2018 Q3 Form 10-Q Financial Statement

#000156240118000108 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $280.1M $246.8M
YoY Change 13.46% 4.57%
Cost Of Revenue $132.5M $115.4M
YoY Change 14.82% 4.53%
Gross Profit $147.6M $131.4M
YoY Change 12.33% 4.62%
Gross Profit Margin 52.7% 53.23%
Selling, General & Admin $9.300M $8.500M
YoY Change 9.41% 0.0%
% of Gross Profit 6.3% 6.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00M $74.80M
YoY Change 6.95% -0.8%
% of Gross Profit 54.2% 56.93%
Operating Expenses $254.7M $238.0M
YoY Change 7.02% 2.59%
Operating Profit -$107.1M -$106.6M
YoY Change 0.47% 0.2%
Interest Expense $30.93M $26.59M
YoY Change 16.31% -19.05%
% of Operating Profit
Other Income/Expense, Net $0.00 $8.400M
YoY Change -100.0% -436.0%
Pretax Income $30.30M $19.10M
YoY Change 58.64% -9650.0%
Income Tax
% Of Pretax Income
Net Earnings $30.28M $19.10M
YoY Change 58.56% -11535.33%
Net Earnings / Revenue 10.81% 7.74%
Basic Earnings Per Share $0.05 $0.01
Diluted Earnings Per Share $0.05 $0.00
COMMON SHARES
Basic Shares Outstanding 296.2M shares 266.8M shares
Diluted Shares Outstanding 297.0M shares 289.2M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.1M $243.5M
YoY Change -54.78% 129.07%
Cash & Equivalents $110.1M $243.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $36.10M $35.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.2M $278.9M
YoY Change -47.58% 117.72%
LONG-TERM ASSETS
Property, Plant & Equipment $8.259B $7.803B
YoY Change 5.85% 3.41%
Goodwill $120.3M $120.3M
YoY Change 0.0% -0.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $418.6M $272.6M
YoY Change 53.56% 13.87%
Total Long-Term Assets $8.825B $8.231B
YoY Change 7.22% 3.43%
TOTAL ASSETS
Total Short-Term Assets $146.2M $278.9M
Total Long-Term Assets $8.825B $8.231B
Total Assets $8.971B $8.510B
YoY Change 5.42% 5.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $1.100M
YoY Change -81.82%
Accrued Expenses $222.9M $188.4M
YoY Change 18.31% 9.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $310.7M $263.8M
YoY Change 17.78% 9.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.672B $2.339B
YoY Change 14.21% -20.08%
Other Long-Term Liabilities $0.00 $68.50M
YoY Change -100.0% 4.26%
Total Long-Term Liabilities $2.672B $2.408B
YoY Change 10.96% -19.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.7M $263.8M
Total Long-Term Liabilities $2.672B $2.408B
Total Liabilities $2.982B $2.671B
YoY Change 11.64% -17.39%
SHAREHOLDERS EQUITY
Retained Earnings -$494.0M -$417.6M
YoY Change 18.29% 13.24%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.269B $5.104B
YoY Change
Total Liabilities & Shareholders Equity $8.971B $8.510B
YoY Change 5.42% 5.24%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $30.28M $19.10M
YoY Change 58.56% -11535.33%
Depreciation, Depletion And Amortization $80.00M $74.80M
YoY Change 6.95% -0.8%
Cash From Operating Activities $126.5M $124.2M
YoY Change 1.85% 17.61%
INVESTING ACTIVITIES
Capital Expenditures -$71.20M -$32.80M
YoY Change 117.07% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$85.10M -$231.6M
YoY Change -63.26% 1231.03%
Cash From Investing Activities -$156.3M -$264.4M
YoY Change -40.89% 682.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 83.40M 307.5M
YoY Change -72.88% -242.49%
NET CHANGE
Cash From Operating Activities 126.5M 124.2M
Cash From Investing Activities -156.3M -264.4M
Cash From Financing Activities 83.40M 307.5M
Net Change In Cash 53.60M 167.3M
YoY Change -67.96% -216.18%
FREE CASH FLOW
Cash From Operating Activities $126.5M $124.2M
Capital Expenditures -$71.20M -$32.80M
Free Cash Flow $197.7M $157.0M
YoY Change 25.92% 28.69%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Fiscal Year Focus
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dei Document Period End Date
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dei Document Type
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dei Entity Central Index Key
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dei Entity Current Reporting Status
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dei Entity Emerging Growth Company
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dei Entity Filer Category
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0 USD
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5690000 USD
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0 USD
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Profit Loss
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45959000 USD
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us-gaap Profit Loss
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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;"><br clear="none"/></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 (&#8220;AH4R") is a Maryland real estate investment trust (&#8220;REIT&#8221;) formed on October&#160;19, 2012, for the purpose of acquiring, 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," our "operating partnership" or the "OP") is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets. References to &#8220;the Company,&#8221; &#8220;we,&#8221; "our," and &#8220;us&#8221; mean collectively, AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company held </font><font style="font-family:inherit;font-size:10pt;">52,464</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;">2,266</font><font style="font-family:inherit;font-size:10pt;"> properties identified as part of the Company's disposition program, comprised of </font><font style="font-family:inherit;font-size:10pt;">1,865</font><font style="font-family:inherit;font-size:10pt;"> properties classified as held for sale and </font><font style="font-family:inherit;font-size:10pt;">401</font><font style="font-family:inherit;font-size:10pt;"> properties identified for future sale. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AH4R is the general partner of, and as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, owned an approximate </font><font style="font-family:inherit;font-size:10pt;">84.3%</font><font style="font-family:inherit;font-size:10pt;"> common partnership interest in, the Operating Partnership with the remaining </font><font style="font-family:inherit;font-size:10pt;">15.7%</font><font style="font-family:inherit;font-size:10pt;"> common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership&#8217;s day-to-day management. The Company&#8217;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&#8217;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&#8217;s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company&#8217;s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is </font><font style="font-family:inherit;font-size:10pt;">$25.7 million</font><font style="font-family:inherit;font-size:10pt;"> 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 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 (&#8220;OP units&#8221;) 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, 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&#8217;s business through the Operating Partnership&#8217;s operations, by the Operating Partnership&#8217;s incurrence of indebtedness or through the issuance of OP units.</font></div></div>

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