American Homes 4 Rent | |||||||||||
American Homes 4 Rent, L.P. | |||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS 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 | ||||||||||||
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 2023 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.58 - $1.64 | $1.62 - $1.66 | |||||||||
Core FFO attributable to common share and unit holders growth | 2.5% - 6.5% | 5.2% - 7.8% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 5.00% - 7.00% | 5.75% - 7.25% | |||||||||
Core property operating expenses growth | 8.75% - 10.75% | 8.75% - 10.75% | |||||||||
Core NOI growth | 3.00% - 5.00% | 4.00% - 5.50% |
Full Year 2023 (Unchanged) | |||||||||||
Investment Program | Properties | Investment | |||||||||
Wholly owned acquisitions | — | — | |||||||||
Wholly owned development deliveries | 1,775 - 1,925 | $600 - $700 million | |||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | |||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | |||||||||
Total capital investment (wholly owned and pro rata JV) | 1,775 - 1,925 | $0.8 - $1.0 billion | |||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.0 - $1.2 billion |
June 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,208,667 | $ | 2,197,233 | |||||||
Buildings and improvements | 10,351,621 | 10,127,891 | |||||||||
Single-family properties in operation | 12,560,288 | 12,325,124 | |||||||||
Less: accumulated depreciation | (2,552,998) | (2,386,452) | |||||||||
Single-family properties in operation, net | 10,007,290 | 9,938,672 | |||||||||
Single-family properties under development and development land | 1,339,508 | 1,187,221 | |||||||||
Single-family properties and land held for sale, net | 154,190 | 198,716 | |||||||||
Total real estate assets, net | 11,500,988 | 11,324,609 | |||||||||
Cash and cash equivalents | 199,601 | 69,155 | |||||||||
Restricted cash | 162,169 | 148,805 | |||||||||
Rent and other receivables | 45,911 | 47,752 | |||||||||
Escrow deposits, prepaid expenses and other assets | 359,473 | 331,446 | |||||||||
Investments in unconsolidated joint ventures | 108,351 | 107,347 | |||||||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 12,522,438 | $ | 12,175,059 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | 130,000 | |||||||
Asset-backed securitizations, net | 1,880,348 | 1,890,842 | |||||||||
Unsecured senior notes, net | 2,497,691 | 2,495,156 | |||||||||
Accounts payable and accrued expenses | 594,154 | 484,403 | |||||||||
Total liabilities | 4,972,193 | 5,000,401 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,365,692 and 352,881,826 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | 3,614 | 3,529 | |||||||||
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2023 and December 31, 2022) | 6 | 6 | |||||||||
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2023 and December 31, 2022) | 92 | 92 | |||||||||
Additional paid-in capital | 7,244,204 | 6,931,819 | |||||||||
Accumulated deficit | (385,434) | (440,791) | |||||||||
Accumulated other comprehensive income | 1,090 | 1,332 | |||||||||
Total shareholders’ equity | 6,863,572 | 6,495,987 | |||||||||
Noncontrolling interest | 686,673 | 678,671 | |||||||||
Total equity | 7,550,245 | 7,174,658 | |||||||||
Total liabilities and equity | $ | 12,522,438 | $ | 12,175,059 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 361,876 | $ | 793,251 | $ | 717,981 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 142,553 | 129,270 | 289,621 | 262,913 | |||||||||||||||||||
Property management expenses | 30,666 | 28,768 | 61,466 | 54,802 | |||||||||||||||||||
General and administrative expense | 19,937 | 18,847 | 37,792 | 36,129 | |||||||||||||||||||
Interest expense | 34,844 | 34,801 | 70,726 | 62,368 | |||||||||||||||||||
Acquisition and other transaction costs | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Total expenses | 345,374 | 323,759 | 694,772 | 634,213 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 62,758 | 32,811 | 147,417 | 54,855 | |||||||||||||||||||
Other income and expense, net | 2,482 | 3,627 | 7,217 | 5,946 | |||||||||||||||||||
Net income | 115,414 | 74,555 | 253,113 | 144,569 | |||||||||||||||||||
Noncontrolling interest | 13,899 | 8,343 | 30,647 | 16,655 | |||||||||||||||||||
Dividends on preferred shares | 3,486 | 4,346 | 6,972 | 10,109 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 5,276 | — | 5,276 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 98,029 | $ | 56,590 | $ | 215,494 | $ | 112,529 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 362,148,911 | 348,484,158 | 361,267,035 | 347,123,576 | |||||||||||||||||||
Diluted | 362,479,942 | 349,002,624 | 361,593,174 | 347,751,958 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 | |||||||||||||||
Diluted | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 98,029 | $ | 56,590 | $ | 215,494 | $ | 112,529 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 13,899 | 8,343 | 30,647 | 16,655 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (32,811) | (147,417) | (54,855) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,058 | (199) | 1,568 | (570) | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (4,249) | (3,113) | (8,426) | (6,105) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 159,178 | $ | 133,225 | $ | 317,782 | $ | 272,023 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 5,982 | 5,932 | 9,725 | 9,962 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,132 | 2,198 | 2,131 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 5,276 | — | 5,276 | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 170,467 | $ | 153,223 | $ | 338,956 | $ | 303,024 | |||||||||||||||
Recurring Capital Expenditures | (20,913) | (15,959) | (35,106) | (27,137) | |||||||||||||||||||
Leasing costs | (768) | (644) | (1,576) | (1,179) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 148,786 | $ | 136,620 | $ | 302,274 | $ | 274,708 | |||||||||||||||
Common distributions | (91,463) | (72,284) | (182,743) | (144,470) | |||||||||||||||||||
Retained Cash Flow | $ | 57,323 | $ | 64,336 | $ | 119,531 | $ | 130,238 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.33 | $ | 0.77 | $ | 0.68 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.41 | $ | 0.38 | $ | 0.82 | $ | 0.76 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.36 | $ | 0.34 | $ | 0.73 | $ | 0.69 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 362,148,911 | 348,484,158 | 361,267,035 | 347,123,576 | |||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (1) | 800,106 | 950,033 | 744,772 | 1,056,319 | |||||||||||||||||||
Operating partnership units | 51,376,980 | 51,376,980 | 51,376,980 | 51,376,980 | |||||||||||||||||||
Total weighted-average FFO shares and units | 414,325,997 | 400,811,171 | 413,388,787 | 399,556,875 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Net income per common share–diluted | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Conversion from GAAP share count | (0.03) | (0.02) | (0.07) | (0.04) | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 0.03 | 0.02 | 0.07 | 0.04 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (0.15) | (0.08) | (0.36) | (0.14) | |||||||||||||||||||
Depreciation and amortization | 0.27 | 0.26 | 0.56 | 0.52 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (0.01) | (0.01) | (0.02) | (0.02) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.33 | $ | 0.77 | $ | 0.68 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 0.01 | 0.02 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 0.02 | 0.02 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - property management | — | — | 0.01 | 0.01 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 0.01 | — | 0.01 | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.41 | $ | 0.38 | $ | 0.82 | $ | 0.76 | |||||||||||||||
Recurring Capital Expenditures | (0.05) | (0.04) | (0.09) | (0.07) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.36 | $ | 0.34 | $ | 0.73 | $ | 0.69 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 361,876 | $ | 793,251 | $ | 717,981 | |||||||||||||||
Tenant charge-backs | (45,814) | (43,137) | (101,209) | (95,409) | |||||||||||||||||||
Core revenues | 349,734 | 318,739 | 692,042 | 622,572 | |||||||||||||||||||
Less: Non-Same-Home core revenues | 48,672 | 36,165 | 94,550 | 64,996 | |||||||||||||||||||
