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 | |
Executive Vice President - Counsel |
• | Total revenues increased 4.6% to $246.8 million for the third quarter of 2017 from $236.1 million for the third quarter of 2016. |
• | Net income attributable to common shareholders totaled $1.5 million, and a $0.00 loss per diluted share, for the third quarter of 2017, compared to a net loss attributable to common shareholders of $21.2 million, or a $0.09 loss per diluted share, for the third quarter of 2016. |
• | Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets, resulting in net hurricane-related charges of $10.1 million during the quarter, which have been excluded from Core Funds from Operations attributable to common share and unit holders, Adjusted Funds from Operations attributable to common share and unit holders and our total and Same-Home operating results (see Other Events). |
• | Core Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $79.4 million, or $0.25 per FFO share and unit, compared to $69.1 million, or $0.24 per FFO share and unit, for the same period in 2016, which represents a 4.2% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $65.8 million, or $0.20 per FFO share and unit, compared to $56.6 million, or $0.19 per FFO share and unit, for the same period in 2016, which represents a 5.3% increase on a per share and unit basis. |
• | Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 63.3% for the third quarter of 2017, compared to 61.7% for the same period in 2016. |
• | Increased Core NOI after capital expenditures from Same-Home properties by 5.5% year over year for the quarter ended September 30, 2017. |
• | Maintained solid Same-Home portfolio leasing percentage of 95.2%, as of September 30, 2017. |
• | Achieved rental rate growth with 4.9% and 3.6% rental rate increases on new and renewal leases, respectively, during the quarter ended September 30, 2017. |
• | Issued 4,600,000 5.875% Series G perpetual preferred shares and 13,800,000 Class A common shares, raising gross proceeds of $115.0 million and $312.0 million, respectively, before offering costs. |
• | Converted the Series A and B participating preferred shares into 12,398,276 Class A common shares in October 2017 (see Capital Activities and Balance Sheet). |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,600,906 | $ | 1,512,183 | |||
Buildings and improvements | 7,020,774 | 6,614,953 | |||||
Single-family properties held for sale, net | 50,370 | 87,430 | |||||
8,672,050 | 8,214,566 | ||||||
Less: accumulated depreciation | (869,551 | ) | (666,710 | ) | |||
Single-family properties, net | 7,802,499 | 7,547,856 | |||||
Cash and cash equivalents | 243,547 | 118,799 | |||||
Restricted cash | 119,574 | 131,442 | |||||
Rent and other receivables, net | 35,429 | 17,618 | |||||
Escrow deposits, prepaid expenses and other assets | 149,366 | 133,594 | |||||
Deferred costs and other intangibles, net | 13,516 | 11,956 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 8,509,876 | $ | 8,107,210 | |||
Liabilities | |||||||
Revolving credit facility | $ | — | $ | — | |||
Term loan facility, net | 197,913 | 321,735 | |||||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 | |||||
Exchangeable senior notes, net | 110,771 | 108,148 | |||||
Secured note payable | 49,107 | 49,828 | |||||
Accounts payable and accrued expenses | 263,745 | 177,206 | |||||
Participating preferred shares derivative liability | 68,469 | 69,810 | |||||
Total liabilities | 2,671,449 | 3,169,590 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders’ equity: | |||||||
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 273,605,703 and 242,740,482 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively | 2,736 | 2,427 | |||||
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2017, and December 31, 2016 | 6 | 6 | |||||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 47,810,000 and 37,010,000 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively | 478 | 370 | |||||
Additional paid-in capital | 5,517,978 | 4,568,616 | |||||
Accumulated deficit | (417,609 | ) | (378,578 | ) | |||
Accumulated other comprehensive income | — | 95 | |||||
Total shareholders’ equity | 5,103,589 | 4,192,936 | |||||
Noncontrolling interest | 734,838 | 744,684 | |||||
Total equity | 5,838,427 | 4,937,620 | |||||
Total liabilities and equity | $ | 8,509,876 | $ | 8,107,210 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Other | 409 | 5,214 | 4,367 | 12,811 | |||||||||||
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 | |||||||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Other | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 | |||||||||||
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 | |||||||||||
Loss on early extinguishment of debt | — | (13,408 | ) | (6,555 | ) | (13,408 | ) | ||||||||
Gain on conversion of Series E units | — | — | — | 11,463 | |||||||||||
Remeasurement of participating preferred shares | 8,391 | (2,490 | ) | 1,341 | (2,940 | ) | |||||||||
Net income (loss) | 19,097 | (167 | ) | 45,959 | 1,108 | ||||||||||
Noncontrolling interest | 309 | 7,316 | (22 | ) | 10,391 | ||||||||||
Dividends on preferred shares | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Diluted | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Net income (loss) attributable to common shareholders per share: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | 340 | 7,542 | (30 | ) | 10,838 | ||||||||||
Net (gain) on sale / impairment of single-family properties and other | (596 | ) | (11,115 | ) | (2,589 | ) | (11,107 | ) | |||||||
Depreciation and amortization of real estate assets | 73,037 | 73,790 | 215,409 | 220,168 | |||||||||||
FFO attributable to common share and unit holders | $ | 74,316 | $ | 49,065 | $ | 212,649 | $ | 183,966 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Noncash share-based compensation - general and administrative | 699 | 480 | 1,917 | 1,578 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Noncash interest expense related to acquired debt | 910 | 1,474 | 2,624 | 3,699 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Core FFO attributable to common share and unit holders | $ | 79,393 | $ | 69,085 | $ | 237,612 | $ | 206,193 | |||||||
Recurring capital expenditures (1) | (11,600 | ) | (10,411 | ) | (27,140 | ) | (25,183 | ) | |||||||
Leasing costs | (1,960 | ) | (2,119 | ) | (5,361 | ) | (6,199 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 65,833 | $ | 56,555 | $ | 205,111 | $ | 174,811 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.17 | $ | 0.68 | $ | 0.64 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.24 | $ | 0.76 | $ | 0.72 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.20 | $ | 0.19 | $ | 0.66 | $ | 0.61 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Share-based compensation plan (2) | 736,456 | — | 746,643 | — | |||||||||||
Operating partnership units | 55,535,824 | 55,557,147 | 55,547,386 | 55,287,787 | |||||||||||
Total weighted-average FFO shares and units | 323,039,593 | 293,958,490 | 313,062,372 | 287,324,589 |
(1) | As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized and held for sale properties. |
(2) | Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Core revenues | |||||||||||||||
Total revenues | $ | 246,836 | $ | 236,057 | $ | 717,598 | $ | 651,330 | |||||||
Tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Other revenues | (409 | ) | (5,214 | ) | (4,367 | ) | (12,811 | ) | |||||||
Core revenues | $ | 208,034 | $ | 197,426 | $ | 616,240 | $ | 561,350 |
