SA Transcripts • Mon, Nov. 3
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at MarketWatch.com (Mar 3, 2014)
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American Homes 4 Rent Preferred Stocks, Opportunities And Risks
- The three preferred stocks offered by AMH are unique in their structure.
- Shareholders are able to share in the appreciation of home values.
- Dividends are cumulative, but the securities are unrated for this new company.
Will American Homes 4 Rent Be A Great American REIT?
Mon, Nov. 3, 5:57 AM| Comment!
Sun, Nov. 2, 5:30 PM
Tue, Aug. 5, 7:43 AM
- Core FFO of $35.3M or $0.15 per share vs. $28.1M and $0.12 in Q1. NOI from leased properties of $57.1M vs. $47.7M in Q1.
- Total portfolio up 1,668 homes to 27,173. Total leased properties of 23,364 up 2,698 properties. Beazer Rental Homes acquisition (another 2K+ properties) was made after Q2's end.
- Occupancy of 94.7% for those properties previously leased or rent-ready for over 90 days. Total portfolio occupancy of 86%.
- Conference call at 12 ET
- Previously: American Homes 4 Rent FFO in-line, beats on revenue
- AMH flat premarket
Mon, Aug. 4, 6:54 PM| Comment!
Thu, Jul. 10, 3:02 PM
- "Arguably when you get scale, you can hire your own plumbers and electricians, and maybe help costs go a little lower that way," says Richard Green, director of the USC Lusk Center for Real Estate. "But it's still a mystery to me how they can manage the properties efficiently enough and get the right yields."
- Or as Auction.com's Rick Sharga puts it: "It's hard enough to manage a 30-unit building, but it's incrementally more difficult to manage properties that are scattered all over the place."
- Given the management challenges, another way to earn a decent return would be to boost rents, but home prices are rising faster than rents at the moment, making that avenue questionable.
- Noted players: ARPI, SWAY, AMH, SBY, RESI.
Tue, Jul. 1, 11:32 AM
- The deal adds 1.3K homes to American Homes 4 Rent's (AMH +0.6%) single-family portfolio. The purchases are located in Arizona, California, Florida, and Nevada.
- The purchase was completed through a tax-free merger of Beazer Pre-Owned Rental Homes with a newly formed subsidiary of AMH, paid for with 8.2M shares of AMH.
- Beazer (BZH) itself held about a 15% equity interest in the rental unit.
- Source: Press release
Fri, Jun. 13, 12:55 PM
- Critical mass in limited markets is key to achieving greater economies of scale and American Residential Properties (ARPI +0.7%) - which owns 7K homes in 12 states - owns 1K+ homes in core markets like Phoenix, Houston, Dallas, and Atlanta, and plans to have 500 homes by year-end in five other markets.
- American Homes 4 Rent (AMH +0.1%) started with 49 markets, but has whittled that down to about 30, and Starwood Waypoint (SWAY -0.3%) aims for at least 1K homes in markets where it does business.
- The companies are also investing in technology to aid in things like determining how much to pay for a home to managing maintenance. Starwood has a system tracking 400K neighborhoods to figure out fair prices, and a revenue management system based on traffic and rent prices allowing it to optimize rents.
- Likely IPO candidates: Blackstone's Invitation Homes, with about 43K homes, and Colony Financial's (CLNY +2.7%) Colony American Homes with more than 8K rentals. Reven Housing (RVEN) - with 177 homes mostly in Houston - has filed with the SEC to raise up to $29M and uplist from the pink sheets.
- Related: SilverBay Realty Trust (SBY -0.6%).
Thu, May. 22, 1:18 PM
- Zillow's April Real Estate Market report has national home values slipping 0.1% in April to $170,200, the first month-over-month decline since about the end of 2011. On a year-over-year basis, home values gained 5.3%. The company's current forecast calls for values to rise 2.2% in the year ending April 2015, about a third of 2013's appreciation.
