Early Spring Season Demonstrating Strong
Demand and Leasing Environment
LAS
VEGAS, May 4, 2023 /PRNewswire/ -- AMH (NYSE:
AMH) (the "Company"), a leading owner, operator and developer of
single-family rental homes, today announced its financial and
operating results for the quarter ended March 31, 2023.
Highlights
- Rents and other single-family property revenues increased 11.7%
year-over-year to $397.7 million for
the first quarter of 2023.
- Net income attributable to common shareholders totaled
$117.5 million, or $0.32 per diluted share, for the first quarter of
2023, compared to $55.9 million, or
$0.16 per diluted share, for the
first quarter of 2022.
- Core Funds from Operations ("Core FFO") attributable to common
share and unit holders increased 8.6% year-over-year to
$0.41 per FFO share and unit for the
first quarter of 2023 and Adjusted Funds from Operations ("Adjusted
FFO") attributable to common share and unit holders increased 7.4%
year-over-year to $0.37 per FFO share
and unit for the first quarter of 2023.
- Core Net Operating Income ("Core NOI") from Same-Home
properties increased by 5.4% year-over-year for the first quarter
of 2023.
- Achieved Same-Home Average Occupied Days Percentage of 97.2% in
the first quarter of 2023, while generating 7.8% rate growth on new
leases.
- Delivered a total of 466 high-quality and energy-efficient
newly constructed homes from our AMH Development Program to our
wholly-owned portfolio and unconsolidated joint ventures in the
first quarter of 2023.
- Published 2022 Sustainability Report highlighting our
commitment to ESG considerations as part of our strategy to deliver
long-term value to our stakeholders.
"Spring leasing season is off to a strong start driven by our
country's undersupplied housing landscape and a desire for the
simplified and convenient lifestyle that leasing a home with AMH
can provide," stated David Singelyn,
AMH's Chief Executive Officer. "Further, our AMH Development
Program consistently delivered nearly 500 newly constructed homes
this quarter, adding much needed supply to the country's under met
housing needs. Supported by our resilient resident base and
flexible industry-leading balance sheet, we are on track to deliver
another year of strong results and value creation for our
shareholders."
First Quarter 2023 Financial Results
Net income attributable to common shareholders totaled
$117.5 million, or $0.32 per diluted share, for the first quarter of
2023, compared to $55.9 million, or
$0.16 per diluted share, for the
first quarter of 2022. This increase was primarily due to higher
net gains on property sales as well as a larger number of occupied
properties resulting from growth in the Company's portfolio and
higher rental rates.
Rents and other single-family property revenues increased 11.7%
to $397.7 million for the first
quarter of 2023, compared to $356.1
million for the first quarter of 2022. Revenue growth was
driven by an increase in our average occupied portfolio which grew
to 55,827 homes for the first quarter of 2023, compared to 53,995
homes for the first quarter of 2022, as well as higher rental
rates.
Core NOI from our total portfolio increased 11.9% to
$220.9 million for the first quarter
of 2023, compared to $197.4 million
for the first quarter of 2022. This growth was driven by a 12.7%
increase in core revenues resulting from a larger number of
occupied properties and higher rental rates, partially offset by a
14.1% increase in core property operating expenses.
For the Company's Same-Home portfolio, core revenues increased
7.7% to $298.1 million for the first
quarter of 2023, compared to $276.9
million for the first quarter of 2022, which was driven by
an 8.0% increase in Average Monthly Realized Rent per property,
partially offset by a 20 basis point decrease in Average Occupied
Days Percentage. Core property operating expenses from Same-Home
properties increased 12.2% to $103.6
million for the first quarter of 2023, compared to
$92.4 million for the first quarter
of 2022, primarily driven by (i) increased property tax expense
from anticipated 2023 property tax assessments and timing of prior
year property tax accruals and (ii) increased property management
expenses primarily attributable to lower than normal staffing
levels in the first quarter of 2022 leading to a subsequent
increase in personnel in the second quarter of 2022 to a more
stabilized level. As a result, Core NOI from Same-Home properties
increased 5.4% to $194.5 million for
the first quarter of 2023, compared to $184.5 million for the first quarter of 2022.
