American Homes 4 Rent [AMH-PH] Filings

10-Q 1 amh-20240630.htm 10-Q amh-20240630

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 June 30, 2024


☐						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)

(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 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

☐

American Homes 4 Rent, L.P.

☒

Yes

☐

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

☐

American Homes 4 Rent, L.P.

☒

Yes

☐

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

☒

American Homes 4 Rent, L.P.

☐

Yes

☒

There were 365,864,110 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 July 31, 2024.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2024 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 June 30, 2024 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% 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. 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 condensed 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 condensed consolidated financial statements for the Company and the Operating Partnership; a single set of 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 June 30, 2024 and December 31, 2023	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	2
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023	3
	Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	6
	American Homes 4 Rent, L.P.
	Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023	8
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023	9
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023	10
	Condensed Consolidated Statements of Capital for the three and six months ended June 30, 2024 and 2023	11
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023	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	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	49

	Signatures	51

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, 2023 (the “2023 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)


	June 30, 2024		December 31, 2023
	(Unaudited)
Assets
Single-family properties:
Land	$	2,263,275	$	2,234,301
Buildings and improvements	10,928,442		10,651,388
Single-family properties in operation	13,191,717		12,885,689
Less: accumulated depreciation	(2,896,586)		(2,719,970)
Single-family properties in operation, net	10,295,131		10,165,719
Single-family properties under development and development land	1,228,534		1,409,424
Single-family properties and land held for sale, net	201,930		182,082
Total real estate assets, net	11,725,595		11,757,225
Cash and cash equivalents	718,380		59,385
Restricted cash	163,266		162,476
Rent and other receivables	43,456		42,823
Escrow deposits, prepaid expenses and other assets	382,836		406,138
Investments in unconsolidated joint ventures	150,128		114,198
Asset-backed securitization certificates	—		25,666
Goodwill	120,279		120,279
Total assets	$	13,303,940	$	12,688,190

Liabilities
Revolving credit facility	$	—	$	90,000
Asset-backed securitizations, net	1,402,488		1,871,421
Unsecured senior notes, net	3,590,102		2,500,226
Accounts payable and accrued expenses	599,363		573,660

Total liabilities	5,591,953		5,035,307

Commitments and contingencies (see Note 15)

Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 365,863,545 and 364,296,431 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	3,659		3,643
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June 30, 2024 and December 31, 2023)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June 30, 2024 and December 31, 2023)	92		92
Additional paid-in capital	7,406,098		7,357,848
Accumulated deficit	(385,298)		(394,908)
Accumulated other comprehensive income	597		843
Total shareholders’ equity	7,025,154		6,967,524
Noncontrolling interest	686,833		685,359
Total equity	7,711,987		7,652,883

Total liabilities and equity	$	13,303,940	$	12,688,190

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Rents and other single-family property revenues	$	423,494	$	395,548	$	847,049	$	793,251

Expenses:
Property operating expenses	149,470		142,553		305,397		289,621
Property management expenses	32,382		30,666		63,784		61,466
General and administrative expense	21,693		19,937		43,578		37,792
Interest expense	38,678		34,844		77,255		70,726
Acquisition and other transaction costs	2,937		4,175		6,261		9,251
Depreciation and amortization	117,603		113,199		233,329		225,916

Total expenses	362,763		345,374		729,604		694,772

Gain on sale and impairment of single-family properties and other, net	43,892		62,758		112,793		147,417
Loss on early extinguishment of debt	(63)		—		(1,017)		—
Other income and expense, net	3,974		2,482		7,408		7,217

Net income	108,534		115,414		236,629		253,113

Noncontrolling interest	12,906		13,899		28,226		30,647
Dividends on preferred shares	3,486		3,486		6,972		6,972


Net income attributable to common shareholders	$	92,142	$	98,029	$	201,431	$	215,494

