American Homes 4 Rent | Maryland | 001-36013 | 46-1229660 | ||||||||
American Homes 4 Rent, L.P. | Delaware | 333-221878-02 | 80-0860173 | ||||||||
(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 | ||||||||||||
Class A common shares of beneficial interest, $.01 par value | AMH | New York Stock Exchange | ||||||||||||
Series G perpetual preferred shares of beneficial interest, $.01 par value | AMH-G | New York Stock Exchange | ||||||||||||
Series H perpetual preferred shares of beneficial interest, $.01 par value | AMH-H | New York Stock Exchange |
AMERICAN HOMES 4 RENT | |||||||||||
By: | /s/ Sara H. Vogt-Lowell | ||||||||||
Sara H. Vogt-Lowell | |||||||||||
Chief Legal Officer and Secretary |
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 and Secretary |
Full Year 2024 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.74 - $1.78 | $1.76 - $1.78 | |||||||||
Core FFO attributable to common share and unit holders growth | 4.8% - 7.2% | 6.0% - 7.2% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 4.25% - 5.75% | 4.50% - 5.50% | |||||||||
Core property operating expenses growth | 5.25% - 6.75% | 4.50% - 5.50% | |||||||||
Core NOI growth | 3.50% - 5.50% | 4.50% - 5.50% |
Full Year 2024 | |||||||||||||||||||||||
Previous Guidance | Current Guidance | ||||||||||||||||||||||
Investment Program | Properties | Investment | Properties | Investment | |||||||||||||||||||
Wholly owned acquisitions | — | — | 1,700 - 1,750 | $490 - $500 million | |||||||||||||||||||
Wholly owned development deliveries | 1,825 - 1,975 | $700 - $800 million | 1,825 - 1,975 | $700 - $800 million | |||||||||||||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Total capital investment (wholly owned and pro rata JV) | 1,825 - 1,975 | $0.9 - $1.1 billion | 3,525 - 3,725 | $1.4 - $1.6 billion | |||||||||||||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.1 - $1.3 billion | 3,900 - 4,150 | $1.6 - $1.8 billion |
September 30, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,279,188 | $ | 2,234,301 | |||||||
Buildings and improvements | 11,081,984 | 10,651,388 | |||||||||
Single-family properties in operation | 13,361,172 | 12,885,689 | |||||||||
Less: accumulated depreciation | (2,962,482) | (2,719,970) | |||||||||
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 | |||||||||
Cash and cash equivalents | 162,477 | 59,385 | |||||||||
Restricted cash | 155,372 | 162,476 | |||||||||
Rent and other receivables | 49,727 | 42,823 | |||||||||
Escrow deposits, prepaid expenses and other assets | 378,402 | 406,138 | |||||||||
Investments in unconsolidated joint ventures | 154,997 | 114,198 | |||||||||
Asset-backed securitization certificates | — | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 12,844,285 | $ | 12,688,190 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | 90,000 | |||||||
Asset-backed securitizations, net | 927,099 | 1,871,421 | |||||||||
Unsecured senior notes, net | 3,591,714 | 2,500,226 | |||||||||
Accounts payable and accrued expenses | 629,868 | 573,660 | |||||||||
Total liabilities | 5,148,681 | 5,035,307 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 365,885,188 and 364,296,431 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) |
3,659 | 3,643 | |||||||||
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2024 and December 31, 2023) |
6 | 6 | |||||||||
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2024 and December 31, 2023) |
92 | 92 | |||||||||
Additional paid-in capital | 7,412,232 | 7,357,848 | |||||||||
Accumulated deficit | (407,251) | (394,908) | |||||||||
Accumulated other comprehensive income | 2,756 | 843 | |||||||||
Total shareholders’ equity | 7,011,494 | 6,967,524 | |||||||||
Noncontrolling interest | 684,110 | 685,359 | |||||||||
Total equity | 7,695,604 | 7,652,883 | |||||||||
Total liabilities and equity | $ | 12,844,285 | $ | 12,688,190 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 421,697 | $ | 1,292,104 | $ | 1,214,948 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 172,031 | 167,041 | 477,428 | 456,662 | |||||||||||||||||||
Property management expenses | 31,973 | 30,785 | 95,757 | 92,251 | |||||||||||||||||||
General and administrative expense | 19,247 | 18,336 | 62,825 | 56,128 | |||||||||||||||||||
Interest expense | 43,611 | 34,381 | 120,866 | 105,107 | |||||||||||||||||||
Acquisition and other transaction costs | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Total expenses | 393,062 | 368,805 | 1,122,666 | 1,063,577 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 32,697 | 33,335 | 145,490 | 180,752 | |||||||||||||||||||
Loss on early extinguishment of debt | (5,306) | — | (6,323) | — | |||||||||||||||||||
Other income and expense, net | 8,256 | 1,865 | 15,664 | 9,082 | |||||||||||||||||||
Net income | 87,640 | 88,092 | 324,269 | 341,205 | |||||||||||||||||||
Noncontrolling interest | 10,333 | 10,493 | 38,559 | 41,140 | |||||||||||||||||||
Dividends on preferred shares | 3,486 | 3,486 | 10,458 | 10,458 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 73,821 | $ | 74,113 | $ | 275,252 | $ | 289,607 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 366,981,466 | 362,426,273 | 366,757,369 | 361,665,436 | |||||||||||||||||||
Diluted | 367,600,636 | 362,924,932 | 367,294,979 | 362,121,128 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 | |||||||||||||||
Diluted | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 73,821 | $ | 74,113 | $ | 275,252 | $ | 289,607 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 10,333 | 10,493 | 38,559 | 41,140 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (33,335) | (145,490) | (180,752) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,116 | 812 | 3,909 | 2,380 | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (4,930) | (4,476) | (14,354) | (12,902) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 167,334 | $ | 162,470 | $ | 510,896 | $ | 480,252 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 3,601 | 4,160 | 17,999 | 13,885 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 953 | 3,827 | 3,151 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | — | 6,323 | — | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 183,793 | $ | 170,982 | $ | 551,815 | $ | 509,938 | |||||||||||||||
Recurring Capital Expenditures | (23,088) | (23,973) | (58,615) | (59,079) | |||||||||||||||||||
Leasing costs | (995) | (792) | (2,832) | (2,368) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 159,710 | $ | 146,217 | $ | 490,368 | $ | 448,491 | |||||||||||||||
Common distributions | (109,133) | (91,434) | (327,670) | (274,177) | |||||||||||||||||||
Retained Cash Flow | $ | 50,577 | $ | 54,783 | $ | 162,698 | $ | 174,314 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.40 | $ | 0.39 | $ | 1.22 | $ | 1.16 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.44 | $ | 0.41 | $ | 1.32 | $ | 1.23 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.35 | $ | 1.17 | $ | 1.08 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 366,981,466 | 362,426,273 | 366,757,369 | 361,665,436 | |||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (1) |
1,015,421 | 910,552 | 927,581 | 800,032 | |||||||||||||||||||
Operating partnership units | 51,376,980 | 51,376,980 | 51,376,980 | 51,376,980 | |||||||||||||||||||
Total weighted-average FFO shares and units | 419,373,867 | 414,713,805 | 419,061,930 | 413,842,448 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Net income per common share–diluted | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Conversion from GAAP share count | (0.02) | (0.03) | (0.09) | (0.10) | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 0.02 | 0.03 | 0.09 | 0.10 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (0.08) | (0.08) | (0.35) | (0.44) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | — | — | 0.01 | 0.01 | |||||||||||||||||||
Depreciation and amortization | 0.29 | 0.28 | 0.84 | 0.82 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (0.01) | (0.01) | (0.03) | (0.03) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.40 | $ | 0.39 | $ | 1.22 | $ | 1.16 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 0.01 | 0.01 | 0.04 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - property management | — | — | 0.01 | 0.01 | |||||||||||||||||||
