Maryland (American Homes 4 Rent) | 001-36013 | 46-1229660 | ||
Delaware (American Homes 4 Rent, L.P.) | 333-221878-02 | 80-0860173 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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 | |||
AMERICAN HOMES 4 RENT, L.P. | |||
By: | American Homes 4 Rent, its general partner | ||
By: | /s/ Stephanie Heim | ||
Stephanie Heim | |||
Executive Vice President - Counsel | |||
• | Total revenues increased 11.3% to $270.3 million for the fourth quarter of 2018 from $242.8 million for the fourth quarter of 2017. |
• | Net income attributable to common shareholders totaled $17.6 million, or $0.06 income per diluted share, for the fourth quarter of 2018, compared to a net loss attributable to common shareholders of $22.0 million, or a $0.08 loss per diluted share, for the fourth quarter of 2017. |
• | Core Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $98.5 million, or $0.28 per FFO share and unit, compared to $89.4 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 7.0% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $86.9 million, or $0.25 per FFO share and unit, compared to $79.8 million, or $0.23 per FFO share and unit, for the same period in 2017. |
• | Core Net Operating Income ("Core NOI") margin on Same-Home properties was 65.6% for the fourth quarter of 2018, compared to 65.5% for the same period in 2017. |
• | Core NOI after capital expenditures from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2018. |
• | Same-Home portfolio Average Occupied Days Percentage increased to 94.8% for the fourth quarter of 2018, compared to 94.0% for the fourth quarter of 2017, while achieving 3.4% growth in Average Monthly Realized Rent per property for the same comparable periods. |
• | In November 2018, paid off the $115.0 million exchangeable senior notes (see “Capital Activities and Balance Sheet”). |
• | In January 2019, issued $400.0 million of 4.90% unsecured senior notes due 2029 (see “Capital Activities and Balance Sheet”). |
Full Year 2019 | ||
Core FFO attributable to common share and unit holders | $1.06 - $1.14 | |
Same-Home | ||
Core revenues growth | 3.2% - 4.2% | |
Core property operating expenses growth | 3.5% - 4.5% | |
Core NOI After Capital Expenditures growth | 2.6% - 3.6% |
Per FFO Share and Unit | ||||
2018 Core FFO attributable to common share and unit holders, as reported | $ | 1.06 | ||
Change in accounting principle (1) | (0.02 | ) | ||
2018 Pro Forma Core FFO attributable to common share and unit holders | $ | 1.04 | ||
Same-Home Core NOI growth | 0.05 | |||
Non-Same-Home Core NOI growth (2) | 0.05 | |||
General and administrative expense growth | (0.01 | ) | ||
Interest expense and preferred dividends increase | (0.02 | ) | ||
Share count increase | (0.01 | ) | ||
2019 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.10 |
(1) | Represents impact related to the Company's January 1, 2019 adoption of the new GAAP leasing standard as if adopted on January 1, 2018, and as discussed in the Defined Terms and Non-GAAP reconciliations section. |
(2) | Reflects NOI from Non-Same-Home properties including contribution from 2018 and projected 2019 net acquisitions and dispositions. For 2019, we expect to add between $300.0 million and $500.0 million of properties to our portfolio, the timing of which is expected to be more heavily weighted towards the second half of the year. |
December 31, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,713,496 | $ | 1,665,631 | |||
Buildings and improvements | 7,483,600 | 7,303,270 | |||||
9,197,096 | 8,968,901 | ||||||
Less: accumulated depreciation | (1,176,499 | ) | (939,724 | ) | |||
Single-family properties in operation, net | 8,020,597 | 8,029,177 | |||||
Single-family properties under development and development land | 153,651 | 51,938 | |||||
Single-family properties held for sale, net | 318,327 | 35,803 | |||||
Total real estate assets, net | 8,492,575 | 8,116,918 | |||||
Cash and cash equivalents | 30,284 | 46,156 | |||||
Restricted cash | 144,930 | 136,667 | |||||
Rent and other receivables, net | 29,027 | 30,144 | |||||
Escrow deposits, prepaid expenses and other assets | 146,034 | 119,913 | |||||
Deferred costs and other intangibles, net | 12,686 | 13,025 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 9,001,481 | $ | 8,608,768 | |||
Liabilities | |||||||
Revolving credit facility | $ | 250,000 | $ | 140,000 | |||
Term loan facility, net | 99,232 | 198,023 | |||||
Asset-backed securitizations, net | 1,961,511 | 1,977,308 | |||||
Unsecured senior notes, net | 492,800 | — | |||||
Exchangeable senior notes, net | — | 111,697 | |||||
Secured note payable | — | 48,859 | |||||
Accounts payable and accrued expenses | 219,229 | 222,867 | |||||
Amounts payable to affiliates | 4,967 | 4,720 | |||||
Participating preferred shares derivative liability | — | 29,470 | |||||
Total liabilities | 3,027,739 | 2,732,944 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders' equity: | |||||||
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 296,014,546 and 286,114,637 shares issued and outstanding at December 31, 2018 and 2017, respectively | 2,960 | 2,861 | |||||
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at December 31, 2018 and 2017 | 6 | 6 | |||||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 35,350,000 and 38,350,000 shares issued and outstanding at December 31, 2018 and 2017, respectively | 354 | 384 | |||||
Additional paid-in capital | 5,732,466 | 5,600,256 | |||||
Accumulated deficit | (491,214 | ) | (453,953 | ) | |||
Accumulated other comprehensive income | 7,393 | 75 | |||||
Total shareholders' equity | 5,251,965 | 5,149,629 | |||||
Noncontrolling interest | 721,777 | 726,195 | |||||
Total equity | 5,973,742 | 5,875,824 | |||||
Total liabilities and equity | $ | 9,001,481 | $ | 8,608,768 |
For the Three Months Ended December 31, | For the Years Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Revenues: | ||||||||||||||||
Rents from single-family properties | $ | 232,378 | $ | 210,778 | $ | 908,936 | $ | 824,023 | ||||||||
Fees from single-family properties | 2,648 | 2,590 | 10,946 | 10,727 | ||||||||||||
Tenant charge-backs | 33,917 | 28,232 | 146,793 | 120,081 | ||||||||||||
Other | 1,373 | 1,201 | 6,180 | 5,568 | ||||||||||||
Total revenues | 270,316 | 242,801 | 1,072,855 | 960,399 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating expenses | 99,475 | 87,871 | 412,905 | 355,074 | ||||||||||||
Property management expenses | 18,105 | 17,345 | 74,573 | 69,712 | ||||||||||||
General and administrative expense | 8,402 | 7,986 | 36,575 | 34,732 | ||||||||||||
Interest expense | 30,691 | 25,747 | 122,900 | 112,620 | ||||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | ||||||||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | ||||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | |||||||||||
Other | 3,745 | 803 | 7,265 | 5,005 | ||||||||||||
Total expenses | 243,079 | 214,219 | 978,128 | 887,019 | ||||||||||||
Gain on sale of single-family properties and other, net | 7,497 | 451 | 17,946 | 6,826 | ||||||||||||
Loss on early extinguishment of debt | — | — | (1,447 | ) | (6,555 | ) | ||||||||||
Remeasurement of participating preferred shares | — | 1,500 | 1,212 | 2,841 | ||||||||||||
Net income | 34,734 | 30,533 | 112,438 | 76,492 | ||||||||||||
Noncontrolling interest | 3,320 | (4,485 | ) | 4,165 | (4,507 | ) | ||||||||||
Dividends on preferred shares | 13,782 | 14,596 | 52,586 | 60,718 | ||||||||||||
Redemption of participating preferred shares | — | 42,416 | 32,215 | 42,416 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 17,632 | $ | (21,994 | ) | $ | 23,472 | $ | (22,135 | ) | ||||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 296,559,183 | 286,469,724 | 293,640,500 | 264,254,718 | ||||||||||||
Diluted | 297,067,211 | 286,469,724 | 294,268,330 | 264,254,718 | ||||||||||||
Net income (loss) attributable to common shareholders per share: | ||||||||||||||||
Basic | $ | 0.06 | $ | (0.08 | ) | $ | 0.08 | $ | (0.08 | ) | ||||||
Diluted | $ | 0.06 | $ | (0.08 | ) | $ | 0.08 | $ | (0.08 | ) |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 17,632 | $ | (21,994 | ) | $ | 23,472 | $ | (22,135 | ) | |||||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | 3,320 | (4,618 | ) | 4,424 | (4,648 | ) | |||||||||
Net (gain) loss on sale / impairment of single-family properties and other | (4,435 | ) | 443 | (12,088 | ) | (2,146 | ) | ||||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
Less: depreciation and amortization of non-real estate assets | (1,890 | ) | (1,797 | ) | (7,352 | ) | (7,847 | ) | |||||||
FFO attributable to common share and unit holders | $ | 95,750 | $ | 47,865 | $ | 327,141 | $ | 260,514 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Noncash share-based compensation - general and administrative | 466 | 646 | 2,075 | 2,563 | |||||||||||
Noncash share-based compensation - property management | 217 | 391 | 1,358 | 1,649 | |||||||||||
Noncash interest expense related to acquired debt | 493 | 925 | 3,303 | 3,549 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Loss on early extinguishment of debt | — | — | 1,447 | 6,555 | |||||||||||
Remeasurement of participating preferred shares | — | (1,500 | ) | (1,212 | ) | (2,841 | ) | ||||||||
Redemption of participating preferred shares | — | 42,416 | 32,215 | 42,416 | |||||||||||
Core FFO attributable to common share and unit holders | $ | 98,464 | $ | 89,379 | $ | 371,552 | $ | 326,991 | |||||||
Recurring capital expenditures (1) | (8,546 | ) | (7,501 | ) | (35,888 | ) | (32,556 | ) | |||||||
