American Homes 4 Rent Reports 2nd Quarter 2021 Financial and Operating Results.

CALABASAS, Calif: American Homes 4 Rent (NYSE: AMH) (the "Company"), a leading provider of high-quality single-family homes for rent, today announced its financial and operating results for the quarter ended June 30, 2021.

Highlights

Rents and other single-family property revenues increased 11.7% to $313.7 million for the second quarter of 2021.

Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share, for the second quarter of 2021, compared to $15.4 million, or $0.05 per diluted share, for the second quarter of 2020.

Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 22.9% to $0.33 per FFO share and unit for the second quarter of 2021 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 26.4% to $0.29 per FFO share and unit for the second quarter of 2021.

Core Net Operating Income ("Core NOI") from Same-Home properties increased by 12.2% year-over-year for the second quarter of 2021.

Achieved new record high Same-Home Average Occupied Days Percentage of 97.9% in the second quarter of 2021, while generating 13.7% rate growth on new leases.

Record high seasonal demand continues in the third quarter 2021, driving a 90 basis point year-over year increase in Same-Home Average Occupied Days Percentage to 97.4% in July 2021, while achieving over 16.5% rate growth on new leases.

Closed a $1.25 billion sustainability-linked credit facility, which amends the Company's existing credit facility and provides for expanded revolving capacity and lower borrowing cost.

Issued 5,500,000 Class A common shares raising net proceeds of $194.0 million during the second quarter of 2021 and offered 13,245,000 Class A common shares on a forward basis for future estimated net proceeds of $467.3 million.

Redeemed all outstanding shares of the 6.500% Series D and 6.350% Series E perpetual preferred shares.

Subsequent to quarter end, issued $450.0 million of 2.375% unsecured senior notes due 2031 and $300.0 million of 3.375% unsecured senior notes due 2051.

Raised Full Year 2021 Core FFO attributable to common share and unit holders guidance midpoint by $0.05 per share and unit to $1.32, representing anticipated full year growth of 13.8% over prior year.

"The second quarter of 2021 was one of the strongest operational performances in the history of American Homes 4 Rent with quarterly Core FFO per share growth of nearly 23%," stated David Singelyn, American Homes 4 Rent's Chief Executive Officer. "Additionally, we recently achieved numerous milestone capital accomplishments, including the highly successful debut issuance of 30-year unsecured bonds, which puts us in a position to further expand our 2021 external growth expectations. Coupled with our record-breaking operating results, we are increasing the midpoint of our full-year Core FFO guidance to $1.32 per share, which now represents nearly 14% anticipated year-over-year growth."

Second Quarter 2021 Financial Results

Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share, for the second quarter of 2021, compared to $15.4 million, or $0.05 per diluted share, for the second quarter of 2020. This increase was primarily attributable to growth in the Company's portfolio, higher occupancy and higher rental rates, partially offset by a noncash charge related to the redemptions of our Series D and Series E perpetual preferred shares.

Rents and other single-family property revenues increased 11.7% to $313.7 million for the second quarter of 2021, compared to $280.7 million for the second quarter of 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 52,335 homes for the second quarter of 2021, compared to 49,600 homes for the second quarter of 2020, as well...

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