Hurricane-related charges, net | 0.01 | — | 0.01 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 0.01 | — | 0.02 | — | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.44 | $ | 0.41 | $ | 1.32 | $ | 1.23 | |||||||||||||||
Recurring Capital Expenditures | (0.06) | (0.06) | (0.14) | (0.14) | |||||||||||||||||||
Leasing costs | — | — | (0.01) | (0.01) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.35 | $ | 1.17 | $ | 1.08 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 421,697 | $ | 1,292,104 | $ | 1,214,948 | |||||||||||||||
Tenant charge-backs | (67,615) | (65,840) | (172,323) | (167,049) | |||||||||||||||||||
Core revenues | 377,440 | 355,857 | 1,119,781 | 1,047,899 | |||||||||||||||||||
Less: Non-Same-Home core revenues | (41,813) | (34,292) | (119,518) | (97,053) | |||||||||||||||||||
Same-Home core revenues | $ | 335,627 | $ | 321,565 | $ | 1,000,263 | $ | 950,846 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 172,031 | $ | 167,041 | $ | 477,428 | $ | 456,662 | |||||||||||||||
Property management expenses | 31,973 | 30,785 | 95,757 | 92,251 | |||||||||||||||||||
Noncash share-based compensation - property management | (1,043) | (953) | (3,827) | (3,151) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (67,615) | (65,840) | (172,323) | (167,049) | |||||||||||||||||||
Core property operating expenses | 135,346 | 131,033 | 397,035 | 378,713 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | (16,800) | (15,522) | (49,298) | (45,287) | |||||||||||||||||||
Same-Home core property operating expenses | $ | 118,546 | $ | 115,511 | $ | 347,737 | $ | 333,426 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||
Net income | $ | 87,640 | $ | 88,092 | $ | 324,269 | $ | 341,205 | |||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | — | 6,323 | — | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (33,335) | (145,490) | (180,752) | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Acquisition and other transaction costs | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 953 | 3,827 | 3,151 | |||||||||||||||||||
Interest expense | 43,611 | 34,381 | 120,866 | 105,107 | |||||||||||||||||||
General and administrative expense | 19,247 | 18,336 | 62,825 | 56,128 | |||||||||||||||||||
Other income and expense, net | (8,256) | (1,865) | (15,664) | (9,082) | |||||||||||||||||||
Core NOI | 242,094 | 224,824 | 722,746 | 669,186 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | (25,013) | (18,770) | (70,220) | (51,766) | |||||||||||||||||||
Same-Home Core NOI | $ | 217,081 | $ | 206,054 | $ | 652,526 | $ | 617,420 | |||||||||||||||
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 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 6 |
AMH |
Full Year 2024 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.74 - $1.78 | $1.76 - $1.78 | |||||||||
Core FFO attributable to common share and unit holders growth | 4.8% - 7.2% | 6.0% - 7.2% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 4.25% - 5.75% | 4.50% - 5.50% | |||||||||
Core property operating expenses growth | 5.25% - 6.75% | 4.50% - 5.50% | |||||||||
Core NOI growth | 3.50% - 5.50% | 4.50% - 5.50% |
Full Year 2024 | |||||||||||||||||||||||
Previous Guidance | Current Guidance | ||||||||||||||||||||||
Investment Program | Properties | Investment | Properties | Investment | |||||||||||||||||||
Wholly owned acquisitions | — | — | 1,700 - 1,750 | $490 - $500 million | |||||||||||||||||||
Wholly owned development deliveries | 1,825 - 1,975 | $700 - $800 million | 1,825 - 1,975 | $700 - $800 million | |||||||||||||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Total capital investment (wholly owned and pro rata JV) | 1,825 - 1,975 | $0.9 - $1.1 billion | 3,525 - 3,725 | $1.4 - $1.6 billion | |||||||||||||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.1 - $1.3 billion | 3,900 - 4,150 | $1.6 - $1.8 billion |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 7 |
AMH |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 8 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 421,697 | $ | 1,292,104 | $ | 1,214,948 | |||||||||||||||
Tenant charge-backs | (67,615) | (65,840) | (172,323) | (167,049) | |||||||||||||||||||
Core revenues | 377,440 | 355,857 | 1,119,781 | 1,047,899 | |||||||||||||||||||
Less: Non-Same-Home core revenues | (41,813) | (34,292) | (119,518) | (97,053) | |||||||||||||||||||
Same-Home core revenues | $ | 335,627 | $ | 321,565 | $ | 1,000,263 | $ | 950,846 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 172,031 | $ | 167,041 | $ | 477,428 | $ | 456,662 | |||||||||||||||
Property management expenses | 31,973 | 30,785 | 95,757 | 92,251 | |||||||||||||||||||
Noncash share-based compensation - property management | (1,043) | (953) | (3,827) | (3,151) | |||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (67,615) | (65,840) | (172,323) | (167,049) | |||||||||||||||||||
Core property operating expenses | 135,346 | 131,033 | 397,035 | 378,713 | |||||||||||||||||||
Less: Non-Same-Home core property operating expenses | (16,800) | (15,522) | (49,298) | (45,287) | |||||||||||||||||||
Same-Home core property operating expenses | $ | 118,546 | $ | 115,511 | $ | 347,737 | $ | 333,426 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||
Net income | $ | 87,640 | $ | 88,092 | $ | 324,269 | $ | 341,205 | |||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | — | 6,323 | — | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (33,335) | (145,490) | (180,752) | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Acquisition and other transaction costs | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 953 | 3,827 | 3,151 | |||||||||||||||||||
Interest expense | 43,611 | 34,381 | 120,866 | 105,107 | |||||||||||||||||||
General and administrative expense | 19,247 | 18,336 | 62,825 | 56,128 | |||||||||||||||||||
Other income and expense, net | (8,256) | (1,865) | (15,664) | (9,082) | |||||||||||||||||||
Core NOI | 242,094 | 224,824 | 722,746 | 669,186 | |||||||||||||||||||
Less: Non-Same-Home Core NOI | (25,013) | (18,770) | (70,220) | (51,766) | |||||||||||||||||||
Same-Home Core NOI | $ | 217,081 | $ | 206,054 | $ | 652,526 | $ | 617,420 | |||||||||||||||
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 9 |
AMH |
For the Three Months Ended | |||||||||||||||||||||||||||||
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 423,494 | $ | 423,555 | $ | 408,657 | $ | 421,697 | |||||||||||||||||||
Tenant charge-backs | (67,615) | (47,371) | (57,337) | (48,506) | (65,840) | ||||||||||||||||||||||||
Core revenues | 377,440 | 376,123 | 366,218 | 360,151 | 355,857 | ||||||||||||||||||||||||
Less: Non-Same-Home core revenues | (41,813) | (40,499) | (37,206) | (35,629) | (34,292) | ||||||||||||||||||||||||
Same-Home core revenues | $ | 335,627 | $ | 335,624 | $ | 329,012 | $ | 324,522 | $ | 321,565 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||||||||
Property operating expenses | $ | 172,031 | $ | 149,470 | $ | 155,927 | $ | 142,797 | $ | 167,041 | |||||||||||||||||||
Property management expenses | 31,973 | 32,382 | 31,402 | 31,112 | 30,785 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | (1,043) | (1,340) | (1,444) | (879) | (953) | ||||||||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (67,615) | (47,371) | (57,337) | (48,506) | (65,840) | ||||||||||||||||||||||||
Core property operating expenses | 135,346 | 133,141 | 128,548 | 124,524 | 131,033 | ||||||||||||||||||||||||
Less: Non-Same-Home core property operating expenses | (16,800) | (16,273) | (16,225) | (15,130) | (15,522) | ||||||||||||||||||||||||
Same-Home core property operating expenses | $ | 118,546 | $ | 116,868 | $ | 112,323 | $ | 109,394 | $ | 115,511 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||||||||
Net income | $ | 87,640 | $ | 108,534 | $ | 128,095 | $ | 90,937 | $ | 88,092 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | — | — | — | ||||||||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | 63 | 954 | — | — | ||||||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (43,892) | (68,901) | (29,082) | (33,335) | ||||||||||||||||||||||||
Depreciation and amortization | 119,691 | 117,603 | 115,726 | 115,771 | 114,863 | ||||||||||||||||||||||||
