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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Mark One) |
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☒ |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2021
or
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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)
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American Homes 4 Rent |
Maryland |
46-1229660 |
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American Homes 4 Rent, L.P. |
Delaware |
80-0860173 |
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(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
23975 Park Sorrento, Suite 300
Calabasas, California 91302
(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:
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Title of each class |
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Trading symbols |
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Name of each exchange on which registered |
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Class A common shares of beneficial interest, $.01 par
value
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AMH |
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New York Stock Exchange |
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Series F perpetual preferred shares of beneficial interest, $.01
par value
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AMH-F |
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New York Stock Exchange |
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Series G perpetual preferred shares of beneficial interest, $.01
par value
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AMH-G |
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New York Stock Exchange |
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Series H perpetual preferred shares of beneficial interest, $.01
par value
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AMH-H |
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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.
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American Homes 4 Rent |
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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American Homes 4 Rent, L.P. |
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Large accelerated filer |
☐ |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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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 322,208,249 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 August 4,
2021.
EXPLANATORY NOTE
This report combines the quarterly reports
on Form 10-Q for the period ended June 30, 2021 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” 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
June 30, 2021 owned approximately 86.2% of the common partnership
interest in, the Operating Partnership. The remaining 13.8% of the
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 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.
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 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.
Currently, one of the most significant factors that could cause
actual outcomes to differ materially from our forward-looking
statements is the adverse effect of the COVID-19 pandemic. The
extent to which COVID-19 will impact our future financial results
will depend on future developments, which are highly uncertain and
cannot be predicted with confidence, including the scope, severity
and duration of the pandemic, including resurgences, new variants
or strains, such as the Delta variant, the impact of government
regulations, vaccine adoption rates, the effectiveness of vaccines,
and the direct and indirect economic effects of the pandemic and
containment measures, among others.
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, 2020 (the “2020 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, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
Single-family properties: |
|
|
|
|
Land |
$ |
1,911,697 |
|
|
$ |
1,836,798 |
|
|
Buildings and improvements |
8,548,603 |
|
|
8,163,023 |
|
|
Single-family properties in operation |
10,460,300 |
|
|
9,999,821 |
|
|
Less: accumulated depreciation |
(1,913,648) |
|
|
(1,754,433) |
|
|
Single-family properties in operation, net |
8,546,652 |
|
|
8,245,388 |
|
|
Single-family properties under development and development
land |
647,979 |
|
|
510,365 |
|
|
Single-family properties held for sale, net |
107,363 |
|
|
129,026 |
|
|
Total real estate assets, net |
9,301,994 |
|
|
8,884,779 |
|
|
Cash and cash equivalents |
40,585 |
|
|
137,060 |
|
|
Restricted cash |
142,951 |
|
|
128,017 |
|
|
Rent and other receivables |
50,916 |
|
|
41,544 |
|
|
Escrow deposits, prepaid expenses and other assets |
182,701 |
|
|
163,171 |
|
|
Investments in unconsolidated joint ventures |
103,634 |
|
|
93,109 |
|
|