Same-Home core revenues | $ | 301,062 | $ | 282,574 | $ | 597,492 | $ | 557,576 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 142,553 | $ | 129,270 | $ | 289,621 | $ | 262,913 | |||||||||||||||
Property management expenses | 30,666 | 28,768 | 61,466 | 54,802 | |||||||||||||||||||
Noncash share-based compensation - property management | (1,132) | (1,132) | (2,198) | (2,131) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (45,814) | (43,137) | (101,209) | (95,409) | |||||||||||||||||||
Core property operating expenses | 126,273 | 113,769 | 247,680 | 220,175 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 18,216 | 15,432 | 36,869 | 30,176 | |||||||||||||||||||
Same-Home core property operating expenses | $ | 108,057 | $ | 98,337 | $ | 210,811 | $ | 189,999 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||
Net income | $ | 115,414 | $ | 74,555 | $ | 253,113 | $ | 144,569 | |||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (32,811) | (147,417) | (54,855) | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Acquisition and other transaction costs | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,132 | 2,198 | 2,131 | |||||||||||||||||||
Interest expense | 34,844 | 34,801 | 70,726 | 62,368 | |||||||||||||||||||
General and administrative expense | 19,937 | 18,847 | 37,792 | 36,129 | |||||||||||||||||||
Other income and expense, net | (2,482) | (3,627) | (7,217) | (5,946) | |||||||||||||||||||
Core NOI | 223,461 | 204,970 | 444,362 | 402,397 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | 30,456 | 20,733 | 57,681 | 34,820 | |||||||||||||||||||
Same-Home Core NOI | $ | 193,005 | $ | 184,237 | $ | 386,681 | $ | 367,577 | |||||||||||||||
AMH |
Summary | |||||
Financial Information | |||||
Property and Other Information | |||||
2 |
AMH |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 3 |
AMH |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 4 |
AMH |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 5 |
AMH |
Full Year 2023 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.58 - $1.64 | $1.62 - $1.66 | |||||||||
Core FFO attributable to common share and unit holders growth | 2.5% - 6.5% | 5.2% - 7.8% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 5.00% - 7.00% | 5.75% - 7.25% | |||||||||
Core property operating expenses growth | 8.75% - 10.75% | 8.75% - 10.75% | |||||||||
Core NOI growth | 3.00% - 5.00% | 4.00% - 5.50% |
Full Year 2023 (Unchanged) | |||||||||||
Investment Program | Properties | Investment | |||||||||
Wholly owned acquisitions | — | — | |||||||||
Wholly owned development deliveries | 1,775 - 1,925 | $600 - $700 million | |||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | |||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | |||||||||
Total capital investment (wholly owned and pro rata JV) | 1,775 - 1,925 | $0.8 - $1.0 billion | |||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.0 - $1.2 billion |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 6 |
AMH |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 7 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 361,876 | $ | 793,251 | $ | 717,981 | |||||||||||||||
Tenant charge-backs | (45,814) | (43,137) | (101,209) | (95,409) | |||||||||||||||||||
Core revenues | 349,734 | 318,739 | 692,042 | 622,572 | |||||||||||||||||||
Less: Non-Same-Home core revenues | 48,672 | 36,165 | 94,550 | 64,996 | |||||||||||||||||||
Same-Home core revenues | $ | 301,062 | $ | 282,574 | $ | 597,492 | $ | 557,576 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 142,553 | $ | 129,270 | $ | 289,621 | $ | 262,913 | |||||||||||||||
Property management expenses | 30,666 | 28,768 | 61,466 | 54,802 | |||||||||||||||||||
Noncash share-based compensation - property management | (1,132) | (1,132) | (2,198) | (2,131) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (45,814) | (43,137) | (101,209) | (95,409) | |||||||||||||||||||
Core property operating expenses | 126,273 | 113,769 | 247,680 | 220,175 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 18,216 | 15,432 | 36,869 | 30,176 | |||||||||||||||||||
Same-Home core property operating expenses | $ | 108,057 | $ | 98,337 | $ | 210,811 | $ | 189,999 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||
Net income | $ | 115,414 | $ | 74,555 | $ | 253,113 | $ | 144,569 | |||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (32,811) | (147,417) | (54,855) | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Acquisition and other transaction costs | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,132 | 2,198 | 2,131 | |||||||||||||||||||
Interest expense | 34,844 | 34,801 | 70,726 | 62,368 | |||||||||||||||||||
General and administrative expense | 19,937 | 18,847 | 37,792 | 36,129 | |||||||||||||||||||
Other income and expense, net | (2,482) | (3,627) | (7,217) | (5,946) | |||||||||||||||||||
Core NOI | 223,461 | 204,970 | 444,362 | 402,397 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | 30,456 | 20,733 | 57,681 | 34,820 | |||||||||||||||||||
Same-Home Core NOI | $ | 193,005 | $ | 184,237 | $ | 386,681 | $ | 367,577 | |||||||||||||||
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 8 |
AMH |
For the Three Months Ended | |||||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 397,703 | $ | 380,926 | $ | 391,627 | $ | 361,876 | |||||||||||||||||||
Tenant charge-backs | (45,814) | (55,395) | (45,183) | (62,014) | (43,137) | ||||||||||||||||||||||||
Core revenues | 349,734 | 342,308 | 335,743 | 329,613 | 318,739 | ||||||||||||||||||||||||
Less: Non-Same-Home core revenues | 48,672 | 45,878 | 43,703 | 41,665 | 36,165 | ||||||||||||||||||||||||
Same-Home core revenues | $ | 301,062 | $ | 296,430 | $ | 292,040 | $ | 287,948 | $ | 282,574 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||||||||
Property operating expenses | $ | 142,553 | $ | 147,068 | $ | 137,113 | $ | 152,065 | $ | 129,270 | |||||||||||||||||||
Property management expenses | 30,666 | 30,800 | 28,157 | 29,739 | 28,768 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | (1,132) | (1,066) | (715) | (1,015) | (1,132) | ||||||||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (45,814) | (55,395) | (45,183) | (62,014) | (43,137) | ||||||||||||||||||||||||
Core property operating expenses | 126,273 | 121,407 | 119,372 | 118,775 | 113,769 | ||||||||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 18,216 | 18,653 | 18,053 | 17,409 | 15,432 | ||||||||||||||||||||||||
Same-Home core property operating expenses | $ | 108,057 | $ | 102,754 | $ | 101,319 | $ | 101,366 | $ | 98,337 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||||||||
Net income | $ | 115,414 | $ | 137,699 | $ | 103,791 | $ | 61,665 | $ | 74,555 | |||||||||||||||||||
Hurricane-related charges, net | — | — | — | 6,133 | — | ||||||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (84,659) | (57,407) | (24,197) | (32,811) | ||||||||||||||||||||||||
Depreciation and amortization | 113,199 | 112,717 | 112,843 | 109,319 | 104,415 | ||||||||||||||||||||||||
Acquisition and other transaction costs | 4,175 | 5,076 | 5,338 | 4,482 | 7,658 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,066 | 715 | 1,015 | 1,132 | ||||||||||||||||||||||||
Interest expense | 34,844 | 35,882 | 36,249 | 36,254 | 34,801 | ||||||||||||||||||||||||
General and administrative expense | 19,937 | 17,855 | 14,942 | 16,986 | 18,847 | ||||||||||||||||||||||||
Other income and expense, net | (2,482) | (4,735) | (100) | (819) | (3,627) | ||||||||||||||||||||||||
Core NOI | 223,461 | 220,901 | 216,371 | 210,838 | 204,970 | ||||||||||||||||||||||||
Less: Non-Same-Home Core NOI | 30,456 | 27,225 | 25,650 | 24,256 | 20,733 | ||||||||||||||||||||||||
Same-Home Core NOI | $ | 193,005 | $ | 193,676 | $ | 190,721 | $ | 186,582 | $ | 184,237 | |||||||||||||||||||
Unencumbered Core NOI and Encumbered Core NOI | |||||||||||||||||||||||||||||
Core NOI | $ | 223,461 | $ | 220,901 | $ | 216,371 | $ | 210,838 | $ | 204,970 | |||||||||||||||||||
Less: Encumbered Core NOI | 64,665 | 64,077 | 63,798 | 62,906 | 61,524 | ||||||||||||||||||||||||
Unencumbered Core NOI | $ | 158,796 | $ | 156,824 | $ | 152,573 | $ | 147,932 | $ | 143,446 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 9 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating Data | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 98,029 | $ | 56,590 | $ | 215,494 | $ | 112,529 | |||||||||||||||
Core revenues | $ | 349,734 | $ | 318,739 | $ | 692,042 | $ | 622,572 | |||||||||||||||
Core NOI | $ | 223,461 | $ | 204,970 | $ | 444,362 | $ | 402,397 | |||||||||||||||
