American Homes 4 Rent Reports Second Quarter 2020 Financial and Operating Results
AGOURA HILLS, Calif., Aug. 6, 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 ended June 30, 2020.
•Total revenues increased 0.4% to $283.1 million for the second quarter of 2020 from $281.9 million for the second quarter of 2019.
•Net income attributable to common shareholders totaled $15.4 million, or $0.05 per diluted share, for the second quarter of 2020, compared to $22.5 million, or $0.08 per diluted share, for the second quarter of 2019.
•Core Funds from Operations (“Core FFO”) and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders for the second quarter of 2020, which have not been adjusted to exclude the negative impact of the COVID-19 pandemic, were $0.27 and $0.23 per FFO share and unit, respectively, compared to $0.28 and $0.25 per FFO share and unit, respectively, for the second quarter of 2019.
•Experienced record demand, driving Same-Home portfolio Average Occupied Days Percentage to 95.6% in the second quarter of 2020, while achieving 4.4% rental rate growth on new leases.
•Strong leasing momentum continues into the third quarter of 2020, with Same-Home portfolio Average Occupied Days percentage reaching an all-time high of 96.4% in July 2020.
•Through July 2020, collected 96.5% of second quarter 2020 rents and 92% of July 2020 rents, which represents over 99% of second quarter 2020 payment history for the same time frame.
“We are pleased with our second quarter performance, which demonstrated the strength and resiliency of our operating platform in today’s challenging times and highlights our ability to grow and deliver shareholder value in any economic cycle,” said David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “Demand for our homes has never been stronger as our leasing and occupancy levels reached all-time highs during June and July. The COVID-19 crisis shined a light on the benefits of our homes as people are moving from high-density city living to single-family suburban communities. Amid this changing landscape, we are executing on our growth programs, including our proprietary AMH Development pipeline, to deliver additional housing in our high-growth markets. Our key competitive advantages – a diversified national portfolio, low leverage, investment grade balance sheet and technology enabled operating platform – have solidified our leadership position in the single-family rental industry.”
COVID-19 Business Update
The Company has maintained continuity in business operations since the beginning of the COVID-19 pandemic and produced strong operating results in the second quarter of 2020 demonstrating the flexibility of its technology enabled operating platform and the resiliency of its high-quality, diversified portfolio. Comprehensive remote working policies remain in place for all corporate and field offices, and operational protocols have been tailored based on state and local mandates to ensure continuity of services, while protecting employees, residents and their families. Additionally, during the second quarter of 2020, the Company waived late fees and month-to-month lease premiums, halted evictions for nonpayment of rent, and offered zero percent increases on newly signed renewals for leases expiring between April and July 2020.
The following information was filed by American Homes 4 Rent (AMH) on Thursday, August 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.