(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
American Homes 4 Rent | ||||||||
American Homes 4 Rent, L.P. | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
American Homes 4 Rent | ||||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company | ||||||||||||||
American Homes 4 Rent, L.P. | ||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company |
Page | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Single-family properties in operation | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Single-family properties in operation, net | |||||||||||
Single-family properties under development and development land | |||||||||||
Single-family properties held for sale, net | |||||||||||
Total real estate assets, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Rent and other receivables | |||||||||||
Escrow deposits, prepaid expenses and other assets | |||||||||||
Investments in unconsolidated joint ventures | |||||||||||
Asset-backed securitization certificates | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Revolving credit facility | $ | $ | |||||||||
Asset-backed securitizations, net | |||||||||||
Unsecured senior notes, net | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 15) | |||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares ($ | |||||||||||
Class B common shares ($ | |||||||||||
Preferred shares ($ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders’ equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | $ | $ | $ | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||
Property management expenses | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Acquisition and other transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Hurricane-related charges, net | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | |||||||||||||||||||||||
Other income and expense, net | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Noncontrolling interest | |||||||||||||||||||||||
Dividends on preferred shares | |||||||||||||||||||||||
Redemption of perpetual preferred shares | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Cash flow hedging instruments: | |||||||||||||||||||||||
Loss on settlement of cash flow hedging instrument | ( | ||||||||||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||||||||||||||
Dividends on preferred shares | |||||||||||||||||||||||
Redemption of perpetual preferred shares | |||||||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | $ | $ | $ |
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Class A units | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($ | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common shares, net of offering costs of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series D perpetual preferred shares | — | — | — | — | ( | ( | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series E perpetual preferred shares | — | — | — | — | ( | ( | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($ | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common shares | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($ | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common shares, net of offering costs of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($ | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series F perpetual preferred shares | — | — | — | — | ( | ( | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($ | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common shares | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ( | — | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | |||||||||||
Noncash share-based compensation | |||||||||||
Equity in net income of unconsolidated joint ventures | ( | ( | |||||||||
Return on investment from unconsolidated joint ventures | |||||||||||
Gain on sale and impairment of single-family properties and other, net | ( | ( | |||||||||
Other changes in operating assets and liabilities: | |||||||||||
Rent and other receivables | ( | ( | |||||||||
Prepaid expenses and other assets | |||||||||||
Deferred leasing costs | ( | ( | |||||||||
Accounts payable and accrued expenses | |||||||||||
Amounts due from related parties | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Cash paid for single-family properties | ( | ( | |||||||||
Change in escrow deposits for purchase of single-family properties | ( | ||||||||||
Net proceeds received from sales of single-family properties and other | |||||||||||
Proceeds received from storm-related insurance claims | |||||||||||
Proceeds from notes receivable related to the sale of properties | |||||||||||
Investment in unconsolidated joint ventures | ( | ( | |||||||||
Distributions from joint ventures | |||||||||||
Renovations to single-family properties | ( | ( | |||||||||
Recurring and other capital expenditures for single-family properties | ( | ( | |||||||||
Cash paid for development activity | ( | ( | |||||||||
Cash paid for deposits on land option contracts | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of Class A common shares | |||||||||||
Payments of Class A common share issuance costs | ( | ( | |||||||||
Redemption of perpetual preferred shares | ( | ( | |||||||||
Proceeds from issuances under share-based compensation plans | |||||||||||
Payments related to tax withholding for share-based compensation | ( | ( | |||||||||
Payments on asset-backed securitizations | ( | ( | |||||||||
Proceeds from revolving credit facility | |||||||||||
Payments on revolving credit facility | ( | ( | |||||||||
Proceeds from unsecured senior notes, net of discount | |||||||||||
Settlement of cash flow hedging instrument | ( | ||||||||||
Proceeds from liabilities related to consolidated land not owned | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Distributions to common shareholders | ( | ( | |||||||||
Distributions to preferred shareholders | ( | ( | |||||||||
Deferred financing costs paid | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | |||||||||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental cash flow information | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | ( | $ | ( | |||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Accrued property renovations and development expenditures | $ | $ | |||||||||
Transfers of completed homebuilding deliveries to properties | |||||||||||
Property and land contributions to unconsolidated joint ventures | ( | ( | |||||||||
Property and land distributions from unconsolidated joint ventures | |||||||||||
Noncash right-of-use assets obtained in exchange for operating lease liabilities | |||||||||||
Accrued distributions to affiliates | |||||||||||
Accrued distributions to non-affiliates |
September 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Single-family properties in operation | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Single-family properties in operation, net | |||||||||||
Single-family properties under development and development land | |||||||||||
Single-family properties held for sale, net | |||||||||||
Total real estate assets, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Rent and other receivables | |||||||||||
Escrow deposits, prepaid expenses and other assets | |||||||||||
Investments in unconsolidated joint ventures | |||||||||||
Amounts due from affiliates | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Revolving credit facility | $ | $ | |||||||||
Asset-backed securitizations, net | |||||||||||
Unsecured senior notes, net | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (see Note 15) | |||||||||||
Capital | |||||||||||
Partners’ capital: | |||||||||||
General partner: | |||||||||||
Common units ( | |||||||||||
Preferred units ( | |||||||||||
Limited partner: | |||||||||||
Common units ( | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total capital | |||||||||||
Total liabilities and capital | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | $ | $ | $ | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||
Property management expenses | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Acquisition and other transaction costs | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Hurricane-related charges, net | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | |||||||||||||||||||||||
Other income and expense, net | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Preferred distributions | |||||||||||||||||||||||
Redemption of perpetual preferred units | |||||||||||||||||||||||
Net income attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average common units outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net income attributable to common unitholders per unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Cash flow hedging instruments: | |||||||||||||||||||||||
Loss on settlement of cash flow hedging instrument | ( | ||||||||||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Preferred distributions | |||||||||||||||||||||||
Redemption of perpetual preferred units | |||||||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | $ | $ | $ |
General Partner | Limited Partners | Accumulated other comprehensive income | Total capital | ||||||||||||||||||||||||||||||||||||||
Common capital | Preferred capital amount | Common capital | |||||||||||||||||||||||||||||||||||||||
Number of units | Amount | Number of units | Amount | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||
Redemptions of Class A units | — | ( | ( | — | |||||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common units, net of offering costs of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemption of Series D perpetual preferred units | — | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Redemption of Series E perpetual preferred units | — | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common units | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | $ | $ | $ | $ | $ |
General Partner | Limited Partners | Accumulated other comprehensive income | Total capital | ||||||||||||||||||||||||||||||||||||||
Common capital | Preferred capital amount | Common capital | |||||||||||||||||||||||||||||||||||||||
Number of units | Amount | Number of units | Amount | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||
Issuance of Class A common units, net of offering costs of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Redemption of Series F perpetual preferred units | — | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common units | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Common units ($ | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | |||||||||||
Noncash share-based compensation | |||||||||||
Equity in net income of unconsolidated joint ventures | ( | ( | |||||||||
Return on investment from unconsolidated joint ventures | |||||||||||
Gain on sale and impairment of single-family properties and other, net | ( | ( | |||||||||
Other changes in operating assets and liabilities: | |||||||||||
Rent and other receivables | ( | ( | |||||||||
Prepaid expenses and other assets | |||||||||||
Deferred leasing costs | ( | ( | |||||||||
Accounts payable and accrued expenses | |||||||||||
Amounts due from related parties | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Cash paid for single-family properties | ( | ( | |||||||||
Change in escrow deposits for purchase of single-family properties | ( | ||||||||||
Net proceeds received from sales of single-family properties and other | |||||||||||
Proceeds received from storm-related insurance claims | |||||||||||
Proceeds from notes receivable related to the sale of properties | |||||||||||
Investment in unconsolidated joint ventures | ( | ( | |||||||||
Distributions from joint ventures | |||||||||||
Renovations to single-family properties | ( | ( | |||||||||
Recurring and other capital expenditures for single-family properties | ( | ( | |||||||||
Cash paid for development activity | ( | ( | |||||||||
Cash paid for deposits on land option contracts | ( | ||||||||||
Other investing activities | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of Class A common units | |||||||||||
Payments of Class A common unit issuance costs | ( | ( | |||||||||
Redemption of perpetual preferred units | ( | ( | |||||||||
Proceeds from issuances under share-based compensation plans | |||||||||||
Payments related to tax withholding for share-based compensation | ( | ( | |||||||||
Payments on asset-backed securitizations | ( | ( | |||||||||
Proceeds from revolving credit facility | |||||||||||
Payments on revolving credit facility | ( | ( | |||||||||
Proceeds from unsecured senior notes, net of discount | |||||||||||
Settlement of cash flow hedging instrument | ( | ||||||||||
Proceeds from liabilities related to consolidated land not owned | |||||||||||
Distributions to common unitholders | ( | ( | |||||||||
Distributions to preferred unitholders | ( | ( | |||||||||
Deferred financing costs paid | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | |||||||||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental cash flow information | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | ( | $ | ( | |||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Accrued property renovations and development expenditures | $ | $ | |||||||||
Transfers of completed homebuilding deliveries to properties | |||||||||||
Property and land contributions to unconsolidated joint ventures | ( | ( | |||||||||
Property and land distributions from unconsolidated joint ventures | |||||||||||
Noncash right-of-use assets obtained in exchange for operating lease liabilities | |||||||||||
Accrued distributions to affiliates | |||||||||||
Accrued distributions to non-affiliates |
September 30, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2021 | 2020 | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Occupied single-family properties | $ | $ | |||||||||
Single-family properties leased, not yet occupied | |||||||||||
Single-family properties in turnover process | |||||||||||
Single-family properties recently renovated or developed | |||||||||||
Single-family properties newly acquired and under renovation | |||||||||||
Single-family properties in operation, net | |||||||||||
Development land | |||||||||||
Single-family properties under development | |||||||||||
Single-family properties held for sale, net | |||||||||||
Total real estate assets, net | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Single-family properties: | |||||||||||||||||||||||
Properties sold | |||||||||||||||||||||||
Net proceeds (1) | $ | $ | $ | $ | |||||||||||||||||||
Net gain on sale | $ | $ | $ | $ | |||||||||||||||||||
Land: | |||||||||||||||||||||||
Net proceeds | $ | $ | $ | $ | |||||||||||||||||||
Net gain (loss) on sale | $ | $ | $ | $ | ( |
September 30, 2022 | |||||
Remaining 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
Total | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Consolidated land not owned | $ | $ | |||||||||
Escrow deposits, prepaid expenses and other | |||||||||||
Commercial real estate, software, vehicles and FF&E, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred costs and other intangibles, net | |||||||||||
Notes receivable, net | |||||||||||
Total | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Deferred leasing costs | $ | $ | |||||||||
Deferred financing costs | |||||||||||
Less: accumulated amortization | ( | ( | |||||||||
Total | $ | $ |
Deferred Leasing Costs | Deferred Financing Costs | Total | |||||||||||||||
Remaining 2022 | $ | $ | $ | ||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
Total | $ | $ | $ |
Joint Venture Description | % Ownership at September 30, 2022 | Completed Homes at September 30, 2022 | Balances at September 30, 2022 | Balances at December 31, 2021 | ||||||||||||||||||||||
Alaska JV | % | $ | $ | |||||||||||||||||||||||
Institutional Investor JV | % | |||||||||||||||||||||||||
J.P. Morgan JV | % | |||||||||||||||||||||||||
$ | $ |
Outstanding Principal Balance | |||||||||||||||||||||||
Interest Rate (1) | Maturity Date | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||
AH4R 2014-SFR2 securitization | October 9, 2024 | $ | $ | ||||||||||||||||||||
AH4R 2014-SFR3 securitization | December 9, 2024 | ||||||||||||||||||||||
AH4R 2015-SFR1 securitization (2) | April 9, 2045 | ||||||||||||||||||||||
AH4R 2015-SFR2 securitization (3) | October 9, 2045 | ||||||||||||||||||||||
Total asset-backed securitizations | |||||||||||||||||||||||
2028 unsecured senior notes (4) | February 15, 2028 | ||||||||||||||||||||||
2029 unsecured senior notes | February 15, 2029 | ||||||||||||||||||||||
2031 unsecured senior notes (5) | July 15, 2031 | ||||||||||||||||||||||
2032 unsecured senior notes | April 15, 2032 | ||||||||||||||||||||||
2051 unsecured senior notes | July 15, 2051 | ||||||||||||||||||||||
2052 unsecured senior notes | April 15, 2052 | ||||||||||||||||||||||
Revolving credit facility (6) | April 15, 2026 | ||||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Unamortized discounts on unsecured senior notes | ( | ( | |||||||||||||||||||||
Deferred financing costs, net (7) | ( | ( | |||||||||||||||||||||
Total debt per balance sheet | $ | $ |
Debt Maturities | |||||
Remaining 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total debt | $ | ||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gross interest cost | $ | $ | $ | $ | |||||||||||||||||||
Capitalized interest | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Accrued property taxes | $ | $ | |||||||||
Resident security deposits | |||||||||||
Accrued construction and maintenance liabilities | |||||||||||
Liability for consolidated land not owned (see Note 6) | |||||||||||
Accrued interest | |||||||||||
Prepaid rent | |||||||||||
Operating lease liabilities | |||||||||||
Accounts payable | |||||||||||
Other accrued liabilities | |||||||||||
Total | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Series | Issuance Date | Earliest Redemption Date | Dividend Rate | Outstanding Shares | Current Liquidation Value | Outstanding Shares | Current Liquidation Value | |||||||||||||||||||||||||||||||||||||
Series F perpetual preferred shares | 4/24/2017 | 4/24/2022 | % | $ | $ | |||||||||||||||||||||||||||||||||||||||