Core NOI margin | 63.9 | % | 64.3 | % | 64.2 | % | 64.6 | % | |||||||||||||||
Fully Adjusted EBITDAre | $ | 191,365 | $ | 178,880 | $ | 388,398 | $ | 353,290 | |||||||||||||||
Fully Adjusted EBITDAre Margin | 54.3 | % | 55.5 | % | 55.6 | % | 56.2 | % | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.33 | $ | 0.77 | $ | 0.68 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.41 | $ | 0.38 | $ | 0.82 | $ | 0.76 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.36 | $ | 0.34 | $ | 0.73 | $ | 0.69 |
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||||||||||||
Single-family properties in operation, net | $ | 10,007,290 | $ | 9,917,123 | $ | 9,938,672 | $ | 9,905,410 | $ | 9,837,281 | |||||||||||||||||||
Total assets | $ | 12,522,438 | $ | 12,420,013 | $ | 12,175,059 | $ | 12,098,842 | $ | 11,854,752 | |||||||||||||||||||
Outstanding borrowings under revolving credit facility | $ | — | $ | — | $ | 130,000 | $ | — | $ | — | |||||||||||||||||||
Total Debt | $ | 4,438,629 | $ | 4,444,863 | $ | 4,581,628 | $ | 4,457,326 | $ | 4,462,933 | |||||||||||||||||||
Total Capitalization | $ | 19,322,870 | $ | 17,668,693 | $ | 17,015,130 | $ | 17,969,520 | $ | 18,858,604 | |||||||||||||||||||
Total Debt to Total Capitalization | 23.0 | % | 25.2 | % | 26.9 | % | 24.8 | % | 23.7 | % | |||||||||||||||||||
Net Debt and Preferred Shares to Adjusted EBITDAre | 5.3 x | 5.4 x | 6.0 x | 5.9 x | 6.2 x | ||||||||||||||||||||||||
NYSE AMH Class A common share closing price | $ | 35.45 | $ | 31.45 | $ | 30.14 | $ | 32.81 | $ | 35.44 |
Portfolio Data - end of period | |||||||||||||||||||||||||||||
Occupied single-family properties | 56,000 | 56,049 | 55,605 | 55,421 | 55,220 | ||||||||||||||||||||||||
Single-family properties leased, not yet occupied | 393 | 412 | 243 | 374 | 595 | ||||||||||||||||||||||||
Single-family properties in turnover process | 1,437 | 1,041 | 1,554 | 1,577 | 1,077 | ||||||||||||||||||||||||
Single-family properties recently renovated or developed | 215 | 234 | 464 | 383 | 385 | ||||||||||||||||||||||||
Single-family properties newly acquired and under renovation | — | — | 12 | 149 | 483 | ||||||||||||||||||||||||
Total single-family properties, excluding properties held for sale | 58,045 | 57,736 | 57,878 | 57,904 | 57,760 | ||||||||||||||||||||||||
Single-family properties held for sale | 648 | 903 | 1,115 | 1,057 | 955 | ||||||||||||||||||||||||
Total single-family properties wholly owned | 58,693 | 58,639 | 58,993 | 58,961 | 58,715 | ||||||||||||||||||||||||
Single-family properties managed under joint ventures | 2,846 | 2,688 | 2,540 | 2,271 | 2,046 | ||||||||||||||||||||||||
Total single-family properties wholly owned and managed | 61,539 | 61,327 | 61,533 | 61,232 | 60,761 | ||||||||||||||||||||||||
Total Average Occupied Days Percentage (1) | 96.2 | % | 96.3 | % | 95.8 | % | 95.7 | % | 96.0 | % | |||||||||||||||||||
Same-Home Average Occupied Days Percentage (50,038 properties) | 97.0 | % | 97.3 | % | 96.9 | % | 97.1 | % | 97.3 | % |
Other Data | |||||||||||||||||||||||||||||
Distributions declared per common share | $ | 0.22 | $ | 0.22 | $ | 0.18 | $ | 0.18 | $ | 0.18 | |||||||||||||||||||
Distributions declared per Series F perpetual preferred share (2) | $ | — | $ | — | $ | — | $ | — | $ | 0.14 | |||||||||||||||||||
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. | 10 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 361,876 | $ | 793,251 | $ | 717,981 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 142,553 | 129,270 | 289,621 | 262,913 | |||||||||||||||||||
Property management expenses | 30,666 | 28,768 | 61,466 | 54,802 | |||||||||||||||||||
General and administrative expense | 19,937 | 18,847 | 37,792 | 36,129 | |||||||||||||||||||
Interest expense | 34,844 | 34,801 | 70,726 | 62,368 | |||||||||||||||||||
Acquisition and other transaction costs | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Total expenses | 345,374 | 323,759 | 694,772 | 634,213 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 62,758 | 32,811 | 147,417 | 54,855 | |||||||||||||||||||
Other income and expense, net | 2,482 | 3,627 | 7,217 | 5,946 | |||||||||||||||||||
Net income | 115,414 | 74,555 | 253,113 | 144,569 | |||||||||||||||||||
Noncontrolling interest | 13,899 | 8,343 | 30,647 | 16,655 | |||||||||||||||||||
Dividends on preferred shares | 3,486 | 4,346 | 6,972 | 10,109 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 5,276 | — | 5,276 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 98,029 | $ | 56,590 | $ | 215,494 | $ | 112,529 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 362,148,911 | 348,484,158 | 361,267,035 | 347,123,576 | |||||||||||||||||||
Diluted | 362,479,942 | 349,002,624 | 361,593,174 | 347,751,958 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 | |||||||||||||||
Diluted | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 11 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 98,029 | $ | 56,590 | $ | 215,494 | $ | 112,529 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 13,899 | 8,343 | 30,647 | 16,655 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (32,811) | (147,417) | (54,855) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,058 | (199) | 1,568 | (570) | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (4,249) | (3,113) | (8,426) | (6,105) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 159,178 | $ | 133,225 | $ | 317,782 | $ | 272,023 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 5,982 | 5,932 | 9,725 | 9,962 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,132 | 2,198 | 2,131 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 5,276 | — | 5,276 | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 170,467 | $ | 153,223 | $ | 338,956 | $ | 303,024 | |||||||||||||||
Recurring Capital Expenditures | (20,913) | (15,959) | (35,106) | (27,137) | |||||||||||||||||||
Leasing costs | (768) | (644) | (1,576) | (1,179) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 148,786 | $ | 136,620 | $ | 302,274 | $ | 274,708 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.33 | $ | 0.77 | $ | 0.68 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.41 | $ | 0.38 | $ | 0.82 | $ | 0.76 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.36 | $ | 0.34 | $ | 0.73 | $ | 0.69 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 362,148,911 | 348,484,158 | 361,267,035 | 347,123,576 | |||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (1) | 800,106 | 950,033 | 744,772 | 1,056,319 | |||||||||||||||||||
Operating partnership units | 51,376,980 | 51,376,980 | 51,376,980 | 51,376,980 | |||||||||||||||||||
Total weighted-average FFO shares and units | 414,325,997 | 400,811,171 | 413,388,787 | 399,556,875 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 12 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Rents from single-family properties | $ | 346,872 | $ | 315,036 | $ | 687,086 | $ | 616,701 | |||||||||||||||
Fees from single-family properties | 7,400 | 6,904 | 14,840 | 12,991 | |||||||||||||||||||
Bad debt | (4,538) | (3,201) | (9,884) | (7,120) | |||||||||||||||||||
Core revenues | 349,734 | 318,739 | 692,042 | 622,572 | |||||||||||||||||||
Property tax expense | 60,743 | 52,447 | 120,627 | 104,389 | |||||||||||||||||||
HOA fees, net (1) | 6,291 | 6,075 | 12,273 | 11,483 | |||||||||||||||||||
R&M and turnover costs, net (1) | 26,954 | 25,482 | 50,570 | 47,485 | |||||||||||||||||||
Insurance | 4,601 | 3,537 | 8,532 | 6,910 | |||||||||||||||||||
Property management expenses, net (2) | 27,684 | 26,228 | 55,678 | 49,908 | |||||||||||||||||||
Core property operating expenses | 126,273 | 113,769 | 247,680 | 220,175 | |||||||||||||||||||
Core NOI | $ | 223,461 | $ | 204,970 | $ | 444,362 | $ | 402,397 | |||||||||||||||
Core NOI margin | 63.9 | % | 64.3 | % | 64.2 | % | 64.6 | % |
For the Three Months Ended Jun 30, 2023 | |||||||||||||||||||||||||||||
Same-Home Properties | Stabilized Properties | Non-Stabilized Properties (3) | Held for Sale Properties | Total Single-Family Properties Wholly Owned | |||||||||||||||||||||||||
Property count | 50,038 | 5,039 | 2,968 | 648 | 58,693 | ||||||||||||||||||||||||
Average Occupied Days Percentage | 97.0 | % | 96.3 | % | 80.9 | % | 67.5 | % | 95.9 | % | |||||||||||||||||||
Rents from single-family properties | $ | 298,368 | $ | 32,416 | $ | 13,442 | $ | 2,646 | $ | 346,872 | |||||||||||||||||||
Fees from single-family properties | 6,273 | 680 | 392 | 55 | 7,400 | ||||||||||||||||||||||||
