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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
or
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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)
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American Homes 4 Rent |
Maryland |
46-1229660 |
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American Homes 4 Rent, L.P. |
Delaware |
80-0860173 |
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(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)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading symbols |
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Name of each exchange on which registered |
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Class A common shares of beneficial interest, $.01 par
value
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AMH |
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New York Stock Exchange |
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Series G perpetual preferred shares of beneficial interest, $.01
par value
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AMH-G |
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New York Stock Exchange |
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Series H perpetual preferred shares of beneficial interest, $.01
par value
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AMH-H |
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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.
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American Homes 4 Rent |
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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American Homes 4 Rent, L.P. |
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Large accelerated filer |
☐ |
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Accelerated filer |
☐ |
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Non-accelerated filer |
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Smaller reporting company |
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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 352,809,460 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 November 2,
2022.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the
period ended September 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 September 30, 2022 owned
approximately 87.3% of the common partnership interest in, the
Operating Partnership. The remaining 12.7% 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
Single-family properties: |
|
|
|
|
Land |
$ |
2,190,724 |
|
|
$ |
2,062,039 |
|
|
Buildings and improvements |
10,024,700 |
|
|
9,258,387 |
|
|
Single-family properties in operation |
12,215,424 |
|
|
11,320,426 |
|
|
Less: accumulated depreciation |
(2,310,014) |
|
|
(2,072,933) |
|
|
Single-family properties in operation, net |
9,905,410 |
|
|
9,247,493 |
|
|
Single-family properties under development and development
land |
1,123,183 |
|
|
882,159 |
|
|
Single-family properties held for sale, net |
189,991 |
|
|
114,907 |
|
|
Total real estate assets, net |
11,218,584 |
|
|
10,244,559 |
|
|
Cash and cash equivalents |
97,244 |
|
|
48,198 |
|
|
Restricted cash |
160,476 |
|
|
143,569 |
|
|
Rent and other receivables |
50,395 |
|
|
41,587 |
|
|
Escrow deposits, prepaid expenses and other assets |
315,789 |
|
|
216,625 |
|
|
Investments in unconsolidated joint ventures |
110,409 |
|
|
121,950 |
|
|
Asset-backed securitization certificates |
25,666 |
|
|
25,666 |
|
|
Goodwill |
120,279 |
|
|
120,279 |
|
|
Total assets |
$ |
12,098,842 |
|
|
$ |
10,962,433 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Revolving credit facility |
$ |
— |
|
|
$ |
350,000 |
|
|
Asset-backed securitizations, net |
1,895,269 |
|
|
1,908,346 |
|
|
Unsecured senior notes, net |
2,493,898 |
|
|
1,622,132 |
|
|
Accounts payable and accrued expenses |
567,240 |
|
|
343,526 |
|
|
|
|
|
|
Total liabilities |
4,956,407 |
|
|
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, 352,809,460 and 337,362,716 shares issued and
outstanding at September 30, 2022 and December 31, 2021,
respectively)
|
3,528 |
|
|
3,374 |
|
|
Class B common shares ($0.01 par value per share, 50,000,000 shares
authorized, 635,075 shares issued and outstanding at September 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 September 30, 2022 and December 31, 2021,