Acquisition and other transaction costs | 2,605 | 2,937 | 3,324 | 4,260 | 3,399 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 1,340 | 1,444 | 879 | 953 | ||||||||||||||||||||||||
Interest expense | 43,611 | 38,678 | 38,577 | 35,091 | 34,381 | ||||||||||||||||||||||||
General and administrative expense | 19,247 | 21,693 | 21,885 | 18,487 | 18,336 | ||||||||||||||||||||||||
Other income and expense, net | (8,256) | (3,974) | (3,434) | (716) | (1,865) | ||||||||||||||||||||||||
Core NOI | 242,094 | 242,982 | 237,670 | 235,627 | 224,824 | ||||||||||||||||||||||||
Less: Non-Same-Home Core NOI | (25,013) | (24,226) | (20,981) | (20,499) | (18,770) | ||||||||||||||||||||||||
Same-Home Core NOI | $ | 217,081 | $ | 218,756 | $ | 216,689 | $ | 215,128 | $ | 206,054 |
Unencumbered Core NOI and Encumbered Core NOI | |||||||||||||||||||||||||||||
Core NOI | $ | 242,094 | $ | 242,982 | $ | 237,670 | $ | 235,627 | $ | 224,824 | |||||||||||||||||||
Less: Encumbered Core NOI (1) |
(33,458) | (33,816) | (33,606) | (33,590) | (31,908) | ||||||||||||||||||||||||
Unencumbered Core NOI (1) |
$ | 208,636 | $ | 209,166 | $ | 204,064 | $ | 202,037 | $ | 192,916 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 10 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating Data | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 73,821 | $ | 74,113 | $ | 275,252 | $ | 289,607 | |||||||||||||||
Core revenues | $ | 377,440 | $ | 355,857 | $ | 1,119,781 | $ | 1,047,899 | |||||||||||||||
Core NOI | $ | 242,094 | $ | 224,824 | $ | 722,746 | $ | 669,186 | |||||||||||||||
Core NOI margin | 64.1 | % | 63.2 | % | 64.5 | % | 63.9 | % | |||||||||||||||
Fully Adjusted EBITDAre | $ | 211,737 | $ | 188,560 | $ | 636,046 | $ | 576,958 | |||||||||||||||
Fully Adjusted EBITDAre Margin | 55.5 | % | 52.8 | % | 56.3 | % | 54.7 | % | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.40 | $ | 0.39 | $ | 1.22 | $ | 1.16 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.44 | $ | 0.41 | $ | 1.32 | $ | 1.23 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.35 | $ | 1.17 | $ | 1.08 |
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||||||||||||||
Selected Balance Sheet Information - end of period | |||||||||||||||||||||||||||||
Single-family properties in operation, net | $ | 10,398,690 | $ | 10,295,131 | $ | 10,217,286 | $ | 10,165,719 | $ | 10,132,185 | |||||||||||||||||||
Total assets | $ | 12,844,285 | $ | 13,303,940 | $ | 12,761,092 | $ | 12,688,190 | $ | 12,559,377 | |||||||||||||||||||
Outstanding borrowings under revolving credit facility | $ | — | $ | — | $ | — | $ | 90,000 | $ | — | |||||||||||||||||||
Total Debt | $ | 4,578,772 | $ | 5,055,355 | $ | 4,561,186 | $ | 4,517,158 | $ | 4,433,095 | |||||||||||||||||||
Total Capitalization | $ | 20,851,847 | $ | 20,813,612 | $ | 20,154,156 | $ | 19,717,611 | $ | 18,591,650 | |||||||||||||||||||
Total Debt to Total Capitalization | 22.0 | % | 24.3 | % | 22.6 | % | 22.9 | % | 23.8 | % | |||||||||||||||||||
Net Debt and Preferred Shares to Adjusted EBITDAre | 5.0 x | 5.1 x | 5.3 x | 5.4 x | 5.4 x | ||||||||||||||||||||||||
NYSE AMH Class A common share closing price | $ | 38.39 | $ | 37.16 | $ | 36.78 | $ | 35.96 | $ | 33.69 |
Portfolio Data - end of period | |||||||||||||||||||||||||||||
Occupied single-family properties | 55,726 | 56,669 | 56,362 | 55,768 | 55,949 | ||||||||||||||||||||||||
Single-family properties leased, not yet occupied | 347 | 407 | 418 | 251 | 299 | ||||||||||||||||||||||||
Single-family properties in turnover process | 2,271 | 1,543 | 1,491 | 2,053 | 1,803 | ||||||||||||||||||||||||
Single-family properties recently renovated or developed | 544 | 240 | 337 | 384 | 333 | ||||||||||||||||||||||||
Single-family properties newly acquired and under renovation | 11 | 1 | 7 | 14 | 8 | ||||||||||||||||||||||||
Total single-family properties, excluding properties held for sale | 58,899 | 58,860 | 58,615 | 58,470 | 58,392 | ||||||||||||||||||||||||
Single-family properties held for sale | 1,003 | 633 | 728 | 862 | 700 | ||||||||||||||||||||||||
Total single-family properties wholly owned | 59,902 | 59,493 | 59,343 | 59,332 | 59,092 | ||||||||||||||||||||||||
Single-family properties managed under joint ventures | 3,271 | 3,167 | 3,004 | 2,978 | 2,936 | ||||||||||||||||||||||||
Total single-family properties wholly owned and managed | 63,173 | 62,660 | 62,347 | 62,310 | 62,028 | ||||||||||||||||||||||||
Total Average Occupied Days Percentage (1) |
95.1 | % | 95.8 | % | 95.3 | % | 95.0 | % | 95.6 | % | |||||||||||||||||||
Same-Home Average Occupied Days Percentage (52,370 properties) | 95.9 | % | 96.8 | % | 96.3 | % | 96.1 | % | 96.5 | % |
Other Data | |||||||||||||||||||||||||||||
Distributions declared per common share | $ | 0.26 | $ | 0.26 | $ | 0.26 | $ | 0.22 | $ | 0.22 | |||||||||||||||||||
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. | 11 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 421,697 | $ | 1,292,104 | $ | 1,214,948 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 172,031 | 167,041 | 477,428 | 456,662 | |||||||||||||||||||
Property management expenses | 31,973 | 30,785 | 95,757 | 92,251 | |||||||||||||||||||
General and administrative expense | 19,247 | 18,336 | 62,825 | 56,128 | |||||||||||||||||||
Interest expense | 43,611 | 34,381 | 120,866 | 105,107 | |||||||||||||||||||
Acquisition and other transaction costs | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Total expenses | 393,062 | 368,805 | 1,122,666 | 1,063,577 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 32,697 | 33,335 | 145,490 | 180,752 | |||||||||||||||||||
Loss on early extinguishment of debt | (5,306) | — | (6,323) | — | |||||||||||||||||||
Other income and expense, net | 8,256 | 1,865 | 15,664 | 9,082 | |||||||||||||||||||
Net income | 87,640 | 88,092 | 324,269 | 341,205 | |||||||||||||||||||
Noncontrolling interest | 10,333 | 10,493 | 38,559 | 41,140 | |||||||||||||||||||
Dividends on preferred shares | 3,486 | 3,486 | 10,458 | 10,458 | |||||||||||||||||||
Net income attributable to common shareholders | $ | 73,821 | $ | 74,113 | $ | 275,252 | $ | 289,607 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 366,981,466 | 362,426,273 | 366,757,369 | 361,665,436 | |||||||||||||||||||
Diluted | 367,600,636 | 362,924,932 | 367,294,979 | 362,121,128 | |||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 | |||||||||||||||
Diluted | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 12 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income attributable to common shareholders | $ | 73,821 | $ | 74,113 | $ | 275,252 | $ | 289,607 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 10,333 | 10,493 | 38,559 | 41,140 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (33,335) | (145,490) | (180,752) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,116 | 812 | 3,909 | 2,380 | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (4,930) | (4,476) | (14,354) | (12,902) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 167,334 | $ | 162,470 | $ | 510,896 | $ | 480,252 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 3,601 | 4,160 | 17,999 | 13,885 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 953 | 3,827 | 3,151 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | — | 6,323 | — | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 183,793 | $ | 170,982 | $ | 551,815 | $ | 509,938 | |||||||||||||||
Recurring Capital Expenditures | (23,088) | (23,973) | (58,615) | (59,079) | |||||||||||||||||||
Leasing costs | (995) | (792) | (2,832) | (2,368) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 159,710 | $ | 146,217 | $ | 490,368 | $ | 448,491 | |||||||||||||||
Per FFO share and unit: | |||||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.40 | $ | 0.39 | $ | 1.22 | $ | 1.16 | |||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.44 | $ | 0.41 | $ | 1.32 | $ | 1.23 | |||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.35 | $ | 1.17 | $ | 1.08 | |||||||||||||||
Weighted-average FFO shares and units: | |||||||||||||||||||||||
Common shares outstanding | 366,981,466 | 362,426,273 | 366,757,369 | 361,665,436 | |||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (1) |
