American Residential Properties, Inc. Reports Second Quarter 2014 Financial Results

SCOTTSDALE, Ariz., Aug. 13, 2014 /PRNewswire/ -- American Residential Properties, Inc. (NYSE: ARPI) (the "Company") today reported its results for the quarter ended June 30, 2014.

Second Quarter 2014 Highlights

  • 19% increase in total revenue to $20.8 million compared to the prior quarter.
  • Acquired 443 single-family homes.
  • 9% increase in the aggregate investment deploying $80.5 million to acquire and restore single-family homes.
  • 7% increase in the number of homes owned compared to the prior quarter, bringing total portfolio to 7,205.
  • 16% increase in the number of leased properties, or 884 properties, compared to the prior quarter.
  • Achieved an occupancy rate of 89% on the total portfolio and 95% on stabilized properties.
  • Increased rents by an average of 3.1% on renewals.
  • Owned $27 million in short-term private mortgage loans with a weighted-average interest rate of 11.8%.
  • Core FFO attributable to common stockholders was $3.6 million, or $0.11 per diluted share.
  • FFO attributable to common stockholders was $2.9 million, or $0.09 per diluted share.
  • Amended our revolving credit facility, increasing the maximum borrowing capacity to $500 million, with an accordion feature that permits increasing capacity to $750 million.

"Our second quarter performance demonstrated substantial progress on several fronts," said Stephen G. Schmitz, Chairman and Chief Executive Officer of American Residential Properties, Inc. "From a leasing standpoint, the occupancy rate on our total portfolio of 7,205 homes grew to 89 percent, a 10 percent increase over the first quarter. Occupancy for our stabilized properties grew to 95 percent over the same period.  As to earnings, we generated double digit core FFO of $0.11 per share on revenue of $20.8 million, which is up 19 percent from the first quarter.  Further, on June 27, we expanded our credit facility for the third time since our IPO to $500 million with an accordion of $750 million, and, on August 6, announced the planned launch of a securitization transaction.

"An improving economy and new household formation are driving increased single family rental demand.  These factors, combined with our financing flexibility, position American Residential Properties for continued positive momentum going forward," said Mr. Schmitz.

Financial Results

Total Revenue

Total revenue for the quarter ended June 30, 2014 increased $3.3 million to $20.8 million, compared to $17.5 million for the quarter ended March 31, 2014, and increased $12.4 million compared to $8.4 million for the quarter ended June 30, 2013. The increase in total revenue from the prior quarter is primarily attributable to higher rental income generated from the leases of an additional 884 homes.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the quarter ended June 30, 2014 decreased $0.1 million to $(7.6) million, or $(0.24) per diluted share, compared to $(7.7) million, or $(0.24) per diluted share, for the quarter ended March 31, 2014, and decreased $0.5 million compared to $(8.1) million, or $(0.31) per diluted share, for the quarter ended June 30, 2013.

FFO and Core FFO Attributable to Common Stockholders

Funds from operations ("FFO") attributable to common stockholders for the quarter ended June 30, 2014 increased $1.4 million to $2.9 million, or $0.09 per diluted share, compared to $1.5 million, or $0.05 per diluted share, for the quarter ended March 31, 2014, and increased $6.5 million compared to $(3.6) million, or $(0.14) per diluted share, for the quarter ended June 30, 2013. 

Core funds from operations ("Core FFO") attributable to common stockholders for the quarter ended June 30, 2014 increased $1.4 million to $3.6 million, or $0.11 per diluted share, compared to $2.2 million, or $0.07 per diluted share, for the quarter ended March 31, 2014, and increased $1.4 million compared to $2.2 million, or $0.08 per diluted share, for the quarter ended June 30, 2013.

Portfolio Highlights

Real Estate Acquisitions

From April 1, 2014 to June 30, 2014, the Company acquired 443 single-family homes, of which 134 are in Florida, 110 are in Tennessee, 94 are in Texas, 90 are in Georgia, 8 are in North Carolina, 6 are in Indiana and 1 is in Arizona, and incurred renovation costs on the Company's acquired homes and existing portfolio, for a total capital investment of approximately $86 million.