Leasing costs | (3,047 | ) | (2,029 | ) | (12,603 | ) | (7,390 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 86,871 | $ | 79,849 | $ | 323,061 | $ | 287,045 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.27 | $ | 0.14 | $ | 0.94 | $ | 0.81 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.28 | $ | 0.26 | $ | 1.06 | $ | 1.02 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.23 | $ | 0.92 | $ | 0.90 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 296,559,183 | 286,469,724 | 293,640,500 | 264,254,718 | |||||||||||
Share-based compensation plan (2) | 508,028 | 696,037 | 627,830 | 735,415 | |||||||||||
Operating partnership units | 55,349,791 | 55,353,391 | 55,350,062 | 55,498,488 | |||||||||||
Total weighted-average FFO shares and units | 352,417,002 | 342,519,152 | 349,618,392 | 320,488,621 |
(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 recurring capital expenditures per Same-Home Property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and identified for future sale. |
(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 December 31, | For the Years Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Core revenues | |||||||||||||||
Total revenues | $ | 270,316 | $ | 242,801 | $ | 1,072,855 | $ | 960,399 | |||||||
Tenant charge-backs | (33,917 | ) | (28,232 | ) | (146,793 | ) | (120,081 | ) | |||||||
Bad debt expense | (2,367 | ) | (2,186 | ) | (8,732 | ) | (7,328 | ) | |||||||
Other revenues | (1,373 | ) | (1,201 | ) | (6,180 | ) | (5,568 | ) | |||||||
Core revenues | $ | 232,659 | $ | 211,182 | $ | 911,150 | $ | 827,422 |
Core property operating expenses | |||||||||||||||
Property operating expenses | $ | 99,475 | $ | 87,871 | $ | 412,905 | $ | 355,074 | |||||||
Property management expenses | 18,105 | 17,345 | 74,573 | 69,712 | |||||||||||
Noncash share-based compensation - property management | (217 | ) | (391 | ) | (1,358 | ) | (1,649 | ) | |||||||
Expenses reimbursed by tenant charge-backs | (33,917 | ) | (28,232 | ) | (146,793 | ) | (120,081 | ) | |||||||
Bad debt expense | (2,367 | ) | (2,186 | ) | (8,732 | ) | (7,328 | ) | |||||||
Core property operating expenses | $ | 81,079 | $ | 74,407 | $ | 330,595 | $ | 295,728 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||
Net income | $ | 34,734 | $ | 30,533 | $ | 112,438 | $ | 76,492 | |||||||
Remeasurement of participating preferred shares | — | (1,500 | ) | (1,212 | ) | (2,841 | ) | ||||||||
Loss on early extinguishment of debt | — | — | 1,447 | 6,555 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Gain on sale of single-family properties and other, net | (7,497 | ) | (451 | ) | (17,946 | ) | (6,826 | ) | |||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Noncash share-based compensation - property management | 217 | 391 | 1,358 | 1,649 | |||||||||||
Interest expense | 30,691 | 25,747 | 122,900 | 112,620 | |||||||||||
General and administrative expense | 8,402 | 7,986 | 36,575 | 34,732 | |||||||||||
Other expenses | 3,745 | 803 | 7,265 | 5,005 | |||||||||||
Other revenues | (1,373 | ) | (1,201 | ) | (6,180 | ) | (5,568 | ) | |||||||
Core NOI | 151,580 | 136,775 | 580,555 | 531,694 | |||||||||||
Less: Non-Same-Home Core NOI | 38,542 | 28,261 | 140,669 | 103,974 | |||||||||||
Same-Home Core NOI | 113,038 | 108,514 | 439,886 | 427,720 | |||||||||||
Less: Same-Home recurring capital expenditures | 6,582 | 5,772 | 27,506 | 26,052 | |||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 106,456 | $ | 102,742 | $ | 412,380 | $ | 401,668 |
American Homes 4 Rent |
Summary | |
Earnings Press Release | |
Fact Sheet | |
Financial Information | |
Consolidated Statements of Operations | |
Funds from Operations | |
Core Net Operating Income – Total Portfolio | |
Same-Home Results – Quarterly and Full Year Comparisons | |
Same-Home Results – Sequential Quarterly Results | |
Same-Home Results – Sequential Quarterly Metrics | |
Same-Home Results – Operating Metrics by Market | 15 |
Consolidated Balance Sheets | |
Debt Summary, Maturity Schedule and Interest Expense Reconciliation | |
Capital Structure and Credit Metrics | |
Property Information | |
Top 20 Markets Summary | |
Leasing Performance | |
Scheduled Lease Expirations | |
Top 20 Markets Home Price Appreciation Trends | |
Other Information | |
Disposition Summary | |
Share Repurchase and ATM Share Issuance History | |
2019 Guidance | |
Defined Terms and Non-GAAP Reconciliations |
2 |
American Homes 4 Rent |
• | Total revenues increased 11.3% to $270.3 million for the fourth quarter of 2018 from $242.8 million for the fourth quarter of 2017. |
• | Net income attributable to common shareholders totaled $17.6 million, or $0.06 income per diluted share, for the fourth quarter of 2018, compared to a net loss attributable to common shareholders of $22.0 million, or a $0.08 loss per diluted share, for the fourth quarter of 2017. |
• | Core Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $98.5 million, or $0.28 per FFO share and unit, compared to $89.4 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 7.0% increase on a per share and unit basis. |
• | Adjusted Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $86.9 million, or $0.25 per FFO share and unit, compared to $79.8 million, or $0.23 per FFO share and unit, for the same period in 2017. |
• | Core Net Operating Income ("Core NOI") margin on Same-Home properties was 65.6% for the fourth quarter of 2018, compared to 65.5% for the same period in 2017. |
• | Core NOI after capital expenditures from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2018. |
• | Same-Home portfolio Average Occupied Days Percentage increased to 94.8% for the fourth quarter of 2018, compared to 94.0% for the fourth quarter of 2017, while achieving 3.4% growth in Average Monthly Realized Rent per property for the same comparable periods. |
• | In November 2018, paid off the $115.0 million exchangeable senior notes (see “Capital Activities and Balance Sheet”). |
• | In January 2019, issued $400.0 million of 4.90% unsecured senior notes due 2029 (see “Capital Activities and Balance Sheet”). |
3 |
American Homes 4 Rent |
4 |
American Homes 4 Rent |
5 |
American Homes 4 Rent |
Full Year 2019 | ||
Core FFO attributable to common share and unit holders | $1.06 - $1.14 | |
Same-Home | ||
Core revenues growth | 3.2% - 4.2% | |
Core property operating expenses growth | 3.5% - 4.5% | |
Core NOI After Capital Expenditures growth | 2.6% - 3.6% |
Per FFO Share and Unit | ||||
2018 Core FFO attributable to common share and unit holders, as reported | $ | 1.06 | ||
Change in accounting principle (1) | (0.02 | ) | ||
2018 Pro Forma Core FFO attributable to common share and unit holders | $ | 1.04 | ||
Same-Home Core NOI growth | 0.05 | |||
Non-Same-Home Core NOI growth (2) | 0.05 | |||
General and administrative expense growth | (0.01 | ) | ||
Interest expense and preferred dividends increase | (0.02 | ) | ||
Share count increase | (0.01 | ) | ||
2019 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.10 |
(1) | Represents impact related to the Company's January 1, 2019 adoption of the new GAAP leasing standard as if adopted on January 1, 2018, and as discussed in the Defined Terms and Non-GAAP reconciliations section. |
(2) | Reflects NOI from Non-Same-Home properties including contribution from 2018 and projected 2019 net acquisitions and dispositions. For 2019, we expect to add between $300.0 million and $500.0 million of properties to our portfolio, the timing of which is expected to be more heavily weighted towards the second half of the year. |
6 |
American Homes 4 Rent |
7 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating Data | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 17,632 | $ | (21,994 | ) | $ | 23,472 | $ | (22,135 | ) | |||||
Core revenues | $ | 232,659 | $ | 211,182 | $ | 911,150 | $ | 827,422 | |||||||
Core NOI | $ | 151,580 | $ | 136,775 | $ | 580,555 | $ | 531,694 | |||||||
Core NOI margin | 65.2 | % | 64.8 | % | 63.7 | % | 64.3 | % | |||||||
Platform Efficiency Percentage | 11.7 | % | 11.7 | % | 12.5 | % | 12.3 | % | |||||||
Adjusted EBITDAre after Capex and Leasing Costs | $ | 132,741 | $ | 121,197 | $ | 502,337 | $ | 464,822 | |||||||
Adjusted EBITDAre after Capex and Leasing Costs Margin | 56.2 | % | 56.5 | % | 54.2 | % | 55.3 | % | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.27 | $ | 0.14 | $ | 0.94 | $ | 0.81 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.28 | $ | 0.26 | $ | 1.06 | $ | 1.02 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.23 | $ | 0.92 | $ | 0.90 |
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||
Single-family properties in operation, net | $ | 8,020,597 | $ | 7,959,006 | $ | 7,899,909 | $ | 7,967,387 | $ | 8,029,177 | |||||||||
Total assets | $ | 9,001,481 | $ | 8,971,426 | $ | 8,830,448 | $ | 8,958,033 | $ | 8,608,768 | |||||||||
Outstanding borrowings under credit facilities, net | $ | 349,232 | $ | 99,176 | $ | 99,120 | $ | 198,132 | $ | 338,023 | |||||||||
Total Debt | $ | 2,842,510 | $ | 2,712,688 | $ | 2,717,867 | $ | 2,871,649 | $ | 2,517,216 | |||||||||
Total Market Capitalization | $ | 10,712,794 | $ | 11,299,123 | $ | 11,279,968 | $ | 10,693,963 | $ | 10,975,663 | |||||||||
Total Debt to Total Market Capitalization | 26.5 | % | 24.0 | % | 24.1 | % | 26.9 | % | 22.9 | % | |||||||||
Net Debt to Adjusted EBITDAre | 5.0 x | 4.7 x | 5.0 x | 5.1 x | 4.8 x | ||||||||||||||
NYSE AMH Class A common share closing price | $ | 19.85 | $ | 21.89 | $ | 22.18 | $ | 20.08 | $ | 21.84 |
Portfolio Data - end of period | ||||||||||||||
Leased single-family properties | 48,206 | 47,776 | 48,020 | 47,677 | 46,996 | |||||||||
Occupied single-family properties | 47,823 | 47,551 | 47,758 | 47,095 | 46,614 | |||||||||
Single-family properties newly acquired and being renovated | 308 | 345 | 223 | 503 | 980 | |||||||||
