American Homes 4 Rent · NYSE:AMH
American Homes 4 Rent — Citi Global Property CEO Conference 2017
17 slides from American Homes 4 Rent's conference presentation, Mar 3, 2017
Slide 1: Investor Highlights - Citi Global Property CEO Conference March 2017
Investor HighlightsCITI GLOBAL PROPERTY CEO CONFERENCE MARCH 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: AMH Highlights: Fourth Quarter 2016 Highlights
AMH Highlights Section 3 FOURTH QUARTER 2016 HIGHLIGHTS Houston, TX
Slide 4: Strong Same-Home Performance
4 STRONG SAME-HOME PERFORMANCE (1) Year over year percentage growth comparisons based on quarterly same‐home populations presented in the Company’s supplemental for the respective period. Operating Highlights 4Q15 1Q16 2Q16 3Q16 4Q16 Number of Same‐Home properties 25,270 25,270 25,270 25,270 25,270
Slide 5: Stable and Improving Same-Home Operating Metrics
5 STABLE AND IMPROVING SAME-HOME OPERATING METRICS SAME-HOME Y-O-Y CORE REVENUE GROWTH SAME-HOME PERCENTAGE LEASED COMBINED MAINTENANCE AND CAPEX PER PROPERTY (2) Y-O-Y SAME-HOME CORE NOI AFTER CAPEX GROWTH Attractive Same-Home Core NOI growth due to strong revenue increases, operational efficiencie
Slide 6: Total Enterprise Value and Balance Sheet Strength & Flexibility
6 Stock Price Per Share as of 12/31/16 $20.98 Common Shares and Units 298.931 Value of Common Shares and Units $6,272 Preferred Shares (Liquidation Preference) 975 Total Equity Market Capitalization 7,247 Asset‐backed Securitizations 2,491 Exchangeable Senior Notes 115 Secured Note Payable 50 Revolv
Slide 7: Strong Growth Profile Supported by Best-in-Class Efficiency
7 STRONG GROWTH PROFILE SUPPORTED BY BEST-IN-CLASS EFFICIENCY CORE FUNDS FROM OPERATIONS ADJUSTED FUNDS FROM OPERATIONS NET DEBT TO TTM ADJUSTED EBITDA BEST-IN-CLASS MANAGEMENT PLATFORM EFFICIENCY $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 $0.23 $0.25 $0.24 $0.
Slide 8: AMH Highlights: Company Highlights
AMH Highlights Section 8 COMPANY HIGHLIGHTS Charlotte, NC
Slide 9: Large, Diversified Portfolio and Strong Balance Sheet
9 Large, Diversified Portfolio (1) • 48,422 high-quality, well-located single-family properties in 22 states • Average age of properties of 13.8 years • Total leased percentage of 94.7% Strong Balance Sheet • Conservative approach to leverage • Total debt / Total market capitalization: 29.1%; Net de
Slide 10: National High Quality Portfolio in Attractive Markets
10 NATIONAL HIGH QUALITY PORTFOLIO IN ATTRACTIVE MARKETS (1) As of Dec. 31 2016. Percentage leased, average age and average sq. ft. per home exclude 1,119 held for sale single-family properties. (2) Based on number of properties as of Dec. 31, 2016. Dallas-Fort Worth, TX, 9.2% Atlanta, GA, 8.5% Hous
Slide 11: Top Market Characteristics
11 TOP 10 MARKET CHARACTERISTICS Source: John Burns Real Estate Consulting, Moody’s Analytics (Data: Dec‐16; Pub: Feb‐17) Dallas/Ft. Worth, TX • Rising costs and significant demand will continue to push home prices, making ownership difficult for lower‐earning buyers and resulting in continuing risi
Slide 12: Proactive Maintenance and Strong Property Management
12 PROACTIVE MAINTENANCEMAINTENANCE • Completed property management internalization in Q4 2013 • Centralized management functions provide consistency and efficiency of execution • In-house maintenance program provides enhanced customer service and efficiencies in portfolio maintenance in markets com
Slide 13: Defined Terms and Non-GAAP Reconciliations
13 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 and Same-Home Core NOI are supplemental non-GAAP financial measures that we define as core revenues from single-family pro
Slide 14: Non-GAAP Reconciliation: Net Income to Adjusted EBITDA
14 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Net (loss) income attributable to common shareholders $ (20,474) $ (4,377) $ (10,404) $ (21,152) $ 2,391 Dividends on preferred shares 5,569 5,569 7,412 13,669 13,587 Noncontroll ing interest 3,558 3,836 (761) 7,316 (6,640) Net (los
Slide 15: Non-GAAP Reconciliation: EBITDA
15 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Net (loss) income attributable to common shareholders (20,474)$ (4,377)$ (10,404)$ (21,152)$ 2,391$ Dividends on preferred shares 5,569 5,569 7,412 13,669 13,587 Noncontroll ing interest 3,558 3,836 (761) 7,316 (6,640) Net (loss) in
Slide 16: Defined Terms and Non-GAAP Reconciliations: FFO, Core FFO and AFFO
16 DEFINED TERMS AND NON-GAAP RECONCILIATIONS FFO, Core FFO and Adjusted FFO FFO attributable to common share and unit holders is a non-GAAP financial measure defined as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sa
Slide 17: Non-GAAP Reconciliation: FFO and Core FFO
17 Dec 31, 2015 Mar 31, 2016 Jun 30, 2016 Sep 30, 2016 Dec 31, 2016 Net (loss) income attributable to common shareholders (20,474)$ (4,377)$ (10,404)$ (21,152)$ 2,391$ Adjustments: Noncontroll ing interests in the Operating Partnership 3,657 3,912 (616) 7,542 (6,525) Net (gain) loss on sale / impair
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