Cash flow American Homes 4 Rent London S.E.

Stocks

0HEJ

US02665T3068

Residential REITs

Market Closed - London S.E. 10:12:20 2020-10-02 EDT			5-day change	1st Jan Change
29.13 ^USD	+19.32%		-15.08%	-9.17%

08-20	American Homes 4 Rent Declares Cash Distribution for the Third Quarter of 2026, Payable on September 30, 2026	CI
08-03	RBC Capital Adjusts American Homes 4 Rent Price Target to $37 From $36, Maintains Outperform Rating	MT

175a3a35576a21af2487220.dmndrcWNEtna_b8T8RcxH1TofwnEkVqu-rw96wgLicA.Lzyz6ozpQq2NlstdlkJjLB2MJiSt9SPJrd56qU1ysK5EIOT4sswrnpCk0A

Published financial data: AMERICAN HOMES 4 RENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.3B	1.49B	1.62B	1.73B	1.85B
Tenant Reimbursements	-	-	-	-	-
Other Revenues, Total	-	-	-	-	-
Total Revenues	1.3B	1.49B	1.62B	1.73B	1.85B
Property Expenses	603M	688M	740M	767M	811M
Selling General & Admin Expenses, Total	56.44M	68.06M	74.62M	86.99M	87.21M
Depreciation & Amortization - (IS) - (Collected)	373M	427M	457M	474M	500M
Stock-Based Compensation (IS)	-	-	-	-	-
Total Operating Expenses	1.03B	1.18B	1.27B	1.33B	1.4B
Operating Income (REIT / Utility Template)	272M	308M	353M	401M	452M
Interest Expense, Total	-115M	-135M	-140M	-165M	-185M
Net Interest Expenses	-115M	-135M	-140M	-165M	-185M
Income (Loss) on Equity Invest.	1.61M	3.07M	1.23M	-6K	320K
Other Non Operating Income (Expenses)	1.52M	1.44M	4.73M	8.57M	4.16M
EBT, Excl. Unusual Items	160M	177M	218M	244M	271M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-
Gain (Loss) on Sale of Assets	50.68M	141M	216M	249M	277M
Asset Writedown	-131K	-2.5M	-1.91M	-9.16M	-34.36M
Insurance Settlements	-	2.8M	-	3.9M	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-8.93M	-	-19.11M	-396K
EBT, Incl. Unusual Items	211M	310M	432M	468M	513M
Earnings From Continuing Operations	211M	310M	432M	468M	513M
Net Income to Company	211M	310M	432M	468M	513M
Minority Interest	-21.47M	-36.89M	-51.97M	-55.72M	-60.42M
Net Income - (IS)	189M	273M	380M	412M	453M
Preferred Dividend and Other Adjustments	54.22M	23.12M	15.03M	15.26M	15.28M
Net Income to Common Incl Extra Items	135M	250M	365M	397M	438M
Net Income to Common Excl. Extra Items	135M	250M	365M	397M	438M
Per Share Items
Net EPS - Basic	0.42	0.72	1.01	1.08	1.18
Basic EPS - Continuing Operations	0.42	0.72	1.01	1.08	1.18
Basic Weighted Average Shares Outstanding	324M	349M	362M	367M	371M
Net EPS - Diluted	0.41	0.71	1.01	1.08	1.18
Diluted EPS - Continuing Operations	0.41	0.71	1.01	1.08	1.18
Diluted Weighted Average Shares Outstanding	326M	350M	362M	368M	371M
Normalized Basic EPS	0.24	0.21	0.23	0.26	0.29
Normalized Diluted EPS	0.24	0.21	0.23	0.26	0.29
Dividend Per Share	0.4	0.72	0.88	1.04	1.2
Payout Ratio	97.39	98.7	87.71	96.38	101.6
Supplemental Items
EBITDA	641M	732M	806M	874M	952M
EBITA	272M	308M	353M	401M	452M
EBIT	272M	308M	353M	401M	452M
EBITDAR	645M	735M	810M	882M	960M
Total Revenues (As Reported)	-	-	-	-	-
Normalized Net Income	78.54M	73.95M	84.57M	96.73M	109M
Interest Capitalized	33.8M	52.08M	55.23M	53.14M	55.21M
Interest on Long-Term Debt	149M	187M	195M	218M	240M
