American Homes 4 Rent (AMH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Earnings Press Release
10-K Annual Report
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American Homes 4 Rent
Ticker: AMH CIK: 1562401

Exhibit 99.1

News Release

American Homes 4 Rent Reports Fourth Quarter and Full Year 2019 Financial and Operating Results

— Announces Strategic Joint Venture with

Institutional Investors Advised by J.P. Morgan Asset Management —

AGOURA HILLS, Calif., Feb. 27, 2020—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, 2019.

Highlights


•	Total revenues increased 5.1% to $284.0 million for the fourth quarter of 2019 from $270.3 million for the fourth quarter of 2018.


•	Net income attributable to common shareholders totaled $23.6 million, or $0.08 per diluted share, for the fourth quarter of 2019, compared to $17.6 million, or $0.06 per diluted share, for the fourth quarter of 2018.


•	Core Funds from Operations (“Core FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $101.4 million, or $0.29 per FFO share and unit, compared to $96.3 million, or $0.27 per FFO share and unit, for the fourth quarter of 2018, which represents a 5.0% increase on a per share and unit basis.


•	Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders for the fourth quarter of 2019 was $91.2 million, or $0.26 per FFO share and unit, compared to $86.9 million, or $0.25 per FFO share and unit, for the fourth quarter in 2018, which represents a 4.7% increase on a per share and unit basis.


•	Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 3.2% year-over-year for the fourth quarter of 2019. Core NOI After Capital Expenditures from Same-Home properties increased by 3.0% year-over-year for the fourth quarter in 2019.


•	Same-Home portfolio Average Occupied Days Percentage increased to 95.1% for the fourth quarter of 2019, compared to 94.7% for the fourth quarter of 2018, while achieving a 3.3% year-over-year growth in Average Monthly Realized Rent per property for the same comparable periods.


•	In February 2020, entered into an approximately $250 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company, providing additional scale, opportunity for economic upside and additional institutional endorsement of the Company’s industry leading built-for-rental strategy.

“American Homes 4 Rent had a strong finish to 2019, driving nearly 7.0% growth in full year Core FFO per share and unit,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “As we look ahead to 2020, we believe we are extremely well positioned, having made considerable investments in our one-of-a-kind development program, as well as continued refinements to our leasing, property management and maintenance systems, all of which is underpinned by our best-in-class balance sheet. We expect these competitive advantages will allow us to continue to create outsized shareholder value as we take advantage of our vast market opportunity to scale and grow AMH over the long term.”

Fourth Quarter 2019 Financial Results

On January 1, 2019, the Company adopted the new lease accounting standard, ASU No. 2016-02, which prospectively results in a larger portion of internal leasing costs being expensed that were previously capitalized. For purposes of comparability, applicable prior period non-GAAP financial metrics have been conformed to reflect the new lease accounting standard. Refer to Non-GAAP Financial Measures for further information.

The following information was filed by American Homes 4 Rent (AMH) on Thursday, February 27, 2020 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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