sitox Co-produced by Austin Rogers. Commercial real estate ("CRE") is simultaneously one of the most feared areas of the economy and one of the most hated sectors of the stock market today. But this low sentiment has concealed some hidden gems in the space. For example, there are two particular trends we are seeing play out in CRE today that, combined with the selloff in real estate investment trusts ("REITs") (VNQ), has resulted in some very attractive buying opportunities. Below, we discuss both. Long ...

Financial Data and Key Metrics Changes - The company reported core FFO of $0.43 per share, reflecting a year-over-year growth of 5.8% [7][15] - Net income attributable to common shareholders was $109.3 million, or $0.30 per diluted share [15] - Adjusted FFO was $0.40, representing a year-over-year growth of 6.5% [15] Business Line Data and Key Metrics Changes - Same-Home core revenue growth was 5.3%, with occupancy metrics showing an increase to 96.2% [11] - Same-Home average occupied days improved to 96.6% in April, with new, renewal, and blended rental rate spreads of 5.1%, 5.2%, and 5.2% respectively [12] - Same-Home core NOI growth was 4.9% for the quarter [11] Market Data and Key Metrics Changes - The company noted a healthy demand for single-family rentals, driven by macro factors such as housing shortages and demographic trends [8] - The company observed a significant reduction in the supply of new homes in its markets, with about half the number of homes available compared to pre-pandemic levels [22] Company Strategy and Development Direction - The company is focused on its development program, expecting to deliver between 2,200 and 2,400 homes in 2024 [12] - The company aims to address the housing shortage by providing new premium housing options in desirable locations [9] - Sustainability initiatives include a commitment to energy-efficient homes, with 2023 deliveries being 54% more energy-efficient than typical American homes [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for single-family rentals and the strength of the leasing momentum [10] - The company is maintaining its guidance for 2024, citing robust demand and leasing activity [17] - Management acknowledged the potential for increased bad debt but noted a positive trend in collections [26] Other Important Information - The company was added to the S&P 400 Index on March 1, creating an opportunity to sell approximately 3 million Class A common shares [17] - The company repaid its 2014-SFR2 securitization, freeing up approximately 4,500 properties for asset management and disposition [16] Q&A Session Summary Question: About external growth and portfolio acquisitions - Management indicated that they are seeing opportunities in the acquisition landscape, particularly from national builders, with economic yields in the high 4s to low 5s [21][22] Question: On bad debt and revenue sustainability - Management reported that bad debt remains consistent with previous years, with a slight improvement noted in March [26] Question: On expense trends and property taxes - Management maintained their expense growth outlook at 6.25%, with property taxes expected to grow in the low 7% area [30] Question: On renewal rent growth and tenant negotiations - Management confirmed that renewal rates remain healthy, with no significant pushback from tenants [56] Question: On home prices and move-outs to home ownership - Management noted that the percentage of move-outs to buy is at its lowest, indicating stability in rental demand despite fluctuations in home prices [85] Question: On the impact of institutional investors on the market - Management discussed the legislative landscape and emphasized that state-level initiatives are addressing housing shortages effectively [88][89]