- Values fell in April even as inventory continues to tighten, with the number of homes listed for sale on Zillow slipping 0.4% annually last month, the 4th consecutive month of decline. Conditions are most "acute" at the lower end of the market which has become the sandbox of institutional players like Silver Bay (SBY -0.1%), American Homes 4 Rent (AMH +0.3%), American Residential Properties (ARPI +0.4%), and Starwood Waypoint (SWAY +0.5%).
- Rents were up 2.3% on an annual basis in April.
Fri, May. 9, 12:12 AM
Tue, May. 6, 8:44 AM
- American Homes 4 Rent (AMH +1%) announces the launch of its awaited securitization transaction in which rental payments on its portfolio of homes will be packaged into an asset-backed security.
- Source: Press Release
- Back to earnings: Core FFO of $28.1M or $0.12 per share vs. $25.6M and $0.11 a year ago.
- 20,666 leased properties, up 3,338 from Q4. Occupancy rate for those properties rent-ready for 90 days is 95.1%, up from 94.5%. Since the quarter's end, leased portfolio grew another 1,307 properties, bringing total portfolio occupancy to 84.5%.
- 2,237 homes acquired in Q1, bringing total portfolio to 25,505 homes. Another 513 properties purchased since Q's end.
- CC at 10 ET
- Source: Press Release
- Previously: American Homes 4 Rent misses by $0.01, misses on revenues
Tue, May. 6, 7:59 AM| Comment!
Tue, May. 6, 7:53 AM| Comment!
Mon, Apr. 14, 12:27 PM
- At the peak last summer, Blackstone's (BX) Invitation Homes unit was buying about $125M of homes per week, but - with good deals harder to find - has slowed the pace to $30M-$40M, and global real estate chief Jonathan Gray suggests it could drop further. “It’s not going to get larger," he says. "There’s less and less distressed housing ... We have slowed down [buying] significantly in a number of markets as a result of prices going up."
- Gray expects real estate will do just fine without Blackstone's giant-sized purchases. "We are an increasingly smaller and smaller part of the story now that the recovery has plenty of momentum on its own."
- The pure-play single-family rental stocks' performance continues to disappoint, with the two public the longest - Silver Bay (SBY +0.3%), and American Residential Properties (ARPI -0.9%) - both near their lows since issuance. Others: American Homes 4 Rent (AMH -0.6%), Starwood Waypoint (SWAY -1.8%).
Wed, Mar. 26, 9:43 AM| 1 Comment
Thu, Mar. 20, 12:23 PM
- Colony American Homes is selling $513.6M worth of paper backed by rental payment on 3,399 single-family properties in 20 metro areas in 7 states. It would be the 2nd such deal following Blackstone's landmark offering late last year (American Residential Properties has hired Deutsche to put together what would be deal #3).
- A $299M tranche of the deal has received a AAA rating from Moody's, Kroll, and Morningstar. S&P has said these rental-backed bonds don't yet meet the criteria necessary for a top rating.
- Colony American Homes is a unit of Colony Financial (CLNY +0.1%) and it tried, but failed to go public last year.
- Watching the action are: SBY, ARPI, AMH, SWAY.
Fri, Mar. 14, 7:55 AM
- Blackstone's (BX) acquisition pace has slowed 70% from its peak last year when it was spending $100M per week on properties, says Jon Gray, the P-E firm's global head of real estate. After investing $8B to since April 2012 to buy 43K homes in 14 cities, Blackstone has narrowed most of its purchasing to Seattle, Atlanta, Miami, Orlando, and Tampa.
- "The institutional wave has passed," says Gray.
- American Homes 4 Rent (AMH) and Colony American Homes (CLNY, CAHS) have also slowed their purchase pace as bargains dry up. Now comes the difficult business of trying to manage massive stables of single family properties.
- Gray, meanwhile, discounts the popular narrative of all this institutional buying driving prices higher, noting it represents a minor percentage of all purchases.
- Not everyone is slowing down: "We've been ramping up acquisitions," Silver Bay Realty (SBY) CEO David Miller said in last week's earnings call (transcript).
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