American Homes 4 Rent | |||||||||||
American Homes 4 Rent, L.P. | |||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
beneficial interest, $.01 par value | ||||||||||||||
beneficial interest, $.01 par value | ||||||||||||||
beneficial interest, $.01 par value | ||||||||||||||
beneficial interest, $.01 par value | ||||||||||||||
beneficial interest, $.01 par value | ||||||||||||||
beneficial interest, $.01 par value |
AMERICAN HOMES 4 RENT | |||||||||||
By: | /s/ Sara H. Vogt-Lowell | ||||||||||
Sara H. Vogt-Lowell | |||||||||||
Chief Legal Officer |
AMERICAN HOMES 4 RENT, L.P. | |||||||||||
By: | American Homes 4 Rent, its General Partner | ||||||||||
By: | /s/ Sara H. Vogt-Lowell | ||||||||||
Sara H. Vogt-Lowell | |||||||||||
Chief Legal Officer |
Full Year 2021 | |||||
Core FFO attributable to common share and unit holders | $1.22 - $1.28 | ||||
Core FFO attributable to common share and unit holders growth | 5.2% - 10.3% | ||||
Same-Home | |||||
Core revenues growth (1) | 3.25% - 4.75% | ||||
Core property operating expenses growth (2) | 4.00% - 5.50% | ||||
Core NOI growth | 2.75% - 4.25% |
Per FFO Share and Unit | |||||
2020 Core FFO attributable to common share and unit holders | $ | 1.16 | |||
Same-Home Core NOI | 0.06 | ||||
Non-Same-Home Core NOI (1) | 0.06 | ||||
General and administrative expense | (0.01) | ||||
Financing costs (share count and interest) | (0.02) | ||||
2021 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.25 | |||
2021 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 7.8 | % |
December 31, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 1,836,798 | $ | 1,756,504 | |||||||
Buildings and improvements | 8,163,023 | 7,691,877 | |||||||||
Single-family properties in operation | 9,999,821 | 9,448,381 | |||||||||
Less: accumulated depreciation | (1,754,433) | (1,462,105) | |||||||||
Single-family properties in operation, net | 8,245,388 | 7,986,276 | |||||||||
Single-family properties under development and development land | 510,365 | 355,427 | |||||||||
Single-family properties held for sale, net | 129,026 | 209,828 | |||||||||
Total real estate assets, net | 8,884,779 | 8,551,531 | |||||||||
Cash and cash equivalents | 137,060 | 37,575 | |||||||||
Restricted cash | 128,017 | 126,544 | |||||||||
Rent and other receivables | 41,544 | 29,618 | |||||||||
Escrow deposits, prepaid expenses and other assets | 163,171 | 140,961 | |||||||||
Investments in unconsolidated joint ventures | 93,109 | 67,935 | |||||||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 9,593,625 | $ | 9,100,109 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | — | |||||||
Asset-backed securitizations, net | 1,927,607 | 1,945,044 | |||||||||
Unsecured senior notes, net | 889,805 | 888,453 | |||||||||
Accounts payable and accrued expenses | 298,949 | 243,193 | |||||||||
Amounts payable to affiliates | 4,834 | 4,629 | |||||||||
Total liabilities | 3,121,195 | 3,081,319 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders' equity: | |||||||||||
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 316,021,385 and 300,107,599 shares issued and outstanding at December 31, 2020 and 2019, respectively) | 3,160 | 3,001 | |||||||||
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at December 31, 2020 and 2019) | 6 | 6 | |||||||||
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at December 31, 2020 and 2019) | 354 | 354 | |||||||||
Additional paid-in capital | 6,223,256 | 5,790,775 | |||||||||
Accumulated deficit | (443,522) | (465,368) | |||||||||
Accumulated other comprehensive income | 5,840 | 6,658 | |||||||||
Total shareholders' equity | 5,789,094 | 5,335,426 | |||||||||
Noncontrolling interest | 683,336 | 683,364 | |||||||||
Total equity | 6,472,430 | 6,018,790 | |||||||||
Total liabilities and equity | $ | 9,593,625 | $ | 9,100,109 |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 296,551 | $ | 281,465 | $ | 1,172,514 | $ | 1,132,137 | |||||||||||||||
Other | 2,784 | 2,545 | 10,322 | 11,241 | |||||||||||||||||||
Total revenues | 299,335 | 284,010 | 1,182,836 | 1,143,378 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 106,160 | 102,788 | 450,267 | 433,854 | |||||||||||||||||||
Property management expenses | 22,380 | 21,822 | 89,892 | 86,908 | |||||||||||||||||||
General and administrative expense | 13,188 | 12,178 | 48,517 | 43,206 | |||||||||||||||||||
Interest expense | 28,498 | 31,163 | 117,038 | 127,114 | |||||||||||||||||||
Acquisition and other transaction costs | 3,579 | 769 | 9,298 | 3,224 | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Other | 2,044 | 1,585 | 14,036 | 6,733 | |||||||||||||||||||
Total expenses | 264,349 | 253,524 | 1,072,201 | 1,030,332 | |||||||||||||||||||
Gain on sale of single-family properties and other, net | 10,356 | 10,978 | 44,194 | 43,873 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | (659) | |||||||||||||||||||
Net income | 45,342 | 41,464 | 154,829 | 156,260 | |||||||||||||||||||
Noncontrolling interest | 4,479 | 4,092 | 14,455 | 15,221 | |||||||||||||||||||
Dividends on preferred shares | 13,782 | 13,782 | 55,128 | 55,128 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 27,081 | $ | 23,590 | $ | 85,246 | $ | 85,911 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 316,424,015 | 300,724,761 | 306,613,197 | 299,415,397 | |||||||||||||||||||
Diluted | 316,884,567 | 301,213,621 | 307,074,747 | 299,918,966 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.08 | $ | 0.28 | $ | 0.29 | |||||||||||||||
Diluted | $ | 0.09 | $ | 0.08 | $ | 0.28 | $ | 0.29 |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 27,081 | $ | 23,590 | $ | 85,246 | $ | 85,911 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 4,479 | 4,092 | 14,455 | 15,221 | |||||||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (10,206) | (10,398) | (38,107) | (40,210) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 333 | 821 | 1,352 | 1,797 | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (2,464) | (2,031) | (9,016) | (7,933) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 107,723 | $ | 99,293 | $ | 397,083 | $ | 384,079 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other (1) | 3,579 | 769 | 12,223 | 3,224 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 1,832 | 946 | 6,573 | 3,466 | |||||||||||||||||||
Noncash share-based compensation - property management | 418 | 353 | 1,745 | 1,342 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | |||||||||||||||||||
Core FFO attributable to common share and unit holders (2) | $ | 113,552 | $ | 101,361 | $ | 417,624 | $ | 392,770 | |||||||||||||||
Recurring Capital Expenditures | (9,756) | (9,332) | (46,048) | (39,997) | |||||||||||||||||||
Leasing costs | (1,011) | (851) | (4,070) | (4,095) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders (2) | $ | 102,785 | $ | 91,178 | $ | 367,506 | $ | 348,678 | |||||||||||||||
Common distributions | (18,493) | (17,666) | (72,298) | (70,619) | |||||||||||||||||||
Retained Cash Flow | $ | 84,292 | $ | 73,512 | $ | 295,208 | $ | 278,059 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.29 | $ | 0.28 | $ | 1.11 | $ | 1.09 | |||||||||||||||
Core FFO attributable to common share and unit holders (2) | $ | 0.31 | $ | 0.29 | $ | 1.16 | $ | 1.11 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders (2) | $ | 0.28 | $ | 0.26 | $ | 1.02 | $ | 0.99 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 316,424,015 | 300,724,761 | 306,613,197 | 299,415,397 | |||||||||||||||||||
Share-based compensation plan (3) | 764,198 | 708,131 | 724,523 | 686,050 | |||||||||||||||||||
Operating partnership units | 51,880,241 | 52,026,980 | 51,990,094 | 53,045,004 | |||||||||||||||||||
Total weighted-average FFO shares and units | 369,068,454 | 353,459,872 | 359,327,814 | 353,146,451 |
For the Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Total revenues | $ | 299,335 | $ | 284,010 | $ | 1,182,836 | $ | 1,143,378 | |||||||||||||||
Tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Other revenues | (2,784) | (2,545) | (10,322) | (11,241) | |||||||||||||||||||
Core revenues | 261,121 | 245,175 | 1,011,707 | 972,286 | |||||||||||||||||||
Less: Non-Same-Home core revenues | 41,867 | 33,387 | 149,686 | 133,746 | |||||||||||||||||||
Same-Home core revenues | $ | 219,254 | $ | 211,788 | $ | 862,021 | $ | 838,540 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 106,160 | $ | 102,788 | $ | 450,267 | $ | 433,854 | |||||||||||||||
Property management expenses | 22,380 | 21,822 | 89,892 | 86,908 | |||||||||||||||||||
Noncash share-based compensation - property management | (418) | (353) | (1,745) | (1,342) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Core property operating expenses | 92,692 | 87,967 | 377,607 | 359,569 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 15,226 | 13,608 | 61,734 | 56,627 | |||||||||||||||||||