Core property operating expenses | |||||||||||||||
Property operating expenses | $ | 97,944 | $ | 92,488 | $ | 267,203 | $ | 238,987 | |||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
Noncash share-based compensation - property management | (417 | ) | (411 | ) | (1,258 | ) | (1,166 | ) | |||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Core property operating expenses | $ | 76,581 | $ | 76,995 | $ | 221,321 | $ | 213,829 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Gain on sale of single-family properties and other, net | (1,895 | ) | (11,682 | ) | (6,375 | ) | (12,574 | ) | |||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Other expenses | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Other revenues | (409 | ) | (5,214 | ) | (4,367 | ) | (12,811 | ) | |||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense excluded from operating expenses | 2,299 | 2,609 | 5,142 | 5,092 | |||||||||||
Bad debt expense included in revenues | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Core NOI | 131,453 | 120,431 | 394,919 | 347,521 | |||||||||||
Less: Non-Same-Home Core NOI | 30,957 | 24,761 | 88,911 | 59,801 | |||||||||||
Same-Home Core NOI | 100,496 | 95,670 | 306,008 | 287,720 | |||||||||||
Less: Same-Home capital expenditures | 8,968 | 8,949 | 21,077 | 22,223 | |||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 91,528 | $ | 86,721 | $ | 284,931 | $ | 265,497 |
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, Maturity Schedule and Interest Expense Reconciliation | |
Capital Structure | |
Property Information | |
Top 20 Markets Summary | |
Leasing Performance | |
Scheduled Lease Expirations | |
Top 20 Markets Home Price Appreciation Trends | |
Other Information | |
Disposition Summary | |
ATM Share Issuance History | |
Defined Terms and Non-GAAP Reconciliations |
American Homes 4 Rent |
• | Total revenues increased 4.6% to $246.8 million for the third quarter of 2017 from $236.1 million for the third quarter of 2016. |
• | Net income attributable to common shareholders totaled $1.5 million, and a $0.00 loss per diluted share, for the third quarter of 2017, compared to a net loss attributable to common shareholders of $21.2 million, or a $0.09 loss per diluted share, for the third quarter of 2016. |
• | Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets, resulting in net hurricane-related charges of $10.1 million during the quarter, which have been excluded from Core Funds from Operations attributable to common share and unit holders, Adjusted Funds from Operations attributable to common share and unit holders and our total and Same-Home operating results (see Other Events). |
• | Core Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $79.4 million, or $0.25 per FFO share and unit, compared to $69.1 million, or $0.24 per FFO share and unit, for the same period in 2016, which represents a 4.2% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the third quarter of 2017 was $65.8 million, or $0.20 per FFO share and unit, compared to $56.6 million, or $0.19 per FFO share and unit, for the same period in 2016, which represents a 5.3% increase on a per share and unit basis. |
• | Increased Core Net Operating Income ("Core NOI") margin on Same-Home properties to 63.3% for the third quarter of 2017, compared to 61.7% for the same period in 2016. |
• | Increased Core NOI after capital expenditures from Same-Home properties by 5.5% year over year for the quarter ended September 30, 2017. |
• | Maintained solid Same-Home portfolio leasing percentage of 95.2%, as of September 30, 2017. |
• | Achieved rental rate growth with 4.9% and 3.6% rental rate increases on new and renewal leases, respectively, during the quarter ended September 30, 2017. |
• | Issued 4,600,000 5.875% Series G perpetual preferred shares and 13,800,000 Class A common shares, raising gross proceeds of $115.0 million and $312.0 million, respectively, before offering costs. |
• | Converted the Series A and B participating preferred shares into 12,398,276 Class A common shares in October 2017 (see Capital Activities and Balance Sheet). |
American Homes 4 Rent |
American Homes 4 Rent |
American Homes 4 Rent |
American Homes 4 Rent |
American Homes 4 Rent |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Data | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Core revenues | $ | 208,034 | $ | 197,426 | $ | 616,240 | $ | 561,350 | |||||||
Core NOI | $ | 131,453 | $ | 120,431 | $ | 394,919 | $ | 347,521 | |||||||
Core NOI margin | 63.2 | % | 61.0 | % | 64.1 | % | 61.9 | % | |||||||
Platform Efficiency Percentage | 12.2 | % | 13.1 | % | 12.5 | % | 13.6 | % | |||||||
Adjusted EBITDA after Capex and Leasing Costs | $ | 110,490 | $ | 102,977 | $ | 341,540 | $ | 300,969 | |||||||
Adjusted EBITDA after Capex and Leasing Costs Margin | 52.4 | % | 50.2 | % | 54.6 | % | 52.0 | % | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.17 | $ | 0.68 | $ | 0.64 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.24 | $ | 0.76 | $ | 0.72 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.20 | $ | 0.19 | $ | 0.66 | $ | 0.61 |
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||
Single-family properties, net | $ | 7,802,499 | $ | 7,633,784 | $ | 7,542,196 | $ | 7,547,856 | $ | 7,545,398 | |||||||||
Total assets | $ | 8,509,876 | $ | 8,146,307 | $ | 8,490,605 | $ | 8,107,210 | $ | 8,086,499 | |||||||||
Outstanding borrowings under credit facilities, net | $ | 197,913 | $ | 289,648 | $ | 346,909 | $ | 321,735 | $ | 321,575 | |||||||||
Total Debt | $ | 2,382,871 | $ | 2,480,787 | $ | 2,999,587 | $ | 2,981,062 | $ | 2,988,383 | |||||||||
Total Market Capitalization | $ | 10,799,923 | $ | 10,716,768 | $ | 11,194,693 | $ | 10,227,619 | $ | 10,319,885 | |||||||||
Total Debt to Total Market Capitalization | 22.1 | % | 23.1 | % | 26.8 | % | 29.1 | % | 29.0 | % | |||||||||
Net Debt to Adjusted EBITDA | 4.2 x | 4.8 x | 5.1 x | 6.1 x | 6.6 x | ||||||||||||||
NYSE AMH Class A common share closing price | $ | 21.71 | $ | 22.57 | $ | 22.96 | $ | 20.98 | $ | 21.64 |
Portfolio Data - end of period | ||||||||||||||
Leased single-family properties | 46,026 | 46,089 | 45,285 | 44,798 | 44,746 | |||||||||
Occupied single-family properties | 45,660 | 45,495 | 44,941 | 44,559 | 44,267 | |||||||||
Single-family properties newly acquired and being renovated | 858 | 508 | 367 | 312 | 406 | |||||||||
Single-family properties being prepared for re-lease | 392 | 161 | 121 | 91 | 90 | |||||||||
Vacant single-family properties available for re-lease | 1,974 | 1,521 | 1,796 | 1,985 | 1,625 | |||||||||
Vacant single-family properties available for initial lease | 296 | 121 | 63 | 117 | 48 | |||||||||
Total single-family properties, excluding held for sale | 49,546 | 48,400 | 47,632 | 47,303 | 46,915 | |||||||||
Single-family properties held for sale | 469 | 582 | 704 | 1,119 | 1,238 | |||||||||
Total single-family properties | 50,015 | 48,982 | 48,336 | 48,422 | 48,153 | |||||||||
Total leased percentage (1) | 92.9 | % | 95.2 | % | 95.1 | % | 94.7 | % | 95.4 | % | ||||
Total occupancy percentage (1) | 92.2 | % | 94.0 | % | 94.4 | % | 94.2 | % | 94.4 | % | ||||
Same-Home leased percentage (36,682 properties) | 95.2 | % | 96.5 | % | 96.0 | % | 95.7 | % | 96.1 | % | ||||
Same-Home occupancy percentage (36,682 properties) | 94.4 | % | 95.3 | % | 95.3 | % | 95.3 | % | 95.1 | % |
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 (2) | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