Core FFO attributable to common share and unit holders was
$168.5 million, or $0.41 per FFO share and unit, for the first
quarter of 2023, compared to $149.8
million, or $0.38 per FFO
share and unit, for the first quarter of 2022. Adjusted FFO
attributable to common share and unit holders was $153.5 million, or $0.37 per FFO share and unit, for the first
quarter of 2023, compared to $138.1
million, or $0.35 per FFO
share and unit, for the first quarter of 2022. These improvements
were primarily attributable to a larger number of occupied
properties resulting from growth in the Company's portfolio and
higher rental rates.
Portfolio
Average Occupied Days Percentage was 96.3% for the first quarter
of 2023, compared to 95.8% for the fourth quarter of 2022.
Investments
As of March 31, 2023, the
Company's wholly-owned portfolio consisted of 58,639 homes,
compared to 58,993 homes as of December 31,
2022, a decrease of 354 homes during the first quarter of
2023, which included 666 homes sold to third parties, partially
offset by 299 newly constructed homes delivered through our AMH
Development Program and 13 homes acquired through our National
Builder Program. During the first quarter of 2023, we also
developed an additional 167 newly constructed properties which were
delivered to our unconsolidated joint ventures, aggregating to 466
total program deliveries through our AMH Development Program. As of
March 31, 2023, the Company had 903
properties held for sale and 2,688 properties held in
unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
In January 2023, the Company
issued and physically settled the remaining 8,000,000 Class A
common shares available under the January
2022 forward sale agreements, receiving net proceeds of
$298.4 million, which was used
to pay down the Company's outstanding borrowings on its revolving
credit facility at that time as well as for general corporate
purposes.
As of March 31, 2023, the Company
had cash and cash equivalents of $255.6
million and had total outstanding debt of $4.4 billion, excluding unamortized discounts and
unamortized deferred financing costs, with a weighted-average
interest rate of 4.0% and a weighted-average term to maturity of
12.1 years. The Company had no outstanding borrowings on its
$1.25 billion revolving credit
facility. Additionally, the Company has no debt maturities, other
than recurring principal amortization, until the fourth quarter of
2024. During the first quarter of 2023, the Company generated
$62.2 million of Retained Cash Flow
(defined below) and sold 666 properties generating $184.3 million of net proceeds.
Sustainability Update
The Company published its fifth annual Sustainability Report
highlighting its commitment to Environmental, Social, and
Governance ("ESG") considerations as part of its strategy to
deliver long-term value to its stakeholders. The report provides
transparency on the Company's ESG performance and priorities with
notable highlights including implementation of an Environmental
Management System, expanded Greenhouse Gas Inventory, launch of six
Employee Resource Groups, improvements to the customer experience,
and giving back to the community through charitable donations and
employee engagement. The full report can be downloaded on the
Company's website at www.amh.com, under "Investor relations."
2023 Guidance
Set forth below are the Company's current expectations with
respect to full year 2023 Core FFO attributable to common share and
unit holders and our underlying assumptions. In reliance on the
exception provided by applicable SEC rules, the Company does not
provide guidance for GAAP net income, the most comparable GAAP
financial measure, or a reconciliation of 2023 Core FFO guidance to
GAAP net income because we are unable to reasonably predict the
following items which are included in GAAP net income: (i) gain on
sale and impairment of single-family properties and other, net for
consolidated properties and unconsolidated joint ventures, (ii)
acquisition and other transaction costs and (iii) hurricane-related
charges, net. The actual amounts for any and all of these items
could significantly impact our 2023 GAAP net income and, as
disclosed in our historical financial results, have significantly
impacted GAAP net income in prior periods.
Guidance Summary
As the Company's heaviest spring leasing season is still ahead,
no changes have been made to previous Full Year 2023 guidance
ranges.