Same-Home core property operating expenses | $ | 77,466 | $ | 74,359 | $ | 315,873 | $ | 302,942 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||||||||||
Net income | $ | 45,342 | $ | 41,464 | $ | 154,829 | $ | 156,260 | |||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | |||||||||||||||||||
Gain on sale of single-family properties and other, net | (10,356) | (10,978) | (44,194) | (43,873) | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Acquisition and other transaction costs | 3,579 | 769 | 9,298 | 3,224 | |||||||||||||||||||
Noncash share-based compensation - property management | 418 | 353 | 1,745 | 1,342 | |||||||||||||||||||
Interest expense | 28,498 | 31,163 | 117,038 | 127,114 | |||||||||||||||||||
General and administrative expense | 13,188 | 12,178 | 48,517 | 43,206 | |||||||||||||||||||
Other expenses | 2,044 | 1,585 | 14,036 | 6,733 | |||||||||||||||||||
Other revenues | (2,784) | (2,545) | (10,322) | (11,241) | |||||||||||||||||||
Core NOI | 168,429 | 157,208 | 634,100 | 612,717 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | 26,641 | 19,779 | 87,952 | 77,119 | |||||||||||||||||||
Same-Home Core NOI | 141,788 | 137,429 | 546,148 | 535,598 | |||||||||||||||||||
Less: Same-Home Recurring Capital Expenditures | 8,334 | 7,821 | 39,763 | 34,464 | |||||||||||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 133,454 | $ | 129,608 | $ | 506,385 | $ | 501,134 |
American Homes 4 Rent |
Summary | |||||
Financial Information | |||||
Property and Other Information | |||||
2 |
American Homes 4 Rent |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 3 |
American Homes 4 Rent |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 4 |
American Homes 4 Rent |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 5 |
American Homes 4 Rent |
Full Year 2021 | |||||
Core FFO attributable to common share and unit holders | $1.22 - $1.28 | ||||
Core FFO attributable to common share and unit holders growth | 5.2% - 10.3% | ||||
Same-Home | |||||
Core revenues growth (1) | 3.25% - 4.75% | ||||
Core property operating expenses growth (2) | 4.00% - 5.50% | ||||
Core NOI growth | 2.75% - 4.25% |
Per FFO Share and Unit | |||||
2020 Core FFO attributable to common share and unit holders | $ | 1.16 | |||
Same-Home Core NOI | 0.06 | ||||
Non-Same-Home Core NOI (1) | 0.06 | ||||
General and administrative expense | (0.01) | ||||
Financing costs (share count and interest) | (0.02) | ||||
2021 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.25 | |||
2021 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 7.8 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 6 |
American Homes 4 Rent |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 7 |
American Homes 4 Rent |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 8 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating Data | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 27,081 | $ | 23,590 | $ | 85,246 | $ | 85,911 | |||||||||||||||
Core revenues | $ | 261,121 | $ | 245,175 | $ | 1,011,707 | $ | 972,286 | |||||||||||||||
Core NOI | $ | 168,429 | $ | 157,208 | $ | 634,100 | $ | 612,717 | |||||||||||||||
Core NOI margin | 64.5 | % | 64.1 | % | 62.7 | % | 63.0 | % | |||||||||||||||
Platform Efficiency Percentage | 12.9 | % | 13.1 | % | 12.9 | % | 12.8 | % | |||||||||||||||
Fully Adjusted EBITDAre | $ | 147,529 | $ | 138,154 | $ | 548,688 | $ | 538,853 | |||||||||||||||
Fully Adjusted EBITDAre Margin | 55.8 | % | 55.6 | % | 53.6 | % | 54.7 | % | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.29 | $ | 0.28 | $ | 1.11 | $ | 1.09 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.31 | $ | 0.29 | $ | 1.16 | $ | 1.11 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.28 | $ | 0.26 | $ | 1.02 | $ | 0.99 |
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||||||||||||
Single-family properties in operation, net | $ | 8,245,388 | $ | 8,158,937 | $ | 8,096,223 | $ | 8,067,375 | $ | 7,986,276 | |||||||||||||||||||
Total assets | $ | 9,593,625 | $ | 9,600,363 | $ | 9,271,774 | $ | 9,201,365 | $ | 9,100,109 | |||||||||||||||||||
Outstanding borrowings under revolving credit facility | $ | — | $ | — | $ | 130,000 | $ | 105,000 | $ | — | |||||||||||||||||||
Total Debt | $ | 2,848,492 | $ | 2,853,883 | $ | 2,989,230 | $ | 2,970,558 | $ | 2,870,993 | |||||||||||||||||||
Total Market Capitalization | $ | 14,783,745 | $ | 14,226,536 | $ | 13,373,387 | $ | 12,043,390 | $ | 13,000,836 | |||||||||||||||||||
Total Debt to Total Market Capitalization | 19.3 | % | 20.1 | % | 22.4 | % | 24.7 | % | 22.1 | % | |||||||||||||||||||
Net Debt to Adjusted EBITDAre | 4.4 x | 4.2 x | 5.0 x | 4.9 x | 4.7 x | ||||||||||||||||||||||||
NYSE AMH Class A common share closing price | $ | 30.00 | $ | 28.48 | $ | 26.90 | $ | 23.20 | $ | 26.21 |
Portfolio Data - end of period | |||||||||||||||||||||||||||||
Occupied single-family properties | 51,271 | 51,090 | 50,170 | 49,029 | 48,767 | ||||||||||||||||||||||||
Single-family properties recently acquired or developed | 233 | 82 | 120 | 499 | 335 | ||||||||||||||||||||||||
Single-family properties in turnover process | 977 | 893 | 1,189 | 1,817 | 1,934 | ||||||||||||||||||||||||
Single-family properties leased, not yet occupied | 392 | 351 | 573 | 471 | 329 | ||||||||||||||||||||||||
Total single-family properties, excluding properties held for sale | 52,873 | 52,416 | 52,052 | 51,816 | 51,365 | ||||||||||||||||||||||||
Single-family properties held for sale | 711 | 813 | 948 | 960 | 1,187 | ||||||||||||||||||||||||
Total single-family properties | 53,584 | 53,229 | 53,000 | 52,776 | 52,552 | ||||||||||||||||||||||||
Total occupancy percentage (1) | 97.0 | % | 97.5 | % | 96.4 | % | 94.6 | % | 94.9 | % | |||||||||||||||||||
Total Average Occupied Days Percentage | 97.2 | % | 96.9 | % | 95.1 | % | 94.7 | % | 95.0 | % | |||||||||||||||||||
Same-Home occupancy percentage (44,663 properties) | 97.6 | % | 97.8 | % | 96.9 | % | 96.0 | % | 96.0 | % | |||||||||||||||||||
Same-Home Average Occupied Days Percentage (44,663 properties) | 97.3 | % | 96.9 | % | 95.6 | % | 95.3 | % | 95.2 | % |
Other Data | |||||||||||||||||||||||||||||
Distributions declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | $ | 0.05 | |||||||||||||||||||
Distributions declared per Series D perpetual preferred share | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.41 | $ | 0.41 | |||||||||||||||||||
Distributions declared per Series E perpetual preferred share | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.40 | $ | 0.40 | |||||||||||||||||||
Distributions declared per Series F perpetual preferred share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||||||||||||||||
Distributions declared per Series G perpetual preferred share | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | $ | 0.37 | |||||||||||||||||||
Distributions declared per Series H perpetual preferred share | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.39 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 9 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 296,551 | $ | 281,465 | $ | 1,172,514 | $ | 1,132,137 | |||||||||||||||
Other | 2,784 | 2,545 | 10,322 | 11,241 | |||||||||||||||||||
Total revenues | 299,335 | 284,010 | 1,182,836 | 1,143,378 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 106,160 | 102,788 | 450,267 | 433,854 | |||||||||||||||||||
Property management expenses | 22,380 | 21,822 | 89,892 | 86,908 | |||||||||||||||||||
General and administrative expense | 13,188 | 12,178 | 48,517 | 43,206 | |||||||||||||||||||
Interest expense | 28,498 | 31,163 | 117,038 | 127,114 | |||||||||||||||||||
Acquisition and other transaction costs | 3,579 | 769 | 9,298 | 3,224 | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Other | 2,044 | 1,585 | 14,036 | 6,733 | |||||||||||||||||||
Total expenses | 264,349 | 253,524 | 1,072,201 | 1,030,332 | |||||||||||||||||||
Gain on sale of single-family properties and other, net | 10,356 | 10,978 | 44,194 | 43,873 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | (659) | |||||||||||||||||||
Net income | 45,342 | 41,464 | 154,829 | 156,260 | |||||||||||||||||||
Noncontrolling interest | 4,479 | 4,092 | 14,455 | 15,221 | |||||||||||||||||||
Dividends on preferred shares | 13,782 | 13,782 | 55,128 | 55,128 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 27,081 | $ | 23,590 | $ | 85,246 | $ | 85,911 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 316,424,015 | 300,724,761 | 306,613,197 | 299,415,397 | |||||||||||||||||||
Diluted | 316,884,567 | 301,213,621 | 307,074,747 | 299,918,966 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.09 | $ | 0.08 | $ | 0.28 | $ | 0.29 | |||||||||||||||