Distributions declared per Series B participating preferred share (2) | $ | 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 | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.41 | |||||||||
Distributions declared per Series E perpetual preferred share | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.41 | |||||||||
Distributions declared per Series F perpetual preferred share (3) | $ | 0.37 | $ | 0.27 | $ | — | $ | — | $ | — | |||||||||
Distributions declared per Series G perpetual preferred share (3) | $ | 0.30 | $ | — | $ | — | $ | — | $ | — |
(1) | Leased and occupancy percentages are calculated based on total single-family properties, excluding held for sale properties. |
(2) | All of the Series A and B participating preferred shares were converted into Class A common shares on October 3, 2017. |
(3) | Series F and G perpetual preferred shares offering close dates and initial dividend start dates were April 24, 2017, and July 17, 2017, respectively. |
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 Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Other | 409 | 5,214 | 4,367 | 12,811 | |||||||||||
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 | |||||||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Other | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 | |||||||||||
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 | |||||||||||
Loss on early extinguishment of debt | — | (13,408 | ) | (6,555 | ) | (13,408 | ) | ||||||||
Gain on conversion of Series E units | — | — | — | 11,463 | |||||||||||
Remeasurement of participating preferred shares | 8,391 | (2,490 | ) | 1,341 | (2,940 | ) | |||||||||
Net income (loss) | 19,097 | (167 | ) | 45,959 | 1,108 | ||||||||||
Noncontrolling interest | 309 | 7,316 | (22 | ) | 10,391 | ||||||||||
Dividends on preferred shares | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Diluted | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Net income (loss) attributable to common shareholders per share: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) |
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 Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | 340 | 7,542 | (30 | ) | 10,838 | ||||||||||
Net (gain) on sale / impairment of single-family properties and other | (596 | ) | (11,115 | ) | (2,589 | ) | (11,107 | ) | |||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Less: depreciation and amortization of non-real estate assets | (1,753 | ) | (1,602 | ) | (6,050 | ) | (4,345 | ) | |||||||
FFO attributable to common share and unit holders | $ | 74,316 | $ | 49,065 | $ | 212,649 | $ | 183,966 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Noncash share-based compensation - general and administrative | 699 | 480 | 1,917 | 1,578 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Noncash interest expense related to acquired debt | 910 | 1,474 | 2,624 | 3,699 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Core FFO attributable to common share and unit holders | $ | 79,393 | $ | 69,085 | $ | 237,612 | $ | 206,193 | |||||||
Recurring capital expenditures (1) | (11,600 | ) | (10,411 | ) | (27,140 | ) | (25,183 | ) | |||||||
Leasing costs | (1,960 | ) | (2,119 | ) | (5,361 | ) | (6,199 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 65,833 | $ | 56,555 | $ | 205,111 | $ | 174,811 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.23 | $ | 0.17 | $ | 0.68 | $ | 0.64 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.24 | $ | 0.76 | $ | 0.72 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.20 | $ | 0.19 | $ | 0.66 | $ | 0.61 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Share-based compensation plan (2) | 736,456 | — | 746,643 | — | |||||||||||
Operating partnership units | 55,535,824 | 55,557,147 | 55,547,386 | 55,287,787 | |||||||||||
Total weighted-average FFO shares and units | 323,039,593 | 293,958,490 | 313,062,372 | 287,324,589 |
(1) | As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized and held for sale properties. |
(2) | Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. |
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 Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Bad debt expense | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Core revenues | 208,034 | 197,426 | 616,240 | 561,350 | |||||||||||
Property tax expense | 36,618 | 35,871 | 110,052 | 102,309 | |||||||||||
HOA fees, net (1) | 4,246 | 4,031 | 12,231 | 11,277 | |||||||||||
R&M and turnover costs, net (1) | 17,966 | 18,379 | 45,948 | 45,635 | |||||||||||
Insurance | 1,981 | 2,226 | 5,845 | 6,590 | |||||||||||
Property management expenses, net (2) | 15,770 | 16,488 | 47,245 | 48,018 | |||||||||||
Core property operating expenses | 76,581 | 76,995 | 221,321 | 213,829 | |||||||||||
Core NOI | $ | 131,453 | $ | 120,431 | $ | 394,919 | $ | 347,521 | |||||||
Core NOI margin | 63.2 | % | 61.0 | % | 64.1 | % | 61.9 | % |
For the Three Months Ended Sep 30, 2017 | |||||||||||||||||||||||
Same-Home Properties | Stabilized, Non-Same-Home Properties | Former ARPI Properties | Subtotal Same-Home, Stabilized and ARPI | Other & Held for Sale Properties (3) | Total Single-Family Properties | ||||||||||||||||||
Property count | 36,682 | 3,448 | 7,410 | 47,540 | 2,475 | 50,015 | |||||||||||||||||
Rents from single-family properties | $ | 158,491 | $ | 15,343 | $ | 30,228 | $ | 204,062 | $ | 3,428 | $ | 207,490 | |||||||||||
Fees from single-family properties | 2,099 | 135 | 431 | 2,665 | 178 | 2,843 | |||||||||||||||||
Bad debt expense | (1,755 | ) | (136 | ) | (349 | ) | (2,240 | ) | (59 | ) | (2,299 | ) | |||||||||||
Core revenues | 158,835 | 15,342 | 30,310 | 204,487 | 3,547 | 208,034 | |||||||||||||||||
Property tax expense | 28,011 | 2,242 | 5,317 | 35,570 | 1,048 | 36,618 | |||||||||||||||||
HOA fees, net (1) | 3,117 | 290 | 731 | 4,138 | 108 | 4,246 | |||||||||||||||||
R&M and turnover costs, net (1) | 13,720 | 907 | 2,482 | 17,109 | 857 | 17,966 | |||||||||||||||||
Insurance | 1,450 | 167 | 300 | 1,917 | 64 | 1,981 | |||||||||||||||||
Property management expenses, net (2) | 12,041 | 1,163 | 2,298 | 15,502 | 268 | 15,770 | |||||||||||||||||
Core property operating expenses | 58,339 | 4,769 | 11,128 | 74,236 | 2,345 | 76,581 | |||||||||||||||||
Core NOI | $ | 100,496 | $ | 10,573 | $ | 19,182 | $ | 130,251 | $ | 1,202 | $ | 131,453 | |||||||||||
Core NOI margin | 63.3 | % | 68.9 | % | 63.3 | % | 63.7 | % | 33.9 | % | 63.2 | % |
(1) | Presented net of tenant charge-backs. In-house maintenance costs, which were previously presented separately, are included in R&M and turnover costs, net. |
(2) | Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees. |
(3) | Includes 2,006 non-stabilized properties consisting of recent acquisitions and homes sustaining major damage from the third quarter 2017 hurricanes and 469 properties classified as held for sale. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 11 |
American Homes 4 Rent |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Number of Same-Home properties | 36,682 | 36,682 | 36,682 | 36,682 | |||||||||||||||||
Leased percentage as of period end | 95.2 | % | 96.1 | % | (0.9 | )% | 95.2 | % | 96.1 | % | (0.9 | )% | |||||||||
Occupancy percentage as of period end | 94.4 | % | 95.1 | % | (0.7 | )% | 94.4 | % | 95.1 | % | (0.7 | )% | |||||||||
Average occupancy percentage | 95.0 | % | 95.1 | % | (0.1 | )% | 95.1 | % | 95.2 | % | (0.1 | )% | |||||||||
Average contractual monthly rent as of period end | $ | 1,535 | $ | 1,490 | 3.0 | % | $ | 1,535 | $ | 1,490 | 3.0 | % | |||||||||