Supplemental Operating Expense Items
General and Administrative Expenses	52.49M	64.16M	70.6M	79.57M	78.74M
Net Rental Expense, Total	3.96M	3.9M	4.01M	7.42M	8.46M
Imputed Operating Lease Interest Expense	1.4M	1.38M	1.39M	2.73M	3.21M
Imputed Operating Lease Depreciation	2.56M	2.52M	2.62M	4.69M	5.25M
Stock-Based Comp., COGS (Total)	8.43M	11.99M	8.99M	10.37M	9.74M
Stock-Based Comp., G&A Exp. (Total)	9.36M	15.32M	16.38M	20.62M	16.08M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	17.79M	27.31M	25.37M	30.98M	25.82M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	11.67B	12.9B	13.75B	14.61B	15.07B
Accumulated Depreciation	-2.07B	-2.39B	-2.72B	-3.05B	-3.37B
Net Property Plant And Equipment	9.6B	10.51B	11.03B	11.57B	11.7B
Total Real Estate Assets	9.6B	10.51B	11.03B	11.57B	11.7B
Cash And Equivalents	48.2M	69.16M	59.38M	199M	109M
Accounts Receivable, Total	39.69M	47.25M	42.82M	44.55M	42.92M
Other Receivables	1.9M	500K	-	3.9M	200K
Investment In Debt and Equity Securities	25.67M	25.67M	25.67M	-	-
Goodwill	120M	120M	120M	120M	120M
Other Intangibles, Total	-	-	-	-	-
Notes Receivable (Collected)	35.35M	2.38M	1.05M	515K	-
Loans Held For Sale	550M	632M	564M	602M	559M
Restricted Cash	144M	149M	162M	151M	122M
Other Current Assets, Total	88.41M	106M	137M	116M	94.35M
Deferred Charges Long-Term	13.13M	10.24M	7.63M	12.4M	9.48M
Other Long-Term Assets, Total	299M	500M	540M	566M	483M
Total Assets	10.96B	12.18B	12.69B	13.38B	13.24B
Liabilities
Current Portion of Long-Term Debt	-	-	949M	10.3M	-
Current Portion of Leases	3.14M	3.92M	4.08M	4.08M	4.35M
Long-Term Debt	3.88B	4.52B	3.51B	5B	5.1B
Long-Term Leases	15.58M	16.84M	14.21M	12.23M	12.84M
Accounts Payable, Total	1.11M	5.72M	36.06M	96K	322K
Accrued Expenses, Total	136M	155M	167M	197M	207M
Unearned Revenue, Current	31.19M	26.92M	30.32M	30.15M	33.19M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	156M	276M	322M	279M	179M
Total Liabilities	4.22B	5B	5.04B	5.53B	5.53B
Preferred Stock Redeemable	154K	92K	92K	92K	92K
Preferred Stock - Others	-	-	-	-	-
Total Preferred Equity	154K	92K	92K	92K	92K
Common Stock, Total	3.38M	3.54M	3.65M	3.7M	3.67M
Additional Paid In Capital	6.49B	6.93B	7.36B	7.53B	7.41B
Retained Earnings	-439M	-441M	-395M	-381M	-388M
Comprehensive Income and Other	1.81M	1.33M	843K	7.85M	6.63M
Total Common Equity	6.06B	6.5B	6.97B	7.16B	7.03B
Minority Interest	679M	679M	685M	689M	676M
Total Equity	6.74B	7.17B	7.65B	7.85B	7.71B
Total Liabilities And Equity	10.96B	12.18B	12.69B	13.38B	13.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	348M	362M	366M	370M	364M
ECS Total Common Shares Outstanding	338M	354M	365M	370M	367M
Book Value / Share	17.93	18.38	19.09	19.37	19.18
Tangible Book Value	5.94B	6.38B	6.85B	7.04B	6.91B
Tangible Book Value Per Share	17.57	18.03	18.76	19.05	18.86
Total Debt	3.9B	4.54B	4.48B	5.03B	5.11B
Net Debt	3.85B	4.47B	4.42B	4.83B	5B
Debt Equivalent Oper. Leases	31.66M	31.18M	32.11M	59.34M	67.7M
Minority Interest, Total (Incl. Fin. Div)	679M	679M	685M	689M	676M