|
Full Year
2023
(Unchanged)
|
Core FFO
attributable to common share and unit holders
|
$1.58 -
$1.64
|
Core FFO attributable
to common share and unit holders growth
|
2.5% - 6.5%
|
|
|
Same-Home
|
|
Core revenues
growth
|
5.00% -
7.00%
|
Core property operating
expenses growth
|
8.75% -
10.75%
|
Core NOI
growth
|
3.00% -
5.00%
|
|
Full Year
2023
(Unchanged)
|
Investment
Program
|
Properties
|
|
Investment
|
Wholly owned
acquisitions
|
—
|
|
—
|
Wholly owned
development deliveries
|
1,775 -
1,925
|
|
$600 - $700
million
|
Wholly owned land and
development pipeline
|
—
|
|
$100 - $150
million
|
Pro rata share of JV
and Property Enhancing Capex
|
—
|
|
$100 - $150
million
|
Total capital
investment (wholly owned and pro rata JV)
|
1,775 -
1,925
|
|
$0.8 - $1.0
billion
|
Total gross capital
investment (JVs at 100%)
|
2,200 -
2,400
|
|
$1.0 - $1.2
billion
|
Additional Information
A copy of the Company's First Quarter 2023 Earnings Release and
Supplemental Information Package and this press release are
available on our website at www.amh.com, under "Investor
relations." This information has also been furnished to the SEC in
a current report on Form 8-K.
Conference Call
A conference call is scheduled on Friday,
May 5, 2023 at 12:00 p.m. Eastern
Time to discuss the Company's financial results for the
quarter ended March 31, 2023 and to
provide an update on its business. The domestic dial-in number is
(877) 451-6152 (U.S. and Canada)
and the international dial-in number is (201) 389-0879 (passcode
not required). A simultaneous audio webcast may be accessed by
using the link at www.amh.com, under "Investor relations." A replay
of the conference call may be accessed through Friday, May 19, 2023 by calling (844) 512-2921
(U.S. and Canada) or (412)
317-6671 (international), replay passcode number 13737880#, or by
using the link at www.amh.com, under "Investor relations."
About AMH
American Homes 4 Rent (NYSE: AMH), which does business as AMH,
is a leading single-family property owner, leasing operator and
build-to-rent developer. We're an internally managed Maryland real estate investment trust (REIT)
focused on acquiring, developing, renovating, leasing and managing
homes as rental properties. Our goal is to simplify the experience
of leasing a home and deliver peace of mind to households across
the country.
In recent years, we've been named one of Fortune's 2022 Best
Workplaces in Real Estate™, a 2023 Great Place to Work®, a 2022 Top
U.S. Homebuilder by Builder100, one of America's Most Responsible
Companies 2023 and America's Most Trustworthy Companies 2023 by
Newsweek and Statista Inc., and a Top ESG Regional Performer by
Sustainalytics. As of March 31, 2023,
we owned nearly 59,000 single-family properties in the Southeast,
Midwest, Southwest and Mountain West regions of the United States. Additional information
about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American
Homes 4 Rent, L.P., and their subsidiaries and joint ventures. In
certain states, we operate under AMH Living or American Homes 4
Rent. Please see www.amh.com/dba to learn more.
Forward-Looking Statements
This press release and the accompanying Supplemental Information
Package contain "forward-looking statements." These forward-looking
statements relate to beliefs, expectations or intentions and
similar statements concerning matters that are not of historical
fact and are generally accompanied by words such as "estimate,"
"project," "predict," "believe," "expect," "anticipate," "intend,"
"potential," "plan," "goal," "outlook," "guidance" or other words
that convey the uncertainty of future events or outcomes. Examples
of forward-looking statements contained in this press release
include, among others, our 2023 Guidance, our belief that our
acquisition and homebuilding programs will result in continued
growth and the estimated timing of our development deliveries set
forth in the Supplemental Information Package. The Company has
based these forward-looking statements on its current expectations
and assumptions about future events. While the Company's management
considers these expectations and assumptions to be reasonable, they
are inherently subject to significant business, economic,
competitive, regulatory and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond the Company's control and could cause actual
results to differ materially from any future results, performance
or achievements expressed or implied by these forward-looking
statements. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company undertakes no obligation to update any
forward-looking statements to conform to actual results or changes
in its expectations, unless required by applicable law. For a
further description of the risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of the Company in general, see the "Risk Factors"
disclosed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2022 and in the Company's subsequent
filings with the SEC.