respectively)
|
92 |
|
|
154 |
|
|
Additional paid-in capital |
6,926,629 |
|
|
6,492,933 |
|
|
Accumulated deficit |
(464,444) |
|
|
(438,710) |
|
|
Accumulated other comprehensive income |
1,455 |
|
|
1,814 |
|
|
Total shareholders’ equity |
6,467,266 |
|
|
6,059,571 |
|
|
Noncontrolling interest |
675,169 |
|
|
678,858 |
|
|
Total equity |
7,142,435 |
|
|
6,738,429 |
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
12,098,842 |
|
|
$ |
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
September 30, |
|
For the Nine Months Ended
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Rents and other single-family property revenues |
$ |
391,627 |
|
|
$ |
339,563 |
|
|
$ |
1,109,608 |
|
|
$ |
965,790 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Property operating expenses |
152,065 |
|
|
134,694 |
|
|
414,978 |
|
|
369,966 |
|
|
Property management expenses |
29,739 |
|
|
24,562 |
|
|
84,541 |
|
|
70,677 |
|
|
General and administrative expense |
16,986 |
|
|
12,647 |
|
|
53,115 |
|
|
40,645 |
|
|
Interest expense |
36,254 |
|
|
31,097 |
|
|
98,622 |
|
|
86,630 |
|
|
Acquisition and other transaction costs |
4,482 |
|
|
3,279 |
|
|
18,114 |
|
|
11,093 |
|
|
Depreciation and amortization |
109,319 |
|
|
94,494 |
|
|
313,688 |
|
|
275,682 |
|
|
Hurricane-related charges, net |
6,133 |
|
|
— |
|
|
6,133 |
|
|
— |
|
|
Total expenses |
354,978 |
|
|
300,773 |
|
|
989,191 |
|
|
854,693 |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and impairment of single-family properties and other,
net |
24,197 |
|
|
9,572 |
|
|
79,052 |
|
|
36,401 |
|
|
|
|
|
|
|
|
|
|
Other income and expense, net |
819 |
|
|
139 |
|
|
6,765 |
|
|
1,738 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
61,665 |
|
|
48,501 |
|
|
206,234 |
|
|
149,236 |
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
7,464 |
|
|
5,869 |
|
|
24,119 |
|
|
14,012 |
|
|
Dividends on preferred shares |
3,486 |
|
|
5,763 |
|
|
13,595 |
|
|
32,160 |
|
|
Redemption of perpetual preferred shares |
— |
|
|
— |
|
|
5,276 |
|
|
15,879 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
50,715 |
|
|
$ |
36,869 |
|
|
$ |
163,244 |
|
|
$ |
87,185 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
348,944,055 |
|
|
324,002,538 |
|
|
347,730,579 |
|
|
320,267,903 |
|
|
Diluted |
349,344,541 |
|
|
326,206,423 |
|
|
348,282,995 |
|
|
321,879,235 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.47 |
|
|
$ |
0.27 |
|
|
Diluted |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.47 |
|
|
$ |
0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
September 30, |
|
For the Nine Months Ended
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net income |
$ |
61,665 |
|
|
$ |
48,501 |
|
|
$ |
206,234 |
|
|
$ |
149,236 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Cash flow hedging instruments: |
|
|
|
|
|
|
|
|
Loss on settlement of cash flow hedging instrument |
— |
|
|
— |
|
|
— |
|
|
(3,999) |
|
|
Reclassification adjustment for amortization of interest expense
included in net income
|
(141) |
|
|
(149) |
|
|
(423) |
|
|
(630) |
|
|
Other comprehensive loss |
(141) |
|
|
(149) |
|
|
(423) |
|
|
(4,629) |
|
|
Comprehensive income |
61,524 |
|
|
48,352 |
|
|
205,811 |
|
|
144,607 |
|
|
Comprehensive income attributable to noncontrolling
interests |
7,443 |
|
|
5,778 |
|
|
24,055 |
|
|
13,297 |
|
|
Dividends on preferred shares |
3,486 |
|
|
5,763 |
|
|
13,595 |
|
|
32,160 |
|
|
Redemption of perpetual preferred shares |
— |
|
|
— |
|
|
5,276 |
|
|
15,879 |
|
|
Comprehensive income attributable to common
shareholders |
$ |
50,595 |
|
|
$ |
36,811 |
|
|
$ |
162,885 |
|
|
$ |
83,271 |
|
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 |
|
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 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 |
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,058 |
|
|
— |
|
|
— |
|
|
3,058 |
|
|
— |
|
|
3,058 |
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes |
152,375 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,052 |
|
|
— |
|
|
— |
|
|
2,054 |
|
|
— |
|
|
2,054 |
|
|
Issuance of Class A common shares |
11,400,000 |
|
|
114 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
398,886 |
|
|
— |
|
|
— |
|
|
399,000 |
|
|
— |
|
|
399,000 |
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,763) |
|
|
— |
|
|
(5,763) |
|
|
— |
|
|
(5,763) |
