LAS VEGAS, Feb. 12, 2025 /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 $0.30 per share on the Company's common shares for the first quarter of 2025. This represents an increase of 15 percent versus the prior quarterly dividend rate of $0.26 per share. The distribution will be payable in cash on March 31, 2025 to shareholders of record on March 14, ...

Core Viewpoint - AMH announced the tax treatment of its 2024 cash distributions, detailing the classification of ordinary dividend income and capital gain distributions for the year ended December 31, 2024 [1][2][3] Distribution Classification - For the tax year 2024, quarterly cash distributions were classified as follows: - Ordinary Dividend Income: 56.415249% for each quarter - Capital Gain Distributions: 43.584751% for each quarter - Total distributions for each quarter amounted to 100% [1] - 100% of the ordinary dividend income is treated as Internal Revenue Code (IRC) Section 199A Qualified REIT Dividend Income, requiring shareholders to hold their REIT shares for at least 45 days [1] - 30.154110% of the capital gain distributions is treated as unrecaptured IRC Section 1250 gain, with all capital gain distributions relating to IRC Section 1231 gains [2] Tax Return Status - The tax return for the year ended December 31, 2024, has not yet been filed, and the income tax classification for the distributions has been calculated using the best available information as of the release date [3] Company Overview - AMH is a leading large-scale integrated owner, operator, and developer of single-family rental homes, focusing on acquiring, developing, renovating, leasing, and managing homes as rental properties [4] - As of September 30, 2024, AMH owned nearly 60,000 single-family properties across various regions in the United States [5]

If you want access to our entire Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Landlord.Every week, I feel like a Tokyo passenger pusher, shoving as much information into my article as possible, like the Japanese train attendants shove people into the train.Austin is a contributing author for the investing group High Yield Landlord , one of the largest real estate investment communities on Seeking Alpha, with thousands of members. It offers exclusive res ...

LAS VEGAS, Jan. 17, 2025 /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 fourth quarter and full year 2024 financial and operating results on Thursday, February 20, 2025, after the market closes. The Company will host a conference call on Friday, February 21, 2025, at 12:00 p.m. Eastern Time to review fourth quarter and full year results, discuss recent events, and conduct a quest ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of EQIX, REXR.PR.C, VNQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. A Buy, Sell, or Hold rating in this article does not constitute a Buy, Sell, or Hold recommendation. All investors should exer ...

LAS VEGAS, Dec. 2, 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 5.250% Senior Notes due 2035 (the "Notes"). The Notes will be issued at 99.484% of par value with a coupon of 5.250% per annum. The effective interest rate of the Notes is 5.08%, including the impact of prior interest rate hedges, but excluding o ...

REIT Dividend Trends - Five US real estate investment trusts have suspended dividends so far this year [1] - Six other REITs have lowered regular dividend payouts based on the latest year-to-date tally of REIT dividend announcements [1] - The activity contrasts with the more [1]

And as usual, if you're just here for the dividend stock picks, feel free to scroll down and take a look. Forewarning: It's still largely REITs, because real estate is arguably the most undervaluedAs usual, I have a lot to say.If you want access to our entire Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Landlord.We are the largest real estate investment community on Seeking Alpha with over 2,000 members on board and a perfect 5/5 rating from 400+ review ...