AMH
Condensed
Consolidated Balance Sheets
(Amounts in
thousands, except share data)
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
Single-family
properties:
|
|
|
|
Land
|
$
2,193,499
|
|
$
2,197,233
|
Buildings and
improvements
|
10,186,856
|
|
10,127,891
|
Single-family
properties in operation
|
12,380,355
|
|
12,325,124
|
Less: accumulated
depreciation
|
(2,463,232)
|
|
(2,386,452)
|
Single-family
properties in operation, net
|
9,917,123
|
|
9,938,672
|
Single-family
properties under development and development land
|
1,279,089
|
|
1,187,221
|
Single-family
properties and land held for sale, net
|
171,448
|
|
198,716
|
Total real estate
assets, net
|
11,367,660
|
|
11,324,609
|
Cash and cash
equivalents
|
255,559
|
|
69,155
|
Restricted
cash
|
153,256
|
|
148,805
|
Rent and other
receivables
|
49,424
|
|
47,752
|
Escrow deposits,
prepaid expenses and other assets
|
339,502
|
|
331,446
|
Investments in
unconsolidated joint ventures
|
108,667
|
|
107,347
|
Asset-backed
securitization certificates
|
25,666
|
|
25,666
|
Goodwill
|
120,279
|
|
120,279
|
Total assets
|
$
12,420,013
|
|
$
12,175,059
|
|
|
|
|
Liabilities
|
|
|
|
Revolving credit
facility
|
$
—
|
|
$
130,000
|
Asset-backed
securitizations, net
|
1,885,322
|
|
1,890,842
|
Unsecured senior notes,
net
|
2,496,423
|
|
2,495,156
|
Accounts payable and
accrued expenses
|
520,364
|
|
484,403
|
Total
liabilities
|
4,902,109
|
|
5,000,401
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Equity
|
|
|
|
Shareholders'
equity:
|
|
|
|
Class A common shares
($0.01 par value per share, 450,000,000 shares authorized,
361,146,292 and
352,881,826 shares
issued and outstanding at March 31, 2023 and December 31,
2022, respectively)
|
3,611
|
|
3,529
|
Class B common shares
($0.01 par value per share, 50,000,000 shares authorized, 635,075
shares issued
and outstanding at
March 31, 2023 and December 31, 2022)
|
6
|
|
6
|
Preferred shares
($0.01 par value per share, 100,000,000 shares authorized,
9,200,000 shares issued and
outstanding at March
31, 2023 and December 31, 2022)
|
92
|
|
92
|
Additional paid-in
capital
|
7,232,191
|
|
6,931,819
|
Accumulated
deficit
|
(403,303)
|
|
(440,791)
|
Accumulated other
comprehensive income
|
1,212
|
|
1,332
|
Total shareholders'
equity
|
6,833,809
|
|
6,495,987
|
Noncontrolling
interest
|
684,095
|
|
678,671
|
Total equity
|
7,517,904
|
|
7,174,658
|
|
|
|
|
Total liabilities and
equity
|
$
12,420,013
|
|
$
12,175,059
|
AMH
Condensed
Consolidated Statements of Operations
(Amounts in
thousands, except share and per share data)
(Unaudited)
|
|
|
For the Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
Rents and other
single-family property revenues
|
$
397,703
|
|
$
356,105
|
|
|
|
|
Expenses:
|
|
|
|
Property operating
expenses
|
147,068
|
|
133,643
|
Property management
expenses
|
30,800
|
|
26,034
|
General and
administrative expense
|
17,855
|
|
17,282
|
Interest
expense
|
35,882
|
|
27,567
|
Acquisition and other
transaction costs
|
5,076
|
|
5,974
|
Depreciation and
amortization
|
112,717
|
|
99,954
|
Total
expenses
|
349,398
|
|
310,454
|
|
|
|
|
Gain on sale and
impairment of single-family properties and other, net
|
84,659
|
|
22,044
|
Other income and
expense, net
|
4,735
|
|
2,319
|
|
|
|
|
Net income
|
137,699
|
|
70,014
|
|
|
|
|
Noncontrolling
interest
|
16,748
|
|
8,312
|
Dividends on preferred
shares
|
3,486
|
|
5,763
|
|
|
|
|
Net income attributable
to common shareholders
|
$
117,465
|
|
$
55,939
|
|
|
|
|
Weighted-average common
shares outstanding:
|
|
|
|
Basic
|
360,353,124
|
|
345,742,526
|
Diluted
|
360,674,370
|
|
346,480,823
|
|
|
|
|
Net income attributable
to common shareholders per share:
|
|
|
|
Basic
|
$
0.33
|
|
$
0.16
|
Diluted
|
$
0.32
|
|
$
0.16
|
Defined Terms
Average Monthly Realized Rent
For the related period,
Average Monthly Realized Rent is calculated as the lease component
of rents and other single-family property revenues (i.e., rents
from single-family properties) divided by the product of (a) number
of properties and (b) Average Occupied Days Percentage, divided by
the number of months. For properties partially owned during the
period, this calculation is adjusted to reflect the number of days
of ownership.