Weighted-average common shares outstanding:
Basic	366,778,333		362,148,911		366,645,796		361,267,035
Diluted	367,312,955		362,479,942		367,142,626		361,593,174

Net income attributable to common shareholders per share:
Basic	$	0.25	$	0.27	$	0.55	$	0.59
Diluted	$	0.25	$	0.27	$	0.55	$	0.59

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	108,534	$	115,414	$	236,629	$	253,113
Other comprehensive loss:
Cash flow hedging instruments:

Reclassification adjustment for amortization of interest expense included in net income	(141)		(140)		(282)		(281)
Other comprehensive loss	(141)		(140)		(282)		(281)
Comprehensive income	108,393		115,274		236,347		252,832
Comprehensive income attributable to noncontrolling interests	12,889		13,881		28,190		30,608
Dividends on preferred shares	3,486		3,486		6,972		6,972

Comprehensive income attributable to common shareholders	$	92,018	$	97,907	$	201,185	$	215,252

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, 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
Share-based compensation	—	—		—	—		—	—		8,508		—		—		8,508		—		8,508
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	219,400	3		—	—		—	—		3,505		—		—		3,508		—		3,508





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)	—	—		—	—		—	—		—		(80,160)		—		(80,160)		—		(80,160)
Net income	—	—		—	—		—	—		—		101,515		—		101,515		13,899		115,414
Total other comprehensive loss	—	—		—	—		—	—		—		—		(122)		(122)		(18)		(140)
Balances at June 30, 2023	361,365,692	$	3,614	635,075	$	6	9,200,000	$	92	$	7,244,204	$	(385,434)	$	1,090	$	6,863,572	$	686,673	$	7,550,245

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, 2023	364,296,431	$	3,643	635,075	$	6	9,200,000	$	92	$	7,357,848	$	(394,908)	$	843	$	6,967,524	$	685,359	$	7,652,883
Share-based compensation	—	—		—	—		—	—		9,925		—		—		9,925		—		9,925
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	457,794	5		—	—		—	—		(6,518)		—		—		(6,513)		—		(6,513)
Issuance of Class A common shares, net of offering costs of $34	932,746	9		—	—		—	—		33,206		—		—		33,215		—		33,215

Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(3,486)		—		(3,486)		—		(3,486)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(13,358)		(13,358)
Common shares ($0.26 per share)	—	—		—	—		—	—		—		(95,889)		—		(95,889)		—		(95,889)

Net income	—	—		—	—		—	—		—		112,775		—		112,775		15,320		128,095
Total other comprehensive loss	—	—		—	—		—	—		—		—		(122)		(122)		(19)		(141)
Balances at March 31, 2024	365,686,971	$	3,657	635,075	$	6	9,200,000	$	92	$	7,394,461	$	(381,508)	$	721	$	7,017,429	$	687,302	$	7,704,731
Share-based compensation	—	—		—	—		—	—		10,484		—		—		10,484		—		10,484
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	176,574	2		—	—		—	—		1,153		—		—		1,155		—		1,155

Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(3,486)		—		(3,486)		—		(3,486)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(13,358)		(13,358)
Common shares ($0.26 per share)	—	—		—	—		—	—		—		(95,932)		—		(95,932)		—		(95,932)
Net income	—	—		—	—		—	—		—		95,628		—		95,628		12,906		108,534
Total other comprehensive loss	—	—		—	—		—	—		—		—		(124)		(124)		(17)		(141)
Balances at June 30, 2024	365,863,545	$	3,659	635,075	$	6	9,200,000	$	92	$	7,406,098	$	(385,298)	$	597	$	7,025,154	$	686,833	$	7,711,987

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 Six Months Ended June 30,
	2024		2023
Operating activities
Net income	$	236,629	$	253,113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	233,329		225,916
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	5,960		6,108
Noncash share-based compensation	20,409		14,332

Loss on early extinguishment of debt	1,017		—
Equity in net loss (income) of unconsolidated entities	934		(711)
Return on investment from unconsolidated joint ventures	1,004		1,788
Gain on sale and impairment of single-family properties and other, net	(112,793)		(147,417)

