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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| | | | | | | | |
| (Mark One) |
| ☒ | | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2022
or | | | | | | | | |
| ☐ | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______ to _______
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| American Homes 4 Rent | Maryland | 46-1229660 |
| American Homes 4 Rent, L.P. | Delaware | 80-0860173 |
| (State or other jurisdiction of
incorporation or organization) | (I.R.S. Employer
Identification No.) |
280 Pilot Road
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)
(702) 847-7800
(Registrant’s telephone number, including area code)
23975 Park Sorrento, Suite 300
Calabasas, California 91302
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
| 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 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
American Homes 4 Rent ☒ Yes ☐ No American Homes 4 Rent, L.P. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
American Homes 4 Rent ☒ Yes ☐ No American Homes 4 Rent, L.P. ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
| American Homes 4 Rent |
| Large accelerated filer | ☒ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| American Homes 4 Rent, L.P. |
| Large accelerated filer | ☐ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
American Homes 4 Rent ☐ American Homes 4 Rent, L.P. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Homes 4 Rent ☐ Yes ☒ No American Homes 4 Rent, L.P. ☐ Yes ☒ No
There were 347,735,087 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on August 3, 2022.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2022 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AH4R” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership.
AH4R is the general partner of, and as of June 30, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.
The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:
•enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.
To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” section that includes discrete information related to each entity.
This report also includes separate Part I, “Item 4. Controls and Procedures” sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the
Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.
American Homes 4 Rent
American Homes 4 Rent, L.P.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may 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. We have based these forward-looking statements on our current expectations and assumptions about future events. While our 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 our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
| | | | | | | | | | | |
| June 30, 2022 | | December 31, 2021 |
| (Unaudited) | | |
| Assets | | | |
| Single-family properties: | | | |
| Land | $ | 2,177,263 | | | $ | 2,062,039 | |
| Buildings and improvements | 9,888,113 | | | 9,258,387 | |
| Single-family properties in operation | 12,065,376 | | | 11,320,426 | |
| Less: accumulated depreciation | (2,228,095) | | | (2,072,933) | |
| Single-family properties in operation, net | 9,837,281 | | | 9,247,493 | |
| Single-family properties under development and development land | 1,063,906 | | | 882,159 | |
| Single-family properties held for sale, net | 159,243 | | | 114,907 | |
| Total real estate assets, net | 11,060,430 | | | 10,244,559 | |
| Cash and cash equivalents | 70,375 | | | 48,198 | |
| Restricted cash | 151,790 | | | 143,569 | |
| Rent and other receivables | 38,001 | | | 41,587 | |
| Escrow deposits, prepaid expenses and other assets | 273,039 | | | 216,625 | |
| Investments in unconsolidated joint ventures | 115,172 | | | 121,950 | |
| Asset-backed securitization certificates | 25,666 | | | 25,666 | |
| Goodwill | 120,279 | | | 120,279 | |
| Total assets | $ | 11,854,752 | | | $ | 10,962,433 | |
| | | |
| Liabilities | | | |
| Revolving credit facility | $ | — | | | $ | 350,000 | |
| Asset-backed securitizations, net | 1,899,602 | | | 1,908,346 | |
| Unsecured senior notes, net | 2,492,610 | | | 1,622,132 | |
| Accounts payable and accrued expenses | 498,279 | | | 343,526 | |
| | | |
| Total liabilities | 4,890,491 | | | 4,224,004 | |
| | | |
Commitments and contingencies (see Note 15) |
| | |
| | | |
| Equity | | | |
| Shareholders’ equity: | | | |
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 347,696,494 and 337,362,716 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 3,477 | | | 3,374 | |
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2022 and December 31, 2021) | 6 | | | 6 | |
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 and 15,400,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 92 | | | 154 | |
| Additional paid-in capital | 6,734,292 | | | 6,492,933 | |
| Accumulated deficit | (452,155) | | | (438,710) | |
