American Residential Properties, Inc. Reports Second Quarter 2015 Financial Results

Aug 05, 2015, 17:30 ET from American Residential Properties, Inc.

SCOTTSDALE, Ariz., Aug. 5, 2015 /PRNewswire/ -- American Residential Properties, Inc. (NYSE: ARPI) (the "Company") today reported its results for the quarter ended June 30, 2015.

Second Quarter 2015 Highlights

  • Declared Q2 dividend of $0.10 per common share.
  • Achieved Core FFO attributable to common stockholders of $5.4 million, or $0.16 per diluted share, an increase of $0.9 million, or 20.0%, compared to the prior quarter.
  • Produced FFO attributable to common stockholders of $4.5 million, or $0.14 per diluted share, an increase of $0.9 million, or 24.5%, compared to the prior quarter.
  • Increased the leased rate on the total portfolio to 93.6%, up 4.6% from 89.0% as of Q1 of 2015.
  • Reached a leased rate of 94.1% on stabilized properties, up from 92.9% as of Q1 of 2015.
  • Achieved rent increases averaging 3.7% on renewals with an overall resident retention rate of 75.2%.
  • Increased rents on new leases by an average of 4.7% nationwide.
  • Increased revenue, excluding net gain on real estate sales, by 11.9% to $30.7 million compared to the prior quarter.

"I am pleased to report that the execution of our operations-focused strategy continues to drive strong gains in occupancy, customer retention and rent growth in the second quarter.  Our portfolio leased rate increased 460 basis points to 93.6%, and we achieved average rent increases of 3.7% on renewals and 4.7% on new leases while reaching a retention rate of 75%, the highest level attained in the Company's history," said Stephen G. Schmitz, Chairman and Chief Executive Officer of American Residential Properties. "For the second quarter, we reported a 12% increase in revenue, and core FFO attributable to common stockholders increased 20% over the prior quarter. We also declared our first quarterly dividend of $0.10 per share, underscoring our confidence in the opportunities we see in the single family rental market and in our plan to fully realize the cash generating potential of our portfolio to deliver attractive returns for our shareholders."

Financial Results

Total Revenue

Total revenue for the quarter ended June 30, 2015 increased $4.6 million to $32.1 million, compared to $27.5 million for the quarter ended March 31, 2015, and increased $11.3 million compared to $20.8 million for the quarter ended June 30, 2014. The increase in total revenue from the prior quarter is primarily attributable to higher rental income generated from leasing an additional 336 homes and the net gain on sales of real estate of $1.3 million recorded in interest and other income.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the quarter ended June 30, 2015 decreased $1.6 million to $(9.3) million, or $(0.29) per diluted share, compared to $(10.9) million, or $(0.34) per diluted share, for the quarter ended March 31, 2015, and increased $1.7 million compared to $(7.6) million, or $(0.24) per diluted share, for the quarter ended June 30, 2014.

FFO and Core FFO Attributable to Common Stockholders

Funds from operations ("FFO") attributable to common stockholders for the quarter ended June 30, 2015 increased $0.9 million to $4.5 million, or $0.14 per diluted share, compared to $3.6 million, or $0.11 per diluted share, for the quarter ended March 31, 2015, and increased $1.6 million compared to $2.9 million, or $0.09 per diluted share, for the quarter ended June 30, 2014. 

Core funds from operations ("Core FFO") attributable to common stockholders for the quarter ended June 30, 2015 increased $0.9 million to $5.4 million, or $0.16 per diluted share, compared to $4.5 million, or $0.14 per diluted share, for the quarter ended March 31, 2015, and increased $1.8 million compared to 3.6 million, or $0.11 per diluted share, for the quarter ended June 30, 2014.

Portfolio Highlights

Real Estate Dispositions

From April 1, 2015 to June 30, 2015, the Company disposed of 88 non-core, single-family homes, of which 45 are in Georgia, 37 are in Arizona, 5 are in Florida and 1 is in North Carolina for gross proceeds of $10.2 million and a net gain of $1.3 million recorded in interest and other income on the condensed consolidated statement of operations.

Portfolio

As of June 30, 2015, the Company owned 8,947 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 $1.35 billion. As of June 30, 2015, approximately 93.6% of the Company's portfolio was leased.

We incurred renovation costs on the Company's existing portfolio of $5.7 million.