Diluted | $ | 0.09 | $ | 0.08 | $ | 0.28 | $ | 0.29 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 10 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 27,081 | $ | 23,590 | $ | 85,246 | $ | 85,911 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 4,479 | 4,092 | 14,455 | 15,221 | |||||||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (10,206) | (10,398) | (38,107) | (40,210) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 333 | 821 | 1,352 | 1,797 | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (2,464) | (2,031) | (9,016) | (7,933) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 107,723 | $ | 99,293 | $ | 397,083 | $ | 384,079 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other (1) | 3,579 | 769 | 12,223 | 3,224 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 1,832 | 946 | 6,573 | 3,466 | |||||||||||||||||||
Noncash share-based compensation - property management | 418 | 353 | 1,745 | 1,342 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | |||||||||||||||||||
Core FFO attributable to common share and unit holders (2) | $ | 113,552 | $ | 101,361 | $ | 417,624 | $ | 392,770 | |||||||||||||||
Recurring Capital Expenditures | (9,756) | (9,332) | (46,048) | (39,997) | |||||||||||||||||||
Leasing costs | (1,011) | (851) | (4,070) | (4,095) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders (2) | $ | 102,785 | $ | 91,178 | $ | 367,506 | $ | 348,678 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.29 | $ | 0.28 | $ | 1.11 | $ | 1.09 | |||||||||||||||
Core FFO attributable to common share and unit holders (2) | $ | 0.31 | $ | 0.29 | $ | 1.16 | $ | 1.11 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders (2) | $ | 0.28 | $ | 0.26 | $ | 1.02 | $ | 0.99 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 316,424,015 | 300,724,761 | 306,613,197 | 299,415,397 | |||||||||||||||||||
Share-based compensation plan (3) | 764,198 | 708,131 | 724,523 | 686,050 | |||||||||||||||||||
Operating partnership units | 51,880,241 | 52,026,980 | 51,990,094 | 53,045,004 | |||||||||||||||||||
Total weighted-average FFO shares and units | 369,068,454 | 353,459,872 | 359,327,814 | 353,146,451 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 11 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rents from single-family properties (1) | $ | 262,972 | $ | 244,201 | $ | 1,017,822 | $ | 967,409 | |||||||||||||||
Fees from single-family properties (1) | 4,688 | 3,672 | 16,351 | 13,835 | |||||||||||||||||||
Bad debt (2) | (6,539) | (2,698) | (22,466) | (8,958) | |||||||||||||||||||
Core revenues | 261,121 | 245,175 | 1,011,707 | 972,286 | |||||||||||||||||||
Property tax expense | 44,682 | 43,156 | 180,140 | 172,782 | |||||||||||||||||||
HOA fees, net (3) | 5,095 | 4,532 | 19,654 | 20,468 | |||||||||||||||||||
R&M and turnover costs, net (3)(4) | 18,985 | 17,932 | 83,136 | 77,094 | |||||||||||||||||||
Insurance | 2,492 | 2,275 | 9,692 | 9,023 | |||||||||||||||||||
Property management expenses, net (5) | 21,438 | 20,072 | 84,985 | 80,202 | |||||||||||||||||||
Core property operating expenses | 92,692 | 87,967 | 377,607 | 359,569 | |||||||||||||||||||
Core NOI | $ | 168,429 | $ | 157,208 | $ | 634,100 | $ | 612,717 | |||||||||||||||
Core NOI margin | 64.5 | % | 64.1 | % | 62.7 | % | 63.0 | % |
For the Three Months Ended Dec 31, 2020 | |||||||||||||||||||||||||||||
Same-Home Properties | Stabilized Properties | Non-Stabilized Properties (6) | Held for Sale Properties | Total Single-Family Properties | |||||||||||||||||||||||||
Property count | 44,663 | 5,399 | 2,811 | 711 | 53,584 | ||||||||||||||||||||||||
Average Occupied Days Percentage | 97.3 | % | 98.4 | % | 91.2 | % | 80.5 | % | 97.0 | % | |||||||||||||||||||
Rents from single-family properties | $ | 220,913 | $ | 28,260 | $ | 10,638 | $ | 3,161 | $ | 262,972 | |||||||||||||||||||
Fees from single-family properties | 3,858 | 500 | 301 | 29 | 4,688 | ||||||||||||||||||||||||
Bad debt (2) | (5,517) | (540) | (273) | (209) | (6,539) | ||||||||||||||||||||||||
Core revenues | 219,254 | 28,220 | 10,666 | 2,981 | 261,121 | ||||||||||||||||||||||||
Property tax expense | 37,942 | 3,902 | 1,808 | 1,030 | 44,682 | ||||||||||||||||||||||||
HOA fees, net (3) | 4,242 | 482 | 286 | 85 | 5,095 | ||||||||||||||||||||||||
R&M and turnover costs, net (3)(4) | 15,876 | 1,415 | 1,158 | 536 | 18,985 | ||||||||||||||||||||||||
Insurance | 2,021 | 309 | 112 | 50 | 2,492 | ||||||||||||||||||||||||
Property management expenses, net (5) | 17,385 | 2,329 | 1,366 | 358 | 21,438 | ||||||||||||||||||||||||
Core property operating expenses | 77,466 | 8,437 | 4,730 | 2,059 | 92,692 | ||||||||||||||||||||||||
Core NOI | $ | 141,788 | $ | 19,783 | $ | 5,936 | $ | 922 | $ | 168,429 | |||||||||||||||||||
Core NOI margin | 64.7 | % | 70.1 | % | 55.7 | % | 30.9 | % | 64.5 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 12 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Number of Same-Home properties | 44,663 | 44,663 | 44,663 | 44,663 | |||||||||||||||||||||||||||||||
Occupancy percentage as of period end | 97.6 | % | 96.0 | % | 1.6 | % | 97.6 | % | 96.0 | % | 1.6 | % | |||||||||||||||||||||||
Average Occupied Days Percentage | 97.3 | % | 95.2 | % | 2.1 | % | 96.3 | % | 95.4 | % | 0.9 | % | |||||||||||||||||||||||
Average Monthly Realized Rent per property | $ | 1,694 | $ | 1,651 | 2.6 | % | $ | 1,680 | $ | 1,631 | 3.0 | % | |||||||||||||||||||||||
Turnover Rate | 6.8 | % | 7.3 | % | (0.5) | % | 33.1 | % | 36.9 | % | (3.8) | % | |||||||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||||||||
Rents from single-family properties (1) | $ | 220,913 | $ | 210,809 | 4.8 | % | $ | 867,380 | $ | 834,267 | 4.0 | % | |||||||||||||||||||||||
Fees from single-family properties (1) | 3,858 | 3,104 | 24.3 | % | 13,350 | 11,579 | 15.3 | % | |||||||||||||||||||||||||||
Bad debt (2) | (5,517) | (2,125) | 159.6 | % | (18,709) | (7,306) | 156.1 | % | |||||||||||||||||||||||||||
Core revenues | 219,254 | 211,788 | 3.5 | % | 862,021 | 838,540 | 2.8 | % | |||||||||||||||||||||||||||
Property tax expense | 37,942 | 36,837 | 3.0 | % | 152,703 | 145,946 | 4.6 | % | |||||||||||||||||||||||||||
HOA fees, net (3) | 4,242 | 3,834 | 10.6 | % | 16,264 | 17,232 | (5.6) | % | |||||||||||||||||||||||||||
R&M and turnover costs, net (3)(4) | 15,876 | 14,866 | 6.8 | % | 69,429 | 64,481 | 7.7 | % | |||||||||||||||||||||||||||
Insurance | 2,021 | 1,908 | 5.9 | % | 7,977 | 7,576 | 5.3 | % | |||||||||||||||||||||||||||
Property management expenses, net (5) | 17,385 | 16,914 | 2.8 | % | 69,500 | 67,707 | 2.6 | % | |||||||||||||||||||||||||||
Core property operating expenses | 77,466 | 74,359 | 4.2 | % | 315,873 | 302,942 | 4.3 | % | |||||||||||||||||||||||||||
Core NOI | $ | 141,788 | $ | 137,429 | 3.2 | % | $ | 546,148 | $ | 535,598 | 2.0 | % | |||||||||||||||||||||||
Core NOI margin | 64.7 | % | 64.9 | % | 63.4 | % | 63.9 | % | |||||||||||||||||||||||||||
Recurring Capital Expenditures (6) | 8,334 | 7,821 | 6.6 | % | 39,763 | 34,464 | 15.4 | % | |||||||||||||||||||||||||||
Core NOI After Capital Expenditures | $ | 133,454 | $ | 129,608 | 3.0 | % | $ | 506,385 | $ | 501,134 | 1.0 | % | |||||||||||||||||||||||
Property Enhancing Capex | $ | 13,020 | $ | 5,629 | $ | 44,376 | $ | 19,826 | |||||||||||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 187 | $ | 175 | 6.6 | % | $ | 890 | $ | 772 | 15.4 | % | |||||||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 542 | $ | 508 | 6.7 | % | $ | 2,445 | $ | 2,216 | 10.3 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 13 |
American Homes 4 Rent |
For the Three Months Ended | |||||||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||||||||||||||
Occupancy percentage as of period end | 97.6 | % | 97.8 | % | 96.9 | % | 96.0 | % | 96.0 | % | |||||||||||||||||||
Average Occupied Days Percentage | 97.3 | % | 96.9 | % | 95.6 | % | 95.3 | % | 95.2 | % | |||||||||||||||||||
Average Monthly Realized Rent per property | $ | 1,694 | $ | 1,685 | $ | 1,678 | $ | 1,664 | $ | 1,651 | |||||||||||||||||||
Average Change in Rent for Renewals | 4.3 | % | 1.1 | % | 1.3 | % | 4.6 | % | 4.7 | % | |||||||||||||||||||
Average Change in Rent for Re-Leases | 7.6 | % | 5.9 | % | 4.4 | % | 3.3 | % | 1.4 | % | |||||||||||||||||||
Average Blended Change in Rent | 5.5 | % | 2.8 | % | 2.4 | % | 4.1 | % | 3.4 | % | |||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||
Rents from single-family properties (1) | $ | 220,913 | $ | 218,905 | $ | 215,022 | $ | 212,540 | $ | 210,809 | |||||||||||||||||||
Fees from single-family properties (1) | 3,858 | 3,553 | 2,611 | 3,328 | 3,104 | ||||||||||||||||||||||||
Bad debt (2) | (5,517) | (4,240) | (7,423) | (1,529) | (2,125) | ||||||||||||||||||||||||
Core revenues | 219,254 | 218,218 | 210,210 | 214,339 | 211,788 | ||||||||||||||||||||||||
