American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Merger or Acquisition (December 2015)
15 slides from American Homes 4 Rent's merger presentation, Dec 3, 2015
Slide 1: Forward-Looking Statements and Additional Information
Forward-Looking Statements and Additional Information The information in this presentation has been prepared solely for informational purposes. “We,” “AMH,” “AH4R,” “the Company,” “the REIT,” “our” and “us” refer to American Homes 4 Rent, a Maryland real estate investment trust, and its subsidiaries
Slide 2: Transaction Details
Transaction Details 3 Merger Enhances AMH’s Position as the Premier Owner / Operator of Single-Family Rental Homes on a National Platform Merger Structure Negotiated transaction with a fixed exchange ratio; 1.135 shares of AMH for each share of ARPI ARPI will merge into AMH in a tax free exchange Pr
Slide 3: Strategic Rationale
Strategic Rationale 4 Strategic Combination Provides Substantial Benefits to Shareholders of Both Companies Premier Operational Platform in Size and Scope Merger further establishes AMH as the largest public owner / operator of single-family rental homes in the U.S. Combined platform will own more t
Slide 4: Combination Further Enhances AMH's Scale Advantages
Combination Further Enhances AMH’s Scale Advantages 5 Merger Further Establishes AMH as Largest Public Owner / Operator in the Industry 9/30/2015 Number of homes 38,377 Total portfolio leased % 92.8% Stabilized homes 36,934 Stabilized leased % 95.4% Avg monthly rent per home $1,436 9/30/2015 Number
Slide 5: Merger Expands Scale of Largest Public Owner / Operator of SFR Homes
Merger Expands Scale of Largest Public Owner / Operator of SFR Homes Expected Consolidation of Less-Efficient Operators is Underway, Providing Significant Opportunities to Integrate Portfolio, Enhance Margins, and Drive Growth 6 Source: Public filings, company presentations and other publicly availa
Slide 6: National Platform With Key Concentrations in Targeted Markets
National Platform With Key Concentrations in Targeted Markets AMH and ARPI Portfolio Market Concentrations Overlay With Significant Overlap 7 SC TN WA OR CA NV UT CO AZ TX IL IN OH GA FL SC TN NC KY OK WI ID NM MS AH4R Property Management Offices AH4R Presence Only AH4R and ARPI Presence
Slide 7: Focused Portfolio, With 85% of Combined Portfolio Located In Top 20 Markets
Focused Portfolio, With 85% of Combined Portfolio Located In Top 20 Markets Pro Forma Top 20 Markets – As of 9/30/2015 8 Market AMH Homes ARPI Homes Total Homes Portfolio Leasing % Stabilized Leasing % Average SF Average Monthly Rent Dallas-Fort Worth, TX 3,150 1,118 4,268 94.7% 96.4% 2,122 1,535 $
Slide 8: Dallas-Fort Worth, TX: Substantial Overlap Within Key Markets
Dallas-Fort Worth, TX Substantial Overlap Within Key Markets 9 AH4R properties 3,150 ARPI properties 1,118 Combined 4,268
Slide 9: Atlanta, GA: Substantial Overlap Within Key Markets
Atlanta, GA Substantial Overlap Within Key Markets 10 AH4R properties 2,688 ARPI properties 1,042 Combined 3,730
Slide 10: Phoenix, AZ: Substantial Overlap Within Key Markets
Phoenix, AZ Substantial Overlap Within Key Markets 11 AH4R properties 1,609 ARPI properties 1,338 Combined 2,947
Slide 11: AMH Leading the Evolution of the Industry Through 2015, and Beyond
AMH Leading the Evolution of the Industry Through 2015, and Beyond 2012 2013 2014 2015 $530mm private placement $750mm JV formed with Alaska Permanent Fund YE 2012: 3,644 homes owned $747mm private placement $800mm Asset-Backed Credit Facility placed Acquisition and consolidation of Alaska Permanent
Slide 12: Best-in-Class Platform Supports Sector-Leading Margins
Best-in-Class Platform Supports Sector-Leading Margins Scalable Platform Leasing Property Management National Platform: More than 47,000 Homes Bargaining power on national contracts Utilize 3,000 contractors nationwide Diversified footprint 22 states Concentrated in target neighborhoods with strong
Slide 13: Strategic Rationale
Strategic Rationale 14 Strategic Combination Provides Substantial Benefits to Shareholders of Both Companies Premier Operational Platform in Size and Scope Merger further establishes AMH as the largest public owner / operator of single-family rental homes in the U.S. Combined platform will own more
Slide 14: Strategic Rationale
Strategic Rationale Strategic Combination Provides Substantial Benefits to Shareholders of Both Companies LateakCesRaleaagM - Merger further establishes AMH as the largest public owner / operator of single-family rental homes inthe U.S. ERASE Combine lator wil own more than 47,000 hemes, proving Sic
Slide 15: Slide 15
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