1,015,421 | 910,552 | 927,581 | 800,032 | |||||||||||||||||||
Operating partnership units | 51,376,980 | 51,376,980 | 51,376,980 | 51,376,980 | |||||||||||||||||||
Total weighted-average FFO shares and units | 419,373,867 | 414,713,805 | 419,061,930 | 413,842,448 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 13 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Rents from single-family properties | $ | 374,499 | $ | 352,986 | $ | 1,107,962 | $ | 1,040,072 | |||||||||||||||
Fees from single-family properties | 8,084 | 8,022 | 24,229 | 22,862 | |||||||||||||||||||
Bad debt | (5,143) | (5,151) | (12,410) | (15,035) | |||||||||||||||||||
Core revenues | 377,440 | 355,857 | 1,119,781 | 1,047,899 | |||||||||||||||||||
Property tax expense | 62,942 | 59,585 | 191,556 | 180,212 | |||||||||||||||||||
HOA fees, net (1) |
6,913 | 6,832 | 19,965 | 19,105 | |||||||||||||||||||
R&M and turnover costs, net (1) |
31,449 | 32,252 | 84,558 | 82,822 | |||||||||||||||||||
Insurance | 5,138 | 4,680 | 14,863 | 13,212 | |||||||||||||||||||
Property management expenses, net (2) |
28,904 | 27,684 | 86,093 | 83,362 | |||||||||||||||||||
Core property operating expenses | 135,346 | 131,033 | 397,035 | 378,713 | |||||||||||||||||||
Core NOI | $ | 242,094 | $ | 224,824 | $ | 722,746 | $ | 669,186 | |||||||||||||||
Core NOI margin | 64.1 | % | 63.2 | % | 64.5 | % | 63.9 | % |
For the Three Months Ended Sep 30, 2024 |
|||||||||||||||||||||||||||||
Same-Home Properties | Stabilized Properties | Non-Stabilized Properties (3) |
Held for Sale and Other Properties (4) |
Total Single-Family Properties Wholly Owned |
|||||||||||||||||||||||||
Property count | 52,370 | 3,952 | 2,559 | 1,021 | 59,902 | ||||||||||||||||||||||||
Average Occupied Days Percentage | 95.9 | % | 95.2 | % | 76.7 | % | 45.0 | % | 94.3 | % | |||||||||||||||||||
Rents from single-family properties | $ | 332,785 | $ | 27,222 | $ | 11,446 | $ | 3,046 | $ | 374,499 | |||||||||||||||||||
Fees from single-family properties | 7,149 | 541 | 285 | 109 | 8,084 | ||||||||||||||||||||||||
Bad debt | (4,307) | (296) | (127) | (413) | (5,143) | ||||||||||||||||||||||||
Core revenues | 335,627 | 27,467 | 11,604 | 2,742 | 377,440 | ||||||||||||||||||||||||
Property tax expense | 56,337 | 4,011 | 1,582 | 1,012 | 62,942 | ||||||||||||||||||||||||
HOA fees, net (1) |
6,123 | 463 | 183 | 144 | 6,913 | ||||||||||||||||||||||||
R&M and turnover costs, net (1) |
27,390 | 1,727 | 1,118 | 1,214 | 31,449 | ||||||||||||||||||||||||
Insurance | 4,291 | 461 | 306 | 80 | 5,138 | ||||||||||||||||||||||||
Property management expenses, net (2) |
24,405 | 1,806 | 2,275 | 418 | 28,904 | ||||||||||||||||||||||||
Core property operating expenses | 118,546 | 8,468 | 5,464 | 2,868 | 135,346 | ||||||||||||||||||||||||
Core NOI | $ | 217,081 | $ | 18,999 | $ | 6,140 | $ | (126) | $ | 242,094 | |||||||||||||||||||
Core NOI margin | 64.7 | % | 69.2 | % | 52.9 | % | (4.6) | % | 64.1 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 14 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||
Number of Same-Home properties | 52,370 | 52,370 | 52,370 | 52,370 | |||||||||||||||||||||||||||||||
Average Occupied Days Percentage | 95.9 | % | 96.5 | % | (0.6) | % | 96.3 | % | 96.9 | % | (0.6) | % | |||||||||||||||||||||||
Average Monthly Realized Rent per Property | $ | 2,208 | $ | 2,100 | 5.1 | % | $ | 2,178 | $ | 2,063 | 5.6 | % | |||||||||||||||||||||||
Turnover Rate | 8.0 | % | 8.4 | % | (0.4) | % | 21.8 | % | 23.4 | % | (1.6) | % | |||||||||||||||||||||||
Turnover Rate - TTM | 28.1 | % | N/A | 28.1 | % | N/A | |||||||||||||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 332,785 | $ | 318,418 | 4.5 | % | $ | 988,718 | $ | 942,066 | 5.0 | % | |||||||||||||||||||||||
Fees from single-family properties | 7,149 | 7,123 | 0.4 | % | 21,329 | 20,260 | 5.3 | % | |||||||||||||||||||||||||||
Bad debt | (4,307) | (3,976) | 8.3 | % | (9,784) | (11,480) | (14.8) | % | |||||||||||||||||||||||||||
Core revenues | 335,627 | 321,565 | 4.4 | % | 1,000,263 | 950,846 | 5.2 | % | |||||||||||||||||||||||||||
Property tax expense | 56,337 | 53,532 | 5.2 | % | 170,587 | 160,866 | 6.0 | % | |||||||||||||||||||||||||||
HOA fees, net (1) |
6,123 | 6,107 | 0.3 | % | 17,827 | 17,189 | 3.7 | % | |||||||||||||||||||||||||||
R&M and turnover costs, net (1) |
27,390 | 28,002 | (2.2) | % | 73,264 | 71,641 | 2.3 | % | |||||||||||||||||||||||||||
Insurance | 4,291 | 4,147 | 3.5 | % | 12,721 | 11,778 | 8.0 | % | |||||||||||||||||||||||||||
Property management expenses, net (2) |
24,405 | 23,723 | 2.9 | % | 73,338 | 71,952 | 1.9 | % | |||||||||||||||||||||||||||
Core property operating expenses | 118,546 | 115,511 | 2.6 | % | 347,737 | 333,426 | 4.3 | % | |||||||||||||||||||||||||||
Core NOI | $ | 217,081 | $ | 206,054 | 5.4 | % | $ | 652,526 | $ | 617,420 | 5.7 | % | |||||||||||||||||||||||
Core NOI margin | 64.7 | % | 64.1 | % | 65.2 | % | 64.9 | % | |||||||||||||||||||||||||||
Selected Property Expenditure Details: | |||||||||||||||||||||||||||||||||||
Recurring Capital Expenditures | $ | 21,028 | $ | 21,029 | — | % | $ | 52,801 | $ | 51,905 | 1.7 | % | |||||||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 402 | $ | 402 | — | % | $ | 1,008 | $ | 991 | 1.7 | % | |||||||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures |
$ | 925 | $ | 936 | (1.2) | % | $ | 2,407 | $ | 2,359 | 2.0 | % | |||||||||||||||||||||||
Property Enhancing Capex | $ | 10,163 | $ | 13,698 | $ | 26,650 | $ | 40,820 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 15 |
AMH |
For the Three Months Ended | |||||||||||||||||||||||||||||
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||||||||||||||
Average Occupied Days Percentage | 95.9 | % | 96.8 | % | 96.3 | % | 96.1 | % | 96.5 | % | |||||||||||||||||||
Average Monthly Realized Rent per Property | $ | 2,208 | $ | 2,178 | $ | 2,148 | $ | 2,125 | $ | 2,100 | |||||||||||||||||||
Average Change in Rent for Renewals | 5.2 | % | 5.2 | % | 5.9 | % | 6.0 | % | 7.1 | % | |||||||||||||||||||
Average Change in Rent for Re-Leases | 5.3 | % | 5.7 | % | 4.8 | % | 4.2 | % | 7.0 | % | |||||||||||||||||||
Average Blended Change in Rent | 5.2 | % | 5.3 | % | 5.6 | % | 5.5 | % | 7.0 | % | |||||||||||||||||||
Core NOI: | |||||||||||||||||||||||||||||
Rents from single-family properties | $ | 332,785 | $ | 331,155 | $ | 324,778 | $ | 321,013 | $ | 318,418 | |||||||||||||||||||
Fees from single-family properties | 7,149 | 7,104 | 7,076 | 7,002 | 7,123 | ||||||||||||||||||||||||
Bad debt | (4,307) | (2,635) | (2,842) | (3,493) | (3,976) | ||||||||||||||||||||||||
Core revenues | 335,627 | 335,624 | 329,012 | 324,522 | 321,565 | ||||||||||||||||||||||||
Property tax expense | 56,337 | 57,085 | 57,165 | 53,150 | 53,532 | ||||||||||||||||||||||||
HOA fees, net (1) |
6,123 | 6,030 | 5,674 | 5,873 | 6,107 | ||||||||||||||||||||||||
R&M and turnover costs, net (1) |
27,390 | 24,595 | 21,279 | 22,053 | 28,002 | ||||||||||||||||||||||||
Insurance | 4,291 | 4,245 | 4,185 | 4,150 | 4,147 | ||||||||||||||||||||||||
Property management expenses, net (2) |
24,405 | 24,913 | 24,020 | 24,168 | 23,723 | ||||||||||||||||||||||||
Core property operating expenses | 118,546 | 116,868 | 112,323 | 109,394 | 115,511 | ||||||||||||||||||||||||
Core NOI | $ | 217,081 | $ | 218,756 | $ | 216,689 | $ | 215,128 | $ | 206,054 | |||||||||||||||||||
Core NOI margin | 64.7 | % | 65.2 | % | 65.9 | % | 66.3 | % | 64.1 | % | |||||||||||||||||||
Selected Property Expenditure Details: | |||||||||||||||||||||||||||||
Recurring Capital Expenditures | $ | 21,028 | $ | 19,079 | $ | 12,694 | $ | 14,835 | $ | 21,029 | |||||||||||||||||||
Per property: | |||||||||||||||||||||||||||||
Average Recurring Capital Expenditures | $ | 402 | $ | 364 | $ | 242 | $ | 283 | $ | 402 | |||||||||||||||||||
Average R&M and turnover costs, net, plus Recurring Capital Expenditures |
$ | 925 | $ | 834 | $ | 648 | $ | 704 | $ | 936 | |||||||||||||||||||
Property Enhancing Capex | $ | 10,163 | $ | 8,389 | $ | 8,098 | $ | 7,424 | $ | 13,698 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 16 |
AMH |
Market | Number of Properties | Gross Book Value per Property | % of 3Q24 NOI |
Avg. Change in Rent for Renewals (1) |
Avg. Change in Rent for Re-Leases (1) |