Equity Method Investments, Total	122M	107M	114M	159M	149M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	2.06B	2.2B	2.23B	2.37B	2.41B
Buildings, Total	9.26B	10.13B	10.65B	11.56B	11.97B
Full Time Employees	1.54K	1.79K	1.72K	1.73K	1.6K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	189M	273M	380M	412M	453M
Depreciation, Depletion & Amortization	369M	424M	454M	474M	500M
Total Depreciation, Depletion & Amortization	369M	424M	454M	474M	500M
Amortization of Deferred Charges, Total	12.69M	14.37M	15.28M	14.89M	14.24M
(Gain) Loss On Sale of Asset - (CF)	-49.7M	-136M	-210M	-226M	-231M
Total Asset Writedown	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-1.61M	2.64M	2.12M	1.95M	3.31M
Stock-Based Compensation (CF)	17.79M	27.31M	25.37M	30.98M	25.82M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Receivable	-4.88M	-8.15M	879K	-1.71M	1.31M
Change in Accounts Payable	44.51M	43.62M	44.26M	34.36M	18.16M
Change in Other Net Operating Assets (Collected)	-3.11M	-11.67M	-25.08M	8.74M	19.02M
Other Operating Activities	21.47M	36.89M	51.97M	62.04M	60.81M
Cash from Operations	595M	666M	739M	812M	864M
Acquisition of Real Estate Assets, Total	-1.87B	-1.75B	-1.17B	-1.5B	-993M
Sale of Real Estate Assets, Total	133M	327M	470M	574M	631M
Net Sale / Acquisition of Real Estate Assets	-1.73B	-1.43B	-697M	-924M	-362M
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	28.29M	43M	35.12M	96.63M	63.62M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	25.67M	-
Other Investing Activities, Total	-28.16M	-41.71M	-30.92M	-24.33M	-29.41M
Cash from Investing	-1.73B	-1.43B	-693M	-826M	-328M
Long-Term Debt Issued, Total	2.15B	1.5B	200M	1.99B	1.42B
Total Debt Issued	2.15B	1.5B	200M	1.99B	1.42B
Long-Term Debt Repaid, Total	-1.08B	-863M	-264M	-1.44B	-1.34B
Total Debt Repaid	-1.08B	-863M	-264M	-1.44B	-1.34B
Issuance of Common Stock	733M	566M	405M	149M	6.07M
Repurchase of Common Stock	-2.68M	-4.81M	-3.97M	-9.02M	-162M
Issuance of Preferred Stock	-	-	-	-	-
Repurchase of Preferred Stock	-499M	-155M	-	-	-
Common Dividends Paid	-146M	-253M	-319M	-384M	-446M
Preferred Dividends Paid	-37.92M	-17.08M	-13.94M	-13.94M	-13.94M
Common & Preferred Stock Dividends Paid	-184M	-270M	-333M	-397M	-460M
Other Financing Activities, Total	-45.37M	14.94M	-45.47M	-152M	-120M
Cash from Financing	1.06B	786M	-42.21M	143M	-656M
Net Change in Cash	-73.31M	26.19M	3.9M	128M	-120M
Supplemental Items
Cash Interest Paid	95.79M	116M	128M	128M	172M
Net Debt Issued / Repaid	1.06B	634M	-64.47M	552M	80.6M
Levered Free Cash Flow	184M	635M	748M	606M	720M
Unlevered Free Cash Flow	247M	707M	824M	698M	826M
Change In Net Working Capital	291M	-61.12M	-121M	60.93M	-13.13M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.65	1.66	1.77	1.92	2.12
Return on Total Capital	1.7	1.72	1.85	2	2.2
Return On Equity %	3.19	4.46	5.83	6.04	6.6
Return on Common Equity	2.28	3.98	5.42	5.62	6.17
Margin Analysis
Gross Profit Margin %	53.77	53.83	54.44	55.61	56.17
SG&A Margin	4.33	4.57	4.6	5.03	4.71
EBITDA Margin %	49.14	49.08	49.66	50.58	51.45
EBITA Margin %	20.84	20.64	21.72	23.18	24.42
EBIT Margin %	20.84	20.64	21.72	23.18	24.42