Asset-backed securitization certificates |
25,666 |
|
|
25,666 |
|
|
Goodwill |
120,279 |
|
|
120,279 |
|
|
Total assets |
$ |
9,968,726 |
|
|
$ |
9,593,625 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Revolving credit facility |
$ |
620,000 |
|
|
$ |
— |
|
|
|
|
|
|
Asset-backed securitizations, net |
1,917,833 |
|
|
1,927,607 |
|
|
Unsecured senior notes, net |
890,481 |
|
|
889,805 |
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
366,907 |
|
|
298,949 |
|
|
Amounts payable to affiliates |
— |
|
|
4,834 |
|
|
|
|
|
|
Total liabilities |
3,795,221 |
|
|
3,121,195 |
|
|
|
|
|
|
|
Commitments and contingencies (see Note 15)
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Class A common shares ($0.01 par value per share, 450,000,000
shares authorized, 322,208,183 and 316,021,385 shares issued and
outstanding at June 30, 2021 and December 31, 2020,
respectively)
|
3,222 |
|
|
3,160 |
|
|
Class B common shares ($0.01 par value per share, 50,000,000 shares
authorized, 635,075 shares issued and outstanding at June 30, 2021
and December 31, 2020)
|
6 |
|
|
6 |
|
|
Preferred shares ($0.01 par value per share, 100,000,000 shares
authorized, 15,400,000 and 35,350,000 shares issued and outstanding
at June 30, 2021 and December 31, 2020,
respectively)
|
154 |
|
|
354 |
|
|
Additional paid-in capital |
5,949,615 |
|
|
6,223,256 |
|
|
Accumulated deficit |
(457,404) |
|
|
(443,522) |
|
|
Accumulated other comprehensive income |
1,991 |
|
|
5,840 |
|
|
Total shareholders’ equity |
5,497,584 |
|
|
5,789,094 |
|
|
Noncontrolling interest |
675,921 |
|
|
683,336 |
|
|
Total equity |
6,173,505 |
|
|
6,472,430 |
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
9,968,726 |
|
|
$ |
9,593,625 |
|
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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Rents and other single-family property revenues |
$ |
313,654 |
|
|
$ |
280,689 |
|
|
$ |
626,227 |
|
|
$ |
568,031 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Property operating expenses |
116,578 |
|
|
110,436 |
|
|
235,272 |
|
|
217,933 |
|
|
Property management expenses |
22,416 |
|
|
22,260 |
|
|
46,115 |
|
|
45,536 |
|
|
General and administrative expense |
12,793 |
|
|
11,493 |
|
|
27,998 |
|
|
22,759 |
|
|
Interest expense |
27,528 |
|
|
29,558 |
|
|
55,533 |
|
|
59,273 |
|
|
Acquisition and other transaction costs |
2,968 |
|
|
1,956 |
|
|
7,814 |
|
|
4,103 |
|
|
Depreciation and amortization |
91,117 |
|
|
84,836 |
|
|
181,188 |
|
|
167,657 |
|
|
|
|
|
|
|
|
|
|
Total expenses |
273,400 |
|
|
260,539 |
|
|
553,920 |
|
|
517,261 |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and impairment of single-family properties and other,
net |
10,760 |
|
|
9,997 |
|
|
26,829 |
|
|
16,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and expense, net |
800 |
|
|
1,660 |
|
|
1,599 |
|
|
2,248 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
51,814 |
|
|
31,807 |
|
|
100,735 |
|
|
69,334 |
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
3,218 |
|
|
2,656 |
|
|
8,143 |
|
|
6,157 |
|
|
Dividends on preferred shares |
12,615 |
|
|
13,782 |
|
|
26,397 |
|
|
27,564 |
|
|
Redemption of perpetual preferred shares |
15,879 |
|
|
— |
|
|
15,879 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
20,102 |
|
|
$ |
15,369 |
|
|
$ |
50,316 |
|
|
$ |
35,613 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
319,752,730 |
|
|
301,011,545 |
|
|
318,380,175 |
|
|
300,912,307 |
|
|
Diluted |
320,808,996 |
|
|
301,412,243 |
|
|
319,408,153 |
|
|
301,358,769 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
Diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Net income |
$ |
51,814 |
|
|
$ |
31,807 |
|
|
$ |
100,735 |
|
|
$ |
69,334 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Cash flow hedging instruments: |
|
|
|
|
|
|
|
|
Loss on settlement of cash flow hedging instrument |
(13,229) |
|
|
— |
|
|
(3,999) |
|
|
— |
|
|
Reclassification adjustment for amortization of interest expense
included in net income
|
(240) |
|
|
(240) |
|
|
(481) |
|
|
(481) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
(13,469) |
|
|
(240) |
|
|
(4,480) |
|
|
(481) |
|
|
Comprehensive income |
38,345 |
|
|
31,567 |
|
|
96,255 |
|
|
68,853 |
|
|
Comprehensive income attributable to noncontrolling
interests |
1,334 |
|
|
2,621 |
|
|
7,519 |
|
|
6,087 |
|
|
Dividends on preferred shares |
12,615 |
|
|
13,782 |
|
|
26,397 |
|
|
27,564 |
|
|
Redemption of perpetual preferred shares |
15,879 |
|
|
— |
|
|
15,879 |
|
|
— |
|
|
Comprehensive income attributable to common
shareholders |
$ |
8,517 |
|
|
$ |
15,164 |
|
|
$ |
46,460 |
|
|
$ |
35,202 |
|
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, 2019 |
300,107,599 |
|
|
$ |
3,001 |
|
|
635,075 |
|
|
$ |
6 |
|
|
35,350,000 |
|
|
$ |
354 |
|
|
$ |
5,790,775 |
|
|
$ |
(465,368) |
|
|
$ |
6,658 |
|
|
$ |
5,335,426 |
|
|
$ |
683,364 |
|
|
$ |
6,018,790 |
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,808 |
|
|
— |
|
|
— |
|
|