Bad debt | (3,579) | (395) | (189) | (375) | (4,538) | ||||||||||||||||||||||||
Core revenues | 301,062 | 32,701 | 13,645 | 2,326 | 349,734 | ||||||||||||||||||||||||
Property tax expense | 52,602 | 5,210 | 2,301 | 630 | 60,743 | ||||||||||||||||||||||||
HOA fees, net (1) | 5,509 | 515 | 244 | 23 | 6,291 | ||||||||||||||||||||||||
R&M and turnover costs, net (1) | 23,067 | 1,969 | 1,657 | 261 | 26,954 | ||||||||||||||||||||||||
Insurance | 3,960 | 380 | 208 | 53 | 4,601 | ||||||||||||||||||||||||
Property management expenses, net (2) | 22,919 | 2,309 | 2,224 | 232 | 27,684 | ||||||||||||||||||||||||
Core property operating expenses | 108,057 | 10,383 | 6,634 | 1,199 | 126,273 | ||||||||||||||||||||||||
Core NOI | $ | 193,005 | $ | 22,318 | $ | 7,011 | $ | 1,127 | $ | 223,461 | |||||||||||||||||||
Core NOI margin | 64.1 | % | 68.2 | % | 51.4 | % | 48.5 | % | 63.9 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 13 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Number of Same-Home properties | 50,038 | 50,038 | 50,038 | 50,038 | |||||||||||||||||||||||||||||||
Average Occupied Days Percentage | 97.0 | % | 97.3 | % | (0.3) | % | 97.1 | % | 97.3 | % | (0.2) | % | |||||||||||||||||||||||
Average Monthly Realized Rent per property | $ | 2,048 | $ | 1,910 | 7.2 | % | $ | 2,031 | $ | 1,888 | 7.6 | % | |||||||||||||||||||||||
Turnover Rate | 8.4 | % | 7.7 | % | 0.7 | % | 14.7 | % | 13.8 | % | 0.9 | % | |||||||||||||||||||||||
Turnover Rate - TTM | 28.9 | % | N/A | 28.9 | % | N/A | |||||||||||||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 298,368 | $ | 279,070 | 6.9 | % | $ | 592,360 | $ | 551,662 | 7.4 | % | |||||||||||||||||||||||
Fees from single-family properties | 6,273 | 5,726 | 9.6 | % | 12,537 | 10,930 | 14.7 | % | |||||||||||||||||||||||||||
Bad debt | (3,579) | (2,222) | 61.1 | % | (7,405) | (5,016) | 47.6 | % | |||||||||||||||||||||||||||
Core revenues | 301,062 | 282,574 | 6.5 | % | 597,492 | 557,576 | 7.2 | % | |||||||||||||||||||||||||||
Property tax expense | 52,602 | 46,148 | 14.0 | % | 104,081 | 91,990 | 13.1 | % | |||||||||||||||||||||||||||
HOA fees, net (1) | 5,509 | 5,284 | 4.3 | % | 10,622 | 10,068 | 5.5 | % | |||||||||||||||||||||||||||
R&M and turnover costs, net (1) | 23,067 | 21,840 | 5.6 | % | 42,661 | 40,102 | 6.4 | % | |||||||||||||||||||||||||||
Insurance | 3,960 | 3,110 | 27.3 | % | 7,365 | 6,101 | 20.7 | % | |||||||||||||||||||||||||||
Property management expenses, net (2) | 22,919 | 21,955 | 4.4 | % | 46,082 | 41,738 | 10.4 | % | |||||||||||||||||||||||||||
Core property operating expenses | 108,057 | 98,337 | 9.9 | % | 210,811 | 189,999 | 11.0 | % | |||||||||||||||||||||||||||
Core NOI | $ | 193,005 | $ | 184,237 | 4.8 | % | $ | 386,681 | $ | 367,577 | 5.2 | % | |||||||||||||||||||||||
Core NOI margin | 64.1 | % | 65.2 | % | 64.7 | % | 65.9 | % | |||||||||||||||||||||||||||
Selected Property Expenditure Details: | |||||||||||||||||||||||||||||||||||
Recurring Capital Expenditures | $ | 18,636 | $ | 14,157 | 31.6 | % | $ | 31,248 | $ | 24,484 | 27.6 | % | |||||||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 372 | $ | 283 | 31.6 | % | $ | 624 | $ | 489 | 27.6 | % | |||||||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 833 | $ | 719 | 15.9 | % | $ | 1,477 | $ | 1,291 | 14.4 | % | |||||||||||||||||||||||
Property Enhancing Capex | $ | 14,107 | $ | 16,274 | $ | 27,917 | $ | 26,928 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 14 |
AMH |
For the Three Months Ended | |||||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||||||||||||||
Average Occupied Days Percentage | 97.0 | % | 97.3 | % | 96.9 | % | 97.1 | % | 97.3 | % | |||||||||||||||||||
Average Monthly Realized Rent per property | $ | 2,048 | $ | 2,014 | $ | 1,991 | $ | 1,954 | $ | 1,910 | |||||||||||||||||||
Average Change in Rent for Renewals | 7.0 | % | 6.8 | % | 7.9 | % | 8.3 | % | 7.5 | % | |||||||||||||||||||
Average Change in Rent for Re-Leases | 9.4 | % | 7.7 | % | 8.3 | % | 12.3 | % | 13.9 | % | |||||||||||||||||||
Average Blended Change in Rent | 7.7 | % | 7.1 | % | 8.0 | % | 9.5 | % | 9.3 | % | |||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||
Rents from single-family properties | $ | 298,368 | $ | 293,992 | $ | 289,693 | $ | 284,781 | $ | 279,070 | |||||||||||||||||||
Fees from single-family properties | 6,273 | 6,264 | 5,890 | 5,955 | 5,726 | ||||||||||||||||||||||||
Bad debt | (3,579) | (3,826) | (3,543) | (2,788) | (2,222) | ||||||||||||||||||||||||
Core revenues | 301,062 | 296,430 | 292,040 | 287,948 | 282,574 | ||||||||||||||||||||||||
Property tax expense | 52,602 | 51,479 | 52,278 | 46,159 | 46,148 | ||||||||||||||||||||||||
HOA fees, net (1) | 5,509 | 5,113 | 5,231 | 5,518 | 5,284 | ||||||||||||||||||||||||
R&M and turnover costs, net (1) | 23,067 | 19,594 | 19,649 | 24,210 | 21,840 | ||||||||||||||||||||||||
Insurance | 3,960 | 3,405 | 3,140 | 3,137 | 3,110 | ||||||||||||||||||||||||
Property management expenses, net (2) | 22,919 | 23,163 | 21,021 | 22,342 | 21,955 | ||||||||||||||||||||||||
Core property operating expenses | 108,057 | 102,754 | 101,319 | 101,366 | 98,337 | ||||||||||||||||||||||||
Core NOI | $ | 193,005 | $ | 193,676 | $ | 190,721 | $ | 186,582 | $ | 184,237 | |||||||||||||||||||
Core NOI margin | 64.1 | % | 65.3 | % | 65.3 | % | 64.8 | % | 65.2 | % | |||||||||||||||||||
Selected Property Expenditure Details: | |||||||||||||||||||||||||||||
Recurring Capital Expenditures | $ | 18,636 | $ | 12,612 | $ | 13,636 | $ | 19,413 | $ | 14,157 | |||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 372 | $ | 252 | $ | 273 | $ | 388 | $ | 283 | |||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures | $ | 833 | $ | 644 | $ | 665 | $ | 872 | $ | 719 | |||||||||||||||||||
Property Enhancing Capex | $ | 14,107 | $ | 13,810 | $ | 12,923 | $ | 16,799 | $ | 16,274 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 15 |
AMH |
Number of Properties | Gross Book Value per Property | % of 2Q23 NOI | Avg. Change in Rent for Renewals (1) | Avg. Change in Rent for Re-Leases (1) | Avg. Blended Change in Rent (1) | ||||||||||||||||||||||||||||||
Atlanta, GA | 4,745 | $ | 200,714 | 8.9 | % | 8.2 | % | 9.4 | % | 8.5 | % | ||||||||||||||||||||||||
Dallas-Fort Worth, TX | 3,850 | 171,948 | 6.8 | % | 7.3 | % | 9.2 | % | 7.8 | % | |||||||||||||||||||||||||
Charlotte, NC | 3,640 | 206,367 | 7.6 | % | 7.1 | % | 11.0 | % | 8.2 | % | |||||||||||||||||||||||||
Phoenix, AZ | 2,783 | 190,925 | 6.4 | % | 6.7 | % | 9.4 | % | 7.5 | % | |||||||||||||||||||||||||
Nashville, TN | 2,773 | 229,869 | 7.0 | % | 7.3 | % | 8.7 | % | 7.7 | % | |||||||||||||||||||||||||
Indianapolis, IN | 2,653 | 163,389 | 3.8 | % | 5.4 | % | 8.7 | % | 6.5 | % | |||||||||||||||||||||||||
Jacksonville, FL | 2,527 | 194,445 | 4.9 | % | 6.5 | % | 8.3 | % | 7.1 | % | |||||||||||||||||||||||||
Tampa, FL | 2,482 | 211,790 | 4.9 | % | 9.1 | % | 12.4 | % | 10.0 | % | |||||||||||||||||||||||||
Houston, TX | 2,256 | 172,067 | 3.5 | % | 5.5 | % | 8.7 | % | 6.0 | % | |||||||||||||||||||||||||
Raleigh, NC | 2,025 | 193,925 | 4.2 | % | 6.4 | % | 8.6 | % | 7.1 | % | |||||||||||||||||||||||||
Columbus, OH | 1,998 | 183,396 | 4.0 | % | 6.3 | % | 9.4 | % | 7.1 | % | |||||||||||||||||||||||||
Cincinnati, OH | 1,939 | 185,817 | 3.9 | % | 6.7 | % | 11.9 | % | 8.1 | % | |||||||||||||||||||||||||
Orlando, FL | 1,628 | 194,879 | 3.1 | % | 8.6 | % | 13.2 | % | 9.9 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 1,598 | 274,158 | 4.2 | % | 5.3 | % | 9.6 | % | 6.7 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,554 | 189,436 | 2.9 | % | 6.5 | % | 9.6 | % | 7.2 | % | |||||||||||||||||||||||||
Charleston, SC | 1,281 | 215,980 | 2.8 | % | 7.0 | % | 8.3 | % | 7.4 | % | |||||||||||||||||||||||||
Las Vegas, NV | 1,237 | 215,101 | 2.8 | % | 5.8 | % | 4.2 | % | 5.3 | % | |||||||||||||||||||||||||
San Antonio, TX | 1,114 | 183,827 | 1.7 | % | 3.9 | % | 3.1 | % | 3.7 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 893 | 187,501 | 1.9 | % | 8.4 | % | 13.6 | % | 10.1 | % | |||||||||||||||||||||||||
Seattle, WA | 885 | 290,442 | 2.3 | % | 8.9 | % | 9.6 | % | 9.1 | % | |||||||||||||||||||||||||
All Other (2) | 6,177 | 202,167 | 12.4 | % | 6.8 | % | 9.3 | % | 7.5 | % | |||||||||||||||||||||||||
Total/Average | 50,038 | $ | 199,109 | 100.0 | % | 7.0 | % | 9.4 | % | 7.7 | % |
Average Occupied Days Percentage | Average Monthly Realized Rent per Property | ||||||||||||||||||||||||||||||||||