Income From Continuing Operations Margin %	16.15	20.8	26.62	27.08	27.75
Net Income Margin %	14.5	18.32	23.42	23.86	24.48
Net Avail. For Common Margin %	10.34	16.77	22.49	22.97	23.66
Normalized Net Income Margin	6.02	4.96	5.21	5.6	5.89
Levered Free Cash Flow Margin	14.15	42.58	46.09	35.03	38.91
Unlevered Free Cash Flow Margin	18.98	47.45	50.73	40.35	44.63
Asset Turnover
Asset Turnover	0.13	0.13	0.13	0.13	0.14
Fixed Assets Turnover	0.14	0.15	0.15	0.15	0.16
Receivables Turnover (Average Receivables)	32.42	34.29	37.95	39.57	42.31
Short Term Liquidity
Current Ratio	2.77	2.15	0.64	2.15	2.19
Quick Ratio	0.27	0.25	0.07	0.48	0.36
Operating Cash Flow to Current Liabilities	1.81	1.42	0.49	1.56	2.04
Days Sales Outstanding (Average Receivables)	11.26	10.64	9.62	9.25	8.63
Average Days Payable Outstanding	0.47	1.81	10.31	8.62	0.09
Long Term Solvency
Total Debt/Equity	57.87	63.23	58.54	64.05	66.32
Total Debt / Total Capital	36.65	38.74	36.92	39.04	39.87
LT Debt/Equity	57.82	63.18	46.09	63.87	66.26
Long-Term Debt / Total Capital	36.63	38.7	29.07	38.93	39.84
Total Liabilities / Total Assets	38.53	41.07	39.68	41.35	41.78
EBIT / Interest Expense	2.37	2.28	2.52	2.42	2.44
EBITDA / Interest Expense	5.61	5.45	5.78	5.33	5.19
(EBITDA - Capex) / Interest Expense	5.42	5.45	5.78	5.33	5.19
Total Debt / EBITDA	6.05	6.17	5.53	5.7	5.32
Net Debt / EBITDA	5.97	6.07	5.46	5.48	5.21
Total Debt / (EBITDA - Capex)	6.27	6.17	5.53	5.7	5.32
Net Debt / (EBITDA - Capex)	6.19	6.07	5.46	5.48	5.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.2	14.32	8.93	6.47	7.03
Gross Profit, 1 Yr. Growth %	12.52	14.44	10.17	8.76	8.1
EBITDA, 1 Yr. Growth %	12.32	14.17	10.21	8.44	8.89
EBITA, 1 Yr. Growth %	17.45	13.22	14.63	13.61	12.77
EBIT, 1 Yr. Growth %	17.45	13.22	14.63	13.61	12.77
Earnings From Cont. Operations, 1 Yr. Growth %	35.99	47.24	39.39	8.33	9.67
Net Income, 1 Yr. Growth %	34.71	44.45	39.19	8.49	9.83
Diluted EPS Before Extra, 1 Yr. Growth %	47.85	73.17	42.06	7.08	9.26
Normalized Net Income, 1 Yr. Growth %	33.31	-5.84	14.36	14.39	12.74
Net Property, Plant and Equip., 1 Yr. Growth %	12.86	9.55	4.89	4.87	1.18
Accounts Receivable, 1 Yr. Growth %	-2.59	19.06	0.17	4.04	-3.67
Total Assets, 1 Yr. Growth %	14.27	11.06	4.21	5.46	-1.04
Common Equity, 1 Yr. Growth %	4.68	7.2	7.26	2.76	-1.76
Tangible Book Value, 1 Yr. Growth %	4.78	7.35	7.4	2.81	-1.79
Cash From Operations, 1 Yr. Growth %	25.54	11.81	10.99	9.86	6.51
Capital Expenditures, 1 Yr. Growth %	19.65	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-53.17	206.85	17.91	-19.41	18.88
Unlevered Free Cash Flow, 1 Yr. Growth %	-46.16	162.1	16.46	-15.64	18.38
Dividend Per Share, 1 Yr. Growth %	100	80	22.22	18.18	15.38
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.32	12.75	11.59	7.69	6.75
Gross Profit, 2 Yr. CAGR %	7.37	13.48	12.28	9.46	8.43
EBITDA, 2 Yr. CAGR %	7.26	13.24	12.18	9.32	8.66
EBITA, 2 Yr. CAGR %	7.39	15.32	13.92	14.12	13.19
EBIT, 2 Yr. CAGR %	7.39	15.32	13.92	14.12	13.19
Earnings From Cont. Operations, 2 Yr. CAGR %	16.08	41.51	43.26	22.88	9
Net Income, 2 Yr. CAGR %	15.79	39.49	41.79	22.88	9.16