Single-family properties being prepared for re-lease | 396 | 430 | 332 | 289 | 372 | |||||||||
Vacant single-family properties available for re-lease | 1,459 | 1,452 | 1,116 | 1,221 | 1,902 | |||||||||
Vacant single-family properties available for initial lease | 469 | 195 | 149 | 258 | 679 | |||||||||
Total single-family properties, excluding properties to be disposed | 50,838 | 50,198 | 49,840 | 49,948 | 50,929 | |||||||||
Single-family properties to be disposed (1) | 1,945 | 2,266 | 2,209 | 1,892 | 310 | |||||||||
Total single-family properties | 52,783 | 52,464 | 52,049 | 51,840 | 51,239 | |||||||||
Total leased percentage (2) | 94.8 | % | 95.2 | % | 96.3 | % | 95.5 | % | 92.3 | % | ||||
Total Average Occupied Days Percentage | 94.0 | % | 94.3 | % | 94.8 | % | 91.4 | % | 90.8 | % | ||||
Same-Home leased percentage (38,054 properties) | 96.4 | % | 96.3 | % | 97.1 | % | 97.2 | % | 95.8 | % | ||||
Same-Home Average Occupied Days Percentage (38,054 properties) | 94.8 | % | 95.2 | % | 95.4 | % | 94.7 | % | 94.0 | % |
Other Data | |||||||||||||||||||
Distributions declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||
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 | $ | 0.40 | |||||||||
Distributions declared per Series F perpetual preferred share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||||||
Distributions declared per Series G perpetual preferred share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||||||
Distributions declared per Series H perpetual preferred share (3) | $ | 0.44 | $ | — | $ | — | $ | — | $ | — |
(1) | The Company’s disposition program is comprised of properties classified as held for sale and properties identified for future sale. As of December 31, 2018, all 1,945 properties identified as part of our disposition program were classified as held for sale. |
(2) | Leased percentage is calculated based on total single-family properties, excluding properties to be disposed. |
(3) | Series H perpetual preferred shares offering close date and initial dividend start date was September 19, 2018, with an initial dividend declared in the fourth quarter of 2018. |
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 Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 232,378 | $ | 210,778 | $ | 908,936 | $ | 824,023 | |||||||
Fees from single-family properties | 2,648 | 2,590 | 10,946 | 10,727 | |||||||||||
Tenant charge-backs | 33,917 | 28,232 | 146,793 | 120,081 | |||||||||||
Other | 1,373 | 1,201 | 6,180 | 5,568 | |||||||||||
Total revenues | 270,316 | 242,801 | 1,072,855 | 960,399 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 99,475 | 87,871 | 412,905 | 355,074 | |||||||||||
Property management expenses | 18,105 | 17,345 | 74,573 | 69,712 | |||||||||||
General and administrative expense | 8,402 | 7,986 | 36,575 | 34,732 | |||||||||||
Interest expense | 30,691 | 25,747 | 122,900 | 112,620 | |||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Other | 3,745 | 803 | 7,265 | 5,005 | |||||||||||
Total expenses | 243,079 | 214,219 | 978,128 | 887,019 | |||||||||||
Gain on sale of single-family properties and other, net | 7,497 | 451 | 17,946 | 6,826 | |||||||||||
Loss on early extinguishment of debt | — | — | (1,447 | ) | (6,555 | ) | |||||||||
Remeasurement of participating preferred shares | — | 1,500 | 1,212 | 2,841 | |||||||||||
Net income | 34,734 | 30,533 | 112,438 | 76,492 | |||||||||||
Noncontrolling interest | 3,320 | (4,485 | ) | 4,165 | (4,507 | ) | |||||||||
Dividends on preferred shares | 13,782 | 14,596 | 52,586 | 60,718 | |||||||||||
Redemption of participating preferred shares | — | 42,416 | 32,215 | 42,416 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 17,632 | $ | (21,994 | ) | $ | 23,472 | $ | (22,135 | ) | |||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 296,559,183 | 286,469,724 | 293,640,500 | 264,254,718 | |||||||||||
Diluted | 297,067,211 | 286,469,724 | 294,268,330 | 264,254,718 | |||||||||||
Net income (loss) attributable to common shareholders per share: | |||||||||||||||
Basic | $ | 0.06 | $ | (0.08 | ) | $ | 0.08 | $ | (0.08 | ) | |||||
Diluted | $ | 0.06 | $ | (0.08 | ) | $ | 0.08 | $ | (0.08 | ) |
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 Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 17,632 | $ | (21,994 | ) | $ | 23,472 | $ | (22,135 | ) | |||||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | 3,320 | (4,618 | ) | 4,424 | (4,648 | ) | |||||||||
Net (gain) loss on sale / impairment of single-family properties and other | (4,435 | ) | 443 | (12,088 | ) | (2,146 | ) | ||||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
Less: depreciation and amortization of non-real estate assets | (1,890 | ) | (1,797 | ) | (7,352 | ) | (7,847 | ) | |||||||
FFO attributable to common share and unit holders | $ | 95,750 | $ | 47,865 | $ | 327,141 | $ | 260,514 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Noncash share-based compensation - general and administrative | 466 | 646 | 2,075 | 2,563 | |||||||||||
Noncash share-based compensation - property management | 217 | 391 | 1,358 | 1,649 | |||||||||||
Noncash interest expense related to acquired debt | 493 | 925 | 3,303 | 3,549 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Loss on early extinguishment of debt | — | — | 1,447 | 6,555 | |||||||||||
Remeasurement of participating preferred shares | — | (1,500 | ) | (1,212 | ) | (2,841 | ) | ||||||||
Redemption of participating preferred shares | — | 42,416 | 32,215 | 42,416 | |||||||||||
Core FFO attributable to common share and unit holders | $ | 98,464 | $ | 89,379 | $ | 371,552 | $ | 326,991 | |||||||
Recurring capital expenditures (1) | (8,546 | ) | (7,501 | ) | (35,888 | ) | (32,556 | ) | |||||||
Leasing costs | (3,047 | ) | (2,029 | ) | (12,603 | ) | (7,390 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 86,871 | $ | 79,849 | $ | 323,061 | $ | 287,045 | |||||||
Per FFO share and unit: | |||||||||||||||
FFO attributable to common share and unit holders | $ | 0.27 | $ | 0.14 | $ | 0.94 | $ | 0.81 | |||||||
Core FFO attributable to common share and unit holders | $ | 0.28 | $ | 0.26 | $ | 1.06 | $ | 1.02 | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.25 | $ | 0.23 | $ | 0.92 | $ | 0.90 | |||||||
Weighted-average FFO shares and units: | |||||||||||||||
Common shares outstanding | 296,559,183 | 286,469,724 | 293,640,500 | 264,254,718 | |||||||||||
Share-based compensation plan (2) | 508,028 | 696,037 | 627,830 | 735,415 | |||||||||||
Operating partnership units | 55,349,791 | 55,353,391 | 55,350,062 | 55,498,488 | |||||||||||
Total weighted-average FFO shares and units | 352,417,002 | 342,519,152 | 349,618,392 | 320,488,621 |
(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 recurring capital expenditures per Same-Home property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and properties identified for future sale. |
(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 Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Rents from single-family properties | $ | 232,378 | $ | 210,778 | $ | 908,936 | $ | 824,023 | |||||||
Fees from single-family properties | 2,648 | 2,590 | 10,946 | 10,727 | |||||||||||
Bad debt expense | (2,367 | ) | (2,186 | ) | (8,732 | ) | (7,328 | ) | |||||||
Core revenues | 232,659 | 211,182 | 911,150 | 827,422 | |||||||||||
Property tax expense | 40,941 | 37,602 | 160,649 | 147,654 | |||||||||||
HOA fees, net (1) | 5,453 | 4,425 | 20,073 | 16,656 | |||||||||||
R&M and turnover costs, net (1) | 16,016 | 14,645 | 73,398 | 60,593 | |||||||||||
Insurance | 2,202 | 2,071 | 8,368 | 7,916 | |||||||||||
Property management expenses, net (2) | 16,467 | 15,664 | 68,107 | 62,909 | |||||||||||
Core property operating expenses | 81,079 | 74,407 | 330,595 | 295,728 | |||||||||||
Core NOI | $ | 151,580 | $ | 136,775 | $ | 580,555 | $ | 531,694 | |||||||
Core NOI margin | 65.2 | % | 64.8 | % | 63.7 | % | 64.3 | % |
For the Three Months Ended Dec 31, 2018 | |||||||||||||||||||||||
Same-Home Properties | Stabilized, Non-Same-Home Properties | Non-Stabilized Former ARPI Properties | Subtotal Same-Home, Stabilized and ARPI | Other & Held for Sale Properties (3) | Total Single-Family Properties | ||||||||||||||||||
Property count | 38,054 | 9,245 | 2,102 | 49,401 | 3,382 | 52,783 | |||||||||||||||||
Rents from single-family properties | $ | 172,155 | $ | 42,462 | $ | 8,771 | $ | 223,388 | $ | 8,990 | $ | 232,378 | |||||||||||
Fees from single-family properties | 1,898 | 450 | 126 | 2,474 | 174 | 2,648 | |||||||||||||||||
Bad debt expense | (1,674 | ) | (470 | ) | (50 | ) | (2,194 | ) | (173 | ) | (2,367 | ) | |||||||||||
Core revenues | 172,379 | 42,442 | 8,847 | 223,668 | 8,991 | 232,659 | |||||||||||||||||
Property tax expense | 30,036 | 6,507 | 1,557 | 38,100 | 2,841 | 40,941 | |||||||||||||||||
HOA fees, net (1) | 4,092 | 768 | 232 | 5,092 | 361 | 5,453 | |||||||||||||||||
R&M and turnover costs, net (1) | 11,638 | 2,480 | 676 | 14,794 | 1,222 | 16,016 | |||||||||||||||||
Insurance | 1,549 | 435 | 84 | 2,068 | 134 | 2,202 | |||||||||||||||||
Property management expenses, net (2) | 12,026 | 2,922 | 664 | 15,612 | 855 | 16,467 | |||||||||||||||||
Core property operating expenses | 59,341 | 13,112 | 3,213 | 75,666 | 5,413 | 81,079 | |||||||||||||||||
Core NOI | $ | 113,038 | $ | 29,330 | $ | 5,634 | $ | 148,002 | $ | 3,578 | $ | 151,580 | |||||||||||
Core NOI margin | 65.6 | % | 69.1 | % | 63.7 | % | 66.2 | % | 39.8 | % | 65.2 | % |
(1) | Presented net of tenant charge-backs. |
(2) | Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees. |
(3) | Includes 1,437 non-stabilized properties and 1,945 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 Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||
