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

13 Aug, 2014, 16:01 ET from American Residential Properties, Inc.

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