Operating Metrics

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

June 30,  2015

March 31,  2015

December 31,  2014

September 30,  2014

June 30,  2014

Total portfolio of single-family homes

Self-managed homes

8,353

8,444

8,299

7,613

6,595

Self-managed % leased

93.2

%

88.2

%

79.3

%

80.1

%

87.6

%

Local operator homes

594

594

594

610

610

Local operator % leased

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Total Homes

8,947

9,038

8,893

8,223

7,205

Total % Leased

93.6

%

89.0

%

80.7

%

81.6

%

88.6

%

Portfolio of stabilized single-family homes (1)

Self-managed homes

8,306

8,059

7,247

6,572

6,099

Self-managed % leased

93.7

%

92.4

%

90.8

%

92.8

%

94.7

%

Local operator homes

594

594

594

610

610

Local operator % leased

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Total Homes

8,900

8,653

7,841

7,182

6,709

Total % Leased

94.1

%

92.9

%

91.5

%

93.4

%

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. 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.

Conference Call

The Company will host a conference call commencing at 12:00 p.m. Eastern Daylight Time on Thursday, August 6, 2015, to discuss its financial results for the quarter ended June 30, 2015 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 40261235. 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 6, 2015 at 2:30 p.m. Eastern Daylight Time, until August 20, 2015 at 11:59 p.m. Eastern Daylight Time. To access the replay, dial (888) 843-7419 and use conference ID 40261235#. 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 ("REIT") performance. The Company calculates FFO as defined by the National Association of Real Estate Investment Trusts ("NAREIT").  FFO represents net income (loss) (as computed in accordance with U.S. generally accepted accounting principles ("GAAP")), excluding gains from dispositions 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, the utility of FFO and Core FFO is limited as the calculation of each of FFO and Core FFO excludes depreciation and amortization and does not capture capital expenditures and leasing commissions associated with maintaining the Company's properties and the changes in the value of the Company's properties due to use or market conditions, all of which have economic effects that could materially impact the Company's results of operation.  Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to other REITs who may not use the same definition.  Core FFO and FFO should not be considered as substitutes for net income as an important indicator of the Company's operating performance, or as substitutes for cash flow as measures of liquidity or ability to pay dividends or make distributions.

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 opportunities in the single family rental market and the potential to deliver attractive returns for our shareholders. 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, 2015 (unaudited)

December 31,

2014

Assets

Investment in real estate:

Land

$

252,181

$

249,151

Building and improvements

1,073,983

1,042,954

Furniture, fixtures and equipment

10,626

9,508

1,336,790

1,301,613

Less: accumulated depreciation

(83,777)

(58,010)

Investment in real estate, net

1,253,013

1,243,603

Mortgage financings

21,328

21,097

Cash and cash equivalents

20,986

21,270

Restricted cash

10,482

11,473

Acquisition deposits

2,561

Rents and other receivables, net

5,473

4,583

Deferred leasing costs and lease intangibles, net

3,976

3,391

Deferred financing costs, net

12,147

13,037

Investment in unconsolidated ventures

24,735

25,691

Goodwill

3,500

3,500

Other, net

10,019

10,567

Total assets

$

1,365,659

$

1,360,773

Liabilities and Equity

Liabilities:

Revolving credit facility

$

335,000

$

311,000

Exchangeable senior notes, net

103,637

102,188

Securitization loan, net

340,839

340,675

Accounts payable and accrued expenses

23,476

23,507

Security deposits

10,036

7,919

Prepaid rent

2,627

2,919

Total liabilities

815,615

788,208

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; 32,218,371 and 32,195,280 shares issued and outstanding at June 30, 2015 and December 31, 2014

322

322

Additional paid-in capital

625,616

628,662

Accumulated other comprehensive loss

(146)

(96)

Accumulated deficit

(88,323)

(68,101)

Total American Residential Properties, Inc. stockholders' equity

537,469

560,787

Non-controlling interests

12,575

11,778

Total equity

550,044

572,565

Total liabilities and equity

$

1,365,659

$

1,360,773

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(unaudited)

Three Months Ended  June 30,

Six Months Ended  June 30,

2015

2014

2015

2014

Revenue:

   Self-managed rental revenue

$

28,803

$

18,178

$

54,092

$

32,740

   Local operator rental revenue

1,313

1,310

2,666

2,678

   Management services (related party)

39

108

107

221

   Interest and other

1,895

1,158

2,677

2,569

Total revenue

32,050

20,754

59,542

38,208

Expenses:

   Property operating and maintenance

7,504

4,933

13,711

9,079

   Real estate taxes

5,598

3,661

10,607

6,772

   Homeowners' association fees

763

505

1,421

965

   Acquisition

28

14

85

81

   Depreciation and amortization

15,748

10,920

30,893

20,384

   General, administrative and other

4,282

3,498

8,502

7,218

   Interest

7,636

4,869

14,952

9,099

Total expenses

41,559

28,400

80,171

53,598

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

(9,509)

(7,646)

(20,629)

(15,390)

Equity in net income (loss) of unconsolidated ventures

(96)

10

(146)

Net loss

(9,509)

(7,742)

(20,619)

(15,536)

Net loss attributable to non-controlling interests

189

133

397

258

Net loss attributable to common stockholders

$

(9,320)