Turnover Rate | 11.1 | % | 11.5 | % | (0.4 | )% | 31.7 | % | 32.9 | % | (1.2 | )% | |||||||||
Turnover Rate - TTM | 39.9 | % | N/A | N/A | N/A | ||||||||||||||||
Core NOI: | |||||||||||||||||||||
Rents from single-family properties | $ | 158,491 | $ | 154,610 | 2.5 | % | $ | 473,441 | $ | 458,279 | 3.3 | % | |||||||||
Fees from single-family properties | 2,099 | 2,228 | (5.8 | )% | 5,948 | 6,156 | (3.4 | )% | |||||||||||||
Bad debt expense | (1,755 | ) | (1,805 | ) | (2.8 | )% | (3,947 | ) | (3,907 | ) | 1.0 | % | |||||||||
Core revenues | 158,835 | 155,033 | 2.5 | % | 475,442 | 460,528 | 3.2 | % | |||||||||||||
Property tax expense | 28,011 | 27,755 | 0.9 | % | 84,245 | 83,269 | 1.2 | % | |||||||||||||
HOA fees, net (2) | 3,117 | 3,046 | 2.3 | % | 9,071 | 8,955 | 1.3 | % | |||||||||||||
R&M and turnover costs, net (2) | 13,720 | 13,947 | (1.6 | )% | 35,240 | 35,953 | (2.0 | )% | |||||||||||||
Insurance | 1,450 | 1,667 | (13.0 | )% | 4,423 | 5,185 | (14.7 | )% | |||||||||||||
Property management expenses, net (3) | 12,041 | 12,948 | (7.0 | )% | 36,455 | 39,446 | (7.6 | )% | |||||||||||||
Core property operating expenses | 58,339 | 59,363 | (1.7 | )% | 169,434 | 172,808 | (2.0 | )% | |||||||||||||
Core NOI | $ | 100,496 | $ | 95,670 | 5.0 | % | $ | 306,008 | $ | 287,720 | 6.4 | % | |||||||||
Core NOI margin | 63.3 | % | 61.7 | % | 64.4 | % | 62.5 | % | |||||||||||||
Capital expenditures | 8,968 | 8,949 | 0.2 | % | 21,077 | 22,223 | (5.2 | )% | |||||||||||||
Core NOI After Capital Expenditures | $ | 91,528 | $ | 86,721 | 5.5 | % | $ | 284,931 | $ | 265,497 | 7.3 | % | |||||||||
Per property: | |||||||||||||||||||||
Average capital expenditures | $ | 244 | $ | 244 | — | % | $ | 574 | $ | 606 | (5.2 | )% | |||||||||
Average R&M and turnover costs, net, plus capital expenditures | $ | 618 | $ | 625 | (1.1 | )% | $ | 1,533 | $ | 1,586 | (3.3 | )% |
For the Three Months Ended | |||||||||||||||||||
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||||||
Core NOI: | |||||||||||||||||||
Rents from single-family properties | $ | 158,491 | $ | 158,278 | $ | 156,672 | $ | 155,925 | $ | 154,610 | |||||||||
Fees from single-family properties | 2,099 | 1,964 | 1,885 | 1,791 | 2,228 | ||||||||||||||
Bad debt expense | (1,755 | ) | (1,012 | ) | (1,180 | ) | (1,383 | ) | (1,805 | ) | |||||||||
Core revenues | 158,835 | 159,230 | 157,377 | 156,333 | 155,033 | ||||||||||||||
Property tax expense | 28,011 | 27,897 | 28,337 | 26,913 | 27,755 | ||||||||||||||
HOA fees, net (2) | 3,117 | 3,030 | 2,924 | 2,989 | 3,046 | ||||||||||||||
R&M and turnover costs, net (2) | 13,720 | 12,106 | 9,414 | 10,529 | 13,947 | ||||||||||||||
Insurance | 1,450 | 1,434 | 1,539 | 1,659 | 1,667 | ||||||||||||||
Property management expenses, net (3) | 12,041 | 12,272 | 12,142 | 12,304 | 12,948 | ||||||||||||||
Core property operating expenses | 58,339 | 56,739 | 54,356 | 54,394 | 59,363 | ||||||||||||||
Core NOI | $ | 100,496 | $ | 102,491 | $ | 103,021 | $ | 101,939 | $ | 95,670 | |||||||||
Core NOI margin | 63.3 | % | 64.4 | % | 65.5 | % | 65.2 | % | 61.7 | % | |||||||||
Capital expenditures | 8,968 | 7,083 | 5,026 | 5,387 | 8,949 | ||||||||||||||
Core NOI After Capital Expenditures | $ | 91,528 | $ | 95,408 | $ | 97,995 | $ | 96,552 | $ | 86,721 | |||||||||
Per property: | |||||||||||||||||||
Average capital expenditures | $ | 244 | $ | 193 | $ | 137 | $ | 147 | $ | 244 | |||||||||
Average R&M and turnover costs, net, plus capital expenditures | $ | 618 | $ | 522 | $ | 393 | $ | 434 | $ | 625 |
(1) | Third quarter 2017 Same-Home results excludes approximately $5.8 million in hurricane-related damages sustained by nearly 2,400 homes. |
(2) | Presented net of tenant charge-backs. In-house maintenance costs, previously presented separately, are included in R&M and turnover costs, net. |
(3) | Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 12 |
American Homes 4 Rent |
Market | Number of Properties | Gross Book Value per Property | % of 3Q17 NOI | Average Contractual Monthly Rent (1) | |||||||||
Dallas-Fort Worth, TX | 3,051 | $ | 162,154 | 7.3 | % | $ | 1,664 | ||||||
Indianapolis, IN | 2,718 | 153,378 | 6.3 | % | 1,357 | ||||||||
Atlanta, GA | 2,432 | 165,575 | 7.1 | % | 1,488 | ||||||||
Charlotte, NC | 2,193 | 175,453 | 6.6 | % | 1,505 | ||||||||
Greater Chicago area, IL and IN | 1,997 | 180,517 | 4.7 | % | 1,782 | ||||||||
Houston, TX | 1,855 | 175,391 | 4.2 | % | 1,653 | ||||||||
Cincinnati, OH | 1,820 | 173,847 | 5.0 | % | 1,520 | ||||||||
Phoenix, AZ | 1,575 | 163,959 | 3.9 | % | 1,260 | ||||||||
Tampa, FL | 1,513 | 190,320 | 4.3 | % | 1,656 | ||||||||
Raleigh, NC | 1,473 | 181,739 | 4.4 | % | 1,478 | ||||||||
Jacksonville, FL | 1,463 | 153,190 | 3.6 | % | 1,433 | ||||||||
Nashville, TN | 1,439 | 210,078 | 5.2 | % | 1,702 | ||||||||
Columbus, OH | 1,374 | 154,864 | 3.8 | % | 1,524 | ||||||||
Orlando, FL | 1,072 | 170,155 | 2.9 | % | 1,559 | ||||||||
Salt Lake City, UT | 1,046 | 220,790 | 3.6 | % | 1,607 | ||||||||
Las Vegas, NV | 950 | 176,347 | 2.8 | % | 1,442 | ||||||||
San Antonio, TX | 831 | 155,789 | 1.9 | % | 1,479 | ||||||||
Austin, TX | 664 | 151,560 | 1.4 | % | 1,469 | ||||||||
Denver, CO | 634 | 274,788 | 2.8 | % | 2,068 | ||||||||
Charleston, SC | 604 | 179,960 | 1.7 | % | 1,593 | ||||||||
All Other (2) | 5,978 | 174,159 | 16.5 | % | 1,463 | ||||||||
Total / Average | 36,682 | $ | 174,184 | 100.0 | % | $ | 1,535 |
Average Occupancy Percentage | Avg. Change in Rent for Renewals | Avg. Change in Rent for Re-Leases | Avg. Blended Change in Rent | |||||||||||||||
Market | 3Q17 QTD | 3Q16 QTD | Change | |||||||||||||||
Dallas-Fort Worth, TX | 94.3 | % | 95.9 | % | (1.6 | )% | 4.3 | % | 5.9 | % | 4.9 | % | ||||||
Indianapolis, IN | 95.1 | % | 94.0 | % | 1.1 | % | 2.8 | % | 5.2 | % | 3.8 | % | ||||||
Atlanta, GA | 96.7 | % | 96.2 | % | 0.5 | % | 4.7 | % | 8.0 | % | 5.9 | % | ||||||
Charlotte, NC | 94.6 | % | 96.3 | % | (1.7 | )% | 3.7 | % | 4.1 | % | 3.8 | % | ||||||
Greater Chicago area, IL and IN | 95.6 | % | 94.2 | % | 1.4 | % | 2.9 | % | 4.5 | % | 3.5 | % | ||||||
Houston, TX | 91.8 | % | 92.5 | % | (0.7 | )% | 2.4 | % | (0.4 | )% | 1.1 | % | ||||||
Cincinnati, OH | 95.1 | % | 94.6 | % | 0.5 | % | 3.2 | % | 4.2 | % | 3.6 | % | ||||||
Phoenix, AZ | 97.2 | % | 97.4 | % | (0.2 | )% | 4.9 | % | 9.5 | % | 6.8 | % | ||||||
Tampa, FL | 94.8 | % | 95.1 | % | (0.3 | )% | 3.2 | % | 4.0 | % | 3.5 | % | ||||||
Raleigh, NC | 95.4 | % | 94.8 | % | 0.6 | % | 3.3 | % | 4.0 | % | 3.5 | % | ||||||
Jacksonville, FL | 95.0 | % | 94.9 | % | 0.1 | % | 3.8 | % | 5.0 | % | 4.3 | % | ||||||
Nashville, TN | 92.8 | % | 96.4 | % | (3.6 | )% | 3.4 | % | 3.5 | % | 3.4 | % | ||||||
Columbus, OH | 95.3 | % | 96.1 | % | (0.8 | )% | 3.9 | % | 4.4 | % | 4.1 | % | ||||||
Orlando, FL | 96.9 | % | 96.6 | % | 0.3 | % | 4.2 | % | 7.1 | % | 5.4 | % | ||||||
Salt Lake City, UT | 96.1 | % | 95.6 | % | 0.5 | % | 3.7 | % | 8.5 | % | 6.1 | % | ||||||
Las Vegas, NV | 97.8 | % | 97.3 | % | 0.5 | % | 3.8 | % | 5.8 | % | 4.5 | % | ||||||
San Antonio, TX | 94.0 | % | 92.6 | % | 1.4 | % | 3.1 | % | 4.0 | % | 3.5 | % | ||||||
Austin, TX | 94.5 | % | 94.2 | % | 0.3 | % | 3.6 | % | 4.1 | % | 3.8 | % | ||||||
Denver, CO | 96.1 | % | 95.7 | % | 0.4 | % | 3.9 | % | 6.4 | % | 4.7 | % | ||||||
Charleston, SC | 93.8 | % | 96.6 | % | (2.8 | )% | 2.5 | % | 2.7 | % | 2.6 | % | ||||||
All Other (2) | 94.7 | % | 93.8 | % | 0.9 | % | 3.1 | % | 3.5 | % | 3.3 | % | ||||||
Total / Average | 95.0 | % | 95.1 | % | (0.1 | )% | 3.5 | % | 4.7 | % | 4.0 | % |
(1) | Average contractual monthly rent as of September 30, 2017. |
