American Homes 4 Rent [AMH-PG] Filings

10-Q 1 amh-20230331.htm 10-Q amh-20230331

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 March 31, 2023


☐						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.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(702) 847-7800

(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 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 361,146,292 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 May 3, 2023.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2023 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AMH” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

AMH is the general partner of, and as of March 31, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH 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 AMH and the Operating Partnership in the context of how AMH and the Operating Partnership operate as a consolidated company. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 AMH. 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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 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 Part I, “Item 2. 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.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	American Homes 4 Rent
	Condensed Consolidated Balance Sheets as of March 3 1 , 202 3 and December 31, 20 2 2	1
	Condensed Consolidated Statements of Operations for the three months ended March 31 , 202 3 and 202 2	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31 , 202 3 and 2 0 2 2	3
	Condensed Consolidated Statements of Equity for the three months ended March 31 , 202 3 and 202 2	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 202 2	6
	American Homes 4 Rent, L.P.
	Condensed Consolidated Balance Sheets as of March 31 , 202 3 and December 31, 202 2	8
	Condensed Consolidated Statements of Operations for the three months ended Marc h 31 , 202 3 and 202 2	9
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 3 and 202 2	10
	Condensed Consolidated Statements of Capital for the three months ended March 31 , 202 3 and 202 2	11
	Condensed Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 3 and 202 2	13
	American Homes 4 Rent and American Homes 4 Rent, L.P.
	Notes to Unaudited Condensed Consolidated Financial Statements	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	44

	Signatures	46

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report on Form 10-Q, 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 relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” 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 and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

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, 2022 (the “2022 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) 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.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)


	March 31, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059

Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403

Total liabilities	4,902,109		5,000,401

Commitments and contingencies (see Note 15)

Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,146,292 and 352,881,826 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	3,611		3,529
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2023 and December 31, 2022)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2023 and December 31, 2022)	92		92
Additional paid-in capital	7,232,191		6,931,819
Accumulated deficit	(403,303)		(440,791)
Accumulated other comprehensive income	1,212		1,332
Total shareholders’ equity	6,833,809		6,495,987
Noncontrolling interest	684,095		678,671
Total equity	7,517,904		7,174,658

Total liabilities and equity	$	12,420,013	$	12,175,059

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

American Homes 4 Rent

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105

Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954

Total expenses	349,398		310,454

Gain on sale and impairment of single-family properties and other, net	84,659		22,044

Other income and expense, net	4,735		2,319

Net income	137,699		70,014

Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763


Net income attributable to common shareholders	$	117,465	$	55,939

Weighted-average common shares outstanding:
Basic	360,353,124		345,742,526
Diluted	360,674,370		346,480,823

Net income attributable to common shareholders per share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

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

American Homes 4 Rent

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Net income	$	137,699	$	70,014
Other comprehensive loss:
Cash flow hedging instruments:

Reclassification adjustment for amortization of interest expense included in net income	(141)		(141)
Other comprehensive loss	(141)		(141)
Comprehensive income	137,558		69,873
Comprehensive income attributable to noncontrolling interests	16,727		8,287
Dividends on preferred shares	3,486		5,763

Comprehensive income attributable to common shareholders	$	117,345	$	55,823

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

American Homes 4 Rent

Condensed Consolidated Statements of Equity

(Amounts in thousands, except share and per 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, 2021	337,362,716	$	3,374	635,075	$	6	15,400,000	$	154	$	6,492,933	$	(438,710)	$	1,814	$	6,059,571	$	678,858	$	6,738,429
Share-based compensation	—	—		—	—		—	—		7,405		—		—		7,405		—		7,405
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	280,172	2		—	—		—	—		(2,621)		—		—		(2,619)		—		(2,619)
Issuance of Class A common shares, net of offering costs of $200	10,000,000	100		—	—		—	—		375,540		—		—		375,640		—		375,640

Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(5,763)		—		(5,763)		—		(5,763)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(9,248)		(9,248)
Common shares ($0.18 per share)	—	—		—	—		—	—		—		(62,938)		—		(62,938)		—		(62,938)
Net income	—	—		—	—		—	—		—		61,702		—		61,702		8,312		70,014
Total other comprehensive loss	—	—		—	—		—	—		—		—		(116)		(116)		(25)		(141)
Balances at March 31, 2022	347,642,888	$	3,476	635,075	$	6	15,400,000	$	154	$	6,873,257	$	(445,709)	$	1,698	$	6,432,882	$	677,897	$	7,110,779

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per 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, 2022	352,881,826	$	3,529	635,075	$	6	9,200,000	$	92	$	6,931,819	$	(440,791)	$	1,332	$	6,495,987	$	678,671	$	7,174,658
Share-based compensation	—	—		—	—		—	—		5,824		—		—		5,824		—		5,824
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	264,466	2		—	—		—	—		(3,744)		—		—		(3,742)		—		(3,742)
Issuance of Class A common shares	8,000,000	80		—	—		—	—		298,292		—		—		298,372		—		298,372

Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(3,486)		—		(3,486)		—		(3,486)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(11,303)		(11,303)
Common shares ($0.22 per share)	—	—		—	—		—	—		—		(79,977)		—		(79,977)		—		(79,977)

Net income	—	—		—	—		—	—		—		120,951		—		120,951		16,748		137,699
Total other comprehensive loss	—	—		—	—		—	—		—		—		(120)		(120)		(21)		(141)
Balances at March 31, 2023	361,146,292	$	3,611	635,075	$	6	9,200,000	$	92	$	7,232,191	$	(403,303)	$	1,212	$	6,833,809	$	684,095	$	7,517,904

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

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Operating activities
Net income	$	137,699	$	70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717		99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043		2,453
Noncash share-based compensation	5,824		7,405


Equity in net income of unconsolidated joint ventures	(1,340)		(1,478)
Return on investment from unconsolidated joint ventures	—		2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)

Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)		(3,811)
Prepaid expenses and other assets	4,309		(6,530)
Deferred leasing costs	(808)		(535)
Accounts payable and accrued expenses	23,926		11,245
Amounts due from related parties	1,428		(529)
Net cash provided by operating activities	200,467		158,742

Investing activities
Cash paid for single-family properties	(2,923)		(288,719)
Change in escrow deposits for purchase of single-family properties	988		6,235
Net proceeds received from sales of single-family properties and other	184,510		51,407
Proceeds received from storm-related insurance claims	—		1,529
Proceeds from notes receivable related to the sale of properties	24		402
Investment in unconsolidated joint ventures	—		(5,294)
Distributions from joint ventures	10,943		22,587
Renovations to single-family properties	(8,735)		(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)		(24,185)
Cash paid for development activity	(213,598)		(244,621)

Other investing activities	(12,416)		(10,384)
Net cash used for investing activities	(72,912)		(512,764)

Financing activities
Proceeds from issuance of Class A common shares	298,372		375,840
Payments of Class A common share issuance costs	—		(200)




Proceeds from issuances under share-based compensation plans	31		1,439
Payments related to tax withholding for share-based compensation	(3,773)		(4,058)

Payments on asset-backed securitizations	(6,765)		(5,876)
Proceeds from revolving credit facility	—		420,000
Payments on revolving credit facility	(130,000)		(360,000)



Proceeds from liabilities related to consolidated land not owned	—		19,794
Distributions to noncontrolling interests	(11,248)		(9,306)
Distributions to common shareholders	(79,831)		(62,635)
Distributions to preferred shareholders	(3,486)		(5,763)

Net cash provided by financing activities	63,300		369,235

Net increase in cash, cash equivalents and restricted cash	190,855		15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960		191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	408,815	$	206,980

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows (continued)

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(39,770)	$	(40,871)

Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	71,110	$	57,500
Transfers of completed homebuilding deliveries to properties	108,792		112,911
Property and land contributions to unconsolidated joint ventures	(11,609)		(10,605)
Property and land distributions from unconsolidated joint ventures	—		8,397

Noncash right-of-use assets obtained in exchange for operating lease liabilities	—		746
Accrued distributions to affiliates	551		—
Accrued distributions to non-affiliates	128		303

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

American Homes 4 Rent, L.P.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except unit data)


	March 31, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Amounts due from affiliates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059

Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403

Total liabilities	4,902,109		5,000,401

Commitments and contingencies (see Note 15)

Capital
Partners’ capital:
General partner:
Common units (361,781,367 and 353,516,901 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	6,610,757		6,272,815
Preferred units (9,200,000 units issued and outstanding at March 31, 2023 and December 31, 2022)	221,840		221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2023 and December 31, 2022)	683,922		678,477
Accumulated other comprehensive income	1,385		1,526
Total capital	7,517,904		7,174,658

Total liabilities and capital	$	12,420,013	$	12,175,059

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

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Operations

(Amounts in thousands, except unit and per unit data)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105

Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954

Total expenses	349,398		310,454

Gain on sale and impairment of single-family properties and other, net	84,659		22,044

Other income and expense, net	4,735		2,319

Net income	137,699		70,014


Preferred distributions	3,486		5,763


Net income attributable to common unitholders	$	134,213	$	64,251

Weighted-average common units outstanding:
Basic	411,730,104		397,119,506
Diluted	412,051,350		397,857,803

Net income attributable to common unitholders per unit:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

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

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2023		2022
Net income	$	137,699	$	70,014
Other comprehensive loss:
Cash flow hedging instruments:

Reclassification adjustment for amortization of interest expense included in net income	(141)		(141)
Other comprehensive loss	(141)		(141)
Comprehensive income	137,558		69,873
Preferred distributions	3,486		5,763

Comprehensive income attributable to common unitholders	$	134,072	$	64,110

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

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Capital

(Amounts in thousands, except unit and per unit data)

(Unaudited)


	General Partner					Limited Partners			Accumulated other comprehensive income		Total capital
	Common capital			Preferred capital amount		Common capital
	Number of units	Amount				Number of units	Amount
Balances at December 31, 2021	337,997,791	$	5,686,193	$	371,564	51,376,980	$	678,582	$	2,090	$	6,738,429
Share-based compensation	—	7,405		—		—	—		—		7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes	280,172	(2,619)		—		—	—		—		(2,619)
Issuance of Class A common units, net of offering costs of $200	10,000,000	375,640		—		—	—		—		375,640

Distributions to capital holders:
Preferred units (Note 10)	—	—		(5,763)		—	—		—		(5,763)
Common units ($0.18 per unit)	—	(62,938)		—		—	(9,248)		—		(72,186)

Net income	—	55,939		5,763		—	8,312		—		70,014
Total other comprehensive loss	—	—		—		—	—		(141)		(141)</

American Homes 4 Rent [AMH-PG] Filings
American Homes 4 Rent [AMH] Filings
American Homes 4 Rent [AMH-PH] Filings
10-Q	[2023-05-05]
10-K	[2023-02-24]
10-Q	[2022-11-04]
10-Q	[2022-08-05]
10-Q	[2022-05-06]
10-K	[2022-02-25]
10-Q	[2021-11-05]
10-Q	[2021-08-06]
10-Q	[2021-05-07]
10-K	[2021-02-26]
10-Q	[2020-11-06]
10-Q	[2020-08-07]
10-Q	[2020-05-08]
10-K	[2020-02-28]
10-Q	[2019-11-08]
10-Q	[2019-08-02]
10-Q	[2019-05-03]
10-K	[2019-02-22]
10-Q	[2018-11-02]
10-Q	[2018-08-03]
10-Q	[2018-05-04]
10-K	[2018-02-23]
10-Q	[2017-11-03]
10-Q	[2017-08-04]
10-Q	[2017-05-05]
10-K	[2017-02-24]
10-Q	[2016-11-04]
10-Q	[2016-08-05]
10-Q	[2016-05-06]
10-K	[2016-02-26]
10-Q	[2015-11-06]
10-Q	[2015-08-10]
10-Q	[2015-05-11]
10-K	[2015-03-02]
10-Q	[2014-11-14]
10-Q	[2014-08-07]
10-Q	[2014-05-14]
10-K	[2014-03-26]
10-Q	[2013-11-14]
10-Q	[2013-08-23]

American Homes 4 Rent [AMH-PG] Filings

American Homes 4 Rent [AMH] Filings

American Homes 4 Rent [AMH-PH] Filings