$

(7,609)

$

(20,222)

$

(15,278)

Basic and diluted loss per share:

   Net loss attributable to common stockholders

$

(0.29)

$

(0.24)

$

(0.63)

$

(0.48)

Weighted-average number of shares of common stock outstanding

32,163,741

32,135,439

32,162,370

32,133,099

Dividend per common share

$

0.10

$

0.10

 

 

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,

2015

2014

2015

2014

Net loss

$

(9,509)

$

(7,742)

$

(20,619)

$

(15,536)

Add: Depreciation and amortization of real estate assets

15,464

10,711

30,325

20,004

Less: Gain on sale of real estate

(1,327)

(1,367)

FFO

$

4,628

$

2,969

$

8,339

$

4,468

FFO attributable to common stockholders(1)

$

4,536

$

2,918

$

8,178

$

4,394

FFO per share of common stock

Basic

$

0.14

$

0.09

$

0.25

$

0.14

Diluted(2)

$

0.14

$

0.09

$

0.25

$

0.13

Weighted-average number of shares of common stock outstanding:

Basic

32,163,741

32,135,439

32,162,370

32,133,099

Diluted(2)

32,833,211

32,762,816

32,831,679

32,764,537

______________

(1)

Based on a weighted-average interest in the Company's operating partnership of approximately 98.01% and 98.28%, for the three months ended June 30, 2015 and 2014, respectively, and 98.07% and 98.34% for the six months ended June 30, 2015 and 2014, 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,

2015

2014

2015

2014

FFO

$

4,628

$

2,969

$

8,339

$

4,468

Add: Acquisition expense(1)

28

14

85

81

Add: Non-cash interest expense related to amortization of discount on debt

822

692

1,613

1,356

Core FFO

$

5,478

$

3,675

$

10,037

$

5,905

Core FFO attributable to common stockholders(2)

$

5,369

$

3,612

$

9,843

$

5,807

Core FFO per share of common stock

Basic

$

0.17

$

0.11

$

0.31

$

0.18

Diluted(3)

$

0.16

$

0.11

$

0.30

$

0.18

Weighted-average number of shares of common stock outstanding:

Basic

32,163,741

32,135,439

32,162,370

32,133,099

Diluted(3)

32,833,211

32,762,816

32,831,679

32,764,537

______________

(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 98.01% and 98.28%, for the three months ended June 30, 2015 and 2014, respectively, and 98.07% and 98.34% for the six months ended June 30, 2015 and 2014, 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 on the Company's total portfolio of single-family homes, including the portfolio of self-managed homes and the portfolio of local operator homes, by MSA and metro division as of June 30, 2015

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)(4)

 Percentage Leased(5)

 Average Age (years)

 Average Size

(square feet)

 Average Monthly Rent(6)

Annual Average Rent as a Percentage of Average Investment(7)