(2) | Represents 21 markets in 15 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 13 |
American Homes 4 Rent |
Sep 30, 2017 | Dec 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,600,906 | $ | 1,512,183 | |||
Buildings and improvements | 7,020,774 | 6,614,953 | |||||
Single-family properties held for sale, net | 50,370 | 87,430 | |||||
8,672,050 | 8,214,566 | ||||||
Less: accumulated depreciation | (869,551 | ) | (666,710 | ) | |||
Single-family properties, net | 7,802,499 | 7,547,856 | |||||
Cash and cash equivalents | 243,547 | 118,799 | |||||
Restricted cash | 119,574 | 131,442 | |||||
Rent and other receivables, net | 35,429 | 17,618 | |||||
Escrow deposits, prepaid expenses and other assets | 149,366 | 133,594 | |||||
Deferred costs and other intangibles, net | 13,516 | 11,956 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 8,509,876 | $ | 8,107,210 | |||
Liabilities | |||||||
Revolving credit facility | $ | — | $ | — | |||
Term loan facility, net | 197,913 | 321,735 | |||||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 | |||||
Exchangeable senior notes, net | 110,771 | 108,148 | |||||
Secured note payable | 49,107 | 49,828 | |||||
Accounts payable and accrued expenses | 263,745 | 177,206 | |||||
Participating preferred shares derivative liability | 68,469 | 69,810 | |||||
Total liabilities | 2,671,449 | 3,169,590 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders’ equity: | |||||||
Class A common shares | 2,736 | 2,427 | |||||
Class B common shares | 6 | 6 | |||||
Preferred shares | 478 | 370 | |||||
Additional paid-in capital | 5,517,978 | 4,568,616 | |||||
Accumulated deficit | (417,609 | ) | (378,578 | ) | |||
Accumulated other comprehensive income | — | 95 | |||||
Total shareholders’ equity | 5,103,589 | 4,192,936 | |||||
Noncontrolling interest | 734,838 | 744,684 | |||||
Total equity | 5,838,427 | 4,937,620 | |||||
Total liabilities and equity | $ | 8,509,876 | $ | 8,107,210 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 14 |
American Homes 4 Rent |
Secured | Unsecured | Total Balance | % of Total | Interest Rate (1) | Years to Maturity (2) | ||||||||||||||
Floating rate debt: | |||||||||||||||||||
Revolving credit facility (3) | $ | — | $ | — | $ | — | — | % | 2.43 | % | 4.8 | ||||||||
Term loan facility (3) | — | 200,000 | 200,000 | 8.4 | % | 2.58 | % | 4.8 | |||||||||||
Total floating rate debt | — | 200,000 | 200,000 | 8.4 | % | 2.58 | % | 4.8 | |||||||||||
Fixed rate debt: | |||||||||||||||||||
AH4R 2014-SFR2 | 497,743 | — | 497,743 | 20.9 | % | 4.42 | % | 7.0 | |||||||||||
AH4R 2014-SFR3 | 513,361 | — | 513,361 | 21.5 | % | 4.40 | % | 7.2 | |||||||||||
AH4R 2015-SFR1 | 539,199 | — | 539,199 | 22.6 | % | 4.14 | % | 27.5 | |||||||||||
AH4R 2015-SFR2 | 468,461 | — | 468,461 | 19.7 | % | 4.36 | % | 28.0 | |||||||||||
Exchangeable senior notes | — | 115,000 | 115,000 | 4.8 | % | 3.25 | % | 1.1 | |||||||||||
Secured note payable | 49,107 | — | 49,107 | 2.1 | % | 4.06 | % | 1.8 | |||||||||||
Total fixed rate debt | 2,067,871 | 115,000 | 2,182,871 | 91.6 | % | 4.26 | % | 16.2 | |||||||||||
Total Debt | $ | 2,067,871 | $ | 315,000 | $ | 2,382,871 | 100.0 | % | 4.12 | % | 15.3 | ||||||||
Unamortized discounts and loan costs | (43,636 | ) | |||||||||||||||||
Total debt per balance sheet | $ | 2,339,235 |
Year (2) | Floating Rate | Fixed Rate | Total | % of Total | |||||||||||
Remaining 2017 | $ | — | $ | 5,427 | $ | 5,427 | 0.2 | % | |||||||
2018 | — | 136,723 | 136,723 | 5.7 | % | ||||||||||
2019 | — | 68,564 | 68,564 | 2.9 | % | ||||||||||
2020 | — | 20,714 | 20,714 | 0.9 | % | ||||||||||
2021 | — | 20,714 | 20,714 | 0.9 | % | ||||||||||
2022 | 200,000 | 20,714 | 220,714 | 9.3 | % | ||||||||||
2023 | — | 20,714 | 20,714 | 0.9 | % | ||||||||||
2024 | — | 956,331 | 956,331 | 40.1 | % | ||||||||||
2025 | — | 10,302 | 10,302 | 0.4 | % | ||||||||||
2026 | — | 10,302 | 10,302 | 0.4 | % | ||||||||||
Thereafter | — | 912,366 | 912,366 | 38.3 | % | ||||||||||
Total | $ | 200,000 | $ | 2,182,871 | $ | 2,382,871 | 100.0 | % |
(2) | Years to maturity and maturity schedule reflect all debt on a fully extended basis. |
(3) | The interest rates shown above reflect the Company's LIBOR-based borrowing rates, based on 1-month LIBOR and applicable margin as of period end. Balances reflect borrowings outstanding as of September 30, 2017. |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense per income statement | $ | 26,592 | $ | 32,851 | $ | 86,873 | $ | 99,309 | |||||||
Less: noncash interest expense related to acquired debt | (910 | ) | (1,474 | ) | (2,624 | ) | (3,699 | ) | |||||||
Interest expense included in Core FFO attributable to common share and unit holders | 25,682 | 31,377 | 84,249 | 95,610 | |||||||||||
Less: amortization of deferred financing costs | (1,875 | ) | (2,689 | ) | (6,285 | ) | (8,127 | ) | |||||||
Add: capitalized interest | 1,533 | 582 | 3,171 | 1,577 | |||||||||||
Cash interest | $ | 25,340 | $ | 29,270 | $ | 81,135 | $ | 89,060 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 15 |
American Homes 4 Rent |
Total Debt | $ | 2,382,871 | 22.1 | % | |||||||
Total preferred shares at liquidation value | 1,259,477 | 11.7 | % | ||||||||
Common equity at market value: | |||||||||||
Common shares outstanding | 274,240,778 | ||||||||||
Operating partnership units | 55,449,466 | ||||||||||
Total shares and units | 329,690,244 | ||||||||||
NYSE AMH Class A common share closing price at September 30, 2017 | $ | 21.71 | |||||||||
Market value of common shares and operating partnership units | 7,157,575 | 66.2 | % | ||||||||
Total Market Capitalization | $ | 10,799,923 | 100.0 | % |
Earliest Redemption Date | Outstanding Shares | Liquidation Value (1) | Annual Dividend Per Share | Annual Dividend Amount | |||||||||||||||||
Series | Per Share | Total | |||||||||||||||||||
5.000% Series A Participating Preferred Shares (2) | 9/30/2017 | 5,060,000 | $ | 28.96 | $ | 146,522 | $ | 1.250 | $ | 6,325 | |||||||||||
5.000% Series B Participating Preferred Shares (2) | 9/30/2017 | 4,400,000 | $ | 28.96 | 127,411 | $ | 1.250 | 5,500 | |||||||||||||
5.500% Series C Participating Preferred Shares | 3/31/2018 | 7,600,000 | $ | 28.53 | 216,794 | $ | 1.375 | 10,450 | |||||||||||||
6.500% Series D Perpetual Preferred Shares | 5/24/2021 | 10,750,000 | $ | 25.00 | 268,750 | $ | 1.625 | 17,469 | |||||||||||||
6.350% Series E Perpetual Preferred Shares | 6/29/2021 | 9,200,000 | $ | 25.00 | 230,000 | $ | 1.588 | 14,605 | |||||||||||||
5.875% Series F Perpetual Preferred Shares | 4/24/2022 | 6,200,000 | $ | 25.00 | 155,000 | $ | 1.469 | 9,106 | |||||||||||||
5.875% Series G Perpetual Preferred Shares | 7/17/2022 | 4,600,000 | $ | 25.00 | 115,000 | $ | 1.469 | 6,756 | |||||||||||||
Total preferred shares at liquidation value | 47,810,000 | $ | 1,259,477 | $ | 70,211 |
(1) | Liquidation value for all Participating Preferred Shares reflects initial liquidation value of $25.00 per share, adjusted by most recent quarterly HPA adjustment calculation, which is made available under the “For Investors” page of the Company’s website. |
(2) | All of the outstanding Series A and Series B participating preferred shares were converted into 12,398,276 Class A common shares on October 3, 2017, based on a conversion ratio of 1.3106 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary. |
Credit Ratios | Credit Ratings | |||||||
Net Debt to Adjusted EBITDA | 4.2 x | Rating Agency | Rating | Outlook | ||||
Debt and Preferred Shares to Adjusted EBITDA | 7.3 x | Moody's Investor Service | Baa3 | Stable | ||||