Series G perpetual preferred shares | 7/17/2017 | 7/17/2022 | % | |||||||||||||||||||||||||||||||||||||||||
Series H perpetual preferred shares | 9/19/2018 | 9/19/2023 | % | |||||||||||||||||||||||||||||||||||||||||
Total preferred shares | $ | $ |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
Security | September 30, 2022 | June 30, 2022 | March 31, 2022 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||
Class A and Class B common shares | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Options outstanding at beginning of period | |||||||||||
Granted | |||||||||||
Exercised | ( | ( | |||||||||
Forfeited | |||||||||||
Options outstanding at end of period | |||||||||||
Options exercisable at end of period |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
RSUs outstanding at beginning of period | |||||||||||
Awarded | |||||||||||
Vested | ( | ( | |||||||||
Forfeited | ( | ( | |||||||||
RSUs outstanding at end of period |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
PSUs outstanding at beginning of period | |||||||||||
Awarded | |||||||||||
Vested | |||||||||||
Forfeited | |||||||||||
PSUs outstanding at end of period |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Property management expenses | |||||||||||||||||||||||
Acquisition and other transaction costs | |||||||||||||||||||||||
Total noncash share-based compensation expense | $ | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Noncontrolling interest | |||||||||||||||||||||||
Dividends on preferred shares | |||||||||||||||||||||||
Redemption of perpetual preferred shares | |||||||||||||||||||||||
Allocation to participating securities (1) | |||||||||||||||||||||||
Numerator for income per common share–basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding–basic | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | |||||||||||||||||||||||
Weighted-average common shares outstanding–diluted (3) | |||||||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Preferred distributions | |||||||||||||||||||||||
Redemption of perpetual preferred units | |||||||||||||||||||||||
Allocation to participating securities (1) | |||||||||||||||||||||||
Numerator for income per common unit–basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common units outstanding–basic | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | |||||||||||||||||||||||
Weighted-average common units outstanding–diluted | |||||||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
AH4R 2014-SFR2 securitization | $ | $ | $ | $ | |||||||||||||||||||
AH4R 2014-SFR3 securitization | |||||||||||||||||||||||
AH4R 2015-SFR1 securitization | |||||||||||||||||||||||
AH4R 2015-SFR2 securitization | |||||||||||||||||||||||
Total asset-backed securitizations | |||||||||||||||||||||||
2028 unsecured senior notes, net | |||||||||||||||||||||||
2029 unsecured senior notes, net | |||||||||||||||||||||||
2031 unsecured senior notes, net | |||||||||||||||||||||||
2032 unsecured senior notes, net | |||||||||||||||||||||||
2051 unsecured senior notes, net | |||||||||||||||||||||||
2052 unsecured senior notes, net | |||||||||||||||||||||||
Total unsecured senior notes, net | |||||||||||||||||||||||
Revolving credit facility | |||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Total Single-Family Properties (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Market | Number of Single-Family Properties | % of Total Single-Family Properties | Gross Book Value (millions) | % of Gross Book Value Total | Avg. Gross Book Value per Property | Avg. Sq. Ft. | Avg. Property Age (years) | Avg. Year Purchased or Delivered | ||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | 5,786 | 10.0 | % | $ | 1,241.9 | 10.2 | % | $ | 214,637 | 2,166 | 17.1 | 2016 | ||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 4,286 | 7.4 | % | 744.1 | 6.1 | % | 173,609 | 2,111 | 18.3 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Charlotte, NC | 3,938 | 6.8 | % | 823.2 | 6.7 | % | 209,044 | 2,100 | 17.4 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Phoenix, AZ | 3,399 | 5.9 | % | 701.2 | 5.7 | % | 206,285 | 1,835 | 18.6 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Nashville, TN | 3,195 | 5.5 | % | 757.1 | 6.2 | % | 236,976 | 2,109 | 15.7 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 2,942 | 5.1 | % | 503.0 | 4.1 | % | 170,977 | 1,929 | 19.7 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Houston, TX | 2,770 | 4.8 | % | 485.5 | 4.0 | % | 175,281 | 2,098 | 16.7 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Jacksonville, FL | 2,835 | 4.9 | % | 584.1 | 4.8 | % | 206,040 | 1,933 | 14.5 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Tampa, FL | 2,713 | 4.7 | % | 595.6 | 4.9 | % | 219,548 | 1,937 | 15.4 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Raleigh, NC | 2,165 | 3.7 | % | 424.9 | 3.5 | % | 196,240 | 1,888 | 16.9 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Columbus, OH | 2,123 | 3.7 | % | 398.4 | 3.3 | % | 187,673 | 1,867 | 20.3 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Cincinnati, OH | 2,141 | 3.7 | % | 414.4 | 3.4 | % | 193,545 | 1,845 | 19.7 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Orlando, FL | 1,855 | 3.2 | % | 372.4 | 3.0 | % | 200,753 | 1,895 | 19.3 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | 1,910 | 3.3 | % | 573.6 | 4.7 | % | 300,327 | 2,241 | 16.1 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,650 | 2.8 | % | 310.6 | 2.5 | % | 188,254 | 1,868 | 21.1 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Las Vegas, NV | 1,751 | 3.0 | % | 451.1 | 3.7 | % | 257,617 | 1,893 | 13.7 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Charleston, SC | 1,535 | 2.7 | % | 349.6 | 2.9 | % | 227,732 | 1,966 | 11.9 | 2017 | ||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 1,338 | 2.3 | % | 259.3 | 2.1 | % | 193,786 | 1,934 | 14.0 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Seattle, WA | 1,136 | 2.0 | % | 366.8 | 3.0 | % | 322,898 | 1,994 | 12.8 | 2017 | ||||||||||||||||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 1,042 | 1.8 | % | 215.6 | 1.8 | % | 206,947 | 1,887 | 14.0 | 2016 | ||||||||||||||||||||||||||||||||||||||||
All Other (2) | 7,394 | 12.7 | % | 1,643.0 | 13.4 | % | 222,210 | 1,901 | 16.9 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Total/Average | 57,904 | 100.0 | % | $ | 12,215.4 | 100.0 | % | $ | 210,960 | 1,988 | 17.0 | 2015 |
Total Single-Family Properties (1) | ||||||||||||||||||||||||||||||||
Market | Avg. Occupied Days Percentage (2) | Avg. Monthly Realized Rent per property (3) | Avg. Original Lease Term (months) (4) | Avg. Remaining Lease Term (months) (4) | Avg. Blended Change in Rent (5) | |||||||||||||||||||||||||||
Atlanta, GA | 96.0 | % | $ | 1,973 | 12.0 | 6.4 | 11.0 | % | ||||||||||||||||||||||||
Dallas-Fort Worth, TX | 96.7 | % | 2,036 | 12.1 | 6.5 | 8.5 | % | |||||||||||||||||||||||||
Charlotte, NC | 96.8 | % | 1,892 | 12.2 | 6.9 | 8.8 | % | |||||||||||||||||||||||||
Phoenix, AZ | 94.7 | % | 1,888 | 12.0 | 6.7 | 13.3 | % | |||||||||||||||||||||||||
Nashville, TN | 96.5 | % | 2,062 | 12.0 | 6.7 | 10.7 | % | |||||||||||||||||||||||||
Indianapolis, IN | 95.1 | % | 1,683 | 12.1 | 6.7 | 7.5 | % | |||||||||||||||||||||||||
Houston, TX | 93.9 | % | 1,855 | 12.0 | 6.5 | 6.7 | % | |||||||||||||||||||||||||
Jacksonville, FL | 96.5 | % | 1,944 | 12.0 | 6.6 | 10.4 | % | |||||||||||||||||||||||||
Tampa, FL | 97.7 | % | 2,067 | 12.0 | 6.4 | 11.9 | % | |||||||||||||||||||||||||
Raleigh, NC | 96.8 | % | 1,818 | 12.1 | 6.5 | 8.6 | % | |||||||||||||||||||||||||
Columbus, OH | 96.3 | % | 1,930 | 12.0 | 6.6 | 7.6 | % | |||||||||||||||||||||||||
Cincinnati, OH | 95.5 | % | 1,888 | 12.0 | 6.9 | 8.0 | % | |||||||||||||||||||||||||
Orlando, FL | 97.5 | % | 2,010 | 12.0 | 6.8 | 11.6 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 95.4 | % | 2,195 | 12.0 | 6.4 | 9.7 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 95.3 | % | 2,169 | 12.2 | 6.9 | 8.5 | % | |||||||||||||||||||||||||
Las Vegas, NV | 92.5 | % | 2,023 | 11.9 | 6.3 | 10.2 | % | |||||||||||||||||||||||||
Charleston, SC | 95.1 | % | 2,026 | 12.0 | 6.9 | 7.6 | % | |||||||||||||||||||||||||
San Antonio, TX | 95.0 | % | 1,833 | 12.0 | 6.6 | 6.6 | % | |||||||||||||||||||||||||
Seattle, WA | 94.3 | % | 2,437 | 12.0 | 6.3 | 11.2 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 96.8 | % | 1,886 | 11.9 | 7.0 | 10.1 | % | |||||||||||||||||||||||||
All Other (6) | 94.6 | % | 1,955 | 12.0 | 6.9 | 9.1 | % | |||||||||||||||||||||||||
Total/Average | 95.7 | % | $ | 1,963 | 12.0 | 6.7 | 9.5 | % |
For the Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 268,868 | $ | 57,621 | $ | 326,489 | |||||||||||||||||||||||||||||
Fees from single-family properties | 5,620 | 1,397 | 7,017 | ||||||||||||||||||||||||||||||||
Bad debt | (2,956) | (937) | (3,893) | ||||||||||||||||||||||||||||||||
Core revenues | 271,532 | 58,081 | 329,613 | ||||||||||||||||||||||||||||||||
Property tax expense | 43,908 | 16.1 | % | 8,994 | 15.4 | % | 52,902 | 16.0 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 5,086 | 1.9 | % | 1,320 | 2.3 | % | 6,406 | 1.9 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 23,287 | 8.6 | % | 5,564 | 9.6 | % | 28,851 | 8.8 | % | ||||||||||||||||||||||||||