Diluted EPS Before Extra, 2 Yr. CAGR %	19.65	60.01	56.84	23.33	8.16
Normalized Net Income, 2 Yr. CAGR %	16.65	16.98	3.77	14.36	13.56
Net Property, Plant and Equip., 2 Yr. CAGR %	8.71	11.19	7.2	4.88	3.01
Accounts Receivable, 2 Yr. CAGR %	21.42	7.69	3.88	2.08	0.11
Total Assets, 2 Yr. CAGR %	9.76	12.65	7.58	4.84	2.16
Common Equity, 2 Yr. CAGR %	6.57	5.93	7.23	4.99	0.47
Tangible Book Value, 2 Yr. CAGR %	6.79	6.05	7.37	5.08	0.48
Cash From Operations, 2 Yr. CAGR %	14.01	18.48	11.4	10.43	8.17
Capital Expenditures, 2 Yr. CAGR %	91.16	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-17.51	24.02	90.21	-2.31	-1.91
Unlevered Free Cash Flow, 2 Yr. CAGR %	-15.06	21.6	74.71	-0.69	0.12
Dividend Per Share, 2 Yr. CAGR %	41.42	89.74	48.32	20.18	16.77
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.72	9.6	11.46	9.86	7.47
Gross Profit, 3 Yr. CAGR %	6.51	9.67	12.36	11.1	9.01
EBITDA, 3 Yr. CAGR %	6.36	9.52	12.22	10.92	9.18
EBITA, 3 Yr. CAGR %	6.51	9.3	15.09	13.82	13.66
EBIT, 3 Yr. CAGR %	6.51	9.3	15.09	13.82	13.66
Earnings From Cont. Operations, 3 Yr. CAGR %	23.26	25.66	40.8	30.52	18.31
Net Income, 3 Yr. CAGR %	20.43	24.65	39.39	29.69	18.37
Diluted EPS Before Extra, 3 Yr. CAGR %	72.67	35.34	53.79	38.11	18.45
Normalized Net Income, 3 Yr. CAGR %	9.18	8.61	16.1	7.19	13.82
Net Property, Plant and Equip., 3 Yr. CAGR %	5.92	8.99	9.05	6.42	3.63
Accounts Receivable, 3 Yr. CAGR %	18.05	20.63	1.67	3.93	0.13
Total Assets, 3 Yr. CAGR %	6.79	10.19	9.77	6.87	2.84
Common Equity, 3 Yr. CAGR %	4.88	6.78	6.37	5.72	2.69
Tangible Book Value, 3 Yr. CAGR %	5.08	6.98	6.5	5.83	2.74
Cash From Operations, 3 Yr. CAGR %	13.15	13.27	15.93	10.89	9.1
Capital Expenditures, 3 Yr. CAGR %	92.08	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-16.23	32.79	21.95	43.07	4.29
Unlevered Free Cash Flow, 3 Yr. CAGR %	-13.33	27.28	19.86	37.24	5.3
Dividend Per Share, 3 Yr. CAGR %	25.99	53.26	63.86	37.51	18.56
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.21	9.19	8.64	8.83	9.55
Gross Profit, 5 Yr. CAGR %	7.64	8.6	8.79	9.59	10.77
EBITDA, 5 Yr. CAGR %	8.76	8.48	8.65	9.44	10.79
EBITA, 5 Yr. CAGR %	12.11	9.11	9.42	11.2	14.32
EBIT, 5 Yr. CAGR %	12.11	9.11	9.42	11.2	14.32
Earnings From Cont. Operations, 5 Yr. CAGR %	82.34	32.3	30.9	24.54	27.09
Net Income, 5 Yr. CAGR %	95.07	27.52	28.56	23.94	26.4
Diluted EPS Before Extra, 5 Yr. CAGR %	23.39	53.33	66.15	30.41	33.59
Normalized Net Income, 5 Yr. CAGR %	107.59	3.56	6.98	10.88	15.08
Net Property, Plant and Equip., 5 Yr. CAGR %	5.17	5.51	6.43	7.33	6.59
Accounts Receivable, 5 Yr. CAGR %	18.45	18.71	12.16	10.6	1.05
Total Assets, 5 Yr. CAGR %	6.22	7.18	7.11	8.02	6.66
Common Equity, 5 Yr. CAGR %	7.64	4.76	5.82	6.06	3.97
Tangible Book Value, 5 Yr. CAGR %	7.9	4.91	5.99	6.21	4.05
Cash From Operations, 5 Yr. CAGR %	16.37	11.51	12.45	12.13	12.76
Capital Expenditures, 5 Yr. CAGR %	11.48	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	-6.73	9.38	18.98	17.44	11.78
Unlevered Free Cash Flow, 5 Yr. CAGR %	-5.48	8.8	16.72	15.25	11.54
Dividend Per Share, 5 Yr. CAGR %	14.87	29.2	34.49	39.06	43.1