Portfolio

As of June 30, 2014, the Company owned 7,205 single-family homes in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas for a total investment of approximately $1.0 billion. As of June 30, 2014, approximately 89% of the Company's portfolio was leased.

Operating Metrics

The following table summarizes the Company's portfolio and operating metrics:



As of June 30,

2014


As of March 31,

2014



Number

of Homes


%

Leased


Number

of Homes


%

Leased

Portfolio of single-family homes













Self-managed


6,595



87.6

%


6,152



79.5

%

Preferred operator program


610



100.0

%


610



100.0

%

Total


7,205



88.6

%


6,762



81.4

%














Portfolio of stabilized single-family homes(1)













Self-managed


6,099



94.7

%


5,277



92.7

%

Preferred operator program


610



100.0

%


610



100.0

%

Total


6,709



95.2

%


5,887



93.4

%














Portfolio of single-family homes owned for six months or longer













Self-managed


5,479



91.7

%


4,904



87.7

%

Preferred operator program


595



100.0

%


536



100.0

%

Total


6,074



92.5

%


5,440



88.9

%

______________

(1) Properties are considered stabilized when renovations have been completed and the properties have been leased or available for rent for a period of greater than 90 days. Properties with in-place leases at the date of acquisition are also considered stabilized even though these properties have not been renovated by us and may require future renovations to meet our standards.

Recent Developments

From July 1, 2014 to July 31, 2014, the Company acquired 242 single-family homes for a total purchase price of approximately $36 million and contracted to acquire 434 additional homes for a total purchase price of approximately $73 million. Of the 676 homes the Company acquired or contracted to acquire during this period, 241 are in Georgia, 150 are in Texas, 125 are in Tennessee, 83 are in Florida and 77 are in North Carolina. There is no assurance that the Company will close on the properties it has under contract.

Conference Call

The Company will host a conference call commencing at 11:00 a.m. Eastern Time on Thursday, August 14, 2014, to discuss its financial results for the quarter ended June 30, 2014 and to provide a Company update. To participate in the event by telephone, please dial (800) 446-2782 approximately ten minutes prior to the start time (to allow time for registration) and use conference ID 37865128. International callers should dial (847) 413-3235 and enter the same conference ID number.

You may listen to the teleconference via live webcast on the Internet on the Company's website at www.amresprop.com in the Investor Relations section under the Calendar of Events link.

A replay of the conference call will be available for two weeks, beginning August 14, 2014 at 1:30 p.m. Eastern Time, until August 28, 2014 at 11:59 p.m. Eastern Time. To access the replay, dial (888) 843-7419 and use conference ID 37865128#. International callers should dial (630) 652-3042 and enter the same conference ID number.

Non-GAAP Financial Measures

FFO and Core FFO

FFO is a widely recognized measure of real estate investment trust, or REIT, performance. The Company calculates FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (as computed in accordance with U.S. generally accepted accounting principles, or GAAP), excluding gains from disposition of property, plus real estate-related depreciation and amortization (including capitalized leasing costs).

The Company also presents Core FFO, which is FFO excluding acquisition costs and items that are non-recurring or not related to the Company's core business activities. FFO and Core FFO are supplemental non-GAAP financial measures. Management uses FFO and Core FFO as supplemental performance measures because FFO and Core FFO account for trends in occupancy rates, rental rates and operating costs. The Company also believes that, as widely recognized measures of the performance of REITs, FFO and Core FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs.

However, because FFO and Core FFO exclude depreciation and amortization and capture neither the changes in the value of the Company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Company's properties, all of which have real economic effects and could materially impact the Company's results of operations, the utility of FFO and Core FFO as measures of the Company's performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, the Company's FFO and Core FFO may not be comparable to those of other REITs. As a result, FFO and Core FFO should be considered only as supplements to net income (loss) as a measure of the Company's performance. FFO and Core FFO should not be used as measures of the Company's liquidity, nor is either indicative of funds available to fund the Company's cash needs, including the Company's ability to pay dividends or make distributions. FFO and Core FFO also should not be used as supplements to or substitutes for net income (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

About American Residential Properties, Inc.