Property tax expense | 37,942 | 38,496 | 38,183 | 38,082 | 36,837 | ||||||||||||||||||||||||
HOA fees, net (3) | 4,242 | 4,219 | 4,078 | 3,725 | 3,834 | ||||||||||||||||||||||||
R&M and turnover costs, net (3)(4) | 15,876 | 20,165 | 19,164 | 14,224 | 14,866 | ||||||||||||||||||||||||
Insurance | 2,021 | 2,021 | 2,000 | 1,935 | 1,908 | ||||||||||||||||||||||||
Property management expenses, net (5) | 17,385 | 16,886 | 17,375 | 17,854 | 16,914 | ||||||||||||||||||||||||
Core property operating expenses | 77,466 | 81,787 | 80,800 | 75,820 | 74,359 | ||||||||||||||||||||||||
Core NOI | $ | 141,788 | $ | 136,431 | $ | 129,410 | $ | 138,519 | $ | 137,429 | |||||||||||||||||||
Core NOI margin | 64.7 | % | 62.5 | % | 61.6 | % | 64.6 | % | 64.9 | % | |||||||||||||||||||
Recurring Capital Expenditures (6) | 8,334 | 13,166 | 10,601 | 7,662 | 7,821 | ||||||||||||||||||||||||
Core NOI After Capital Expenditures | $ | 133,454 | $ | 123,265 | $ | 118,809 | $ | 130,857 | $ | 129,608 | |||||||||||||||||||
Property Enhancing Capex | $ | 13,020 | $ | 13,469 | $ | 11,099 | $ | 6,788 | $ | 5,629 | |||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 187 | $ | 295 | $ | 237 | $ | 171 | $ | 175 | |||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 542 | $ | 746 | $ | 666 | $ | 491 | $ | 508 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 14 |
American Homes 4 Rent |
Number of Properties | Gross Book Value per Property | % of 4Q20 NOI | Avg. Change in Rent for Renewals (1) | Avg. Change in Rent for Re-Leases (1) | Avg. Blended Change in Rent (1) | ||||||||||||||||||||||||||||||
Atlanta, GA | 3,878 | $ | 178,155 | 8.2 | % | 4.5 | % | 10.1 | % | 6.4 | % | ||||||||||||||||||||||||
Dallas-Fort Worth, TX | 3,770 | 166,096 | 7.8 | % | 4.3 | % | 4.4 | % | 4.3 | % | |||||||||||||||||||||||||
Charlotte, NC | 3,252 | 192,178 | 7.9 | % | 4.1 | % | 8.4 | % | 5.9 | % | |||||||||||||||||||||||||
Indianapolis, IN | 2,743 | 155,707 | 5.0 | % | 4.2 | % | 8.1 | % | 5.7 | % | |||||||||||||||||||||||||
Houston, TX | 2,463 | 168,126 | 4.5 | % | 3.9 | % | 5.1 | % | 4.3 | % | |||||||||||||||||||||||||
Phoenix, AZ | 2,293 | 172,343 | 5.5 | % | 5.9 | % | 17.0 | % | 8.9 | % | |||||||||||||||||||||||||
Nashville, TN | 2,277 | 213,744 | 6.1 | % | 4.0 | % | 7.1 | % | 5.1 | % | |||||||||||||||||||||||||
Jacksonville, FL | 1,993 | 170,915 | 4.3 | % | 4.3 | % | 8.5 | % | 5.8 | % | |||||||||||||||||||||||||
Tampa, FL | 1,916 | 195,660 | 4.1 | % | 4.3 | % | 7.5 | % | 5.6 | % | |||||||||||||||||||||||||
Cincinnati, OH | 1,927 | 177,143 | 4.4 | % | 4.3 | % | 7.9 | % | 5.7 | % | |||||||||||||||||||||||||
Columbus, OH | 1,915 | 171,570 | 4.5 | % | 4.4 | % | 9.2 | % | 5.9 | % | |||||||||||||||||||||||||
Raleigh, NC | 1,883 | 185,234 | 4.3 | % | 4.0 | % | 6.9 | % | 5.0 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,691 | 184,453 | 3.3 | % | 3.7 | % | 6.0 | % | 4.5 | % | |||||||||||||||||||||||||
Orlando, FL | 1,399 | 179,337 | 2.9 | % | 3.9 | % | 5.4 | % | 4.5 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 1,249 | 239,381 | 3.8 | % | 4.1 | % | 8.5 | % | 5.6 | % | |||||||||||||||||||||||||
Charleston, SC | 984 | 193,306 | 2.4 | % | 4.3 | % | 5.6 | % | 5.0 | % | |||||||||||||||||||||||||
Las Vegas, NV | 910 | 178,904 | 2.1 | % | 4.8 | % | 10.0 | % | 6.6 | % | |||||||||||||||||||||||||
San Antonio, TX | 900 | 161,852 | 1.7 | % | 4.0 | % | 3.8 | % | 3.9 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 811 | 178,778 | 1.8 | % | 3.8 | % | 7.0 | % | 5.2 | % | |||||||||||||||||||||||||
Winston Salem, NC | 706 | 158,753 | 1.5 | % | 4.8 | % | 8.5 | % | 6.2 | % | |||||||||||||||||||||||||
All Other (2) | 5,703 | 197,856 | 13.9 | % | 4.0 | % | 7.8 | % | 5.4 | % | |||||||||||||||||||||||||
Total/Average | 44,663 | $ | 182,371 | 100.0 | % | 4.3 | % | 7.6 | % | 5.5 | % |
Average Occupied Days Percentage | Average Monthly Realized Rent per Property | ||||||||||||||||||||||||||||||||||
4Q20 QTD | 4Q19 QTD | Change | 4Q20 QTD | 4Q19 QTD | Change | ||||||||||||||||||||||||||||||
Atlanta, GA | 97.7 | % | 95.2 | % | 2.5 | % | $ | 1,689 | $ | 1,632 | 3.5 | % | |||||||||||||||||||||||
Dallas-Fort Worth, TX | 97.3 | % | 94.9 | % | 2.4 | % | 1,812 | 1,775 | 2.1 | % | |||||||||||||||||||||||||
Charlotte, NC | 97.5 | % | 95.0 | % | 2.5 | % | 1,651 | 1,616 | 2.2 | % | |||||||||||||||||||||||||
Indianapolis, IN | 97.4 | % | 95.2 | % | 2.2 | % | 1,486 | 1,446 | 2.8 | % | |||||||||||||||||||||||||
Houston, TX | 96.8 | % | 95.3 | % | 1.5 | % | 1,695 | 1,663 | 1.9 | % | |||||||||||||||||||||||||
Phoenix, AZ | 98.3 | % | 95.5 | % | 2.8 | % | 1,544 | 1,469 | 5.1 | % | |||||||||||||||||||||||||
Nashville, TN | 95.4 | % | 93.9 | % | 1.5 | % | 1,797 | 1,760 | 2.1 | % | |||||||||||||||||||||||||
Jacksonville, FL | 97.3 | % | 95.2 | % | 2.1 | % | 1,626 | 1,596 | 1.9 | % | |||||||||||||||||||||||||
Tampa, FL | 97.5 | % | 95.4 | % | 2.1 | % | 1,760 | 1,738 | 1.3 | % | |||||||||||||||||||||||||
Cincinnati, OH | 97.3 | % | 96.0 | % | 1.3 | % | 1,674 | 1,621 | 3.3 | % | |||||||||||||||||||||||||
Columbus, OH | 98.6 | % | 96.3 | % | 2.3 | % | 1,715 | 1,658 | 3.4 | % | |||||||||||||||||||||||||
Raleigh, NC | 96.7 | % | 93.9 | % | 2.8 | % | 1,584 | 1,556 | 1.8 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 97.3 | % | 95.1 | % | 2.2 | % | 1,911 | 1,886 | 1.3 | % | |||||||||||||||||||||||||
Orlando, FL | 96.7 | % | 95.6 | % | 1.1 | % | 1,747 | 1,697 | 2.9 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 98.1 | % | 96.4 | % | 1.7 | % | 1,840 | 1,788 | 2.9 | % | |||||||||||||||||||||||||
Charleston, SC | 97.3 | % | 95.3 | % | 2.0 | % | 1,753 | 1,708 | 2.6 | % | |||||||||||||||||||||||||
Las Vegas, NV | 97.7 | % | 95.1 | % | 2.6 | % | 1,639 | 1,600 | 2.4 | % | |||||||||||||||||||||||||
San Antonio, TX | 95.5 | % | 95.0 | % | 0.5 | % | 1,584 | 1,560 | 1.5 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 98.0 | % | 94.3 | % | 3.7 | % | 1,606 | 1,574 | 2.0 | % | |||||||||||||||||||||||||
Winston Salem, NC | 97.7 | % | 94.8 | % | 2.9 | % | 1,427 | 1,388 | 2.8 | % | |||||||||||||||||||||||||
All Other (2) | 97.5 | % | 95.7 | % | 1.8 | % | 1,752 | 1,708 | 2.6 | % | |||||||||||||||||||||||||
Total/Average | 97.3 | % | 95.2 | % | 2.1 | % | $ | 1,694 | $ | 1,651 | 2.6 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 15 |
American Homes 4 Rent |
Dec 31, 2020 | Dec 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 1,836,798 | $ | 1,756,504 | |||||||
Buildings and improvements | 8,163,023 | 7,691,877 | |||||||||
Single-family properties in operation | 9,999,821 | 9,448,381 | |||||||||
Less: accumulated depreciation | (1,754,433) | (1,462,105) | |||||||||
Single-family properties in operation, net | 8,245,388 | 7,986,276 | |||||||||
Single-family properties under development and development land | 510,365 | 355,427 | |||||||||
Single-family properties held for sale, net | 129,026 | 209,828 | |||||||||
Total real estate assets, net | 8,884,779 | 8,551,531 | |||||||||
Cash and cash equivalents | 137,060 | 37,575 | |||||||||
Restricted cash | 128,017 | 126,544 | |||||||||
Rent and other receivables | 41,544 | 29,618 | |||||||||
Escrow deposits, prepaid expenses and other assets | 163,171 | 140,961 | |||||||||
Investments in unconsolidated joint ventures | 93,109 | 67,935 | |||||||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 9,593,625 | $ | 9,100,109 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | — | |||||||
Asset-backed securitizations, net | 1,927,607 | 1,945,044 | |||||||||
Unsecured senior notes, net | 889,805 | 888,453 | |||||||||
Accounts payable and accrued expenses | 298,949 | 243,193 | |||||||||
Amounts payable to affiliates | 4,834 | 4,629 | |||||||||
Total liabilities | 3,121,195 | 3,081,319 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders' equity: | |||||||||||
Class A common shares | 3,160 | 3,001 | |||||||||
Class B common shares | 6 | 6 | |||||||||
Preferred shares | 354 | 354 | |||||||||
Additional paid-in capital | 6,223,256 | 5,790,775 | |||||||||
Accumulated deficit | (443,522) | (465,368) | |||||||||
Accumulated other comprehensive income | 5,840 | 6,658 | |||||||||
Total shareholders' equity | 5,789,094 | 5,335,426 | |||||||||
Noncontrolling interest | 683,336 | 683,364 | |||||||||
Total equity | 6,472,430 | 6,018,790 | |||||||||
Total liabilities and equity | $ | 9,593,625 | $ | 9,100,109 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 16 |
American Homes 4 Rent |
Secured | Unsecured | Total Balance | % of Total | Interest Rate (1) | Years to Maturity (2) | ||||||||||||||||||||||||||||||
Floating rate debt: | |||||||||||||||||||||||||||||||||||
Revolving credit facility (3) | $ | — | $ | — | $ | — | — | % | 1.34 | % | 1.5 | ||||||||||||||||||||||||
Total floating rate debt | — | — | — | — | % | 1.34 | % | 1.5 | |||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||