Financial Data and Key Metrics - Revenue growth for Q3 2024 was 4.4% YoY, driven by strong leasing season performance [12] - Same-Home operating expense growth was 2.6% YoY, reflecting effective cost control [12] - Core NOI growth for the quarter was 5.4%, contributing to positive guidance revisions [12] - Core FFO per share and unit grew 6.3% YoY to $0.44, while adjusted FFO per share and unit grew 8% YoY to $0.38 [19] - Net income attributable to common shareholders was $73.8 million, or $0.20 per diluted share, including $3.9 million in hurricane-related losses [18] - Preliminary October estimates show renewal rate growth of 5.4%, occupancy at 95.2%, and new lease rate growth at 2% [12] Business Line Performance - The development program delivered 753 homes in Q3, with 640 homes added to the wholly-owned portfolio at a cost of approximately $250 million [20] - The company acquired 16 properties during the quarter for $5.5 million and sold 256 homes, generating $81 million in net proceeds at an average economic yield of 3% [20] - The newly acquired portfolio of 1,700 homes across 13 markets was purchased for $480 million, with expected NOI yields of 6% once stabilized [14][24] Market Performance - The company operates in high-growth markets, with strong demand for single-family rentals due to a national housing shortage [10] - The development program remains on track to deliver 2,300 high-quality attached single-family homes in 2024, with economic yields averaging in the high 5s [14] - The land pipeline of nearly 11,000 lots supports stable and predictable new construction growth [14] Strategic Direction and Industry Competition - The company focuses on creating the best resident experience in the industry, leveraging technology and operational investments [10] - The acquisition of the 1,700-home portfolio aligns with the company's disciplined growth strategy, providing synergistic opportunities with the existing footprint [14][24] - The company continues to monitor the market for additional acquisition opportunities, emphasizing asset quality and location [15] Management Commentary on Operating Environment and Future Outlook - The company expects to face an uncertain environment due to the upcoming election, economic conditions, and weather-related disruptions [13] - Management remains optimistic about long-term business fundamentals, with strong demand for high-quality single-family rentals [10] - The company has revised its 2024 guidance, increasing core FFO expectations to $1.77 per share, representing 6.6% YoY growth [23] Other Important Information - The company's net debt to adjusted EBITDA ratio was 5.0x at the end of Q3, with a fully undrawn $1.25 billion revolving credit facility and $160 million in cash [21] - The company has reduced its full-year Same-Home core operating expense growth expectations by 100 basis points to 5% [23] - The company's disaster preparedness and response programs helped mitigate hurricane-related losses, with damages primarily consisting of cleanup and minor repairs [18][19] Q&A Session Summary Question: Pricing dynamics for new customers and impact of supply - Demand remains strong, with a temporary moderation in new lease rates due to weather disruptions and seasonality [30][31] - Expectations for new lease rate growth in Q4 are in the low 1% range, with renewal rates in the high 4s to low 5s [31] Question: Bad debt trends - Bad debt in Q3 was in the low 1% range, with full-year expectations remaining at 1% [33] Question: Impact of storms on leasing trends - Weather disruptions temporarily slowed activity, but demand for high-quality single-family rentals remains robust [36][37] Question: Acquisition portfolio yield and value creation - The acquired portfolio has in-place cash flow yields of around 5%, with expected stabilized yields of 6% after optimization [38][39] Question: Occupancy trends and expectations - Occupancy is expected to improve slightly in Q4, with strong momentum heading into 2025 [41][54] Question: Property tax outlook - Property tax growth expectations have been reduced to 6% for 2024, with further moderation expected in 2025 [44][45] Question: Build-to-rent impact on same-store NOI - Build-to-rent properties represent less than 10% of the Same-Home pool, with minimal impact on same-store NOI growth [69][70] Question: Florida property insurance market - The company's insurance renewal for 2025 is expected to be manageable, with premiums increasing in the high single-digit range [98][99] Question: Market rent growth expectations - Market rent growth for 2025 is expected to be in the 3% to 4% range, with the company well-positioned to capture this growth [89]