American Residential Properties, Inc. is an internally managed real estate company, organized as a REIT for federal income tax purposes, that acquires, owns and manages single-family homes as rental properties in select communities nationwide. The Company's primary business strategy is to acquire, restore, lease and manage single-family homes as well-maintained investment properties to generate attractive, risk-adjusted returns over the long-term. With a vertically integrated real estate acquisition and management platform incorporating disciplined acquisition criteria, extensive research, seasoned personnel and comprehensive operations, the Company is well-positioned to execute its strategy.

Additional information about American Residential Properties, Inc. can be found on the Company's website at www.amresprop.com.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan" or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Examples of forward-looking statements include descriptions of rental demand and the Company's financing flexibility. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the single-family rental industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission.

All information in this press release is current as of the date of this release. The Company undertakes no obligation to update the statements in this release to conform the statements to actual results or changes in the Company's expectations.

 


AMERICAN RESIDENTIAL PROPERTIES, INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share amounts)




June 30, 2014

(unaudited)


December 31,

2013


Assets







Investment in real estate:







Land


$

195,246



$

158,795


Building and improvements


793,438



627,881


Furniture, fixtures and equipment


8,198



6,930




996,882



793,606


Less: accumulated depreciation


(35,184)



(18,058)


Investment in real estate, net


961,698



775,548


Mortgage financings


27,937



43,512


Cash and cash equivalents


38,096



24,294


Acquisition deposits


4,415



282


Rents and other receivables, net


2,896



2,949


Deferred leasing costs and lease intangibles, net


3,678



2,454


Deferred financing costs, net


6,383



6,558


Investment in unconsolidated ventures


26,262



26,611


Goodwill


3,500



3,500


Other, net


8,690



8,494


Total assets


$

1,083,555



$

894,202









Liabilities and Equity







Liabilities:







Revolving credit facility


$

364,000



$

169,000


Exchangeable senior notes, net


100,733



99,377


Accounts payable and accrued expenses


16,244



12,862


Security deposits


6,604



3,995


Prepaid rent


2,794



1,549


Total liabilities


490,375



286,783


Equity:







American Residential Properties, Inc. stockholders' equity:







Preferred stock, $0.01 par value, 100,000,000 shares authorized; no shares issued and outstanding





Common stock $0.01 par value, 500,000,000 shares authorized; 32,192,146 and 32,171,102 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively


322



322


Additional paid-in capital


628,493



628,210


Accumulated deficit


(46,400)



(31,122)


Total American Residential Properties, Inc. stockholders' equity


582,415



597,410


Non-controlling interests


10,765



10,009


Total equity


593,180



607,419


Total liabilities and equity


$

1,083,555



$

894,202


 


AMERICAN RESIDENTIAL PROPERTIES, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(amounts in thousands, except share and per-share amounts)

(unaudited)




Three Months Ended
 June 30,


Six Months Ended
 June 30,



2014



2013



2014



2013


Revenue:













   Self-managed rental revenue


$

18,178



$

4,959



$

32,740



$

7,910


   Preferred operator rental revenue


1,310



1,999



2,678



3,370


   Management services (related party)


108



110



221



214


   Interest and other


1,158



1,340



2,569



2,161


Total revenue


20,754



8,408



38,208



13,655


Expenses:













   Property operating and maintenance


4,933



1,503



9,079



2,426


   Real estate taxes


3,661



1,027



6,772



1,524


   Homeowners' association fees


505



365



965



518


   Acquisition


14



1,674



81



3,449


   Depreciation and amortization


10,920



4,638



20,384



7,778


   General, administrative and other


3,498



6,676



7,218



9,213


   Interest


4,869



682



9,099



1,053


Total expenses


28,400



16,565



53,598



25,961


Loss from continuing operations before equity in net (loss) income of unconsolidated ventures


(7,646)



(8,157)



(15,390)



(12,306)


Equity in net (loss) income of unconsolidated ventures


(96)



(30)



(146)



60


Net loss and comprehensive loss


(7,742)



(8,187)



(15,536)



(12,246)


Net loss and comprehensive loss attributable to non-controlling interests


133



116



258



151


Net loss and comprehensive loss attributable to common stockholders


$

(7,609)