Fixed Charge Coverage | 2.9 x | S&P Global Ratings | BBB- | Stable | ||||
Unencumbered Core NOI percentage | 62.5 | % |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 16 |
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 | 4,354 | 8.8 | % | $ | 162,364 | 2,121 | 13.9 | |||||||
Atlanta, GA | 4,319 | 8.7 | % | 165,430 | 2,114 | 16.4 | ||||||||
Houston, TX | 3,158 | 6.4 | % | 159,123 | 2,113 | 11.8 | ||||||||
Charlotte, NC | 3,248 | 6.6 | % | 181,934 | 2,064 | 14.1 | ||||||||
Indianapolis, IN | 2,897 | 5.8 | % | 151,377 | 1,933 | 15.0 | ||||||||
Phoenix, AZ | 2,768 | 5.6 | % | 162,343 | 1,815 | 14.9 | ||||||||
Nashville, TN | 2,557 | 5.2 | % | 202,594 | 2,108 | 13.3 | ||||||||
Greater Chicago area, IL and IN | 2,033 | 4.1 | % | 180,753 | 1,896 | 16.1 | ||||||||
Cincinnati, OH | 1,993 | 4.0 | % | 172,939 | 1,852 | 15.3 | ||||||||
Raleigh, NC | 1,968 | 4.0 | % | 179,187 | 1,858 | 12.9 | ||||||||
Tampa, FL | 1,951 | 3.9 | % | 188,935 | 1,942 | 14.0 | ||||||||
Jacksonville, FL | 1,918 | 3.9 | % | 161,337 | 1,922 | 13.3 | ||||||||
Columbus, OH | 1,789 | 3.6 | % | 161,213 | 1,846 | 16.0 | ||||||||
Orlando, FL | 1,601 | 3.2 | % | 170,977 | 1,875 | 16.3 | ||||||||
Salt Lake City, UT | 1,109 | 2.2 | % | 223,781 | 2,138 | 16.4 | ||||||||
Las Vegas, NV | 1,023 | 2.1 | % | 174,983 | 1,841 | 14.7 | ||||||||
San Antonio, TX | 1,022 | 2.1 | % | 157,290 | 2,015 | 14.1 | ||||||||
Charleston, SC | 916 | 1.8 | % | 187,267 | 1,934 | 11.5 | ||||||||
Winston Salem, NC | 766 | 1.5 | % | 150,191 | 1,733 | 13.8 | ||||||||
Austin, TX | 706 | 1.4 | % | 153,681 | 1,865 | 13.1 | ||||||||
All Other (3) | 7,450 | 15.1 | % | 189,457 | 1,887 | 14.2 | ||||||||
Total / Average | 49,546 | 100.0 | % | $ | 174,014 | 1,968 | 14.4 |
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 | Avg. Blended Change in Rent | |||||||||||||
Dallas-Fort Worth, TX | 94.0 | % | 92.9 | % | $ | 1,662 | 4.2 | % | 5.9 | % | 4.9 | % | |||||||
Atlanta, GA | 94.0 | % | 93.5 | % | 1,465 | 4.5 | % | 8.0 | % | 5.8 | % | ||||||||
Houston, TX | 90.2 | % | 89.3 | % | 1,595 | 2.4 | % | 0.3 | % | 1.5 | % | ||||||||
Charlotte, NC | 88.6 | % | 88.2 | % | 1,508 | 3.7 | % | 4.7 | % | 4.1 | % | ||||||||
Indianapolis, IN | 95.0 | % | 94.3 | % | 1,350 | 2.8 | % | 5.3 | % | 3.9 | % | ||||||||
Phoenix, AZ | 97.7 | % | 97.3 | % | 1,238 | 4.9 | % | 9.9 | % | 6.9 | % | ||||||||
Nashville, TN | 92.1 | % | 91.4 | % | 1,656 | 3.6 | % | 3.7 | % | 3.6 | % | ||||||||
Greater Chicago area, IL and IN | 95.4 | % | 94.4 | % | 1,784 | 2.9 | % | 4.5 | % | 3.5 | % | ||||||||
Cincinnati, OH | 94.5 | % | 93.8 | % | 1,519 | 3.2 | % | 4.4 | % | 3.7 | % | ||||||||
Raleigh, NC | 93.6 | % | 92.7 | % | 1,456 | 3.3 | % | 4.5 | % | 3.7 | % | ||||||||
Tampa, FL | 90.2 | % | 89.0 | % | 1,624 | 3.2 | % | 4.2 | % | 3.6 | % | ||||||||
Jacksonville, FL | 88.5 | % | 87.6 | % | 1,441 | 3.9 | % | 5.0 | % | 4.3 | % | ||||||||
Columbus, OH | 89.0 | % | 88.1 | % | 1,529 | 3.9 | % | 4.4 | % | 4.1 | % | ||||||||
Orlando, FL | 96.0 | % | 95.6 | % | 1,535 | 4.4 | % | 7.2 | % | 5.5 | % | ||||||||
Salt Lake City, UT | 90.0 | % | 89.4 | % | 1,607 | 3.7 | % | 8.5 | % | 6.1 | % | ||||||||
Las Vegas, NV | 97.0 | % | 96.4 | % | 1,430 | 3.9 | % | 6.0 | % | 4.6 | % | ||||||||
San Antonio, TX | 92.5 | % | 91.5 | % | 1,478 | 3.1 | % | 4.1 | % | 3.5 | % | ||||||||
Charleston, SC | 88.3 | % | 88.0 | % | 1,604 | 2.5 | % | 2.8 | % | 2.7 | % | ||||||||
Winston Salem, NC | 92.8 | % | 92.3 | % | 1,270 | 3.1 | % | 4.9 | % | 3.8 | % | ||||||||
Austin, TX | 92.8 | % | 92.1 | % | 1,476 | 3.6 | % | 4.1 | % | 3.7 | % | ||||||||
All Other (3) | 93.7 | % | 92.8 | % | 1,552 | 3.4 | % | 3.6 | % | 3.5 | % | ||||||||
Total / Average | 92.9 | % | 92.2 | % | $ | 1,523 | 3.6 | % | 4.9 | % | 4.1 | % |
(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 period end. |
(3) | Represents 22 markets in 16 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 17 |
American Homes 4 Rent |
3Q17 | 2Q17 | 1Q17 | 4Q16 | 3Q16 | |||||||||||
Average Change in Rent for Renewals | 3.6 | % | 3.2 | % | 3.1 | % | 3.3 | % | 3.4 | % | |||||
Average Change in Rent for Re-leases | 4.9 | % | 6.1 | % | 4.0 | % | 2.7 | % | 5.0 | % | |||||
Average Blended Change in Rent | 4.1 | % | 4.4 | % | 3.5 | % | 3.0 | % | 4.1 | % |
MTM | 4Q17 | 1Q18 | 2Q18 | 3Q18 | Thereafter | |||||||
Lease expirations | 1,981 | 7,637 | 11,670 | 12,070 | 11,759 | 909 |
HPA Index (1) | HPA Index Change | |||||||||||||||||||||||
Market | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Mar 31, 2017 | Jun 30, 2017 | |||||||||||||||||
Dallas-Fort Worth, TX (2) | 100.0 | 108.4 | 115.2 | 127.6 | 140.1 | 143.4 | 150.0 | 50.0 | % | |||||||||||||||
Indianapolis, IN | 100.0 | 106.4 | 112.3 | 117.8 | 124.5 | 123.4 | 131.5 | 31.5 | % | |||||||||||||||
Atlanta, GA | 100.0 | 114.2 | 122.3 | 132.0 | 143.0 | 144.4 | 152.3 | 52.3 | % | |||||||||||||||
Charlotte, NC | 100.0 | 113.4 | 118.8 | 126.8 | 136.6 | 142.4 | 144.0 | 44.0 | % | |||||||||||||||
Greater Chicago area, IL and IN | 100.0 | 111.0 | 115.1 | 118.8 | 126.3 | 125.9 | 129.9 | 29.9 | % | |||||||||||||||
Houston, TX | 100.0 | 110.8 | 123.1 | 130.1 | 133.0 | 132.7 | 133.6 | 33.6 | % | |||||||||||||||
Cincinnati, OH | 100.0 | 104.9 | 111.2 | 115.7 | 121.4 | 121.0 | 126.8 | 26.8 | % | |||||||||||||||
Tampa, FL | 100.0 | 113.0 | 121.1 | 132.3 | 149.1 | 149.9 | 158.1 | 58.1 | % | |||||||||||||||
Jacksonville, FL | 100.0 | 114.2 | 121.7 | 127.7 | 142.3 | 147.8 | 148.2 | 48.2 | % | |||||||||||||||
Nashville, TN | 100.0 | 111.0 | 117.4 | 131.1 | 141.1 | 145.9 | 151.5 | 51.5 | % | |||||||||||||||
Raleigh, NC | 100.0 | 106.7 | 111.6 | 120.0 | 130.8 | 132.1 | 137.9 | 37.9 | % | |||||||||||||||
Phoenix, AZ | 100.0 | 118.0 | 123.3 | 135.9 | 146.1 | 147.6 | 151.8 | 51.8 | % | |||||||||||||||
Columbus, OH | 100.0 | 108.9 | 114.5 | 120.8 | 131.5 | 127.5 | 138.8 | 38.8 | % | |||||||||||||||
Salt Lake City, UT | 100.0 | 109.4 | 114.5 | 123.2 | 133.0 | 138.3 | 142.1 | 42.1 | % | |||||||||||||||
Orlando, FL | 100.0 | 110.3 | 123.5 | 135.4 | 144.9 | 149.8 | 154.4 | 54.4 | % | |||||||||||||||
Las Vegas, NV | 100.0 | 125.1 | 141.3 | 149.0 | 161.5 | 164.3 | 170.3 | 70.3 | % | |||||||||||||||
San Antonio, TX | 100.0 | 101.1 | 108.0 | 113.9 | 124.7 | 127.2 | 133.6 | 33.6 | % | |||||||||||||||
Denver, CO | 100.0 | 111.0 | 121.5 | 136.5 | 149.9 | 156.7 | 162.9 | 62.9 | % | |||||||||||||||
Austin, TX | 100.0 | 110.1 | 122.2 | 133.9 | 145.7 | 145.8 | 153.1 | 53.1 | % | |||||||||||||||
Greenville, SC | 100.0 | 104.1 | 110.8 | 117.8 | 127.6 | 126.9 | 129.6 | 29.6 | % | |||||||||||||||
Average | 45.0 | % |
(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 June 30, 2017. 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. | 18 |
American Homes 4 Rent |
Single-Family Properties Held for Sale (1) | Single-Family Properties Sold 3Q17 | |||||||||||||||
Market | Vacant | Leased | Total | Number of Properties | Net Proceeds | |||||||||||
Greater Chicago area, IL and IN | 105 | 184 | 289 | 61 | $ | 4,672 | ||||||||||
Inland Empire, CA | 6 | 38 | 44 | 5 | 1,228 | |||||||||||
Central Valley, CA | 13 | 19 | 32 | 9 | 1,872 | |||||||||||
Miami, FL | 16 | 12 | 28 | 11 | 3,266 | |||||||||||
Atlanta, GA | 5 | 8 | 13 | 3 | 581 | |||||||||||
Nashville, TN | 5 | 3 | 8 | — | — | |||||||||||
Dallas-Fort Worth, TX | 4 | 4 | 8 | 1 | 160 | |||||||||||
San Antonio, TX | 4 | 3 | 7 | 5 | 870 | |||||||||||
Memphis, TN | 4 | 2 | 6 | 1 | 181 | |||||||||||
Oklahoma City, OK | 1 | 4 | 5 | — | — | |||||||||||
Houston, TX | 1 | 3 | 4 | — | — | |||||||||||
Phoenix, AZ | 1 | 2 | 3 | 3 | 346 | |||||||||||
Raleigh, NC | 3 | — | 3 | 2 | 207 | |||||||||||
