Company Quick10K Filing
American Homes 4 Rent
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $0
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-14 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-K 2014-03-26 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-23 Quarter: 2013-06-30
8-K 2019-11-08 Regulation FD, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-09
8-K 2019-09-09 Regulation FD, Exhibits
8-K 2019-08-05 Other Events, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-09 Officers, Shareholder Vote
8-K 2019-05-02 Earnings, Officers, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-26 Other Events, Exhibits
8-K 2019-02-21 Earnings, Exhibits
8-K 2019-01-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-15 Other Events, Exhibits
8-K 2019-01-10 Officers
8-K 2018-11-05 Regulation FD, Other Events, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-25 Regulation FD, Exhibits
8-K 2018-09-12 Enter Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K 2018-08-10 Earnings, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-21 Officers, Exhibits
8-K 2018-05-03 Earnings, Shareholder Vote, Exhibits
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-02-22 Earnings, Exhibits
8-K 2018-02-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-31 Other Events, Exhibits
8-K 2018-01-16 Other Events
AMH 2019-09-30
Part I-Financial Information
Item 1. Financial Statements
Note 1. Organization and Operations
Note 2. Significant Accounting Policies
Note 3. Cash, Cash Equivalents and Restricted Cash
Note 4. Real Estate Assets, Net
Note 5. Rent and Other Receivables, Net
Note 6. Escrow Deposits, Prepaid Expenses and Other Assets
Note 7. Deferred Costs and Other Intangibles, Net
Note 8. Debt
Note 9. Accounts Payable and Accrued Expenses
Note 10. Shareholders' Equity / Partners' Capital
Note 11. Earnings per Share / Unit
Note 12. Commitments and Contingencies
Note 13. Fair Value
Note 14. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31 amh09301910qexhibit311.htm
EX-31 amh09301910qexhibit312.htm
EX-31 amh09301910qexhibit313.htm
EX-31 amh09301910qexhibit314.htm
EX-32 amh09301910qexhibit321.htm
EX-32 amh09301910qexhibit322.htm

American Homes 4 Rent Earnings 2019-09-30

AMH 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SACC
CUBE
PEAK
WPG
BRMK
SITC
AMH
HTA
XAN
UBA 994 358 136 87 40 82 -9 64% -0.1 4%

Document
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amh:single_family_property


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
  
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______
 
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)
 
 
 
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter) 
 
 
 
American Homes 4 Rent
Maryland
46-1229660
American Homes 4 Rent, L.P.
Delaware
80-0860173
 
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

30601 Agoura Road, Suite 200
Agoura Hills, California 91301
(Address of principal executive offices) (Zip Code)
 
(805) 413-5300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbols
 
Name of each exchange on which registered


 
 
 
 
Class A common shares of beneficial interest, $.01 par value
 
AMH
 
New York Stock Exchange
 
 
 
 
 
Series D perpetual preferred shares of beneficial interest, $.01 par value
 
AMH-D
 
New York Stock Exchange
 
 
 
 
 
Series E perpetual preferred shares of beneficial interest, $.01 par value
 
AMH-E
 
New York Stock Exchange
 
 
 
 
 
Series F perpetual preferred shares of beneficial interest, $.01 par value
 
AMH-F
 
New York Stock Exchange
 
 
 
 
 
Series G perpetual preferred shares of beneficial interest, $.01 par value
 
AMH-G
 
New York Stock Exchange
 
 
 
 
 
Series H perpetual preferred shares of beneficial interest, $.01 par value
 
AMH-H
 
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Homes 4 Rent
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
American Homes 4 Rent, L.P.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
American Homes 4 Rent  ☐                         American Homes 4 Rent, L.P. ☐ 
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
American Homes 4 Rent   Yes     No                American Homes 4 Rent, L.P.   Yes     No
There were 300,075,999 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on November 6, 2019.
 




EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019, of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AH4R” or “the General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to “the Operating Partnership,” “our operating partnership” or “the OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to “the Company,” “we,” “our,” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership.

AH4R is the general partner of, and as of September 30, 2019, owned an approximate 85.2% common partnership interest in, the Operating Partnership. The remaining 14.8% common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.

The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:

enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The noncontrolling interests in the Operating Partnership’s financial statements include an outside ownership interest in a consolidated subsidiary of the Company, which was liquidated during the second quarter of 2018. The noncontrolling interests in the Company’s financial statements include the same noncontrolling interests at the Operating Partnership level, as well as the limited partnership interests in the Operating Partnership. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides
separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.





This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.



