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News Release                                         
 
 
 
American Homes 4 Rent Reports Fourth Quarter and Full Year 2017 Financial and Operating Results
AGOURA HILLS, Calif., Feb. 22, 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 and full year ended December 31, 2017.
Highlights
Total revenues increased 6.7% to $242.8 million for the fourth quarter of 2017 from $227.6 million for the fourth quarter of 2016.
Net loss attributable to common shareholders totaled $22.0 million, and a $0.08 loss per diluted share, for the fourth quarter of 2017, compared to net income attributable to common shareholders of $2.4 million, and a $0.01 loss per diluted share, for the fourth quarter of 2016.
Core Funds from Operations attributable to common share and unit holders for the fourth quarter of 2017 was $89.4 million, or $0.26 per FFO share and unit, compared to $75.9 million, or $0.26 per FFO share and unit, for the fourth quarter of 2016.
Adjusted Funds from Operations attributable to common share and unit holders for the fourth quarter of 2017 was $79.8 million, or $0.23 per FFO share and unit, compared to $67.7 million, or $0.23 per FFO share and unit, for the same period in 2016.
Core Net Operating Income ("Core NOI") margin on Same-Home properties was 64.9% for the fourth quarter of 2017, compared to 65.2% for the same period in 2016.
Core NOI after capital expenditures from Same-Home properties increased by 1.5% year-over-year for the quarter ended December 31, 2017.
Same-Home portfolio leasing percentage increased to 95.7% as of December 31, 2017, from 95.2% as of September 30, 2017, while achieving 3.1% growth in average monthly realized rent per property for the fourth quarter of 2017, compared to the same period in 2016.
Redeemed the Series A and B participating preferred shares through a conversion into 12,398,276 Class A common shares (see "Capital Activities and Balance Sheet").
In February 2018, issued $500.0 million of 4.25% unsecured senior notes due 2028, which have been effectively hedged at 4.08% through the use of a treasury lock (see “Capital Activities and Balance Sheet”).

“American Homes 4 Rent completed a successful year, generating a 6% improvement in annual Core NOI after capital expenditures from our comparable Same-Home pool by improving Core NOI margins by 130 basis points to 64.5% through further efficiencies from our industry-leading, mature platform," stated David Singelyn, Chief Executive Officer. "We also obtained the first and only investment grade ratings in the single-family rental sector, and have demonstrated the benefit of those ratings in our inaugural issuance of unsecured corporate debt. Looking forward to 2018, I remain bullish on our future based on the strength of fundamentals in the single-family rental sector that provide us with a strong macro tailwind to further expand our existing portfolio cash flows, execute on our strategic external growth plans and create value for our shareholders.”

Fourth Quarter 2017 Financial Results

During the quarter, the Company released newly defined average occupancy, rental rate and capital expenditure metrics, which management believes provide better clarity into our underlying leasing results and operating performance. These metric changes include: (1) replacement of average occupancy percentage with average occupied days percentage, (2) replacement of

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The following information was filed by American Homes 4 Rent (AMH) on Thursday, February 22, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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