Insurance | 2,958 | 1.1 | % | 621 | 1.1 | % | 3,579 | 1.1 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 21,137 | 7.8 | % | 5,900 | 10.2 | % | 27,037 | 8.2 | % | ||||||||||||||||||||||||||
Core property operating expenses | 96,376 | 35.5 | % | 22,399 | 38.6 | % | 118,775 | 36.0 | % | ||||||||||||||||||||||||||
Core NOI | $ | 175,156 | 64.5 | % | $ | 35,682 | 61.4 | % | $ | 210,838 | 64.0 | % |
For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 249,758 | $ | 36,478 | $ | 286,236 | |||||||||||||||||||||||||||||
Fees from single-family properties | 5,001 | 955 | 5,956 | ||||||||||||||||||||||||||||||||
Bad debt | (3,662) | (1,690) | (5,352) | ||||||||||||||||||||||||||||||||
Core revenues | 251,097 | 35,743 | 286,840 | ||||||||||||||||||||||||||||||||
Property tax expense | 41,784 | 16.7 | % | 6,040 | 16.9 | % | 47,824 | 16.7 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 4,767 | 1.9 | % | 787 | 2.2 | % | 5,554 | 1.9 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 22,649 | 9.0 | % | 4,026 | 11.3 | % | 26,675 | 9.3 | % | ||||||||||||||||||||||||||
Insurance | 2,569 | 1.0 | % | 418 | 1.2 | % | 2,987 | 1.0 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 19,047 | 7.6 | % | 3,766 | 10.5 | % | 22,813 | 8.0 | % | ||||||||||||||||||||||||||
Core property operating expenses | 90,816 | 36.2 | % | 15,037 | 42.1 | % | 105,853 | 36.9 | % | ||||||||||||||||||||||||||
Core NOI | $ | 160,281 | 63.8 | % | $ | 20,706 | 57.9 | % | $ | 180,987 | 63.1 | % |
For the Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Core revenues and Same-Home core revenues | |||||||||||
Rents and other single-family property revenues | $ | 391,627 | $ | 339,563 | |||||||
Tenant charge-backs | (62,014) | (52,723) | |||||||||
Core revenues | 329,613 | 286,840 | |||||||||
Less: Non-Same-Home core revenues | 58,081 | 35,743 | |||||||||
Same-Home core revenues | $ | 271,532 | $ | 251,097 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||
Property operating expenses | $ | 152,065 | $ | 134,694 | |||||||
Property management expenses | 29,739 | 24,562 | |||||||||
Noncash share-based compensation - property management | (1,015) | (680) | |||||||||
Expenses reimbursed by tenant charge-backs | (62,014) | (52,723) | |||||||||
Core property operating expenses | 118,775 | 105,853 | |||||||||
Less: Non-Same-Home core property operating expenses | 22,399 | 15,037 | |||||||||
Same-Home core property operating expenses | $ | 96,376 | $ | 90,816 |
Core NOI and Same-Home Core NOI | |||||||||||
Net income | $ | 61,665 | $ | 48,501 | |||||||
Hurricane-related charges, net | 6,133 | — | |||||||||
Gain on sale and impairment of single-family properties and other, net | (24,197) | (9,572) | |||||||||
Depreciation and amortization | 109,319 | 94,494 | |||||||||
Acquisition and other transaction costs | 4,482 | 3,279 | |||||||||
Noncash share-based compensation - property management | 1,015 | 680 | |||||||||
Interest expense | 36,254 | 31,097 | |||||||||
General and administrative expense | 16,986 | 12,647 | |||||||||
Other income and expense, net | (819) | (139) | |||||||||
Core NOI | 210,838 | 180,987 | |||||||||
Less: Non-Same-Home Core NOI | 35,682 | 20,706 | |||||||||
Same-Home Core NOI | $ | 175,156 | $ | 160,281 | |||||||
For the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 790,567 | $ | 152,623 | $ | 943,190 | |||||||||||||||||||||||||||||
Fees from single-family properties | 15,895 | 4,113 | 20,008 | ||||||||||||||||||||||||||||||||
Bad debt | (7,875) | (3,138) | (11,013) | ||||||||||||||||||||||||||||||||
Core revenues | 798,587 | 153,598 | 952,185 | ||||||||||||||||||||||||||||||||
Property tax expense | 131,612 | 16.5 | % | 25,679 | 16.6 | % | 157,291 | 16.5 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 14,705 | 1.8 | % | 3,184 | 2.1 | % | 17,889 | 1.9 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 61,641 | 7.7 | % | 14,695 | 9.6 | % | 76,336 | 8.0 | % | ||||||||||||||||||||||||||
Insurance | 8,714 | 1.1 | % | 1,775 | 1.2 | % | 10,489 | 1.1 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 60,676 | 7.6 | % | 16,269 | 10.6 | % | 76,945 | 8.1 | % | ||||||||||||||||||||||||||
Core property operating expenses | 277,348 | 34.7 | % | 61,602 | 40.1 | % | 338,950 | 35.6 | % | ||||||||||||||||||||||||||
Core NOI | $ | 521,239 | 65.3 | % | $ | 91,996 | 59.9 | % | $ | 613,235 | 64.4 | % |
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 734,230 | $ | 97,650 | $ | 831,880 | |||||||||||||||||||||||||||||
Fees from single-family properties | 14,135 | 2,521 | 16,656 | ||||||||||||||||||||||||||||||||
Bad debt | (14,922) | (4,356) | (19,278) | ||||||||||||||||||||||||||||||||
Core revenues | 733,443 | 95,815 | 829,258 | ||||||||||||||||||||||||||||||||
Property tax expense | 125,503 | 17.0 | % | 17,709 | 18.5 | % | 143,212 | 17.2 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 13,707 | 1.9 | % | 2,116 | 2.2 | % | 15,823 | 1.9 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 57,712 | 7.9 | % | 10,202 | 10.6 | % | 67,914 | 8.2 | % | ||||||||||||||||||||||||||
Insurance | 7,583 | 1.0 | % | 1,134 | 1.2 | % | 8,717 | 1.1 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 56,127 | 7.7 | % | 10,040 | 10.5 | % | 66,167 | 8.0 | % | ||||||||||||||||||||||||||
Core property operating expenses | 260,632 | 35.5 | % | 41,201 | 43.0 | % | 301,833 | 36.4 | % | ||||||||||||||||||||||||||
Core NOI | $ | 472,811 | 64.5 | % | $ | 54,614 | 57.0 | % | $ | 527,425 | 63.6 | % |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Core revenues and Same-Home core revenues | |||||||||||
Rents and other single-family property revenues | $ | 1,109,608 | $ | 965,790 | |||||||
Tenant charge-backs | (157,423) | (136,532) | |||||||||
Core revenues | 952,185 | 829,258 | |||||||||
Less: Non-Same-Home core revenues | 153,598 | 95,815 | |||||||||
Same-Home core revenues | $ | 798,587 | $ | 733,443 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||
Property operating expenses | $ | 414,978 | $ | 369,966 | |||||||
Property management expenses | 84,541 | 70,677 | |||||||||
Noncash share-based compensation - property management | (3,146) | (2,278) | |||||||||
Expenses reimbursed by tenant charge-backs | (157,423) | (136,532) | |||||||||
Core property operating expenses | 338,950 | 301,833 | |||||||||
Less: Non-Same-Home core property operating expenses | 61,602 | 41,201 | |||||||||
Same-Home core property operating expenses | $ | 277,348 | $ | 260,632 |
Core NOI and Same-Home Core NOI | |||||||||||
Net income | $ | 206,234 | $ | 149,236 | |||||||
Hurricane-related charges, net | 6,133 | — | |||||||||
Gain on sale and impairment of single-family properties and other, net | (79,052) | (36,401) | |||||||||
Depreciation and amortization | 313,688 | 275,682 | |||||||||
Acquisition and other transaction costs | 18,114 | 11,093 | |||||||||
Noncash share-based compensation - property management | 3,146 | 2,278 | |||||||||
Interest expense | 98,622 | 86,630 | |||||||||
General and administrative expense | 53,115 | 40,645 | |||||||||
Other income and expense, net | (6,765) | (1,738) | |||||||||
Core NOI | 613,235 | 527,425 | |||||||||
Less: Non-Same-Home Core NOI | 91,996 | 54,614 | |||||||||
Same-Home Core NOI | $ | 521,239 | $ | 472,811 | |||||||
For the Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 596,788 | $ | 498,193 | $ | 98,595 | |||||||||||
Net cash used for investing activities | (1,267,654) | (1,191,461) | (76,193) | ||||||||||||||
Net cash provided by financing activities | 736,819 | 630,185 | 106,634 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 65,953 | $ | (63,083) | $ | 129,036 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 50,715 | $ | 36,869 | $ | 163,244 | $ | 87,185 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 7,464 | 5,869 | 24,119 | 14,012 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (24,197) | (9,572) | (79,052) | (36,401) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 448 | 723 | (122) | 1,554 | |||||||||||||||||||
Depreciation and amortization | 109,319 | 94,494 | 313,688 | 275,682 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (3,543) | (2,894) | (9,648) | (8,287) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 140,206 | $ | 125,489 | $ | 412,229 | $ | 333,745 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 4,482 | 3,279 | 18,114 | 11,093 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 3,390 | 1,557 | 13,352 | 7,722 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,015 | 680 | 3,146 | 2,278 | |||||||||||||||||||
Hurricane-related charges, net | 6,133 | — | 6,133 | — | |||||||||||||||||||
Redemption of perpetual preferred shares | — | — | 5,276 | 15,879 | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 155,226 | $ | 131,005 | $ | 458,250 | $ | 370,717 | |||||||||||||||
Recurring Capital Expenditures | (22,479) | (16,921) | (49,616) | (39,789) | |||||||||||||||||||