1,808 |
|
|
— |
|
|
1,808 |
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes
|
208,010 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(165) |
|
|
— |
|
|
— |
|
|
(163) |
|
|
— |
|
|
(163) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,602) |
|
|
(2,602) |
|
|
Common shares ($0.05 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(15,088) |
|
|
— |
|
|
(15,088) |
|
|
— |
|
|
(15,088) |
|
|
Cumulative effect of adoption of ASU 2016-13 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,494) |
|
|
— |
|
|
(1,494) |
|
|
— |
|
|
(1,494) |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
34,026 |
|
|
— |
|
|
34,026 |
|
|
3,501 |
|
|
37,527 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(206) |
|
|
(206) |
|
|
(35) |
|
|
(241) |
|
|
Balances at March 31, 2020 |
300,315,609 |
|
|
$ |
3,003 |
|
|
635,075 |
|
|
$ |
6 |
|
|
35,350,000 |
|
|
$ |
354 |
|
|
$ |
5,792,418 |
|
|
$ |
(461,706) |
|
|
$ |
6,452 |
|
|
$ |
5,340,527 |
|
|
$ |
684,228 |
|
|
$ |
6,024,755 |
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,090 |
|
|
— |
|
|
— |
|
|
2,090 |
|
|
— |
|
|
2,090 |
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes
|
197,334 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,876 |
|
|
— |
|
|
— |
|
|
2,878 |
|
|
— |
|
|
2,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,601) |
|
|
(2,601) |
|
|
Common shares ($0.05 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(15,098) |
|
|
— |
|
|
(15,098) |
|
|
— |
|
|
(15,098) |
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,151 |
|
|
— |
|
|
29,151 |
|
|
2,656 |
|
|
31,807 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(205) |
|
|
(205) |
|
|
(35) |
|
|
(240) |
|
|
Balances at June 30, 2020 |
300,512,943 |
|
|
$ |
3,005 |
|
|
635,075 |
|
|
$ |
6 |
|
|
35,350,000 |
|
|
$ |
354 |
|
|
$ |
5,797,384 |
|
|
$ |
(461,435) |
|
|
$ |
6,247 |
|
|
$ |
5,345,561 |
|
|
$ |
684,248 |
|
|
$ |
6,029,809 |
|
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, 2020 |
316,021,385 |
|
|
$ |
3,160 |
|
|
635,075 |
|
|
$ |
6 |
|
|
35,350,000 |
|
|
$ |
354 |
|
|
$ |
6,223,256 |
|
|
$ |
(443,522) |
|
|
$ |
5,840 |
|
|
$ |
5,789,094 |
|
|
$ |
683,336 |
|
|
$ |
6,472,430 |
|
|
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,110 |
|
|
— |
|
|
— |
|
|
8,110 |
|
|
— |
|
|
8,110 |
|
|
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes
|
246,425 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,523) |
|
|
— |
|
|
— |
|
|
(1,521) |
|
|
— |
|
|
(1,521) |
|
|
|
|
Redemptions of Class A units |
350,000 |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,613 |
|
|
— |
|
|
7 |
|
|
4,624 |
|
|
(4,624) |
|
|
— |
|
|
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
(13,782) |
|
|
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,172) |
|
|
(5,172) |
|
|
|
|
Common shares ($0.10 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(31,795) |
|
|
— |
|
|
(31,795) |
|
|
— |
|
|
(31,795) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
43,996 |
|
|
— |
|
|
43,996 |
|
|
4,925 |
|
|
48,921 |
|
|
|
|
Total other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7,729 |
|
|
7,729 |
|
|
1,260 |
|
|
8,989 |
|
|
|
|
Balances at March 31, 2021 |
316,617,810 |
|
|
$ |
3,166 |
|
|
635,075 |
|
|
$ |
6 |
|
|
35,350,000 |
|
|
$ |
354 |
|
|
$ |
6,234,456 |
|
|
$ |
(445,103) |
|
|
$ |
13,576 |
|
|
$ |
5,806,455 |
|
|
$ |
679,725 |
|
|
$ |
6,486,180 |
|
|
|
|
Share-based compensation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,151 |
|
|
— |
|
|
— |
|
|
3,151 |
|
|
— |
|
|
3,151 |
|
|
|
|
Common stock issued under share-based compensation plans, net of
shares withheld for employee taxes
|
90,373 |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
894 |
|
|
— |
|
|
— |
|
|
895 |
|
|
— |
|
|
895 |
|
|
|
|
Issuance of Class A common shares, net of offering costs of
$200
|
5,500,000 |
|
|
55 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
193,785 |
|
|
— |
|
|
— |
|
|
193,840 |
|
|
— |
|
|
193,840 |
|
|
|
|
Redemption of Series D perpetual preferred shares |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10,750,000) |
|
|
(108) |
|
|
(260,133) |
|
|
(8,509) |
|
|
— |
|
|
(268,750) |
|
|
— |
|
|
(268,750) |
|
|
|
|
Redemption of Series E perpetual preferred shares |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,200,000) |
|
|
(92) |
|
|
(222,538) |
|
|
(7,370) |
|
|
— |
|
|
(230,000) |
|
|
— |
|
|
(230,000) |
|
|
|
|
Distributions to equity holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares (Note 10)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12,615) |
|
|
— |
|
|
(12,615) |
|
|
— |
|
|
(12,615) |
|
|
|
|
Noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,138) |
|
|
(5,138) |
|
|
|
|
Common shares ($0.10 per share)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(32,403) |
|
|
— |
|
|
(32,403) |
|
|
— |
|
|
(32,403) |
|
|
|
|
Net income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
48,596 |
|
|
— |
|
|
48,596 |
|
|
3,218 |
|
|
51,814 |
|
|
