American Homes 4 Rent Files Q1 2024 10-Q Report

TL;DR

<b>American Homes 4 Rent filed its Q1 2024 10-Q, detailing financial performance and segment data.</b>

AI Summary

American Homes 4 Rent (AMH-PG) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filed a 10-Q report for the period ending March 31, 2024. Report covers the first quarter of fiscal year 2024. Includes financial data for both American Homes 4 Rent and American Homes 4 Rent, L.P. Details financial information for common stock and preferred stock classes. Contains segment information for Real Estate and Management Services.

Why It Matters

For investors and stakeholders tracking American Homes 4 Rent, this filing contains several important signals. Provides investors with the latest quarterly financial results and operational updates. Allows for comparison of financial health and performance against previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — American Homes 4 Rent shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and segment performance to assess the company's current operational health and future outlook.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-03 — Filing Date (10-Q submission)
• 2024-01-01 — Quarter Start Date (Fiscal Year 2024 Q1)
• 2023-03-31 — Prior Year Quarter End (Comparative period)

Key Players & Entities

• American Homes 4 Rent (company) — Filer
• American Homes 4 Rent, L.P. (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 2024-01-01 (date) — Quarter start date
• 2023-03-31 (date) — Prior year quarter end

FAQ

Industry Context

American Homes 4 Rent operates in the single-family rental real estate sector, a segment of the broader real estate investment trust (REIT) industry.

Regulatory Implications

As a publicly traded company, American Homes 4 Rent is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and net income.
2. Review segment performance data for Real Estate and Management Services to understand drivers of profitability.
3. Compare key financial metrics against the prior year's Q1 results to identify trends and changes.

Key Dates

• 2024-03-31: Quarter End Date — End of reporting period for the 10-Q.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q, following the Q4 2023 10-K and providing updated financial information for the most recent fiscal quarter.

Key Financial Figures

• $0.01 — n Homes 4 Rent's Class A common shares, $0.01 par value per share, and 635,075 shares

Filing Documents

• amh-20240331.htm (10-Q) — 1839KB
• amh03312410qexhibit101.htm (EX-10.1) — 112KB
• amh03312410qexhibit311.htm (EX-31.1) — 12KB
• amh03312410qexhibit312.htm (EX-31.2) — 12KB
• amh03312410qexhibit313.htm (EX-31.3) — 12KB
• amh03312410qexhibit314.htm (EX-31.4) — 12KB
• amh03312410qexhibit321.htm (EX-32.1) — 9KB
• amh03312410qexhibit322.htm (EX-32.2) — 10KB
• amh-20240331_g1.jpg (GRAPHIC) — 102KB
• 0001562401-24-000053.txt (&nbsp;) — 9746KB
• amh-20240331.xsd (EX-101.SCH) — 69KB
• amh-20240331_cal.xml (EX-101.CAL) — 114KB
• amh-20240331_def.xml (EX-101.DEF) — 512KB
• amh-20240331_lab.xml (EX-101.LAB) — 761KB
• amh-20240331_pre.xml (EX-101.PRE) — 674KB
• amh-20240331_htm.xml (XML) — 1115KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 American Homes 4 Rent Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 American Homes 4 Rent, L.P. Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 10 Condensed Consolidated Statements of Capital for the three months ended March 31, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 13 American Homes 4 Rent and American Homes 4 Rent, L.P. Notes to Unaudited Condensed Consolidated Financial Statements 15 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

Signatures

Signatures 46 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, 2023 (the "2023 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, the

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements American Homes 4 Rent Condensed Consolidated Balance Sheets (Amounts in thousands, except share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Single-family properties: Land $ 2,248,041 $ 2,234,301 Buildings and improvements 10,775,882 10,651,388 Single-family properties in operation 13,023,923 12,885,689 Less: accumulated depreciation ( 2,806,637 ) ( 2,719,970 ) Single-family properties in operation, net 10,217,286 10,165,719 Single-family properties under development and development land 1,359,339 1,409,424 Single-family properties and land held for sale, net 229,431 182,082 Total real estate assets, net 11,806,056 11,757,225 Cash and cash equivalents 124,826 59,385 Restricted cash 158,465 162,476 Rent and other receivables 44,752 42,823 Escrow deposits, prepaid expenses and other assets 392,147 406,138 Investments in unconsolidated joint ventures 114,567 114,198 Asset-backed securitization certificates — 25,666 Goodwill 120,279 120,279 Total assets $ 12,761,092 $ 12,688,190 Liabilities Revolving credit facility $ — $ 90,000 Asset-backed securitizations, net 1,407,380 1,871,421 Unsecured senior notes, net 3,095,733 2,500,226 Accounts payable and accrued expenses 553,248 573,660 Total liabilities 5,056,361 5,035,307 Commitments and contingencies (see Note 15) Equity Shareholders' equity: Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 365,686,971 and 364,296,431 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) 3,657 3,643 Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2024 and December 31, 2023) 6 6 Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2024 and December 31, 2023) 92 92 Additional paid-in capital 7,394,461 7,357,848 Accumulated deficit (

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View this 10-Q filing on SEC EDGAR