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,137) |
|
|
(5,137) |
|
|
Common shares ($0.10 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(32,414) |
|
|
— |
|
|
(32,414) |
|
|
— |
|
|
(32,414) |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
42,632 |
|
|
— |
|
|
42,632 |
|
|
5,869 |
|
|
48,501 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(58) |
|
|
(58) |
|
|
(91) |
|
|
(149) |
|
|
Balances at September 30, 2021 |
333,760,558 |
|
|
$ |
3,338 |
|
|
635,075 |
|
|
$ |
6 |
|
|
15,400,000 |
|
|
$ |
154 |
|
|
$ |
6,353,611 |
|
|
$ |
(452,949) |
|
|
$ |
1,933 |
|
|
$ |
5,906,093 |
|
|
$ |
676,562 |
|
|
$ |
6,582,655 |
|
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 |
|
|
|
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 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 |
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,680 |
|
|
— |
|
|
— |
|
|
5,680 |
|
|
— |
|
|
5,680 |
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes |
112,966 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,075 |
|
|
— |
|
|
— |
|
|
1,076 |
|
|
— |
|
|
1,076 |
|
|
Issuance of Class A common shares |
5,000,000 |
|
|
50 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
185,582 |
|
|
— |
|
|
— |
|
|
185,632 |
|
|
— |
|
|
185,632 |
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,486) |
|
|
— |
|
|
(3,486) |
|
|
— |
|
|
(3,486) |
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,248) |
|
|
(9,248) |
|
|
Common shares (0.18 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(63,004) |
|
|
— |
|
|
(63,004) |
|
|
— |
|
|
(63,004) |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
54,201 |
|
|
— |
|
|
54,201 |
|
|
7,464 |
|
|
61,665 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(120) |
|
|
(120) |
|
|
(21) |
|
|
(141) |
|
|
Balances at September 30, 2022 |
352,809,460 |
|
|
$ |
3,528 |
|
|
635,075 |
|
|
$ |
6 |
|
|
9,200,000 |
|
|
$ |
92 |
|
|
$ |
6,926,629 |
|
|
$ |
(464,444) |
|
|
$ |
1,455 |
|
|
$ |
6,467,266 |
|
|
$ |
675,169 |
|
|
$ |
7,142,435 |
|
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 Nine Months Ended
September 30, |
|
|
2022 |
|
2021 |
|
Operating activities |
|
|
|
|
Net income |
$ |
206,234 |
|
|
$ |
149,236 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
313,688 |
|
|
275,682 |
|
|
Noncash amortization of deferred financing costs, debt discounts
and cash flow hedging instruments |
8,588 |
|
|
6,290 |
|
|
Noncash share-based compensation |
23,728 |
|
|
14,319 |
|
|
|
|
|
|
|
|
|
|
Equity in net income of unconsolidated joint ventures |
(3,135) |
|
|
(875) |
|
|
Return on investment from unconsolidated joint ventures |
4,777 |
|
|
— |
|
|
Gain on sale and impairment of single-family properties and other,
net |
(79,052) |
|
|
(36,401) |
|
|
|
|
|
|
Other changes in operating assets and liabilities: |
|
|
|
|
Rent and other receivables |
(10,789) |
|
|
(13,863) |
|
|
Prepaid expenses and other assets |
3,572 |
|
|
11,247 |
|
|
Deferred leasing costs |
(1,868) |
|
|
(2,672) |
|
|
Accounts payable and accrued expenses |
134,237 |
|
|
95,471 |
|
|
Amounts due from related parties |
(3,192) |
|
|
(241) |
|
|
Net cash provided by operating activities |
596,788 |
|
|
498,193 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
Cash paid for single-family properties |
(582,442) |
|
|
(633,794) |
|
|
Change in escrow deposits for purchase of single-family
properties |
8,492 |
|
|
(26,818) |
|
|
Net proceeds received from sales of single-family properties and
other |
163,295 |
|
|
101,411 |
|
|
Proceeds received from storm-related insurance claims |
1,981 |
|
|
1,993 |
|
|
Proceeds from notes receivable related to the sale of
properties |
34,014 |
|
|
— |
|
|
Investment in unconsolidated joint ventures |
(17,308) |
|
|
(20,742) |
|
|
Distributions from joint ventures |
58,160 |
|
|
46,927 |
|
|
Renovations to single-family properties |
(80,612) |
|
|
(28,234) |
|
|
Recurring and other capital expenditures for single-family
properties |
(98,763) |
|
|
(90,413) |
|
|
Cash paid for development activity |
(707,764) |
|
|
(524,884) |
|
|
Cash paid for deposits on land option contracts |
(10,686) |
|
|
— |
|
|
Other investing activities |
(36,021) |
|
|
(16,907) |
|
|
Net cash used for investing activities |
(1,267,654) |
|
|
(1,191,461) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
Proceeds from issuance of Class A common shares |
561,472 |
|