Number of Same-Home properties | 38,054 | 38,054 | 38,054 | 38,054 | |||||||||||||||||
Leased percentage as of period end | 96.4 | % | 95.8 | % | 0.6 | % | 96.4 | % | 95.8 | % | 0.6 | % | |||||||||
Occupancy percentage as of period end | 95.8 | % | 95.0 | % | 0.8 | % | 95.8 | % | 95.0 | % | 0.8 | % | |||||||||
Average Occupied Days Percentage | 94.8 | % | 94.0 | % | 0.8 | % | 95.0 | % | 94.6 | % | 0.4 | % | |||||||||
Average Monthly Realized Rent per property | $ | 1,591 | $ | 1,539 | 3.4 | % | $ | 1,571 | $ | 1,516 | 3.6 | % | |||||||||
Turnover Rate | 7.8 | % | 7.8 | % | — | % | 37.7 | % | 39.4 | % | (1.7 | )% | |||||||||
Core NOI: | |||||||||||||||||||||
Rents from single-family properties | $ | 172,155 | $ | 165,243 | 4.2 | % | $ | 681,519 | $ | 655,034 | 4.0 | % | |||||||||
Fees from single-family properties | 1,898 | 1,935 | (1.9 | )% | 7,834 | 8,106 | (3.4 | )% | |||||||||||||
Bad debt expense | (1,674 | ) | (1,594 | ) | 5.0 | % | (6,258 | ) | (5,615 | ) | 11.5 | % | |||||||||
Core revenues | 172,379 | 165,584 | 4.1 | % | 683,095 | 657,525 | 3.9 | % | |||||||||||||
Property tax expense | 30,036 | 28,851 | 4.1 | % | 118,675 | 114,587 | 3.6 | % | |||||||||||||
HOA fees, net (1) | 4,092 | 3,335 | 22.7 | % | 14,607 | 12,831 | 13.8 | % | |||||||||||||
R&M and turnover costs, net (1) (2) | 11,638 | 11,257 | 3.4 | % | 53,507 | 46,828 | 14.3 | % | |||||||||||||
Insurance | 1,549 | 1,551 | (0.1 | )% | 6,109 | 6,184 | (1.2 | )% | |||||||||||||
Property management expenses, net (3) | 12,026 | 12,076 | (0.4 | )% | 50,311 | 49,375 | 1.9 | % | |||||||||||||
Core property operating expenses | 59,341 | 57,070 | 4.0 | % | 243,209 | 229,805 | 5.8 | % | |||||||||||||
Core NOI | $ | 113,038 | $ | 108,514 | 4.2 | % | $ | 439,886 | $ | 427,720 | 2.8 | % | |||||||||
Core NOI margin | 65.6 | % | 65.5 | % | 64.4 | % | 65.0 | % | |||||||||||||
Recurring Capital Expenditures | 6,582 | 5,772 | 14.0 | % | 27,506 | 26,052 | 5.6 | % | |||||||||||||
Core NOI After Capital Expenditures | $ | 106,456 | $ | 102,742 | 3.6 | % | $ | 412,380 | $ | 401,668 | 2.7 | % | |||||||||
Property Enhancing Capex | |||||||||||||||||||||
Resilient flooring program | $ | 2,819 | $ | 1,497 | $ | 9,683 | $ | 3,078 | |||||||||||||
Per property: | |||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 173 | $ | 152 | 14.0 | % | $ | 723 | $ | 685 | 5.6 | % | |||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 480 | $ | 447 | 7.4 | % | $ | 2,129 | $ | 1,915 | 11.2 | % |
(1) | Presented net of tenant charge-backs. |
(2) | For the fourth quarter of 2018, includes repair costs of $0.2 million related to Hurricane Michael. For the full year 2018, includes a total of $0.5 million of repair costs related to Hurricane Michael and Hurricane Florence. |
(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 |
For the Three Months Ended | |||||||||||||||||||
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Core NOI: | |||||||||||||||||||
Rents from single-family properties | $ | 172,155 | $ | 171,550 | $ | 170,136 | $ | 167,678 | $ | 165,243 | |||||||||
Fees from single-family properties | 1,898 | 2,005 | 1,980 | 1,951 | 1,935 | ||||||||||||||
Bad debt expense | (1,674 | ) | (1,938 | ) | (1,166 | ) | (1,480 | ) | (1,594 | ) | |||||||||
Core revenues | 172,379 | 171,617 | 170,950 | 168,149 | 165,584 | ||||||||||||||
Property tax expense | 30,036 | 29,946 | 29,548 | 29,145 | 28,851 | ||||||||||||||
HOA fees, net (1) | 4,092 | 3,732 | 3,490 | 3,293 | 3,335 | ||||||||||||||
R&M and turnover costs, net (1) (2) | 11,638 | 14,829 | 13,780 | 13,260 | 11,257 | ||||||||||||||
Insurance | 1,549 | 1,555 | 1,506 | 1,499 | 1,551 | ||||||||||||||
Property management expenses, net (3) | 12,026 | 12,623 | 12,555 | 13,107 | 12,076 | ||||||||||||||
Core property operating expenses | 59,341 | 62,685 | 60,879 | 60,304 | 57,070 | ||||||||||||||
Core NOI | $ | 113,038 | $ | 108,932 | $ | 110,071 | $ | 107,845 | $ | 108,514 | |||||||||
Core NOI margin | 65.6 | % | 63.5 | % | 64.4 | % | 64.1 | % | 65.5 | % | |||||||||
Recurring Capital Expenditures | 6,582 | 8,857 | 6,422 | 5,645 | 5,772 | ||||||||||||||
Core NOI After Capital Expenditures | $ | 106,456 | $ | 100,075 | $ | 103,649 | $ | 102,200 | $ | 102,742 | |||||||||
Property Enhancing Capex | |||||||||||||||||||
Resilient flooring program | $ | 2,819 | $ | 3,146 | $ | 2,418 | $ | 1,300 | $ | 1,497 | |||||||||
Per property: | |||||||||||||||||||
Average Recurring Capital Expenditures | $ | 173 | $ | 233 | $ | 169 | $ | 148 | $ | 152 | |||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 480 | $ | 622 | $ | 531 | $ | 496 | $ | 447 |
(1) | Presented net of tenant charge-backs. |
(2) | Includes repair costs related to Hurricanes Florence and Michael that totaled $0.3 million and $0.2 million in the third and fourth quarters of 2018, respectively. |
(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. | 13 |
American Homes 4 Rent |
For the Three Months Ended | ||||||||||||||
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | ||||||||||
Dallas-Fort Worth, TX | 94.1 | % | 94.1 | % | 95.3 | % | 94.5 | % | 93.3 | % | ||||
Atlanta, GA | 95.5 | % | 95.8 | % | 96.1 | % | 95.1 | % | 95.6 | % | ||||
Indianapolis, IN | 93.5 | % | 94.2 | % | 94.9 | % | 94.3 | % | 94.3 | % | ||||
Charlotte, NC | 94.5 | % | 95.0 | % | 94.4 | % | 93.5 | % | 92.5 | % | ||||
Houston, TX | 93.9 | % | 94.3 | % | 95.1 | % | 94.7 | % | 93.6 | % | ||||
Cincinnati, OH | 95.2 | % | 95.0 | % | 95.0 | % | 94.5 | % | 94.0 | % | ||||
Greater Chicago area, IL and IN | 95.6 | % | 96.1 | % | 96.3 | % | 96.6 | % | 94.9 | % | ||||
Phoenix, AZ | 96.4 | % | 96.2 | % | 97.0 | % | 96.5 | % | 95.1 | % | ||||
Nashville, TN | 92.7 | % | 94.7 | % | 94.5 | % | 92.9 | % | 92.6 | % | ||||
Tampa, FL | 94.6 | % | 94.8 | % | 95.0 | % | 94.8 | % | 93.5 | % | ||||
Raleigh, NC | 94.8 | % | 95.1 | % | 93.9 | % | 93.6 | % | 93.8 | % | ||||
Jacksonville, FL | 95.0 | % | 95.9 | % | 96.7 | % | 95.6 | % | 95.5 | % | ||||
Columbus, OH | 96.6 | % | 97.0 | % | 96.0 | % | 93.7 | % | 92.5 | % | ||||
Orlando, FL | 95.7 | % | 97.1 | % | 96.3 | % | 96.9 | % | 96.7 | % | ||||
Salt Lake City, UT | 93.1 | % | 95.0 | % | 95.1 | % | 95.2 | % | 93.2 | % | ||||
Las Vegas, NV | 96.3 | % | 97.2 | % | 97.7 | % | 96.6 | % | 96.3 | % | ||||
San Antonio, TX | 93.4 | % | 94.9 | % | 95.0 | % | 94.3 | % | 92.8 | % | ||||
Charleston, SC | 94.0 | % | 92.1 | % | 90.8 | % | 92.3 | % | 93.7 | % | ||||
Denver, CO | 94.4 | % | 93.9 | % | 96.0 | % | 97.0 | % | 95.2 | % | ||||
Greenville, SC | 93.4 | % | 94.1 | % | 91.5 | % | 90.6 | % | 91.1 | % | ||||
All Other (1) | 95.5 | % | 95.8 | % | 95.9 | % | 95.0 | % | 94.0 | % | ||||
Total / Average | 94.8 | % | 95.2 | % | 95.4 | % | 94.7 | % | 94.0 | % |
For the Three Months Ended | |||||||||||||||||||
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Dallas-Fort Worth, TX | $ | 1,726 | $ | 1,710 | $ | 1,690 | $ | 1,677 | $ | 1,665 | |||||||||
Atlanta, GA | 1,552 | 1,539 | 1,525 | 1,496 | 1,483 | ||||||||||||||
Indianapolis, IN | 1,381 | 1,379 | 1,377 | 1,366 | 1,357 | ||||||||||||||
Charlotte, NC | 1,555 | 1,535 | 1,526 | 1,521 | 1,522 | ||||||||||||||
Houston, TX | 1,662 | 1,651 | 1,622 | 1,615 | 1,622 | ||||||||||||||
Cincinnati, OH | 1,575 | 1,562 | 1,548 | 1,536 | 1,517 | ||||||||||||||
Greater Chicago area, IL and IN | 1,837 | 1,825 | 1,812 | 1,787 | 1,777 | ||||||||||||||
Phoenix, AZ | 1,362 | 1,348 | 1,318 | 1,299 | 1,282 | ||||||||||||||
Nashville, TN | 1,727 | 1,707 | 1,699 | 1,702 | 1,682 | ||||||||||||||
Tampa, FL | 1,714 | 1,713 | 1,678 | 1,671 | 1,667 | ||||||||||||||
Raleigh, NC | 1,510 | 1,499 | 1,492 | 1,485 | 1,477 | ||||||||||||||
Jacksonville, FL | 1,511 | 1,494 | 1,475 | 1,465 | 1,446 | ||||||||||||||
Columbus, OH | 1,572 | 1,561 | 1,544 | 1,540 | 1,526 | ||||||||||||||
Orlando, FL | 1,655 | 1,629 | 1,603 | 1,578 | 1,578 | ||||||||||||||
Salt Lake City, UT | 1,698 | 1,683 | 1,667 | 1,643 | 1,627 | ||||||||||||||
Las Vegas, NV | 1,515 | 1,498 | 1,488 | 1,467 | 1,450 | ||||||||||||||
San Antonio, TX | 1,514 | 1,500 | 1,491 | 1,482 | 1,481 | ||||||||||||||
Charleston, SC | 1,632 | 1,616 | 1,607 | 1,592 | 1,609 | ||||||||||||||
Denver, CO | 2,159 | 2,157 | 2,134 | 2,110 | 2,081 | ||||||||||||||
Greenville, SC | 1,551 | 1,519 | 1,523 | 1,527 | 1,523 | ||||||||||||||
All Other (1) | 1,520 | 1,509 | 1,493 | 1,485 | 1,467 | ||||||||||||||
Total / Average | $ | 1,591 | $ | 1,578 | $ | 1,562 | $ | 1,550 | $ | 1,539 |
(1) | Represents 15 markets in 15 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 14 |
American Homes 4 Rent |
Number of Properties | Gross Book Value per Property | % of 4Q18 NOI | Avg. Change in Rent for Renewals (1) | Avg. Change in Rent for Re-Leases (1) | Avg. Blended Change in Rent (1) | |||||||||||||
Dallas-Fort Worth, TX | 3,367 | $ | 162,396 | 8.0 | % | 4.6 | % | 0.8 | % | 3.0 | % | |||||||
Atlanta, GA | 3,030 | 165,454 | 8.0 | % | 5.2 | % | 3.7 | % | 4.5 | % | ||||||||
Indianapolis, IN | 2,779 | 153,580 | 6.3 | % | 3.7 | % | (0.3 | )% | 1.5 | % | ||||||||
Charlotte, NC | 2,429 | 175,717 | 6.9 | % | 3.3 | % | (0.6 | )% | 1.6 | % | ||||||||
Houston, TX | 2,123 | 170,620 | 4.9 | % | 3.8 | % | (3.0 | )% | 1.1 | % | ||||||||
Cincinnati, OH | 1,875 | 173,887 | 5.0 | % | 4.0 | % | 1.7 | % | 3.0 | % | ||||||||
Greater Chicago area, IL and IN | 1,752 | 181,240 | 4.4 | % | 2.7 | % | 1.4 | % | 2.1 | % | ||||||||
Phoenix, AZ | 1,807 | 164,364 | 4.4 | % | 6.3 | % | 7.5 | % | 6.8 | % | ||||||||
Nashville, TN | 1,712 | 206,455 | 5.7 | % | 4.4 | % | (2.7 | )% | 1.3 | % | ||||||||
Tampa, FL | 1,585 | 188,476 | 3.9 | % | 3.8 | % | 0.6 | % | 2.4 | % | ||||||||
Raleigh, NC | 1,586 | 180,005 | 4.3 | % | 3.6 | % | 0.8 | % | 2.4 | % | ||||||||