AH4R 2014-SFR2 | 479,981 | — | 479,981 | 16.8 | % | 4.42 | % | 3.8 | |||||||||||||||||||||||||||
AH4R 2014-SFR3 | 495,392 | — | 495,392 | 17.4 | % | 4.40 | % | 3.9 | |||||||||||||||||||||||||||
AH4R 2015-SFR1 | 520,957 | — | 520,957 | 18.3 | % | 4.14 | % | 24.3 | |||||||||||||||||||||||||||
AH4R 2015-SFR2 | 452,162 | — | 452,162 | 15.9 | % | 4.36 | % | 24.8 | |||||||||||||||||||||||||||
2028 unsecured senior notes (4) | — | 500,000 | 500,000 | 17.6 | % | 4.08 | % | 7.1 | |||||||||||||||||||||||||||
2029 unsecured senior notes | — | 400,000 | 400,000 | 14.0 | % | 4.90 | % | 8.1 | |||||||||||||||||||||||||||
Total fixed rate debt | 1,948,492 | 900,000 | 2,848,492 | 100.0 | % | 4.36 | % | 12.1 | |||||||||||||||||||||||||||
Total Debt | $ | 1,948,492 | $ | 900,000 | 2,848,492 | 100.0 | % | 4.36 | % | 12.1 | |||||||||||||||||||||||||
Unamortized discounts and loan costs | (31,080) | ||||||||||||||||||||||||||||||||||
Total debt per balance sheet | $ | 2,817,412 |
Maturity Schedule by Year (2) | Total Debt | % of Total | ||||||||||||
2021 | $ | 20,714 | 0.7 | % | ||||||||||
2022 | 20,714 | 0.7 | % | |||||||||||
2023 | 20,714 | 0.7 | % | |||||||||||
2024 | 954,439 | 33.5 | % | |||||||||||
2025 | 10,302 | 0.4 | % | |||||||||||
2026 | 10,302 | 0.4 | % | |||||||||||
2027 | 10,302 | 0.4 | % | |||||||||||
2028 | 510,302 | 17.9 | % | |||||||||||
2029 | 410,302 | 14.4 | % | |||||||||||
2030 | 10,302 | 0.4 | % | |||||||||||
Thereafter | 870,099 | 30.5 | % | |||||||||||
Total | $ | 2,848,492 | 100.0 | % |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
(Amounts in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest expense per income statement and included in Core FFO attributable to common share and unit holders | $ | 28,498 | $ | 31,163 | $ | 117,038 | $ | 127,114 | |||||||||||||||
Less: amortization of discounts, loan costs and cash flow hedge | (1,867) | (1,869) | (7,431) | (7,457) | |||||||||||||||||||
Add: capitalized interest | 5,467 | 3,002 | 19,996 | 11,097 | |||||||||||||||||||
Cash interest | $ | 32,098 | $ | 32,296 | $ | 129,603 | $ | 130,754 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 17 |
American Homes 4 Rent |
Total Debt | $ | 2,848,492 | 19.3 | % | |||||||||||||
Total preferred shares | 883,750 | 6.0 | % | ||||||||||||||
Common equity at market value: | |||||||||||||||||
Common shares outstanding | 316,656,460 | ||||||||||||||||
Operating partnership units | 51,726,980 | ||||||||||||||||
Total shares and units | 368,383,440 | ||||||||||||||||
NYSE AMH Class A common share closing price at December 31, 2020 | $ | 30.00 | |||||||||||||||
Market value of common shares and operating partnership units | 11,051,503 | 74.7 | % | ||||||||||||||
Total Market Capitalization | $ | 14,783,745 | 100.0 | % |
Earliest Redemption Date | Outstanding Shares | Per Share | Total | Annual Dividend Per Share | Annual Dividend Amount | |||||||||||||||||||||||||||||||||
Series | ||||||||||||||||||||||||||||||||||||||
6.500% Series D Perpetual Preferred Shares | 5/24/2021 | 10,750,000 | $ | 25.00 | $ | 268,750 | $ | 1.625 | $ | 17,469 | ||||||||||||||||||||||||||||
6.350% Series E Perpetual Preferred Shares | 6/29/2021 | 9,200,000 | $ | 25.00 | 230,000 | $ | 1.588 | 14,605 | ||||||||||||||||||||||||||||||
5.875% Series F Perpetual Preferred Shares | 4/24/2022 | 6,200,000 | $ | 25.00 | 155,000 | $ | 1.469 | 9,106 | ||||||||||||||||||||||||||||||
5.875% Series G Perpetual Preferred Shares | 7/17/2022 | 4,600,000 | $ | 25.00 | 115,000 | $ | 1.469 | 6,756 | ||||||||||||||||||||||||||||||
6.250% Series H Perpetual Preferred Shares | 9/19/2023 | 4,600,000 | $ | 25.00 | 115,000 | $ | 1.563 | 7,188 | ||||||||||||||||||||||||||||||
Total preferred shares | 35,350,000 | $ | 883,750 | $ | 55,124 |
Credit Ratios | Credit Ratings | ||||||||||||||||||||||
Net Debt to Adjusted EBITDAre | 4.4 x | Rating Agency | Rating | Outlook | |||||||||||||||||||
Debt and Preferred Shares to Adjusted EBITDAre | 6.2 x | Moody's Investor Service | Baa3 | Stable | |||||||||||||||||||
Fixed Charge Coverage | 3.2 x | S&P Global Ratings | BBB- | Stable | |||||||||||||||||||
Unencumbered Core NOI percentage | 66.6 | % |
Unsecured Senior Notes Covenant Ratios | Requirement | Actual | ||||||||||||
Ratio of Indebtedness to Total Assets | < | 60.0 | % | 25.6 | % | |||||||||
Ratio of Secured Debt to Total Assets | < | 40.0 | % | 17.4 | % | |||||||||
Ratio of Unencumbered Assets to Unsecured Debt | > | 150.0 | % | 880.6 | % | |||||||||
Ratio of Consolidated Income Available for Debt Service to Interest Expense | > | 1.50 x | 4.54 x |
Unsecured Credit Facility Covenant Ratios | Requirement | Actual | ||||||||||||
Ratio of Total Indebtedness to Total Asset Value | < | 60.0% | 27.0% | |||||||||||
Ratio of Secured Indebtedness to Total Asset Value | < | 40.0% | 17.5% | |||||||||||
Ratio of Unsecured Indebtedness to Unencumbered Asset Value | < | 60.0% | 14.6% | |||||||||||
Ratio of EBITDA to Fixed Charges | > | 1.75 x | 2.94 x | |||||||||||
Ratio of Unencumbered NOI to Unsecured Interest Expense | > | 1.75 x | 10.14 x |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 18 |
American Homes 4 Rent |
Market | Number of Properties | Percentage of Total Properties | Gross Book Value per Property | Avg. Sq. Ft. | Avg. Age (years) | |||||||||||||||||||||||||||
Atlanta, GA | 4,977 | 9.4 | % | $ | 185,301 | 2,165 | 17.4 | |||||||||||||||||||||||||
Dallas-Fort Worth, TX | 4,313 | 8.2 | % | 167,085 | 2,117 | 16.7 | ||||||||||||||||||||||||||
Charlotte, NC | 3,811 | 7.2 | % | 198,541 | 2,100 | 16.2 | ||||||||||||||||||||||||||
Phoenix, AZ | 3,147 | 6.0 | % | 179,899 | 1,837 | 17.2 | ||||||||||||||||||||||||||
Houston, TX | 2,979 | 5.6 | % | 166,244 | 2,094 | 15.0 | ||||||||||||||||||||||||||
Nashville, TN | 2,907 | 5.5 | % | 218,157 | 2,109 | 15.1 | ||||||||||||||||||||||||||
Indianapolis, IN | 2,813 | 5.3 | % | 155,613 | 1,930 | 18.2 | ||||||||||||||||||||||||||
Tampa, FL | 2,464 | 4.7 | % | 203,648 | 1,945 | 14.5 | ||||||||||||||||||||||||||
Jacksonville, FL | 2,424 | 4.6 | % | 183,807 | 1,937 | 14.6 | ||||||||||||||||||||||||||
Raleigh, NC | 2,118 | 4.0 | % | 187,288 | 1,878 | 15.4 | ||||||||||||||||||||||||||
Columbus, OH | 2,062 | 3.9 | % | 175,438 | 1,870 | 18.9 | ||||||||||||||||||||||||||
Cincinnati, OH | 1,982 | 3.7 | % | 177,441 | 1,852 | 18.4 | ||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,730 | 3.3 | % | 184,161 | 1,869 | 19.3 | ||||||||||||||||||||||||||
Orlando, FL | 1,743 | 3.3 | % | 186,200 | 1,903 | 18.4 | ||||||||||||||||||||||||||
Salt Lake City, UT | 1,595 | 3.0 | % | 260,946 | 2,182 | 16.9 | ||||||||||||||||||||||||||
Charleston, SC | 1,238 | 2.3 | % | 204,280 | 1,971 | 12.3 | ||||||||||||||||||||||||||
Las Vegas, NV | 1,127 | 2.1 | % | 190,839 | 1,854 | 16.5 | ||||||||||||||||||||||||||
San Antonio, TX | 938 | 1.8 | % | 163,531 | 2,023 | 16.6 | ||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 917 | 1.7 | % | 183,967 | 1,871 | 12.8 | ||||||||||||||||||||||||||
Denver, CO | 831 | 1.6 | % | 300,562 | 2,103 | 18.3 | ||||||||||||||||||||||||||
All Other (3) | 6,757 | 12.8 | % | 193,950 | 1,876 | 15.8 | ||||||||||||||||||||||||||
Total/Average | 52,873 | 100.0 | % | $ | 189,129 | 1,987 | 16.4 |
Market | Avg. Occupied Days Percentage (2) | Avg. Monthly Realized Rent per Property (2) | Avg. Change in Rent for Renewals (2) | Avg. Change in Rent for Re-Leases (2) | Avg. Blended Change in Rent (2) | |||||||||||||||||||||||||||
Atlanta, GA | 97.6 | % | $ | 1,692 | 4.5 | % | 9.8 | % | 6.2 | % | ||||||||||||||||||||||
Dallas-Fort Worth, TX | 97.2 | % | 1,819 | 4.2 | % | 4.5 | % | 4.4 | % | |||||||||||||||||||||||
Charlotte, NC | 97.6 | % | 1,671 | 4.1 | % | 8.6 | % | 5.8 | % | |||||||||||||||||||||||
Phoenix, AZ | 97.8 | % | 1,543 | 5.8 | % | 17.1 | % | 8.8 | % | |||||||||||||||||||||||
Houston, TX | 96.5 | % | 1,700 | 3.9 | % | 5.0 | % | 4.3 | % | |||||||||||||||||||||||
Nashville, TN | 95.4 | % | 1,798 | 3.9 | % | 7.1 | % | 5.1 | % | |||||||||||||||||||||||
Indianapolis, IN | 97.0 | % | 1,493 | 4.2 | % | 8.2 | % | 5.7 | % | |||||||||||||||||||||||
Tampa, FL | 97.8 | % | 1,770 | 4.3 | % | 7.4 | % | 5.5 | % | |||||||||||||||||||||||
Jacksonville, FL | 97.0 | % | 1,644 | 4.3 | % | 8.1 | % | 5.7 | % | |||||||||||||||||||||||
Raleigh, NC | 96.6 | % | 1,598 | 4.0 | % | 6.8 | % | 5.0 | % | |||||||||||||||||||||||
Columbus, OH | 98.4 | % | 1,722 | 4.4 | % | 9.0 | % | 5.9 | % | |||||||||||||||||||||||
Cincinnati, OH | 97.0 | % | 1,675 | 4.3 | % | 7.9 | % | 5.7 | % | |||||||||||||||||||||||
Greater Chicago area, IL and IN | 97.0 | % | 1,941 | 3.7 | % | 6.4 | % | 4.7 | % | |||||||||||||||||||||||
Orlando, FL | 96.6 | % | 1,759 | 3.9 | % | 5.9 | % | 4.6 | % | |||||||||||||||||||||||
Salt Lake City, UT | 98.2 | % | 1,864 | 4.2 | % | 8.7 | % | 5.8 | % | |||||||||||||||||||||||
