Exhibit 99.1

 

GRAPHIC

 

News Release

 

Date: February 26, 2015

 

American Homes 4 Rent Reports Fourth Quarter And Full Year 2014 Financial and Operating Results

 

AGOURA HILLS, California—American Homes 4 Rent (NYSE: AMH), 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, 2014.

 

Highlights

 

·                 Core Funds from Operations (“Core FFO”) (as defined) for the fourth quarter and full year 2014 were $42.0 million, or $0.16 per FFO share, and $143.8 million, or $0.57 per FFO share, respectively.

 

·                 Net Operating Income from leased properties (“NOI”) for the quarter ended December 31, 2014, was $68.0 million, a 14.5% increase from $59.4 million for the quarter ended September 30, 2014. NOI for the year ended December 31, 2014, was $232.3 million.

 

·                 Total portfolio increased by 3,722 homes to 34,599 as of December 31, 2014, from 30,877 as of September 30, 2014.  As of December 31, 2014, the Company had 28,250 leased properties, an increase of 2,089 leased properties from September 30, 2014.

 

·                 Continued strong occupancy, with 92.8% of properties leased that have been previously leased or rent-ready for more than 90 days and total portfolio occupancy of 81.6%.

 

·                 Completed securitization transaction in November 2014, which raised gross proceeds of $528.4 million, with a duration-adjusted weighted-average coupon rate of 4.40% for a ten-year term.

 

·                 Completed the acquisition of the Ellington Housing Single-Family Portfolio in December 2014, which added 914 homes located in markets in Arizona, Colorado, Georgia, North Carolina, Tennessee and Texas to the Company’s portfolio.

 

“We are extremely pleased with the strong operating results across our platform throughout 2014, our first full year as a public company,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer.  “Our internalized operating platform is gaining efficiency as we continue to lease up our homes, with our rent-ready portfolio surpassing 30,000 units, and our acquisition of the Ellington portfolio further expanding our presence in our core markets. As we look ahead to 2015, we believe we remain well-positioned to continue to execute our growth strategies, and drive higher cash flows and valuations for our shareholders.”

 

Fourth Quarter 2014 Financial Results

 

Total revenues increased 5.9% to $116.9 million for the fourth quarter of 2014 from $110.4 million for the third quarter of 2014. Revenue growth was driven by continued strong leasing activity, as our total leased portfolio grew by 2,089 homes during the fourth quarter of 2014.

 

NOI from leased properties increased 14.5% to $68.0 million for the fourth quarter of 2014, compared to $59.4 million for the third quarter of 2014. This increase was primarily due to substantial growth in rental income resulting from a larger number of leased properties.

 


The following information was filed by American Homes 4 Rent (AMH) on Friday, February 27, 2015 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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