Leasing costs | (689) | (792) | (1,868) | (2,672) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 132,058 | $ | 113,292 | $ | 406,766 | $ | 328,256 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | 61,665 | $ | 48,501 | $ | 206,234 | $ | 149,236 | |||||||||||||||
Interest expense | 36,254 | 31,097 | 98,622 | 86,630 | |||||||||||||||||||
Depreciation and amortization | 109,319 | 94,494 | 313,688 | 275,682 | |||||||||||||||||||
EBITDA | $ | 207,238 | $ | 174,092 | $ | 618,544 | $ | 511,548 | |||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (24,197) | (9,572) | (79,052) | (36,401) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 448 | 723 | (122) | 1,554 | |||||||||||||||||||
EBITDAre | $ | 183,489 | $ | 165,243 | $ | 539,370 | $ | 476,701 | |||||||||||||||
Noncash share-based compensation - general and administrative | 3,390 | 1,557 | 13,352 | 7,722 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,015 | 680 | 3,146 | 2,278 | |||||||||||||||||||
Acquisition, other transaction costs and other | 4,482 | 3,279 | 18,114 | 11,093 | |||||||||||||||||||
Hurricane-related charges, net | 6,133 | — | 6,133 | — | |||||||||||||||||||
Adjusted EBITDAre | $ | 198,509 | $ | 170,759 | $ | 580,115 | $ | 497,794 | |||||||||||||||
Recurring Capital Expenditures | (22,479) | (16,921) | (49,616) | (39,789) | |||||||||||||||||||
Leasing costs | (689) | (792) | (1,868) | (2,672) | |||||||||||||||||||
Fully Adjusted EBITDAre | $ | 175,341 | $ | 153,046 | $ | 528,631 | $ | 455,333 |
Exhibit Number | Exhibit Document | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
Exhibit Number | Exhibit Document | |||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
AMERICAN HOMES 4 RENT | ||
/s/ Brian F. Reitz | ||
Brian F. Reitz | ||
Executive Vice President, Chief Accounting Officer | ||
(Chief Accounting Officer and duly authorized signatory of registrant) | ||
Date: November 4, 2022 |
AMERICAN HOMES 4 RENT, L.P. | ||
By: American Homes 4 Rent, its General Partner | ||
/s/ Brian F. Reitz | ||
Brian F. Reitz | ||
Executive Vice President, Chief Accounting Officer | ||
(Chief Accounting Officer and duly authorized signatory of registrant) | ||
Date: November 4, 2022 |
/s/ David P. Singelyn | |||||
David P. Singelyn | |||||
Chief Executive Officer | |||||
November 4, 2022 |
/s/ Christopher C. Lau | |||||
Christopher C. Lau | |||||
Chief Financial Officer | |||||
November 4, 2022 |
/s/ David P. Singelyn | |||||
David P. Singelyn | |||||
Chief Executive Officer | |||||
American Homes 4 Rent, general partner of American Homes 4 Rent, L.P. | |||||
November 4, 2022 |
/s/ Christopher C. Lau | |||||
Christopher C. Lau | |||||
Chief Financial Officer | |||||
American Homes 4 Rent, general partner of American Homes 4 Rent, L.P. | |||||
November 4, 2022 |
/s/ David P. Singelyn | |||||
David P. Singelyn | |||||
Chief Executive Officer | |||||
/s/ Christopher C. Lau | |||||
Christopher C. Lau | |||||
Chief Financial Officer |
/s/ David P. Singelyn | |||||
David P. Singelyn | |||||
Chief Executive Officer | |||||
American Homes 4 Rent, general partner of American Homes 4 Rent, L.P. | |||||
/s/ Christopher C. Lau | |||||
Christopher C. Lau | |||||
Chief Financial Officer | |||||
American Homes 4 Rent, general partner of American Homes 4 Rent, L.P. |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock issued (in shares) | 9,200,000 | 15,400,000 |
Preferred shares outstanding (in shares) | 9,200,000 | 15,400,000 |
Class A common shares | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock issued (in shares) | 352,809,460 | 337,362,716 |
Common stock outstanding (in shares) | 352,809,460 | 337,362,716 |
Class B common shares | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock issued (in shares) | 635,075 | 635,075 |
Common stock outstanding (in shares) | 635,075 | 635,075 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Rents and other single-family property revenues | $ 391,627 | $ 339,563 | $ 1,109,608 | $ 965,790 | ||||
Expenses: | ||||||||
General and administrative expense | 16,986 | 12,647 | 53,115 | 40,645 | ||||
Interest expense | 36,254 | 31,097 | 98,622 | 86,630 | ||||
Acquisition and other transaction costs | 4,482 | 3,279 | 18,114 | 11,093 | ||||
Depreciation and amortization | 109,319 | 94,494 | 313,688 | 275,682 | ||||
Hurricane-related charges, net | 6,133 | 0 | 6,133 | 0 | ||||
Total expenses | 354,978 | 300,773 | 989,191 | 854,693 | ||||
Gain on sale and impairment of single-family properties and other, net | 24,197 | 9,572 | 79,052 | 36,401 | ||||
Other income and expense, net | 819 | 139 | 6,765 | 1,738 | ||||
Net income | 61,665 | $ 74,555 | $ 70,014 | 48,501 | $ 51,814 | $ 48,921 | 206,234 | 149,236 |
Noncontrolling interest | 7,464 | 5,869 | 24,119 | 14,012 | ||||
Dividends on preferred shares | 3,486 | $ 4,346 | $ 5,763 | 5,763 | $ 12,615 | $ 13,782 | 13,595 | 32,160 |
Redemption of perpetual preferred shares | 0 | 0 | 5,276 | 15,879 | ||||
Net income attributable to common shareholders | $ 50,715 | $ 36,869 | $ 163,244 | $ 87,185 | ||||
Weighted-average common shares outstanding: | ||||||||
Basic (in shares) | 348,944,055 | 324,002,538 | 347,730,579 | 320,267,903 | ||||
Diluted (in shares) | 349,344,541 | 326,206,423 | 348,282,995 | 321,879,235 | ||||
Net income attributable to common shareholders per share: | ||||||||
Basic (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 | ||||
Diluted (in dollars per share) | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 | ||||
Property operating expenses | ||||||||
Expenses: | ||||||||
Cost of goods and services sold | $ 152,065 | $ 134,694 | $ 414,978 | $ 369,966 | ||||
Property management expenses | ||||||||
Expenses: | ||||||||
Cost of goods and services sold | $ 29,739 | $ 24,562 | $ 84,541 | $ 70,677 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,665 | $ 48,501 | $ 206,234 | $ 149,236 |
Cash flow hedging instruments: | ||||
Loss on settlement of cash flow hedging instrument | 0 | 0 | 0 | (3,999) |
Reclassification adjustment for amortization of interest expense included in net income | (141) | (149) | (423) | (630) |
Other comprehensive loss | (141) | (149) | (423) | (4,629) |
Comprehensive income | 61,524 | 48,352 | 205,811 | 144,607 |
Comprehensive income attributable to noncontrolling interests | 7,443 | 5,778 | 24,055 | 13,297 |
Dividends on preferred shares | 3,486 | 5,763 | 13,595 | 32,160 |
Redemption of perpetual preferred shares | 0 | 0 | 5,276 | 15,879 |
Comprehensive income attributable to common shareholders | $ 50,595 | $ 36,811 | $ 162,885 | $ 83,271 |
Condensed Consolidated Statements of Equity (Parenthetical) - Common stock - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
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Common share, dividends (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.10 | $ 0.10 | $ 0.10 |
Stock issuance cost | $ 200 | $ 200 |
Condensed Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
General Partner | ||
Common units issued (in shares) | 353,444,535 | 337,997,791 |
Common units outstanding (in shares) | 353,444,535 | 337,997,791 |
Preferred units outstanding (in shares) | 9,200,000 | 15,400,000 |
Preferred units issued (in shares) | 9,200,000 | 15,400,000 |
Limited Partners | ||
Common units issued (in shares) | 51,376,980 | 51,376,980 |
Common units outstanding (in shares) | 51,376,980 | 51,376,980 |
Condensed Consolidated Statements of Capital (Parenthetical) - Common capital - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
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Common share, dividends (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.10 | $ 0.10 | $ 0.10 |
Stock issuance cost | $ 200 | $ 200 | ||||
American Homes 4 Rent, L.P. | ||||||
Common share, dividends (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.10 | $ 0.10 | $ 0.10 |
Stock issuance cost | $ 200 | $ 200 |
Organization and Operations |
9 Months Ended |
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Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Organization and Operations American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of September 30, 2022, the Company held 58,961 single-family properties in 21 states, including 1,057 properties classified as held for sale. AH4R is the general partner of, and as of September 30, 2022 owned approximately 87.3% of the common partnership interest in, the Operating Partnership. The remaining 12.7% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.
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Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest but does not consolidate are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds investments in venture capital funds and deposits with land banking entities, which were determined to be VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in these unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2022, the carrying value of the investments in these venture capital funds was $11.5 million and the Company’s maximum exposure to loss was $16.2 million, which includes all future capital funding requirements. The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2022, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $10.7 million.