Avg. Blended Change in
Rent (1)
|
||||||||||||||||||||||||||||||||
Atlanta, GA | 5,169 | $ | 220,352 | 10.1 | % | 4.9 | % | 3.7 | % | 4.6 | % | |||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 3,650 | 174,721 | 5.3 | % | 4.8 | % | 3.8 | % | 4.6 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,751 | 214,740 | 7.5 | % | 5.4 | % | 7.2 | % | 5.8 | % | ||||||||||||||||||||||||||||
Nashville, TN | 2,978 | 243,468 | 7.1 | % | 5.1 | % | 4.6 | % | 5.0 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 2,894 | 212,275 | 6.2 | % | 3.9 | % | 0.5 | % | 2.9 | % | ||||||||||||||||||||||||||||
Indianapolis, IN | 2,768 | 174,204 | 3.9 | % | 5.7 | % | 8.0 | % | 6.3 | % | ||||||||||||||||||||||||||||
Jacksonville, FL | 2,767 | 208,716 | 4.7 | % | 5.2 | % | 3.6 | % | 4.7 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,512 | 221,565 | 4.6 | % | 5.4 | % | 2.6 | % | 4.8 | % | ||||||||||||||||||||||||||||
Houston, TX | 2,175 | 178,831 | 2.8 | % | 4.6 | % | 5.2 | % | 4.7 | % | ||||||||||||||||||||||||||||
Cincinnati, OH | 2,053 | 196,198 | 4.0 | % | 5.7 | % | 8.5 | % | 6.4 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,041 | 199,586 | 3.7 | % | 5.1 | % | 5.4 | % | 5.2 | % | ||||||||||||||||||||||||||||
Columbus, OH | 2,039 | 191,568 | 3.8 | % | 5.8 | % | 8.5 | % | 6.4 | % | ||||||||||||||||||||||||||||
Salt Lake City, UT | 1,830 | 302,107 | 4.6 | % | 5.2 | % | 6.5 | % | 5.5 | % | ||||||||||||||||||||||||||||
Orlando, FL | 1,607 | 205,329 | 2.9 | % | 4.7 | % | 3.7 | % | 4.4 | % | ||||||||||||||||||||||||||||
Las Vegas, NV | 1,576 | 253,153 | 3.4 | % | 5.8 | % | 5.6 | % | 5.7 | % | ||||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,492 | 192,845 | 2.5 | % | 7.6 | % | 10.4 | % | 8.2 | % | ||||||||||||||||||||||||||||
Charleston, SC | 1,455 | 229,865 | 3.0 | % | 5.2 | % | 5.1 | % | 5.1 | % | ||||||||||||||||||||||||||||
San Antonio, TX | 1,101 | 196,416 | 1.6 | % | 3.3 | % | (3.3) | % | 1.9 | % | ||||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 971 | 203,997 | 2.0 | % | 7.1 | % | 11.3 | % | 8.3 | % | ||||||||||||||||||||||||||||
Seattle, WA | 911 | 323,883 | 2.4 | % | 5.3 | % | 8.5 | % | 6.0 | % | ||||||||||||||||||||||||||||
All Other (2) |
6,630 | 222,132 | 13.9 | % | 5.2 | % | 5.3 | % | 5.2 | % | ||||||||||||||||||||||||||||
Total/Average | 52,370 | $ | 214,124 | 100.0 | % | 5.2 | % | 5.3 | % | 5.2 | % |
Average Occupied Days Percentage | Average Monthly Realized Rent per Property | |||||||||||||||||||||||||||||||||||||
Market | 3Q24 QTD | 3Q23 QTD | Change | 3Q24 QTD | 3Q23 QTD | Change | ||||||||||||||||||||||||||||||||
Atlanta, GA | 95.8 | % | 96.5 | % | (0.7) | % | $ | 2,240 | $ | 2,129 | 5.2 | % | ||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 95.9 | % | 96.7 | % | (0.8) | % | 2,287 | 2,167 | 5.5 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 96.3 | % | 97.0 | % | (0.7) | % | 2,156 | 2,037 | 5.8 | % | ||||||||||||||||||||||||||||
Nashville, TN | 95.7 | % | 95.9 | % | (0.2) | % | 2,325 | 2,228 | 4.4 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 95.2 | % | 95.9 | % | (0.7) | % | 2,123 | 2,052 | 3.5 | % | ||||||||||||||||||||||||||||
Indianapolis, IN | 96.4 | % | 96.7 | % | (0.3) | % | 1,869 | 1,771 | 5.5 | % | ||||||||||||||||||||||||||||
Jacksonville, FL | 95.2 | % | 96.5 | % | (1.3) | % | 2,158 | 2,072 | 4.2 | % | ||||||||||||||||||||||||||||
Tampa, FL | 95.6 | % | 96.0 | % | (0.4) | % | 2,376 | 2,253 | 5.5 | % | ||||||||||||||||||||||||||||
Houston, TX | 96.3 | % | 97.4 | % | (1.1) | % | 2,058 | 1,953 | 5.4 | % | ||||||||||||||||||||||||||||
Cincinnati, OH | 96.5 | % | 96.5 | % | — | % | 2,126 | 2,014 | 5.6 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 96.5 | % | 96.4 | % | 0.1 | % | 2,027 | 1,926 | 5.2 | % | ||||||||||||||||||||||||||||
Columbus, OH | 96.5 | % | 96.9 | % | (0.4) | % | 2,169 | 2,051 | 5.8 | % | ||||||||||||||||||||||||||||
Salt Lake City, UT | 96.3 | % | 96.3 | % | — | % | 2,434 | 2,337 | 4.2 | % | ||||||||||||||||||||||||||||
Orlando, FL | 95.1 | % | 96.4 | % | (1.3) | % | 2,352 | 2,200 | 6.9 | % | ||||||||||||||||||||||||||||
Las Vegas, NV | 95.9 | % | 96.1 | % | (0.2) | % | 2,235 | 2,141 | 4.4 | % | ||||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 96.8 | % | 97.7 | % | (0.9) | % | 2,436 | 2,301 | 5.9 | % | ||||||||||||||||||||||||||||
Charleston, SC | 95.8 | % | 97.3 | % | (1.5) | % | 2,282 | 2,157 | 5.8 | % | ||||||||||||||||||||||||||||
San Antonio, TX | 96.6 | % | 96.4 | % | 0.2 | % | 1,949 | 1,898 | 2.7 | % | ||||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 95.8 | % | 97.4 | % | (1.6) | % | 2,228 | 2,043 | 9.1 | % | ||||||||||||||||||||||||||||
Seattle, WA | 95.6 | % | 95.4 | % | 0.2 | % | 2,779 | 2,657 | 4.6 | % | ||||||||||||||||||||||||||||
All Other (2) |
95.7 | % | 96.3 | % | (0.6) | % | 2,188 | 2,082 | 5.1 | % | ||||||||||||||||||||||||||||
Total/Average | 95.9 | % | 96.5 | % | (0.6) | % | $ | 2,208 | $ | 2,100 | 5.1 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 17 |
AMH |
Sep 30, 2024 | Dec 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,279,188 | $ | 2,234,301 | |||||||
Buildings and improvements | 11,081,984 | 10,651,388 | |||||||||
Single-family properties in operation | 13,361,172 | 12,885,689 | |||||||||
Less: accumulated depreciation | (2,962,482) | (2,719,970) | |||||||||
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 | |||||||||
Cash and cash equivalents | 162,477 | 59,385 | |||||||||
Restricted cash | 155,372 | 162,476 | |||||||||
Rent and other receivables | 49,727 | 42,823 | |||||||||
Escrow deposits, prepaid expenses and other assets | 378,402 | 406,138 | |||||||||
Investments in unconsolidated joint ventures | 154,997 | 114,198 | |||||||||
Asset-backed securitization certificates | — | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 12,844,285 | $ | 12,688,190 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | — | $ | 90,000 | |||||||
Asset-backed securitizations, net | 927,099 | 1,871,421 | |||||||||
Unsecured senior notes, net | 3,591,714 | 2,500,226 | |||||||||
Accounts payable and accrued expenses | 629,868 | 573,660 | |||||||||
Total liabilities | 5,148,681 | 5,035,307 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares | 3,659 | 3,643 | |||||||||
Class B common shares | 6 | 6 | |||||||||
Preferred shares | 92 | 92 | |||||||||
Additional paid-in capital | 7,412,232 | 7,357,848 | |||||||||
Accumulated deficit | (407,251) | (394,908) | |||||||||
Accumulated other comprehensive income | 2,756 | 843 | |||||||||
Total shareholders’ equity | 7,011,494 | 6,967,524 | |||||||||
Noncontrolling interest | 684,110 | 685,359 | |||||||||
Total equity | 7,695,604 | 7,652,883 | |||||||||
Total liabilities and equity | $ | 12,844,285 | $ | 12,688,190 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 18 |
AMH |
Secured | Unsecured | Total Balance | % of Total | Interest Rate (1) |
Years to Maturity (2) |
||||||||||||||||||||||||||||||
Floating rate debt: | |||||||||||||||||||||||||||||||||||
Revolving credit facility (3) |
$ | — | $ | — | $ | — | — | % | 5.91 | % | 4.8 | ||||||||||||||||||||||||
Total floating rate debt | — | — | — | — | % | 5.91 | % | 4.8 | |||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||
AMH 2015-SFR1 securitization | 496,732 | — | 496,732 | 10.9 | % | 4.14 | % | 20.5 | |||||||||||||||||||||||||||
AMH 2015-SFR2 securitization | 432,040 | — | 432,040 | 9.4 | % | 4.36 | % | 21.0 | |||||||||||||||||||||||||||
2028 unsecured senior notes | — | 500,000 | 500,000 | 10.9 | % | 4.08 | % | 3.4 | |||||||||||||||||||||||||||
2029 unsecured senior notes | — | 400,000 | 400,000 | 8.7 | % | 4.90 | % | 4.4 | |||||||||||||||||||||||||||
2031 unsecured senior notes | — | 450,000 | 450,000 | 9.8 | % | 2.46 | % | 6.8 | |||||||||||||||||||||||||||
2032 unsecured senior notes | — | 600,000 | 600,000 | 13.1 | % | 3.63 | % | 7.5 | |||||||||||||||||||||||||||
2034 unsecured senior notes I | — | 600,000 | 600,000 | 13.1 | % | 5.50 | % | 9.3 | |||||||||||||||||||||||||||
2034 unsecured senior notes II | — | 500,000 | 500,000 | 10.9 | % | 5.50 | % | 9.8 | |||||||||||||||||||||||||||
2051 unsecured senior notes | — | 300,000 | 300,000 | 6.6 | % | 3.38 | % | 26.8 | |||||||||||||||||||||||||||