[Explanatory Note](index=3&type=section&id=EXPLANATORY%20NOTE) This section clarifies the combined reporting of American Homes 4 Rent (AMH) and its Operating Partnership, where AMH holds an 87.7% interest and acts as general partner, to enhance investor understanding and streamline disclosure - The report combines filings for American Homes 4 Rent (AMH) and American Homes 4 Rent, L.P. (Operating Partnership) to provide a consolidated view of the business[7](index=7&type=chunk)[9](index=9&type=chunk) - As of September 30, 2024, AMH owned approximately **87.7%** of the common partnership interest in the Operating Partnership and has exclusive control over its day-to-day management[8](index=8&type=chunk) - AMH's primary function is acting as the general partner, with its main asset being its partnership interest in the Operating Partnership, which owns substantially all company assets and conducts operations[10](index=10&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section advises that the report contains forward-looking statements, subject to significant risks and uncertainties, and actual results may differ materially - The report includes forward-looking statements based on current expectations and assumptions, which are subject to significant risks and uncertainties[16](index=16&type=chunk) - Actual results may differ materially due to various factors, including those discussed in 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations'[17](index=17&type=chunk) - The company is not obligated to update or revise these forward-looking statements unless required by applicable law[18](index=18&type=chunk) [PART I — FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for AMH and its Operating Partnership, including balance sheets, statements of operations, comprehensive income, equity/capital, cash flows, and detailed notes [American Homes 4 Rent Financial Statements](index=6&type=section&id=American%20Homes%204%20Rent%20Financial%20Statements) This sub-section provides AMH's condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, for the periods ended September 30, 2024 and 2023 Condensed Consolidated Balance Sheets (AMH) - Key Figures (Amounts in thousands) | Metric | Sep 30, 2024 (Unaudited) | Dec 31, 2023 | | :--------------------------------------| :-----------------------| :-----------| | Total real estate assets, net | $11,823,031 | $11,757,225 | | Cash and cash equivalents | $162,477 | $59,385 | | Total assets | $12,844,285 | $12,688,190 | | Total liabilities | $5,148,681 | $5,035,307 | | Total equity | $7,695,604 | $7,652,883 | Condensed Consolidated Statements of Operations (AMH) - Key Figures (Amounts in thousands) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| :--------------------------| :--------------------------| | Rents and other single-family property revenues | $445,055 | $421,697 | $1,292,104 | $1,214,948 | | Total expenses | $393,062 | $368,805 | $1,122,666 | $1,063,577 | | Net income | $87,640 | $88,092 | $324,269 | $341,205 | | Net income attributable to common shareholders | $73,821 | $74,113 | $275,252 | $289,607 | | Basic EPS | $0.20 | $0.20 | $0.75 | $0.80 | | Diluted EPS | $0.20 | $0.20 | $0.75 | $0.80 | Condensed Consolidated Statements of Cash Flows (AMH) - Key Figures (Amounts in thousands) | Metric | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| | Net cash provided by operating activities | $709,348 | $623,374 | | Net cash used for investing activities | $(293,048) | $(465,316) | | Net cash used for financing activities | $(320,312) | $(133,371) | | Net increase in cash, cash equivalents and restricted cash | $95,988 | $24,687 | | Cash, cash equivalents and restricted cash, end of period | $317,849 | $242,647 | [American Homes 4 Rent, L.P. Financial Statements](index=16&type=section&id=American%20Homes%204%20Rent%2C%20L.P.%20Financial%20Statements) This sub-section presents the Operating Partnership's condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, capital, and cash flows, reflecting its operational and financial performance Condensed Consolidated Balance Sheets (Operating Partnership) - Key Figures (Amounts in thousands) | Metric | Sep 30, 2024 (Unaudited) | Dec 31, 2023 | | :--------------------------------------| :-----------------------| :-----------| | Total real estate assets, net | $11,823,031 | $11,757,225 | | Cash and cash equivalents | $162,477 | $59,385 | | Total assets | $12,844,285 | $12,688,190 | | Total liabilities | $5,148,681 | $5,035,307 | | Total capital | $7,695,604 | $7,652,883 | Condensed Consolidated Statements of Operations (Operating Partnership) - Key Figures (Amounts in thousands) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| :--------------------------| :--------------------------| | Rents and other single-family property revenues | $445,055 | $421,697 | $1,292,104 | $1,214,948 | | Total expenses | $393,062 | $368,805 | $1,122,666 | $1,063,577 | | Net income | $87,640 | $88,092 | $324,269 | $341,205 | | Net income attributable to common unitholders | $84,154 | $84,606 | $313,811 | $330,747 | | Basic EPS | $0.20 | $0.20 | $0.75 | $0.80 | | Diluted EPS | $0.20 | $0.20 | $0.75 | $0.80 | Condensed Consolidated Statements of Cash Flows (Operating Partnership) - Key Figures (Amounts in thousands) | Metric | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| | Net cash provided by operating activities | $709,348 | $623,374 | | Net cash used for investing activities | $(293,048) | $(465,316) | | Net cash used for financing activities | $(320,312) | $(133,371) | | Net increase in cash, cash equivalents and restricted cash | $95,988 | $24,687 | | Cash, cash equivalents and restricted cash, end of period | $317,849 | $242,647 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=23&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited financial statements, covering organization, accounting policies, real estate assets, debt, equity, share-based compensation, fair value measurements, commitments, contingencies, and subsequent events - As of September 30, 2024, the Company held **59,902** single-family properties in **21** states, including **1,003** properties classified as held for sale[50](index=50&type=chunk) Total Real Estate Assets, Net (Amounts in thousands) | Category | Sep 30, 2024 | Dec 31, 2023 | | :----------------------------------------| :-----------| :-----------| | Single-family properties in operation, net | $10,398,690 | $10,165,719 | | Single-family properties under development and development land | $1,205,372 | $1,409,424 | | Single-family properties and land held for sale, net | $218,969 | $182,082 | | **Total real estate assets, net** | **$11,823,031**| **$11,757,225**| Debt Outstanding Principal Balance (Amounts in thousands) | Debt Type | Sep 30, 2024 | Dec 31, 2023 | | :--------------------------------------| :-----------| :-----------|\ | Asset-backed securitizations | $928,772 | $1,877,158 | | Unsecured senior notes | $3,550,000 | $2,150,000 | | Revolving credit facility | $0 | $90,000 | | **Total debt** | **$4,578,772**| **$4,517,158**| - During the nine months ended September 30, 2024, the Operating Partnership paid off **$460.6 million** on the AMH 2014-SFR2 securitization and **$471.8 million** on the AMH 2014-SFR3 securitization, resulting in a total loss on early extinguishment of debt of **$6.3 million**[81](index=81&type=chunk)[85](index=85&type=chunk)[206](index=206&type=chunk) - In October 2024, the Company acquired a portfolio of **1,673** single-family properties for **$479.8 million** and settled a forward sale agreement for **2,987,024** Class A common shares, receiving **$109.8 million** in net proceeds[133](index=133&type=chunk)[134](index=134&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial condition and results, covering property strategies, revenue/expense drivers, liquidity, capital resources, and non-GAAP financial measures for the periods ended September 30, 2024 and 2023 [Overview](index=38&type=section&id=Overview) The company, a Maryland REIT, focuses on acquiring, developing, renovating, leasing, and managing single-family rental homes, owning 59,902 properties and managing an additional 3,271 in joint ventures as of September 30, 2024 - The company is a Maryland REIT focused on single-family rental properties, operating through American Homes 4 Rent, L.P.[138](index=138&type=chunk) Single-Family Property Count | Metric | Sep 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | | :--------------------------------------| :-----------| :-----------| :-----------| | Total owned properties | 59,902 | 59,332 | 59,092 | | Properties held for sale | 1,003 | 862 | 700 | | Occupied properties (excluding held for sale) | 55,726 | 55,768 | 55,949 | | Properties in unconsolidated joint ventures | 3,271 | 2,978 | 2,936 | [Key Single-Family Property and Leasing Metrics](index=38&type=section&id=Key%20Single-Family%20Property%20and%20Leasing%20Metrics) This section details the company's single-family property portfolio and leasing performance, including property count, gross book value, average characteristics, occupancy rates, average monthly rent, lease terms, and blended rent changes Total Single-Family Properties Metrics as of September 30, 2024 | Metric | Total/Average | | :--------------------------| :-------------| | Number of Single-Family Properties | 58,899 | | Gross Book Value (millions) | $13,361.2 | | Avg. Gross Book Value per Property | $226,849 | | Avg. Sq. Ft. | 1,993 | | Avg. Property Age (years) | 17.6 | | Avg. Year Purchased or Delivered | 2016 | Key Leasing Metrics as of September 30, 2024 | Metric | Total/Average | | :--------------------------| :-------------| | Avg. Occupied Days Percentage | 