Jacksonville, FL | 1,580 | 154,100 | 3.8 | % | 3.6 | % | 2.7 | % | 3.2 | % | ||||||||
Columbus, OH | 1,429 | 155,950 | 3.9 | % | 4.6 | % | 2.6 | % | 3.9 | % | ||||||||
Orlando, FL | 1,239 | 170,217 | 3.1 | % | 5.5 | % | 4.4 | % | 5.0 | % | ||||||||
Salt Lake City, UT | 1,045 | 221,603 | 3.5 | % | 4.7 | % | 3.7 | % | 4.2 | % | ||||||||
Las Vegas, NV | 970 | 176,544 | 2.7 | % | 5.3 | % | 3.7 | % | 4.8 | % | ||||||||
San Antonio, TX | 873 | 155,980 | 1.9 | % | 3.7 | % | (0.6 | )% | 2.1 | % | ||||||||
Charleston, SC | 667 | 180,254 | 1.8 | % | 3.5 | % | 0.2 | % | 1.7 | % | ||||||||
Denver, CO | 650 | 275,567 | 2.7 | % | 4.1 | % | 2.2 | % | 3.3 | % | ||||||||
Greenville, SC | 633 | 172,642 | 1.6 | % | 5.0 | % | 0.2 | % | 2.7 | % | ||||||||
All Other (2) | 4,923 | 170,746 | 13.2 | % | 4.4 | % | 2.6 | % | 3.6 | % | ||||||||
Total / Average | 38,054 | $ | 173,639 | 100.0 | % | 4.3 | % | 1.4 | % | 3.0 | % |
Average Occupied Days Percentage | Average Monthly Realized Rent per property | ||||||||||||||||||
4Q18 QTD | 4Q17 QTD | Change | 4Q18 QTD | 4Q17 QTD | Change | ||||||||||||||
Dallas-Fort Worth, TX | 94.1 | % | 93.3 | % | 0.8 | % | $ | 1,726 | $ | 1,665 | 3.7 | % | |||||||
Atlanta, GA | 95.5 | % | 95.6 | % | (0.1 | )% | 1,552 | 1,483 | 4.7 | % | |||||||||
Indianapolis, IN | 93.5 | % | 94.3 | % | (0.8 | )% | 1,381 | 1,357 | 1.8 | % | |||||||||
Charlotte, NC | 94.5 | % | 92.5 | % | 2.0 | % | 1,555 | 1,522 | 2.2 | % | |||||||||
Houston, TX | 93.9 | % | 93.6 | % | 0.3 | % | 1,662 | 1,622 | 2.5 | % | |||||||||
Cincinnati, OH | 95.2 | % | 94.0 | % | 1.2 | % | 1,575 | 1,517 | 3.8 | % | |||||||||
Greater Chicago area, IL and IN | 95.6 | % | 94.9 | % | 0.7 | % | 1,837 | 1,777 | 3.4 | % | |||||||||
Phoenix, AZ | 96.4 | % | 95.1 | % | 1.3 | % | 1,362 | 1,282 | 6.2 | % | |||||||||
Nashville, TN | 92.7 | % | 92.6 | % | 0.1 | % | 1,727 | 1,682 | 2.7 | % | |||||||||
Tampa, FL | 94.6 | % | 93.5 | % | 1.1 | % | 1,714 | 1,667 | 2.8 | % | |||||||||
Raleigh, NC | 94.8 | % | 93.8 | % | 1.0 | % | 1,510 | 1,477 | 2.2 | % | |||||||||
Jacksonville, FL | 95.0 | % | 95.5 | % | (0.5 | )% | 1,511 | 1,446 | 4.5 | % | |||||||||
Columbus, OH | 96.6 | % | 92.5 | % | 4.1 | % | 1,572 | 1,526 | 3.0 | % | |||||||||
Orlando, FL | 95.7 | % | 96.7 | % | (1.0 | )% | 1,655 | 1,578 | 4.9 | % | |||||||||
Salt Lake City, UT | 93.1 | % | 93.2 | % | (0.1 | )% | 1,698 | 1,627 | 4.4 | % | |||||||||
Las Vegas, NV | 96.3 | % | 96.3 | % | — | % | 1,515 | 1,450 | 4.5 | % | |||||||||
San Antonio, TX | 93.4 | % | 92.8 | % | 0.6 | % | 1,514 | 1,481 | 2.2 | % | |||||||||
Charleston, SC | 94.0 | % | 93.7 | % | 0.3 | % | 1,632 | 1,609 | 1.4 | % | |||||||||
Denver, CO | 94.4 | % | 95.2 | % | (0.8 | )% | 2,159 | 2,081 | 3.7 | % | |||||||||
Greenville, SC | 93.4 | % | 91.1 | % | 2.3 | % | 1,551 | 1,523 | 1.8 | % | |||||||||
All Other (2) | 95.5 | % | 94.0 | % | 1.5 | % | 1,520 | 1,467 | 3.6 | % | |||||||||
Total / Average | 94.8 | % | 94.0 | % | 0.8 | % | $ | 1,591 | $ | 1,539 | 3.4 | % |
(1) | Reflected for the three months ended December 31, 2018. |
(2) | Represents 15 markets in 15 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 15 |
American Homes 4 Rent |
Dec 31, 2018 | Dec 31, 2017 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,713,496 | $ | 1,665,631 | |||
Buildings and improvements | 7,483,600 | 7,303,270 | |||||
9,197,096 | 8,968,901 | ||||||
Less: accumulated depreciation | (1,176,499 | ) | (939,724 | ) | |||
Single-family properties in operation, net | 8,020,597 | 8,029,177 | |||||
Single-family properties under development and development land | 153,651 | 51,938 | |||||
Single-family properties held for sale, net | 318,327 | 35,803 | |||||
Total real estate assets, net | 8,492,575 | 8,116,918 | |||||
Cash and cash equivalents | 30,284 | 46,156 | |||||
Restricted cash | 144,930 | 136,667 | |||||
Rent and other receivables, net | 29,027 | 30,144 | |||||
Escrow deposits, prepaid expenses and other assets | 146,034 | 119,913 | |||||
Deferred costs and other intangibles, net | 12,686 | 13,025 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 9,001,481 | $ | 8,608,768 | |||
Liabilities | |||||||
Revolving credit facility | $ | 250,000 | $ | 140,000 | |||
Term loan facility, net | 99,232 | 198,023 | |||||
Asset-backed securitizations, net | 1,961,511 | 1,977,308 | |||||
Unsecured senior notes, net | 492,800 | — | |||||
Exchangeable senior notes, net | — | 111,697 | |||||
Secured note payable | — | 48,859 | |||||
Accounts payable and accrued expenses | 219,229 | 222,867 | |||||
Amounts payable to affiliates | 4,967 | 4,720 | |||||
Participating preferred shares derivative liability | — | 29,470 | |||||
Total liabilities | 3,027,739 | 2,732,944 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders' equity: | |||||||
Class A common shares | 2,960 | 2,861 | |||||
Class B common shares | 6 | 6 | |||||
Preferred shares | 354 | 384 | |||||
Additional paid-in capital | 5,732,466 | 5,600,256 | |||||
Accumulated deficit | (491,214 | ) | (453,953 | ) | |||
Accumulated other comprehensive income | 7,393 | 75 | |||||
Total shareholders' equity | 5,251,965 | 5,149,629 | |||||
Noncontrolling interest | 721,777 | 726,195 | |||||
Total equity | 5,973,742 | 5,875,824 | |||||
Total liabilities and equity | $ | 9,001,481 | $ | 8,608,768 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 16 |
American Homes 4 Rent |
Secured | Unsecured | Total Balance | % of Total | Interest Rate (1) | Years to Maturity (2) | |||||||||||||||
Floating rate debt: | ||||||||||||||||||||
Revolving credit facility (3) | $ | — | $ | 250,000 | $ | 250,000 | 8.8 | % | 3.70 | % | 3.5 | |||||||||
Term loan facility (3) | — | 100,000 | 100,000 | 3.5 | % | 3.85 | % | 3.5 | ||||||||||||
Total floating rate debt | — | 350,000 | 350,000 | 12.3 | % | 3.74 | % | 3.5 | ||||||||||||
Fixed rate debt: | ||||||||||||||||||||
AH4R 2014-SFR2 | 491,195 | — | 491,195 | 17.3 | % | 4.42 | % | 5.8 | ||||||||||||
AH4R 2014-SFR3 | 506,760 | — | 506,760 | 17.8 | % | 4.40 | % | 5.9 | ||||||||||||
AH4R 2015-SFR1 | 532,197 | — | 532,197 | 18.7 | % | 4.14 | % | 26.3 | ||||||||||||
AH4R 2015-SFR2 | 462,358 | — | 462,358 | 16.3 | % | 4.36 | % | 26.8 | ||||||||||||
2028 unsecured senior notes (4) | — | 500,000 | 500,000 | 17.6 | % | 4.08 | % | 9.1 | ||||||||||||
Total fixed rate debt | 1,992,510 | 500,000 | 2,492,510 | 87.7 | % | 4.28 | % | 14.8 | ||||||||||||
Total Debt | $ | 1,992,510 | $ | 850,000 | $ | 2,842,510 | 100.0 | % | 4.21 | % | 13.4 | |||||||||
Unamortized discounts and loan costs | (38,967 | ) | ||||||||||||||||||
Total debt per balance sheet | $ | 2,803,543 |
Year (2) | Floating Rate | Fixed Rate | Total | % of Total | |||||||||||
2019 | $ | — | $ | 20,714 | $ | 20,714 | 0.7 | % | |||||||
2020 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2021 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2022 | 350,000 | 20,714 | 370,714 | 13.0 | % | ||||||||||
2023 | — | 20,714 | 20,714 | 0.7 | % | ||||||||||
2024 | — | 956,197 | 956,197 | 33.6 | % | ||||||||||
2025 | — | 10,302 | 10,302 | 0.4 | % | ||||||||||
2026 | — | 10,302 | 10,302 | 0.4 | % | ||||||||||
2027 | — | 10,302 | 10,302 | 0.4 | % | ||||||||||
2028 | — | 510,302 | 510,302 | 18.0 | % | ||||||||||
Thereafter | — | 891,535 | 891,535 | 31.4 | % | ||||||||||
Total | $ | 350,000 | $ | 2,492,510 | $ | 2,842,510 | 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 December 31, 2018. |
(4) | The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was effectively hedged to yield an interest rate of 4.08%. |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
(Amounts in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Interest expense per income statement | $ | 30,691 | $ | 25,747 | $ | 122,900 | $ | 112,620 | |||||||
Less: noncash interest expense related to acquired debt | (493 | ) | (925 | ) | (3,303 | ) | (3,549 | ) | |||||||
Interest expense included in Core FFO attributable to common share and unit holders | 30,198 | 24,822 | 119,597 | 109,071 | |||||||||||
Less: amortization of discounts, loan costs and cash flow hedge | (1,780 | ) | (1,878 | ) | (7,190 | ) | (8,163 | ) | |||||||
Add: capitalized interest | 1,458 | 2,485 | 6,671 | 5,656 | |||||||||||
Cash interest | $ | 29,876 | $ | 25,429 | $ | 119,078 | $ | 106,564 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 17 |
American Homes 4 Rent |
Total Debt | $ | 2,842,510 | 26.5 | % | ||||||
Total preferred shares | 883,750 | 8.2 | % | |||||||
Common equity at market value: | ||||||||||
Common shares outstanding | 296,649,621 | |||||||||
Operating partnership units | 55,316,826 | |||||||||
Total shares and units | 351,966,447 | |||||||||
NYSE AMH Class A common share closing price at December 31, 2018 | $ | 19.85 | ||||||||
Market value of common shares and operating partnership units | 6,986,534 | 65.3 | % | |||||||
Total Market Capitalization | $ | 10,712,794 | 100.0 | % |
Earliest Redemption Date | Outstanding Shares | Per Share | Total | Annual Dividend Per Share | Annual Dividend Amount | ||||||||||||||||
Series | |||||||||||||||||||||
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 | |||||||||||||
6.250% Series H Perpetual Preferred Shares | 9/19/2023 | 4,600,000 | $ | 25.00 | 115,000 | $ | 1.563 | 7,188 | |||||||||||||
Total preferred shares | 35,350,000 | $ | 883,750 | $ | 55,124 |
Credit Ratios | Credit Ratings | |||||||
Net Debt to Adjusted EBITDAre | 5.0 x | Rating Agency | Rating | Outlook | ||||
Debt and Preferred Shares to Adjusted EBITDAre | 6.8 x | Moody's Investor Service | Baa3 | Stable | ||||
Fixed Charge Coverage | 3.2 x | S&P Global Ratings | BBB- | Stable | ||||
Unencumbered Core NOI percentage | 64.8 | % |
Unsecured Senior Notes Covenant Ratios | Requirement | Actual | |||