2052 unsecured senior notes | — | 300,000 | 300,000 | 6.6 | % | 4.30 | % | 27.6 | |||||||||||||||||||||||||||
Total fixed rate debt | 928,772 | 3,650,000 | 4,578,772 | 100.0 | % | 4.28 | % | 12.5 | |||||||||||||||||||||||||||
Total Debt | $ | 928,772 | $ | 3,650,000 | 4,578,772 | 100.0 | % | 4.28 | % | 12.5 | |||||||||||||||||||||||||
Unamortized discounts and loan costs | (59,959) | ||||||||||||||||||||||||||||||||||
Total debt per balance sheet | $ | 4,518,813 |
Maturity Schedule by Year (2) |
Total Debt | % of Total | |||||||||
Remaining 2024 | $ | 2,576 | 0.1 | % | |||||||
2025 | 10,302 | 0.2 | % | ||||||||
2026 | 10,302 | 0.2 | % | ||||||||
2027 | 10,302 | 0.2 | % | ||||||||
2028 | 510,302 | 11.1 | % | ||||||||
Thereafter | 4,034,988 | 88.2 | % | ||||||||
Total | $ | 4,578,772 | 100.0 | % |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
(Amounts in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Interest expense per income statement and included in Core FFO attributable to common share and unit holders | $ | 43,611 | $ | 34,381 | $ | 120,866 | $ | 105,107 | |||||||||||||||
Less: amortization of discounts, loan costs and cash flow hedges | (3,006) | (3,085) | (8,966) | (9,193) | |||||||||||||||||||
Add: capitalized interest | 12,894 | 14,170 | 40,247 | 40,991 | |||||||||||||||||||
Cash interest | $ | 53,499 | $ | 45,466 | $ | 152,147 | $ | 136,905 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 19 |
AMH |
Total Capitalization | ||||||||||||||||||||
Total Debt | $ | 4,578,772 | 22.0 | % | ||||||||||||||||
Total preferred shares | 230,000 | 1.1 | % | |||||||||||||||||
Common equity at market value: | ||||||||||||||||||||
Common shares outstanding | 366,520,263 | |||||||||||||||||||
Operating partnership units | 51,376,980 | |||||||||||||||||||
Total shares and units | 417,897,243 | |||||||||||||||||||
NYSE AMH Class A common share closing price at September 30, 2024 | $ | 38.39 | ||||||||||||||||||
Market value of common shares and operating partnership units | 16,043,075 | 76.9 | % | |||||||||||||||||
Total Capitalization | $ | 20,851,847 | 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 | 5.0 x | Rating Agency | Rating | Outlook | |||||||||||||||||||
Fixed Charge Coverage | 4.3 x | Moody's Investor Service | Baa2 | Stable | |||||||||||||||||||
Unencumbered Core NOI percentage | 86.0 | % | S&P Global Ratings | BBB | Stable |
Unsecured Senior Notes Covenant Ratios | Requirement | Actual | |||||||||||||||
Ratio of Indebtedness to Total Assets | < | 60.0 | % | 29.4 | % | ||||||||||||
Ratio of Secured Debt to Total Assets | < | 40.0 | % | 5.9 | % | ||||||||||||
Ratio of Unencumbered Assets to Unsecured Debt | > | 150.0 | % | 382.8 | % | ||||||||||||
Ratio of Consolidated Income Available for Debt Service to Interest Expense | > | 1.50 x | 4.57 x |
Unsecured Credit Facility Covenant Ratios | Requirement | Actual | |||||||||||||||
Ratio of Total Indebtedness to Total Asset Value | < | 60.0 | % | 27.9 | % | ||||||||||||
Ratio of Secured Indebtedness to Total Asset Value | < | 40.0 | % | 5.7 | % | ||||||||||||
Ratio of Unsecured Indebtedness to Unencumbered Asset Value | < | 60.0 | % | 27.8 | % | ||||||||||||
Ratio of EBITDA to Fixed Charges | > | 1.50 x | 3.88 x | ||||||||||||||
Ratio of Unencumbered NOI to Unsecured Interest Expense | > | 1.75 x | 5.94 x |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 20 |
AMH |
Market | Number of Properties |
Percentage of Total Properties |
Gross Book Value per Property |
Avg. Sq. Ft. |
Avg. Age (years) |
|||||||||||||||||||||||||||
Atlanta, GA | 5,891 | 10.0 | % | $ | 230,069 | 2,178 | 17.4 | |||||||||||||||||||||||||
Charlotte, NC | 4,129 | 7.0 | % | 224,651 | 2,115 | 18.1 | ||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 3,867 | 6.6 | % | 176,435 | 2,087 | 20.2 | ||||||||||||||||||||||||||
Phoenix, AZ | 3,312 | 5.6 | % | 218,485 | 1,845 | 19.6 | ||||||||||||||||||||||||||
Nashville, TN | 3,358 | 5.7 | % | 253,658 | 2,120 | 16.4 | ||||||||||||||||||||||||||
Jacksonville, FL | 3,264 | 5.5 | % | 226,933 | 1,927 | 14.2 | ||||||||||||||||||||||||||
Tampa, FL | 2,972 | 5.0 | % | 241,032 | 1,948 | 15.0 | ||||||||||||||||||||||||||
Indianapolis, IN | 2,814 | 4.8 | % | 175,141 | 1,925 | 21.7 | ||||||||||||||||||||||||||
Houston, TX | 2,304 | 3.9 | % | 178,850 | 2,079 | 18.8 | ||||||||||||||||||||||||||
Las Vegas, NV | 2,435 | 4.1 | % | 299,767 | 1,946 | 10.9 | ||||||||||||||||||||||||||
Raleigh, NC | 2,183 | 3.7 | % | 200,849 | 1,887 | 18.2 | ||||||||||||||||||||||||||
Columbus, OH | 2,162 | 3.7 | % | 200,332 | 1,886 | 21.5 | ||||||||||||||||||||||||||
Cincinnati, OH | 2,121 | 3.6 | % | 199,041 | 1,843 | 21.7 | ||||||||||||||||||||||||||
Orlando, FL | 2,125 | 3.6 | % | 234,992 | 1,924 | 17.0 | ||||||||||||||||||||||||||
Salt Lake City, UT | 1,936 | 3.3 | % | 307,558 | 2,246 | 17.6 | ||||||||||||||||||||||||||
Charleston, SC | 1,599 | 2.7 | % | 236,765 | 1,966 | 13.1 | ||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,527 | 2.6 | % | 193,164 | 1,867 | 23.1 | ||||||||||||||||||||||||||
San Antonio, TX | 1,179 | 2.0 | % | 199,475 | 1,912 | 15.6 | ||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 1,058 | 1.8 | % | 214,582 | 1,888 | 15.9 | ||||||||||||||||||||||||||
Seattle, WA | 1,012 | 1.7 | % | 338,031 | 2,009 | 14.3 | ||||||||||||||||||||||||||
All Other (3) |
7,651 | 13.1 | % | 243,419 | 1,919 | 17.1 | ||||||||||||||||||||||||||
Total/Average | 58,899 | 100.0 | % | $ | 226,849 | 1,993 | 17.6 |
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 | 95.0 | % | $ | 2,257 | 5.0 | % | 4.1 | % | 4.8 | % | ||||||||||||||||||||||
Charlotte, NC | 96.2 | % | 2,181 | 5.5 | % | 7.5 | % | 5.9 | % | |||||||||||||||||||||||
Dallas-Fort Worth, TX | 95.8 | % | 2,287 | 4.8 | % | 3.6 | % | 4.5 | % | |||||||||||||||||||||||
Phoenix, AZ | 95.0 | % | 2,120 | 4.2 | % | 1.2 | % | 3.4 | % | |||||||||||||||||||||||
Nashville, TN | 95.3 | % | 2,339 | 5.1 | % | 4.9 | % | 5.1 | % | |||||||||||||||||||||||
Jacksonville, FL | 94.4 | % | 2,170 | 5.3 | % | 3.8 | % | 4.9 | % | |||||||||||||||||||||||
Tampa, FL | 94.0 | % | 2,409 | 5.1 | % | 2.6 | % | 4.5 | % | |||||||||||||||||||||||
Indianapolis, IN | 96.4 | % | 1,870 | 5.7 | % | 8.2 | % | 6.4 | % | |||||||||||||||||||||||
Houston, TX | 96.4 | % | 2,055 | 4.6 | % | 5.1 | % | 4.7 | % | |||||||||||||||||||||||
Las Vegas, NV | 92.7 | % | 2,301 | 5.9 | % | 5.2 | % | 5.8 | % | |||||||||||||||||||||||
Raleigh, NC | 96.3 | % | 2,034 | 5.1 | % | 5.4 | % | 5.2 | % | |||||||||||||||||||||||
Columbus, OH | 96.1 | % | 2,184 | 5.7 | % | 8.6 | % | 6.3 | % | |||||||||||||||||||||||
Cincinnati, OH | 96.5 | % | 2,127 | 5.7 | % | 8.5 | % | 6.5 | % | |||||||||||||||||||||||
Orlando, FL | 92.9 | % | 2,380 | 4.8 | % | 4.0 | % | 4.6 | % | |||||||||||||||||||||||
Salt Lake City, UT | 95.3 | % | 2,434 | 5.1 | % | 6.4 | % | 5.4 | % | |||||||||||||||||||||||
Charleston, SC | 94.0 | % | 2,284 | 5.2 | % | 5.2 | % | 5.2 | % | |||||||||||||||||||||||
Greater Chicago area, IL and IN | 96.8 | % | 2,435 | 7.6 | % | 10.4 | % | 8.2 | % | |||||||||||||||||||||||
San Antonio, TX | 96.1 | % | 1,947 | 3.2 | % | (2.8) | % | 1.8 | % | |||||||||||||||||||||||
Savannah/Hilton Head, SC | 95.4 | % | 2,240 | 7.0 | % | 10.8 | % | 8.2 | % | |||||||||||||||||||||||
Seattle, WA | 95.3 | % | 2,804 | 5.2 | % | 8.4 | % | 6.0 | % | |||||||||||||||||||||||
All Other (3) |
93.8 | % | 2,208 | 5.3 | % | 5.4 | % | 5.3 | % | |||||||||||||||||||||||
Total/Average | 95.1 | % | $ | 2,224 | 5.2 | % | 5.3 | % | 5.3 | % |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 21 |
AMH |
3Q24 Additions | YTD 3Q24 Additions | |||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost |
Number of Properties | Average Total Investment Cost |
||||||||||||||||||||||
Las Vegas, NV | 125 | $ | 409,286 | 334 | $ | 399,494 | ||||||||||||||||||||
Orlando, FL | 83 | 370,081 | 197 | 367,755 | ||||||||||||||||||||||
Jacksonville, FL | 70 | 353,603 | 186 | 350,772 | ||||||||||||||||||||||
Tampa, FL | 60 | 388,346 | 155 | 379,271 | ||||||||||||||||||||||
Atlanta, GA | 55 | 371,797 | 173 | 375,022 | ||||||||||||||||||||||
Tucson, AZ | 43 | 337,906 | 82 | 342,559 | ||||||||||||||||||||||
Boise, ID | 35 | 463,555 | 69 | 444,657 | ||||||||||||||||||||||
Phoenix, AZ | 26 | 387,392 | 47 | 411,495 | ||||||||||||||||||||||