95.1% | | Avg. Monthly Realized Rent per Property | $2,224 | | Avg. Original Lease Term (months) | 12.1 | | Avg. Remaining Lease Term (months) | 6.4 | | Avg. Blended Change in Rent | 5.3% | [Factors That Affect Our Results of Operations and Financial Condition](index=39&type=section&id=Factors%20That%20Affect%20Our%20Results%20of%20Operations%20and%20Financial%20Condition) Financial performance is influenced by property acquisition/development costs, leasing efficiency, occupancy, tenant turnover, expense ratios, property taxes, capital structure, and macroeconomic conditions including inflation and labor shortages - Key factors affecting results include property acquisition/development pace and cost, renovation time/cost, leasing time/rates, occupancy levels, tenant turnover, vacancy length, expense ratios, property taxes, and capital structure[143](index=143&type=chunk) - Further supply chain disruptions, inflationary increases in labor and material costs, and labor shortages may impact the AMH Development Program, renovation, and maintenance programs[143](index=143&type=chunk) [Property Acquisitions, Development and Dispositions](index=39&type=section&id=Property%20Acquisitions%2C%20Development%20and%20Dispositions) The company manages its portfolio through acquisitions, internal development (AMH Development Program), and dispositions, scaling back traditional acquisitions while focusing on 'built-for-rental' homes and strategic property sales - The company focuses on developing 'built-for-rental' homes through its internal AMH Development Program and acquiring newly constructed homes from third-party developers[144](index=144&type=chunk) - Acquisitions through the National Builder Program and traditional channels have been scaled back due to the current macroeconomic environment[146](index=146&type=chunk) Home Acquisitions, Development, and Dispositions | Period | Homes Developed/Acquired | Newly Constructed Homes (AMH Development Program) | Homes Identified for Sale/Contributed to JVs | | :--------------------------------------| :-----------------------| :-------------------------------------------------| :--------------------------------------------| | 3 Months Ended Sep 30, 2024 | 656 | 640 (operating portfolio) + 113 (joint ventures) | 617 | | 9 Months Ended Sep 30, 2024 | 1,706 | 1,661 (operating portfolio) + 232 (joint ventures) | 1,277 | [Property Operations](index=40&type=section&id=Property%20Operations) Property operations involve managing homes from new construction or traditional acquisition, entailing significant upfront costs, development/renovation times, and leasing/re-leasing periods, all impacting financial performance - Rental homes developed through the AMH Development Program incur substantial upfront costs and typically take **4-6 months** for vertical construction after land development[150](index=150&type=chunk) - Homes acquired through traditional channels typically require **$20,000-$40,000** for renovation, taking approximately **20-90 days** to prepare for rental[151](index=151&type=chunk) - Leasing a new property typically takes **10-50 days**, while re-leasing after tenant turnover takes **20-50 days**[152](index=152&type=chunk) [Revenues](index=41&type=section&id=Revenues) Revenues primarily derive from rents, fees, and tenant charge-backs, with growth driven by tenant retention and rental rate increases, influenced by macroeconomic and local market factors - Revenues are primarily from rents, fees, and tenant charge-backs, with growth dependent on tenant retention and rental rate increases[154](index=154&type=chunk)[155](index=155&type=chunk) Same-Home Property Revenue Metrics (YoY Change) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | YoY Change | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | YoY Change | | :--------------------------------------| :--------------------------| :--------------------------| :----------| :--------------------------| :--------------------------| :----------| | Average Monthly Realized Rent per property | $2,208 | $2,100 | 5.1% | $2,178 | $2,063 | 5.6% | | Turnover rates | 8.0% | 8.4% | -0.4 pp | 21.8% | 23.4% | -1.6 pp | [Expenses](index=41&type=section&id=Expenses) The company monitors property operating, property management, and general and administrative expenses, which are influenced by seasonal factors, investments in management platforms, and corporate initiatives - Property operating expenses include property taxes, repairs and maintenance (R&M), turnover costs, HOA fees, and insurance[157](index=157&type=chunk) - Property management expenses cover salaries for personnel, lease expenses, office operating costs, and technology, including noncash share-based compensation[158](index=158&type=chunk) - General and administrative expenses consist of corporate