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Cash, Cash Equivalents and Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
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Real Estate Assets, Net |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Assets, Net | Real Estate Assets, Net The net book values of real estate assets consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
Depreciation expense related to single-family properties was $105.1 million and $90.6 million for the three months ended September 30, 2022 and 2021, respectively, and $301.9 million and $264.3 million for the nine months ended September 30, 2022 and 2021, respectively. Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the three months ended September 30, 2022. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the three months ended September 30, 2022, the Company recognized $8.4 million in gross charges primarily related to an estimated accrual for minor repair and remediation costs, partially offset by an estimated $2.3 million of related insurance claims that we believe is probable we will recover. The $6.1 million of net charges were included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2022. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except property data):
(1)Net proceeds are net of deductions for working capital prorations.
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Rent and Other Receivables |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Rent and Other Receivables | Rent and Other ReceivablesIncluded in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $62.0 million and $52.7 million for the three months ended September 30, 2022 and 2021, respectively, and $157.4 million and $136.5 million for the nine months ended September 30, 2022 and 2021, respectively. Variable lease payments for fees from single-family properties were $7.0 million and $6.0 million for the three months ended September 30, 2022 and 2021, respectively, and $20.0 million and $16.7 million for the nine months ended September 30, 2022 and 2021, respectively. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2022 (amounts in thousands):
Rent and other receivables included $2.3 million of insurance claims receivables related to Hurricane Ian as of September 30, 2022 and $1.9 million of insurance claims receivables related to Winter Storm Uri as of December 31, 2021.
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Escrow Deposits, Prepaid Expenses and Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Escrow Deposits, Prepaid Expenses and Other Assets | Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2022 and December 31, 2021 (amounts in thousands):
Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $3.5 million and $2.9 million for the three months ended September 30, 2022 and 2021, respectively, and $9.6 million and $8.3 million for the nine months ended September 30, 2022 and 2021, respectively. Consolidated Land Not Owned During the three and nine months ended September 30, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our options to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9. Accounts Payable and Accrued Expenses). Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
Amortization expense related to deferred leasing costs was $0.7 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $2.2 million and $3.1 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million for both the three months ended September 30, 2022 and 2021 and $2.1 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization (see Note 8. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2022 for future periods (amounts in thousands):
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Investments in Unconsolidated Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures As of September 30, 2022, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations. The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):
The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $3.8 million and $2.8 million for the three months ended September 30, 2022 and 2021, respectively, and $10.2 million and $7.4 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in other income and expense, net within the condensed consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets. During the first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $74.6 million, of which (i) $66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment. The transaction was accounted for as an asset acquisition and resulted in a gain on sale at the Institutional Investor JV. Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets. During the first quarter of 2022, the J.P. Morgan JV entered into a loan agreement to borrow up to a $375.0 million aggregate commitment. During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of September 30, 2022, the joint venture’s loan had a $204.2 million outstanding principal balance. During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $250.0 million. During the initial two-year term, the loan bears interest at SOFR plus a 2.40% margin and matures on July 1, 2024. The loan agreement provides for two one-year extension options that include additional fees and interest. As of September 30, 2022, the joint venture’s loan had a $232.7 million outstanding principal balance. The Company has provided customary non-recourse guarantees for the J.P. Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.
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Debt | Debt All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2022 and December 31, 2021 (amounts in thousands):
(1)Interest rates are rounded and as of September 30, 2022. Unless otherwise stated, interest rates are fixed percentages. (2)The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3)The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%. (5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $2.7 million and $1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2022 and December 31, 2021, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of September 30, 2022. (7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.8 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $5.1 million and $4.5 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization. Unsecured Senior Notes During the second quarter of 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before offering costs of approximately $1.7 million. The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indentures require that we maintain certain financial covenants. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes. If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2022 (amounts in thousands):
Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
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Accounts Payable and Accrued Expenses | Accounts Payable and Accrued ExpensesThe following table summarizes accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021 (amounts in thousands):
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Shareholders' Equity / Partners' Capital |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity / Partners' Capital | Shareholders’ Equity / Partners’ Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances. Class A Common Share Offering During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which are accounted for in equity. The Company received net proceeds of $375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $0.2 million. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. In September 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. The Company used these net proceeds to repay indebtedness under its revolving credit facility and for general corporate purposes. As of September 30, 2022, 8,000,000 Class A common shares remained available for future settlement under the January 2022 Forward Sale Agreements. The Company expects to physically settle the remaining shares by January 20, 2023 through the delivery of the Class A common shares and expects that net proceeds will be approximately $297.1 million. The Company expects to use these net proceeds (i) to repay indebtedness it has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for general corporate purposes. Although the Company expects to physically settle, the January 2022 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations. If the Company elects to cash or net share settle the January 2022 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchasers in certain circumstances. The January 2022 Forward Sale Agreements are subject to early termination or settlement under certain circumstances. At-the-Market Common Share Offering Program The Company maintains an at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the nine months ended September 30, 2022 and 2021, no shares were issued under the At-the-Market Program. As of September 30, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 million remained available for future share issuances. Share Repurchase Program The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares. As of September 30, 2022, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Perpetual Preferred Shares As of September 30, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):
During the second quarter of 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875% Series F perpetual preferred shares, $0.01 par value per share, for cash at the liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series F perpetual preferred units. As a result of the redemption, the Company recorded a $5.3 million allocation of income to the Series F perpetual preferred shareholders within the condensed consolidated statements of operations during the nine months ended September 30, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date. Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.
(1)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021. (2)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. (3)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990, or approximately 12.5% and 13.0%, of the total 404,821,515 and 389,374,771 Class A units in the Operating Partnership as of September 30, 2022 and December 31, 2021, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 596,990, or approximately 0.2%, of the total 404,821,515 and 389,374,771 Class A units in the Operating Partnership as of September 30, 2022 and December 31, 2021, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation 2021 Equity Incentive Plan The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. During the nine months ended September 30, 2022 and 2021, the Human Capital and Compensation Committee granted RSUs to employees that vest over a - to three-year service period and RSUs to non-management trustees that vest over a one-year service period. During the nine months ended September 30, 2022 and 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain senior employees that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over the three-year performance period January 1, 2022 through December 31, 2024 for PSUs granted during the nine months ended September 30, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the nine months ended September 30, 2021. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
2021 Employee Stock Purchase Plan In 2021, the Company’s shareholders approved and the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which provides for the issuance of 3,000,000 Class A common shares. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. The 2021 ESPP allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AH4R. Share-Based Compensation Expense The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
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Earnings per Share / Unit |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share / Unit | Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except share and per share data):
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital). (3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except unit and per unit data):
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital).
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of September 30, 2022 and December 31, 2021 (amounts in thousands):
During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 unsecured senior notes, which resulted in a $4.0 million loss recorded in other comprehensive loss at the time that will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 unsecured senior notes. The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of September 30, 2022 and December 31, 2021, affiliates owned approximately 12.9% and 13.5%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of September 30, 2022 and December 31, 2021) an approximate 23.9% and 24.8% interest as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022 and December 31, 2021, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2022, the Company had commitments to acquire 102 single-family properties for an aggregate purchase price of $27.6 million, as well as $453.1 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance. As of September 30, 2022, the Company had sales in escrow for approximately 140 of our single-family properties and 275 of our land lots for aggregate selling prices of $57.4 million. As of September 30, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $167.2 million. Legal Matters During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG. We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent Acquisitions From October 1, 2022 through October 31, 2022, the Company added 154 properties to its portfolio for a total cost of approximately $54.2 million, which included 121 newly constructed properties delivered through our AMH Development Program and 19 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From October 1, 2022 through October 31, 2022, the Company disposed of 92 properties for aggregate net proceeds of approximately $27.3 million.
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Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, and (ii) the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest but does not consolidate are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds investments in venture capital funds and deposits with land banking entities, which were determined to be VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in these unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2022, the carrying value of the investments in these venture capital funds was $11.5 million and the Company’s maximum exposure to loss was $16.2 million, which includes all future capital funding requirements. The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2022, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $10.7 million.
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Cash, Cash Equivalents and Restricted Cash (Tables) |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
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Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
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Real Estate Assets, Net (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single-Family Properties, Net | The net book values of real estate assets consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except property data):
(1)Net proceeds are net of deductions for working capital prorations.