|
593,040 |
|
|
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 |
3,323 |
|
|
4,094 |
|
|
Payments related to tax withholding for share-based
compensation |
(4,811) |
|
|
(2,666) |
|
|
|
|
|
|
Payments on asset-backed securitizations |
(16,884) |
|
|
(18,061) |
|
|
Proceeds from revolving credit facility |
490,000 |
|
|
1,060,000 |
|
|
Payments on revolving credit facility |
(840,000) |
|
|
(1,060,000) |
|
|
Proceeds from unsecured senior notes, net of discount |
876,813 |
|
|
737,195 |
|
|
|
|
|
|
Settlement of cash flow hedging instrument |
— |
|
|
(3,999) |
|
|
Proceeds from liabilities related to consolidated land not
owned |
60,217 |
|
|
— |
|
|
Distributions to noncontrolling interests |
(27,612) |
|
|
(18,033) |
|
|
Distributions to common shareholders |
(188,689) |
|
|
(112,278) |
|
|
Distributions to preferred shareholders |
(13,595) |
|
|
(32,160) |
|
|
Deferred financing costs paid |
(8,215) |
|
|
(17,997) |
|
|
Net cash provided by financing activities |
736,819 |
|
|
630,185 |
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
65,953 |
|
|
(63,083) |
|
|
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) |
$ |
257,720 |
|
|
$ |
201,994 |
|
American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(continued)
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended
September 30, |
|
2022 |
|
2021 |
|
Supplemental cash flow information |
|
|
|
|
Cash payments for interest, net of amounts capitalized |
$ |
(89,400) |
|
|
$ |
(85,472) |
|
|
|
|
|
|
|
Supplemental schedule of noncash investing and financing
activities |
|
|
|
|
Accrued property renovations and development
expenditures |
$ |
65,586 |
|
|
$ |
37,877 |
|
|
Transfers of completed homebuilding deliveries to
properties |
335,684 |
|
|
252,218 |
|
|
Property and land contributions to unconsolidated joint
ventures |
(35,849) |
|
|
(43,814) |
|
|
Property and land distributions from unconsolidated joint
ventures |
8,397 |
|
|
— |
|
|
|
|
|
|
Noncash right-of-use assets obtained in exchange for operating
lease liabilities |
3,885 |
|
|
989 |
|
|
Accrued distributions to affiliates |
337 |
|
|
— |
|
|
Accrued distributions to non-affiliates |
114 |
|
|
166 |
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
Single-family properties: |
|
|
|
|
Land |
$ |
2,190,724 |
|
|
$ |
2,062,039 |
|
|
Buildings and improvements |
10,024,700 |
|
|
9,258,387 |
|
|
Single-family properties in operation |
12,215,424 |
|
|
11,320,426 |
|
|
Less: accumulated depreciation |
(2,310,014) |
|
|
(2,072,933) |
|
|
Single-family properties in operation, net |
9,905,410 |
|
|
9,247,493 |
|
|
Single-family properties under development and development
land |
1,123,183 |
|
|
882,159 |
|
|
Single-family properties held for sale, net |
189,991 |
|
|
114,907 |
|
|
Total real estate assets, net |
11,218,584 |
|
|
10,244,559 |
|
|
Cash and cash equivalents |
97,244 |
|
|
48,198 |
|
|
Restricted cash |
160,476 |
|
|
143,569 |
|
|
Rent and other receivables |
50,395 |
|
|
41,587 |
|
|
Escrow deposits, prepaid expenses and other assets |
315,789 |
|
|
216,625 |
|
|
Investments in unconsolidated joint ventures |
110,409 |
|
|
121,950 |
|
|
Amounts due from affiliates |
25,666 |
|
|
25,666 |
|
|
Goodwill |
120,279 |
|
|
120,279 |
|
|
Total assets |
$ |
12,098,842 |
|
|
$ |
10,962,433 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Revolving credit facility |
$ |
— |
|
|
$ |
350,000 |
|
|
Asset-backed securitizations, net |
1,895,269 |
|
|
1,908,346 |
|
|
Unsecured senior notes, net |
2,493,898 |
|
|
1,622,132 |
|
|
Accounts payable and accrued expenses |
567,240 |
|
|
343,526 |
|
|
|
|
|
|
Total liabilities |
4,956,407 |
|
|
4,224,004 |
|
|
|
|
|
|
|
Commitments and contingencies (see Note 15)
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
Partners’ capital: |
|
|
|
|
General partner: |
|
|
|
|
Common units (353,444,535 and 337,997,791 units issued and
outstanding at September 30, 2022 and December 31, 2021,
respectively)
|
6,243,971 |
|
|
5,686,193 |
|
|
Preferred units (9,200,000 and 15,400,000 units issued and
outstanding at September 30, 2022 and December 31, 2021,
respectively)
|
221,840 |
|
|
371,564 |
|
|
Limited partner: |
|
|
|
|
Common units (51,376,980 units issued and outstanding at September
30, 2022 and December 31, 2021)
|
674,957 |
|
|
678,582 |
|
|
Accumulated other comprehensive income |
1,667 |
|
|
2,090 |
|
|
Total capital |