payroll, taxes, insurance, audit fees, and other corporate functions, also including noncash share-based compensation[160](index=160&type=chunk) - The business is impacted by seasonal factors, with higher tenant move-outs/ins in late spring/summer and increased property operating costs in certain seasons[159](index=159&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income saw a slight decrease for the three and nine months ended September 30, 2024, primarily due to debt extinguishment losses and hurricane charges, with Core NOI and Same-Home Core NOI used as key performance measures Net Income (Amounts in thousands) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------| :--------------------------| :--------------------------| :--------------------------| :--------------------------| | Net income | $87,640 | $88,092 | $324,269 | $341,205 | | Loss on early extinguishment of debt | $5,306 | $0 | $6,323 | $0 | | Hurricane-related charges, net | $3,904 | $0 | $3,904 | $0 | - Core NOI is a key non-GAAP measure defined as core revenues (rents and other single-family property revenues, excluding tenant charge-backs) less core property operating expenses (property operating and property management expenses, excluding noncash share-based compensation and tenant charge-backs)[164](index=164&type=chunk) - Same-Home properties are those stabilized longer than **90 days** prior to the earliest comparison period, not held for sale, and without casualty loss, allowing for consistent performance comparison[163](index=163&type=chunk) [Critical Accounting Estimates](index=50&type=section&id=Critical%20Accounting%20Estimates) No material changes to the company's critical accounting estimates were reported during the nine months ended September 30, 2024, as previously disclosed in the 2023 Annual Report - No material changes to critical accounting estimates were reported for the nine months ended September 30, 2024[208](index=208&type=chunk) [Recent Accounting Pronouncements](index=50&type=section&id=Recent%20Accounting%20Pronouncements) This section refers to Note 2. Significant Accounting Policies for a discussion of the adoption and potential impact of recently issued accounting standards - Refer to Note 2 for details on recent accounting pronouncements and their potential impact[209](index=209&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is managed through cash from operations, borrowings, equity issuances, property dispositions, and joint ventures, supported by an investment-grade credit rating, with significant financing activities including unsecured senior notes and securitization repayments - The company expects to meet cash requirements through cash from operations, long-term borrowings, debt/equity issuances, property dispositions, and joint venture transactions[211](index=211&type=chunk) - As of September 30, 2024, the company had **$162.5 million** in cash and cash equivalents and **$1.25 billion** in remaining borrowing capacity under its revolving credit facility[212](index=212&type=chunk) Key Financing Activities (9 Months Ended Sep 30, 2024) (Amounts in thousands) | Activity | Amount (thousands) | | :--------------------------------------| :-----------------|\ | Proceeds from unsecured senior notes, net of discount | $1,096,633 | | Payments on asset-backed securitizations | $(948,812) | | Proceeds from issuance of Class A common shares | $33,249 | | Distributions to common shareholders | $(287,126) | | Net cash used for financing activities | $(320,312) | - The company maintains an investment grade credit rating, which provides for greater availability and lower cost of debt financing[214](index=214&type=chunk) [Additional Non-GAAP Measures](index=54&type=section&id=Additional%20Non-GAAP%20Measures) This section defines and reconciles non-GAAP financial measures like FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Fully Adjusted EBITDAre, providing supplemental insights into operating performance - FFO, Core FFO, and Adjusted FFO are non-GAAP measures used to evaluate real estate company performance, excluding depreciation and certain non-recurring items[240](index=240&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - EBITDA, EBITDAre, Adjusted EBITDAre, and Fully Adjusted EBITDAre are supplemental non-GAAP measures that exclude interest, taxes, depreciation, amortization, and other specific non-operating items to show operating performance[247](index=247&type=chunk) FFO, Core FFO, and Adjusted FFO Attributable to Common Share and Unit Holders (Amounts in thousands) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| :--------------------------| :--------------------------| | FFO attributable to common share and unit holders | $167,334 | $162,470 | $510,896 | $480,252 | | Core FFO attributable to common