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Rent and Other Receivables (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Revenues | The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2022 (amounts in thousands):
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Escrow Deposits, Prepaid Expenses and Other Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Escrow Deposits, Prepaid Expenses and Other Assets | The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2022 and December 31, 2021 (amounts in thousands):
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Deferred Costs and Other Intangibles | Deferred costs and other intangibles, net, consisted of the following as of September 30, 2022 and December 31, 2021 (amounts in thousands):
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Amortization Expense Related to Deferred Costs and Other Intangibles | The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2022 for future periods (amounts in thousands):
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Investments in Unconsolidated Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Joint Venture Arrangements Accounting for Under Equity Method | The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2022 and December 31, 2021 (amounts in thousands):
(1)Interest rates are rounded and as of September 30, 2022. Unless otherwise stated, interest rates are fixed percentages. (2)The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3)The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%. (5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $2.7 million and $1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2022 and December 31, 2021, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of September 30, 2022. (7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.8 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $5.1 million and $4.5 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization.
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Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2022 (amounts in thousands):
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Summary of Activity that Relates to Capitalized Interest | The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
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Accounts Payable and Accrued Expenses (Tables) |
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Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of September 30, 2022 and December 31, 2021 (amounts in thousands):
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Shareholders' Equity / Partners' Capital (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Shares Outstanding | As of September 30, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):
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Schedule of Distributions Made During Period | The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.
(1)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021. (2)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. (3)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022.
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Share-Based Compensation (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Share Units Activity Under Plan | The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Performance Share Units Activity Under Plan | The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2022 and 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in Noncash Share-Based Compensation Expense | The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):
|
Earnings per Share / Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Net Income per Share on Basic and Diluted Basis | The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except share and per share data):
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital). (3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands, except unit and per unit data):
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10. Shareholders’ Equity / Partners’ Capital).
|
Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Fair Values of Debt Instruments | The following table displays the carrying values and fair values of our debt instruments as of September 30, 2022 and December 31, 2021 (amounts in thousands):
|
Organization and Operations (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022
USD ($)
state
singleFamilyProperty
property
|
Dec. 31, 2021
USD ($)
|
|
Real Estate Properties [Line Items] | ||
Number of states | state | 21 | |
Asset-backed securitization certificates | $ | $ 25,666 | $ 25,666 |
Exchange rate | 1 | |
American Homes 4 Rent | ||
Real Estate Properties [Line Items] | ||
General partner interest | 87.30% | |
Limited Partners | ||
Real Estate Properties [Line Items] | ||
Limited partner interest | 12.70% | |
Single Family Homes | ||
Real Estate Properties [Line Items] | ||
Number of properties | singleFamilyProperty | 58,961 | |
Single Family Homes | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Real Estate Properties [Line Items] | ||
Number of properties | property | 1,057 |
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Carrying value of investments in limited partnerships | $ 110,409 | $ 121,950 |
Variable Interest Entity, Not Primary Beneficiary | Land Banking Deposits | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 10,700 | |
Carrying value of deposits with land banking entities | 10,700 | |
Variable Interest Entity, Not Primary Beneficiary | Venture Capital Funds | ||
Variable Interest Entity [Line Items] | ||
Carrying value of investments in limited partnerships | 11,500 | |
Maximum exposure to loss | $ 16,200 |
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Cash and Cash Equivalents [Abstract] | ||||
Term of restriction | 1 year | |||
Cash and cash equivalents | $ 97,244 | $ 48,198 | $ 63,997 | $ 137,060 |
Restricted cash | 160,476 | 143,569 | 137,997 | 128,017 |
Total cash, cash equivalents and restricted cash | $ 257,720 | $ 191,767 | $ 201,994 | $ 265,077 |
Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Real Estate [Line Items] | ||||
Accrual for minor repair and remediation costs, gross charges | $ 8,400 | |||
Probable insurance claim recoveries | 2,300 | $ 2,300 | ||
Hurricane-related charges, net | 6,133 | $ 0 | 6,133 | $ 0 |
Single Family Homes | ||||
Real Estate [Line Items] | ||||
Depreciation expense | $ 105,100 | $ 90,600 | $ 301,900 | $ 264,300 |
Real Estate Assets, Net - Dispositions of Single-Family Properties and Land (Details) - Single Family Homes $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
property
|
Sep. 30, 2021
USD ($)
property
|
Sep. 30, 2022
USD ($)
property
|
Sep. 30, 2021
USD ($)
property
|
|
Single-family properties: | ||||
Properties sold | property | 164 | 90 | 530 | 367 |
Net proceeds | $ 49,096 | $ 26,683 | $ 160,156 | $ 100,815 |
Net gain on sale | 24,501 | 10,073 | 82,193 | 36,845 |
Land: | ||||
Net proceeds | 1,197 | 277 | 3,139 | 596 |
Net gain (loss) on sale | $ 70 | $ 42 | $ 496 | $ (97) |
Rent and Other Receivables - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Lessor, Lease, Description [Line Items] | |||||
Lease agreement term (in years) | 1 year | 1 year | |||
Storm damage related insurance claims receivable | $ 2.3 | $ 2.3 | $ 1.9 | ||
Single Family Homes | |||||
Lessor, Lease, Description [Line Items] | |||||
Tenant chargebacks | 62.0 | $ 52.7 | 157.4 | $ 136.5 | |
Late fees and application fees | $ 7.0 | $ 6.0 | $ 20.0 | $ 16.7 |
Rent and Other Receivables - Future Minimum Rental Revenues (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Receivables [Abstract] | |
Remaining 2022 | $ 287,284 |
2023 | 496,844 |
2024 | 27,539 |
2025 | 27 |
Total | $ 811,694 |
Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Consolidated land not owned | $ 103,942 | $ 0 |
Escrow deposits, prepaid expenses and other | 102,993 | 88,414 |
Commercial real estate, software, vehicles and FF&E, net | 76,745 | 62,462 |
Operating lease right-of-use assets | 18,815 | 17,269 |
Deferred costs and other intangibles, net | 10,835 | 13,134 |
Notes receivable, net | 2,459 | 35,346 |
Total | $ 315,789 | $ 216,625 |
Escrow Deposits, Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Property, Plant and Equipment [Line Items] | ||||
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | $ 0.7 | $ 1.0 | $ 2.2 | $ 3.1 |
Revolving Credit Facility | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization of deferred financing costs | 0.7 | 0.7 | 2.1 | 1.8 |
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 3.5 | $ 2.9 | $ 9.6 | $ 8.3 |
Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs | $ 2,336 | $ 3,090 |
Deferred financing costs | 22,491 | 22,491 |
Deferred cost and intangible assets | 24,827 | 25,581 |
Less: accumulated amortization | (13,992) | (12,447) |
Total | $ 10,835 | $ 13,134 |
Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Total | ||
Remaining 2022 | $ 1,213 | |
2023 | 3,386 | |
2024 | 2,730 | |
2025 | 2,722 | |
2026 | 784 | |
Total | 10,835 | $ 13,134 |
Deferred Leasing Costs | ||
Deferred Leasing Costs | ||
Remaining 2022 | 527 | |
2023 | 664 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Deferred Leasing Costs | 1,191 | |
Deferred Financing Costs | ||
Deferred Financing Costs | ||
Remaining 2022 | 686 | |
2023 | 2,722 | |
2024 | 2,730 | |
2025 | 2,722 | |
2026 | 784 | |
Deferred Financing Costs | $ 9,644 |
Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
home
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Completed homes | home | 2,271 | |
Balances | $ | $ 110,409 | $ 121,950 |