Ratio of Indebtedness to Total Assets | < | 60.0% | 28.4 | % | |
Ratio of Secured Debt to Total Assets | < | 40.0% | 19.9 | % | |
Ratio of Unencumbered Assets to Unsecured Debt | > | 150.0% | 820.5 | % | |
Ratio of Consolidated Income Available for Debt Service to Interest Expense | > | 1.50 x | 4.58 x |
Unsecured Credit Facility Covenant Ratios | Requirement | Actual | |||
Ratio of Total Indebtedness to Total Asset Value | < | 60.0% | 28.6 | % | |
Ratio of Secured Indebtedness to Total Asset Value | < | 40.0% | 19.1 | % | |
Ratio of Unsecured Indebtedness to Unencumbered Asset Value | < | 60.0% | 15.7 | % | |
Ratio of EBITDA to Fixed Charges | > | 1.75 x | 2.88 x | ||
Ratio of Unencumbered NOI to Unsecured Interest Expense | > | 1.75 x | 12.97 x |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 18 |
American Homes 4 Rent |
Market | Number of Properties | Percentage of Total Properties | Gross Book Value per Property | Avg. Sq. Ft. | Avg. Age (years) | |||||||||
Atlanta, GA | 4,779 | 9.4 | % | $ | 175,255 | 2,154 | 16.9 | |||||||
Dallas-Fort Worth, TX | 4,337 | 8.5 | % | 164,044 | 2,118 | 14.9 | ||||||||
Charlotte, NC | 3,603 | 7.1 | % | 189,589 | 2,086 | 15.1 | ||||||||
Houston, TX | 3,095 | 6.1 | % | 162,605 | 2,099 | 13.1 | ||||||||
Phoenix, AZ | 3,072 | 6.0 | % | 172,278 | 1,834 | 15.3 | ||||||||
Indianapolis, IN | 2,886 | 5.7 | % | 152,343 | 1,933 | 16.2 | ||||||||
Nashville, TN | 2,675 | 5.3 | % | 208,074 | 2,115 | 14.4 | ||||||||
Jacksonville, FL | 2,141 | 4.2 | % | 171,122 | 1,939 | 14.2 | ||||||||
Tampa, FL | 2,141 | 4.2 | % | 194,786 | 1,949 | 14.6 | ||||||||
Raleigh, NC | 2,049 | 4.0 | % | 182,569 | 1,874 | 14.1 | ||||||||
Cincinnati, OH | 1,983 | 3.9 | % | 173,999 | 1,853 | 16.5 | ||||||||
Columbus, OH | 2,007 | 3.9 | % | 169,638 | 1,869 | 17.1 | ||||||||
Greater Chicago area, IL and IN | 1,772 | 3.5 | % | 181,670 | 1,870 | 17.3 | ||||||||
Orlando, FL | 1,697 | 3.3 | % | 177,577 | 1,890 | 17.5 | ||||||||
Salt Lake City, UT | 1,337 | 2.6 | % | 239,735 | 2,167 | 17.4 | ||||||||
Las Vegas, NV | 1,022 | 2.0 | % | 175,993 | 1,840 | 15.9 | ||||||||
San Antonio, TX | 1,029 | 2.0 | % | 159,330 | 2,018 | 15.1 | ||||||||
Charleston, SC | 1,012 | 2.0 | % | 191,992 | 1,946 | 12.4 | ||||||||
Savannah/Hilton Head, SC | 839 | 1.7 | % | 177,306 | 1,850 | 12.0 | ||||||||
Winston Salem, NC | 815 | 1.6 | % | 154,136 | 1,749 | 14.9 | ||||||||
All Other (4) | 6,547 | 13.0 | % | 204,076 | 1,920 | 15.0 | ||||||||
Total / Average | 50,838 | 100.0 | % | $ | 180,894 | 1,984 | 15.3 |
Market | Leased Percentage (2) | Avg. Occupied Days Percentage (3) | Avg. Monthly Realized Rent per property (3) | Avg. Change in Rent for Renewals (3) | Avg. Change in Rent for Re-Leases (3) | Avg. Blended Change in Rent (3) | |||||||||||||
Atlanta, GA | 95.3 | % | 94.6 | % | $ | 1,552 | 5.2 | % | 3.7 | % | 4.5 | % | |||||||
Dallas-Fort Worth, TX | 95.2 | % | 93.4 | % | 1,725 | 4.6 | % | 0.5 | % | 2.9 | % | ||||||||
Charlotte, NC | 95.1 | % | 94.1 | % | 1,568 | 3.4 | % | (0.2 | )% | 1.8 | % | ||||||||
Houston, TX | 93.9 | % | 91.3 | % | 1,621 | 3.9 | % | (2.2 | )% | 1.3 | % | ||||||||
Phoenix, AZ | 95.0 | % | 94.7 | % | 1,356 | 6.3 | % | 7.2 | % | 6.6 | % | ||||||||
Indianapolis, IN | 95.2 | % | 93.4 | % | 1,378 | 3.8 | % | (0.2 | )% | 1.5 | % | ||||||||
Nashville, TN | 93.7 | % | 92.9 | % | 1,702 | 4.5 | % | (2.2 | )% | 1.8 | % | ||||||||
Jacksonville, FL | 95.6 | % | 94.5 | % | 1,540 | 3.6 | % | 2.7 | % | 3.2 | % | ||||||||
Tampa, FL | 93.9 | % | 93.1 | % | 1,700 | 4.0 | % | 0.6 | % | 2.5 | % | ||||||||
Raleigh, NC | 96.3 | % | 94.7 | % | 1,505 | 3.7 | % | 1.1 | % | 2.6 | % | ||||||||
Cincinnati, OH | 95.7 | % | 95.2 | % | 1,576 | 4.1 | % | 1.8 | % | 3.0 | % | ||||||||
Columbus, OH | 96.5 | % | 96.6 | % | 1,586 | 4.6 | % | 2.0 | % | 3.7 | % | ||||||||
Greater Chicago area, IL and IN | 96.2 | % | 95.3 | % | 1,839 | 2.7 | % | 1.2 | % | 2.0 | % | ||||||||
Orlando, FL | 96.0 | % | 95.3 | % | 1,647 | 5.6 | % | 4.6 | % | 5.2 | % | ||||||||
Salt Lake City, UT | 93.3 | % | 93.7 | % | 1,710 | 4.8 | % | 3.6 | % | 4.2 | % | ||||||||
Las Vegas, NV | 97.2 | % | 95.9 | % | 1,509 | 5.3 | % | 3.8 | % | 4.8 | % | ||||||||
San Antonio, TX | 92.6 | % | 92.4 | % | 1,516 | 3.8 | % | (0.8 | )% | 2.1 | % | ||||||||
Charleston, SC | 96.3 | % | 94.6 | % | 1,652 | 3.7 | % | 0.6 | % | 2.2 | % | ||||||||
Savannah/Hilton Head, SC | 96.2 | % | 94.6 | % | 1,518 | 3.8 | % | 1.3 | % | 2.6 | % | ||||||||
Winston Salem, NC | 98.8 | % | 95.6 | % | 1,330 | 4.2 | % | 3.8 | % | 4.0 | % | ||||||||
All Other (4) | 92.3 | % | 93.0 | % | 1,649 | 4.6 | % | 2.6 | % | 3.7 | % | ||||||||
Total / Average | 94.8 | % | 94.0 | % | $ | 1,590 | 4.4 | % | 1.5 | % | 3.2 | % |
(1) | Property and leasing information excludes held for sale properties. |
(2) | Reflected as of period end. |
(3) | Reflected for the three months ended December 31, 2018. |
(4) | Represents 16 markets in 14 states. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 19 |
American Homes 4 Rent |
4Q18 | 3Q18 | 2Q18 | 1Q18 | 4Q17 | ||||||||||
Average Change in Rent for Renewals | 4.4 | % | 4.1 | % | 3.9 | % | 3.9 | % | 4.2 | % | ||||
Average Change in Rent for Re-leases | 1.5 | % | 4.3 | % | 6.3 | % | 3.6 | % | 1.6 | % | ||||
Average Blended Change in Rent | 3.2 | % | 4.2 | % | 4.9 | % | 3.7 | % | 3.0 | % |
MTM | 1Q19 | 2Q19 | 3Q19 | 4Q19 | Thereafter | ||||||||||||
Lease expirations | 1,861 | 11,099 | 13,636 | 12,052 | 8,660 | 898 |
HPA Index (1) | HPA Index Change | |||||||||||||||||||||||||||||
Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Mar 31, 2018 | Jun 30, 2018 | Sep 30, 2018 | ||||||||||||||||||||||
Market | ||||||||||||||||||||||||||||||
Atlanta, GA | 100.0 | 114.2 | 122.3 | 132.0 | 143.0 | 152.6 | 156.4 | 163.0 | 167.3 | 67.3 | % | |||||||||||||||||||
Dallas-Fort Worth, TX (2) | 100.0 | 108.4 | 115.2 | 127.6 | 140.1 | 153.7 | 157.3 | 160.8 | 160.0 | 60.0 | % | |||||||||||||||||||
Charlotte, NC | 100.0 | 113.4 | 118.8 | 126.8 | 136.6 | 148.2 | 150.7 | 155.5 | 155.9 | 55.9 | % | |||||||||||||||||||
Houston, TX | 100.0 | 110.8 | 123.1 | 130.1 | 133.0 | 137.0 | 137.5 | 141.3 | 141.1 | 41.1 | % | |||||||||||||||||||
Phoenix, AZ | 100.0 | 118.0 | 123.3 | 135.9 | 146.1 | 157.2 | 160.9 | 164.8 | 166.8 | 66.8 | % | |||||||||||||||||||
Indianapolis, IN | 100.0 | 106.4 | 112.3 | 117.8 | 124.5 | 134.2 | 135.0 | 142.3 | 143.6 | 43.6 | % | |||||||||||||||||||
Nashville, TN | 100.0 | 111.0 | 117.4 | 131.1 | 141.1 | 156.6 | 157.0 | 161.1 | 165.9 | 65.9 | % | |||||||||||||||||||
Jacksonville, FL | 100.0 | 114.2 | 121.7 | 127.7 | 142.3 | 150.6 | 157.0 | 163.7 | 166.1 | 66.1 | % | |||||||||||||||||||
Tampa, FL | 100.0 | 113.0 | 121.1 | 132.3 | 149.1 | 160.4 | 165.3 | 171.7 | 173.1 | 73.1 | % | |||||||||||||||||||
Raleigh, NC | 100.0 | 106.7 | 111.6 | 120.0 | 130.8 | 135.8 | 140.1 | 143.7 | 144.2 | 44.2 | % | |||||||||||||||||||
Cincinnati, OH | 100.0 | 104.9 | 111.2 | 115.7 | 121.4 | 128.3 | 130.5 | 133.4 | 137.6 | 37.6 | % | |||||||||||||||||||
Columbus, OH | 100.0 | 108.9 | 114.5 | 120.8 | 131.5 | 141.8 | 143.1 | 149.2 | 150.4 | 50.4 | % | |||||||||||||||||||
Greater Chicago area, IL and IN | 100.0 | 111.0 | 115.1 | 118.8 | 126.3 | 130.5 | 130.4 | 134.6 | 135.3 | 35.3 | % | |||||||||||||||||||
Orlando, FL | 100.0 | 110.3 | 123.5 | 135.4 | 144.9 | 158.9 | 162.3 | 168.3 | 171.6 | 71.6 | % | |||||||||||||||||||
Salt Lake City, UT | 100.0 | 109.4 | 114.5 | 123.2 | 133.0 | 146.5 | 150.5 | 158.0 | 160.1 | 60.1 | % | |||||||||||||||||||
Las Vegas, NV | 100.0 | 125.1 | 141.3 | 149.0 | 161.5 | 182.0 | 193.1 | 201.1 | 209.8 | 109.8 | % | |||||||||||||||||||
San Antonio, TX | 100.0 | 101.1 | 108.0 | 113.9 | 124.7 | 133.8 | 133.9 | 134.4 | 140.1 | 40.1 | % | |||||||||||||||||||
Charleston, SC (3) | 100.0 | 109.4 | 119.9 | 137.0 | 148.0 | 165.5 | 162.5 | 169.6 | 170.4 | 70.4 | % | |||||||||||||||||||
Savannah/Hilton Head, SC (3) | 100.0 | 109.4 | 119.9 | 137.0 | 148.0 | 165.5 | 162.5 | 169.6 | 170.4 | 70.4 | % | |||||||||||||||||||
Winston Salem, NC | 100.0 | 99.7 | 96.6 | 105.6 | 112.7 | 117.7 | 121.0 | 121.0 | 126.6 | 26.6 | % | |||||||||||||||||||
Average | 57.8 | % |
(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 September 30, 2018. 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. |
(3) | Our Charleston, SC and Savannah/Hilton Head, SC markets are both indexed to the Charleston-North Charleston Metropolitan Division. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 20 |
American Homes 4 Rent |
Single-Family Properties Held for Sale (1) | Single-Family Properties Sold 4Q18 | |||||||||
Market | Number of Properties | Net Proceeds | ||||||||
Oklahoma City, OK | 370 | 19 | $ | 2,816 | ||||||
Greater Chicago area, IL and IN | 274 | 22 | 1,667 | |||||||
Augusta, GA | 228 | 26 | 4,573 | |||||||
Corpus Christi, TX | 220 | 9 | 1,665 | |||||||
Central Valley, CA | 146 | 18 | 4,011 | |||||||
Bay Area, CA | 116 | 1 | 384 | |||||||
Austin, TX | 110 | 12 | 1,481 | |||||||
Inland Empire, CA | 87 | 3 | 958 | |||||||
Dallas-Fort Worth, TX | 69 | — | — | |||||||
Houston, TX | 61 | 2 | 344 | |||||||
Atlanta, GA | 48 | 4 | 565 | |||||||
Columbia, SC | 43 | 246 | 36,424 | |||||||
Tampa, FL | 29 | 1 | 295 | |||||||
Miami, FL | 22 | — | — | |||||||
Phoenix, AZ | 14 | 2 | 368 | |||||||
Nashville, TN | 11 | 1 | 176 | |||||||
Cincinnati, OH | 10 | 2 | 344 | |||||||
Columbus, OH | 9 | 2 | 328 | |||||||
San Antonio, TX | 9 | 1 | 151 | |||||||
Raleigh, NC | 9 | 2 | 413 | |||||||
All Other (2) | 60 | 7 | 1,436 | |||||||
Total | 1,945 | 380 | $ | 58,399 |
(1) | As of December 31, 2018. |
(2) | Represents 15 markets in 10 states. |
Share Repurchases | ATM Share Issuances | |||||||||||||||||||||