Charleston, SC | 96.8 | % | 1,779 | 4.3 | % | 6.3 | % | 5.3 | % | |||||||||||||||||||||||
Las Vegas, NV | 97.4 | % | 1,671 | 4.8 | % | 9.7 | % | 6.5 | % | |||||||||||||||||||||||
San Antonio, TX | 94.9 | % | 1,583 | 4.1 | % | 3.8 | % | 4.0 | % | |||||||||||||||||||||||
Savannah/Hilton Head, SC | 98.1 | % | 1,624 | 3.8 | % | 6.9 | % | 5.2 | % | |||||||||||||||||||||||
Denver, CO | 95.7 | % | 2,309 | 4.2 | % | 4.8 | % | 4.5 | % | |||||||||||||||||||||||
All Other (3) | 97.4 | % | 1,685 | 3.9 | % | 8.1 | % | 5.5 | % | |||||||||||||||||||||||
Total/Average | 97.2 | % | $ | 1,708 | 4.3 | % | 7.7 | % | 5.5 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 19 |
American Homes 4 Rent |
4Q20 Additions | 2020 Additions | |||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost (1) | Number of Properties | Average Total Investment Cost (1) | ||||||||||||||||||||||
Atlanta, GA | 68 | $ | 273,078 | 289 | $ | 250,889 | ||||||||||||||||||||
Las Vegas, NV | 52 | 303,909 | 90 | 304,261 | ||||||||||||||||||||||
Jacksonville, FL | 51 | 261,291 | 194 | 258,878 | ||||||||||||||||||||||
Salt Lake City, UT | 50 | 357,380 | 174 | 332,790 | ||||||||||||||||||||||
Nashville, TN | 49 | 290,216 | 193 | 276,730 | ||||||||||||||||||||||
Tampa, FL | 48 | 268,738 | 251 | 244,449 | ||||||||||||||||||||||
Phoenix, AZ | 38 | 348,409 | 71 | 322,483 | ||||||||||||||||||||||
Raleigh, NC | 29 | 246,104 | 73 | 250,683 | ||||||||||||||||||||||
Charlotte, NC | 24 | 314,783 | 143 | 295,568 | ||||||||||||||||||||||
Austin, TX | 22 | 229,457 | 118 | 213,588 | ||||||||||||||||||||||
Cincinnati, OH | 17 | 257,197 | 17 | 257,197 | ||||||||||||||||||||||
Charleston, SC | 16 | 268,256 | 114 | 252,735 | ||||||||||||||||||||||
Columbus, OH | 16 | 276,792 | 40 | 261,179 | ||||||||||||||||||||||
Tucson, AZ | 16 | 269,385 | 48 | 250,495 | ||||||||||||||||||||||
Indianapolis, IN | 12 | 241,690 | 12 | 241,690 | ||||||||||||||||||||||
Orlando, FL | 11 | 280,492 | 82 | 260,292 | ||||||||||||||||||||||
Greenville, SC | 10 | 191,533 | 15 | 188,970 | ||||||||||||||||||||||
San Antonio, TX | 10 | 253,030 | 10 | 253,030 | ||||||||||||||||||||||
Denver, CO | 8 | 408,390 | 24 | 401,630 | ||||||||||||||||||||||
Dallas-Fort Worth, TX | 5 | 265,376 | 25 | 251,307 | ||||||||||||||||||||||
All Other (2) | 11 | 277,717 | 120 | 303,569 | ||||||||||||||||||||||
Total/Average | 563 | $ | 286,235 | 2,103 | $ | 270,596 |
Dec 31, 2020 Single-Family Properties Held for Sale | 4Q20 Dispositions | 2020 Dispositions | ||||||||||||||||||||||||||||||
Market | Number of Properties | Average Net Proceeds per Property | Number of Properties | Average Net Proceeds per Property | ||||||||||||||||||||||||||||
Inland Empire, CA | 158 | 11 | $ | 346,545 | 35 | $ | 354,126 | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 131 | 16 | 195,875 | 98 | 177,924 | |||||||||||||||||||||||||||
Bay Area, CA | 65 | 4 | 459,750 | 25 | 469,738 | |||||||||||||||||||||||||||
Central Valley, CA | 62 | 6 | 291,333 | 35 | 251,385 | |||||||||||||||||||||||||||
Houston, TX | 52 | 26 | 189,423 | 98 | 206,545 | |||||||||||||||||||||||||||
Atlanta, GA | 38 | 28 | 234,964 | 142 | 222,470 | |||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 26 | 17 | 270,412 | 68 | 243,971 | |||||||||||||||||||||||||||
Oklahoma City, OK | 22 | 16 | 169,750 | 177 | 170,935 | |||||||||||||||||||||||||||
Austin, TX | 19 | 4 | 199,750 | 49 | 148,271 | |||||||||||||||||||||||||||
Nashville, TN | 15 | 3 | 288,000 | 33 | 268,130 | |||||||||||||||||||||||||||
Orlando, FL | 14 | 11 | 233,091 | 34 | 239,362 | |||||||||||||||||||||||||||
Tampa, FL | 14 | 5 | 219,200 | 42 | 252,199 | |||||||||||||||||||||||||||
Miami, FL | 13 | 3 | 215,000 | 9 | 277,206 | |||||||||||||||||||||||||||
Phoenix, AZ | 10 | 3 | 217,000 | 15 | 248,991 | |||||||||||||||||||||||||||
San Antonio, TX | 10 | 3 | 213,667 | 18 | 185,654 | |||||||||||||||||||||||||||
Cincinnati, OH | 9 | 1 | 152,000 | 6 | 168,817 | |||||||||||||||||||||||||||
Denver, CO | 6 | 4 | 390,500 | 6 | 393,880 | |||||||||||||||||||||||||||
Milwaukee, WI | 6 | — | — | 3 | 279,585 | |||||||||||||||||||||||||||
Charlotte, NC | 5 | 3 | 233,333 | 18 | 218,133 | |||||||||||||||||||||||||||
Greenville, SC | 5 | — | — | 9 | 181,264 | |||||||||||||||||||||||||||
All Other (1) | 31 | 24 | 228,542 | 127 | 206,354 | |||||||||||||||||||||||||||
Total/Average | 711 | 188 | $ | 236,750 | 1,047 | $ | 219,146 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 20 |
American Homes 4 Rent |
2020 Deliveries | Dec 31, 2020 Lots for Future Delivery | |||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost | Average Monthly Rent | |||||||||||||||||||||||
Nashville, TN | 220 | $ | 263,000 | $ | 1,850 | 653 | ||||||||||||||||||||
Atlanta, GA | 179 | 257,000 | 1,790 | 835 | ||||||||||||||||||||||
Tampa, FL | 176 | 241,000 | 1,830 | 401 | ||||||||||||||||||||||
Charlotte, NC | 165 | 291,000 | 2,000 | 787 | ||||||||||||||||||||||
Jacksonville, FL | 155 | 253,000 | 1,790 | 550 | ||||||||||||||||||||||
Salt Lake City, UT | 154 | 328,000 | 1,940 | 453 | ||||||||||||||||||||||
Austin, TX | 116 | 213,000 | 1,800 | 99 | ||||||||||||||||||||||
Las Vegas, NV | 105 | 287,000 | 1,940 | 998 | ||||||||||||||||||||||
Charleston, SC | 101 | 243,000 | 1,800 | 370 | ||||||||||||||||||||||
Seattle, WA | 98 | 370,000 | 2,400 | 418 | ||||||||||||||||||||||
Denver, CO | 48 | 337,000 | 2,290 | 178 | ||||||||||||||||||||||
Raleigh, NC | 38 | 254,000 | 1,830 | 74 | ||||||||||||||||||||||
Phoenix, AZ | 34 | 271,000 | 1,920 | 332 | ||||||||||||||||||||||
Orlando, FL | 33 | 275,000 | 1,890 | 420 | ||||||||||||||||||||||
Boise, ID | 25 | 291,000 | 1,950 | 503 | ||||||||||||||||||||||
Total/Average | 1,647 | $ | 274,000 | $ | 1,910 | 7,071 |
2020 Deliveries | Estimated 2021 Deliveries (2) | Thereafter | ||||||||||||||||||
Consolidated development properties | 1,158 | 1,200—1,400 | 4,575 | |||||||||||||||||
Joint venture development properties (1) | 489 | 700—800 | 446 | |||||||||||||||||
Total development properties | 1,647 | 1,900—2,200 | 5,021 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 21 |
American Homes 4 Rent |
MTM | 1Q21 | 2Q21 | 3Q21 | 4Q21 | Thereafter | |||||||||||||||||||||||||||||||||
Lease expirations | 2,252 | 10,654 | 13,541 | 12,157 | 8,018 | 5,041 |
Share Repurchases | ATM Share Issuances | |||||||||||||||||||||||||||||||||||||
Period | Common Shares Repurchased | Purchase Price | Avg. Price Paid Per Share | Common Shares Issued | Gross Proceeds | Avg. Issuance Price Per Share | ||||||||||||||||||||||||||||||||
2018 | 1,804,163 | $ | 34,933 | $ | 19.36 | — | $ | — | $ | — | ||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
1Q20 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2Q20 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
3Q20 | — | — | — | 86,130 | 2,414 | 28.03 | ||||||||||||||||||||||||||||||||
4Q20 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | 1,804,163 | 34,933 | $ | 19.36 | 86,130 | 2,414 | $ | 28.03 | ||||||||||||||||||||||||||||||
Remaining authorization: | $ | 265,067 | Remaining authorization: | $ | 497,586 |
HPA Index (1) | HPA Index Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market (2) | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Mar 31, 2020 | Jun 30, 2020 | Sep 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | 100.0 | 114.2 | 122.3 | 132.0 | 143.0 | 152.6 | 165.1 | 174.0 | 177.5 | 181.4 | 186.0 | 86.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth, TX (3) | 100.0 | 108.4 | 115.2 | 127.6 | 140.1 | 153.7 | 160.7 | 167.4 | 169.1 | 172.6 | 176.9 | 76.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte, NC | 100.0 | 113.4 | 118.8 | 126.8 | 136.6 | 148.2 | 157.5 | 165.1 | 171.8 | 175.3 | 180.4 | 80.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix, AZ | 100.0 | 118.0 | 123.3 | 135.9 | 146.1 | 157.2 | 170.2 | 180.7 | 187.0 | 193.2 | 199.0 | 99.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | 100.0 | 110.8 | 123.1 | 130.1 | 133.0 | 137.0 | 139.7 | 144.4 | 146.0 | 148.8 | 146.5 | 46.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nashville, TN | 100.0 | 111.0 | 117.4 | 131.1 | 141.1 | 156.6 | 165.0 | 173.2 | 175.3 | 181.4 | 186.3 | 86.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 100.0 | 106.4 | 112.3 | 117.8 | 124.5 | 134.2 | 142.3 | 152.7 | 157.2 | 162.9 | 167.4 | 67.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa, FL | 100.0 | 113.0 | 121.1 | 132.3 | 149.1 | 160.4 | 173.4 | 186.6 | 190.4 | 196.0 | 201.1 | 101.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville, FL | 100.0 | 114.2 | 121.7 | 127.7 | 142.3 | 150.6 | 166.7 | 177.6 | 180.8 | 183.5 | 185.9 | 85.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raleigh, NC | 100.0 | 106.7 | 111.6 | 120.0 | 130.8 | 135.8 | 146.0 | 153.0 | 153.3 | 161.3 | 162.8 | 62.