2015 Q3 Form 10-Q Financial Statement

#000156240115000036 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $172.6M $110.4M
YoY Change 56.36% 123.18%
Cost Of Revenue $86.20M $54.50M
YoY Change 58.17% 113.73%
Gross Profit $86.40M $55.90M
YoY Change 54.56% 132.92%
Gross Profit Margin 50.05% 50.64%
Selling, General & Admin $7.000M $6.000M
YoY Change 16.67% 106.9%
% of Gross Profit 8.1% 10.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.80M $44.86M
YoY Change 51.15% 86.56%
% of Gross Profit 78.47% 80.24%
Operating Expenses $189.0M $125.0M
YoY Change 51.19% 136.41%
Operating Profit -$102.6M -$69.13M
YoY Change 48.46% 139.31%
Interest Expense $23.87M $5.112M
YoY Change 366.86%
% of Operating Profit
Other Income/Expense, Net -$3.500M $1.800M
YoY Change -294.44% -550.0%
Pretax Income -$19.90M -$12.80M
YoY Change 55.47% 228.21%
Income Tax
% Of Pretax Income
Net Earnings -$19.94M -$12.80M
YoY Change 55.81% 231.42%
Net Earnings / Revenue -11.55% -11.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$108.8K -$80.00K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.4M $103.9M
YoY Change 129.45% -34.28%
Cash & Equivalents $238.4M $103.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $17.50M $5.600M
Other Receivables $0.00 $0.00
Total Short-Term Assets $255.9M $109.5M
YoY Change 133.7% -33.6%
LONG-TERM ASSETS
Property, Plant & Equipment $6.268B $5.118B
YoY Change 22.47% 44.97%
Goodwill $120.7M $120.7M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $296.1M $149.3M
YoY Change 98.33% 114.2%
Total Long-Term Assets $6.710B $5.427B
YoY Change 23.64% 45.87%
TOTAL ASSETS
Total Short-Term Assets $255.9M $109.5M
Total Long-Term Assets $6.710B $5.427B
Total Assets $6.966B $5.536B
YoY Change 25.82% 42.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $100.0K
YoY Change 300.0% -98.36%
Accrued Expenses $181.1M $95.70M
YoY Change 89.24% 49.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $234.6M $145.9M
YoY Change 60.8% 57.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.587B $1.075B
YoY Change 140.65% 351.72%
Other Long-Term Liabilities $128.9M $128.5M
YoY Change 0.31% 96.78%
Total Long-Term Liabilities $2.716B $1.204B
YoY Change 125.66% 296.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.6M $145.9M
Total Long-Term Liabilities $2.716B $1.204B
Total Liabilities $2.951B $1.349B
YoY Change 118.65% 240.81%
SHAREHOLDERS EQUITY
Retained Earnings -$266.0M -$140.3M
YoY Change 89.62% 253.47%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.303B $3.476B
YoY Change
Total Liabilities & Shareholders Equity $6.966B $5.536B
YoY Change 25.82% 42.5%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$19.94M -$12.80M
YoY Change 55.81% 231.42%
Depreciation, Depletion And Amortization $67.80M $44.86M
YoY Change 51.15% 86.56%
Cash From Operating Activities $52.10M $43.00M
YoY Change 21.16% 1769.57%
INVESTING ACTIVITIES
Capital Expenditures -$7.100M -$118.3M
YoY Change -94.0%
Acquisitions
YoY Change
Other Investing Activities -$159.3M -$420.1M
YoY Change -62.08% -16.6%
Cash From Investing Activities -$166.4M -$538.4M
YoY Change -69.09% 6.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 262.0M 360.3M
YoY Change -27.28% -11.69%
NET CHANGE
Cash From Operating Activities 52.10M 43.00M
Cash From Investing Activities -166.4M -538.4M
Cash From Financing Activities 262.0M 360.3M
Net Change In Cash 147.7M -135.1M
YoY Change -209.33% 44.65%
FREE CASH FLOW
Cash From Operating Activities $52.10M $43.00M
Capital Expenditures -$7.100M -$118.3M
Free Cash Flow $59.20M $161.3M
YoY Change -63.3%