Quarterly Period | Common Shares Repurchased | Purchase Price | Avg. Price Paid Per Share | Common Shares Issued | Gross Proceeds | Avg. Issuance Price Per Share | ||||||||||||||||
1Q17 | — | $ | — | $ | — | 629,532 | $ | 14,304 | $ | 22.72 | ||||||||||||
2Q17 | — | — | — | 222,073 | 5,066 | 22.81 | ||||||||||||||||
3Q17 | — | — | — | 1,181,493 | 26,855 | 22.73 | ||||||||||||||||
4Q17 | — | — | — | — | — | — | ||||||||||||||||
1Q18 | 1,804,163 | 34,933 | 19.36 | — | — | — | ||||||||||||||||
2Q18 | — | — | — | — | — | — | ||||||||||||||||
3Q18 | — | — | — | — | — | — | ||||||||||||||||
4Q18 | — | — | — | — | — | — | ||||||||||||||||
Total | 1,804,163 | $ | 34,933 | $ | 19.36 | 2,033,098 | $ | 46,225 | $ | 22.74 | ||||||||||||
Remaining authorization: | $ | 265,067 | Remaining authorization: | $ | 500,000 |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 21 |
American Homes 4 Rent |
Full Year 2019 | ||
Core FFO attributable to common share and unit holders | $1.06 - $1.14 | |
Same-Home | ||
Core revenues growth | 3.2% - 4.2% | |
Core property operating expenses growth | 3.5% - 4.5% | |
Core NOI After Capital Expenditures growth | 2.6% - 3.6% |
Per FFO Share and Unit | ||||
2018 Core FFO attributable to common share and unit holders, as reported | $ | 1.06 | ||
Change in accounting principle (1) | (0.02 | ) | ||
2018 Pro Forma Core FFO attributable to common share and unit holders | $ | 1.04 | ||
Same-Home Core NOI growth | 0.05 | |||
Non-Same-Home Core NOI growth (2) | 0.05 | |||
General and administrative expense growth | (0.01 | ) | ||
Interest expense and preferred dividends increase | (0.02 | ) | ||
Share count increase | (0.01 | ) | ||
2019 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.10 |
(1) | Represents impact related to the Company's January 1, 2019 adoption of the new GAAP leasing standard as if adopted on January 1, 2018, and as discussed in the Defined Terms and Non-GAAP reconciliations section. |
(2) | Reflects NOI from Non-Same-Home properties including contribution from 2018 and projected 2019 net acquisitions and dispositions. For 2019, we expect to add between $300.0 million and $500.0 million of properties to our portfolio, the timing of which is expected to be more heavily weighted towards the second half of the year. |
Refer to "Defined Terms and Non-GAAP Reconciliations" for definitions of metrics and reconciliations to GAAP. | 22 |
American Homes 4 Rent |
23 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Core revenues | |||||||||||||||
Total revenues | $ | 270,316 | $ | 242,801 | $ | 1,072,855 | $ | 960,399 | |||||||
Tenant charge-backs | (33,917 | ) | (28,232 | ) | (146,793 | ) | (120,081 | ) | |||||||
Bad debt expense | (2,367 | ) | (2,186 | ) | (8,732 | ) | (7,328 | ) | |||||||
Other revenues | (1,373 | ) | (1,201 | ) | (6,180 | ) | (5,568 | ) | |||||||
Core revenues | $ | 232,659 | $ | 211,182 | $ | 911,150 | $ | 827,422 |
Core property operating expenses | |||||||||||||||
Property operating expenses | $ | 99,475 | $ | 87,871 | $ | 412,905 | $ | 355,074 | |||||||
Property management expenses | 18,105 | 17,345 | 74,573 | 69,712 | |||||||||||
Noncash share-based compensation - property management | (217 | ) | (391 | ) | (1,358 | ) | (1,649 | ) | |||||||
Expenses reimbursed by tenant charge-backs | (33,917 | ) | (28,232 | ) | (146,793 | ) | (120,081 | ) | |||||||
Bad debt expense | (2,367 | ) | (2,186 | ) | (8,732 | ) | (7,328 | ) | |||||||
Core property operating expenses | $ | 81,079 | $ | 74,407 | $ | 330,595 | $ | 295,728 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||
Net income | $ | 34,734 | $ | 30,533 | $ | 112,438 | $ | 76,492 | |||||||
Remeasurement of participating preferred shares | — | (1,500 | ) | (1,212 | ) | (2,841 | ) | ||||||||
Loss on early extinguishment of debt | — | — | 1,447 | 6,555 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Gain on sale of single-family properties and other, net | (7,497 | ) | (451 | ) | (17,946 | ) | (6,826 | ) | |||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Noncash share-based compensation - property management | 217 | 391 | 1,358 | 1,649 | |||||||||||
Interest expense | 30,691 | 25,747 | 122,900 | 112,620 | |||||||||||
General and administrative expense | 8,402 | 7,986 | 36,575 | 34,732 | |||||||||||
Other expenses | 3,745 | 803 | 7,265 | 5,005 | |||||||||||
Other revenues | (1,373 | ) | (1,201 | ) | (6,180 | ) | (5,568 | ) | |||||||
Core NOI | 151,580 | 136,775 | 580,555 | 531,694 | |||||||||||
Less: Non-Same-Home Core NOI | 38,542 | 28,261 | 140,669 | 103,974 | |||||||||||
Same-Home Core NOI | 113,038 | 108,514 | 439,886 | 427,720 | |||||||||||
Less: Same-Home recurring capital expenditures | 6,582 | 5,772 | 27,506 | 26,052 | |||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 106,456 | $ | 102,742 | $ | 412,380 | $ | 401,668 |
Unencumbered Core NOI and Encumbered Core NOI | |||||||||||||||
Core NOI | $ | 151,580 | $ | 136,775 | $ | 580,555 | $ | 531,694 | |||||||
Less: Encumbered Core NOI | 53,359 | 51,905 | 207,248 | 203,609 | |||||||||||
Unencumbered Core NOI | $ | 98,221 | $ | 84,870 | $ | 373,307 | $ | 328,085 |
24 |
American Homes 4 Rent |
For the Three Months Ended | |||||||||||||||||||
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Core revenues | |||||||||||||||||||
Total revenues | $ | 270,316 | $ | 280,052 | $ | 264,483 | $ | 258,004 | $ | 242,801 | |||||||||
Tenant charge-backs | (33,917 | ) | (44,152 | ) | (32,917 | ) | (35,807 | ) | (28,232 | ) | |||||||||
Bad debt expense | (2,367 | ) | (2,749 | ) | (1,616 | ) | (2,000 | ) | (2,186 | ) | |||||||||
Other revenues | (1,373 | ) | (1,865 | ) | (1,601 | ) | (1,341 | ) | (1,201 | ) | |||||||||
Core revenues | $ | 232,659 | $ | 231,286 | $ | 228,349 | $ | 218,856 | $ | 211,182 |
Core property operating expenses | |||||||||||||||||||
Property operating expenses | $ | 99,475 | $ | 113,600 | $ | 98,843 | $ | 100,987 | $ | 87,871 | |||||||||
Property management expenses | 18,105 | 18,865 | 18,616 | 18,987 | 17,345 | ||||||||||||||
Noncash share-based compensation - property management | (217 | ) | (341 | ) | (423 | ) | (377 | ) | (391 | ) | |||||||||
Expenses reimbursed by tenant charge-backs | (33,917 | ) | (44,152 | ) | (32,917 | ) | (35,807 | ) | (28,232 | ) | |||||||||
Bad debt expense | (2,367 | ) | (2,749 | ) | (1,616 | ) | (2,000 | ) | (2,186 | ) | |||||||||
Core property operating expenses | $ | 81,079 | $ | 85,223 | $ | 82,503 | $ | 81,790 | $ | 74,407 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||||||
Net income | $ | 34,734 | $ | 30,281 | $ | 25,898 | $ | 21,525 | $ | 30,533 | |||||||||
Remeasurement of participating preferred shares | — | — | — | (1,212 | ) | (1,500 | ) | ||||||||||||
Loss on early extinguishment of debt | — | — | 1,447 | — | — | ||||||||||||||
Hurricane-related charges, net | — | — | — | — | (2,173 | ) | |||||||||||||
Gain on sale of single-family properties and other, net | (7,497 | ) | (4,953 | ) | (3,240 | ) | (2,256 | ) | (451 | ) | |||||||||
Depreciation and amortization | 81,123 | 79,940 | 78,319 | 79,303 | 75,831 | ||||||||||||||
Acquisition fees and costs expensed | 1,538 | 1,055 | 1,321 | 1,311 | 809 | ||||||||||||||
Noncash share-based compensation - property management | 217 | 341 | 423 | 377 | 391 | ||||||||||||||
Interest expense | 30,691 | 30,930 | 31,978 | 29,301 | 25,747 | ||||||||||||||
General and administrative expense | 8,402 | 9,265 | 9,677 | 9,231 | 7,986 | ||||||||||||||
Other expenses | 3,745 | 1,069 | 1,624 | 827 | 803 | ||||||||||||||
Other revenues | (1,373 | ) | (1,865 | ) | (1,601 | ) | (1,341 | ) | (1,201 | ) | |||||||||
Core NOI | 151,580 | 146,063 | 145,846 | 137,066 | 136,775 | ||||||||||||||
Less: Non-Same-Home Core NOI | 38,542 | 37,131 | 35,775 | 29,221 | 28,261 | ||||||||||||||
Same-Home Core NOI | 113,038 | 108,932 | 110,071 | 107,845 | 108,514 | ||||||||||||||
Less: Same-Home recurring capital expenditures | 6,582 | 8,857 | 6,422 | 5,645 | 5,722 | ||||||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 106,456 | $ | 100,075 | $ | 103,649 | $ | 102,200 | $ | 102,792 |
25 |
American Homes 4 Rent |
(Amounts in thousands) | Dec 31, 2018 | |||
Total Debt | $ | 2,842,510 | ||
Preferred shares at liquidation value | 883,750 | |||
Total Debt and preferred shares | 3,726,260 | |||
Adjusted EBITDAre - TTM | $ | 550,828 | ||
Debt and Preferred Shares to Adjusted EBITDAre | 6.8 x |
(Amounts in thousands) | For the Trailing Twelve Months Ended Dec 31, 2018 | |||
Interest expense per income statement | $ | 122,900 | ||
Less: noncash interest expense related to acquired debt | (3,303 | ) | ||
Less: amortization of discounts, loan costs and cash flow hedge | (7,190 | ) | ||
Add: capitalized interest | 6,671 | |||
Cash interest | 119,078 | |||
Dividends on preferred shares | 52,586 | |||
Fixed charges | 171,664 | |||
Adjusted EBITDAre | $ | 550,828 | ||
Fixed Charge Coverage | 3.2 x |
(Amounts in thousands) | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Total Debt | $ | 2,842,510 | $ | 2,712,688 | $ | 2,717,867 | $ | 2,871,649 | $ | 2,517,216 | ||||||||||
Less: cash and cash equivalents | (30,284 | ) | (110,138 | ) | (53,504 | ) | (203,883 | ) | (46,156 | ) | ||||||||||
Less: asset-backed securitization certificates | (25,666 | ) | (25,666 | ) | (25,666 | ) | (25,666 | ) | (25,666 | ) | ||||||||||
Less: restricted cash related to securitizations | (45,716 | ) | (45,478 | ) | (47,890 | ) | (46,384 | ) | (46,203 | ) | ||||||||||
Net debt | $ | 2,740,844 | $ | 2,531,406 | $ | 2,590,807 | $ | 2,595,716 | $ | 2,399,191 | ||||||||||
Adjusted EBITDAre - TTM | $ | 550,828 | $ | 537,221 | $ | 522,626 | $ | 510,430 | $ | 504,768 | ||||||||||
Net Debt to Adjusted EBITDAre | 5.0 x | 4.7 x | 5.0 x | 5.1 x | 4.8 x |
26 |
American Homes 4 Rent |