[PART I FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended March 31, 2024 [American Homes 4 Rent Financial Statements](index=7&type=section&id=American%20Homes%204%20Rent%20Financial%20Statements) Reports Q1 2024 revenues of $423.6 million, net income of $128.1 million, and total assets of $12.76 billion Condensed Consolidated Balance Sheet Highlights (AMH) | Metric | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$12,761,092** | **$12,688,190** | | Total Real Estate Assets, Net | $11,806,056 | $11,757,225 | | Cash and Cash Equivalents | $124,826 | $59,385 | | **Total Liabilities** | **$5,056,361** | **$5,035,307** | | Unsecured Senior Notes, Net | $3,095,733 | $2,500,226 | | Asset-Backed Securitizations, Net | $1,407,380 | $1,871,421 | | **Total Equity** | **$7,704,731** | **$7,652,883** | Condensed Consolidated Statements of Operations Highlights (AMH) | Metric | Q1 2024 ($ in thousands) | Q1 2023 ($ in thousands) | | :--- | :--- | :--- | | Rents and other revenues | $423,555 | $397,703 | | Total Expenses | $366,841 | $349,398 | | Gain on sale of properties, net | $68,901 | $84,659 | | **Net Income** | **$128,095** | **$137,699** | | Net income attributable to common shareholders | $109,289 | $117,465 | | **Diluted EPS** | **$0.30** | **$0.32** | Condensed Consolidated Cash Flow Highlights (AMH) | Metric | Q1 2024 ($ in thousands) | Q1 2023 ($ in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $201,780 | $200,467 | | Net cash used for investing activities | ($68,146) | ($72,912) | | Net cash (used for) provided by financing activities | ($72,204) | $63,300 | | **Net increase in cash** | **$61,430** | **$190,855** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Details accounting policies, asset composition, debt structure, and significant Q1 2024 financing activities - As of March 31, 2024, the Company owned **59,343 single-family properties** in 21 states, including 728 properties classified as held for sale[60](index=60&type=chunk) Debt Composition as of March 31, 2024 | Debt Type | Outstanding Principal ($ in thousands) | | :--- | :--- | | Asset-backed securitizations | $1,411,186 | | Unsecured senior notes | $3,150,000 | | Revolving credit facility | $0 | | **Total Debt** | **$4,561,186** | - In Q1 2024, the Operating Partnership paid off the **$460.6 million AMH 2014-SFR2 securitization**, resulting in a $1.0 million loss on early extinguishment of debt and releasing 4,516 homes as collateral[88](index=88&type=chunk) - In Q1 2024, the Operating Partnership issued **$600.0 million of 5.500% unsecured senior notes** due 2034, receiving net proceeds of $595.5 million[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 2024 financial performance, highlighting revenue growth, operational results, and liquidity [Overview](index=35&type=section&id=Overview) Summarizes the company's property portfolio of 59,343 homes and its focus on the AMH Development Program Portfolio Snapshot as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Single-Family Properties | 59,343 | | Properties Held for Sale | 728 | | Occupied Properties (excl. held for sale) | 56,362 | | Properties in Unconsolidated JVs | 3,004 | - In Q1 2024, the company added **482 homes** (441 from its AMH Development Program) and sold 471 homes[143](index=143&type=chunk) - The company has strategically scaled back acquisitions through its National Builder Program and traditional channels, focusing on its internal **AMH Development Program**, and anticipates resuming growth in other channels once markets stabilize[143](index=143&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Details a 6.5% revenue increase to $423.6 million and a 5.3% growth in Same-Home core revenues for Q1 2024 Q1 2024 vs. Q1 2023 Performance | Metric ($ in millions) | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Rents & Other Revenues | $423.6 | $397.7 | +6.5% | | Property Operating Expenses | $155.9 | $147.1 | +6.0% | | Net Income | $128.1 | $137.7 | -7.0% | | Core NOI | $237.7 | $220.9 | +7.6% | Same-Home Portfolio Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Core Revenues | $334.1M | $317.4M | +5.3% | | Core Property Operating Expenses | $114.8M | $108.4M | +5.9% | | Core NOI | $219.3M | $209.0M | +4.9% | | Avg. Monthly Realized Rent | $2,147 | $2,027 | +5.9% | | Avg. Occupied Days % | 96.2% | 97.2% | -1.0% | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Outlines liquidity of $124.8 million in cash and key Q1 2024 financing activities, including a $600 million note issuance - As of March 31, 2024, liquidity included **$124.8 million in cash** and **$1.25 billion available** under the revolving credit facility[188](index=188&type=chunk) - In Q1 2024, the company issued **$600.0 million of 5.500% unsecured senior notes** due 2034, raising net proceeds of $595.5 million[188](index=188&type=chunk)[200](index=200&type=chunk) - The company raised **$33.7 million in gross proceeds** from its At-the-Market (ATM) program in Q1 2024, with $864.3 million remaining available[188](index=188&type=chunk)[202](index=202&type=chunk) - Net cash used for financing activities was **$72.2 million** in Q1 2024, a significant shift from $63.3 million provided by financing in Q1 2023, driven by the payoff of the AMH 2014-SFR2 securitization, offset by the new notes issuance[198](index=198&type=chunk) [Additional Non-GAAP Measures](index=46&type=section&id=Additional%20Non-GAAP%20Measures) Reconciles non-GAAP measures, showing Core FFO growth to $180.9 million and Adjusted EBITDAre growth to $227.7 million FFO Reconciliation Highlights ($ in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $109,289 | $117,465 | | FFO attributable to common share and unit holders | $168,376 | $158,604 | | **Core FFO attributable to common share and unit holders** | **$180,937** | **$168,489** | | Adjusted FFO attributable to common share and unit holders | $166,018 | $153,488 | EBITDAre Reconciliation Highlights ($ in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $128,095 | $137,699 | | EBITDA | $282,398 | $286,298 | | EBITDAre | $215,094 | $202,149 | | **Adjusted EBITDAre** | **$227,655** | **$212,034** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses market risk exposure, primarily interest rate risk, which is currently minimal due to no variable rate debt - As of March 31, 2024, the company had **no outstanding variable rate debt** and therefore no current exposure to interest rate risk on its borrowings[221](index=221&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures with no material changes to internal controls - Management concluded that the disclosure controls and procedures for both American Homes 4 Rent and the Operating Partnership were **effective** as of the end of the period covered by the report[224](index=224&type=chunk)[227](index=227&type=chunk) - There were **no changes** during the quarter ended March 31, 2024, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[225](index=225&type=chunk)[228](index=228&type=chunk) [PART II OTHER INFORMATION](index=50&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Discloses cooperation with a Georgia Attorney General's Office investigation regarding landlord-tenant matters - The company is cooperating with an investigation by the **Georgia Attorney General's Office** concerning landlord-tenant matters and is exploring a potential negotiated resolution[128](index=128&type=chunk)[230](index=230&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors disclosed in the 2023 Annual Report on Form 10-K - There have been **no material changes** to the risk factors previously disclosed in the 2023 Annual Report on Form 10-K[231](index=231&type=chunk)

