the above table has been presented through March 31, 2016. For the illustrative purposes of this table, the HPA Index has been indexed as of December 31, 2012, and, as such, HPA Index values presented are relative measures calculated in relation to the baseline index value of 100.0 as of December 31, 2012. |
(2) | Our Dallas-Fort Worth, TX market is comprised of the Dallas-Plano-Irving and Fort Worth-Arlington Metropolitan Divisions. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 17 |
American Homes 4 Rent |
Single-Family Properties Held for Sale (1) | Single-Family Properties Sold 2Q16 | |||||||||||||||
Market | Vacant | Leased | Total | Number of Properties | Net Proceeds | |||||||||||
Greater Chicago area, IL and IN | 29 | 469 | 498 | 10 | $ | 1,165 | ||||||||||
Indianapolis, IN | 123 | 265 | 388 | 24 | 1,174 | |||||||||||
Fort Myers, FL | 24 | 133 | 157 | — | — | |||||||||||
Phoenix, AZ | 23 | 124 | 147 | 8 | 807 | |||||||||||
Miami, FL | 21 | 96 | 117 | 5 | 1,201 | |||||||||||
Atlanta, GA | 21 | 50 | 71 | 9 | 1,624 | |||||||||||
Central Valley, CA | — | 51 | 51 | — | — | |||||||||||
Denver, CO | 4 | 22 | 26 | — | — | |||||||||||
San Antonio, TX | 7 | 14 | 21 | 1 | 74 | |||||||||||
Memphis, TN | 6 | 9 | 15 | 2 | 133 | |||||||||||
All Other (2) | 37 | 54 | 91 | 8 | 1,628 | |||||||||||
Total | 295 | 1,287 | 1,582 | 67 | $ | 7,806 |
(1) | Reflects single-family properties held for sale as of June 30, 2016. |
(2) | Represents 17 markets in 11 states. |
Board authorization announced on 9/21/15: | $ | 300,000 | |||||||||
Quarterly Period | Shares Repurchased | Purchase Price | Avg. Price Paid Per Share | ||||||||
3Q15 | 3,407,046 | $ | 53,679 | $ | 15.76 | ||||||
4Q15 | 226,556 | 3,601 | 15.89 | ||||||||
1Q16 | 4,930,783 | 75,947 | 15.40 | ||||||||
2Q16 | 1,284,873 | 20,027 | 15.59 | ||||||||
Total | 9,849,258 | $ | 153,254 | $ | 15.56 | ||||||
Remaining authorization: | $ | 146,746 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 18 |
American Homes 4 Rent |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | |||
Dividends on preferred shares | 7,412 | 5,569 | 12,981 | 11,138 | |||||||||||
Noncontrolling interest | (761 | ) | 3,730 | 3,075 | 7,686 | ||||||||||
Net (loss) income | (3,753 | ) | (8,398 | ) | 1,275 | (16,663 | ) | ||||||||
Remeasurement of preferred shares | 150 | (580 | ) | 450 | (700 | ) | |||||||||
Remeasurement of Series E units | — | (2,143 | ) | — | (3,981 | ) | |||||||||
Gain on conversion of Series E units | — | — | (11,463 | ) | — | ||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | |||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | |||||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | |||||||||||
Interest expense | 35,481 | 22,003 | 66,458 | 37,673 | |||||||||||
General and administrative expense | 7,346 | 6,276 | 15,403 | 12,407 | |||||||||||
Property operating expenses for vacant single-family properties (1) | — | 3,616 | — | 8,894 | |||||||||||
Other expenses | 2,087 | 840 | 3,340 | 1,534 | |||||||||||
Other revenues | (4,504 | ) | (1,644 | ) | (8,489 | ) | (3,009 | ) | |||||||
Tenant charge-backs | 20,253 | 11,962 | 41,269 | 20,334 | |||||||||||
Expenses reimbursed by tenant charge-backs | (20,253 | ) | (11,962 | ) | (41,269 | ) | (20,334 | ) | |||||||
Bad debt expense excluded from operating expenses | 1,414 | 1,514 | 2,483 | 2,785 | |||||||||||
Bad debt expense included in revenues | (1,414 | ) | (1,514 | ) | (2,483 | ) | (2,785 | ) | |||||||
Core net operating income | 120,883 | 84,161 | 227,090 | 160,614 | |||||||||||
