American Homes 4 Rent Files Q2 2024 10-Q

TL;DR

**AMH Q2 10-Q FILED: Get the latest on their financials and operations.**

AI Summary

American Homes 4 Rent (AMH) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational activities. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with a detailed look at American Homes 4 Rent's financial health and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, AMH is subject to market fluctuations, interest rate changes, and property management risks.

Key Players & Entities

• American Homes 4 Rent (company) — Filer of the 10-Q
• American Homes 4 Rent, L.P. (company) — Related entity
• 20240630 (date) — End of reporting period
• 20240802 (date) — Filing date

FAQ

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-20240630.htm (10-Q) — 2336KB
• amh06302410qexhibit311.htm (EX-31.1) — 12KB
• amh06302410qexhibit312.htm (EX-31.2) — 12KB
• amh06302410qexhibit313.htm (EX-31.3) — 12KB
• amh06302410qexhibit314.htm (EX-31.4) — 12KB
• amh06302410qexhibit321.htm (EX-32.1) — 9KB
• amh06302410qexhibit322.htm (EX-32.2) — 10KB
• amh-20240630_g1.jpg (GRAPHIC) — 102KB
• 0001562401-24-000069.txt ( ) — 10793KB
• amh-20240630.xsd (EX-101.SCH) — 71KB
• amh-20240630_cal.xml (EX-101.CAL) — 114KB
• amh-20240630_def.xml (EX-101.DEF) — 530KB
• amh-20240630_lab.xml (EX-101.LAB) — 792KB
• amh-20240630_pre.xml (EX-101.PRE) — 700KB
• amh-20240630_htm.xml (XML) — 1331KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 American Homes 4 Rent Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 American Homes 4 Rent, L.P. Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 8 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 9 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 10 Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 49

Signatures

Signatures 51 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Single-family properties: Land $ 2,263,275 $ 2,234,301 Buildings and improvements 10,928,442 10,651,388 Single-family properties in operation 13,191,717 12,885,689 Less: accumulated depreciation ( 2,896,586 ) ( 2,719,970 ) Single-family properties in operation, net 10,295,131 10,165,719 Single-family properties under development and development land 1,228,534 1,409,424 Single-family properties and land held for sale, net 201,930 182,082 Total real estate assets, net 11,725,595 11,757,225 Cash and cash equivalents 718,380 59,385 Restricted cash 163,266 162,476 Rent and other receivables 43,456 42,823 Escrow deposits, prepaid expenses and other assets 382,836 406,138 Investments in unconsolidated joint ventures 150,128 114,198 Asset-backed securitization certificates — 25,666 Goodwill 120,279 120,279 Total assets $ 13,303,940 $ 12,688,190 Liabilities Revolving credit facility $ — $ 90,000 Asset-backed securitizations, net 1,402,488 1,871,421 Unsecured senior notes, net 3,590,102 2,500,226 Accounts payable and accrued expenses 599,363 573,660 Total liabilities 5,591,953 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, 365,863,545 and 364,296,431 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) 3,659 3,643 Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 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 June 30, 2024 and December 31, 2023) 92 92 Additional paid-in capital 7,406,098 7,357,848 Accumulated deficit ( 385,

View Full Filing

View this 10-Q filing on SEC EDGAR