(Amounts in thousands) | For the Three Months Ended Dec 31, 2018 | ||
Unencumbered Core NOI | $ | 98,221 | |
Core NOI | $ | 151,580 | |
Unencumbered Core NOI Percentage | 64.8 | % |
27 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 34,734 | $ | 30,533 | $ | 112,438 | $ | 76,492 | |||||||
Interest expense | 30,691 | 25,747 | 122,900 | 112,620 | |||||||||||
Depreciation and amortization | 81,123 | 75,831 | 318,685 | 297,290 | |||||||||||
EBITDA | $ | 146,548 | $ | 132,111 | $ | 554,023 | $ | 486,402 | |||||||
Net (gain) loss on sale / impairment of single-family properties and other | (4,435 | ) | 443 | (12,088 | ) | (2,146 | ) | ||||||||
EBITDAre | 142,113 | 132,554 | 541,935 | 484,256 | |||||||||||
Noncash share-based compensation - general and administrative | 466 | 646 | 2,075 | 2,563 | |||||||||||
Noncash share-based compensation - property management | 217 | 391 | 1,358 | 1,649 | |||||||||||
Acquisition fees and costs expensed | 1,538 | 809 | 5,225 | 4,623 | |||||||||||
Hurricane-related charges, net | — | (2,173 | ) | — | 7,963 | ||||||||||
Loss on early extinguishment of debt | — | — | 1,447 | 6,555 | |||||||||||
Remeasurement of participating preferred shares | — | (1,500 | ) | (1,212 | ) | (2,841 | ) | ||||||||
Adjusted EBITDAre | $ | 144,334 | $ | 130,727 | $ | 550,828 | $ | 504,768 | |||||||
Recurring capital expenditures (1) | (8,546 | ) | (7,501 | ) | (35,888 | ) | (32,556 | ) | |||||||
Leasing costs | (3,047 | ) | (2,029 | ) | (12,603 | ) | (7,390 | ) | |||||||
Adjusted EBITDAre after Capex and Leasing Costs | $ | 132,741 | $ | 121,197 | $ | 502,337 | $ | 464,822 | |||||||
Total revenues | 270,316 | 242,801 | 1,072,855 | 960,399 | |||||||||||
Less: tenant charge-backs | (33,917 | ) | (28,232 | ) | (146,793 | ) | (120,081 | ) | |||||||
Total revenues, net of tenant charge-backs | 236,399 | 214,569 | 926,062 | 840,318 | |||||||||||
Adjusted EBITDAre Margin | 61.1 | % | 60.9 | % | 59.5 | % | 60.1 | % | |||||||
Adjusted EBITDAre after Capex and Leasing Costs Margin | 56.2 | % | 56.5 | % | 54.2 | % | 55.3 | % |
(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 recurring capital expenditures per Same-Home property by (b) our total number of properties, excluding non-stabilized properties and properties identified as part of our disposition program, comprised of properties classified as held for sale and properties identified for future sale. |
28 |
American Homes 4 Rent |
For the Trailing Twelve Months Ended | |||||||||||||||||||
Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||||||||
Net income | $ | 112,438 | $ | 108,237 | $ | 97,053 | $ | 86,221 | $ | 76,492 | |||||||||
Interest expense | 122,900 | 117,956 | 113,618 | 110,032 | 112,620 | ||||||||||||||
Depreciation and amortization | 318,685 | 313,393 | 308,243 | 302,640 | 297,290 | ||||||||||||||
EBITDA | 554,023 | 539,586 | 518,914 | 498,893 | 486,402 | ||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (12,088 | ) | (7,210 | ) | (3,413 | ) | (2,605 | ) | (2,146 | ) | |||||||||
EBITDAre | 541,935 | 532,376 | 515,501 | 496,288 | 484,256 | ||||||||||||||
Noncash share-based compensation - general and administrative | 2,075 | 2,255 | 2,463 | 2,640 | 2,563 | ||||||||||||||
Noncash share-based compensation - property management | 1,358 | 1,532 | 1,608 | 1,609 | 1,649 | ||||||||||||||
Acquisition fees and costs expensed | 5,225 | 4,496 | 4,747 | 4,838 | 4,623 | ||||||||||||||
Hurricane-related charges, net | — | (2,173 | ) | 7,963 | 7,963 | 7,963 | |||||||||||||
Loss on early extinguishment of debt | 1,447 | 1,447 | 1,447 | 6,555 | 6,555 | ||||||||||||||
Remeasurement of participating preferred shares | (1,212 | ) | (2,712 | ) | (11,103 | ) | (9,463 | ) | (2,841 | ) | |||||||||
Adjusted EBITDAre | $ | 550,828 | $ | 537,221 | $ | 522,626 | $ | 510,430 | $ | 504,768 |
29 |
American Homes 4 Rent |
30 |
American Homes 4 Rent |
For the Year Ended | For the Three Months Ended | ||||||||||||||||||
(amounts in thousands) | Dec 31, 2018 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||||||||
Net income (loss) attributable to common shareholders | 23,472 | 17,632 | 15,177 | (15,151 | ) | 5,814 | |||||||||||||
Change in accounting principle | (7,984 | ) | (2,171 | ) | (2,451 | ) | (1,773 | ) | (1,589 | ) | |||||||||
Adjustments: | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 4,424 | 3,320 | 2,881 | (2,902 | ) | 1,125 | |||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (12,088 | ) | (4,435 | ) | (4,393 | ) | (1,704 | ) | (1,556 | ) | |||||||||
Depreciation and amortization | 318,685 | 81,123 | 79,940 | 78,319 | 79,303 | ||||||||||||||
Less: depreciation and amortization of non-real estate assets | (7,352 | ) | (1,890 | ) | (1,845 | ) | (1,787 | ) | (1,830 | ) | |||||||||
Pro forma FFO attributable to common share and unit holders | $ | 319,157 | $ | 93,579 | $ | 89,309 | $ | 55,002 | $ | 81,267 | |||||||||
Adjustments: | |||||||||||||||||||
Acquisition fees and costs expensed | 5,225 | 1,538 | 1,055 | 1,321 | 1,311 | ||||||||||||||
Noncash share-based compensation - general and administrative | 2,075 | 466 | 491 | 520 | 598 | ||||||||||||||
Noncash share-based compensation - property management | 1,358 | 217 | 341 | 423 | 377 | ||||||||||||||
Noncash interest expense related to acquired debt | 3,303 | 493 | 973 | 937 | 900 | ||||||||||||||
Loss on early extinguishment of debt | 1,447 | — | — | 1,447 | — | ||||||||||||||
Remeasurement of participating preferred shares | (1,212 | ) | — | — | — | (1,212 | ) | ||||||||||||
Redemption of participating preferred shares | 32,215 | — | — | 32,215 | — | ||||||||||||||
Pro forma core FFO attributable to common share and unit holders | $ | 363,568 | $ | 96,293 | $ | 92,169 | $ | 91,865 | $ | 83,241 | |||||||||
Recurring capital expenditures | (35,888 | ) | (8,546 | ) | (11,467 | ) | (8,489 | ) | (7,386 | ) | |||||||||
Leasing costs | (12,603 | ) | (3,047 | ) | (3,722 | ) | (3,111 | ) | (2,723 | ) | |||||||||
Change in accounting principle | 7,984 | 2,171 | 2,451 | 1,773 | 1,589 | ||||||||||||||
Pro forma adjusted FFO attributable to common share and unit holders | $ | 323,061 | $ | 86,871 | $ | 79,431 | $ | 82,038 | $ | 74,721 | |||||||||
Per FFO share and unit: | |||||||||||||||||||
Pro forma FFO attributable to common share and unit holders | $ | 0.91 | $ | 0.27 | $ | 0.25 | $ | 0.16 | $ | 0.24 | |||||||||
Pro forma core FFO attributable to common share and unit holders | $ | 1.04 | $ | 0.27 | $ | 0.26 | $ | 0.26 | $ | 0.24 | |||||||||
Pro forma adjusted FFO attributable to common share and unit holders | $ | 0.92 | $ | 0.25 | $ | 0.23 | $ | 0.23 | $ | 0.22 | |||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||
Common shares outstanding | 293,640,500 | 296,559,183 | 296,214,509 | 295,462,572 | 286,183,429 | ||||||||||||||
Share-based compensation plan | 627,830 | 508,028 | 753,140 | 587,270 | 544,434 | ||||||||||||||
Operating partnership units | 55,350,062 | 55,349,791 | 55,350,153 | 55,350,153 | 55,350,153 | ||||||||||||||
Total weighted-average FFO shares and units | 349,618,392 | 352,417,002 | 352,317,802 | 351,399,995 | 342,078,016 |
31 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||
(Amounts in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Property management expenses | $ | 18,105 | $ | 17,345 | $ | 74,573 | $ | 69,712 | |||||||
Less: tenant charge-backs | (1,421 | ) | (1,290 | ) | (5,109 | ) | (5,154 | ) | |||||||
Less: noncash share-based compensation - property management | (217 | ) | (391 | ) | (1,358 | ) | (1,649 | ) | |||||||
Property management expenses, net | 16,467 | 15,664 | 68,107 | 62,909 | |||||||||||
General and administrative expense | 8,402 | 7,986 | 36,575 | 34,732 | |||||||||||
Less: noncash share-based compensation - general and administrative | (466 | ) | (646 | ) | (2,075 | ) | (2,563 | ) | |||||||
General and administrative expense, net | 7,936 | 7,340 | 34,500 | 32,169 | |||||||||||
Leasing costs | 3,047 | 2,029 | 12,603 | 7,390 | |||||||||||
Platform costs | $ | 27,450 | $ | 25,033 | $ | 115,210 | $ | 102,468 | |||||||
Rents from single-family properties | $ | 232,378 | $ | 210,778 | $ | 908,936 | $ | 824,023 | |||||||
Fees from single-family properties | 2,648 | 2,590 | 10,946 | 10,727 | |||||||||||
Total portfolio rents and fees | $ | 235,026 | $ | 213,368 | $ | 919,882 | $ | 834,750 | |||||||
Platform Efficiency Percentage | 11.7 | % | 11.7 | % | 12.5 | % | 12.3 | % |
32 |
American Homes 4 Rent |
33 |
Executive Management | ||
David P. Singelyn | Jack Corrigan | |
Chief Executive Officer | Chief Operating Officer | |
Christopher C. Lau | Sara H. Vogt-Lowell | |
Chief Financial Officer | Chief Legal Officer | |
David Goldberg | Stephanie G. Heim | |
Executive Vice President | Executive Vice President - Counsel & Assistant Secretary | |
Bryan Smith | ||
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) | |||
B. Riley FBR, Inc. | Bank of America Merrill Lynch | BTIG | Citi |
Alex Rygiel | Jeff Spector | Ryan Gilbert | Michael Bilerman |
arygiel@brileyfbr.com | jeff.spector@baml.com | rgilbert@btig.com | michael.bilerman@citi.com |
Credit Suisse | Evercore ISI | Green Street Advisors | GS Global Investment Research |
Douglas Harter | Steve Sakwa | John Pawlowski | Andrew Rosivach |
douglas.harter@credit-suisse.com | steve.sakwa@evercoreisi.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. | Robert W. Baird & Co. | Wells Fargo Securities |
Richard Hill | Buck Horne | Andrew Babin | Jeff Donnelly |
richard.hill1@morganstanley.com | buck.horne@raymondjames.com | dbabin@rwbaird.com | jeff.donnelly@wellsfargo.com |
Zelman & Associates | |||
Dennis McGill | |||
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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