American Homes 4 Rent
American Homes 4 Rent, L.P.
Form 10-Q
INDEX
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
Various statements contained in this Quarterly Report on Form 10-Q of American Homes 4 Rent (“AH4R” or “the General Partner”) and of American Homes 4 Rent, L.P. (“the Operating Partnership,” “our operating partnership,” or “the OP”) including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future operations, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including those discussed or incorporated by reference under Part II, Item 1A. “Risk Factors”, Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
 
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.



i


PART I—FINANCIAL INFORMATION
ITEM 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)
 
September 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
Assets
 

 
 

Single-family properties:
 

 
 

Land
$
1,736,130

 
$
1,713,496

Buildings and improvements
7,612,612

 
7,483,600

Single-family properties in operation
9,348,742

 
9,197,096

Less: accumulated depreciation
(1,389,216
)
 
(1,176,499
)
Single-family properties in operation, net
7,959,526

 
8,020,597

Single-family properties under development and development land
262,138

 
153,651

Single-family properties held for sale, net
247,529

 
318,327

Total real estate assets, net
8,469,193

 
8,492,575

Cash and cash equivalents
171,209

 
30,284

Restricted cash
126,801

 
144,930

Rent and other receivables, net
36,302

 
29,027

Escrow deposits, prepaid expenses and other assets
182,894

 
146,034

Deferred costs and other intangibles, net
7,777

 
12,686

Asset-backed securitization certificates
25,666

 
25,666

Goodwill
120,279

 
120,279

Total assets
$
9,140,121

 
$
9,001,481

 
 
 
 
Liabilities
 

 
 

Revolving credit facility
$

 
$
250,000

Term loan facility, net

 
99,232

Asset-backed securitizations, net
1,949,002

 
1,961,511

Unsecured senior notes, net
888,113

 
492,800

Accounts payable and accrued expenses
295,544

 
219,229

Amounts payable to affiliates
273

 
4,967

Total liabilities
3,132,932

 
3,027,739

 
 
 
 
Commitments and contingencies (see Note 12)


 


 
 
 
 
Equity
 

 
 

Shareholders’ equity:
 

 
 

Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 300,075,999 and 296,014,546 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)
3,000

 
2,960

Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2019 and December 31, 2018)
6

 
6

Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at September 30, 2019 and December 31, 2018)
354

 
354

Additional paid-in capital
5,788,950

 
5,732,466

Accumulated deficit
(473,893
)
 
(491,214
)
Accumulated other comprehensive income
6,862

 
7,393

Total shareholders’ equity
5,325,279

 
5,251,965

Noncontrolling interest
681,910

 
721,777

Total equity
6,007,189

 
5,973,742

 
 
 
 
Total liabilities and equity
$
9,140,121

 
$
9,001,481


The accompanying notes are an integral part of these condensed consolidated financial statements.


1


American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 

 
 

 
 

 
 

Rents and other single-family property revenues
$
293,064

 
$
278,187

 
$
850,672

 
$
797,732

Other
5,240

 
1,865

 
8,696

 
4,807

Total revenues
298,304

 
280,052

 
859,368

 
802,539

 
 
 
 
 
 
 
 
Expenses:
 

 
 

 
 

 
 

Property operating expenses
119,791

 
113,600

 
331,066

 
313,430

Property management expenses
22,727

 
18,865

 
65,086

 
56,468

General and administrative expense
11,107

 
9,265

 
31,028

 
28,173

Interest expense
31,465

 
30,930

 
95,951

 
92,209

Acquisition and other transaction costs
651

 
1,055

 
2,455

 
3,687

Depreciation and amortization
82,073

 
79,940

 
246,074

 
237,562

Other
2,610

 
1,069

 
5,148

 
3,520

Total expenses
270,424

 
254,724

 
776,808

 
735,049

 
 
 
 
 
 
 
 
Gain on sale of single-family properties and other, net
13,521

 
4,953

 
32,895

 
10,449

Loss on early extinguishment of debt

 

 
(659
)
 
(1,447
)
Remeasurement of participating preferred shares

 

 

 
1,212

 
 
 
 
 
 
 
 
Net income
41,401

 
30,281

 
114,796

 
77,704

 
 
 
 
 
 
 
 
Noncontrolling interest
4,099

 
2,881

 
11,129

 
845

Dividends on preferred shares
13,782

 
12,223

 
41,346

 
38,804

Redemption of participating preferred shares

 

 

 
32,215

 
 
 
 
 
 
 
 
Net income attributable to common shareholders
$
23,520

 
$
15,177

 
$
62,321

 
$
5,840

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
300,580,978

 
296,214,509

 
298,974,146

 
292,656,914

Diluted
301,032,855

 
296,967,649

 
299,479,234

 
293,319,245

 
 
 
 
 
 
 
 
Net income attributable to common shareholders per share:
 
 
 
 
 
 
 
Basic
$
0.08

 
$
0.05

 
$
0.21

 
$
0.02

Diluted
$
0.08

 
$
0.05

 
$
0.21

 
$
0.02

 
The accompanying notes are an integral part of these condensed consolidated financial statements.