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,585) |
|
|
(11,585) |
|
|
(1,884) |
|
|
(13,469) |
|
|
|
|
Balances at June 30, 2021 |
322,208,183 |
|
|
$ |
3,222 |
|
|
635,075 |
|
|
$ |
6 |
|
|
15,400,000 |
|
|
$ |
154 |
|
|
$ |
5,949,615 |
|
|
$ |
(457,404) |
|
|
$ |
1,991 |
|
|
$ |
5,497,584 |
|
|
$ |
675,921 |
|
|
$ |
6,173,505 |
|
|
|
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, |
|
|
2021 |
|
2020 |
|
Operating activities |
|
|
|
|
Net income |
$ |
100,735 |
|
|
$ |
69,334 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
181,188 |
|
|
167,657 |
|
|
Noncash amortization of deferred financing costs, debt discounts
and cash flow hedging instrument |
3,828 |
|
|
3,697 |
|
|
Noncash share-based compensation |
11,261 |
|
|
3,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net (income) losses of unconsolidated joint
ventures |
(660) |
|
|
1,090 |
|
|
Gain on sale and impairment of single-family properties and other,
net |
(26,829) |
|
|
(16,316) |
|
|
|
|
|
|
Other changes in operating assets and liabilities: |
|
|
|
|
Rent and other receivables |
(9,372) |
|
|
(6,420) |
|
|
Prepaid expenses and other assets |
6,870 |
|
|
(2,130) |
|
|
Deferred leasing costs |
(1,880) |
|
|
(1,902) |
|
|
Accounts payable and accrued expenses |
66,339 |
|
|
60,777 |
|
|
Amounts due from related parties |
307 |
|
|
(481) |
|
|
Net cash provided by operating activities |
331,787 |
|
|
279,204 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
Cash paid for single-family properties |
(279,016) |
|
|
(136,772) |
|
|
Change in escrow deposits for purchase of single-family
properties |
(9,159) |
|
|
3,344 |
|
|
Net proceeds received from sales of single-family properties and
other |
74,451 |
|
|
128,883 |
|
|
Proceeds received from hurricane-related insurance
claims |
— |
|
|
3,705 |
|
|
Investment in unconsolidated joint ventures |
(14,596) |
|
|
(5,155) |
|
|
Distributions from joint ventures |
34,372 |
|
|
17,239 |
|
|
Renovations to single-family properties |
(13,310) |
|
|
(8,046) |
|
|
Recurring and other capital expenditures for single-family
properties |
(56,579) |
|
|
(46,435) |
|
|
Cash paid for development activity |
(309,706) |
|
|
(271,670) |
|
|
Other purchases of productive assets |
(11,615) |
|
|
(7,559) |
|
|
Net cash used for investing activities |
(585,158) |
|
|
(322,466) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
Proceeds from issuance of Class A common shares |
194,040 |
|
|
— |
|
|
Payments of Class A common share issuance costs |
(200) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of perpetual preferred shares |
(498,750) |
|
|
— |
|
|
Proceeds from exercise of stock options |
2,030 |
|
|
4,341 |
|
|
Payments related to tax withholding for share-based
compensation |
(2,656) |
|
|
(1,626) |
|
|
|
|
|
|
Payments on asset-backed securitizations |
(12,278) |
|
|
(11,763) |
|
|
Proceeds from revolving credit facility |
790,000 |
|
|
130,000 |
|
|
Payments on revolving credit facility |
(170,000) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to noncontrolling interests |
(12,896) |
|
|
(7,779) |
|
|
Distributions to common shareholders |
(79,881) |
|
|
(45,221) |
|
|
Distributions to preferred shareholders |
(26,397) |
|
|
(27,564) |
|
|
Deferred financing costs paid |
(11,182) |
|
|
— |
|
|
Net cash provided by financing activities |
171,830 |
|
|
40,388 |
|
|
|
|
|
|
|
Net decrease in cash, cash equivalents and restricted
cash |
(81,541) |
|
|
(2,874) |
|
|
Cash, cash equivalents and restricted cash, beginning of period
(see Note 3) |
265,077 |
|
|
164,119 |
|
|
Cash, cash equivalents and restricted cash, end of period (see Note
3) |
$ |
183,536 |
|
|
$ |
161,245 |
|
American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(continued)
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, |
|
2021 |
|
2020 |
|
Supplemental cash flow information |
|
|
|
|
Cash payments for interest, net of amounts capitalized |
$ |
(51,449) |
|
|
$ |
(55,392) |
|
|
|
|
|
|
|
Supplemental schedule of noncash investing and financing
activities |
|
|
|
|
Accrued property renovations and development
expenditures |
$ |
42,795 |
|
|
$ |
12,614 |
|
|
Transfers of completed homebuilding deliveries to
properties |
142,211 |
|
|
156,367 |
|
|
Property and land contributions to unconsolidated joint
ventures |
(30,014) |
|
|
(18,978) |
|
|
Accrued loss on settlement of cash flow hedging
instrument |
(3,999) |
|
|
— |
|
|
Noncash right-of-use assets obtained in exchange for operating
lease liabilities |
537 |
|
|
2,911 |
|
|
|
|
|
|
Accrued distributions to non-affiliates |
158 |
|
|
32 |
|
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, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
Single-family properties: |
|
|
|
|
Land |
$ |
1,911,697 |
|
|
$ |
1,836,798 |
|
|
Buildings and improvements |
8,548,603 |
|
|
8,163,023 |
|
|
Single-family properties in operation |
10,460,300 |
|
|
9,999,821 |
|
|
Less: accumulated depreciation |
(1,913,648) |
|
|
(1,754,433) |
|
|