2Q23 QTD | 2Q22 QTD | Change | 2Q23 QTD | 2Q22 QTD | Change | ||||||||||||||||||||||||||||||
Atlanta, GA | 97.1 | % | 97.4 | % | (0.3) | % | $ | 2,066 | $ | 1,937 | 6.7 | % | |||||||||||||||||||||||
Dallas-Fort Worth, TX | 97.2 | % | 97.7 | % | (0.5) | % | 2,140 | 1,998 | 7.1 | % | |||||||||||||||||||||||||
Charlotte, NC | 97.1 | % | 97.4 | % | (0.3) | % | 1,982 | 1,856 | 6.8 | % | |||||||||||||||||||||||||
Phoenix, AZ | 96.3 | % | 97.2 | % | (0.9) | % | 2,004 | 1,854 | 8.1 | % | |||||||||||||||||||||||||
Nashville, TN | 96.7 | % | 97.9 | % | (1.2) | % | 2,173 | 1,998 | 8.8 | % | |||||||||||||||||||||||||
Indianapolis, IN | 97.0 | % | 96.7 | % | 0.3 | % | 1,733 | 1,648 | 5.2 | % | |||||||||||||||||||||||||
Jacksonville, FL | 97.2 | % | 97.5 | % | (0.3) | % | 2,025 | 1,876 | 7.9 | % | |||||||||||||||||||||||||
Tampa, FL | 97.1 | % | 98.2 | % | (1.1) | % | 2,197 | 2,001 | 9.8 | % | |||||||||||||||||||||||||
Houston, TX | 98.1 | % | 97.5 | % | 0.6 | % | 1,927 | 1,830 | 5.3 | % | |||||||||||||||||||||||||
Raleigh, NC | 96.6 | % | 97.1 | % | (0.5) | % | 1,899 | 1,765 | 7.6 | % | |||||||||||||||||||||||||
Columbus, OH | 97.1 | % | 96.6 | % | 0.5 | % | 2,009 | 1,901 | 5.7 | % | |||||||||||||||||||||||||
Cincinnati, OH | 97.0 | % | 96.8 | % | 0.2 | % | 1,967 | 1,850 | 6.3 | % | |||||||||||||||||||||||||
Orlando, FL | 97.0 | % | 98.1 | % | (1.1) | % | 2,145 | 1,947 | 10.2 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 97.0 | % | 97.5 | % | (0.5) | % | 2,245 | 2,102 | 6.8 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 97.7 | % | 98.0 | % | (0.3) | % | 2,245 | 2,109 | 6.4 | % | |||||||||||||||||||||||||
Charleston, SC | 97.9 | % | 95.2 | % | 2.7 | % | 2,103 | 1,973 | 6.6 | % | |||||||||||||||||||||||||
Las Vegas, NV | 96.1 | % | 96.8 | % | (0.7) | % | 2,078 | 1,943 | 6.9 | % | |||||||||||||||||||||||||
San Antonio, TX | 95.9 | % | 96.7 | % | (0.8) | % | 1,874 | 1,792 | 4.6 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 98.5 | % | 97.2 | % | 1.3 | % | 1,980 | 1,825 | 8.5 | % | |||||||||||||||||||||||||
Seattle, WA | 96.4 | % | 97.3 | % | (0.9) | % | 2,538 | 2,321 | 9.3 | % | |||||||||||||||||||||||||
All Other (2) | 97.0 | % | 97.2 | % | (0.2) | % | 2,024 | 1,886 | 7.3 | % | |||||||||||||||||||||||||
Total/Average | 97.0 | % | 97.3 | % | (0.3) | % | $ | 2,048 | $ | 1,910 | 7.2 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 16 |
AMH |
Jun 30, 2023 | Dec 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,208,667 | $ | 2,197,233 | |||||||
Buildings and improvements | 10,351,621 | 10,127,891 | |||||||||
Single-family properties in operation | 12,560,288 | 12,325,124 | |||||||||
Less: accumulated depreciation | (2,552,998) | (2,386,452) | |||||||||
Single-family properties in operation, net | 10,007,290 | 9,938,672 | |||||||||
Single-family properties under development and development land | 1,339,508 | 1,187,221 | |||||||||
Single-family properties and land held for sale, net | 154,190 | 198,716 | |||||||||
Total real estate assets, net | 11,500,988 | 11,324,609 | |||||||||
Cash and cash equivalents | 199,601 | 69,155 | |||||||||
Restricted cash | 162,169 | 148,805 | |||||||||
Rent and other receivables | 45,911 | 47,752 | |||||||||
Escrow deposits, prepaid expenses and other assets | 359,473 | 331,446 | |||||||||
Investments in unconsolidated joint ventures | 108,351 | 107,347 | |||||||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 12,522,438 | $ | 12,175,059 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | 130,000 | |||||||
Asset-backed securitizations, net | 1,880,348 | 1,890,842 | |||||||||
Unsecured senior notes, net | 2,497,691 | 2,495,156 | |||||||||
Accounts payable and accrued expenses | 594,154 | 484,403 | |||||||||
Total liabilities | 4,972,193 | 5,000,401 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares | 3,614 | 3,529 | |||||||||
Class B common shares | 6 | 6 | |||||||||
Preferred shares | 92 | 92 | |||||||||
Additional paid-in capital | 7,244,204 | 6,931,819 | |||||||||
Accumulated deficit | (385,434) | (440,791) | |||||||||
Accumulated other comprehensive income | 1,090 | 1,332 | |||||||||
Total shareholders’ equity | 6,863,572 | 6,495,987 | |||||||||
Noncontrolling interest | 686,673 | 678,671 | |||||||||
Total equity | 7,550,245 | 7,174,658 | |||||||||
Total liabilities and equity | $ | 12,522,438 | $ | 12,175,059 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 17 |
AMH |
Secured | Unsecured | Total Balance | % of Total | Interest Rate (1) | Years to Maturity (2) | ||||||||||||||||||||||||||||||
Floating rate debt: | |||||||||||||||||||||||||||||||||||
Revolving credit facility (3) | $ | — | $ | — | $ | — | — | % | 6.09 | % | 2.8 | ||||||||||||||||||||||||
Total floating rate debt | — | — | — | — | % | 6.09 | % | 2.8 | |||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||
AMH 2014-SFR2 securitization | 464,582 | — | 464,582 | 10.5 | % | 4.42 | % | 1.3 | |||||||||||||||||||||||||||
AMH 2014-SFR3 securitization | 480,082 | — | 480,082 | 10.8 | % | 4.40 | % | 1.4 | |||||||||||||||||||||||||||
AMH 2015-SFR1 securitization | 505,167 | — | 505,167 | 11.4 | % | 4.14 | % | 21.8 | |||||||||||||||||||||||||||
AMH 2015-SFR2 securitization | 438,798 | — | 438,798 | 9.9 | % | 4.36 | % | 22.3 | |||||||||||||||||||||||||||
2028 unsecured senior notes | — | 500,000 | 500,000 | 11.3 | % | 4.08 | % | 4.6 | |||||||||||||||||||||||||||
2029 unsecured senior notes | — | 400,000 | 400,000 | 9.0 | % | 4.90 | % | 5.6 | |||||||||||||||||||||||||||
2031 unsecured senior notes | — | 450,000 | 450,000 | 10.1 | % | 2.46 | % | 8.0 | |||||||||||||||||||||||||||
2032 unsecured senior notes | — | 600,000 | 600,000 | 13.4 | % | 3.63 | % | 8.8 | |||||||||||||||||||||||||||
2051 unsecured senior notes | — | 300,000 | 300,000 | 6.8 | % | 3.38 | % | 28.1 | |||||||||||||||||||||||||||
2052 unsecured senior notes | — | 300,000 | 300,000 | 6.8 | % | 4.30 | % | 28.8 | |||||||||||||||||||||||||||
Total fixed rate debt | 1,888,629 | 2,550,000 | 4,438,629 | 100.0 | % | 4.00 | % | 11.9 | |||||||||||||||||||||||||||
Total Debt | $ | 1,888,629 | $ | 2,550,000 | 4,438,629 | 100.0 | % | 4.00 | % | 11.9 | |||||||||||||||||||||||||
Unamortized discounts and loan costs | (60,590) | ||||||||||||||||||||||||||||||||||
Total debt per balance sheet | $ | 4,378,039 |
Maturity Schedule by Year (2) | Total Debt | % of Total | ||||||||||||
Remaining 2023 | $ | 10,358 | 0.2 | % | ||||||||||
2024 | 949,759 | 21.5 | % | |||||||||||
2025 | 10,302 | 0.2 | % | |||||||||||
2026 | 10,302 | 0.2 | % | |||||||||||
2027 | 10,302 | 0.2 | % | |||||||||||
Thereafter | 3,447,606 | 77.7 | % | |||||||||||
Total | $ | 4,438,629 | 100.0 | % |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
(Amounts in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest expense per income statement and included in Core FFO attributable to common share and unit holders | $ | 34,844 | $ | 34,801 | $ | 70,726 | $ | 62,368 | |||||||||||||||
Less: amortization of discounts, loan costs and cash flow hedges | (3,065) | (3,049) | (6,108) | (5,502) | |||||||||||||||||||
Add: capitalized interest | 13,733 | 13,660 | 26,821 | 26,554 | |||||||||||||||||||
Cash interest | $ | 45,512 | $ | 45,412 | $ | 91,439 | $ | 83,420 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 18 |
AMH |
Total Capitalization | ||||||||||||||||||||
Total Debt | $ | 4,438,629 | 23.0 | % | ||||||||||||||||
Total preferred shares | 230,000 | 1.2 | % | |||||||||||||||||
Common equity at market value: | ||||||||||||||||||||
Common shares outstanding | 362,000,767 | |||||||||||||||||||
Operating partnership units | 51,376,980 | |||||||||||||||||||
Total shares and units | 413,377,747 | |||||||||||||||||||
NYSE AMH Class A common share closing price at June 30, 2023 | $ | 35.45 | ||||||||||||||||||
Market value of common shares and operating partnership units | 14,654,241 | 75.8 | % | |||||||||||||||||
Total Capitalization | $ | 19,322,870 | 100.0 | % |
Preferred Shares | Earliest Redemption Date | Outstanding Shares | Annual Dividend Per Share | Annual Dividend Amount | ||||||||||||||||||||||||||||||||||
Series | Per Share | Total | ||||||||||||||||||||||||||||||||||||
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 | 9,200,000 | $ | 230,000 | $ | 13,944 |
Credit Ratios | Credit Ratings | ||||||||||||||||||||||
Net Debt and Preferred Shares to Adjusted EBITDAre | 5.3 x | Rating Agency | Rating | Outlook | |||||||||||||||||||