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Columbus, OH | 100.0 | 108.9 | 114.5 | 120.8 | 131.5 | 141.8 | 148.9 | 157.4 | 161.4 | 169.0 | 172.9 | 72.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cincinnati, OH | 100.0 | 104.9 | 111.2 | 115.7 | 121.4 | 128.3 | 136.2 | 143.2 | 144.8 | 151.1 | 158.5 | 58.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 100.0 | 111.0 | 115.1 | 118.8 | 126.3 | 130.5 | 133.7 | 135.5 | 137.4 | 140.4 | 143.7 | 43.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando, FL | 100.0 | 110.3 | 123.5 | 135.4 | 144.9 | 158.9 | 168.6 | 184.6 | 187.2 | 188.3 | 189.9 | 89.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | 100.0 | 109.4 | 114.5 | 123.2 | 133.0 | 146.5 | 158.8 | 170.4 | 178.2 | 182.0 | 187.5 | 87.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charleston, SC (4) | 100.0 | 109.4 | 119.9 | 137.0 | 148.0 | 165.5 | 165.8 | 171.4 | 177.6 | 180.9 | 188.6 | 88.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Las Vegas, NV | 100.0 | 125.1 | 141.3 | 149.0 | 161.5 | 182.0 | 207.9 | 215.9 | 217.9 | 223.4 | 228.1 | 128.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 100.0 | 101.1 | 108.0 | 113.9 | 124.7 | 133.8 | 137.7 | 145.4 | 151.2 | 149.0 | 151.4 | 51.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savannah/Hilton Head, SC (4) | 100.0 | 109.4 | 119.9 | 137.0 | 148.0 | 165.5 | 165.8 | 171.4 | 177.6 | 180.9 | 188.6 | 88.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 100.0 | 110.1 | 121.3 | 136.4 | 151.4 | 166.9 | 177.5 | 187.6 | 193.6 | 194.6 | 197.6 | 97.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | 80.0 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 22 |
American Homes 4 Rent |
Full Year 2021 | |||||
Core FFO attributable to common share and unit holders | $1.22 - $1.28 | ||||
Core FFO attributable to common share and unit holders growth | 5.2% - 10.3% | ||||
Same-Home | |||||
Core revenues growth (1) | 3.25% - 4.75% | ||||
Core property operating expenses growth (2) | 4.00% - 5.50% | ||||
Core NOI growth | 2.75% - 4.25% |
Per FFO Share and Unit | |||||
2020 Core FFO attributable to common share and unit holders | $ | 1.16 | |||
Same-Home Core NOI | 0.06 | ||||
Non-Same-Home Core NOI (1) | 0.06 | ||||
General and administrative expense | (0.01) | ||||
Financing costs (share count and interest) | (0.02) | ||||
2021 Core FFO attributable to common share and unit holders - Guidance Midpoint | $ | 1.25 | |||
2021 Core FFO attributable to common share and unit holders growth - Guidance Midpoint | 7.8 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 23 |
American Homes 4 Rent |
24 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Total revenues | $ | 299,335 | $ | 284,010 | $ | 1,182,836 | $ | 1,143,378 | |||||||||||||||
Tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Other revenues | (2,784) | (2,545) | (10,322) | (11,241) | |||||||||||||||||||
Core revenues | 261,121 | 245,175 | 1,011,707 | 972,286 | |||||||||||||||||||
Less: Non-Same-Home core revenues | 41,867 | 33,387 | 149,686 | 133,746 | |||||||||||||||||||
Same-Home core revenues | $ | 219,254 | $ | 211,788 | $ | 862,021 | $ | 838,540 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 106,160 | $ | 102,788 | $ | 450,267 | $ | 433,854 | |||||||||||||||
Property management expenses | 22,380 | 21,822 | 89,892 | 86,908 | |||||||||||||||||||
Noncash share-based compensation - property management | (418) | (353) | (1,745) | (1,342) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Core property operating expenses | 92,692 | 87,967 | 377,607 | 359,569 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 15,226 | 13,608 | 61,734 | 56,627 | |||||||||||||||||||
Same-Home core property operating expenses | $ | 77,466 | $ | 74,359 | $ | 315,873 | $ | 302,942 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||||||||||
Net income | $ | 45,342 | $ | 41,464 | $ | 154,829 | $ | 156,260 | |||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | |||||||||||||||||||
Gain on sale of single-family properties and other, net | (10,356) | (10,978) | (44,194) | (43,873) | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
Acquisition and other transaction costs | 3,579 | 769 | 9,298 | 3,224 | |||||||||||||||||||
Noncash share-based compensation - property management | 418 | 353 | 1,745 | 1,342 | |||||||||||||||||||
Interest expense | 28,498 | 31,163 | 117,038 | 127,114 | |||||||||||||||||||
General and administrative expense | 13,188 | 12,178 | 48,517 | 43,206 | |||||||||||||||||||
Other expenses | 2,044 | 1,585 | 14,036 | 6,733 | |||||||||||||||||||
Other revenues | (2,784) | (2,545) | (10,322) | (11,241) | |||||||||||||||||||
Core NOI | 168,429 | 157,208 | 634,100 | 612,717 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | 26,641 | 19,779 | 87,952 | 77,119 | |||||||||||||||||||
Same-Home Core NOI | 141,788 | 137,429 | 546,148 | 535,598 | |||||||||||||||||||
Less: Same-Home Recurring Capital Expenditures | 8,334 | 7,821 | 39,763 | 34,464 | |||||||||||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 133,454 | $ | 129,608 | $ | 506,385 | $ | 501,134 |
25 |
American Homes 4 Rent |
For the Three Months Ended | |||||||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||||||||
Total revenues | $ | 299,335 | $ | 310,809 | $ | 283,098 | $ | 289,594 | $ | 284,010 | |||||||||||||||||||
Tenant charge-backs | (35,430) | (49,935) | (35,429) | (40,013) | (36,290) | ||||||||||||||||||||||||
Other revenues | (2,784) | (2,877) | (2,409) | (2,252) | (2,545) | ||||||||||||||||||||||||
Core revenues | 261,121 | 257,997 | 245,260 | 247,329 | 245,175 | ||||||||||||||||||||||||
Less: Non-Same-Home core revenues | 41,867 | 39,779 | 35,050 | 32,990 | 33,387 | ||||||||||||||||||||||||
Same-Home core revenues | $ | 219,254 | $ | 218,218 | $ | 210,210 | $ | 214,339 | $ | 211,788 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||||||||
Property operating expenses | $ | 106,160 | $ | 126,174 | $ | 110,436 | $ | 107,497 | $ | 102,788 | |||||||||||||||||||
Property management expenses | 22,380 | 21,976 | 22,260 | 23,276 | 21,822 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | (418) | (447) | (441) | (439) | (353) | ||||||||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (35,430) | (49,935) | (35,429) | (40,013) | (36,290) | ||||||||||||||||||||||||
Core property operating expenses | 92,692 | 97,768 | 96,826 | 90,321 | 87,967 | ||||||||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 15,226 | 15,981 | 16,026 | 14,501 | 13,608 | ||||||||||||||||||||||||
Same-Home core property operating expenses | $ | 77,466 | $ | 81,787 | $ | 80,800 | $ | 75,820 | $ | 74,359 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||||||||||||||||||||||||
Net income | $ | 45,342 | $ | 40,153 | $ | 31,807 | $ | 37,527 | $ | 41,464 | |||||||||||||||||||
Gain on sale of single-family properties and other, net | (10,356) | (12,422) | (10,651) | (10,765) | (10,978) | ||||||||||||||||||||||||
Depreciation and amortization | 88,500 | 86,996 | 84,836 | 82,821 | 83,219 | ||||||||||||||||||||||||
Acquisition and other transaction costs | 3,579 | 1,616 | 1,956 | 2,147 | 769 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 418 | 447 | 441 | 439 | 353 | ||||||||||||||||||||||||
Interest expense | 28,498 | 29,267 | 29,558 | 29,715 | 31,163 | ||||||||||||||||||||||||
General and administrative expense | 13,188 | 12,570 | 11,493 | 11,266 | 12,178 | ||||||||||||||||||||||||
Other expenses | 2,044 | 4,479 | 1,403 | 6,110 | 1,585 | ||||||||||||||||||||||||
Other revenues | (2,784) | (2,877) | (2,409) | (2,252) | (2,545) | ||||||||||||||||||||||||
Core NOI | 168,429 | 160,229 | 148,434 | 157,008 | 157,208 | ||||||||||||||||||||||||
Less: Non-Same-Home Core NOI | 26,641 | 23,798 | 19,024 | 18,489 | 19,779 | ||||||||||||||||||||||||
Same-Home Core NOI | 141,788 | 136,431 | 129,410 | 138,519 | 137,429 | ||||||||||||||||||||||||
Less: Same-Home Recurring Capital Expenditures | 8,334 | 13,166 | 10,601 | 7,662 | 7,821 | ||||||||||||||||||||||||
Same-Home Core NOI After Capital Expenditures | $ | 133,454 | $ | 123,265 | $ | 118,809 | $ | 130,857 | $ | 129,608 |
Unencumbered Core NOI and Encumbered Core NOI | |||||||||||||||||||||||||||||
Core NOI | $ | 168,429 | $ | 160,229 | $ | 148,434 | $ | 157,008 | $ | 157,208 | |||||||||||||||||||
Less: Encumbered Core NOI | 55,432 | 52,573 | 50,135 | 53,881 | 53,679 | ||||||||||||||||||||||||
Unencumbered Core NOI | $ | 112,997 | $ | 107,656 | $ | 98,299 | $ | 103,127 | $ | 103,529 |
26 |
American Homes 4 Rent |
(Amounts in thousands) | Dec 31, 2020 | ||||
Total Debt | $ | 2,848,492 | |||
Preferred shares at liquidation value | 883,750 | ||||
Total Debt and preferred shares | $ | 3,732,242 | |||
Adjusted EBITDAre - TTM | $ | 598,806 | |||
Debt and Preferred Shares to Adjusted EBITDAre | 6.2 x |