$

(8,071)



$

(15,278)



$

(12,095)


Basic and diluted loss per share:













   Net loss attributable to common stockholders


$

(0.24)



$

(0.31)



$

(0.48)



$

(0.55)


Weighted-average number of shares of common stock outstanding


32,135,439



25,651,231



32,133,099



22,053,021


 

AMERICAN RESIDENTIAL PROPERTIES, INC

Reconciliation of Net Loss to Funds from Operations (FFO)

(amounts in thousands, except share and per-share amounts)

(unaudited)




Three Months Ended
 June 30,


Six Months Ended
 June 30,



2014



2013



2014



2013


Net loss


$

(7,742)



$

(8,187)



$

(15,536)



$

(12,246)


Add: Depreciation and amortization of real estate assets


10,711



4,556



20,004



7,657


FFO


$

2,969



$

(3,631)



$

4,468



$

(4,589)


FFO attributable to common stockholders(1)


$

2,918



$

(3,580)



$

4,394



$

(4,533)


FFO per share of common stock













Basic


$

0.09



$

(0.14)



$

0.14



$

(0.21)


Diluted(2)


$

0.09



$

(0.14)



$

0.13



$

(0.21)


Weighted-average number of shares of common stock outstanding:













Basic


32,135,439



25,651,231



32,133,099



22,053,021


Diluted(2)


32,762,816



25,651,231



32,764,537



22,053,021


______________

(1) Based on a weighted-average interest in the Company's operating partnership of approximately 98.28% and 98.60%, for the three months ended June 30, 2014 and 2013, respectively, and 98.34% and 98.77% for the six months ended June 30, 2014 and 2013, respectively.


(2) Assumes the issuance of potentially issuable shares unless the result would be anti-dilutive. Potentially issuable shares include operating partnership units, vested LTIP unit interests in the Company's operating partnership ("LTIP units"), unvested LTIP units and unvested restricted common stock.

 

AMERICAN RESIDENTIAL PROPERTIES, INC

Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (Core FFO)

(amounts in thousands, except share and per-share amounts)

(unaudited)




Three Months Ended
 June 30,


Six Months Ended
 June 30,



2014



2013



2014



2013


FFO


$

2,969



$

(3,631)



$

4,468



$

(4,589)


Add: Non-recurring cash compensation paid upon completion of the IPO




1,000





1,000


Add: Non-recurring stock-based compensation related to the vesting of LTIP units upon completion of the IPO




3,142





3,142


Add: Acquisition expense(1)


14



1,674



81



3,449


Add: Non-cash interest expense related to amortization of discount on exchangeable senior notes


692





1,356




Core FFO


$

3,675



$

2,185



$

5,905



$

3,002


Core FFO attributable to common stockholders(2)


$

3,612



$

2,154



$

5,807



$

2,965


Core FFO per share of common stock













   Basic


$

0.11



$

0.08



$

0.18



$

0.13


Diluted(3)


$

0.11



$

0.08



$

0.18



$

0.13


Weighted-average number of shares of common stock outstanding:













   Basic


32,135,439



25,651,231



32,133,099



22,053,021


Diluted(3)


32,762,816



26,693,899



32,764,537



22,088,049


______________

(1) Includes acquisition expenses primarily related to costs incurred on acquired properties subject to an existing lease and accounted for as a business combination, in accordance with GAAP.


(2) Based on a weighted-average interest in the Company's operating partnership of approximately 98.28% and 98.60%, for the three months ended June 30, 2014 and 2013, respectively, and 98.34% and 98.77% for the six months ended June 30, 2014 and 2013, respectively.


(3) Assumes the issuance of potentially issuable shares unless the result would be anti-dilutive. Potentially issuable shares include operating partnership units, vested LTIP units, unvested LTIP units and unvested restricted common stock.

