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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______
 
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)


AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)


American Homes 4 RentMaryland 46-1229660
American Homes 4 Rent, L.P.Delaware80-0860173
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

23975 Park Sorrento, Suite 300
Calabasas, California 91302
(Address of principal executive offices) (Zip Code)
 
(805) 413-5300
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value
AMHNew York Stock Exchange
Series F perpetual preferred shares of beneficial interest, $.01 par value
AMH-FNew York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value
AMH-GNew York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value
AMH-HNew York Stock Exchange

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Homes 4 Rent
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
American Homes 4 Rent, L.P.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    American Homes 4 Rent  ☐                         American Homes 4 Rent, L.P. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    American Homes 4 Rent   Yes     No                American Homes 4 Rent, L.P.   Yes     No
There were 322,208,249 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on August 4, 2021.





EXPLANATORY NOTE

    This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2021 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AH4R” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. 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.

    AH4R is the general partner of, and as of June 30, 2021 owned approximately 86.2% of the common partnership interest in, the Operating Partnership. The remaining 13.8% 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.

    The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:

enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

    The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. 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.

    Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.

    To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” section that includes discrete information related to each entity.

    This report also includes separate Part I, “Item 4. Controls and Procedures” sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been



made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

    In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.


American Homes 4 Rent
American Homes 4 Rent, L.P.

TABLE OF CONTENTS
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future operations, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the COVID-19 pandemic. The extent to which COVID-19 will impact our future financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, including resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others.

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
 
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.


i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
June 30, 2021December 31, 2020
(Unaudited) 
Assets
 
 
Single-family properties:  
Land$1,911,697 $1,836,798 
Buildings and improvements8,548,603 8,163,023 
Single-family properties in operation10,460,300 9,999,821 
Less: accumulated depreciation(1,913,648)(1,754,433)
Single-family properties in operation, net8,546,652 8,245,388 
Single-family properties under development and development land647,979 510,365 
Single-family properties held for sale, net107,363 129,026 
Total real estate assets, net9,301,994 8,884,779 
Cash and cash equivalents40,585 137,060 
Restricted cash 142,951 128,017 
Rent and other receivables50,916 41,544 
Escrow deposits, prepaid expenses and other assets182,701 163,171 
Investments in unconsolidated joint ventures103,634 93,109 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$9,968,726 $9,593,625 
Liabilities  
Revolving credit facility$620,000 $ 
Asset-backed securitizations, net1,917,833 1,927,607 
Unsecured senior notes, net890,481 889,805 
Accounts payable and accrued expenses366,907 298,949 
Amounts payable to affiliates 4,834 
Total liabilities3,795,221 3,121,195 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 322,208,183 and 316,021,385 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)
3,222 3,160 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2021 and December 31, 2020)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 and 35,350,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)
154 354 
Additional paid-in capital5,949,615 6,223,256 
Accumulated deficit(457,404)(443,522)
Accumulated other comprehensive income1,991 5,840 
Total shareholders’ equity5,497,584 5,789,094 
Noncontrolling interest675,921 683,336 
Total equity6,173,505 6,472,430 
Total liabilities and equity$9,968,726 $9,593,625 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2021202020212020
Rents and other single-family property revenues$313,654 $280,689 $626,227 $568,031 
Expenses:    
Property operating expenses116,578 110,436 235,272 217,933 
Property management expenses22,416 22,260 46,115 45,536 
General and administrative expense12,793 11,493 27,998 22,759 
Interest expense27,528 29,558 55,533 59,273 
Acquisition and other transaction costs2,968 1,956 7,814 4,103 
Depreciation and amortization91,117 84,836 181,188 167,657 
Total expenses273,400 260,539 553,920 517,261 
Gain on sale and impairment of single-family properties and other, net10,760 9,997 26,829 16,316 
Other income and expense, net800 1,660 1,599 2,248 
Net income51,814 31,807 100,735 69,334 
Noncontrolling interest3,218 2,656 8,143 6,157 
Dividends on preferred shares12,615 13,782 26,397 27,564 
Redemption of perpetual preferred shares15,879  15,879  
Net income attributable to common shareholders$20,102 $15,369 $50,316 $35,613 
Weighted-average common shares outstanding:
Basic319,752,730 301,011,545 318,380,175 300,912,307 
Diluted320,808,996 301,412,243 319,408,153 301,358,769 
Net income attributable to common shareholders per share:
Basic$0.06 $0.05 $0.16 $0.12 
Diluted$0.06 $0.05 $0.16 $0.12 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

2

American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
 2021202020212020
Net income $51,814 $31,807 $100,735 $69,334 
Other comprehensive loss:
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument(13,229) (3,999) 
Reclassification adjustment for amortization of interest expense included in net income
(240)(240)(481)(481)
Other comprehensive loss(13,469)(240)(4,480)(481)
Comprehensive income 38,345 31,567 96,255 68,853 
Comprehensive income attributable to noncontrolling interests1,334 2,621 7,519 6,087 
Dividends on preferred shares12,615 13,782 26,397 27,564 
Redemption of perpetual preferred shares15,879  15,879  
Comprehensive income attributable to common shareholders$8,517 $15,164 $46,460 $35,202 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3