| Accumulated other comprehensive income | 1,575 | | | 1,814 | |
| Total shareholders’ equity | 6,287,287 | | | 6,059,571 | |
| Noncontrolling interest | 676,974 | | | 678,858 | |
| Total equity | 6,964,261 | | | 6,738,429 | |
| | | |
| Total liabilities and equity | $ | 11,854,752 | | | $ | 10,962,433 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| Rents and other single-family property revenues | $ | 361,876 | | | $ | 313,654 | | | $ | 717,981 | | | $ | 626,227 | |
| | | | | | | |
| Expenses: | | | | | | | |
| Property operating expenses | 129,270 | | | 116,578 | | | 262,913 | | | 235,272 | |
| Property management expenses | 28,768 | | | 22,416 | | | 54,802 | | | 46,115 | |
| General and administrative expense | 18,847 | | | 12,793 | | | 36,129 | | | 27,998 | |
| Interest expense | 34,801 | | | 27,528 | | | 62,368 | | | 55,533 | |
| Acquisition and other transaction costs | 7,658 | | | 2,968 | | | 13,632 | | | 7,814 | |
| Depreciation and amortization | 104,415 | | | 91,117 | | | 204,369 | | | 181,188 | |
| | | | | | | |
| Total expenses | 323,759 | | | 273,400 | | | 634,213 | | | 553,920 | |
| | | | | | | |
| Gain on sale and impairment of single-family properties and other, net | 32,811 | | | 10,760 | | | 54,855 | | | 26,829 | |
| | | | | | | |
| Other income and expense, net | 3,627 | | | 800 | | | 5,946 | | | 1,599 | |
| | | | | | | |
| Net income | 74,555 | | | 51,814 | | | 144,569 | | | 100,735 | |
| | | | | | | |
| Noncontrolling interest | 8,343 | | | 3,218 | | | 16,655 | | | 8,143 | |
| Dividends on preferred shares | 4,346 | | | 12,615 | | | 10,109 | | | 26,397 | |
| Redemption of perpetual preferred shares | 5,276 | | | 15,879 | | | 5,276 | | | 15,879 | |
| | | | | | | |
| Net income attributable to common shareholders | $ | 56,590 | | | $ | 20,102 | | | $ | 112,529 | | | $ | 50,316 | |
| | | | | | | |
| Weighted-average common shares outstanding: | | | | | | | |
| Basic | 348,484,158 | | | 319,752,730 | | | 347,123,576 | | | 318,380,175 | |
| Diluted | 349,002,624 | | | 320,808,996 | | | 347,751,958 | | | 319,408,153 | |
| | | | | | | |
| Net income attributable to common shareholders per share: | | | | | | | |
| Basic | $ | 0.16 | | | $ | 0.06 | | | $ | 0.32 | | | $ | 0.16 | |
| Diluted | $ | 0.16 | | | $ | 0.06 | | | $ | 0.32 | | | $ | 0.16 | |
| | | | | | | |
| | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, |
| | 2022 | | 2021 | | 2022 | | 2021 |
| Net income | $ | 74,555 | | | $ | 51,814 | | | $ | 144,569 | | | $ | 100,735 | |
| Other comprehensive loss: | | | | | | | |
| Cash flow hedging instruments: | | | | | | | |
| Loss on settlement of cash flow hedging instrument | — | | | (13,229) | | | — | | | (3,999) | |
Reclassification adjustment for amortization of interest expense included in net income | (141) | | | (240) | | | (282) | | | (481) | |
| Other comprehensive loss | (141) | | | (13,469) | | | (282) | | | (4,480) | |
| Comprehensive income | 74,414 | | | 38,345 | | | 144,287 | | | 96,255 | |
| Comprehensive income attributable to noncontrolling interests | 8,325 | | | 1,334 | | | 16,612 | | | 7,519 | |
| Dividends on preferred shares | 4,346 | | | 12,615 | | | 10,109 | | | 26,397 | |
| Redemption of perpetual preferred shares | 5,276 | | | 15,879 | | | 5,276 | | | 15,879 | |
| Comprehensive income attributable to common shareholders | $ | 56,467 | | | $ | 8,517 | | | $ | 112,290 | | | $ | 46,460 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A common shares | | Class B common shares | | Preferred shares | | | | | | | | | | | | |
| Number
of shares | | Amount | | Number
of shares | | Amount | | Number
of shares | | Amount | | Additional
paid-in
capital | | Accumulated
deficit | | Accumulated other comprehensive income | | Shareholders’
equity | | Noncontrolling
interest | | Total
equity |
| Balances at December 31, 2020 | 316,021,385 | | | $ | 3,160 | | | 635,075 | | | $ | 6 | | | 35,350,000 | | | $ | 354 | | | $ | 6,223,256 | | | $ | (443,522) | | | $ | 5,840 | | | $ | 5,789,094 | | | $ | 683,336 | | | $ | 6,472,430 | |
| Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 8,110 | | | — | | | — | | | 8,110 | | | — | | | 8,110 | |
| Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 246,425 | | | 2 | | | — | | | — | | | — | | | — | | | (1,523) | | | — | | | — | | | (1,521) | | | — | | | (1,521) | |
| Redemptions of Class A units | 350,000 | | | 4 | | | — | | | — | | | — | | | — | | | 4,613 | | | — | | | 7 | | | 4,624 | | | (4,624) | | | — | |
| Distributions to equity holders: | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares (Note 10) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (13,782) | | | — | | | (13,782) | | | — | | | (13,782) | |
| Noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,172) | | | (5,172) | |
