American Homes 4 Rent Reports First Quarter 2021 Financial and Operating Results
CALABASAS, Calif., May 6, 2021—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, 2021.
•Rents and other single-family property revenues increased 8.8% to $312.6 million for the first quarter of 2021 from $287.3 million for the first quarter of 2020.
•Net income attributable to common shareholders totaled $30.2 million, or $0.09 per diluted share, for the first quarter of 2021, compared to $20.2 million, or $0.07 per diluted share, for the first quarter of 2020.
•Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 8.5% to $0.32 per FFO share and unit for the first quarter of 2021 from $0.29 per FFO share and unit for the first quarter of 2020 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 8.9% to $0.29 per FFO share and unit for the first quarter of 2021 from $0.26 per FFO share and unit for the first quarter of 2020.
•Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.0% year-over-year for the first quarter of 2021.
•Continued to experience record demand with a Same-Home portfolio Average Occupied Days Percentage of 97.3% in the first quarter of 2021, while achieving 10.0% rental rate growth on new leases, which accelerated further in April to an Average Occupied Days Percentage in the high 97% range while achieving over 11% rental rate growth on new leases.
•Subsequent to quarter end, closed a $1.25 billion sustainability-linked credit facility, which amends the Company’s existing credit facility and provides for expanded revolving capacity and lower borrowing cost.
•Subsequent to quarter end, announced the Company’s intent to redeem all outstanding shares of the 6.500% Series D and 6.350% Series E perpetual preferred shares.
•Raised Full Year 2021 Core FFO attributable to common share and unit holders guidance midpoint by $0.02 per share and unit to $1.27, representing anticipated full year growth of 9.5% over prior year.
“We are off to a strong start this year with quarterly Core FFO growth of 8.5%, which reflects our high-growth trajectory and record leasing results that continued strengthening into April,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “In an undersupplied market, we are providing access to high-quality, Class A homes and leveraging the benefits of our one-of-a-kind development program to help meet our country’s housing needs. Thanks to our team’s hard work and based on our ability to capitalize on the strong operating environment, coupled with our recently announced plan to accretively redeem our series D and E preferred shares, we are increasing the midpoint of our full year Core FFO guidance to $1.27 per share, which now represents 9.5% anticipated year-over-year growth.”
First Quarter 2021 Financial Results
Net income attributable to common shareholders totaled $30.2 million, or $0.09 per diluted share, for the first quarter of 2021, compared to $20.2 million, or $0.07 per diluted share, for the first quarter of 2020. This increase was primarily attributable to growth in the Company’s portfolio, higher occupancy and higher rental rates, as well as an increase in gain on sale and impairment of single-family properties and other, net, partially offset by increased uncollectible rents related to the COVID-19 pandemic.
The following information was filed by American Homes 4 Rent, L.P. on Thursday, May 6, 2021 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.