Fort Myers, FL | 3 | — | 3 | — | — | |||||||||||
Tucson, AZ | 1 | 2 | 3 | — | — | |||||||||||
Orlando, FL | 2 | — | 2 | — | — | |||||||||||
Tampa, FL | 2 | — | 2 | — | — | |||||||||||
Denver, CO | 1 | 1 | 2 | 1 | 243 | |||||||||||
Winston Salem, NC | 2 | — | 2 | — | — | |||||||||||
Indianapolis, IN | — | 1 | 1 | 1 | 127 | |||||||||||
Columbus, OH | — | 1 | 1 | — | — | |||||||||||
Cincinnati, OH | — | 1 | 1 | — | — | |||||||||||
Bay Area, CA | 1 | — | 1 | — | — | |||||||||||
Jacksonville, FL | 1 | — | 1 | — | — | |||||||||||
Austin, TX | — | — | — | 2 | 288 | |||||||||||
Charleston, SC | — | — | — | 1 | 113 | |||||||||||
Charlotte, NC | — | — | — | 1 | 232 | |||||||||||
Total | 181 | 288 | 469 | 107 | $ | 14,386 |
(1) | Reflects single-family properties held for sale as of September 30, 2017. |
Board authorization announced on 11/10/16 | $ | 400,000 | |||||||||
Quarterly Period | Common Shares Issued | Gross Proceeds | Average Issuance Price Per Share | ||||||||
4Q16 | 4,919,948 | $ | 103,983 | $ | 21.13 | ||||||
1Q17 | 629,532 | 14,304 | 22.72 | ||||||||
2Q17 | 222,073 | 5,066 | 22.81 | ||||||||
3Q17 | 1,181,493 | $ | 26,855 | $ | 22.73 | ||||||
Total | 6,953,046 | $ | 150,208 | $ | 21.60 | ||||||
Board authorization announced on 8/10/17 (1) | $ | 500,000 | |||||||||
Remaining authorization: | $ | 500,000 |
(1) | The Company's $500.0 million at-the-market common share offering program replaced the original at-the-market program. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 19 |
American Homes 4 Rent |
American Homes 4 Rent |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Core revenues | |||||||||||||||
Total revenues | $ | 246,836 | $ | 236,057 | $ | 717,598 | $ | 651,330 | |||||||
Tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Other revenues | (409 | ) | (5,214 | ) | (4,367 | ) | (12,811 | ) | |||||||
Core revenues | $ | 208,034 | $ | 197,426 | $ | 616,240 | $ | 561,350 |
Core property operating expenses | |||||||||||||||
Property operating expenses | $ | 97,944 | $ | 92,488 | $ | 267,203 | $ | 238,987 | |||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
Noncash share-based compensation - property management | (417 | ) | (411 | ) | (1,258 | ) | (1,166 | ) | |||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Core property operating expenses | $ | 76,581 | $ | 76,995 | $ | 221,321 | $ | 213,829 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Gain on sale of single-family properties and other, net | (1,895 | ) | (11,682 | ) | (6,375 | ) | (12,574 | ) | |||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Other expenses | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Other revenues | (409 | ) | (5,214 | ) | (4,367 | ) | (12,811 | ) | |||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Bad debt expense excluded from operating expenses | 2,299 | 2,609 | 5,142 | 5,092 | |||||||||||
Bad debt expense included in revenues | (2,299 | ) | (2,609 | ) | (5,142 | ) | (5,092 | ) | |||||||
Core NOI | 131,453 | 120,431 | 394,919 | 347,521 | |||||||||||
Less: Non-Same-Home Core NOI | 30,957 | 24,761 | 88,911 | 59,801 | |||||||||||
Same-Home Core NOI | 100,496 | 95,670 | 306,008 | 287,720 | |||||||||||
Less: Same-Home capital expenditures | 8,968 | 8,949 | 21,077 | 22,223 | |||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 91,528 | $ | 86,721 | $ | 284,931 | $ | 265,497 |
Unencumbered Core NOI and Encumbered Core NOI | |||||||||||||||
Core NOI | $ | 131,453 | $ | 120,431 | $ | 394,919 | $ | 347,521 | |||||||
Less: Encumbered Core NOI | 49,267 | 47,589 | 151,006 | 143,075 | |||||||||||
Unencumbered Core NOI | $ | 82,186 | $ | 72,842 | $ | 243,913 | $ | 204,446 |
American Homes 4 Rent |
For the Three Months Ended | |||||||||||||||||||
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
Core revenues | |||||||||||||||||||
Total revenues | $ | 246,836 | $ | 237,008 | $ | 233,754 | $ | 227,559 | $ | 236,057 | |||||||||
Tenant charge-backs | (36,094 | ) | (27,382 | ) | (28,373 | ) | (23,177 | ) | (30,808 | ) | |||||||||
Bad debt expense | (2,299 | ) | (1,333 | ) | (1,510 | ) | (1,877 | ) | (2,609 | ) | |||||||||
Other revenues | (409 | ) | (2,288 | ) | (1,670 | ) | (2,987 | ) | (5,214 | ) | |||||||||
Core revenues | $ | 208,034 | $ | 206,005 | $ | 202,201 | $ | 199,518 | $ | 197,426 |
Core property operating expenses | |||||||||||||||||||
Property operating expenses | $ | 97,944 | $ | 85,954 | $ | 83,305 | $ | 78,323 | $ | 92,488 | |||||||||
Property management expenses | 17,447 | 17,442 | 17,478 | 17,547 | 18,335 | ||||||||||||||
Noncash share-based compensation - property management | (417 | ) | (424 | ) | (417 | ) | (394 | ) | (411 | ) | |||||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (27,382 | ) | (28,373 | ) | (23,177 | ) | (30,808 | ) | |||||||||
Bad debt expense | (2,299 | ) | (1,333 | ) | (1,510 | ) | (1,877 | ) | (2,609 | ) | |||||||||
Core property operating expenses | $ | 76,581 | $ | 74,257 | $ | 70,483 | $ | 70,422 | $ | 76,995 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||||||
Net income (loss) | $ | 19,097 | $ | 15,066 | $ | 11,796 | $ | 9,338 | $ | (167 | ) | ||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 1,640 | 5,410 | 4,080 | 2,490 | |||||||||||||
Loss on early extinguishment of debt | — | 6,555 | — | — | 13,408 | ||||||||||||||
Hurricane-related charges, net | 10,136 | — | — | — | — | ||||||||||||||
Gain on sale of single-family properties and other, net | (1,895 | ) | (2,454 | ) | (2,026 | ) | (1,995 | ) | (11,682 | ) | |||||||||
Depreciation and amortization | 74,790 | 72,716 | 73,953 | 74,164 | 75,392 | ||||||||||||||
Acquisition fees and costs expensed | 1,306 | 1,412 | 1,096 | 544 | 1,757 | ||||||||||||||
Noncash share-based compensation - property management | 417 | 424 | 417 | 394 | 411 | ||||||||||||||
Interest expense | 26,592 | 28,392 | 31,889 | 31,538 | 32,851 | ||||||||||||||
General and administrative expense | 8,525 | 8,926 | 9,295 | 8,524 | 8,043 | ||||||||||||||
Other expenses | 1,285 | 1,359 | 1,558 | 5,496 | 3,142 | ||||||||||||||
Other revenues | (409 | ) | (2,288 | ) | (1,670 | ) | (2,987 | ) | (5,214 | ) | |||||||||
Tenant charge-backs | 36,094 | 27,382 | 28,373 | 23,177 | 30,808 | ||||||||||||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (27,382 | ) | (28,373 | ) | (23,177 | ) | (30,808 | ) | |||||||||
Bad debt expense excluded from operating expenses | 2,299 | 1,333 | 1,510 | 1,877 | 2,609 | ||||||||||||||
Bad debt expense included in revenues | (2,299 | ) | (1,333 | ) | (1,510 | ) | (1,877 | ) | (2,609 | ) | |||||||||
Core NOI | 131,453 | 131,748 | 131,718 | 129,096 | 120,431 | ||||||||||||||
Less: Non-Same-Home Core NOI | 30,957 | 29,257 | 28,697 | 27,157 | 24,761 | ||||||||||||||
Same-Home Core NOI | 100,496 | 102,491 | 103,021 | 101,939 | 95,670 | ||||||||||||||
Less: Same-Home capital expenditures | 8,968 | 7,083 | 5,026 | 5,387 | 8,949 | ||||||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 91,528 | $ | 95,408 | $ | 97,995 | $ | 96,552 | $ | 86,721 |
American Homes 4 Rent |
Sep 30, 2017 | ||||
(Unaudited) | ||||
Total Debt | $ | 2,382,871 | ||
Preferred shares at liquidation value (1) | 1,259,477 | |||
Total Debt and preferred shares | 3,642,348 | |||
Adjusted EBITDA - TTM | $ | 496,105 | ||
Debt and Preferred Shares to Adjusted EBITDA | 7.3 x |
(1) | All of the outstanding Series A and Series B participating preferred shares were converted into 12,398,276 Class A common shares on October 3, 2017, based on a conversion ratio of 1.3106 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary. |
