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News Release                                         
 
 
 
American Homes 4 Rent Reports First Quarter 2018 Financial and Operating Results
AGOURA HILLS, Calif., May 3, 2018—American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high quality single-family homes for rent, today announced its financial and operating results for the quarter ended March 31, 2018.
Highlights
Total revenues increased 10.4% to $258.0 million for the first quarter of 2018 from $233.8 million for the first quarter of 2017.
Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the first quarter of 2018, compared to a net loss attributable to common shareholders of $1.5 million, or a $0.01 loss per diluted share, for the first quarter of 2017.
Improved total portfolio leasing percentage to 95.5% as of March 31, 2018, representing a 320 basis point increase from 92.3% as of December 31, 2017.
Core Funds from Operations attributable to common share and unit holders for the first quarter of 2018 was $84.8 million, or $0.25 per FFO share and unit, compared to $76.8 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 3.8% decrease on a per share and unit basis.
Adjusted Funds from Operations attributable to common share and unit holders for the first quarter of 2018 was $74.7 million, or $0.22 per FFO share and unit, compared to $68.9 million, or $0.23 per FFO share and unit, for the same period in 2017, which represents a 4.3% decrease on a per share and unit basis.
Same-Home portfolio leased percentage increased to 97.1% as of March 31, 2018, from 95.8% as of December 31, 2017, while achieving 3.9% growth in average monthly realized rent per property for the first quarter of 2018, compared to the same period in 2017.
Core Net Operating Income ("Core NOI") margin on Same-Home properties was 64.0% for the first quarter of 2018, compared to 66.0% for the same period in 2017.
Core NOI after capital expenditures from Same-Home properties decreased by 0.7% year-over-year for the quarter ended March 31, 2018.
Issued $500.0 million of 4.25% unsecured senior notes due 2028 with an effective interest rate of 4.08% after reflecting the beneficial impact of a treasury rate lock (see “Capital Activities and Balance Sheet”).
In April 2018, redeemed the Series C participating preferred shares through a conversion into 10,848,827 Class A common shares (see "Capital Activities and Balance Sheet").

“American Homes 4 Rent successfully achieved an important strategic objective during the first quarter of 2018, as we improved our total portfolio leased percentage to 95.5%, an increase of 320 basis points since year-end 2017,” stated David Singelyn, American Homes 4 Rent's Chief Executive Officer. “The accomplishment of this outstanding leasing result, prior to the spring leasing season and ahead of our initial expectations, demonstrates the power of our industry-leading platform. With our total portfolio leased percentage now above 95%, we are well positioned to translate the tremendous demand for single-family rentals into strong cash flow growth and value creation for our shareholders throughout the remainder of 2018.”
First Quarter 2018 Financial Results
Net income attributable to common shareholders totaled $5.8 million, or $0.02 income per diluted share, for the first quarter of 2018, compared to a net loss attributable to common shareholders of $1.5 million, or a $0.01 loss per diluted share, for the first quarter of 2017. This improvement was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates.

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The following information was filed by American Homes 4 Rent, L.P. on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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