Average Occupied Days Percentage
The number of days a
property is occupied in the period divided by the total number of
days the property is owned during the same period after initially
being placed in-service. This calculation excludes properties
classified as held for sale.
Occupied Property
A property is classified as occupied
upon commencement (i.e., start date) of a lease agreement, which
can occur contemporaneously with or subsequent to execution (i.e.,
signature).
Recurring Capital Expenditures
For our Same-Home
portfolio, Recurring Capital Expenditures includes replacement
costs and other capital expenditures recorded during the period
that are necessary to help preserve the value and maintain
functionality of our properties. For our total portfolio, we
calculate Recurring Capital Expenditures by multiplying (a) current
period actual Recurring Capital Expenditures per Same-Home property
by (b) our total number of properties, excluding newly acquired
non-stabilized properties and properties classified as held for
sale.
Same-Home Property
A property is classified as
Same-Home if it has been stabilized longer than 90 days prior to
the beginning of the earliest period presented under comparison. A
property is removed from Same-Home if it has been classified as
held for sale or has experienced a casualty loss.
Stabilized Property
A property acquired individually
(i.e., not through a bulk purchase) is classified as stabilized
once it has been renovated by the Company or newly constructed and
then initially leased or available for rent for a period greater
than 90 days. Properties acquired through a bulk purchase are first
considered non-stabilized, as an entire group, until (1) we have
owned them for an adequate period of time to allow for complete
on-boarding to our operating platform, and (2) a substantial
portion of the properties have experienced tenant turnover at least
once under our ownership, providing the opportunity for renovations
and improvements to meet our property standards. After such time
has passed, properties acquired through a bulk purchase are then
evaluated on an individual property basis under our standard
stabilization criteria.
Non-GAAP Financial Measures
This press release and the First Quarter 2023 Earnings Release
and Supplemental Information Package include Funds from Operations
attributable to common share and unit holders ("FFO attributable to
common share and unit holders"), Core FFO attributable to common
share and unit holders, Adjusted FFO attributable to common share
and unit holders, Retained Cash Flow, Core NOI and Same-Home Core
NOI, which are non-GAAP financial measures. We believe these
measures are helpful in understanding our financial performance and
are widely used in the REIT industry. Because other REITs may not
compute these financial measures in the same manner, they may not
be comparable among REITs. In addition, these metrics are not
substitutes for net income or loss or net cash flows from operating
activities, as defined by GAAP, as measures of our operating
performance, liquidity or ability to pay dividends. Reconciliations
of these non-GAAP financial measures to the most directly
comparable GAAP measures are included in this press release and in
the First Quarter 2023 Earnings Release and Supplemental
Information Package.
Funds from Operations attributable to common
share and unit holders and Retained Cash Flow
FFO attributable to common share and unit holders is a non-GAAP
financial measure that we calculate in accordance with the
definition approved by the National Association of Real Estate
Investment Trusts, which defines FFO as net income or loss
calculated in accordance with GAAP, excluding gains and losses from
sales or impairment of real estate, plus real estate-related
depreciation and amortization (excluding amortization of deferred
financing costs and depreciation of non-real estate assets), and
after adjustments for unconsolidated partnerships and joint
ventures to reflect FFO on the same basis.
Core FFO attributable to common share and unit holders is a
non-GAAP financial measure that we use as a supplemental measure of
our performance. We compute this metric by adjusting FFO
attributable to common share and unit holders for (1) acquisition
and other transaction costs incurred with business combinations and
the acquisition or disposition of properties as well as
nonrecurring items unrelated to ongoing operations, (2) noncash
share-based compensation expense, (3) hurricane-related charges,
net, which result in material charges to our single-family property
portfolio, (4) gain or loss on early extinguishment of debt and (5)
the allocation of income to our perpetual preferred shares in
connection with their redemption.