(Amounts in thousands) | For the Trailing Twelve Months Ended Dec 31, 2020 | ||||
Interest expense per income statement | $ | 117,038 | |||
Less: amortization of discounts, loan costs and cash flow hedge | (7,431) | ||||
Add: capitalized interest | 19,996 | ||||
Cash interest | 129,603 | ||||
Dividends on preferred shares | 55,128 | ||||
Fixed charges | $ | 184,731 | |||
Adjusted EBITDAre - TTM | $ | 598,806 | |||
Fixed Charge Coverage | 3.2 x |
(Amounts in thousands) | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||||||
Total Debt | $ | 2,848,492 | $ | 2,853,883 | $ | 2,989,230 | $ | 2,970,558 | $ | 2,870,993 | |||||||||||||||||||
Less: cash and cash equivalents | (137,060) | (315,808) | (32,010) | (33,108) | (37,575) | ||||||||||||||||||||||||
Less: asset-backed securitization certificates | (25,666) | (25,666) | (25,666) | (25,666) | (25,666) | ||||||||||||||||||||||||
Less: restricted cash related to securitizations | (36,015) | (35,315) | (39,892) | (42,060) | (40,558) | ||||||||||||||||||||||||
Net Debt | $ | 2,649,751 | $ | 2,477,094 | $ | 2,891,662 | $ | 2,869,724 | $ | 2,767,194 | |||||||||||||||||||
Adjusted EBITDAre - TTM | $ | 598,806 | $ | 588,847 | $ | 582,003 | $ | 588,225 | $ | 582,945 | |||||||||||||||||||
Net Debt to Adjusted EBITDAre | 4.4 x | 4.2 x | 5.0 x | 4.9 x | 4.7 x |
27 |
American Homes 4 Rent |
For the Three Months Ended | For the Trailing Twelve Months Ended Dec 31, 2020 | ||||||||||||||||||||||||||||
(Amounts in thousands) | Mar 31, 2020 | Jun 30, 2020 | Sep 30, 2020 | Dec 31, 2020 | |||||||||||||||||||||||||
Unencumbered Core NOI | $ | 103,127 | $ | 98,299 | $ | 107,656 | $ | 112,997 | $ | 422,079 | |||||||||||||||||||
Core NOI | 157,008 | 148,434 | 160,229 | 168,429 | 634,100 | ||||||||||||||||||||||||
Unencumbered Core NOI Percentage | 66.6 | % |
28 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 45,342 | $ | 41,464 | $ | 154,829 | $ | 156,260 | |||||||||||||||
Interest expense | 28,498 | 31,163 | 117,038 | 127,114 | |||||||||||||||||||
Depreciation and amortization | 88,500 | 83,219 | 343,153 | 329,293 | |||||||||||||||||||
EBITDA | $ | 162,340 | $ | 155,846 | $ | 615,020 | $ | 612,667 | |||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (10,206) | (10,398) | (38,107) | (40,210) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 333 | 821 | 1,352 | 1,797 | |||||||||||||||||||
EBITDAre | $ | 152,467 | $ | 146,269 | $ | 578,265 | $ | 574,254 | |||||||||||||||
Noncash share-based compensation - general and administrative | 1,832 | 946 | 6,573 | 3,466 | |||||||||||||||||||
Noncash share-based compensation - property management | 418 | 353 | 1,745 | 1,342 | |||||||||||||||||||
Acquisition, other transaction costs and other (1) | 3,579 | 769 | 12,223 | 3,224 | |||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | |||||||||||||||||||
Adjusted EBITDAre | $ | 158,296 | $ | 148,337 | $ | 598,806 | $ | 582,945 | |||||||||||||||
Recurring Capital Expenditures | (9,756) | (9,332) | (46,048) | (39,997) | |||||||||||||||||||
Leasing costs | (1,011) | (851) | (4,070) | (4,095) | |||||||||||||||||||
Fully Adjusted EBITDAre | $ | 147,529 | $ | 138,154 | $ | 548,688 | $ | 538,853 | |||||||||||||||
Total revenues | $ | 299,335 | $ | 284,010 | $ | 1,182,836 | $ | 1,143,378 | |||||||||||||||
Less: tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 333 | 821 | 1,352 | 1,797 | |||||||||||||||||||
Total revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures | $ | 264,238 | $ | 248,541 | $ | 1,023,381 | $ | 985,324 | |||||||||||||||
Adjusted EBITDAre Margin | 59.9 | % | 59.7 | % | 58.5 | % | 59.2 | % | |||||||||||||||
Fully Adjusted EBITDAre Margin | 55.8 | % | 55.6 | % | 53.6 | % | 54.7 | % |
29 |
American Homes 4 Rent |
For the Trailing Twelve Months Ended | |||||||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||||||||||||||
Net income | $ | 154,829 | $ | 150,951 | $ | 152,199 | $ | 160,696 | $ | 156,260 | |||||||||||||||||||
Interest expense | 117,038 | 119,703 | 121,901 | 124,914 | 127,114 | ||||||||||||||||||||||||
Depreciation and amortization | 343,153 | 337,872 | 332,949 | 330,953 | 329,293 | ||||||||||||||||||||||||
EBITDA | $ | 615,020 | $ | 608,526 | $ | 607,049 | $ | 616,563 | $ | 612,667 | |||||||||||||||||||
Net (gain) on sale / impairment of single-family properties and other | (38,107) | (38,299) | (38,176) | (40,679) | (40,210) | ||||||||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,352 | 1,840 | 1,122 | 1,481 | 1,797 | ||||||||||||||||||||||||
EBITDAre | $ | 578,265 | $ | 572,067 | $ | 569,995 | $ | 577,365 | $ | 574,254 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 6,573 | 5,687 | 4,902 | 4,176 | 3,466 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 1,745 | 1,680 | 1,583 | 1,488 | 1,342 | ||||||||||||||||||||||||
Acquisition, other transaction costs and other (1) | 12,223 | 9,413 | 5,523 | 4,537 | 3,224 | ||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | 659 | 659 | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 598,806 | $ | 588,847 | $ | 582,003 | $ | 588,225 | $ | 582,945 |
30 |
American Homes 4 Rent |
31 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, | For the Years Ended Dec 31, | ||||||||||||||||||||||
(Amounts in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Property management expenses | $ | 22,380 | $ | 21,822 | $ | 89,892 | $ | 86,908 | |||||||||||||||
Less: tenant charge-backs | (524) | (1,397) | (3,162) | (5,364) | |||||||||||||||||||
Less: noncash share-based compensation - property management | (418) | (353) | (1,745) | (1,342) | |||||||||||||||||||
Property management expenses, net | 21,438 | 20,072 | 84,985 | 80,202 | |||||||||||||||||||
General and administrative expense | 13,188 | 12,178 | 48,517 | 43,206 | |||||||||||||||||||
Less: noncash share-based compensation - general and administrative | (1,832) | (946) | (6,573) | (3,466) | |||||||||||||||||||
General and administrative expense, net | 11,356 | 11,232 | 41,944 | 39,740 | |||||||||||||||||||
Leasing costs | 1,011 | 851 | 4,070 | 4,095 | |||||||||||||||||||
Platform costs | $ | 33,805 | $ | 32,155 | $ | 130,999 | $ | 124,037 | |||||||||||||||
Total revenues | $ | 299,335 | $ | 284,010 | $ | 1,182,836 | $ | 1,143,378 | |||||||||||||||
Less: tenant charge-backs | (35,430) | (36,290) | (160,807) | (159,851) | |||||||||||||||||||
Less: other revenues | (2,784) | (2,545) | (10,322) | (11,241) | |||||||||||||||||||
Total portfolio rents and fees | $ | 261,121 | $ | 245,175 | $ | 1,011,707 | $ | 972,286 | |||||||||||||||
Platform Efficiency Percentage | 12.9 | % | 13.1 | % | 12.9 | % | 12.8 | % |
32 |
American Homes 4 Rent |
For the Three Months Ended Dec 31, 2020 | |||||
Adjusted FFO attributable to common share and unit holders | $ | 102,785 | |||
Common distributions | (18,493) | ||||
Retained Cash Flow | $ | 84,292 |
33 |
American Homes 4 Rent |
34 |
Executive Management | ||||||||
David P. Singelyn | Jack Corrigan | |||||||
Chief Executive Officer | Chief Investment Officer | |||||||
Bryan Smith | Christopher C. Lau | |||||||
Chief Operating Officer | Chief Financial Officer | |||||||
Sara H. Vogt-Lowell | ||||||||
Chief Legal Officer | ||||||||
Corporate Information | Investor Relations | |||||||
American Homes 4 Rent | (855) 794-AH4R (2447) | |||||||
23975 Park Sorrento, Suite 300 | investors@ah4r.com | |||||||
Calabasas, CA 91302 | ||||||||
(805) 413-5300 | ||||||||
www.americanhomes4rent.com |
Analyst Coverage (1) | |||||||||||
B. Riley Securities | Berenberg Capital Markets | BofA Global Research | BTIG | ||||||||
Craig Kucera | Keegan Carl | Jeff Spector | Ryan Gilbert | ||||||||
craigkucera@brileyfin.com | keegan.carl@berenberg-us.com | jeff.spector@bofa.com | rgilbert@btig.com | ||||||||
Citi | Credit Suisse | Evercore ISI | Goldman Sachs & Co. | ||||||||
Nicholas Joseph | Sam Choe | Steve Sakwa | Richard Skidmore | ||||||||
nicholas.joseph@citi.com | samuel.choe@credit-suisse.com | steve.sakwa@evercoreisi.com | richard.skidmore@gs.com | ||||||||
Green Street Advisors | Janney Montgomery Scott | JMP Securities | J.P. Morgan Securities | ||||||||
John Pawlowski | Tyler Batory | Aaron Hecht | Anthony Paolone | ||||||||
jpawlowski@greenst.com | tbatory@janney.com | ahecht@jmpsecurities.com | anthony.paolone@jpmorgan.com | ||||||||
Keefe, Bruyette & Woods, Inc. | Mizuho Securities USA Inc. | Morgan Stanley | Raymond James & Associates, Inc. | ||||||||
Jade Rahmani | Haendel St. Juste | Richard Hill | Buck Horne | ||||||||
jrahmani@kbw.com | haendel.st.juste@mizuho-sc.com | richard.hill1@morganstanley.com | buck.horne@raymondjames.com | ||||||||
Wells Fargo Securities | Zelman & Associates | ||||||||||
Todd Stender | Alexander Kalmus | ||||||||||
todd.stender@wellsfargo.com | alex@zelmanassociates.com |
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