Fixed Charge Coverage | 4.2 x | Moody's Investor Service | Baa2 | Stable | |||||||||||||||||||
Unencumbered Core NOI percentage | 70.7 | % | S&P Global Ratings | BBB | Stable |
Unsecured Senior Notes Covenant Ratios | Requirement | Actual | |||||||||||||||
Ratio of Indebtedness to Total Assets | < | 60.0 | % | 29.9 | % | ||||||||||||
Ratio of Secured Debt to Total Assets | < | 40.0 | % | 12.7 | % | ||||||||||||
Ratio of Unencumbered Assets to Unsecured Debt | > | 150.0 | % | 455.7 | % | ||||||||||||
Ratio of Consolidated Income Available for Debt Service to Interest Expense | > | 1.50 x | 4.41 x |
Unsecured Credit Facility Covenant Ratios | Requirement | Actual | |||||||||||||||
Ratio of Total Indebtedness to Total Asset Value | < | 60.0 | % | 28.9 | % | ||||||||||||
Ratio of Secured Indebtedness to Total Asset Value | < | 40.0 | % | 11.8 | % | ||||||||||||
Ratio of Unsecured Indebtedness to Unencumbered Asset Value | < | 60.0 | % | 26.4 | % | ||||||||||||
Ratio of EBITDA to Fixed Charges | > | 1.50 x | 3.70 x | ||||||||||||||
Ratio of Unencumbered NOI to Unsecured Interest Expense | > | 1.75 x | 6.32 x |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 19 |
AMH |
Market | Number of Properties | Percentage of Total Properties | Gross Book Value per Property | Avg. Sq. Ft. | Avg. Age (years) | |||||||||||||||||||||||||||
Atlanta, GA | 5,790 | 10.0 | % | $ | 219,605 | 2,169 | 17.3 | |||||||||||||||||||||||||
Dallas-Fort Worth, TX | 4,143 | 7.1 | % | 174,885 | 2,101 | 19.0 | ||||||||||||||||||||||||||
Charlotte, NC | 4,003 | 6.9 | % | 215,573 | 2,109 | 17.7 | ||||||||||||||||||||||||||
Phoenix, AZ | 3,380 | 5.8 | % | 210,510 | 1,840 | 19.0 | ||||||||||||||||||||||||||
Nashville, TN | 3,257 | 5.6 | % | 243,004 | 2,113 | 15.9 | ||||||||||||||||||||||||||
Jacksonville, FL | 2,981 | 5.1 | % | 212,553 | 1,929 | 14.5 | ||||||||||||||||||||||||||
Indianapolis, IN | 2,870 | 4.9 | % | 172,818 | 1,927 | 20.4 | ||||||||||||||||||||||||||
Tampa, FL | 2,806 | 4.8 | % | 225,765 | 1,943 | 15.4 | ||||||||||||||||||||||||||
Houston, TX | 2,516 | 4.3 | % | 177,021 | 2,089 | 17.5 | ||||||||||||||||||||||||||
Raleigh, NC | 2,181 | 3.8 | % | 198,446 | 1,889 | 17.3 | ||||||||||||||||||||||||||
Cincinnati, OH | 2,126 | 3.7 | % | 195,570 | 1,843 | 20.5 | ||||||||||||||||||||||||||
Columbus, OH | 2,126 | 3.7 | % | 191,382 | 1,873 | 20.9 | ||||||||||||||||||||||||||
Las Vegas, NV | 2,017 | 3.5 | % | 276,595 | 1,924 | 12.3 | ||||||||||||||||||||||||||
Salt Lake City, UT | 1,899 | 3.3 | % | 303,337 | 2,243 | 16.7 | ||||||||||||||||||||||||||
Orlando, FL | 1,934 | 3.3 | % | 210,636 | 1,904 | 18.8 | ||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,575 | 2.7 | % | 189,583 | 1,866 | 21.8 | ||||||||||||||||||||||||||
Charleston, SC | 1,520 | 2.6 | % | 227,477 | 1,963 | 12.6 | ||||||||||||||||||||||||||
San Antonio, TX | 1,294 | 2.2 | % | 195,927 | 1,926 | 14.6 | ||||||||||||||||||||||||||
Seattle, WA | 1,153 | 2.0 | % | 327,028 | 2,000 | 13.4 | ||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 1,042 | 1.8 | % | 208,751 | 1,889 | 14.7 | ||||||||||||||||||||||||||
All Other (3) | 7,432 | 12.9 | % | 228,820 | 1,907 | 17.2 | ||||||||||||||||||||||||||
Total/Average | 58,045 | 100.0 | % | $ | 216,389 | 1,990 | 17.3 |
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 | 96.3 | % | $ | 2,079 | 8.1 | % | 9.1 | % | 8.4 | % | ||||||||||||||||||||||
Dallas-Fort Worth, TX | 96.8 | % | 2,140 | 7.3 | % | 9.1 | % | 7.8 | % | |||||||||||||||||||||||
Charlotte, NC | 96.9 | % | 1,993 | 7.0 | % | 10.9 | % | 8.2 | % | |||||||||||||||||||||||
Phoenix, AZ | 96.3 | % | 2,005 | 7.2 | % | 9.9 | % | 8.0 | % | |||||||||||||||||||||||
Nashville, TN | 96.2 | % | 2,182 | 7.2 | % | 8.8 | % | 7.6 | % | |||||||||||||||||||||||
Jacksonville, FL | 96.6 | % | 2,039 | 6.4 | % | 8.0 | % | 6.9 | % | |||||||||||||||||||||||
Indianapolis, IN | 96.9 | % | 1,741 | 5.4 | % | 8.5 | % | 6.4 | % | |||||||||||||||||||||||
Tampa, FL | 96.5 | % | 2,215 | 9.0 | % | 12.1 | % | 9.9 | % | |||||||||||||||||||||||
Houston, TX | 97.5 | % | 1,930 | 5.6 | % | 8.4 | % | 6.0 | % | |||||||||||||||||||||||
Raleigh, NC | 96.2 | % | 1,905 | 6.5 | % | 8.5 | % | 7.1 | % | |||||||||||||||||||||||
Cincinnati, OH | 96.8 | % | 1,970 | 6.7 | % | 11.6 | % | 8.1 | % | |||||||||||||||||||||||
Columbus, OH | 96.8 | % | 2,015 | 6.4 | % | 9.4 | % | 7.2 | % | |||||||||||||||||||||||
Las Vegas, NV | 91.8 | % | 2,139 | 5.1 | % | 4.1 | % | 4.8 | % | |||||||||||||||||||||||
Salt Lake City, UT | 96.5 | % | 2,299 | 5.1 | % | 9.1 | % | 6.5 | % | |||||||||||||||||||||||
Orlando, FL | 95.8 | % | 2,155 | 8.5 | % | 13.4 | % | 9.8 | % | |||||||||||||||||||||||
Greater Chicago area, IL and IN | 97.5 | % | 2,243 | 6.4 | % | 9.6 | % | 7.1 | % | |||||||||||||||||||||||
Charleston, SC | 96.7 | % | 2,120 | 7.0 | % | 8.3 | % | 7.5 | % | |||||||||||||||||||||||
San Antonio, TX | 94.7 | % | 1,885 | 4.0 | % | 3.2 | % | 3.7 | % | |||||||||||||||||||||||
Seattle, WA | 95.6 | % | 2,559 | 8.3 | % | 8.6 | % | 8.4 | % | |||||||||||||||||||||||
Savannah/Hilton Head, SC | 98.2 | % | 2,006 | 8.5 | % | 13.8 | % | 10.0 | % | |||||||||||||||||||||||
All Other (3) | 95.0 | % | 2,042 | 6.6 | % | 8.8 | % | 7.3 | % | |||||||||||||||||||||||
Total/Average | 96.2 | % | $ | 2,063 | 6.9 | % | 9.2 | % | 7.5 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 20 |
AMH |
2Q23 Additions | YTD 2Q23 Additions | |||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost | Number of Properties | Average Total Investment Cost | ||||||||||||||||||||||
Las Vegas, NV | 93 | $ | 365,149 | 174 | $ | 366,629 | ||||||||||||||||||||
Boise, ID | 65 | 386,483 | 120 | 379,116 | ||||||||||||||||||||||
Tampa, FL | 61 | 356,800 | 89 | 353,979 | ||||||||||||||||||||||
Jacksonville, FL | 58 | 312,007 | 91 | 310,529 | ||||||||||||||||||||||
Orlando, FL | 52 | 341,633 | 84 | 346,290 | ||||||||||||||||||||||
Atlanta, GA | 45 | 338,171 | 68 | 336,992 | ||||||||||||||||||||||
Charlotte, NC | 22 | 389,514 | 59 | 394,324 | ||||||||||||||||||||||
Nashville, TN | 21 | 431,704 | 30 | 414,476 | ||||||||||||||||||||||
Columbus, OH | 20 | 383,571 | 20 | 383,571 | ||||||||||||||||||||||
Colorado Springs, CO | 18 | 506,365 | 19 | 506,897 | ||||||||||||||||||||||
Seattle, WA | 13 | 528,460 | 13 | 528,460 | ||||||||||||||||||||||
Raleigh, NC | 1 | 257,993 | 14 | 240,504 | ||||||||||||||||||||||
Total/Average | 469 | $ | 369,879 | 781 | $ | 364,011 |
Jun 30, 2023 Single-Family Properties Held for Sale | 2Q23 Dispositions | YTD 2Q23 Dispositions | ||||||||||||||||||||||||||||||
Market | Number of Properties | Average Net Proceeds per Property | Number of Properties | Average Net Proceeds per Property | ||||||||||||||||||||||||||||
Inland Empire, CA | 99 | 25 | $ | 452,553 | 49 | $ | 443,153 | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 91 | 12 | 293,054 | 58 | 239,578 | |||||||||||||||||||||||||||
Houston, TX | 91 | 111 | 239,544 | 283 | 230,435 | |||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 57 | 43 | 301,393 | 121 | 285,781 | |||||||||||||||||||||||||||
Atlanta, GA | 47 | 35 | 286,188 | 81 | 274,509 | |||||||||||||||||||||||||||
Bay Area, CA | 26 | 9 | 572,101 | 21 | 526,736 | |||||||||||||||||||||||||||
Indianapolis, IN | 26 | 20 | 224,184 | 53 | 233,851 | |||||||||||||||||||||||||||
Austin, TX | 25 | 16 | 319,045 | 31 | 304,409 | |||||||||||||||||||||||||||
San Antonio, TX | 23 | 17 | 246,964 | 31 | 231,257 | |||||||||||||||||||||||||||
Central Valley, CA | 22 | 2 | 304,844 | 10 | 325,951 | |||||||||||||||||||||||||||
Charlotte, NC | 22 | 13 | 365,878 | 41 | 305,702 | |||||||||||||||||||||||||||
Nashville, TN | 18 | 8 | 395,126 | 22 | 333,706 | |||||||||||||||||||||||||||
Phoenix, AZ | 17 | 22 | 344,405 | 61 | 331,802 | |||||||||||||||||||||||||||
Charleston, SC | 17 | 4 | 241,400 | 11 | 279,384 | |||||||||||||||||||||||||||
Tampa, FL | 11 | 10 | 372,119 | 21 | 370,343 | |||||||||||||||||||||||||||
Orlando, FL | 9 | 11 | 344,471 | 25 | 323,621 | |||||||||||||||||||||||||||
Miami, FL | 8 | 1 | 344,932 | 5 | 346,395 | |||||||||||||||||||||||||||
Milwaukee, WI | 7 | 2 | 337,364 | 9 | 331,456 | |||||||||||||||||||||||||||
Greensboro, NC | 4 | 1 | 236,290 | 3 | 255,645 | |||||||||||||||||||||||||||
Salt Lake City, UT | 4 | 4 | 328,025 | 9 | 363,798 | |||||||||||||||||||||||||||
All Other (1) | 24 | 49 | 346,829 | 136 | 316,443 | |||||||||||||||||||||||||||
Total/Average | 648 | 415 | $ | 307,168 | 1,081 | $ | 288,443 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 21 |
AMH |