Less: Non-Same-Home core net operating income | 54,482 | 23,376 | 95,202 | 37,453 | |||||||||||
Same-Home core net operating income | 66,401 | 60,785 | 131,888 | 123,161 | |||||||||||
Same-Home capital expenditures | 4,837 | 7,161 | 8,165 | 13,111 | |||||||||||
Same-Home core net operating income after capital expenditures | $ | 61,564 | $ | 53,624 | $ | 123,723 | $ | 110,050 |
(1) | Beginning January 1, 2016, property operating expenses for vacant single-family properties has been included in property operating expenses in the condensed consolidated statements of operations. |
American Homes 4 Rent |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net loss attributable to common shareholders | $ | (10,404 | ) | $ | (17,697 | ) | $ | (14,781 | ) | $ | (35,487 | ) | ||||
Dividends on preferred shares | 7,412 | 5,569 | 12,981 | 11,138 | ||||||||||||
Noncontrolling interest | (761 | ) | 3,730 | 3,075 | 7,686 | |||||||||||
Net (loss) income | (3,753 | ) | (8,398 | ) | 1,275 | (16,663 | ) | |||||||||
Interest expense | 35,481 | 22,003 | 66,458 | 37,673 | ||||||||||||
Depreciation and amortization | 79,604 | 59,221 | 149,121 | 112,885 | ||||||||||||
EBITDA | $ | 111,332 | $ | 72,826 | $ | 216,854 | $ | 133,895 | ||||||||
Noncash share-based compensation expense | 983 | 734 | 1,853 | 1,430 | ||||||||||||
Acquisition fees and costs expensed | 3,489 | 4,236 | 9,142 | 10,144 | ||||||||||||
Gain on conversion of Series E units | — | — | (11,463 | ) | — | |||||||||||
Remeasurement of Series E units | — | (2,143 | ) | — | (3,981 | ) | ||||||||||
Remeasurement of preferred shares | 150 | (580 | ) | 450 | (700 | ) | ||||||||||
Adjusted EBITDA | $ | 115,954 | $ | 75,073 | $ | 216,836 | $ | 140,788 |
American Homes 4 Rent |
American Homes 4 Rent |
Corporate Information | Executive Management | ||
American Homes 4 Rent | David P. Singelyn | ||
30601 Agoura Road, Suite 200 | Chief Executive Officer | ||
Agoura Hills, CA 91301 | |||
Phone: (805) 413-5300 | Jack Corrigan | ||
Website: www.americanhomes4rent.com | Chief Operating Officer | ||
Investor Relations | Diana M. Laing | ||
Phone: (855) 794-AH4R (2447) | Chief Financial Officer | ||
Email: investors@ah4r.com |
Bank of America / Merrill Lynch | FBR Capital Markets & Co | GS Global Investment Research |
Jeffrey Spector | Patrick Kealey | Andrew Rosivach |
jeff.spector@baml.com | pkealey@fbr.com | andrew.rosivach@gs.com |
(646) 855-1363 | (703) 312-9656 | (212) 902-2796 |
JP Morgan Securities | Keefe, Bruyette & Woods, Inc. | Morgan Stanley |
Anthony Paolone | Jade Rahmani | Richard Hill |
anthony.paolone@jpmorgan.com | jrahmani@kbw.com | richard.hill1@morganstanley.com |
(212) 622-6682 | (212) 887-3882 | (212) 761-9840 |
Raymond James & Associates, Inc. | Wells Fargo Securities | Zelman & Associates |
Buck Horne | Jeff Donnelly | Dennis McGill |
buck.horne@raymondjames.com | jeff.donnelly@wellsfargo.com | dennis@zelmanassociates.com |
(727) 567-2561 | (617) 603-4262 | (212) 993-5833 |
(1) | The sell-side analysts listed above follow American Homes 4 Rent ("AMH"). Any opinions, estimates or forecasts regarding AMH's performance made by these analysts are theirs alone and do not represent the opinions, forecasts or predictions of AMH or its management. AMH does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions, or recommendations. The above list may not be complete and is subject to change as firms add or discontinue coverage. |
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