American Homes 4 Rent Files Q3 2024 10-Q

TL;DR

AMH 10-Q filed for Q3 2024. Financials and ops details inside.

AI Summary

American Homes 4 Rent (AMH) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations as a real estate investment trust focused on single-family rental homes. Key financial data and operational metrics for the third quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at the financial health and operational status of American Homes 4 Rent, a major player in the single-family rental market.

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
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date
• 0001562401 (company) — Central Index Key for American Homes 4 Rent
• 6798 (industry_code) — Standard Industrial Classification for Real Estate Investment Trusts

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-20240930.htm (10-Q) — 2606KB
• amh09302410qexhibit311.htm (EX-31.1) — 12KB
• amh09302410qexhibit312.htm (EX-31.2) — 12KB
• amh09302410qexhibit313.htm (EX-31.3) — 12KB
• amh09302410qexhibit314.htm (EX-31.4) — 12KB
• amh09302410qexhibit321.htm (EX-32.1) — 9KB
• amh09302410qexhibit322.htm (EX-32.2) — 10KB
• amh-20240930_g1.jpg (GRAPHIC) — 102KB
• 0001562401-24-000082.txt ( ) — 11519KB
• amh-20240930.xsd (EX-101.SCH) — 73KB
• amh-20240930_cal.xml (EX-101.CAL) — 124KB
• amh-20240930_def.xml (EX-101.DEF) — 568KB
• amh-20240930_lab.xml (EX-101.LAB) — 823KB
• amh-20240930_pre.xml (EX-101.PRE) — 736KB
• amh-20240930_htm.xml (XML) — 1425KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 American Homes 4 Rent Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 8 American Homes 4 Rent, L.P. Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 10 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 11 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 12 Condensed Consolidated Statements of Capital for the three and nine months ended September 30, 2024 and 2023 13 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 15 American Homes 4 Rent and American Homes 4 Rent, L.P. Notes to Unaudited Condensed Consolidated Financial Statements 17 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 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 52

Signatures

Signatures 54 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) September 30, 2024 December 31, 2023 (Unaudited) Assets Single-family properties: Land $ 2,279,188 $ 2,234,301 Buildings and improvements 11,081,984 10,651,388 Single-family properties in operation 13,361,172 12,885,689 Less: accumulated depreciation ( 2,962,482 ) ( 2,719,970 ) Single-family properties in operation, net 10,398,690 10,165,719 Single-family properties under development and development land 1,205,372 1,409,424 Single-family properties and land held for sale, net 218,969 182,082 Total real estate assets, net 11,823,031 11,757,225 Cash and cash equivalents 162,477 59,385 Restricted cash 155,372 162,476 Rent and other receivables 49,727 42,823 Escrow deposits, prepaid expenses and other assets 378,402 406,138 Investments in unconsolidated joint ventures 154,997 114,198 Asset-backed securitization certificates — 25,666 Goodwill 120,279 120,279 Total assets $ 12,844,285 $ 12,688,190 Liabilities Revolving credit facility $ — $ 90,000 Asset-backed securitizations, net 927,099 1,871,421 Unsecured senior notes, net 3,591,714 2,500,226 Accounts payable and accrued expenses 629,868 573,660 Total liabilities 5,148,681 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, 365,885,188 and 364,296,431 shares issued and outstanding at September 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 September 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 September 30, 2024 and December 31, 2023) 92 92 Additional paid-in capital 7,412,232 7,357,848 Accumula

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View this 10-Q filing on SEC EDGAR