American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Investor Presentation (June 2017)
9 slides from American Homes 4 Rent's investor presentation, Jun 5, 2017
Slide 1: Investor Highlights June 2017
Investor HighlightsINVESTOR HIGHLIGHTS JUNE 2017
Slide 2: Legal Disclosures: Forward-Looking Statements
2 LEGAL DISCLOSURES Forward-Looking Statements Various statements contained in this presentation, 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
Slide 3: American Homes 4 Rent Strengths
3 Purpose–Built Portfolio: Tenant Focus & Long-term Growth (1) • Purpose-built portfolio to attract ideal tenant profile: (1) high credit quality, (2) propensity to stay longer and (3) mentality and wherewithal to care for the property as their “home” • 48,336 high-quality, well-located single-famil
Slide 4: Strong Same-Home Performance: Operating Highlights
4 STRONG SAME-HOME PERFORMANCE Operating Highlights 1Q16 2Q16 3Q16 4Q16 1Q17 Number of Same-Home properties 36,813 36,813 36,813 36,813 36,813 Rents from single-family properties $ 151,522 $ 153,276 $ 155,223 $ 156,523 $ 157,269 Fees from single-family properties 1,887 2,054 2,236 1,795 1,890 Bad de
Slide 5: Industry Leading Efficiency Metrics
5 INDUSTRY LEADING EFFICIENCY METRICS AMH 1Q17 SFR Peers (1) (Dollars in thousands) 1Q16 2Q16 3Q16 4Q16 1Q17 Range Adjusted EBITDA Margins Total revenues, excluding tenant charge-backs $ 173,943 $ 200,061 $ 205,249 $ 204,382 $ 205,381 Property operating expenses, net ( 49,048) ( 58,739) ( 63,116) (
Slide 6: Investment Grade Balance Sheet: Capital Structure and Debt Maturity
6 • Maintain flexible balance sheet with diverse access to capital • Continue optimizing capital stack and leverage investment grade rating to reduce cost of capital • Expand sources of available capital as the Company and the SFR sector evolves and matures • Prudent retention of operating cash flow
Slide 7: Defined Terms and Non-GAAP Reconciliations
7 Highlights (1) DEFINED TERMS AND NON-GAAP RECONCILIATIONS Core Net Operating Income ("Core NOI"), Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define
Slide 8: Non-GAAP Reconciliations: Core Revenues and Core NOI
8 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Mar 31, 2017 Core revenues Total revenues 194,959$ 220,972$ 236,057$ 227,559$ 233,754$ Tenant charge-backs (21,016) (20,253) (30,808) (23,177) (28,373) Bad debt expense (1,069) (1,414) (2,609) (1,877) (1,510) Other revenues (3,751) (4,504) (5,214
Slide 9: Non-GAAP Reconciliations: EBITDA and Adjusted EBITDA
9 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Mar 31, 2017 Net (loss) income attributable to common shareholders (4,377)$ (10,404)$ (21,152)$ 2,391$ (1,490)$ Dividends on preferred shares 5,569 7,412 13,669 13,587 13,587 Noncontrolling interest 3,836 (761) 7,316 (6,640) (301) Net income (los
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