Phoenix, AZ

1,343

$

138,123

$

10,066

$

148,189

$

199,017

96.8

%

17

1,722

$

1,044

8.4

%

Dallas-Fort Worth, TX

1,118

$

153,443

$

13,351

$

166,794

$

186,476

95.5

%

11

2,102

$

1,533

11.0

%

Houston, TX

1,106

$

141,261

$

8,514

$

149,775

$

165,651

89.2

%

7

1,934

$

1,441

11.6

%

Atlanta, GA

1,042

$

140,106

$

15,878

$

155,984

$

162,536

93.6

%

16

2,104

$

1,301

10.0

%

Nashville, TN

833

$

166,172

$

13,158

$

179,330

$

149,382

92.9

%

11

1,864

$

1,452

9.8

%

Florida

618

$

128,172

$

14,870

$

143,042

$

88,400

96.6

%

14

1,727

$

1,210

10.2

%

Other Texas

375

$

166,907

$

12,770

$

179,677

$

67,379

90.7

%

10

1,978

$

1,653

11.1

%

Charlotte, NC-SC

378

$

153,597

$

8,969

$

162,566

$

61,450

87.8

%

10

2,047

$

1,289

9.6

%

Inland Empire, CA

213

$

156,561

$

24,842

$

181,403

$

38,639

93.9

%

16

1,915

$

1,448

9.6

%

Raleigh, NC

241

$

145,302

$

8,981

$

154,283

$

37,182

93.4

%

9

1,746

$

1,253

9.7

%

Indianapolis, IN

455

$

65,441

$

11,546

$

76,987

$

35,029

89.5

%

50

1,351

$

802

12.4

%

Winston-Salem, NC

234

$

122,620

$

4,353

$

126,973

$

29,712

88.0

%

12

1,426

$

1,128

10.6

%

Other California

80

$

110,752

$

22,532

$

133,284

$

10,663

98.8

%

36

1,335

$

1,089

9.8

%

Las Vegas, NV

68

$

97,738

$

13,147

$

110,885

$

7,540

94.1

%

15

1,553

$

1,062

11.5

%

Other MSA/Metro Divisions

249

$

140,952

$

8,730

$

149,682

$

37,271

92.0

%

10

1,639

$

1,275

10.2

%

Total/Weighted Average

Portfolio of Self-Managed Homes

8,353

$

140,668

$

12,131

$

152,799

$

1,276,327

93.2

%

15

1,859

$

1,297

10.2

%

Chicago, IL

511

$

130,705

$

66,790

100.0

%

55

1,406

$

794

7.3

%

Indianapolis, IN

83

$

47,302

$

3,926

100.0

%

59

1,160

$

354

9.0

%

Total/Weighted Average

Portfolio of Local Operator Homes

594

$

119,051

$

70,716

100.0

%

56

1,372

$

733

7.4

%

Total/Weighted Average

Total Portfolio

8,947

$

150,558

$

1,347,043

93.6

%

17

1,826

$

1,257

______________

(1)

Average purchase price includes acquisition costs.

(2)

Represents average capital expenditures per home as of June 30, 2015. Does not include additional expected or future capital expenditures.

(3)

For self-managed homes, represents average purchase price plus average capital expenditures. For homes leased to our local operators, represents purchase price paid by us 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 our investment. The local operator is obligated to pay for all taxes, insurance, other expenses and capital expenditures required for the management, operation and maintenance of the properties. Accordingly, absent a default by the local operator under a long-term lease agreement with us, we expect to incur no expenses related to properties leased to our local operators, other than general and administrative expenses associated with ongoing monitoring activities of our investment.

(4)

Represents purchase price including acquisition costs and purchase price allocated to lease intangibles and acquisition costs expensed, if any, as incurred for homes acquired with an existing lease or homes acquired in portfolios comprised of properties substantially leased, and recorded as a business combination.

(5)

We classify homes leased to our local operators as 100% leased, because each local operator is obligated to pay us 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 local operators are occupied by residential sub-tenants. If a local operator is unable to lease a material number of the homes it leases from us to residential sub-tenants, it may adversely affect the operator's ability to pay rent to us under the lease.

(6)

For self-managed homes, represents the average monthly rent per leased home. For homes leased to our local operators, represents the initial annual base rent payable to us by the local operator pursuant to the portfolio lease divided by 12 and then divided by the number of homes included in the lease. Average monthly rent for leased homes may not be indicative of average rents we may achieve on our vacant homes.

(7)

For self-managed homes, represents annualized average monthly rent per leased home as a percentage of our 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. Accordingly, it should not be interpreted as a measure of profitability, and its utility in evaluating the Company's business is limited. Average annual rent for leased homes may not be indicative of average rents we may achieve on our vacant homes.

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

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

As of June 30, 2015

(unaudited)

MSA/Metro Division

 Number of Homes

 Average Investment Per Home (2)

 Homes Leased

 Homes Vacant (3)

 Percentage Leased

Phoenix, AZ

1,342

$

148,238

1,300

42

96.9

%

Dallas-Fort Worth, TX

1,116

$

166,738

1,068

48

95.7

%

Houston, TX

1,103

$

149,731

986

117

89.4

%

Atlanta, GA

1,024

$

155,841

975

49

95.2

%

Nashville, TN

823

$

178,972

774

49

94.0

%

Florida

617

$

142,959

597

20

96.8

%

Indianapolis, IN

445

$

77,731

407

38

91.5

%

Charlotte, NC-SC

376

$

162,605

332

44

88.3

%

Other Texas

375

$

179,677

340

35

90.7

%

Raleigh, NC

241

$

154,283

225

16

93.4

%

Winston-Salem, NC

234

$

126,973

206

28

88.0

%

Inland Empire, CA

213

$

181,403

200

13

93.9

%

Other California

80

$

133,284

79

1

98.8

%

Las Vegas, NV

68

$

110,885

64

4

94.1

%

Other MSA/Metro Divisions

249

$

149,682

229

20

92.0

%

Total/Weighted Average Self-Managed Portfolio

8,306

$

152,825

7,782

524

93.7

%

Chicago, IL

511

$

130,705

511

100.0

%

Indianapolis, IN

83

$

47,302

83

100.0

%

Total/Weighted Average Local Operator Portfolio

594

$

119,051

594

100.0

%

Total/Weighted Average Total Portfolio

8,900

$

150,571

8,376

524

94.1

%

______________

(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.

(2)

Represents average purchase price plus average capital expenditures.

(3)

As of June 30, 2015, 411 homes were available for rent and 113 homes were undergoing renovation.

 

SOURCE American Residential Properties, Inc.



RELATED LINKS

http://www.amresprop.com