American Homes 4 Rent Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Homes 4 Rent (AMH) has filed its 2023 10-K report detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

American Homes 4 Rent (AMH-PG) filed a Annual Report (10-K) with the SEC on February 23, 2024. American Homes 4 Rent (AMH) filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data and operational details for the fiscal year 2023 are presented. The report includes information on common stock, preferred stock, and other equity components. It details real estate and management service segments for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking American Homes 4 Rent, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AMH's financial health and strategic positioning for the past fiscal year, crucial for investors assessing its current value and future prospects. The detailed segment information for Real Estate and Management Services allows for a granular understanding of revenue drivers and operational efficiency, aiding in comparative analysis against industry peers.

Risk Assessment

Risk Level: medium — American Homes 4 Rent shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not inherently signal significant positive or negative shifts beyond normal business operations, thus presenting a medium level of risk associated with standard disclosure requirements.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges in the current real estate market.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 0001562401-24-000021 — Accession Number (Unique identifier for the filing)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)

Key Players & Entities

• American Homes 4 Rent (company) — Filer name
• American Homes 4 Rent, L.P. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• MD (location) — State of incorporation
• DE (location) — State of incorporation
• NV (location) — State of business address
• USD (currency) — Currency used in financial statements

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — n Homes 4 Rent's Class A common shares, $0.01 par value per share, and 635,075 shares
• $25.7 million — ompany and the Operating Partnership is $25.7 million of asset-backed securitization certific
• $250,000 — two or more bathrooms; (iv) a range of $250,000 estimated minimum valuation to $600,000
• $600,000 m — $250,000 estimated minimum valuation to $600,000 maximum bid price; and (v) estimated reno

Filing Documents

• amh-20231231.htm (10-K) — 3332KB
• amh123123exhibit1033.htm (EX-10.33) — 79KB
• amh123123exhibit211.htm (EX-21.1) — 207KB
• amh123123exhibit231.htm (EX-23.1) — 4KB
• amh123123exhibit311.htm (EX-31.1) — 12KB
• amh123123exhibit312.htm (EX-31.2) — 12KB
• amh123123exhibit313.htm (EX-31.3) — 12KB
• amh123123exhibit314.htm (EX-31.4) — 12KB
• amh123123exhibit321.htm (EX-32.1) — 7KB
• amh123123exhibit322.htm (EX-32.2) — 7KB
• amh123123exhibit971.htm (EX-97.1) — 32KB
• amh-20231231_g1.jpg (GRAPHIC) — 102KB
• amh-20231231_g2.jpg (GRAPHIC) — 85KB
• 0001562401-24-000021.txt (&nbsp;) — 15846KB
• amh-20231231.xsd (EX-101.SCH) — 91KB
• amh-20231231_cal.xml (EX-101.CAL) — 122KB
• amh-20231231_def.xml (EX-101.DEF) — 734KB
• amh-20231231_lab.xml (EX-101.LAB) — 1124KB
• amh-20231231_pre.xml (EX-101.PRE) — 932KB
• amh-20231231_htm.xml (XML) — 2110KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A.

Controls and Procedures

Controls and Procedures 43 Item 9B. Other Information 46 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46 PART III Item 10. Directors, Executive Officers and Corporate Governance 47 Item 11.

Executive Compensation

Executive Compensation 47 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Account ant Fees and Services 47 PART IV Item 15. Exhibit and Financial Statement Schedules 48 Item 16. Form 10-K Summary 51

Signatures

Signatures 52 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Various statements contained in this Annual Report on Form 10-K, 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 under Part I, "Item 1. Business," Part I, "Item 1A. Risk Factors," Part I, "Item 1C. Cybersecurity," Part II, "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Annual Report on Form 10-K 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 statem

BUSINESS

ITEM 1. BUSINESS Overview American Homes 4 Rent ("AMH" or the "General Partner") is an internally managed Maryland real estate investment trust ("REIT") formed on October 19, 2012. 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on acquiring, developing, renovating, leasing and managing single-family homes as rental properties. We commenced operations in November 2012. AMH is the general partner of, and as of December 31, 2023 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership's day-to-day management. The Company's management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH's primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns sub

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