Other changes in operating assets and liabilities:
Rent and other receivables	(633)		1,841
Prepaid expenses and other assets	8,700		(2,117)
Deferred leasing costs	(1,837)		(1,576)
Accounts payable and accrued expenses	83,135		62,511
Amounts due from related parties	(74)		1,888
Net cash provided by operating activities	475,780		415,676

Investing activities
Cash paid for single-family properties	(6,966)		(3,181)
Change in escrow deposits for purchase of single-family properties	5,616		558
Net proceeds received from sales of single-family properties and other	279,820		311,878

Proceeds from notes receivable related to the sale of properties	298		349
Investment in unconsolidated joint ventures	(9,712)		(4,278)
Distributions from joint ventures	115,013		13,155
Renovations to single-family properties	(21,530)		(14,891)
Recurring and other capital expenditures for single-family properties	(50,017)		(67,564)
Cash paid for development activity	(432,895)		(452,967)
Proceeds from asset-backed securitization certificates	25,666		—
Other investing activities	(13,605)		(20,881)
Net cash used for investing activities	(108,312)		(237,822)

Financing activities
Proceeds from issuance of Class A common shares	33,249		298,372
Payments of Class A common share issuance costs	(34)		—




Proceeds from issuances under share-based compensation plans	3,451		3,580
Payments related to tax withholding for share-based compensation	(8,809)		(3,814)

Payments on asset-backed securitizations	(472,039)		(12,999)

Payments on revolving credit facility	(90,000)		(130,000)
Proceeds from unsecured senior notes, net of discount	1,096,633		—


Payments related to liabilities to repurchase consolidated land not owned	(36,382)		—
Distributions to noncontrolling interests	(26,636)		(22,511)
Distributions to common shareholders	(191,518)		(159,700)
Distributions to preferred shareholders	(6,972)		(6,972)
Deferred financing costs paid	(8,626)		—
Net cash provided by (used for) financing activities	292,317		(34,044)

Net increase in cash, cash equivalents and restricted cash	659,785		143,810
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	221,861		217,960
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	881,646	$	361,770

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows (continued)

(Amounts in thousands)

(Unaudited)


	For the Six Months Ended June 30,
	2024		2023
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(58,883)	$	(64,872)

Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	59,538	$	94,592
Transfers of completed homebuilding deliveries to properties	439,006		286,060
Property and land contributions to unconsolidated joint ventures	(156,934)		(11,647)



Noncash right-of-use assets obtained in exchange for operating lease liabilities	426		—
Accrued distributions to affiliates	1,551		841
Accrued distributions to non-affiliates	161		139

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)


	June 30, 2024		December 31, 2023
	(Unaudited)
Assets
Single-family properties:
Land	$	2,263,275	$	2,234,301
Buildings and improvements	10,928,442		10,651,388
Single-family properties in operation	13,191,717		12,885,689
Less: accumulated depreciation	(2,896,586)		(2,719,970)
Single-family properties in operation, net	10,295,131		10,165,719
Single-family properties under development and development land	1,228,534		1,409,424
Single-family properties and land held for sale, net	201,930		182,082
Total real estate assets, net	11,725,595		11,757,225
Cash and cash equivalents	718,380		59,385
Restricted cash	163,266		162,476
Rent and other receivables	43,456		42,823
Escrow deposits, prepaid expenses and other assets	382,836		406,138
Investments in unconsolidated joint ventures	150,128		114,198
Amounts due from affiliates	—		25,666
Goodwill	120,279		120,279
Total assets	$	13,303,940	$	12,688,190

Liabilities
Revolving credit facility	$	—	$	90,000
Asset-backed securitizations, net	1,402,488		1,871,421
Unsecured senior notes, net	3,590,102		2,500,226
Accounts payable and accrued expenses	599,363		573,660