2


American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Amounts in thousands)
(Unaudited)
 
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
41,401

 
$
30,281

 
$
114,796

 
$
77,704

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Gain on cash flow hedging instruments:
 
 
 
 
 
 
 
Gain on settlement of cash flow hedging instrument

 

 

 
9,553

Reclassification adjustment for amortization of interest expense included in net income
(241
)
 
(241
)
 
(722
)
 
(602
)
Other comprehensive (loss) income
(241
)
 
(241
)
 
(722
)
 
8,951

Comprehensive income
41,160

 
30,040

 
114,074

 
86,655

Comprehensive income attributable to noncontrolling interests
4,063

 
2,835

 
11,018

 
2,269

Dividends on preferred shares
13,782

 
12,223

 
41,346

 
38,804

Redemption of participating preferred shares

 

 

 
32,215

Comprehensive income attributable to common shareholders
$
23,315

 
$
14,982

 
$
61,710

 
$
13,367

 
The accompanying notes are an integral part of these condensed consolidated financial statements.


3


American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share data)
(Unaudited)
 
Class A common shares
 
Class B common shares
 
Preferred shares
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of shares
 
Amount
 
Number
of shares
 
Amount
 
Number
of shares
 
Amount
 
Additional
paid-in
capital
 
Accumulated
deficit
 
Accumulated other
comprehensive
income
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balances at December 31, 2017
286,114,637

 
$
2,861

 
635,075

 
$
6

 
38,350,000

 
$
384

 
$
5,600,256

 
$
(453,953
)
 
$
75

 
$
5,149,629

 
$
726,195

 
$
5,875,824

Share-based compensation

 

 

 

 

 

 
975

 

 

 
975

 

 
975

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
59,187

 
1

 

 

 

 

 
(409
)
 

 

 
(408
)
 

 
(408
)
Repurchase of Class A common shares
(1,804,163
)
 
(18
)
 

 

 

 

 
(34,951
)
 

 

 
(34,969
)
 

 
(34,969
)
Distributions to equity holders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred shares (Note 10)

 

 

 

 

 

 

 
(14,597
)
 

 
(14,597
)
 

 
(14,597
)
Noncontrolling interests

 

 

 

 

 

 

 

 

 

 
(2,768
)
 
(2,768
)
Common shares ($0.05 per share)

 

 

 

 

 

 

 
(14,365
)
 

 
(14,365
)
 

 
(14,365
)
Net income

 

 

 

 

 

 

 
20,411

 

 
20,411

 
1,114

 
21,525

Total other comprehensive income

 

 

 

 

 

 

 

 
9,433

 
9,433

 

 
9,433

Balances at March 31, 2018
284,369,661

 
$
2,844

 
635,075

 
$
6

 
38,350,000

 
$
384

 
$
5,565,871

 
$
(462,504
)
 
$
9,508

 
$
5,116,109

 
$
724,541

 
$
5,840,650

Share-based compensation

 

 

 

 

 

 
943

 

 

 
943

 

 
943

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
164,671

 
1

 

 

 

 

 
3,067

 

 

 
3,068

 

 
3,068

Redemption of Series C participating preferred shares into Class A common shares
10,848,827

 
109

 

 

 
(7,600,000
)
 
(76
)
 
60,440

 
(32,215
)
 

 
28,258

 

 
28,258

Liquidation of consolidated joint venture

 

 

 

 

 

 

 
(1,849
)
 

 
(1,849
)
 
1,608

 
(241
)
Distributions to equity holders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred shares (Note 10)

 

 

 

 

 

 

 
(11,984
)
 

 
(11,984
)
 

 
(11,984
)
Noncontrolling interests

 

 

 

 

 

 

 

 

 

 
(2,767
)
 
(2,767
)
Common shares ($0.05 per share)

 

 

 

 

 

 

 
(14,822
)
 

 
(14,822
)
 

 
(14,822
)
Net income

 

 

 

 

 

 

 
29,048

 

 
29,048

 
(3,150
)
 
25,898

Total other comprehensive loss

 

 

 

 

 

 

 

 
(241
)
 
(241
)
 

 
(241
)
Balances at June 30, 2018
295,383,159

 
$
2,954

 
635,075

 
$
6

 
30,750,000

 
$
308

 
$
5,630,321

 
$
(494,326
)
 
$
9,267

 
$
5,148,530

 
$
720,232

 
$
5,868,762






4


American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share data)
(Unaudited)
 
Class A common shares
 
Class B common shares
 
Preferred shares
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of shares
 
Amount
 
Number
of shares
 
Amount
 
Number
of shares
 
Amount
 
Additional
paid-in
capital
 
Accumulated
deficit
 
Accumulated other
comprehensive
income
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balances at June 30, 2018
295,383,159

 
$
2,954

 
635,075

 
$
6

 
30,750,000

 
$
308

 
$
5,630,321

 
$
(494,326
)
 
$
9,267

 
$
5,148,530

 
$
720,232

 
$
5,868,762

Share-based compensation

 

 

 

 

 

 
832

 

 

 
832

 

 
832

Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
513,060

 
5

 

 

 

 

 
8,224

 

 

 
8,229

 

 
8,229

Issuance of perpetual preferred shares, net of offering costs of $4,022

 

 

 

 
4,600,000

 
46

 
110,932

 

 

 
110,978

 

 
110,978

Distributions to equity holders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred shares (Note 10)

 

 

 

 

 

 

 
(