Common shares ($0.10 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (31,795) | | | — | | | (31,795) | | | — | | | (31,795) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 43,996 | | | — | | | 43,996 | | | 4,925 | | | 48,921 | |
| Total other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,729 | | | 7,729 | | | 1,260 | | | 8,989 | |
| Balances at March 31, 2021 | 316,617,810 | | | $ | 3,166 | | | 635,075 | | | $ | 6 | | | 35,350,000 | | | $ | 354 | | | $ | 6,234,456 | | | $ | (445,103) | | | $ | 13,576 | | | $ | 5,806,455 | | | $ | 679,725 | | | $ | 6,486,180 | |
| Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 3,151 | | | — | | | — | | | 3,151 | | | — | | | 3,151 | |
| Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 90,373 | | | 1 | | | — | | | — | | | — | | | — | | | 894 | | | — | | | — | | | 895 | | | — | | | 895 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Issuance of Class A common shares, net of offering costs of $200 | 5,500,000 | | | 55 | | | — | | | — | | | — | | | — | | | 193,785 | | | — | | | — | | | 193,840 | | | — | | | 193,840 | |
| Redemption of Series D perpetual preferred shares | — | | | — | | | — | | | — | | | (10,750,000) | | | (108) | | | (260,133) | | | (8,509) | | | — | | | (268,750) | | | — | | | (268,750) | |
| Redemption of Series E perpetual preferred shares | — | | | — | | | — | | | — | | | (9,200,000) | | | (92) | | | (222,538) | | | (7,370) | | | — | | | (230,000) | | | — | | | (230,000) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to equity holders: | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares (Note 10) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (12,615) | | | — | | | (12,615) | | | — | | | (12,615) | |
| Noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,138) | | | (5,138) | |
Common shares ($0.10 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (32,403) | | | — | | | (32,403) | | | — | | | (32,403) | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 48,596 | | | — | | | 48,596 | | | 3,218 | | | 51,814 | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (11,585) | | | (11,585) | | | (1,884) | | | (13,469) | |
| Balances at June 30, 2021 | 322,208,183 | | | $ | 3,222 | | | 635,075 | | | $ | 6 | | | 15,400,000 | | | $ | 154 | | | $ | 5,949,615 | | | $ | (457,404) | | | $ | 1,991 | | | $ | 5,497,584 | | | $ | 675,921 | | | $ | 6,173,505 | |
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American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A common shares | | Class B common shares | | Preferred shares | | | | | | | | | | | | | | |
| Number
of shares | | Amount | | Number
of shares | | Amount | | Number
of shares | | Amount | | Additional
paid-in
capital | | Accumulated
deficit | | Accumulated other comprehensive income | | Shareholders’
equity | | Noncontrolling
interest | | Total
equity | | |
| Balances at December 31, 2021 | 337,362,716 | | | $ | 3,374 | | | 635,075 | | | $ | 6 | | | 15,400,000 | | | $ | 154 | | | $ | 6,492,933 | | | $ | (438,710) | | | $ | 1,814 | | | $ | 6,059,571 | | | $ | 678,858 | | | $ | 6,738,429 | | | |
| Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 7,405 | | | — | | | — | | | 7,405 | | | — | | | 7,405 | | | |
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 280,172 | | | 2 | | | — | | | — | | | — | | | — | | | (2,621) | | | — | | | — | | | (2,619) | | | — | | | (2,619) | | | |
Issuance of Class A common shares, net of offering costs of $200 | 10,000,000 | | | 100 | | | — | | | — | | | — | | | — | | | 375,540 | | | — | | | — | | | 375,640 | | | — | | | 375,640 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares (Note 10) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5,763) | | | — | | | (5,763) | | | — | | | (5,763) | | | |
| Noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9,248) | | | (9,248) | | | |
Common shares ($0.18 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (62,938) | | | — | | | (62,938) | | | — | | | (62,938) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 61,702 | | | — | | | 61,702 | | | 8,312 | | | 70,014 | | | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (116) | | | (116) | | | (25) | | | (141) | | | |
| Balances at March 31, 2022 | 347,642,888 | | | $ | 3,476 | | | 635,075 | | | $ | 6 | | | 15,400,000 | | | $ | 154 | | | $ | 6,873,257 | | | $ | (445,709) | | | $ | 1,698 | | | $ | 6,432,882 | | | $ | 677,897 | | | $ | 7,110,779 | | | |
| Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 10,643 | | | — | | | — | | | 10,643 | | | — | | | 10,643 | | | |
| Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 53,606 | | | 1 | | | — | | | — | | | — | | | — | | | 54 | | | — | | | — | | | 55 | | | — | | | 55 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Redemption of Series F perpetual preferred shares | — | | | — | | | — | | | — | | | (6,200,000) | | | (62) | | | (149,662) | | | (5,276) | | | — | | | (155,000) | | | — | | | (155,000) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to equity holders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares (Note 10) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,346) | | | — | | | (4,346) | | | — | | | (4,346) | | | |
| Noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9,248) | | | (9,248) | | | |
Common shares ($0.18 per share) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (63,036) | | | — | | | (63,036) | | | — | | | (63,036) | | | |
| Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 66,212 | | | — | | | 66,212 | | | 8,343 | | | 74,555 | | | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (123) | | | (123) | | | (18) | | | (141) | | | |
| Balances at June 30, 2022 | 347,696,494 | | | $ | 3,477 | | | 635,075 | | | $ | 6 | | | 9,200,000 | | | $ | 92 | | | $ | 6,734,292 | | | $ | (452,155) | | | $ | 1,575 | | | $ | 6,287,287 | | | $ | 676,974 | | | $ | 6,964,261 | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | |
| For the Six Months Ended
June 30, |
| | 2022 | | 2021 |
| Operating activities | | | |
| Net income | $ | 144,569 | | | $ | 100,735 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 204,369 | | | 181,188 | |
| Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 5,502 | | | 3,828 | |
| Noncash share-based compensation | 18,048 | | | 11,261 | |
| | | |
| | | |
| Equity in net income of unconsolidated joint ventures | (2,457) | | | (660) | |
| Return on investment from unconsolidated joint ventures | 3,986 | | | — | |
| Gain on sale and impairment of single-family properties and other, net | (54,855) | | | (26,829) | |
| | | |
| Other changes in operating assets and liabilities: | | | |
| Rent and other receivables | 1,605 | | | (9,372) | |
| Prepaid expenses and other assets | (3,924) | | | 6,870 | |
| Deferred leasing costs | (1,179) | | | (1,880) | |
| Accounts payable and accrued expenses | 73,887 | | | 66,339 | |
| Amounts due from related parties | (10,555) | | | 307 | |
| Net cash provided by operating activities | 378,996 | | | 331,787 | |
| | | |
| Investing activities | | | |
| Cash paid for single-family properties | (531,249) | | | (279,016) | |
| Change in escrow deposits for purchase of single-family properties | 6,225 | | | (9,159) | |
| Net proceeds received from sales of single-family properties and other | 113,002 | | | 74,451 | |
| Proceeds received from storm-related insurance claims | 1,981 | | | — | |
| Proceeds from notes receivable related to the sale of properties | 33,186 | | | — | |
| Investment in unconsolidated joint ventures | (12,759) | | | (14,596) | |
| Distributions from joint ventures | 38,347 | | | 34,372 | |
| Renovations to single-family properties | (54,961) | | | (13,310) | |
| Recurring and other capital expenditures for single-family properties | (53,770) | | | (56,579) | |
| Cash paid for development activity | (473,637) | | | (309,706) | |
| Other purchases of productive assets | (19,876) | | | (11,615) | |
| Net cash used for investing activities | (953,511) | | | (585,158) | |
| | | |
| Financing activities | | | |
| Proceeds from issuance of Class A common shares | 375,840 | | | 194,040 | |
| Payments of Class A common share issuance costs | (200) | | | (200) | |
| | | |
| | | |
| | | |
| Redemption of perpetual preferred shares | (155,000) | | | (498,750) | |
| Proceeds from issuances under share-based compensation plans | 1,516 | | | 2,030 | |
| Payments related to tax withholding for share-based compensation | (4,080) | | | (2,656) | |
| | | |
| Payments on asset-backed securitizations | (11,277) | | | (12,278) | |
| Proceeds from revolving credit facility | 420,000 | | | 790,000 | |
| Payments on revolving credit facility | (770,000) | | | (170,000) | |
| Proceeds from unsecured senior notes, net of discount | 876,813 | | | — | |
| | | |
| | | |
| Proceeds from liabilities related to consolidated land not owned | 33,821 | | | — | |
| Distributions to noncontrolling interests | (18,394) | | | (12,896) | |
| Distributions to common shareholders | (125,781) | | | (79,881) | |
| Distributions to preferred shareholders | (10,109) | | | (26,397) | |
| Deferred financing costs paid | (8,236) | | | (11,182) | |
| Net cash provided by financing activities | 604,913 | | | 171,830 | |
| | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 30,398 | | | (81,541) | |
| Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 191,767 | | | 265,077 | |
| Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 222,165 | | | $ | 183,536 | |
American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | |
| For the Six Months Ended
June 30, |
| 2022 | | 2021 |
| Supplemental cash flow information | | | |
| Cash payments for interest, net of amounts capitalized | $ | (49,323) | | | $ | (51,449) | |
| | | |
| Supplemental schedule of noncash investing and financing activities | | | |
