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American Homes 4 Rent, L.P. (1716558) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

American Homes 4 Rent, L.P.

CIK: 1716558

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News Release                                         
 
 
 
American Homes 4 Rent Reports Fourth Quarter and Full Year 2018 Financial and Operating Results
AGOURA HILLS, Calif., Feb. 21, 2019—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 and full year ended December 31, 2018.
Highlights
Total revenues increased 11.3% to $270.3 million for the fourth quarter of 2018 from $242.8 million for the fourth quarter of 2017.
Net income attributable to common shareholders totaled $17.6 million, or $0.06 income per diluted share, for the fourth quarter of 2018, compared to a net loss attributable to common shareholders of $22.0 million, or a $0.08 loss per diluted share, for the fourth quarter of 2017.
Core Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $98.5 million, or $0.28 per FFO share and unit, compared to $89.4 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 7.0% increase on a per share and unit basis.
Adjusted Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $86.9 million, or $0.25 per FFO share and unit, compared to $79.8 million, or $0.23 per FFO share and unit, for the same period in 2017.
Core Net Operating Income ("Core NOI") margin on Same-Home properties was 65.6% for the fourth quarter of 2018, compared to 65.5% for the same period in 2017.
Core NOI after capital expenditures from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2018.
Same-Home portfolio Average Occupied Days Percentage increased to 94.8% for the fourth quarter of 2018, compared to 94.0% for the fourth quarter of 2017, while achieving 3.4% growth in Average Monthly Realized Rent per property for the same comparable periods.
In November 2018, paid off the $115.0 million exchangeable senior notes (see “Capital Activities and Balance Sheet”).
In January 2019, issued $400.0 million of 4.90% unsecured senior notes due 2029 (see “Capital Activities and Balance Sheet”).

“American Homes 4 Rent had a strong finish to 2018, with a 3.6% growth in fourth quarter Core NOI after capital expenditures from Same-Home properties, fueled by an 80 basis point increase in average occupied days percentage and 3.4% growth in average monthly realized rent per property,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “We are entering 2019 in a position of strength, with 2018 year-end portfolio occupancy 260 basis points higher than a year ago. Our teams have never been stronger and, coupled with the continued strong demand for single-family rentals, we are ideally positioned for profitable growth in 2019 and to create long-term value for our shareholders.”

Fourth Quarter 2018 Financial Results
Net income attributable to common shareholders totaled $17.6 million, or $0.06 income per diluted share, for the fourth quarter of 2018, compared to a net loss attributable to common shareholders of $22.0 million, or a $0.08 loss per diluted share, for the fourth quarter of 2017. This increase was primarily attributable to higher revenues resulting from a larger number of leased properties and higher rental rates, as well as the redemption of the Series A and Series B participating preferred shares through a conversion into Class A common shares during the fourth quarter of 2017.

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The following information was filed by American Homes 4 Rent, L.P. on Thursday, February 21, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation (Details 2)
Schedule Iii - Real Estate And Accumulated Depreciation (Details 3)
Schedule Iii - Real Estate And Accumulated Depreciation (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Equity (Parenthetical)
Consolidated Statements Of Capital
Consolidated Statements Of Capital (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Details)
Accounts Payable And Accrued Expenses (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Merger With American Residential Homes - Narrative (Details)
Acquisitions - Merger With American Residential Properties - Tables (Details)
Commitments And Contingencies
Commitments And Contingencies (Details 2)
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Tables)
Debt - Interest Expense (Details)
Debt - Long-Term Debt (Details)
Debt - Narrative (Details)
Debt Debt - Maturities (Details)
Deferred Costs And Other Intangibles, Net
Deferred Costs And Other Intangibles, Net (Details 2)
Deferred Costs And Other Intangibles, Net (Details 3)
Deferred Costs And Other Intangibles, Net (Details)
Deferred Costs And Other Intangibles, Net (Tables)
Earnings Per Share / Unit
Earnings Per Share / Unit (Details)
Earnings Per Share / Unit (Tables)
Escrow Deposits, Prepaid Expenses And Other Assets
Escrow Deposits, Prepaid Expenses And Other Assets (Details)
Escrow Deposits, Prepaid Expenses And Other Assets (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Carrying Value And Fair Value (Details)
Fair Value - Interest Rate Cap, Convertible Series E, And Preferred Shares (Details)
Fair Value - Level 3 Liabilities (Details)
Noncash Transactions
Noncash Transactions (Details)
Organization And Operations
Organization And Operations (Details)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Real Estate Assets, Net
Real Estate Assets, Net (Tables)
Real Estate Assets, Net - Narrative (Details)
Real Estate Assets, Net - Schedule Of Real Estate Properties (Details)
Related Party Transactions
Related Party Transactions (Details)
Rent And Other Receivables, Net
Rent And Other Receivables, Net (Details)
Rent And Other Receivables, Net (Tables)
Shareholders' Equity / Partners' Capital
Shareholders' Equity / Partners' Capital (Tables)
Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan (Details)
Shareholders' Equity / Partners' Capital - At The Market Common Share Offering Program (Details)
Shareholders' Equity / Partners' Capital - Class A Common Shares (Details)
Shareholders' Equity / Partners' Capital - Class B Common Shares (Details)
Shareholders' Equity / Partners' Capital - Conversion Of Series C Convertible Units Into Class A Units (Details)
Shareholders' Equity / Partners' Capital - Conversion Of Series D Convertible Units Into Class A Units (Details)
Shareholders' Equity / Partners' Capital - Conversion Of Series E Convertible Unit Into Series D Convertible Units (Details)
Shareholders' Equity / Partners' Capital - Distributions (Details)
Shareholders' Equity / Partners' Capital - Noncontrolling Interest Narrative (Details)
Shareholders' Equity / Partners' Capital - Noncontrolling Interest Reflected In Consolidated Statement Of Operations (Details)
Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details)
Shareholders' Equity / Partners' Capital - Redemption Of Series A And B Participating Preferred Shares (Details)
Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details)
Shareholders' Equity / Partners' Capital - Share Repurchase Program (Details)
Shareholders' Equity / Partners' Capital - Stock Option Activity (Details)
Shareholders' Equity / Partners' Capital - Valuation Inputs (Details)
Significant Accounting Policies
Significant Accounting Policies (Details 2)
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Schedule, Cash, Cash Equivalent, Restricted Cash) (Details)
Significant Accounting Policies (Tables)
Subsequent Events
Subsequent Events (Details)
CIK: 1716558
Form Type: 10-K Annual Report
Accession Number: 0001562401-19-000020
Submitted to the SEC: Fri Feb 22 2019 3:00:18 PM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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