Adjusted FFO attributable to common share and unit holders is a
non-GAAP financial measure that we use as a supplemental measure of
our performance. We compute this metric by adjusting Core FFO
attributable to common share and unit holders for (1) Recurring
Capital Expenditures that are necessary to help preserve the value
and maintain functionality of our properties and (2) capitalized
leasing costs incurred during the period. As a portion of our homes
are recently developed, acquired and/or renovated, we estimate
Recurring Capital Expenditures for our entire portfolio by
multiplying (a) current period actual Recurring Capital
Expenditures per Same-Home Property by (b) our total number of
properties, excluding newly acquired non-stabilized properties and
properties classified as held for sale.
We present FFO attributable to common share and unit holders, as
well as on a per FFO share and unit basis, because we consider this
metric to be an important measure of the performance of real estate
companies, as do many investors and analysts in evaluating the
Company. We believe that FFO attributable to common share and unit
holders provides useful information to investors because this
metric excludes depreciation, which is included in computing net
income and assumes the value of real estate diminishes predictably
over time. We believe that real estate values fluctuate due to
market conditions and in response to inflation. We also believe
that Core FFO and Adjusted FFO attributable to common share and
unit holders, as well as on a per FFO share and unit basis, provide
useful information to investors because they allow investors to
compare our operating performance to prior reporting periods
without the effect of certain items that, by nature, are not
comparable from period to period.
FFO shares and units include weighted-average common shares and
operating partnership units outstanding, as well as potentially
dilutive securities.
Retained Cash Flow is a non-GAAP financial measure that we
believe is helpful as a supplemental measure in assessing the
Company's liquidity. This metric is computed by reducing Adjusted
FFO attributable to common share and unit holders by common
distributions.
FFO, Core FFO and Adjusted FFO attributable to common share and
unit holders and Retained Cash Flow are not substitutes for net
income or net cash provided by operating activities, each as
determined in accordance with GAAP, as a measure of our operating
performance, liquidity or ability to pay dividends. These metrics
also are not necessarily indicative of cash available to fund
future cash needs. Because other REITs may not compute these
measures in the same manner, they may not be comparable among
REITs.
The following is a reconciliation of net income or loss
attributable to common shareholders to FFO attributable to
common share and unit holders, Core FFO attributable to common
share and unit holders, Adjusted FFO attributable to common share
and unit holders and Retained Cash Flow for the three months ended
March 31, 2023 and 2022 (amounts in
thousands, except share and per share data):
|
For the Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
Net income attributable
to common shareholders
|
$
117,465
|
|
$
55,939
|
Adjustments:
|
|
|
|
Noncontrolling
interests in the Operating Partnership
|
16,748
|
|
8,312
|
Gain on sale and
impairment of single-family properties and other, net
|
(84,659)
|
|
(22,044)
|
Adjustments for
unconsolidated joint ventures
|
510
|
|
(371)
|
Depreciation and
amortization
|
112,717
|
|
99,954
|
Less: depreciation and
amortization of non-real estate assets
|
(4,177)
|
|
(2,992)
|
FFO attributable to
common share and unit holders
|
$
158,604
|
|
$
138,798
|
Adjustments:
|
|
|
|
Acquisition, other
transaction costs and other
|
5,076
|
|
5,974
|
Noncash share-based
compensation - general and administrative
|
3,743
|
|
4,030
|
Noncash share-based
compensation - property management
|
1,066
|
|
999
|
Core FFO attributable
to common share and unit holders
|
$
168,489
|
|
$
149,801
|
Recurring Capital
Expenditures
|
(14,193)
|
|
(11,178)
|
Leasing
costs
|
(808)
|
|
(535)
|
Adjusted FFO
attributable to common share and unit holders
|
$
153,488
|
|
$
138,088
|
Common
distributions
|
(91,280)
|
|
(72,186)
|
Retained Cash
Flow
|
$
62,208
|
|
$
65,902
|
|
|
|
|
Per FFO share and
unit:
|
|
|
|
FFO attributable to
common share and unit holders
|
$
0.38
|
|
$
0.35
|
Core FFO attributable
to common share and unit holders
|
$
0.41
|
|
$
0.38
|
Adjusted FFO
attributable to common share and unit holders
|
$
0.37
|
|
$
0.35
|
|
|
|
|
Weighted-average FFO
shares and units:
|
|
|
|
Common shares
outstanding
|
360,353,124
|
|
345,742,526
|
Share-based
compensation plan and forward sale equity contracts
(1)
|
689,437
|
|
1,162,605
|
Operating partnership
units
|
51,376,980
|
|
51,376,980
|
Total weighted-average
FFO shares and units
|
412,419,541
|
|
398,282,111
|
|
|
(1)
|
Reflects the effect of
potentially dilutive securities issuable upon the assumed
vesting/exercise of restricted stock units and stock options and
the dilutive effect of forward sale equity contracts under the
treasury stock method.