| Accrued property renovations and development expenditures | $ | 79,596 | | | $ | 42,795 | |
| Transfers of completed homebuilding deliveries to properties | 226,993 | | | 142,211 | |
| Property and land contributions to unconsolidated joint ventures | (25,053) | | | (30,014) | |
| Property and land distributions from unconsolidated joint ventures | 8,397 | | | — | |
| Accrued loss on settlement of cash flow hedging instrument | — | | | (3,999) | |
| Noncash right-of-use assets obtained in exchange for operating lease liabilities | 3,679 | | | 537 | |
| Accrued distributions to affiliates | 241 | | | — | |
| Accrued distributions to non-affiliates | 112 | | | 158 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except unit data)
| | | | | | | | | | | |
| June 30, 2022 | | December 31, 2021 |
| (Unaudited) | | |
| Assets | | | |
| Single-family properties: | | | |
| Land | $ | 2,177,263 | | | $ | 2,062,039 | |
| Buildings and improvements | 9,888,113 | | | 9,258,387 | |
| Single-family properties in operation | 12,065,376 | | | 11,320,426 | |
| Less: accumulated depreciation | (2,228,095) | | | (2,072,933) | |
| Single-family properties in operation, net | 9,837,281 | | | 9,247,493 | |
| Single-family properties under development and development land | 1,063,906 | | | 882,159 | |
| Single-family properties held for sale, net | 159,243 | | | 114,907 | |
| Total real estate assets, net | 11,060,430 | | | 10,244,559 | |
| Cash and cash equivalents | 70,375 | | | 48,198 | |
| Restricted cash | 151,790 | | | 143,569 | |
| Rent and other receivables | 38,001 | | | 41,587 | |
| Escrow deposits, prepaid expenses and other assets | 273,039 | | | 216,625 | |
| Investments in unconsolidated joint ventures | 115,172 | | | 121,950 | |
| Amounts due from affiliates | 25,666 | | | 25,666 | |
| Goodwill | 120,279 | | | 120,279 | |
| Total assets | $ | 11,854,752 | | | $ | 10,962,433 | |
| | | |
| Liabilities | | | |
| Revolving credit facility | $ | — | | | $ | 350,000 | |
| Asset-backed securitizations, net | 1,899,602 | | | 1,908,346 | |
| Unsecured senior notes, net | 2,492,610 | | | 1,622,132 | |
| Accounts payable and accrued expenses | 498,279 | | | 343,526 | |
| | | |
| Total liabilities | 4,890,491 | | | 4,224,004 | |
| | | |
Commitments and contingencies (see Note 15) | | | |
| | | |
| Capital | | | |
| Partners’ capital: | | | |
| General partner: | | | |
Common units (348,331,569 and 337,997,791 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 6,063,872 | | | 5,686,193 | |
Preferred units (9,200,000 and 15,400,000 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively) | 221,840 | | | 371,564 | |
| Limited partner: | | | |
Common units (51,376,980 units issued and outstanding at June 30, 2022 and December 31, 2021) | 676,741 | | | 678,582 | |
| Accumulated other comprehensive income | 1,808 | | | 2,090 | |
| Total capital | 6,964,261 | | | 6,738,429 | |
| | | |
| Total liabilities and capital | $ | 11,854,752 | | | $ | 10,962,433 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except unit and per unit data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
| Rents and other single-family property revenues | $ | 361,876 | | | $ | 313,654 | | | $ | 717,981 | | | $ | 626,227 | |
| | | | | | | |
| Expenses: | | | | | | | |
| Property operating expenses | 129,270 | | | 116,578 | | | 262,913 | | | 235,272 | |
| Property management expenses | 28,768 | | | 22,416 | | | 54,802 | | | 46,115 | |
| General and administrative expense | 18,847 | | | 12,793 | | | 36,129 | | | 27,998 | |
| Interest expense | 34,801 | | | 27,528 | | | 62,368 | | | 55,533 | |
| Acquisition and other transaction costs | 7,658 | | | 2,968 | | | 13,632 | | | 7,814 | |
| Depreciation and amortization | 104,415 | | | 91,117 | | | 204,369 | | | 181,188 | |
| | | | | | | |
| Total expenses | 323,759 | | | 273,400 | | | 634,213 | | | 553,920 | |
| | | | | | | |
| Gain on sale and impairment of single-family properties and other, net | 32,811 | | | 10,760 | | | 54,855 | | | 26,829 | |
| | | | | | | |
| Other income and expense, net | 3,627 | | | 800 | | | 5,946 | | | 1,599 | |
| | | | | | | |
| Net income | 74,555 | | | 51,814 | | | 144,569 | | | 100,735 | |
| | | | | | | |
| | | | | | | |
| Preferred distributions | 4,346 | | | 12,615 | | | 10,109 | | | 26,397 | |
| Redemption of perpetual preferred units | 5,276 | | | 15,879 | | | 5,276 | | | 15,879 | |
| | | | | | | |
| Net income attributable to common unitholders | $ | 64,933 | | | $ | 23,320 | | | $ | 129,184 | | | $ | 58,459 | |
| | | | | | | |
| Weighted-average common units outstanding: | | | | | | | |
| Basic | 399,861,138 | | | 371,129,710 | | | 398,500,556 | | | 369,900,249 | |
| Diluted | 400,379,604 | | | 372,185,976 | | | 399,128,938 | | | 370,928,227 | |
| | | | | | | |
| Net income attributable to common unitholders per unit: | | | | | | | |
| Basic | $ | 0.16 | | | $ | 0.06 | | | $ | 0.32 | | | $ | 0.16 | |