 

AMERICAN RESIDENTIAL PROPERTIES, INC

Total Portfolio of Single-Family Homes—Summary Statistics

(unaudited)


The following table presents summary statistics of the Company's entire portfolio of single-family homes by metropolitan statistical area, or MSA, and metropolitan division, or metro division, as of June 30, 2014, in descending order of aggregate investment


MSA/Metro Division


 Number of Homes


 Aggregate Investment (thousands)


 Average Investment Per Home(1)


 Percentage Leased(2)


 Average Age (years)


 Average Size (square feet)

Phoenix, AZ


1,381



$

200,617



$

145,269



94.9

%


17



1,713


Houston, TX


1,071



$

157,705



$

147,250



94.9

%


7



1,928


Dallas-Fort Worth, TX


753



$

120,819



$

160,450



94.3

%


11



2,095


Nashville, TN


477



$

78,567



$

164,711



89.7

%


10



1,868


Chicago, IL


511



$

66,787



$

130,699



100.0

%


55



1,404


Atlanta, GA


480



$

59,501



$

123,960



65.0

%


17



1,960


Other Texas


307



$

53,443



$

174,081



95.4

%


10



1,967


Florida


419



$

49,775



$

118,795



62.8

%


13



1,620


Inland Empire, CA


213



$

38,441



$

180,474



93.4

%


16



1,915


Indianapolis, IN


555



$

36,382



$

65,553



68.3

%


52



1,316


Charlotte, NC-SC


223



$

33,737



$

151,287



93.3

%


9



1,995


Raleigh, NC


206



$

30,554



$

148,320



87.4

%


8



1,710


Winston-Salem, NC


234



$

29,364



$

125,487



98.3

%


12



1,421


Other California


82



$

10,751



$

131,110



91.5

%


36



1,336


Las Vegas, NV


68



$

7,433



$

109,309



92.6

%


15



1,553


Other MSAs/Metro Divisions


225



$

33,011



$

146,716



92.9

%


9



1,605


Total/Weighted Average


7,205



$

1,006,887



$

139,748



88.6

%


19



1,760


______________

(1) For self-managed homes, represents average purchase price (including broker commissions and closing costs) plus average capital expenditures. For preferred operator program homes, represents purchase price (including broker commissions and closing costs) paid by the Company for the portfolio divided by the number of homes in the portfolio and does not include past, expected or budgeted general and administrative expenses associated with ongoing monitoring activities of the Company's investment. The preferred operator is obligated to pay for all taxes, insurance, other expenses and capital expenditures (including significant capital improvements) required for the management, operation and maintenance of the properties. Accordingly, absent a default by the preferred operator under a long-term lease agreement with the Company, the Company expects to incur no expenses related to properties under the Company's preferred operator program, other than general and administrative expenses associated with ongoing monitoring activities of the Company's investment.


(2) Includes both self-managed homes and preferred operator program homes. The Company classifies homes in its preferred operator program as 100% leased, because each preferred operator is obligated to pay the Company 100% of the base rent specified in the applicable lease irrespective of whether or not the homes are occupied by residential sub-tenants. This does not mean that 100% of the homes leased to preferred operators are occupied by residential sub-tenants. If a preferred operator is unable to lease a material portion of the homes it leases from the Company to residential sub-tenants, it may adversely affect the operator's ability to pay rent to the Company under the lease.

 

AMERICAN RESIDENTIAL PROPERTIES, INC

Portfolio of Self-Managed Single-Family Homes—Summary Statistics

(unaudited)


The following table presents summary statistics on the Company's portfolio of single-family homes that the Company manages by MSA and metro division as of June 30, 2014, in descending order of aggregate investment
















Leased Homes

MSA/Metro Division


 Number of Homes


 Average Purchase Price Per Home(1)


 Average Capital Expenditures Per Home(2)


 Average Investment Per Home(3)


 Aggregate Investment (thousands)


 Percentage Leased


 Average Age (years)


 Average Size (square feet)


 Average Monthly Rent Per Leased Home


Annual Average Rent per Leased Home as a Percentage of Average Investment Per Leased Home(4)