American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)
 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2019300,107,599 $3,001 635,075 $6 35,350,000 $354 $5,790,775 $(465,368)$6,658 $5,335,426 $683,364 $6,018,790 
Share-based compensation— — — — — — 1,808 — — 1,808 — 1,808 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
208,010 2 — — — — (165)— — (163)— (163)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (2,602)(2,602)
Common shares ($0.05 per share)
— — — — — — — (15,088)— (15,088)— (15,088)
Cumulative effect of adoption of ASU 2016-13— — — — — — — (1,494)— (1,494)— (1,494)
Net income— — — — — — — 34,026 — 34,026 3,501 37,527 
Total other comprehensive loss— — — — — — — — (206)(206)(35)(241)
Balances at March 31, 2020300,315,609 $3,003 635,075 $6 35,350,000 $354 $5,792,418 $(461,706)$6,452 $5,340,527 $684,228 $6,024,755 
Share-based compensation— — — — — — 2,090 — — 2,090 — 2,090 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
197,334 2 — — — — 2,876 — — 2,878 — 2,878 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (2,601)(2,601)
Common shares ($0.05 per share)
— — — — — — — (15,098)— (15,098)— (15,098)
Net income— — — — — — — 29,151 — 29,151 2,656 31,807 
Total other comprehensive loss— — — — — — — — (205)(205)(35)(240)
Balances at June 30, 2020300,512,943 $3,005 635,075 $6 35,350,000 $354 $5,797,384 $(461,435)$6,247 $5,345,561 $684,248 $6,029,809 


4

American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)
 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2020316,021,385 $3,160 635,075 $6 35,350,000 $354 $6,223,256 $(443,522)$5,840 $5,789,094 $683,336 $6,472,430 
Share-based compensation— — — — — — 8,110 — — 8,110 — 8,110 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
246,425 2 — — — — (1,523)— — (1,521)— (1,521)
Redemptions of Class A units350,000 4 — — — — 4,613 — 7 4,624 (4,624) 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (5,172)(5,172)
Common shares ($0.10 per share)
— — — — — — — (31,795)— (31,795)— (31,795)
Net income— — — — — — — 43,996 — 43,996 4,925 48,921 
Total other comprehensive income— — — — — — — — 7,729 7,729 1,260 8,989 
Balances at March 31, 2021316,617,810 $3,166 635,075 $6 35,350,000 $354 $6,234,456 $(445,103)$13,576 $5,806,455 $679,725 $6,486,180 
Share-based compensation— — — — — — 3,151 — — 3,151 — 3,151 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
90,373 1 — — — — 894 — — 895 — 895 
Issuance of Class A common shares, net of offering costs of $200
5,500,000 55 — — — — 193,785 — — 193,840 — 193,840 
Redemption of Series D perpetual preferred shares— — — — (10,750,000)(108)(260,133)(8,509)— (268,750)— (268,750)
Redemption of Series E perpetual preferred shares— — — — (9,200,000)(92)(222,538)(7,370)— (230,000)— (230,000)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (12,615)— (12,615)— (12,615)
Noncontrolling interests— — — — — — — — — — (5,138)(5,138)
Common shares ($0.10 per share)
— — — — — — — (32,403)— (32,403)— (32,403)
Net income— — — — — — — 48,596 — 48,596 3,218 51,814 
Total other comprehensive loss— — — — — — — — (11,585)(11,585)(1,884)(13,469)
Balances at June 30, 2021322,208,183 $3,222 635,075 $6 15,400,000 $154 $5,949,615 $(457,404)$1,991 $5,497,584 $675,921 $6,173,505 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Six Months Ended
June 30,
 20212020
Operating activities  
Net income$100,735 $69,334 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization181,188 167,657 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument3,828 3,697 
Noncash share-based compensation11,261 3,898 
Equity in net (income) losses of unconsolidated joint ventures(660)1,090 
Gain on sale and impairment of single-family properties and other, net(26,829)(16,316)
Other changes in operating assets and liabilities:
Rent and other receivables(9,372)(6,420)
Prepaid expenses and other assets6,870 (2,130)
Deferred leasing costs(1,880)(1,902)
Accounts payable and accrued expenses66,339 60,777 
Amounts due from related parties307 (481)
Net cash provided by operating activities331,787 279,204 
Investing activities  
Cash paid for single-family properties(279,016)(136,772)
Change in escrow deposits for purchase of single-family properties(9,159)3,344 
Net proceeds received from sales of single-family properties and other74,451 128,883 
Proceeds received from hurricane-related insurance claims 3,705 
Investment in unconsolidated joint ventures(14,596)(5,155)
Distributions from joint ventures34,372 17,239 
Renovations to single-family properties(13,310)(8,046)
Recurring and other capital expenditures for single-family properties(56,579)(46,435)
Cash paid for development activity(309,706)(271,670)
Other purchases of productive assets(11,615)(7,559)
Net cash used for investing activities(585,158)(322,466)
Financing activities  
Proceeds from issuance of Class A common shares194,040  
Payments of Class A common share issuance costs(200) 
Redemption of perpetual preferred shares(498,750) 
Proceeds from exercise of stock options2,030 4,341 
Payments related to tax withholding for share-based compensation(2,656)(1,626)
Payments on asset-backed securitizations(12,278)(11,763)
Proceeds from revolving credit facility790,000 130,000 
Payments on revolving credit facility(170,000) 
Distributions to noncontrolling interests(12,896)(7,779)
Distributions to common shareholders(79,881)(45,221)
Distributions to preferred shareholders(26,397)(27,564)
Deferred financing costs paid(11,182) 
Net cash provided by financing activities171,830 40,388 
Net decrease in cash, cash equivalents and restricted cash(81,541)(2,874)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)