|
Core Net Operating Income
Core NOI, which we also present separately for our Same-Home
portfolio, is a supplemental non-GAAP financial measure that we
define as core revenues, which is calculated as rents and other
single-family property revenues, excluding expenses reimbursed by
tenant charge-backs, less core property operating expenses, which
is calculated as property operating and property management
expenses, excluding noncash share-based compensation expense and
expenses reimbursed by tenant charge-backs.
Core NOI also excludes (1) gain or loss on early extinguishment
of debt, (2) hurricane-related charges, net, which result in
material charges to our single-family property portfolio, (3) gains
and losses from sales or impairments of single-family properties
and other, (4) depreciation and amortization, (5) acquisition and
other transaction costs incurred with business combinations and the
acquisition or disposition of properties as well as
nonrecurring items unrelated to ongoing operations, (6) noncash
share-based compensation expense, (7) interest expense, (8) general
and administrative expense, and (9) other income and expense, net.
We believe Core NOI provides useful information to investors about
the operating performance of our single-family properties without
the impact of certain operating expenses that are reimbursed
through tenant charge-backs.
Core NOI and Same-Home Core NOI should be considered only as
supplements to net income or loss as a measure of our performance
and should not be used as measures of our liquidity, nor are they
indicative of funds available to fund our cash needs, including our
ability to pay dividends or make distributions. Additionally, these
metrics should not be used as substitutes for net income or loss or
net cash flows from operating activities (as computed in accordance
with GAAP).
|
For the Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
Core revenues and
Same-Home core revenues
|
|
|
|
Rents and other
single-family property revenues
|
$
397,703
|
|
$
356,105
|
Tenant
charge-backs
|
(55,395)
|
|
(52,272)
|
Core
revenues
|
342,308
|
|
303,833
|
Less: Non-Same-Home
core revenues
|
44,163
|
|
26,940
|
Same-Home core
revenues
|
$
298,145
|
|
$
276,893
|
Core property
operating expenses and Same-Home core property operating
expenses
|
|
|
|
Property operating
expenses
|
$
147,068
|
|
$
133,643
|
Property management
expenses
|
30,800
|
|
26,034
|
Noncash share-based
compensation - property management
|
(1,066)
|
|
(999)
|
Expenses reimbursed by
tenant charge-backs
|
(55,395)
|
|
(52,272)
|
Core property
operating expenses
|
121,407
|
|
106,406
|
Less: Non-Same-Home
core property operating expenses
|
17,786
|
|
14,054
|
Same-Home core
property operating expenses
|
$
103,621
|
|
$
92,352
|
Core NOI and
Same-Home Core NOI
|
Net income
|
$
137,699
|
|
$
70,014
|
Gain on sale and
impairment of single-family properties and other, net
|
(84,659)
|
|
(22,044)
|
Depreciation and
amortization
|
112,717
|
|
99,954
|
Acquisition and other
transaction costs
|
5,076
|
|
5,974
|
Noncash share-based
compensation - property management
|
1,066
|
|
999
|
Interest
expense
|
35,882
|
|
27,567
|
General and
administrative expense
|
17,855
|
|
17,282
|
Other income and
expense, net
|
(4,735)
|
|
(2,319)
|
Core NOI
|
220,901
|
|
197,427
|
Less: Non-Same-Home
Core NOI
|
26,377
|
|
12,886
|
Same-Home Core
NOI
|
$
194,524
|
|
$
184,541
|
Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/amh-reports-first-quarter-2023-financial-and-operating-results-301816590.html
SOURCE AMH