YTD 2Q23 Deliveries | Jun 30, 2023 Lots for Future Delivery (1) | |||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost | Average Monthly Rent | |||||||||||||||||||||||
Las Vegas, NV | 174 | $ | 367,000 | $ | 2,420 | 1,411 | ||||||||||||||||||||
Tampa, FL | 164 | 359,000 | 2,560 | 695 | ||||||||||||||||||||||
Jacksonville, FL | 130 | 329,000 | 2,300 | 786 | ||||||||||||||||||||||
Boise, ID | 120 | 379,000 | 2,280 | 330 | ||||||||||||||||||||||
Orlando, FL | 115 | 358,000 | 2,410 | 1,105 | ||||||||||||||||||||||
Atlanta, GA | 102 | 352,000 | 2,460 | 828 | ||||||||||||||||||||||
Charlotte, NC | 94 | 388,000 | 2,410 | 439 | ||||||||||||||||||||||
Denver, CO | 44 | 586,000 | 3,230 | 452 | ||||||||||||||||||||||
Salt Lake City, UT | 38 | 456,000 | 2,640 | 131 | ||||||||||||||||||||||
Seattle, WA | 36 | 507,000 | 3,100 | 256 | ||||||||||||||||||||||
Nashville, TN | 30 | 414,000 | 2,470 | 467 | ||||||||||||||||||||||
Columbus, OH | 20 | 384,000 | 2,390 | 580 | ||||||||||||||||||||||
Charleston, SC | 19 | 519,000 | 3,350 | 910 | ||||||||||||||||||||||
Raleigh, NC | 14 | 401,000 | 2,370 | 3 | ||||||||||||||||||||||
Phoenix, AZ | — | — | — | 1,721 | ||||||||||||||||||||||
Total/Average | 1,100 | $ | 383,000 | $ | 2,490 | 10,114 | ||||||||||||||||||||
Lots optioned | 3,330 | |||||||||||||||||||||||||
Total lots owned and optioned | 13,444 |
Dec 31, 2022 Lots for Future Delivery (1) | YTD 2Q23 Lots Added (3) | YTD 2Q23 Deliveries | Full Year Estimated 2023 Deliveries (4) | Deliveries Thereafter (4) | ||||||||||||||||||||||||||||
Wholly-owned development pipeline (2) | 13,764 | (112) | 767 | 1,775 - 1,925 | 11,802 | |||||||||||||||||||||||||||
Joint venture development pipeline (2)(5) | 743 | 149 | 333 | 425 - 475 | 442 | |||||||||||||||||||||||||||
Total development pipeline | 14,507 | 37 | 1,100 | 2,200 - 2,400 | 12,244 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 22 |
AMH |
MTM | 3Q23 | 4Q23 | 1Q24 | 2Q24 | Thereafter | |||||||||||||||||||||||||||||||||
Lease expirations | 3,564 | 12,833 | 9,500 | 12,159 | 15,212 | 3,125 |
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 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2020 | — | — | — | 86,130 | 2,414 | 28.03 | ||||||||||||||||||||||||||||||||
2021 | — | — | — | 1,749,286 | 72,344 | 41.36 | ||||||||||||||||||||||||||||||||
2022 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
1Q23 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
2Q23 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | 1,804,163 | 34,933 | $ | 19.36 | 1,835,416 | 74,758 | $ | 40.73 | ||||||||||||||||||||||||||||||
Remaining authorization: | $ | 265,067 | Remaining authorization: (1) | $ | 1,000,000 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 23 |
AMH |
Full Year 2023 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.58 - $1.64 | $1.62 - $1.66 | |||||||||
Core FFO attributable to common share and unit holders growth | 2.5% - 6.5% | 5.2% - 7.8% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 5.00% - 7.00% | 5.75% - 7.25% | |||||||||
Core property operating expenses growth | 8.75% - 10.75% | 8.75% - 10.75% | |||||||||
Core NOI growth | 3.00% - 5.00% | 4.00% - 5.50% |
Full Year 2023 (Unchanged) | |||||||||||
Investment Program | Properties | Investment | |||||||||
Wholly owned acquisitions | — | — | |||||||||
Wholly owned development deliveries | 1,775 - 1,925 | $600 - $700 million | |||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | |||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | |||||||||
Total capital investment (wholly owned and pro rata JV) | 1,775 - 1,925 | $0.8 - $1.0 billion | |||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.0 - $1.2 billion |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 24 |
AMH |
25 |
AMH |
(Amounts in thousands) | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | ||||||||||||||||||||||||
Total Debt | $ | 4,438,629 | $ | 4,444,863 | $ | 4,581,628 | $ | 4,457,326 | $ | 4,462,933 | |||||||||||||||||||
Less: cash and cash equivalents | (199,601) | (255,559) | (69,155) | (97,244) | (70,375) | ||||||||||||||||||||||||
Less: asset-backed securitization certificates | (25,666) | (25,666) | (25,666) | (25,666) | (25,666) | ||||||||||||||||||||||||
Less: restricted cash related to securitizations | (45,289) | (42,365) | (39,854) | (49,932) | (41,469) | ||||||||||||||||||||||||
Net debt | $ | 4,168,073 | $ | 4,121,273 | $ | 4,446,953 | $ | 4,284,484 | $ | 4,325,423 | |||||||||||||||||||
Preferred shares at liquidation value | 230,000 | 230,000 | 230,000 | 230,000 | 230,000 | ||||||||||||||||||||||||
Net debt and preferred shares | $ | 4,398,073 | $ | 4,351,273 | $ | 4,676,953 | $ | 4,514,484 | $ | 4,555,423 | |||||||||||||||||||
Adjusted EBITDAre - TTM | $ | 827,550 | $ | 809,987 | $ | 784,076 | $ | 760,912 | $ | 733,162 | |||||||||||||||||||
Net Debt and Preferred Shares to Adjusted EBITDAre | 5.3 x | 5.4 x | 6.0 x | 5.9 x | 6.2 x |
(Amounts in thousands) | For the Trailing Twelve Months Ended Jun 30, 2023 | ||||
Interest expense per income statement | $ | 143,229 | |||
Less: amortization of discounts, loan costs and cash flow hedges | (12,279) | ||||
Add: capitalized interest | 52,352 | ||||
Cash interest | 183,302 | ||||
Dividends on preferred shares | 13,944 | ||||
Fixed charges | $ | 197,246 | |||
Adjusted EBITDAre - TTM | $ | 827,550 | |||
Fixed Charge Coverage | 4.2 x |
For the Three Months Ended | For the Trailing Twelve Months Ended Jun 30, 2023 | ||||||||||||||||||||||||||||
(Amounts in thousands) | Sep 30, 2022 | Dec 31, 2022 | Mar 31, 2023 | Jun 30, 2023 | |||||||||||||||||||||||||
Unencumbered Core NOI | $ | 147,932 | $ | 152,573 | $ | 156,824 | $ | 158,796 | $ | 616,125 | |||||||||||||||||||
Core NOI | 210,838 | 216,371 | 220,901 | 223,461 | 871,571 | ||||||||||||||||||||||||
Unencumbered Core NOI Percentage | 70.7 | % |
26 |
AMH |
27 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 115,414 | $ | 74,555 | $ | 253,113 | $ | 144,569 | |||||||||||||||
Interest expense | 34,844 | 34,801 | 70,726 | 62,368 | |||||||||||||||||||
Depreciation and amortization | 113,199 | 104,415 | 225,916 | 204,369 | |||||||||||||||||||
EBITDA | $ | 263,457 | $ | 213,771 | $ | 549,755 | $ | 411,306 | |||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (62,758) | (32,811) | (147,417) | (54,855) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,058 | (199) | 1,568 | (570) | |||||||||||||||||||
EBITDAre | $ | 201,757 | $ | 180,761 | $ | 403,906 | $ | 355,881 | |||||||||||||||
Noncash share-based compensation - general and administrative | 5,982 | 5,932 | 9,725 | 9,962 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,132 | 1,132 | 2,198 | 2,131 | |||||||||||||||||||
Acquisition, other transaction costs and other | 4,175 | 7,658 | 9,251 | 13,632 | |||||||||||||||||||
Adjusted EBITDAre | $ | 213,046 | $ | 195,483 | $ | 425,080 | $ | 381,606 | |||||||||||||||
Recurring Capital Expenditures | (20,913) | (15,959) | (35,106) | (27,137) | |||||||||||||||||||
Leasing costs | (768) | (644) | (1,576) | (1,179) | |||||||||||||||||||
Fully Adjusted EBITDAre | $ | 191,365 | $ | 178,880 | $ | 388,398 | $ | 353,290 | |||||||||||||||
Rents and other single-family property revenues | $ | 395,548 | $ | 361,876 | $ | 793,251 | $ | 717,981 | |||||||||||||||
Less: tenant charge-backs | (45,814) | (43,137) | (101,209) | (95,409) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures - income | 2,873 | 3,552 | 6,168 | 6,351 | |||||||||||||||||||
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures | $ | 352,607 | $ | 322,291 | $ | 698,210 | $ | 628,923 | |||||||||||||||
Adjusted EBITDAre Margin | 60.4 | % | 60.7 | % | 60.9 | % | 60.7 | % | |||||||||||||||
Fully Adjusted EBITDAre Margin | 54.3 | % | 55.5 | % | 55.6 | % | 56.2 | % |
28 |
AMH |
For the Trailing Twelve Months Ended | |||||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||||||||||||||
Net income | $ | 418,569 | $ | 377,710 | $ | 310,025 | $ | 267,557 | $ | 254,393 | |||||||||||||||||||
Interest expense | 143,229 | 143,186 | 134,871 | 126,885 | 121,728 | ||||||||||||||||||||||||
Depreciation and amortization | 448,078 | 439,294 | 426,531 | 410,854 | 396,029 | ||||||||||||||||||||||||
EBITDA | $ | 1,009,876 | $ | 960,190 | $ | 871,427 | $ | 805,296 | $ | 772,150 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (229,021) | (199,074) | (136,459) | (92,347) | (77,722) | ||||||||||||||||||||||||