share and unit holders | $183,793 | $170,982 | $551,815 | $509,938 | | Adjusted FFO attributable to common share and unit holders | $159,710 | $146,217 | $490,368 | $448,491 | EBITDA, EBITDAre, Adjusted EBITDAre, and Fully Adjusted EBITDAre (Amounts in thousands) | Metric | 3 Months Ended Sep 30, 2024 | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------| :--------------------------| :--------------------------| :--------------------------| :--------------------------| | EBITDA | $250,942 | $237,336 | $798,155 | $787,091 | | EBITDAre | $219,361 | $204,813 | $656,574 | $608,719 | | Adjusted EBITDAre | $235,820 | $213,325 | $697,493 | $638,405 | | Fully Adjusted EBITDAre | $211,737 | $188,560 | $636,046 | $576,958 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's market risk exposure, primarily interest rate risk, noting no outstanding variable rate debt as of September 30, 2024, and the use of treasury lock agreements for future fixed-rate debt - As of September 30, 2024, the company had no outstanding variable rate debt, eliminating direct interest rate risk on current borrowings[250](index=250&type=chunk) - The company uses treasury lock agreements to manage interest rate risk in anticipation of fixed-rate debt issuances[251](index=251&type=chunk) - As of September 30, 2024, treasury lock agreements had an aggregate fair value of **$2.6 million**, recognized as an unrealized gain[252](index=252&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Both American Homes 4 Rent and its Operating Partnership maintained effective disclosure controls and procedures as of September 30, 2024, with no material changes to internal control over financial reporting during the quarter - Both American Homes 4 Rent and American Homes 4 Rent, L.P. maintained effective disclosure controls and procedures as of September 30, 2024[256](index=256&type=chunk)[259](index=259&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended September 30, 2024, for either entity[257](index=257&type=chunk)[260](index=260&type=chunk) [PART II — OTHER INFORMATION](index=58&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 15. Commitments and Contingencies for legal proceedings, which are incidental to business and not expected to materially adversely affect financial position or results of operations - The company is involved in various legal and administrative proceedings incidental to its business[132](index=132&type=chunk) - Management believes these legal matters will not have a materially adverse effect on the company's financial position or results of operations upon resolution[132](index=132&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the 2023 Annual Report for a comprehensive discussion of risk factors that could materially affect the company's business, financial condition, and operating results - Readers should carefully consider the risks described in the 2023 Annual Report, as these factors may materially affect the company's business, financial condition, and operating results[263](index=263&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) No unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities were reported for the period - No unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities were reported[264](index=264&type=chunk) [Item 3. Defaults Upon Senior Securities](index=58&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - No defaults upon senior securities were reported[264](index=264&type=chunk) [Item 4. Mine Safety Disclosures](index=58&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company's operations - Mine safety disclosures are not applicable to the company[264](index=264&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No trustee or officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended September 30, 2024 - No trustee or officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the three months ended September 30, 2024[265](index=265&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with or incorporated by reference into the Quarterly Report on Form 10-Q, including organizational documents, indentures, credit agreements, and certifications - The section lists various exhibits, including Articles of Amendment, Indentures, Credit Agreements, and Certifications[267](index=267&type=chunk)[269](index=269&type=chunk) [Signatures](index=60&type=section&id=SIGNATURES) This section contains the signatures of the authorized signatories for American Homes 4 Rent and American Homes 4 Rent, L.P., certifying the filing of the report - The report is signed by Brian F. Reitz, Executive Vice President, Chief Accounting Officer, for both American Homes 4 Rent and American Homes 4 Rent, L.P.[271](index=271&type=chunk) - The signing date for the report is October 30, 2024[271](index=271&type=chunk)