Phoenix, AZ


1,381



$

138,085



$

7,184



$

145,269



$

200,617



94.9

%


17



1,713



$

1,036



8.6

%

Houston, TX


1,071



$

140,839



$

6,411



$

147,250



$

157,705



94.9

%


7



1,928



$

1,381



11.3

%

Dallas-Fort Worth, TX


753



$

149,891



$

10,559



$

160,450



$

120,819



94.3

%


11



2,095



$

1,447



10.8

%

Nashville, TN


477



$

154,892



$

9,819



$

164,711



$

78,567



89.7

%


10



1,868



$

1,359



10.0

%

Atlanta, GA


480



$

114,373



$

9,587



$

123,960



$

59,501



65.0

%


17



1,960



$

1,114



11.1

%

Other Texas


307



$

162,875



$

11,206



$

174,081



$

53,443



95.4

%


10



1,967



$

1,561



10.8

%

Florida


419



$

112,884



$

5,911



$

118,795



$

49,775



62.8

%


13



1,620



$

960



11.1

%

Inland Empire, CA


213



$

156,562



$

23,912



$

180,474



$

38,441



93.4

%


16



1,915



$

1,400



9.3

%

Charlotte, NC-SC


223



$

143,531



$

7,756



$

151,287



$

33,737



93.3

%


9



1,995



$

1,190



9.5

%

Indianapolis, IN


456



$

65,409



$

4,260



$

69,669



$

31,769



61.4

%


50



1,349



$

823



13.9

%

Raleigh, NC


206



$

141,220



$

7,100



$

148,320



$

30,554



87.4

%


8



1,710



$

1,222



9.8

%

Winston-Salem, NC


234



$

122,619



$

2,868



$

125,487



$

29,364



98.3

%


12



1,421



$

1,074



10.3

%

Other California


82



$

109,989



$

21,121



$

131,110



$

10,751



91.5

%


36



1,336



$

1,051



9.5

%

Las Vegas, NV


68



$

97,742



$

11,567



$

109,309



$

7,433



92.6

%


15



1,553



$

1,033



11.3

%

Other MSAs/Metro Divisions


225



$

139,782



$

6,934



$

146,716



$

33,011



92.9

%


9



1,605



$

1,256



10.1

%

Total/Weighted Average


6,595



$

133,521



$

8,327



$

141,848



$

935,487



87.6

%


15



1,797



$

1,222



10.2

%

______________

(1) Average purchase price includes broker commissions and closing costs.


(2) Represents average capital expenditures per home as of June 30, 2014. Does not include additional expected or future capital expenditures.


(3) Represents average purchase price plus average capital expenditures.


(4) Represents annualized average monthly rent per leased home as a percentage of the Company's average investment (average purchase price per home plus average capital expenditures) per leased home. Does not include a provision for payment of ongoing property expenses (such as insurance, taxes, homeowners' association fees and maintenance) or an allocation of the Company's general and administrative expense, all of which materially impact the Company's results. Accordingly, it should not be interpreted as a measure of profitability, and its utility in evaluating the Company's business is limited. Average monthly rent for leased homes may not be indicative of average rents the Company may achieve on its vacant homes.

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Total Portfolio of Stabilized(1) Single-Family Homes—Summary Statistics

(unaudited)


MSA/Metro Division


 Number of Homes


 Average Investment Per Home (2)


 Homes Leased


 Homes Vacant (3)


 Percentage Leased

Phoenix, AZ


1,379



$

145,343



1,311



68



95.1

%

Houston, TX


1,050



$

147,073



1,016



34



96.8

%

Dallas-Fort Worth, TX


732



$

160,734



710



22



97.0

%

Chicago, IL


511



$

130,698



511





100.0

%

Indianapolis, IN


430



$

65,367



379



51



88.1

%

Nashville, TN


430



$

162,844



428



2



99.5

%

Atlanta, GA


355



$

115,565



312



43



87.9

%

Other Texas


304



$

173,974



293



11



96.4

%

Florida


289



$

101,149



263



26



91.0

%

Winston-Salem, NC


232



$

125,441



230



2



99.1

%

Charlotte, NC-SC


215



$

150,736



208



7



96.7

%

Inland Empire, CA


213



$

180,473



199



14



93.4

%

Raleigh, NC


198



$

149,349



180



18



90.9

%

Other California


82



$

131,104



75



7



91.5

%

Las Vegas, NV


66



$

109,755



63



3



95.5

%

Other MSAs/Metro Divisions


223



$

146,232



209



14



93.7

%

Total/Weighted Average


6,709



$

140,215



6,387



322



95.2

%

______________

(1) Properties are considered stabilized when renovations have been completed and the properties have been leased or available for rent for a period of greater than 90 days. Includes properties with in-place leases at the date of acquisition.