Single-family properties in operation, net |
8,546,652 |
|
|
8,245,388 |
|
|
Single-family properties under development and development
land |
647,979 |
|
|
510,365 |
|
|
Single-family properties held for sale, net |
107,363 |
|
|
129,026 |
|
|
Total real estate assets, net |
9,301,994 |
|
|
8,884,779 |
|
|
Cash and cash equivalents |
40,585 |
|
|
137,060 |
|
|
Restricted cash |
142,951 |
|
|
128,017 |
|
|
Rent and other receivables |
50,916 |
|
|
41,544 |
|
|
Escrow deposits, prepaid expenses and other assets |
182,701 |
|
|
163,171 |
|
|
Investments in unconsolidated joint ventures |
103,634 |
|
|
93,109 |
|
|
Amounts due from affiliates |
25,666 |
|
|
25,666 |
|
|
Goodwill |
120,279 |
|
|
120,279 |
|
|
Total assets |
$ |
9,968,726 |
|
|
$ |
9,593,625 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Revolving credit facility |
$ |
620,000 |
|
|
$ |
— |
|
|
|
|
|
|
Asset-backed securitizations, net |
1,917,833 |
|
|
1,927,607 |
|
|
Unsecured senior notes, net |
890,481 |
|
|
889,805 |
|
|
Accounts payable and accrued expenses |
366,907 |
|
|
298,949 |
|
|
Amounts payable to affiliates |
— |
|
|
4,834 |
|
|
Total liabilities |
3,795,221 |
|
|
3,121,195 |
|
|
|
|
|
|
|
Commitments and contingencies (see Note 15)
|
|
|
|
|
|
|
|
|
|
Capital |
|
|
|
|
Partners’ capital: |
|
|
|
|
General partner: |
|
|
|
|
Common units (322,843,258 and 316,656,460 units issued and
outstanding at June 30, 2021 and December 31, 2020,
respectively)
|
5,124,029 |
|
|
4,928,819 |
|
|
Preferred units (15,400,000 and 35,350,000 units issued and
outstanding at June 30, 2021 and December 31, 2020,
respectively)
|
371,564 |
|
|
854,435 |
|
|
Limited partner: |
|
|
|
|
Common units (51,376,980 and 51,726,980 units issued and
outstanding at June 30, 2021 and December 31, 2020,
respectively)
|
675,532 |
|
|
682,316 |
|
|
Accumulated other comprehensive income |
2,380 |
|
|
6,860 |
|
|
Total capital |
6,173,505 |
|
|
6,472,430 |
|
|
|
|
|
|
|
Total liabilities and capital |
$ |
9,968,726 |
|
|
$ |
9,593,625 |
|
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Rents and other single-family property revenues |
$ |
313,654 |
|
|
$ |
280,689 |
|
|
$ |
626,227 |
|
|
$ |
568,031 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Property operating expenses |
116,578 |
|
|
110,436 |
|
|
235,272 |
|
|
217,933 |
|
|
Property management expenses |
22,416 |
|
|
22,260 |
|
|
46,115 |
|
|
45,536 |
|
|
General and administrative expense |
12,793 |
|
|
11,493 |
|
|
27,998 |
|
|
22,759 |
|
|
Interest expense |
27,528 |
|
|
29,558 |
|
|
55,533 |
|
|
59,273 |
|
|
Acquisition and other transaction costs |
2,968 |
|
|
1,956 |
|
|
7,814 |
|
|
4,103 |
|
|
Depreciation and amortization |
91,117 |
|
|
84,836 |
|
|
181,188 |
|
|
167,657 |
|
|
|
|
|
|
|
|
|
|
Total expenses |
273,400 |
|
|
260,539 |
|
|
553,920 |
|
|
517,261 |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale and impairment of single-family properties and other,
net |
10,760 |
|
|
9,997 |
|
|
26,829 |
|
|
16,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and expense, net |
800 |
|
1,660 |
|
|
1,599 |
|
|
2,248 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
51,814 |
|
|
31,807 |
|
|
100,735 |
|
|
69,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred distributions |
12,615 |
|
|
13,782 |
|
|
26,397 |
|
|
27,564 |
|
|
Redemption of perpetual preferred units |
15,879 |
|
|
— |
|
|
15,879 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
$ |
23,320 |
|
|
$ |
18,025 |
|
|
$ |
58,459 |
|
|
$ |
41,770 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common units outstanding: |
|
|
|
|
|
|
|
|
Basic |
371,129,710 |
|
|
353,038,525 |
|
|
369,900,249 |
|
|
352,939,287 |
|
|
Diluted |
372,185,976 |
|
|
353,439,223 |
|
|
370,928,227 |
|
|
353,385,749 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders per unit: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
Diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Net income |
$ |
51,814 |
|
|
$ |
31,807 |
|
|
$ |
100,735 |
|
|
$ |
69,334 |
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Cash flow hedging instruments: |
|
|
|
|
|
|
|
|
Loss on settlement of cash flow hedging instrument |
(13,229) |
|
|
— |
|
|
(3,999) |
|
|
— |
|
|
Reclassification adjustment for amortization of interest expense
included in net income
|
(240) |
|
|
(240) |
|
|
(481) |
|
|
(481) |
|
|
Other comprehensive loss |
(13,469) |
|
|
(240) |
|
|
(4,480) |
|
|
(481) |
|
|
Comprehensive income |
38,345 |
|
|
31,567 |
|
|
96,255 |
|
|
68,853 |
|
|
|
|
|
|
|
|
|
|
Preferred distributions |
12,615 |
|
|
13,782 |
|
|
26,397 |
|
|
27,564 |
|
|
Redemption of perpetual preferred units |
15,879 |
|
|
— |
|
|
15,879 |
|
|
— |
|
|
Comprehensive income attributable to common unitholders |
$ |
9,851 |
|
|
$ |
17,785 |
|
|
$ |
53,979 |
|
|
$ |
41,289 |
|
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, 2019 |
300,742,674 |
|
|
$ |
4,474,333 |
|
|
$ |
854,435 |
|
|
52,026,980 |
|
|
$ |
682,199 |
|
|
$ |
7,823 |
|
|
|
|
|
|
$ |