Columbus, OH | 25 | 380,262 | 25 | 380,262 | ||||||||||||||||||||||
Charleston, SC | 24 | 361,308 | 71 | 361,898 | ||||||||||||||||||||||
Denver, CO | 23 | 453,337 | 64 | 463,580 | ||||||||||||||||||||||
Nashville, TN | 23 | 399,959 | 74 | 422,230 | ||||||||||||||||||||||
Salt Lake City, UT | 18 | 363,743 | 36 | 361,124 | ||||||||||||||||||||||
Seattle, WA | 16 | 539,796 | 52 | 498,724 | ||||||||||||||||||||||
Savannah/Hilton Head, SC | 11 | 356,481 | 12 | 355,871 | ||||||||||||||||||||||
Charlotte, NC | 8 | 409,741 | 75 | 365,460 | ||||||||||||||||||||||
Colorado Springs, CO | 7 | 439,269 | 22 | 478,392 | ||||||||||||||||||||||
Cincinnati, OH | 4 | 307,668 | 4 | 307,668 | ||||||||||||||||||||||
Raleigh, NC | — | — | 28 | 237,696 | ||||||||||||||||||||||
Total/Average | 656 | $ | 389,784 | 1,706 | $ | 385,721 |
Sep 30, 2024 Single-Family Properties Held for Sale | 3Q24 Dispositions | YTD 3Q24 Dispositions | ||||||||||||||||||||||||||||||
Market | Number of Properties | Average Net Proceeds per Property |
Number of Properties | Average Net Proceeds per Property | ||||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 127 | 40 | $ | 277,769 | 150 | $ | 300,214 | |||||||||||||||||||||||||
Atlanta, GA | 86 | 25 | 310,143 | 103 | 320,642 | |||||||||||||||||||||||||||
Houston, TX | 79 | 15 | 239,961 | 141 | 239,805 | |||||||||||||||||||||||||||
Austin, TX | 79 | 13 | 292,598 | 83 | 289,755 | |||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 76 | 5 | 289,857 | 28 | 271,405 | |||||||||||||||||||||||||||
Tampa, FL | 66 | 10 | 351,162 | 53 | 372,597 | |||||||||||||||||||||||||||
Inland Empire, CA | 63 | 4 | 410,569 | 23 | 458,987 | |||||||||||||||||||||||||||
San Antonio, TX | 61 | 21 | 222,494 | 55 | 240,912 | |||||||||||||||||||||||||||
Phoenix, AZ | 57 | 23 | 344,557 | 83 | 359,837 | |||||||||||||||||||||||||||
Orlando, FL | 37 | 17 | 342,652 | 66 | 337,171 | |||||||||||||||||||||||||||
Charlotte, NC | 33 | 8 | 322,887 | 31 | 344,527 | |||||||||||||||||||||||||||
Nashville, TN | 28 | 11 | 321,256 | 27 | 338,240 | |||||||||||||||||||||||||||
Indianapolis, IN | 26 | 7 | 300,446 | 41 | 249,932 | |||||||||||||||||||||||||||
Seattle, WA | 19 | 3 | 466,118 | 21 | 425,924 | |||||||||||||||||||||||||||
Raleigh, NC | 17 | 2 | 250,003 | 15 | 323,568 | |||||||||||||||||||||||||||
Salt Lake City, UT | 15 | 4 | 972,727 | 7 | 736,346 | |||||||||||||||||||||||||||
Jacksonville, FL | 14 | 4 | 280,718 | 18 | 332,094 | |||||||||||||||||||||||||||
Bay Area, CA | 12 | — | — | 2 | 642,259 | |||||||||||||||||||||||||||
Central Valley, CA | 12 | 1 | 406,726 | 4 | 323,345 | |||||||||||||||||||||||||||
Memphis, TN | 12 | 11 | 252,673 | 38 | 246,274 | |||||||||||||||||||||||||||
All Other (1) |
84 | 32 | 354,728 | 129 | 340,900 | |||||||||||||||||||||||||||
Total/Average | 1,003 | 256 | $ | 316,260 | 1,118 | $ | 313,145 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 22 |
AMH |
YTD 3Q24 Deliveries | Sep 30, 2024 Lots for Future Delivery |
|||||||||||||||||||||||||
Market | Number of Properties | Average Total Investment Cost | Average Monthly Rent |
|||||||||||||||||||||||
Las Vegas, NV | 392 | $ | 401,000 | $ | 2,560 | 846 | ||||||||||||||||||||
Atlanta, GA | 241 | 383,000 | 2,590 | 688 | ||||||||||||||||||||||
Orlando, FL | 197 | 368,000 | 2,560 | 876 | ||||||||||||||||||||||
Jacksonville, FL | 186 | 351,000 | 2,340 | 504 | ||||||||||||||||||||||
Phoenix, AZ | 176 | 366,000 | 2,360 | 1,459 | ||||||||||||||||||||||
Tampa, FL | 155 | 379,000 | 2,740 | 515 | ||||||||||||||||||||||
Denver, CO | 104 | 496,000 | 2,950 | 508 | ||||||||||||||||||||||
Seattle, WA | 90 | 459,000 | 3,140 | 437 | ||||||||||||||||||||||
Nashville, TN | 77 | 431,000 | 2,730 | 297 | ||||||||||||||||||||||
Charlotte, NC | 75 | 365,000 | 2,700 | 361 | ||||||||||||||||||||||
Charleston, SC | 71 | 362,000 | 2,440 | 872 | ||||||||||||||||||||||
Boise, ID | 69 | 445,000 | 2,520 | 272 | ||||||||||||||||||||||
Salt Lake City, UT | 36 | 361,000 | 2,420 | 284 | ||||||||||||||||||||||
Columbus, OH | 24 | 380,000 | 2,740 | 589 | ||||||||||||||||||||||
Raleigh, NC | — | — | — | 66 | ||||||||||||||||||||||
Total/Average | 1,893 | $ | 392,000 | $ | 2,590 | 8,574 | ||||||||||||||||||||
Lots optioned | 2,218 | |||||||||||||||||||||||||
Total lots owned and optioned | 10,792 |
Dec 31, 2023 Lots for Future Delivery |
YTD 3Q24
Net Additions/(Reductions) (2)
|
YTD 3Q24 Deliveries |
Full Year Estimated 2024 Deliveries (3) |
Deliveries Thereafter (3) |
||||||||||||||||||||||||||||
Wholly-owned development pipeline (1) |
11,508 | 56 | 1,661 | 1,825 - 1,975 | 9,664 | |||||||||||||||||||||||||||
Joint venture development pipeline (1)(4) |
1,121 | — | 232 | 375 - 425 | 721 | |||||||||||||||||||||||||||
Total development pipeline | 12,629 | 56 | 1,893 | 2,200 - 2,400 | 10,385 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 23 |
AMH |
MTM | 4Q24 | 1Q25 | 2Q25 | 3Q25 | Thereafter | |||||||||||||||||||||||||||||||||
Lease expirations | 2,285 | 9,237 | 13,483 | 14,322 | 12,109 | 4,637 |
Share Repurchases | ||||||||||||||||||||
Period | Common Shares Repurchased | Purchase Price | Avg. Price Paid Per Share | |||||||||||||||||
2023 | — | $ | — | $ | — | |||||||||||||||
1Q24 | — | — | — | |||||||||||||||||
2Q24 | — | — | — | |||||||||||||||||
3Q24 | — | — | — | |||||||||||||||||
Total | — | — | $ | — | ||||||||||||||||
Remaining authorization: | $ | 265,067 |
ATM Share Issuances | ATM Shares Sold Forward | |||||||||||||||||||||||||||||||||||||||||||
Period | Common Shares Issued | Gross Proceeds | Avg. Issuance Price Per Share | Common Shares Sold Forward | Future Gross Proceeds | Avg. Price Per Share |
Total ATM Gross Proceeds | |||||||||||||||||||||||||||||||||||||
2023 | 2,799,683 | $ | 101,958 | $ | 36.42 | — | $ | — | $ | — | $ | 101,958 | ||||||||||||||||||||||||||||||||
1Q24 | 932,746 | 33,756 | 36.19 | 2,987,024 | 110,616 | 37.03 | 144,372 | |||||||||||||||||||||||||||||||||||||
2Q24 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
3Q24 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | 3,732,429 | $ | 135,714 | $ | 36.36 | 2,987,024 | $ | 110,616 | $ | 37.03 | 246,330 | |||||||||||||||||||||||||||||||||
Remaining authorization: | $ | 753,670 |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 24 |
AMH |
Full Year 2024 | |||||||||||
Previous Guidance | Current Guidance | ||||||||||
Core FFO attributable to common share and unit holders | $1.74 - $1.78 | $1.76 - $1.78 | |||||||||
Core FFO attributable to common share and unit holders growth | 4.8% - 7.2% | 6.0% - 7.2% | |||||||||
Same-Home | |||||||||||
Core revenues growth | 4.25% - 5.75% | 4.50% - 5.50% | |||||||||
Core property operating expenses growth | 5.25% - 6.75% | 4.50% - 5.50% | |||||||||
Core NOI growth | 3.50% - 5.50% | 4.50% - 5.50% |
Full Year 2024 | |||||||||||||||||||||||
Previous Guidance | Current Guidance | ||||||||||||||||||||||
Investment Program | Properties | Investment | Properties | Investment | |||||||||||||||||||
Wholly owned acquisitions | — | — | 1,700 - 1,750 | $490 - $500 million | |||||||||||||||||||
Wholly owned development deliveries | 1,825 - 1,975 | $700 - $800 million | 1,825 - 1,975 | $700 - $800 million | |||||||||||||||||||
Wholly owned land and development pipeline | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Pro rata share of JV and Property Enhancing Capex | — | $100 - $150 million | — | $100 - $150 million | |||||||||||||||||||
Total capital investment (wholly owned and pro rata JV) | 1,825 - 1,975 | $0.9 - $1.1 billion | 3,525 - 3,725 | $1.4 - $1.6 billion | |||||||||||||||||||
Total gross capital investment (JVs at 100%) | 2,200 - 2,400 | $1.1 - $1.3 billion | 3,900 - 4,150 | $1.6 - $1.8 billion |
Refer to “Defined Terms and Non-GAAP Reconciliations” for definitions of metrics and reconciliations to GAAP. | 25 |
AMH |
26 |
AMH |
(Amounts in thousands) | Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
||||||||||||||||||||||||
Total Debt | $ | 4,578,772 | $ | 5,055,355 | $ | 4,561,186 | $ | 4,517,158 | $ | 4,433,095 | |||||||||||||||||||
Less: cash and cash equivalents | (162,477) | (718,380) | (124,826) | (59,385) | (69,514) | ||||||||||||||||||||||||
Less: asset-backed securitization certificates | — | — | — | (25,666) | (25,666) | ||||||||||||||||||||||||