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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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16000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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81000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Deposits On Real Estate Acquisitions
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us-gaap Payments For Proceeds From Previous Acquisition
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108246000 USD
us-gaap Payments For Proceeds From Previous Acquisition
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0 USD
us-gaap Payments Of Debt Issuance Costs
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27900000 USD
us-gaap Payments Of Debt Issuance Costs
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25163000 USD
us-gaap Payments Of Dividends Common Stock
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29125000 USD
us-gaap Payments Of Dividends Common Stock
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31723000 USD
us-gaap Payments Of Dividends Minority Interest
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17827000 USD
us-gaap Payments Of Dividends Minority Interest
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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13359000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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16707000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4886000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Finance Receivables
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23744000 USD
us-gaap Payments To Acquire Finance Receivables
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11227000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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82000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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0 USD
us-gaap Payments To Acquire Residential Real Estate
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914059000 USD
us-gaap Payments To Acquire Residential Real Estate
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552944000 USD
CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5569000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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13359000 USD
CY2015Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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100000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
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100000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
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17060000 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
17060000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
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17060000 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
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17060000 shares
CY2014Q4 us-gaap Preferred Stock Value
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171000 USD
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
171000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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189433000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Lines Of Credit
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1174000000 USD
us-gaap Proceeds From Lines Of Credit
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CY2015Q3 us-gaap Real Estate Investment Property Net
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CY2014Q3 us-gaap Real Estate Revenue Net
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us-gaap Real Estate Revenue Net
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Provision For Doubtful Accounts
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CY2014Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
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CY2015Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
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RealEstateInvestmentPropertyAccumulatedDepreciation
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RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2014Q4 us-gaap Real Estate Investment Property At Cost
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Other Debt
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us-gaap Repayments Of Other Debt
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CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q4 us-gaap Security Deposit Liability
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CY2014Q3 us-gaap Share Based Compensation
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CY2015Q3 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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2343000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
86000 USD
us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased And Retired During Period Value
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Tenant Reimbursements
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us-gaap Unrealized Gain Loss On Hybrid Instrument Net
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CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:underline;"></font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:underline;">Organization and Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">American Homes 4 Rent (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221;) is a Maryland real estate investment trust (&#8220;REIT&#8221;) formed on October&#160;19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company held </font><font style="font-family:inherit;font-size:10pt;">38,377</font><font style="font-family:inherit;font-size:10pt;"> single-family properties in </font><font style="font-family:inherit;font-size:10pt;">22</font><font style="font-family:inherit;font-size:10pt;"> states, including </font><font style="font-family:inherit;font-size:10pt;">46</font><font style="font-family:inherit;font-size:10pt;"> properties held for sale.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From our formation through June&#160;10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the &#8220;Advisor&#8221;) and the leasing, managing and advertising of our properties was overseen and directed by American Homes 4 Rent Management Holdings, LLC (the &#8220;Property Manager&#8221;), both of which were subsidiaries of American Homes 4 Rent, LLC (&#8220;AH LLC&#8221;). On June&#160;10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">4,375,000</font><font style="font-family:inherit;font-size:10pt;"> Series&#160;D units and </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">4,375,000</font><font style="font-family:inherit;font-size:10pt;"> Series&#160;E units in American Homes 4 Rent, L.P. (the &#8220;Operating Partnership&#8221;) (the &#8220;Management Internalization&#8221;). Under the terms of the contribution agreement, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to us. Since the date of the Management Internalization, the Company has consolidated the Advisor and the Property Manager and the results of these operations are reflected in the condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the Management Internalization, AH LLC exercised control over the Company through the contractual rights provided to the Advisor through an advisory management agreement. Accordingly, the contribution of certain properties by AH LLC to the Company prior to the Management Internalization have been deemed to be transactions between entities under common control, and as such, the accounts relating to the properties contributed have been recorded by us as if they had been acquired by us on the dates such properties were acquired by AH LLC. Accordingly, the condensed consolidated financial statements include AH LLC&#8217;s historical carrying values of the properties that had been acquired by AH LLC.</font></div></div>

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