6,018,790 |
|
|
Share-based compensation |
— |
|
|
1,808 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
1,808 |
|
|
Common units issued under share-based compensation plans, net of
units withheld for employee taxes
|
208,010 |
|
|
(163) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
(163) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to capital holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units (Note 10)
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
(13,782) |
|
|
Common units ($0.05 per unit)
|
— |
|
|
(15,088) |
|
|
— |
|
|
— |
|
|
(2,602) |
|
|
— |
|
|
|
|
|
|
(17,690) |
|
|
Cumulative effect of adoption of ASU 2016-13 |
— |
|
|
(1,494) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
(1,494) |
|
|
Net income |
— |
|
|
20,244 |
|
|
13,782 |
|
|
— |
|
|
3,501 |
|
|
— |
|
|
|
|
|
|
37,527 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(241) |
|
|
|
|
|
|
(241) |
|
|
Balances at March 31, 2020 |
300,950,684 |
|
|
$ |
4,479,640 |
|
|
$ |
854,435 |
|
|
52,026,980 |
|
|
$ |
683,098 |
|
|
$ |
7,582 |
|
|
|
|
|
|
$ |
6,024,755 |
|
|
Share-based compensation |
— |
|
|
2,090 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
2,090 |
|
|
Common units issued under share-based compensation plans, net of
units withheld for employee taxes
|
197,334 |
|
|
2,878 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
2,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to capital holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units (Note 10)
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
(13,782) |
|
|
Common units ($0.05 per unit)
|
— |
|
|
(15,098) |
|
|
— |
|
|
— |
|
|
(2,601) |
|
|
— |
|
|
|
|
|
|
(17,699) |
|
|
Net income |
— |
|
|
15,369 |
|
|
13,782 |
|
|
— |
|
|
2,656 |
|
|
— |
|
|
|
|
|
|
31,807 |
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(240) |
|
|
|
|
|
|
(240) |
|
|
Balances at June 30, 2020 |
301,148,018 |
|
|
$ |
4,484,879 |
|
|
$ |
854,435 |
|
|
52,026,980 |
|
|
$ |
683,153 |
|
|
$ |
7,342 |
|
|
|
|
|
|
$ |
6,029,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(continued)
(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, 2020 |
316,656,460 |
|
|
$ |
4,928,819 |
|
|
$ |
854,435 |
|
|
51,726,980 |
|
|
$ |
682,316 |
|
|
$ |
6,860 |
|
|
$ |
6,472,430 |
|
|
|
|
|
|
Share-based compensation |
— |
|
|
8,110 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,110 |
|
|
|
|
|
|
Common units issued under share-based compensation plans, net of
units withheld for employee taxes
|
246,425 |
|
|
(1,521) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,521) |
|
|
|
|
|
|
Redemptions of Class A units |
350,000 |
|
|
4,617 |
|
|
— |
|
|
(350,000) |
|
|
(4,617) |
|
|
— |
|
|
— |
|
|
|
|
|
|
Distributions to capital holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units (Note 10)
|
— |
|
|
— |
|
|
(13,782) |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,782) |
|
|
|
|
|
|
Common units ($0.10 per unit)
|
— |
|
|
(31,795) |
|
|
— |
|
|
— |
|
|
(5,172) |
|
|
— |
|
|
(36,967) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
— |
|
|
30,214 |
|
|
13,782 |
|
|
— |
|
|
4,925 |
|
|
— |
|
|
48,921 |
|
|
|
|
|
|
Total other comprehensive income |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
8,989 |
|
|
8,989 |
|
|
|
|
|
|
Balances at March 31, 2021 |
317,252,885 |
|
|
$ |
4,938,444 |
|
|
$ |
854,435 |
|
|
51,376,980 |
|
|
$ |
677,452 |
|
|
$ |
15,849 |
|
|
$ |
6,486,180 |
|
|
|
|
|
|
Share-based compensation |
— |
|
|
3,151 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,151 |
|
|
|
|
|
|
Common units issued under share-based compensation plans, net of
units withheld for employee taxes
|
90,373 |
|
|
895 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
895 |
|
|
|
|
|
|
Issuance of Class A common units, net of offering costs of
$200
|
5,500,000 |
|
|
193,840 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
193,840 |
|
|
|
|
|
|
Redemption of Series D perpetual preferred units |
— |
|
|
(8,509) |
|
|
(260,241) |
|
|
— |
|
|
— |
|
|
— |
|
|
(268,750) |
|
|
|
|
|
|
Redemption of Series E perpetual preferred units |
— |
|
|
(7,370) |
|
|
(222,630) |
|
|
— |
|
|
— |
|
|
— |
|
|
(230,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to capital holders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred units (Note 10)
|
— |
|
|
— |
|
|
(12,615) |
|
|
— |
|
|
— |
|
|
— |
|
|
(12,615) |
|
|
|
|
|
|
Common units ($0.10 per unit)
|
— |
|
|
(32,403) |
|
|
— |
|
|
— |
|
|
(5,138) |
|
|
— |
|
|
(37,541) |
|
|
|
|
|
|
Net income |
— |
|
|
35,981 |
|
|
12,615 |
|
|
— |
|
|
3,218 |
|
|
— |
|
|
51,814 |
|
|
|
|
|
|
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(13,469) |
|
|
(13,469) |
|
|
|
|
|
|
Balances at June 30, 2021 |
322,843,258 |
|
|
$ |
5,124,029 |
|
|
$ |
371,564 |
|
|
51,376,980 |
|
|
$ |
675,532 |
|
|
$ |
2,380 |
|
|
$ |
6,173,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
The accompanying notes are an integral part of these condensed
consolidated financial statements.
