Company Once Again Recognized as 39th Largest National Homebuilder on 2024 Builder 100 ListLAS VEGAS, July 10, 2024  /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, announces its 10,000th new home delivery and recognition by Builder Magazine as the 39th largest homebuilder in the United States on its 2024 Builder 100 List. This milestone reaffirms the company's commitment to creating new attainable housing at scale at a time of c ...

LAS VEGAS, July 8, 2024 /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Company will release its second quarter 2024 financial and operating results on Thursday, August 1, 2024, after the market closes. The Company will host a conference call on Friday, August 2, 2024, at 12:00 p.m. Eastern Time to review second quarter results, discuss recent events, and conduct a question-and-answer period.Live conferen ...

4kodiak Real Estate Weekly Outlook U.S. equity markets climbed to fresh record-highs this week while benchmark interest rates hovered near two-month lows as the "bad news is good news" dynamic persisted, with investors responding favorably to another relatively downbeat slate of economic data, including soft retail sales, slowing home construction activity, and a rise in unemployment claims, which together sent the Citi Economic Surprise Index to the lowest since August 2022. Hoya Capital Posting its ei ...

LAS VEGAS, June 18, 2024 /PRNewswire/ -- American Homes 4 Rent (NYSE: AMH) (the "Company") today announced that its operating partnership, American Homes 4 Rent, L.P. (the "Operating Partnership"), has priced an offering of $500 million aggregate principal amount of 5.500% Senior Notes due 2034 (the "Notes"). The Notes will be issued at 99.455% of par value with a coupon of 5.500% per annum. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing January ...

LAS VEGAS, May 29, 2024 /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that members of the Company's management team will participate in a roundtable discussion during Nareit's REITweek 2024 Investor Conference on Wednesday, June 5, 2024 at 1:15 p.m. Eastern Time.A live audio webcast of the presentation will be available on the Company's website at www.amh.com under the "Investor Relations" tab. A replay of the w ...

Tony Anderson According to conventional financial wisdom, it is generally cheaper to own than to rent, especially since monthly payments can go towards paying down the mortgage and building equity. Homeownership has been the easy path to wealth for many Americans over the past few decades. However, with mortgage rates near multi-decade highs at ~7% (Figure 1) and persistently high home prices, that advice is being flipped on its head as affordability is at multi-decade lows. According to a study by GOBa ...

LAS VEGAS, May 9, 2024 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Board of Trustees declared a dividend of $0.26 per share on the Company's common shares for the second quarter of 2024. The distribution will be payable in cash on June 28, 2024 to shareholders of record on June 14, 2024. The Board of Trustees also declared a per share quarterly distribution on the Company's cumulative ...

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)