| Diluted | $ | 0.16 | | | $ | 0.06 | | | $ | 0.32 | | | $ | 0.16 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
| Net income | $ | 74,555 | | | $ | 51,814 | | | $ | 144,569 | | | $ | 100,735 | |
| Other comprehensive loss: | | | | | | | |
| Cash flow hedging instruments: | | | | | | | |
| Loss on settlement of cash flow hedging instrument | — | | | (13,229) | | | — | | | (3,999) | |
Reclassification adjustment for amortization of interest expense included in net income | (141) | | | (240) | | | (282) | | | (481) | |
| Other comprehensive loss | (141) | | | (13,469) | | | (282) | | | (4,480) | |
| Comprehensive income | 74,414 | | | 38,345 | | | 144,287 | | | 96,255 | |
| Preferred distributions | 4,346 | | | 12,615 | | | 10,109 | | | 26,397 | |
| Redemption of perpetual preferred units | 5,276 | | | 15,879 | | | 5,276 | | | 15,879 | |
| Comprehensive income attributable to common unitholders | $ | 64,792 | | | $ | 9,851 | | | $ | 128,902 | | | $ | 53,979 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(Amounts in thousands, except unit and per unit data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General Partner | | Limited Partners | Accumulated other comprehensive income | | Total capital |
| Common capital | | Preferred capital amount | | Common capital | | |
| Number of units | | Amount | | | Number of units | | Amount | | |
| Balances at December 31, 2020 | 316,656,460 | | | $ | 4,928,819 | | | $ | 854,435 | | | 51,726,980 | | | $ | 682,316 | | | $ | 6,860 | | | $ | 6,472,430 | |
| Share-based compensation | — | | | 8,110 | | | — | | | — | | | — | | | — | | | 8,110 | |
| Common units issued under share-based compensation plans, net of units withheld for employee taxes | 246,425 | | | (1,521) | | | — | | | — | | | — | | | — | | | (1,521) | |
| Redemptions of Class A units | 350,000 | | | 4,617 | | | — | | | (350,000) | | | (4,617) | | | — | | | — | |
| Distributions to capital holders: | | | | | | | | | | | | | |
Preferred units (Note 10) | — | | | — | | | (13,782) | | | — | | | — | | | — | | | (13,782) | |
Common units ($0.10 per unit) | — | | | (31,795) | | | — | | | — | | | (5,172) | | | — | | | (36,967) | |
| | | | | | | | | | | | | |
| Net income | — | | | 30,214 | | | 13,782 | | | — | | | 4,925 | | | — | | | 48,921 | |
| Total other comprehensive income | — | | | — | | | — | | | — | | | — | | | 8,989 | | | 8,989 | |
| Balances at March 31, 2021 | 317,252,885 | | | $ | 4,938,444 | | | $ | 854,435 | | | 51,376,980 | | | $ | 677,452 | | | $ | 15,849 | | | $ | 6,486,180 | |
| Share-based compensation | — | | | 3,151 | | | — | | | — | | | — | | | — | | | 3,151 | |
| Common units issued under share-based compensation plans, net of units withheld for employee taxes | 90,373 | | | 895 | | | — | | | — | | | — | | | — | | | 895 | |
Issuance of Class A common units, net of offering costs of $200 | 5,500,000 | | | 193,840 | | | — | | | — | | | — | | | — | | | 193,840 | |
| Redemption of Series D perpetual preferred units | — | | | (8,509) | | | (260,241) | | | — | | | — | | | — | | | (268,750) | |
| Redemption of Series E perpetual preferred units | — | | | (7,370) | | | (222,630) | | | — | | | — | | | — | | | (230,000) | |
| Distributions to capital holders: | | | | | | | | | | | | | |
Preferred units (Note 10) | — | | | — | | | (12,615) | | | — | | | — | | | — | | | (12,615) | |
Common units ($0.10 per unit) | — | | | (32,403) | | | — | | | — | | | (5,138) | | | — | | | (37,541) | |
| Net income | — | | | 35,981 | | | 12,615 | | | — | | | 3,218 | | | — | | | 51,814 | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (13,469) | | | (13,469) | |
| Balances at June 30, 2021 | 322,843,258 | | | $ | 5,124,029 | | | $ | 371,564 | | | 51,376,980 | | | $ | 675,532 | | | $ | 2,380 | | | $ | 6,173,505 | |
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital (continued)
(Amounts in thousands, except unit and per unit data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General Partner | | Limited Partners | Accumulated other comprehensive income | | Total capital | | | | |
| Common capital | | Preferred capital amount | | Common capital | | | | | | |
| Number of units | | Amount | | | Number of units | | Amount | | | | | | |
| Balances at December 31, 2021 | 337,997,791 | | | $ | 5,686,193 | | | $ | 371,564 | | | 51,376,980 | | | $ | 678,582 | | | $ | 2,090 | | | $ | 6,738,429 | | | | | |
| Share-based compensation | — | | | 7,405 | | | — | | | — | | | — | | | — | | | 7,405 | | | | | |
| Common units issued under share-based compensation plans, net of units withheld for employee taxes | 280,172 | | | (2,619) | | | — | | | — | | | — | | | — | | | (2,619) | | | | | |
Issuance of Class A common units, net of offering costs of $200 | 10,000,000 | | | 375,640 | | | — | | | — | | | — | | | — | | | 375,640 | | | | | |
| | | | | | | | | | | | | | | | | |