Less: restricted cash related to securitizations | (26,273) | (37,112) | (33,243) | (42,278) | (52,382) | ||||||||||||||||||||||||
Net debt | $ | 4,390,022 | $ | 4,299,863 | $ | 4,403,117 | $ | 4,389,829 | $ | 4,285,533 | |||||||||||||||||||
Preferred shares at liquidation value | 230,000 | 230,000 | 230,000 | 230,000 | 230,000 | ||||||||||||||||||||||||
Net debt and preferred shares | $ | 4,620,022 | $ | 4,529,863 | $ | 4,633,117 | $ | 4,619,829 | $ | 4,515,533 | |||||||||||||||||||
Adjusted EBITDAre - TTM | $ | 919,174 | $ | 896,679 | $ | 875,707 | $ | 860,086 | $ | 842,366 | |||||||||||||||||||
Net Debt and Preferred Shares to Adjusted EBITDAre | 5.0 x | 5.1 x | 5.3 x | 5.4 x | 5.4 x |
(Amounts in thousands) | For the Trailing Twelve Months Ended Sep 30, 2024 |
||||
Interest expense per income statement | $ | 155,957 | |||
Less: amortization of discounts, loan costs and cash flow hedges | (12,052) | ||||
Add: capitalized interest | 54,488 | ||||
Cash interest | 198,393 | ||||
Dividends on preferred shares | 13,944 | ||||
Fixed charges | $ | 212,337 | |||
Adjusted EBITDAre - TTM | $ | 919,174 | |||
Fixed Charge Coverage | 4.3 x |
For the Three Months Ended | For the Trailing Twelve Months Ended Sep 30, 2024 |
||||||||||||||||||||||||||||
(Amounts in thousands) | Dec 31, 2023 |
Mar 31, 2024 |
Jun 30, 2024 |
Sep 30, 2024 |
|||||||||||||||||||||||||
Unencumbered Core NOI (1) |
$ | 202,037 | $ | 204,064 | $ | 209,166 | $ | 208,636 | $ | 823,903 | |||||||||||||||||||
Core NOI | 235,627 | 237,670 | 242,982 | 242,094 | 958,373 | ||||||||||||||||||||||||
Unencumbered Core NOI Percentage | 86.0 | % |
27 |
AMH |
28 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income | $ | 87,640 | $ | 88,092 | $ | 324,269 | $ | 341,205 | |||||||||||||||
Interest expense | 43,611 | 34,381 | 120,866 | 105,107 | |||||||||||||||||||
Depreciation and amortization | 119,691 | 114,863 | 353,020 | 340,779 | |||||||||||||||||||
EBITDA | $ | 250,942 | $ | 237,336 | $ | 798,155 | $ | 787,091 | |||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (32,697) | (33,335) | (145,490) | (180,752) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | 1,116 | 812 | 3,909 | 2,380 | |||||||||||||||||||
EBITDAre | $ | 219,361 | $ | 204,813 | $ | 656,574 | $ | 608,719 | |||||||||||||||
Noncash share-based compensation - general and administrative | 3,601 | 4,160 | 17,999 | 13,885 | |||||||||||||||||||
Noncash share-based compensation - property management | 1,043 | 953 | 3,827 | 3,151 | |||||||||||||||||||
Acquisition, other transaction costs and other | 2,605 | 3,399 | 8,866 | 12,650 | |||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | 3,904 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 5,306 | — | 6,323 | — | |||||||||||||||||||
Adjusted EBITDAre | $ | 235,820 | $ | 213,325 | $ | 697,493 | $ | 638,405 | |||||||||||||||
Recurring Capital Expenditures | (23,088) | (23,973) | (58,615) | (59,079) | |||||||||||||||||||
Leasing costs | (995) | (792) | (2,832) | (2,368) | |||||||||||||||||||
Fully Adjusted EBITDAre | $ | 211,737 | $ | 188,560 | $ | 636,046 | $ | 576,958 | |||||||||||||||
Rents and other single-family property revenues | $ | 445,055 | $ | 421,697 | $ | 1,292,104 | $ | 1,214,948 | |||||||||||||||
Less: tenant charge-backs | (67,615) | (65,840) | (172,323) | (167,049) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures - income | 3,935 | 1,535 | 10,575 | 7,703 | |||||||||||||||||||
Rents and other single-family property revenues, net of tenant charge-backs and adjustments for unconsolidated joint ventures | $ | 381,375 | $ | 357,392 | $ | 1,130,356 | $ | 1,055,602 | |||||||||||||||
Adjusted EBITDAre Margin | 61.8 | % | 59.7 | % | 61.7 | % | 60.5 | % | |||||||||||||||
Fully Adjusted EBITDAre Margin | 55.5 | % | 52.8 | % | 56.3 | % | 54.7 | % |
29 |
AMH |
For the Trailing Twelve Months Ended | |||||||||||||||||||||||||||||
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||||||||||||||
Net income | $ | 415,206 | $ | 415,658 | $ | 422,538 | $ | 432,142 | $ | 444,996 | |||||||||||||||||||
Interest expense | 155,957 | 146,727 | 142,893 | 140,198 | 141,356 | ||||||||||||||||||||||||
Depreciation and amortization | 468,791 | 463,963 | 459,559 | 456,550 | 453,622 | ||||||||||||||||||||||||
EBITDA | $ | 1,039,954 | $ | 1,026,348 | $ | 1,024,990 | $ | 1,028,890 | $ | 1,039,974 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (174,572) | (175,210) | (194,076) | (209,834) | (238,159) | ||||||||||||||||||||||||
Adjustments for unconsolidated joint ventures | 5,240 | 4,936 | 4,798 | 3,711 | 2,846 | ||||||||||||||||||||||||
EBITDAre | $ | 870,622 | $ | 856,074 | $ | 835,712 | $ | 822,767 | $ | 804,661 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 20,493 | 21,052 | 19,475 | 16,379 | 15,851 | ||||||||||||||||||||||||
Noncash share-based compensation - property management | 4,706 | 4,616 | 4,408 | 4,030 | 3,866 | ||||||||||||||||||||||||
Acquisition, other transaction costs and other | 13,126 | 13,920 | 15,158 | 16,910 | 17,988 | ||||||||||||||||||||||||
Hurricane-related charges, net | 3,904 | — | — | — | — | ||||||||||||||||||||||||
Loss on early extinguishment of debt | 6,323 | 1,017 | 954 | — | — | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 919,174 | $ | 896,679 | $ | 875,707 | $ | 860,086 | $ | 842,366 |
30 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Property management expenses | $ | 31,973 | $ | 30,785 | $ | 95,757 | $ | 92,251 | |||||||||||||||
Less: tenant charge-backs | (2,026) | (2,148) | (5,837) | (5,738) | |||||||||||||||||||
Less: noncash share-based compensation - property management | (1,043) | (953) | (3,827) | (3,151) | |||||||||||||||||||
Property management expenses, net | $ | 28,904 | $ | 27,684 | $ | 86,093 | $ | 83,362 | |||||||||||||||
General and administrative expense | $ | 19,247 | $ | 18,336 | $ | 62,825 | $ | 56,128 | |||||||||||||||
Less: noncash share-based compensation - general and administrative | (3,601) | (4,160) | (17,999) | (13,885) | |||||||||||||||||||
General and administrative expense, net | $ | 15,646 | $ | 14,176 | $ | 44,826 | $ | 42,243 |
31 |
AMH |
For the Three Months Ended Sep 30, |
For the Nine Months Ended Sep 30, |
||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income per common share–diluted | $ | 0.20 | $ | 0.20 | $ | 0.75 | $ | 0.80 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Conversion from GAAP share count | (0.02) | (0.03) | (0.09) | (0.10) | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 0.02 | 0.03 | 0.09 | 0.10 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (0.08) | (0.08) | (0.35) | (0.44) | |||||||||||||||||||
Adjustments for unconsolidated joint ventures | — | — | 0.01 | 0.01 | |||||||||||||||||||
Depreciation and amortization | 0.29 | 0.28 | 0.84 | 0.82 | |||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (0.01) | (0.01) | (0.03) | (0.03) | |||||||||||||||||||
FFO attributable to common share and unit holders | $ | 0.40 | $ | 0.39 | $ | 1.22 | $ | 1.16 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 0.01 | 0.01 | 0.04 | 0.03 | |||||||||||||||||||
Noncash share-based compensation - property management | — | — | 0.01 | 0.01 | |||||||||||||||||||
Hurricane-related charges, net | 0.01 | — | 0.01 | — | |||||||||||||||||||
Loss on early extinguishment of debt | 0.01 | — | 0.02 | — | |||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 0.44 | $ | 0.41 | $ | 1.32 | $ | 1.23 | |||||||||||||||
Recurring Capital Expenditures | (0.06) | (0.06) | (0.14) | (0.14) | |||||||||||||||||||
Leasing costs | — | — | (0.01) | (0.01) | |||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 0.38 | $ | 0.35 | $ | 1.17 | $ | 1.08 |
32 |
AMH |
For the Three Months Ended Sep 30, 2024 |
|||||
Adjusted FFO attributable to common share and unit holders | $ | 159,710 | |||
Common distributions | (109,133) | ||||
Retained Cash Flow | $ | 50,577 |
33 |
AMH |
34 |
Executive Management | ||||||||
David P. Singelyn | Christopher C. Lau | |||||||
Chief Executive Officer | Chief Financial Officer and Senior Executive Vice President | |||||||
Bryan Smith | Sara H. Vogt-Lowell | |||||||
Chief Operating Officer | Chief Legal Officer and Secretary |
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 |