Total liabilities	5,591,953		5,035,307

Commitments and contingencies (see Note 15)

Capital
Partners’ capital:
General partner:
Common units (366,498,620 and 364,931,506 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	6,802,717		6,744,841
Preferred units (9,200,000 units issued and outstanding at June 30, 2024 and December 31, 2023)	221,840		221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at June 30, 2024 and December 31, 2023)	686,750		685,240
Accumulated other comprehensive income	680		962
Total capital	7,711,987		7,652,883

Total liabilities and capital	$	13,303,940	$	12,688,190

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Rents and other single-family property revenues	$	423,494	$	395,548	$	847,049	$	793,251

Expenses:
Property operating expenses	149,470		142,553		305,397		289,621
Property management expenses	32,382		30,666		63,784		61,466
General and administrative expense	21,693		19,937		43,578		37,792
Interest expense	38,678		34,844		77,255		70,726
Acquisition and other transaction costs	2,937		4,175		6,261		9,251
Depreciation and amortization	117,603		113,199		233,329		225,916

Total expenses	362,763		345,374		729,604		694,772

Gain on sale and impairment of single-family properties and other, net	43,892		62,758		112,793		147,417
Loss on early extinguishment of debt	(63)		—		(1,017)		—
Other income and expense, net	3,974		2,482		7,408		7,217

Net income	108,534		115,414		236,629		253,113


Preferred distributions	3,486		3,486		6,972		6,972


Net income attributable to common unitholders	$	105,048	$	111,928	$	229,657	$	246,141

Weighted-average common units outstanding:
Basic	418,155,313		413,525,891		418,022,776		412,644,015
Diluted	418,689,935		413,856,922		418,519,606		412,970,154

Net income attributable to common unitholders per unit:
Basic	$	0.25	$	0.27	$	0.55	$	0.59
Diluted	$	0.25	$	0.27	$	0.55	$	0.59

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	108,534	$	115,414	$	236,629	$	253,113
Other comprehensive loss:
Cash flow hedging instruments:

Reclassification adjustment for amortization of interest expense included in net income	(141)		(140)		(282)		(281)
Other comprehensive loss	(141)		(140)		(282)		(281)
Comprehensive income	108,393		115,274		236,347		252,832
Preferred distributions	3,486		3,486		6,972		6,972

Comprehensive income attributable to common unitholders	$	104,907	$	111,788	$	229,375	$	245,860

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, 2022	353,516,901	$	6,272,815	$	221,840	51,376,980	$	678,477	$	1,526	$	7,174,658
Share-based compensation	—	5,824		—		—	—		—		5,824
Common units issued under share-based compensation plans, net of units withheld for employee taxes	264,466	(3,742)		—		—	—		—		(3,742)
Issuance of Class A common units	8,000,000	298,372		—		—	—		—		298,372

Distributions to capital holders:
Preferred units (Note 10)	—	—		(3,486)		—	—		—		(3,486)
Common units ($0.22 per unit)	—	(79,977)		—		—	(11,303)		—		(91,280)

Net income	—	117,465		3,486		—	16,748		—		137,699
Total other comprehensive loss	—	—		—		—	—		(141)		(141)
Balances at March 31, 2023	361,781,367	$	6,610,757	$	221,840	51,376,980	$	683,922	$	1,385	$	7,517,904
Share-based compensation	—	8,508		—		—	—		—		8,508
Common units issued under share-based compensation plans, net of units withheld for employee taxes

American Homes 4 Rent [AMH-PH] Filings
American Homes 4 Rent [AMH] Filings
American Homes 4 Rent [AMH-PG] Filings
10-Q	[2024-08-02]
10-Q	[2024-05-03]
10-K	[2024-02-23]
10-Q	[2023-11-03]
10-Q	[2023-08-01]
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-PH] Filings

American Homes 4 Rent [AMH] Filings

American Homes 4 Rent [AMH-PG] Filings