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, |
|
2021 |
|
2020 |
|
Operating activities |
|
|
|
|
Net income |
$ |
100,735 |
|
|
$ |
69,334 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
181,188 |
|
|
167,657 |
|
|
Noncash amortization of deferred financing costs, debt discounts
and cash flow hedging instrument |
3,828 |
|
|
3,697 |
|
|
Noncash share-based compensation |
11,261 |
|
|
3,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net (income) losses of unconsolidated joint
ventures |
(660) |
|
|
1,090 |
|
|
Gain on sale and impairment of single-family properties and other,
net |
(26,829) |
|
|
(16,316) |
|
|
|
|
|
|
Other changes in operating assets and liabilities: |
|
|
|
|
Rent and other receivables |
(9,372) |
|
|
(6,420) |
|
|
Prepaid expenses and other assets |
6,870 |
|
|
(2,130) |
|
|
Deferred leasing costs |
(1,880) |
|
|
(1,902) |
|
|
Accounts payable and accrued expenses |
66,339 |
|
|
60,777 |
|
|
Amounts due from related parties |
307 |
|
|
(481) |
|
|
Net cash provided by operating activities |
331,787 |
|
|
279,204 |
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
Cash paid for single-family properties |
(279,016) |
|
|
(136,772) |
|
|
Change in escrow deposits for purchase of single-family
properties |
(9,159) |
|
|
3,344 |
|
|
Net proceeds received from sales of single-family properties and
other |
74,451 |
|
|
128,883 |
|
|
Proceeds received from hurricane-related insurance
claims |
— |
|
|
3,705 |
|
|
Investment in unconsolidated joint ventures |
(14,596) |
|
|
(5,155) |
|
|
Distributions from joint ventures |
34,372 |
|
|
17,239 |
|
|
Renovations to single-family properties |
(13,310) |
|
|
(8,046) |
|
|
Recurring and other capital expenditures for single-family
properties |
(56,579) |
|
|
(46,435) |
|
|
Cash paid for development activity |
(309,706) |
|
|
(271,670) |
|
|
Other purchases of productive assets |
(11,615) |
|
|
(7,559) |
|
|
Net cash used for investing activities |
(585,158) |
|
|
(322,466) |
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
Proceeds from issuance of Class A common units |
194,040 |
|
|
— |
|
|
Payments of Class A common unit issuance costs |
(200) |
|
|
— |
|
|
Redemption of perpetual preferred units |
(498,750) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
2,030 |
|
|
4,341 |
|
|
Payments related to tax withholding for share-based
compensation |
(2,656) |
|
|
(1,626) |
|
|
|
|
|
|
|
|
|
|
Payments on asset-backed securitizations |
(12,278) |
|
|
(11,763) |
|
|
Proceeds from revolving credit facility |
790,000 |
|
|
130,000 |
|
|
Payments on revolving credit facility |
(170,000) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to common unitholders |
(92,777) |
|
|
(53,000) |
|
|
Distributions to preferred unitholders |
(26,397) |
|
|
(27,564) |
|
|
Deferred financing costs paid |
(11,182) |
|
|
— |
|
|
Net cash provided by financing activities |
171,830 |
|
|
40,388 |
|
|
|
|
|
|
|
Net decrease in cash, cash equivalents and restricted
cash |
(81,541) |
|
|
(2,874) |
|
|
Cash, cash equivalents and restricted cash, beginning of period
(see Note 3) |
265,077 |
|
|
164,119 |
|
|
Cash, cash equivalents and restricted cash, end of period (see Note
3) |
$ |
183,536 |
|
|
$ |
161,245 |
|
American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Cash Flows
(continued)
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, |
|
|
2021 |
|
2020 |
|
Supplemental cash flow information |
|
|
|
|
Cash payments for interest, net of amounts capitalized |
$ |
(51,449) |
|
|
$ |
(55,392) |
|
|
|
|
|
|
|
Supplemental schedule of noncash investing and financing
activities |
|
|
|
|
Accrued property renovations and development
expenditures |
$ |
42,795 |
|
|
$ |
12,614 |
|
|
Transfers of completed homebuilding deliveries to
properties |
142,211 |
|
|
156,367 |
|
|
Property and land contributions to unconsolidated joint
ventures |
(30,014) |
|
|
(18,978) |
|
|
Accrued loss on settlement of cash flow hedging
instrument |
(3,999) |
|
|
— |
|
|
Noncash right-of-use assets obtained in exchange for operating
lease liabilities |
537 |
|
|
2,911 |
|
|
|
|
|
|
Accrued distributions to non-affiliates |
158 |
|
|
32 |
|
The accompanying notes are an integral part of these condensed
consolidated financial statements.
American Homes 4 Rent
American Homes 4 Rent, L.P.
Notes to Unaudited Condensed Consolidated Financial
Statements
Note 1. Organization and Operations
American Homes 4 Rent (“AH4R” or “General
Partner”) is a Maryland real estate investment trust (“REIT”)
formed on October 19, 2012 for the purpose of acquiring,
developing, renovating, leasing and operating single-family homes
as rental properties. American Homes 4 Rent, L.P., a Delaware
limited partnership formed on October 22, 2012, and its
consolidated subsidiaries (collectively, the “Operating
Partnership” or the “OP”) is the entity through which the Company
conducts substantially all of its business and owns, directly or
through subsidiaries, substantially all of its assets. 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. As of June 30,
2021, the Company held 54,785 single-family properties in 22
states, including 589 properties classified as held for
sale.