7,142,435 |
|
|
6,738,429 |
|
|
|
|
|
|
|
Total liabilities and capital |
$ |
12,098,842 |
|
|
$ |
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
September 30, |
|
For the Nine Months Ended
September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Rents and other single-family property revenues |
$ |
391,627 |
|
|
$ |
339,563 |
|
|
$ |
1,109,608 |
|
|
$ |
965,790 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Property operating expenses |
152,065 |
|
|
134,694 |
|
|
414,978 |
|
|
369,966 |
|
|
Property management expenses |
29,739 |
|
|
24,562 |
|
|
84,541 |
|
|
70,677 |
|
|
General and administrative expense |
16,986 |
|
|
12,647 |
|
|
53,115 |
|
|
40,645 |
|
|
Interest expense |
36,254 |
|
|
31,097 |
|
|
98,622 |
|
|
86,630 |
|
|
Acquisition and other transaction costs |
4,482 |
|
|
3,279 |
|
|
18,114 |
|
|
11,093 |
|
|
Depreciation and amortization |
109,319 |
|
|
94,494 |
|
|
313,688 |
|
|
275,682 |
|
|
Hurricane-related charges, net |
6,133 |
|
|
— |
|
|
6,133 |
|
|
— |
|
|
Total expenses |
354,978 |
|
|
300,773 |
|
|
989,191 |
|
|
854,693 |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and impairment of single-family properties and other,
net |
24,197 |
|
|
9,572 |
|
|
79,052 |
|
|
36,401 |
|
|
|
|
|
|
|
|
|
|
Other income and expense, net |
819 |
|
|
139 |
|
|
6,765 |
|
|
1,738 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
61,665 |
|
|
48,501 |
|
|
206,234 |
|
|
149,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred distributions |
3,486 |
|
|
5,763 |
|
|
13,595 |
|
|
32,160 |
|
|
Redemption of perpetual preferred units |
— |
|
|
— |
|
|
5,276 |
|
|
15,879 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
$ |
58,179 |
|
|
$ |
42,738 |
|
|
$ |
187,363 |
|
|
$ |
101,197 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common units outstanding: |
|
|
|
|
|
|
|
|
Basic |
400,321,035 |
|
|
375,379,518 |
|
|
399,107,559 |
|
|
371,739,755 |
|
|
Diluted |
400,721,521 |
|
|
377,583,403 |
|
|
399,659,975 |
|
|
373,351,087 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders per unit: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.47 |
|
|
$ |
0.27 |
|
|
Diluted |
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.47 |
|
|
$ |
0.27 |
|
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
September 30, |
|
For the Nine Months Ended
September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Net income |
$ |
61,665 |
|
|
$ |
48,501 |
|
|
$ |
206,234 |
|
|
$ |
149,236 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Cash flow hedging instruments: |
|
|
|
|
|
|
|
|
Loss on settlement of cash flow hedging instrument |
— |
|
|
— |
|
|
— |
|
|
(3,999) |
|
|
Reclassification adjustment for amortization of interest expense
included in net income
|
(141) |
|
|
(149) |
|
|
(423) |
|
|
(630) |
|
|
Other comprehensive loss |
(141) |
|
|
(149) |
|
|
(423) |
|
|
(4,629) |
|
|
Comprehensive income |
61,524 |
|
|
48,352 |
|
|
205,811 |
|
|
144,607 |
|
|
Preferred distributions |
3,486 |
|
|
5,763 |
|
|
13,595 |
|
|
32,160 |
|
|
Redemption of perpetual preferred units |
— |
|
|
— |
|
|
5,276 |
|
|
15,879 |
|
|
Comprehensive income attributable to common unitholders |
$ |
58,038 |
|
|
$ |
42,589 |
|
|
$ |
186,940 |
|
|
$ |
96,568 |
|
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 |
|
|
Share-based compensation |
— |
|
|
3,058 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,058 |
|
|
Common units issued under share-based compensation plans, net of
units withheld for employee taxes |
152,375 |
|
|
2,054 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,054 |
|
|
Issuance of Class A common units |
11,400,000 |
|
|
399,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
399,000 |
|
|
Distributions to capital holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units (Note 10)
|
— |
|
|
— |
|
|
(5,763) |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,763) |
|
|
Common units ($0.10 per unit)
|
— |
|
|
(32,414) |
|
|
— |
|
|
— |
|
|
(5,137) |
|
|
— |
|
|
(37,551) |
|
|
Net income |
— |
|
|
36,869 |
|
|
5,763 |
|
|
— |
|
|
5,869 |
|
|
— |
|
|
48,501 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(149) |
|
|
(149) |
|
|
Balances at September 30, 2021 |
334,395,633 |
|
|
$ |
5,532,596 |
|
|
$ |
371,564 |
|
|
51,376,980 |
|
|
$ |
676,264 |
|
|
$ |
2,231 |
|
|
$ |
6,582,655 |
|
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 |
— |
|
|
|