Alaska JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent ownership | 20.00% | |
Completed homes | home | 276 | |
Balances | $ | $ 19,394 | 22,658 |
Institutional Investor JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent ownership | 20.00% | |
Completed homes | home | 933 | |
Balances | $ | $ 15,271 | 28,695 |
J.P. Morgan JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent ownership | 20.00% | |
Completed homes | home | 1,062 | |
Balances | $ | $ 75,744 | $ 70,597 |
Debt - Maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
Remaining 2022 | $ 5,179 | |
2023 | 20,714 | |
2024 | 951,097 | |
2025 | 10,302 | |
2026 | 10,302 | |
Thereafter | 3,459,732 | |
Total debt | $ 4,457,326 | $ 3,924,181 |
Debt - Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Debt Disclosure [Abstract] | ||||
Gross interest cost | $ 49,115 | $ 40,161 | $ 138,037 | $ 108,459 |
Capitalized interest | (12,861) | (9,064) | (39,415) | (21,829) |
Interest expense | $ 36,254 | $ 31,097 | $ 98,622 | $ 86,630 |
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued property taxes | $ 152,439 | $ 52,545 |
Resident security deposits | 119,510 | 105,809 |
Accrued construction and maintenance liabilities | 80,250 | 50,655 |
Liability for consolidated land not owned (see Note 6) | 65,301 | 0 |
Accrued interest | 33,966 | 33,332 |
Prepaid rent | 32,121 | 31,190 |
Operating lease liabilities | 20,377 | 18,723 |
Accounts payable | 3,426 | 1,113 |
Other accrued liabilities | 59,850 | 50,159 |
Total | $ 567,240 | $ 343,526 |
Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Class A common shares | ||
Class of Stock [Line Items] | ||
Repurchase of shares, authorized amount | $ 300.0 | |
Remaining repurchase authorization | $ 265.1 | |
Class A common shares | Common capital | ||
Class of Stock [Line Items] | ||
Repurchases of Class A common shares (in shares) | 0 | 0 |
Preferred capital amount | ||
Class of Stock [Line Items] | ||
Repurchase of shares, authorized amount | $ 250.0 | |
Remaining repurchase authorization | $ 250.0 |
Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Class of Stock [Line Items] | ||
Operating partnership units (in shares) | 404,821,515 | 389,374,771 |
American Residential Properties Inc. | ||
Class of Stock [Line Items] | ||
Percentage of units outstanding | 0.20% | 0.20% |
Operating partnership units (in shares) | 596,990 | 596,990 |
AH LLC | ||
Class of Stock [Line Items] | ||
Ownership units owned (in shares) | 50,779,990 | 50,779,990 |
Percentage of units outstanding | 12.50% | 13.00% |
Share-Based Compensation - Stock Options Activity (Details) - Stock options - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Stock Options | ||
Options outstanding at beginning of period (in shares) | 824,300 | 1,090,300 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (63,750) | (259,000) |
Forfeited (in shares) | 0 | 0 |
Options outstanding at end of period (in shares) | 760,550 | 831,300 |
Options exercisable at end of period (in shares) | 755,550 | 793,800 |
Share-Based Compensation - RSU and PSU Activity (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Restricted share units | ||
Number of Restricted Stock Units | ||
Outstanding at beginning of period (in shares) | 1,050,599 | 651,537 |
Awarded (in shares) | 465,171 | 645,955 |
Vested (in shares) | (439,331) | (208,574) |
Forfeited (in shares) | (37,045) | (28,239) |
Outstanding at end of period (in shares) | 1,039,394 | 1,060,679 |
Performance Share Units (PSU's) | ||
Number of Restricted Stock Units | ||
Outstanding at beginning of period (in shares) | 92,319 | 0 |
Awarded (in shares) | 202,104 | 92,319 |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | 0 |
Outstanding at end of period (in shares) | 294,423 | 92,319 |
Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Class of Stock | ||||
Total noncash share-based compensation expense | $ 5,680 | $ 3,058 | $ 23,728 | $ 14,319 |
General and administrative expense | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | 3,390 | 1,557 | 13,352 | 7,722 |
Property management expenses | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | 1,015 | 680 | 3,146 | 2,278 |
Acquisition and other transaction costs | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | $ 1,275 | $ 821 | $ 7,230 | $ 4,319 |
Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
$ / shares
shares
|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2021
USD ($)
$ / shares
shares
|
|
Numerator: | ||||||||
Net income | $ 61,665 | $ 74,555 | $ 70,014 | $ 48,501 | $ 51,814 | $ 48,921 | $ 206,234 | $ 149,236 |
Less: | ||||||||
Noncontrolling interest | 7,464 | 5,869 | 24,119 | 14,012 | ||||
Dividends on preferred shares | 3,486 | 4,346 | 5,763 | 5,763 | 12,615 | 13,782 | 13,595 | 32,160 |
Redemption of perpetual preferred shares | 0 | 0 | 5,276 | 15,879 | ||||
Allocation to participating securities | 188 | 118 | 583 | 300 | ||||
Numerator for income per common share–basic and diluted | $ 50,527 | $ 36,751 | $ 162,661 | $ 86,885 | ||||
Denominator: | ||||||||
Weighted-average common shares outstanding - basic (in shares) | shares | 348,944,055 | 324,002,538 | 347,730,579 | 320,267,903 | ||||
Effect of dilutive securities: | ||||||||
Share-based compensation plan and forward sale equity contracts | shares | 400,486 | 2,203,885 | 552,416 | 1,611,332 | ||||
Weighted-average common shares outstanding - diluted (in shares) | shares | 349,344,541 | 326,206,423 | 348,282,995 | 321,879,235 | ||||
Net income per common share: | ||||||||
Basic (in dollars per share) | $ / shares | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 | ||||
Diluted (in dollars per share) | $ / shares | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 | ||||
Exchange rate | 1 | |||||||
American Homes 4 Rent, L.P. | ||||||||
Numerator: | ||||||||
Net income | $ 61,665 | $ 74,555 | $ 70,014 | $ 48,501 | $ 51,814 | $ 48,921 | $ 206,234 | $ 149,236 |
Less: | ||||||||
Dividends on preferred shares | 3,486 | 5,763 | 13,595 | 32,160 | ||||
Redemption of perpetual preferred shares | 0 | 0 | 5,276 | 15,879 | ||||
Allocation to participating securities | 188 | 118 | 583 | 300 | ||||
Numerator for income per common share–basic and diluted | $ 57,991 | $ 42,620 | $ 186,780 | $ 100,897 | ||||
Denominator: | ||||||||
Weighted-average common units outstanding - basic (in shares) | shares | 400,321,035 | 375,379,518 | 399,107,559 | 371,739,755 | ||||
Effect of dilutive securities: | ||||||||
Share-based compensation plan and forward sale equity contracts | shares | 400,486 | 2,203,885 | 552,416 | 1,611,332 | ||||
Weighted-average common units outstanding - diluted (in shares) | shares | 400,721,521 | 377,583,403 | 399,659,975 | 373,351,087 | ||||
Net income per common share: | ||||||||
Basic (in dollars per share) | $ / shares | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 | ||||
Diluted (in dollars per share) | $ / shares | $ 0.14 | $ 0.11 | $ 0.47 | $ 0.27 |
Fair Value - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loss on settlement of cash flow hedging instrument | $ 0 | $ 0 | $ 0 | $ 3,999 | ||
Treasury Lock | Designated as Hedging Instrument | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Derivative, notional amount | $ 400,000 | |||||
Term of contract | 10 years | |||||
Loss on settlement of cash flow hedging instrument | $ 4,000 |
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
American Homes 4 Rent, L.P. | ||
Related Party Transaction [Line Items] | ||
Amounts due from affiliates | $ 25,666 | $ 25,666 |
Class A common shares | ||
Related Party Transaction [Line Items] | ||
Common stock outstanding (in shares) | 352,809,460 | 337,362,716 |
Class B common shares | ||
Related Party Transaction [Line Items] | ||
Common stock outstanding (in shares) | 635,075 | 635,075 |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Percent of shares held | 23.90% | 24.80% |
Affiliated Entity | American Homes 4 Rent, L.P. | ||
Related Party Transaction [Line Items] | ||
Amounts due from affiliates | $ 25,700 | $ 25,700 |
Affiliated Entity | Class A common shares | ||
Related Party Transaction [Line Items] | ||
Percent of shares held | 12.90% | 13.50% |
Common stock outstanding (in shares) | 50,622,165 | 50,622,165 |
Affiliated Entity | Class B common shares | ||
Related Party Transaction [Line Items] | ||
Common stock outstanding (in shares) | 635,075 | 635,075 |
Commitments and Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
property
lot
| |
Purchase Commitment [Line Items] | |
Single-family properties sales in escrow | property | 140 |
Land lot sales in escrow | lot | 275 |
Single-family properties sales in escrow, selling price | $ 57.4 |
Surety bond | |
Purchase Commitment [Line Items] | |
Outstanding principal on non-recourse guarantee | 167.2 |
Single Family Properties | |
Purchase Commitment [Line Items] | |
Purchase price of commitment to acquire single-family properties | 27.6 |
Land | |
Purchase Commitment [Line Items] | |
Purchase price of commitment to acquire single-family properties | $ 453.1 |
Commitment To Acquire Properties | |
Purchase Commitment [Line Items] | |
Number of properties | property | 102 |
Subsequent Events (Details) - Subsequent Event $ in Millions |
1 Months Ended |
---|---|
Oct. 31, 2022
USD ($)
property
| |
Subsequent Event [Line Items] | |
Number of properties acquired | 154 |
Cash paid for deposits on land option contracts | $ | $ 54.2 |
Number of internally developed properties developed | 121 |
Number of properties acquired from third party developers | 19 |
Number of real estate properties sold | 92 |
Proceeds from sale of real estate | $ | $ 27.3 |
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