AH4R is the general partner of, and as of
June 30, 2021 owned approximately 86.2% of the common partnership
interest in, the Operating Partnership. The remaining 13.8% of the
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. 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.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated
financial statements are unaudited and present the accounts of both
the Company, which include AH4R, the Operating Partnership and
their consolidated subsidiaries, as well as the Operating
Partnership, which include the Operating Partnership and its
consolidated subsidiaries. Intercompany accounts and transactions
have been eliminated. The Company consolidates real estate
partnerships and other entities that are not variable interest
entities (“VIEs”) when it owns, directly or indirectly, a majority
interest in the entity or is otherwise able to control the entity.
The Company consolidates VIEs in accordance with Accounting
Standards Codification No. 810,
Consolidation,
if the Company is the primary beneficiary of the VIE as determined
by the Company’s power to direct the VIE’s activities and its
obligation to absorb its losses or the right to receive its
benefits, which are potentially significant to the VIE. Entities
for which the Company owns an interest, but does not consolidate,
are accounted for under the equity method of accounting as an
investment in an unconsolidated entity and are included in
investments in unconsolidated joint ventures within the condensed
consolidated balance sheets.
The condensed consolidated financial
statements have been prepared in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”) and in conjunction with the rules and regulations of
the Securities and Exchange Commission (“SEC”). Certain information
and footnote disclosures required for annual financial statements
have been condensed or excluded pursuant to SEC rules and
regulations. Accordingly, the condensed consolidated financial
statements do not include all of the information and footnotes
required by GAAP for complete financial statements and should be
read in conjunction with the audited consolidated financial
statements and notes thereto included in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2020.
Any references in this report to the number of properties is
outside the scope of our independent registered public accounting
firm’s review of our financial statements, in accordance with the
standards of the Public Company Accounting Oversight
Board. In the opinion of management, all adjustments of a normal
and recurring nature necessary for a fair statement of the
condensed consolidated financial statements for the interim periods
have been made. The preparation of condensed consolidated financial
statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of
assets, liabilities and disclosure of contingent assets and
liabilities at the date of the condensed consolidated financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those
estimates.
Effective March 31, 2021, the Company
reclassified certain impairment charges related to homes classified
as held for sale from other expenses to gain on sale and impairment
of single-family properties and other, net within the condensed
consolidated statements of operations. The Company also
reclassified other revenues and the remaining other expenses to
other income and expense, net within the condensed consolidated
statements of operations. Certain other amounts in the condensed
consolidated financial statements for the prior periods have also
been reclassified to conform to the current year
presentation.
Note 3. Cash, Cash Equivalents and Restricted Cash
Restricted cash primarily consists of funds
held related to resident security deposits, cash reserves in
accordance with certain loan agreements and funds held in the
custody of our transfer agent for the payment of distributions.
Funds held related to resident security deposits are restricted
during the term of the related lease agreement, which is
generally one year. Cash reserved in connection with lender
requirements is restricted during the term of the related debt
instrument.
The following table provides a
reconciliation of cash, cash equivalents and restricted cash per
the condensed consolidated statements of cash flows to the
corresponding financial statement line items in the condensed
consolidated balance sheets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
2021 |
|
2020 |
|
2020 |
|
2019 |
|
Cash and cash equivalents |
$ |
40,585 |
|
|
$ |
32,010 |
|
|
$ |
137,060 |
|
|
$ |
37,575 |
|
|
Restricted cash |
142,951 |
|
|
129,235 |
|
|
128,017 |
|
|
126,544 |
|
|
Total cash, cash equivalents and restricted cash |
$ |
183,536 |
|
|
$ |
161,245 |
|
|
$ |
265,077 |
|
|
$ |
164,119 |
|
Note 4. Real Estate Assets, Net
The net book values of real estate assets
consisted of the following as of June 30, 2021 and
December 31, 2020 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
|
Occupied single-family properties |
$ |
8,223,674 |
|
|
$ |
7,957,513 |
|
|
Single-family properties recently acquired or developed |
134,991 |
|
|
66,857 |
|
|
Single-family properties in turnover process |
89,091 |
|
|
149,684 |
|
|
Single-family properties leased, not yet occupied |
98,896 |
|
|
71,334 |
|
|
Single-family properties in operation, net |
8,546,652 |
|
|
8,245,388 |
|
|
Development land |
325,543 |
|
|
270,767 |
|
|
Single-family properties under development |
322,436 |
|
|
239,598 |
|
|
Single-family properties held for sale, net |
107,363 |
|
|
129,026 |
|
|
Total real estate assets, net |
$ |
9,301,994 |
|
|
$ |
8,884,779 |
|
Depreciation expense related to
single-family properties was $87.4 million and $81.6 million for
the three months ended June 30, 2021 and 2020, respectively, and
$173.7 million and $161.4 million for the six months ended June 30,
2021 and 2020, respectively.
The following table summarizes the
Company’s dispositions of single-family properties and land for the
three and six months ended June 30, 2021 and 2020 (in thousands,
except property data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Single-family properties: |
|
|
|
|
|
|
|
|
Properties sold |
97 |
|
|
216 |
|
|
277 |
|
|
626 |
|
|
Net proceeds
(1)
|
$ |
28,092 |
|
|
$ |
47,626 |
|
|
$ |
74,132 |
|
|
$ |
128,812 |
|
|
Net gain on sale |
$ |
11,422 |
|
|
$ |
10,651 |
|
|
$ |
26,772 |
|
|
$ |
24,409 |
|
|
Land: |
|
|
|
|
|
|
|
|
Net proceeds |
$ |
55 |
|
|
$ |