American Residential still seeing good deals

|About: American Residential Pro... (ARPI)|By:, SA News Editor

Purchased 689 single-family homes in Q1 for $109M, boosting portfolio size by 11% to 6,792 homes ... "and we still see a robust supply of high-quality homes." About 81% of homes were leased as of the end of Q1. Of homes owned six months or longer, 89% are leased, up from 86% at end of 2013.

Core FFO of $2.2M or $0.07 per share vs. break-even in Q4, and up from $800K or $0.04 one year ago.

In April, another 232 homes were purchased for about $36M, and another 197 homes were put under agreement for a total of about $32M.

CC at 11 ET

Previously: American Residential Properties FFO in-line, beats on revenues

ARPI no trades premarket