Adjustments for unconsolidated joint ventures | 2,482 | 1,225 | 344 | 197 | 472 | ||||||||||||||||||||||||
EBITDAre | $ | 783,337 | $ | 762,341 | $ | 735,312 | $ | 713,146 | $ | 694,900 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 15,081 | 15,031 | 15,318 | 14,991 | 13,158 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 3,928 | 3,928 | 3,861 | 3,872 | 3,537 | ||||||||||||||||||||||||
Acquisition, other transaction costs and other | 19,071 | 22,554 | 23,452 | 22,770 | 21,567 | ||||||||||||||||||||||||
Hurricane-related charges, net | 6,133 | 6,133 | 6,133 | 6,133 | — | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 827,550 | $ | 809,987 | $ | 784,076 | $ | 760,912 | $ | 733,162 |
29 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Property management expenses | $ | 30,666 | $ | 28,768 | $ | 61,466 | $ | 54,802 | |||||||||||||||
Less: tenant charge-backs | (1,850) | (1,408) | (3,590) | (2,763) | |||||||||||||||||||
Less: noncash share-based compensation - property management | (1,132) | (1,132) | (2,198) | (2,131) | |||||||||||||||||||
Property management expenses, net | $ | 27,684 | $ | 26,228 | $ | 55,678 | $ | 49,908 | |||||||||||||||
General and administrative expense | $ | 19,937 | $ | 18,847 | $ | 37,792 | $ | 36,129 | |||||||||||||||
Less: noncash share-based compensation - general and administrative | (5,982) | (5,932) | (9,725) | (9,962) | |||||||||||||||||||
General and administrative expense, net | $ | 13,955 | $ | 12,915 | $ | 28,067 | $ | 26,167 |
30 |
AMH |
For the Three Months Ended Jun 30, | For the Six Months Ended Jun 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income per common share–diluted | $ | 0.27 | $ | 0.16 | $ | 0.59 | $ | 0.32 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Conversion from GAAP share count | (0.03) | (0.02) | (0.07) | (0.04) | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 0.03 | 0.02 | 0.07 | 0.04 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (0.15) | (0.08) | (0.36) | (0.14) | |||||||||||||||||||
Depreciation and amortization | 0.27 | 0.26 | 0.56 | 0.52 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (0.01) | (0.01) | (0.02) | (0.02) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.33 | $ | 0.77 | $ | 0.68 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 0.01 | 0.02 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 0.02 | 0.02 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - property management | — | — | 0.01 | 0.01 | |||||||||||||||||||
Redemption of perpetual preferred shares | — | 0.01 | — | 0.01 | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.41 | $ | 0.38 | $ | 0.82 | $ | 0.76 | |||||||||||||||
Recurring Capital Expenditures | (0.05) | (0.04) | (0.09) | (0.07) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.36 | $ | 0.34 | $ | 0.73 | $ | 0.69 |
31 |
AMH |
For the Three Months Ended Jun 30, 2023 | |||||
Adjusted FFO attributable to common share and unit holders | $ | 148,786 | |||
Common distributions | (91,463) | ||||
Retained Cash Flow | $ | 57,323 |
32 |
AMH |
33 |
Executive Management | ||||||||
David P. Singelyn | Christopher C. Lau | |||||||
Chief Executive Officer | Chief Financial Officer | |||||||
Bryan Smith | Sara H. Vogt-Lowell | |||||||
Chief Operating Officer | Chief Legal Officer |
AMH Diversified Portfolio | ||||||||
Corporate Information | Investor Relations | |||||||
280 Pilot Road | (855) 794-2447 | |||||||
Las Vegas, NV 89119 | investors@amh.com | |||||||
Media Relations | ||||||||
23975 Park Sorrento, Suite 300 | ||||||||
Calabasas, CA 91302 | (855) 774-4663 | |||||||
media@amh.com | ||||||||
(702) 847-7800 | ||||||||
www.amh.com |
D!\@'Z @,"# (4 AT")@(O C@"
M00)+ E0"70)G G$">@*$ HX"F *B JP"M@+! LL"U0+@ NL"]0, PL#%@,A
M RT#. -# T\#6@-F W(#?@.* Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@!"T$
M.P1(!%4$8P1Q!'X$C 2:!*@$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MGAK%&NP;%!L[&V,;BANR&]H< APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA
M?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82 A..%1X6KA@Z&
M )K#-9E;3\>3A7G( $ZEXZR .4Q1
M< #@D9,<,ARBHQ9.4@3JY)T9.8M$L(R: #G#E DY,<%
MH CK,['D'"9U8FS>*;16M/QR!%AR\Q;E8 B&: #@D$J^ONSR'T'=7
MD/H8 Z5_7?SUI7U'@4Q#6D,J?)BI[8I&?7E6JQ7K6:HM>HQW
M $4VYF>5N8F?7)'2P $,X^ #F+1+".)B6E30(<4 "&8AFLF\ "IQ9.21GPP
M3%3CS56ILII'&2*,@F5O%61QDKPCBMQ$1PFX[\IGKS:98ZS%$QUO-BTY83:7
MF4L(XRQ1<"*$C+AH,NK"B":P6B"8AFH '!P )CF)GZV:*LQKS(M78\]53+'>
M4APJE2VQTV3%+123@YLEVK+M6?+BJ.;S*R !%$S\6:.+11:IKEJ:9)M+1VD
MGE(%';#)O20Q2,F*5-8)B3- 1#- ).1P"?C)D ;6U93-'60!S%N5N9A(F7%*>: 1RXA#$\35$\Q,RMH(B9$QUN!%69
MDVB60XO%57)4UR7##MSHL)5HA133BH;X95L )J
M($2YB!4 3%HHGFTQXKQ5M%,@E20!SD ".J94 .8ORD "&<:SFP
M !#B@0$H AO2')B A(2632, Y3'&7F)1(JZYHE@
M (U)$QQ., 3JYN4";&2=6\1.Q9JC'?F)YB\46J\>Q'-A,B:RF>HQ9:O#GK,&
M6/':97-5X\\V+SZY .)KQ-0."")E6QPHAFO"*>^),2;5I #^F;Y\%], '5OZI\4U9ZKQ0AG'P ""T 0V<$4
M )44A5XK( $47YID3"0G4R15F*LQ4M-7BF>;Q'%JO%FG8\M1BRUV'8YB9=
MH3%+?#2Y,,N^.GRXJ;-A0K-?8X1Q=+O67>D%J2JTD9,5--$UYOCI[5I9L1<<6S7X=J),^+\0E37B$.2)-\,J^."'$.#A$1%$T5\%ESZ4*(ZH+$Q!>O
M%ZRLF*3FQ\34 10YASCM.UMA$SJY)M;3(F?%XER95L00$%G%2H3)M-6'"(9K
M3Y*0Y:06K)OC '-+S,.69554R1+3&2969],A,K)BA1"06<5CBI#BKF)J,EN4
M@#A$%JB&:RYH3R)D
8MR1 (K*99M,@ '!(R8X9
M#E%1BR)"=CO,K8 9;R^YV4^>?6ZC'E '1[[-^
M
*@ ).3'!: (JS.I8<2G5M.K
M?E:),R+(D3L>25>DJ]1.QWF5L !M+S7L][^)^D@
M:U]!Y'HG]I_-*9IK8Z++@D322U^$<3,5;5E=F>RU!P!CE>.9):NPYIB
M0 .*$2!RFKKGJZ9^(3Z9(DU%,I,NV$<$@ $
4U&*Y-1&:
M;69^/().Q2);A%(PTU\<,UAFDJU)&3$(HR<*U./+,IE')Q+F $Y:;7-R3L
YN;F]V
M[ZOSL:G:Z7XMKZ8,_)PA;JE7/YGX]OZRMGB^$^'H>2D;7>?)J]&\6UK:N3ZV
MMGB=MK8/BUU/0:.C)]I6WY_>,XP .$0S$C+2"<6ZO'_0MV>-^B
M #I;]<_/NE?6_/><
=%XTD
(B&*A:%@%/?'+C&.#F+UF+, )ELI'" ."
M.+S:S'6T47%57( !!,4-,4J:@
4QQ:.$43%!%IB9D3S
MD11-3BV)]
)8@ 5,9*NN=$QPIKXY$XP !QDHF $D I/$!$L(58HL2(9
MH0 )=TN@ 0WI#DQ !#BDQ1;E( '%J\7J)9+!S,3XD#DYC)
M%%^8D #D!').BZSFL
WBOI.]O%?20
M !U!^L_!=/^M\##:)JZ)XK$5
S-BX').QHHORM/Q9:G#LS%I[)
M,K-1&9$SL,S(O.7F4R56++4XLL=;U.++%%IL9*S'ECJEVBCR89%L=-.*#+2W
MY->BVM:DS8K;GTJ7-KR%)-L:+0WQRR%5-9E+3*S3Y*R[4WGXKZ/O'Q?T<
M =/_K?P33'KOGPBF_)S"=%JC'GBK(XL@O7@XFO$UD127:I)'$P1
MPB$ @A,QY)R>$0DK+2.+<361-*2V&/%;FDR,E9U+S8MS6R\<6KPKS%AQ-9N+
M+48=CF+
OC-"2;N*UY.+1)C%Q::?)AXFB'$Q3
M30#C& "SFTQ1?F$\)YB1S2_,6 ',E@CK,=40 !RGF+@ !,+1Q:H
M 0XH$!* (;TAR8@ B2$@ )9+!-(P#E,<9>8E$BKKFB6
M C4D3'$X^)3*Y(XM41>.MX910FTO&F;CR3L>6*+5$98T1UR3L>2;7),KDJ8
MO,Q6J:9ZO#DFTRSJ7J<>Q$FLQY8H2;Q)FDM$=8EWBEOKTF?!29L-)FP4>;!2
M9M>6HA2YL$B:2K8X)B*)BA36Q2+UWCXOZ-O#Q?T4 =1/K'PC
M2_L/GTNU8D@3ZS,KDABHYF>4\S;B:\363%9=JDD<*\($,N3DG8\LS6SSL>3B
M4-JRMK6DWB&:4TXZ:V/BI5 1UF?2\5
:V 22YL$=4RH $Q18D )CB]2$@ AQ0("4 0WI#DQ
M 2R6":1@'*8XR\Q*)%77-$L !&I(F.)QCE,46JJY9E;PR)GT
MO'$S*7GX\G,7FQ>)$=,TV+\DVMZG'EJ\.:IIGK,.2;CRS:WJ\6S$FKQY.4RK
M1*FD*)E9BF:>U)%\--?#39,4B^.7>M/:D"E+EPR+XY-J<1$K)25DQTF;5H[X
M-V^-^B[P\7]% '43ZS\)TOZ_YY!:O*P$^DQ)BM8 2(Q\2XE"
M#DCJX.$"&8)F1,W'DYULTVM^)F&:TVWJ09(DSCDVQB&M88CBEH)K-IDCKDF4
MM54V>+4X0!,QY$6Y(Z6XF(+5BF8ZS'2W)!:.+5I\^(!
6=2\O-BHMG5E7HM'%HAA*F(5:?)BCI-3ASRZS'CM4X\_,N:7FUM-
MI>)/,PLYI
:9*K'>JQYN2;2\RMHHO,B\2>
M8E,
>HC*K,5;
)F'81,.LS8M"1'%;;6]?BV:O'DK<6W4TS5F+8F5MRF":D((138<$N:B1
M-8H4\XH$<4GBU(2*+1W3;S39L%); F$E)&X?(>]W%Y#WP ZP
M_3_C6FO9_/+)M:$B^.E8948Z::0S6ARZ\FV+FMK[K]&NKG BC(.81%17+68L
MY,XB 9(XM3L5OC7X.9<(EVI!:LR0Y2.)3,.;FMDA.K:IKLHD06Q4=]6&8YQ9
M(HM%6T=;G"!.IEAA%(3<5J*^"7DK+KCY3S%H\.2.LQU5MM
MFIK>$EY:<(AFL,0-G^8]CL[S/L0 !UZ^@?+-5^I\3;\VM2SAH
M,FO:-[FVO:TZ:V"FMBEUCF)K)S38N B4H[6J,=N8M&M&3JY. #BTRHQ4-L7!
MS5Q9S"(@E,JCK,$Q$F*)6CF9Y3.I,S'EYK;F;<5*RB58X %JK0 !S%^8F.MY
MM9B3S6W-+Q1-37)SDB&T3:6J,66OQ[E5CO44RW'%MWO4Z<8*6YLEQ6FK2*SD'$H82R%67.%8HX$ !,KFCBT( (9K!;"!
M%%XZY0)DS/M?E>9$0K "=2:S'EY3RE$Q+$SXM'%J[7VIU,G$Q%6:NFU-BT4.
M85.+-,K:.MN0F96W,.83*WXF.$
8N.)K.I>H9N$<34 4DXQ#.,2B "8E,
M24R,O,2)U)YJYF>8N(9Q@ "?3)58MB J<>2*MN5QS6W..XG+WK%N3J9!
MR3ILK-13)R3*WCK>),RMHHE6\Z,DR+2IK"F.LS*3/C)/KGYB9
9$0K ";2:O'?F4<9 3&O/AS6U5AVI],HG4F9&6=%^:3$5>/,3'6\=9F5F
M*)+$QP X1Q,\(E36(I
M_D=3N?)QX?V7H#Y7!]?+L]M\?9JLU;=H[/3[%/>K-:X9M7763%XS8-?Y8N]Q
M?:OWOF?HFS\#;.ANQVJJJ:9IL60FKQQ:76LK)CLFYSJ&<,%Z09,
0 03$^
]W!X_WX ZO?4OC6
MKO4^,"$54<(EN8GE-1ANB9]1DQ\Q$F[@X)U9AF."( G8
3D@B$QR@*RB1Q"6K(FG$QP!$@1+0
M3B $%E17)4SEG4O44RD.)FTE9,KEY14QE0XB .$<36&8D9*06KN+QO
MO]U>+^A@ #JK]7^(ZH]9X@ "?2>8F*+CA6?CV)U+1UO'6T[%F
MBFP Y(J@ .)0REVQ0VK#,"%'$QQ,HCF$:P $>&]3CS<2BI-53/-BU1CRU-<
ML!)FLNU9&7!2Y=:&4%HD,5/EQTV3$2 (9IQ:L..(<8 4\PB0FM-MZ_.;%)5Y
ME#6)=X@D.)IQ,#F+<@E5QP6K*LX5AF)
0
!PCB: F*+@
=
M68ZVBBT43,IFG4M)R8Z?)B@M YB9F.T:.5XJWAMC XFHX(906K3WPIF&V.%$
MG)2ASZ]MSZ
7V>F0UOV G'!:N(Y%RYF;9G)S=I]S'[C[.7TBZ&G;=K!@D5\"J
M<[XU=#K;A\C[?O[S*3\^E(F:R*T\Q.O$NMIN2F04M3VC"DU)