For the Trailing Twelve Months Ended Sep 30, 2017 | ||||
(Unaudited) | ||||
Interest expense per income statement | $ | 118,411 | ||
Less: noncash interest expense related to acquired debt | (3,489 | ) | ||
Less: amortization of deferred financing costs | (8,925 | ) | ||
Add: capitalized interest | 3,884 | |||
Cash interest | 109,881 | |||
Dividends on preferred shares | 59,709 | |||
Fixed charges | 169,590 | |||
Adjusted EBITDA | $ | 496,105 | ||
Fixed Charge Coverage | 2.9 x |
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Total Debt | $ | 2,382,871 | $ | 2,480,787 | $ | 2,999,587 | $ | 2,981,062 | $ | 2,988,383 | ||||||||||
Less: cash and cash equivalents | (243,547 | ) | (67,325 | ) | (495,802 | ) | (118,799 | ) | (106,308 | ) | ||||||||||
Less: asset-backed securitization certificates | (25,666 | ) | (25,666 | ) | (25,666 | ) | (25,666 | ) | (25,666 | ) | ||||||||||
Less: restricted cash related to securitizations | (46,166 | ) | (56,058 | ) | (63,147 | ) | (62,062 | ) | (61,434 | ) | ||||||||||
Net debt | $ | 2,067,492 | $ | 2,331,738 | $ | 2,414,972 | $ | 2,774,535 | $ | 2,794,975 | ||||||||||
Adjusted EBITDA - TTM | $ | 496,105 | $ | 487,562 | $ | 477,578 | $ | 454,415 | $ | 420,989 | ||||||||||
Net Debt to Adjusted EBITDA | 4.2 x | 4.8 x | 5.1 x | 6.1 x | 6.6 x |
American Homes 4 Rent |
For the Three Months Ended Sep 30, 2017 | |||
(Unaudited) | |||
Unencumbered Core NOI | $ | 82,186 | |
Core NOI | $ | 131,453 | |
Unencumbered Core NOI Percentage | 62.5 | % |
American Homes 4 Rent |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
EBITDA | $ | 120,479 | $ | 108,076 | $ | 354,291 | $ | 324,930 | |||||||
Noncash share-based compensation - general and administrative | 699 | 480 | 1,917 | 1,578 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Net (gain) on sale / impairment of single-family properties and other | (596 | ) | (11,115 | ) | (2,589 | ) | (11,107 | ) | |||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Adjusted EBITDA | $ | 124,050 | $ | 115,507 | $ | 374,041 | $ | 332,351 | |||||||
Recurring capital expenditures (1) | (11,600 | ) | (10,411 | ) | (27,140 | ) | (25,183 | ) | |||||||
Leasing costs | (1,960 | ) | (2,119 | ) | (5,361 | ) | (6,199 | ) | |||||||
Adjusted EBITDA after Capex and Leasing Costs | $ | 110,490 | $ | 102,977 | $ | 341,540 | $ | 300,969 | |||||||
Total revenues | $ | 246,836 | $ | 236,057 | $ | 717,598 | $ | 651,330 | |||||||
Less: tenant charge-backs | (36,094 | ) | (30,808 | ) | (91,849 | ) | (72,077 | ) | |||||||
Total revenues, net of tenant charge-backs | $ | 210,742 | $ | 205,249 | $ | 625,749 | $ | 579,253 | |||||||
Adjusted EBITDA Margin | 58.9 | % | 56.3 | % | 59.8 | % | 57.4 | % | |||||||
Adjusted EBITDA after Capex and Leasing Costs Margin | 52.4 | % | 50.2 | % | 54.6 | % | 52.0 | % |
(1) | As a portion of our homes are recently acquired and / or renovated, we estimate recurring capital expenditures for our entire portfolio by multiplying (a) current period actual capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized and held for sale properties. |
American Homes 4 Rent |
For the Trailing Twelve Months Ended | |||||||||||||||||||
Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
Net income (loss) | $ | 55,297 | $ | 36,033 | $ | 17,214 | $ | 10,446 | $ | (10,239 | ) | ||||||||
Interest expense | 118,411 | 124,670 | 131,759 | 130,847 | 127,183 | ||||||||||||||
Depreciation and amortization | 295,623 | 296,225 | 303,113 | 298,677 | 286,676 | ||||||||||||||
EBITDA | 469,331 | 456,928 | 452,086 | 439,970 | 403,620 | ||||||||||||||
Noncash share-based compensation - general and administrative | 2,415 | 2,196 | 2,084 | 2,076 | 2,051 | ||||||||||||||
Noncash share-based compensation - property management | 1,652 | 1,646 | 1,620 | 1,560 | 1,475 | ||||||||||||||
Acquisition fees and costs expensed | 4,358 | 4,809 | 6,886 | 11,443 | 16,179 | ||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (1,081 | ) | (11,600 | ) | (10,636 | ) | (9,599 | ) | (11,107 | ) | |||||||||
Hurricane-related charges, net | 10,136 | — | — | — | — | ||||||||||||||
Loss on early extinguishment of debt | 6,555 | 19,963 | 13,408 | 13,408 | 13,408 | ||||||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | (11,463 | ) | ||||||||||||
Remeasurement of Series E units | — | — | — | — | 1,356 | ||||||||||||||
Remeasurement of participating preferred shares | 2,739 | 13,620 | 12,130 | 7,020 | 5,470 | ||||||||||||||
Adjusted EBITDA | $ | 496,105 | $ | 487,562 | $ | 477,578 | $ | 454,415 | $ | 420,989 |
American Homes 4 Rent |
American Homes 4 Rent |
For the Three Months Ended Sep 30, | For the Nine Months Ended Sep 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Property management expenses | $ | 17,447 | $ | 18,335 | $ | 52,367 | $ | 53,177 | |||||||
Less: tenant charge-backs | (1,260 | ) | (1,436 | ) | (3,864 | ) | (3,993 | ) | |||||||
Less: noncash share-based compensation - property management | (417 | ) | (411 | ) | (1,258 | ) | (1,166 | ) | |||||||
Property management expenses, net | 15,770 | 16,488 | 47,245 | 48,018 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Less: noncash share-based compensation - general and administrative | (699 | ) | (480 | ) | (1,917 | ) | (1,578 | ) | |||||||
General and administrative expense, net | 7,826 | 7,563 | 24,829 | 22,966 | |||||||||||
Leasing costs | 1,960 | 2,119 | 5,361 | 6,199 | |||||||||||
Platform costs | $ | 25,556 | $ | 26,170 | $ | 77,435 | $ | 77,183 | |||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Total portfolio rents and fees | $ | 210,333 | $ | 200,035 | $ | 621,382 | $ | 566,442 | |||||||
Platform Efficiency Percentage | 12.2 | % | 13.1 | % | 12.5 | % | 13.6 | % |
Executive Management | ||
David P. Singelyn | Jack Corrigan | |
Chief Executive Officer | Chief Operating Officer | |
Diana M. Laing | Sara H. Vogt-Lowell | |
Chief Financial Officer | Chief Legal Officer | |
David Goldberg | Stephanie Heim | |
Executive Vice President | Executive Vice President - Counsel & Assistant Secretary | |
Christopher C. Lau | Bryan Smith | |
Executive Vice President - Finance | Executive Vice President - President of Property Management | |
Corporate Information | Investor Relations | |
American Homes 4 Rent | (855) 794-AH4R (2447) | |
30601 Agoura Road, Suite 200 | investors@ah4r.com | |
Agoura Hills, CA 91301 | ||
(805) 413-5300 | ||
www.americanhomes4rent.com |
Analyst Coverage (1) | |||
Bank of America Merrill Lynch | BTIG | Citi | Credit Suisse |
Juan Sanabria | Ryan Gilbert | Michael Bilerman | Douglas Harter |
juan.sanabria@baml.com | rgilbert@btig.com | michael.bilerman@citi.com | douglas.harter@credit-suisse.com |
Evercore ISI | FBR Capital Markets & Co | Green Street Advisors | GS Global Investment Research |
Steve Sakwa | David Corak | John Pawlowski | Andrew Rosivach |
steve.sakwa@evercoreisi.com | dcorak@fbr.com | jpawlowski@greenst.com | andrew.rosivach@gs.com |
JMP Securities | JP Morgan Securities | Keefe, Bruyette & Woods, Inc. | Mizuho Securities USA Inc. |
Aaron Hecht | Anthony Paolone | Jade Rahmani | Haendel St. Juste |
ahecht@jmpsecurities.com | anthony.paolone@jpmorgan.com | jrahmani@kbw.com | haendel.st.juste@mizuho-sc.com |
Morgan Stanley | Raymond James & Associates, Inc. | Wells Fargo Securities | Zelman & Associates |
Richard Hill | Buck Horne | Jeff Donnelly | Dennis McGill |
richard.hill1@morganstanley.com | buck.horne@raymondjames.com | jeff.donnelly@wellsfargo.com | dennis@zelmanassociates.com |
(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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