| Distributions to capital holders: | | | | | | | | | | | | | | | | | |
Preferred units (Note 10) | — | | | — | | | (5,763) | | | — | | | — | | | — | | | (5,763) | | | | | |
Common units ($0.18 per unit) | — | | | (62,938) | | | — | | | — | | | (9,248) | | | — | | | (72,186) | | | | | |
| Net income | — | | | 55,939 | | | 5,763 | | | — | | | 8,312 | | | — | | | 70,014 | | | | | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (141) | | | (141) | | | | | |
| Balances at March 31, 2022 | 348,277,963 | | | $ | 6,059,620 | | | $ | 371,564 | | | 51,376,980 | | | $ | 677,646 | | | $ | 1,949 | | | $ | 7,110,779 | | | | | |
| Share-based compensation | — | | | 10,643 | | | — | | | — | | | — | | | — | | | 10,643 | | | | | |
| Common units issued under share-based compensation plans, net of units withheld for employee taxes | 53,606 | | | 55 | | | — | | | — | | | — | | | — | | | 55 | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Redemption of Series F perpetual preferred units | — | | | (5,276) | | | (149,724) | | | — | | | — | | | — | | | (155,000) | | | | | |
| Distributions to capital holders: | | | | | | | | | | | | | | | | | |
Preferred units (Note 10) | — | | | — | | | (4,346) | | | — | | | — | | | — | | | (4,346) | | | | | |
Common units ($0.18 per unit) | — | | | (63,036) | | | — | | | — | | | (9,248) | | | — | | | (72,284) | | | | | |
| Net income | — | | | 61,866 | | | 4,346 | | | — | | | 8,343 | | | — | | | 74,555 | | | | | |
| Total other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (141) | | | (141) | | | | | |
| Balances at June 30, 2022 | 348,331,569 | | | $ | 6,063,872 | | | $ | 221,840 | | | 51,376,980 | | | $ | 676,741 | | | $ | 1,808 | | | $ | 6,964,261 | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | |
| For the Six Months Ended
June 30, |
| 2022 | | 2021 |
| Operating activities | | | |
| Net income | $ | 144,569 | | | $ | 100,735 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 204,369 | | | 181,188 | |
| Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 5,502 | | | 3,828 | |
| Noncash share-based compensation | 18,048 | | | 11,261 | |
| | | |
| | | |
| | | |
| Equity in net income of unconsolidated joint ventures | (2,457) | | | (660) | |
| Return on investment from unconsolidated joint ventures | 3,986 | | | — | |
| Gain on sale and impairment of single-family properties and other, net | (54,855) | | | (26,829) | |
| | | |
| Other changes in operating assets and liabilities: | | | |
| Rent and other receivables | 1,605 | | | (9,372) | |
| Prepaid expenses and other assets | (3,924) | | | 6,870 | |
| Deferred leasing costs | (1,179) | | | (1,880) | |
| Accounts payable and accrued expenses | 73,887 | | | 66,339 | |
| Amounts due from related parties | (10,555) | | | 307 | |
| Net cash provided by operating activities | 378,996 | | | 331,787 | |
| | | |
| Investing activities | | | |
| Cash paid for single-family properties | (531,249) | | | (279,016) | |
| Change in escrow deposits for purchase of single-family properties | 6,225 | | | (9,159) | |
| Net proceeds received from sales of single-family properties and other | 113,002 | | | 74,451 | |
| Proceeds received from storm-related insurance claims | 1,981 | | | — | |
| Proceeds from notes receivable related to the sale of properties | 33,186 | | | — | |
| Investment in unconsolidated joint ventures | (12,759) | | | (14,596) | |
| Distributions from joint ventures | 38,347 | | | 34,372 | |
| Renovations to single-family properties | (54,961) | | | (13,310) | |
| Recurring and other capital expenditures for single-family properties | (53,770) | | | (56,579) | |
| Cash paid for development activity | (473,637) | | | (309,706) | |
| Other purchases of productive assets | (19,876) | | | (11,615) | |
| Net cash used for investing activities | (953,511) | | | (585,158) | |
| | | |
| Financing activities | | | |
| Proceeds from issuance of Class A common units | 375,840 | | | 194,040 | |
| Payments of Class A common unit issuance costs | (200) | | | (200) | |
| Redemption of perpetual preferred units | (155,000) | | | (498,750) | |
| | | |
| | | |
| | | |
| Proceeds from issuances under share-based compensation plans | 1,516 | | | 2,030 | |
| Payments related to tax withholding for share-based compensation | (4,080) | | | (2,656) | |
| | | |
| | | |
| Payments on asset-backed securitizations | (11,277) | | | (12,278) | |
| Proceeds from revolving credit facility | 420,000 | | | 790,000 | |
| Payments on revolving credit facility | (770,000) | | | (170,000) | |
| Proceeds from unsecured senior notes, net of discount | 876,813 | | | — | |
| Proceeds from liabilities related to consolidated land not owned | 33,821 | | | — | |
| | | |
| | | |
| | | |
| Distributions to common unitholders | (144,175) | | | (92,777) | |
| Distributions to preferred unitholders | (10,109) | | | (26,397) | |