AMH Table of Contents Summary Earnings Press Release 3 Select Non-GAAP Reconciliations – Core Net Operating Income 8 Fact Sheet 10 Financial Information Condensed Consolidated Statements of Operations 11 Funds from Operations 12 Core Net Operating Income – Total Portfolio 13 Same-Home Results 14 Condensed Consolidated Balance Sheets 17 Debt Summary 18 Capital Structure and Credit Metrics 19 Property and Other Information Top 20 Markets Summary 20 Property Additions and Dispositions 21 AMH Development Pipeli ...

In its upcoming report, American Homes 4 Rent (AMH) is predicted by Wall Street analysts to post quarterly earnings of $0.43 per share, reflecting an increase of 4.9% compared to the same period last year. Revenues are forecasted to be $414.34 million, representing a year-over-year increase of 4.2%.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial project ...

3 Dividend Stocks Under $100 To Buy Now Foryoui3 / Shutterstock.com During these volatile economic and market times, investors are hunting greater stability more than ever before. One of the few things that has stayed the same in changing market cycles has been the dependable income stream that dividend stocks provide.Many companies pride themselves on their dividend track records, not daring to veer off course for fear of losing investor loyalty. While there’s always a risk a board of directors will lowe ...

Core Insights - AMH published its 2023 Sustainability Report, highlighting its commitment to responsible business practices and transparency in environmental impact, workplace quality, and resident well-being [1][3] Sustainability Initiatives - The company reduced greenhouse gas emissions intensity per home by 16% from the baseline in 2021 [2] - AMH generated 630 MWh of renewable energy through an expanded solar pilot program [2] - The average Home Energy Rating System (HERS®) score for newly built homes in 2023 was 59.5, which is an improvement of 2.4 points from the previous year [2] - The company achieved a top-quartile employee Net Promoter Score®, indicating a strong commitment to workplace quality [2] - AMH enhanced its cybersecurity measures to protect customer data privacy and security [2] - The average Google rating improved to 4.72 out of 5, reflecting a commitment to customer experience [2] Recognition and Awards - The publication of the sustainability report follows the recent LEED® Gold certification awarded to the company's corporate headquarters, recognizing its green building practices [3] - AMH has received multiple accolades, including being named one of Fortune's 2023 Best Workplaces in Real Estate™, a 2024 Great Place to Work®, and one of America's Most Responsible Companies 2024 [4] Company Overview - AMH is a leading integrated owner, operator, and developer of single-family rental homes, managing nearly 60,000 properties across various U.S. regions as of December 31, 2023 [4]

Core Insights - AMH has achieved LEED® Gold certification for its corporate headquarters in Las Vegas, highlighting its commitment to sustainable building practices [1][2] - The certification reflects the company's focus on health, well-being, and responsible environmental practices in its operations [2] Sustainability Initiatives - AMH's properties are designed to use 50% less energy than typical U.S. homes, evaluated through the Home Energy Rating System® program [2] - In 2023, AMH generated 630 MWh of renewable energy through its solar pilot program at select amenity centers and residences [2] - The company reported a 16% decrease in emissions intensity per occupied home in 2023 compared to the 2021 baseline, as part of its Greenhouse Gas Inventory Management Plan [2] Company Overview - AMH is a leading integrated owner, operator, and developer of single-family rental homes, focusing on simplifying the leasing experience [3] - As of December 31, 2023, AMH owned nearly 60,000 single-family properties across various regions in the United States [4]

airdone REIT Performance The REIT sector has had a rough start to 2024 with back-to-back months of negative total return. Equity REITs averaged a -0.81% total return in February and again underperformed the broader market. The NASDAQ (+6.2%), S&P 500 (+5.3%) and Dow Jones Industrial Average (+2.5%) all saw strong gains in February. The market cap weighted Vanguard Real Estate ETF (VNQ) outpaced the average REIT in February (+1.98% vs. -0.81%) and has seen smaller losses year to date (-3.18% vs. -6.33%). ...

The old saying “it takes money to make money” was once true for Wall Street. Only the well-heeled could afford to invest in the stock market. But that’s not the case any longer. The democratization of investing means investors with as little as $100 can start building their retirement nest eggs immediately.Online discount brokerages make it easy to buy and sell shares. And Robinhood (NASDAQ:HOOD) forced the industry to virtually give up transaction fees. Buying and selling stock now is essentially free. Mor ...