(2) Represents average purchase price plus average capital expenditures.


(3) As of June 30, 2014, 172 homes were available for rent, 123 homes were undergoing renovation and 27 homes were occupied with no lease.

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Portfolio of Self-Managed Stabilized(1) Single-Family Homes—Summary Statistics

(unaudited)


MSA/Metro Division


 Number of Homes


 Average Investment Per Home (2)


 Homes Leased


 Homes Vacant (3)


 Percentage Leased

Phoenix, AZ


1,379



$

145,343



1,311



68



95.1

%

Houston, TX


1,050



$

147,073



1,016



34



96.8

%

Dallas-Fort Worth, TX


732



$

160,734



710



22



97.0

%

Nashville, TN


430



$

162,844



428



2



99.5

%

Atlanta, GA


355



$

115,565



312



43



87.9

%

Indianapolis, IN


331



$

70,982



280



51



84.6

%

Other Texas


304



$

173,974



293



11



96.4

%

Florida


289



$

101,149



263



26



91.0

%

Winston-Salem, NC


232



$

125,441



230



2



99.1

%

Charlotte, NC-SC


215



$

150,736



208



7



96.7

%

Inland Empire, CA


213



$

180,473



199



14



93.4

%

Raleigh, NC


198



$

149,349



180



18



90.9

%

Other California


82



$

131,104



75



7



91.5

%

Las Vegas, NV


66



$

109,755



63



3



95.5

%

Other MSAs/Metro Divisions


223



$

146,232



209



14



93.7

%

Total/Weighted Average


6,099



$

142,532



5,777



322



94.7

%

______________

(1) Properties are considered stabilized when renovations have been completed and the properties have been leased or available for rent for a period of greater than 90 days. Includes properties with in-place leases at the date of acquisition.


(2) Represents average purchase price plus average capital expenditures.


(3) As of June 30, 2014, 172 homes were available for rent, 123 homes were undergoing renovation and 27 homes were occupied with no lease.

 

AMERICAN RESIDENTIAL PROPERTIES, INC

Total Portfolio of Single-Family Homes

Owned for Six Months or Longer—Summary Statistics

(unaudited)


The following table presents summary statistics of the Company's portfolio of single-family homes owned for at least six months as of June 30, 2014, in descending order of number of homes


MSA/Metro Division


 Number of Homes


 Average Investment Per Home(1)


 Homes Leased


 Homes Vacant(2)


 Percentage Leased

Phoenix, AZ


1,381



$

145,270



1,311



70



94.9

%

Houston, TX


956



$

144,652



921



35



96.3

%

Dallas-Fort Worth, TX


584



$

160,586



564



20



96.6

%

Chicago, IL


496



$

130,533



496





100.0

%

Indianapolis, IN


493



$

56,504



339



154



68.8

%

Atlanta, GA


260



$

93,596



201



59



77.3

%

Other Texas


249



$

170,380



239



10



96.0

%

Florida


233



$

80,698



201



32



86.3

%

Nashville, TN


224



$

137,217



222



2



99.1

%

Winston-Salem, NC


223



$

125,498



221



2



99.1

%

Inland Empire, CA


213



$

180,473



199



14



93.4

%

Raleigh, NC


203



$

148,467



178



25



87.7

%

Charlotte, NC-SC


191



$

148,608



184



7



96.3

%

Other California


82



$

131,105



75



7



91.5

%

Las Vegas, NV


68



$

109,305



63



5



92.6

%

Other MSAs/Metro Divisions


218



$

145,580



204



14



93.6

%

Total/Weighted Average


6,074



$

134,419



5,618



456



92.5

%

______________

(1) Represents average purchase price plus average capital expenditures.


(2) As of June 30, 2014, 254 homes were available for rent, 171 homes were undergoing renovation and 31 homes were occupied with no lease.

 

 

SOURCE American Residential Properties, Inc.



RELATED LINKS
http://www.amresprop.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.