| Deferred financing costs paid | (8,236) | | | (11,182) | |
| Net cash provided by financing activities | 604,913 | | | 171,830 | |
| | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 30,398 | | | (81,541) | |
| Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 191,767 | | | 265,077 | |
| Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 222,165 | | | $ | 183,536 | |
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | |
| For the Six Months Ended
June 30, |
| 2022 | | 2021 |
| Supplemental cash flow information | | | |
| Cash payments for interest, net of amounts capitalized | $ | (49,323) | | | $ | (51,449) | |
| | | |
| Supplemental schedule of noncash investing and financing activities | | | |
| Accrued property renovations and development expenditures | $ | 79,596 | | | $ | 42,795 | |
| Transfers of completed homebuilding deliveries to properties | 226,993 | | | 142,211 | |
| Property and land contributions to unconsolidated joint ventures | (25,053) | | | (30,014) | |
| Property and land distributions from unconsolidated joint ventures | 8,397 | | | — | |
| Accrued loss on settlement of cash flow hedging instrument | — | | | (3,999) | |
| Noncash right-of-use assets obtained in exchange for operating lease liabilities | 3,679 | | | 537 | |
| Accrued distributions to affiliates | 241 | | | — | |
| Accrued distributions to non-affiliates | 112 | | | 158 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
American Homes 4 Rent
American Homes 4 Rent, L.P.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1. Organization and Operations
American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of June 30, 2022, the Company held 58,715 single-family properties in 22 states, including 955 properties classified as held for sale.
AH4R is the general partner of, and as of June 30, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated.
The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest but does not consolidate are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets.
The Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds an investment in a limited partnership and a deposit with a land banking entity, both of which were determined to be VIEs for which the Company was deemed not to be the primary beneficiary. Because the Company does not have controlling financial interests, the investment in the limited partnership is accounted for under the equity method of accounting, and the deposit with the land banking entity is held at cost. The Company’s maximum exposure to loss is limited to the carrying values included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission
(“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Note 3. Cash, Cash Equivalents and Restricted Cash
Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.
The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, | | December 31, |
| 2022 | | 2021 | | 2021 | | 2020 |
| Cash and cash equivalents | $ | 70,375 | | | $ | 40,585 | | | $ | 48,198 | | | $ | 137,060 | |
| Restricted cash | 151,790 | | | 142,951 | | | 143,569 | | | 128,017 | |
| Total cash, cash equivalents and restricted cash | $ | 222,165 | | | $ | 183,536 | | | $ | 191,767 | | | $ | 265,077 | |
Note 4. Real Estate Assets, Net
The net book values of real estate assets consisted of the following as of June 30, 2022 and December 31, 2021 (amounts in thousands):
| | | | | | | | | | | |
| June 30, 2022 | | December 31, 2021 |
| Occupied single-family properties | $ | 9,162,103 | | | $ | 8,522,080 | |
| Single-family properties leased, not yet occupied | 122,427 | | | 77,221 | |
| Single-family properties in turnover process | 204,736 | | | 184,170 | |
| Single-family properties recently renovated or developed | 157,253 | | | 126,379 | |
| Single-family properties newly acquired and under renovation | 190,762 | | | 337,643 | |
| Single-family properties in operation, net | 9,837,281 | | | 9,247,493 | |
| Development land | 646,855 | | | 549,653 | |
| Single-family properties under development | 417,051 | | | 332,506 | |
| Single-family properties held for sale, net | 159,243 | | | 114,907 | |
| Total real estate assets, net | $ | 11,060,430 | | | $ | 10,244,559 | |
Depreciation expense related to single-family properties was $100.6 million and $87.4 million for the three months ended June 30, 2022 and 2021, respectively, and $196.8 million and $173.7 million for the six months ended June 30, 2022 and 2021, respectively.
The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2022 and 2021 (amounts in thousands, except property data):
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
| Single-family properties: | | | | | | | |
| Properties sold | 197 | | | 97 | | | 366 | | | 277 | |
Net proceeds (1) | $ | 60,801 | | | $ | 28,092 | | | $ | 111,060 | | | $ | 74,132 | |
| Net gain on sale | $ | 33,147 | | | $ | 11,422 | | |