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

Nov 04, 2015, 17:17 ET from American Residential Properties, Inc.

SCOTTSDALE, Ariz., Nov. 4, 2015 /PRNewswire/ -- American Residential Properties, Inc. (NYSE: ARPI) (the "Company") today reported its results for the quarter ended September 30, 2015.

Third Quarter 2015 Highlights

  • Core FFO attributable to common stockholders of $4.5 million, or $0.14 per diluted share, a decrease of $0.9 million, or 16%, compared to the prior quarter.
  • FFO attributable to common stockholders of $3.2 million, or $0.10 per diluted share, a decrease of $1.4 million, or 31%, compared to the prior quarter.
  • Increased the leased rate on the total portfolio to 94.3%, up 0.7% from 93.6% as of Q2 of 2015.
  • Reached a leased rate of 94.4% on stabilized properties, up from 94.1% as of Q2 of 2015.
  • Achieved rent increases averaging 5.2% on renewals with an overall resident retention rate of 65%.
  • Increased rents on new leases by an average of 4.3% nationwide.
  • Increased revenue, excluding net gain on real estate sales, by 3.4% to $31.8 million compared to the prior quarter.
  • Net Operating Income of $16.2 million.
  • Declared Q3 dividend of $0.10 per common share.

"In the third quarter, we achieved a portfolio leased rate of 94.3% and produced rent growth of 5.2% on lease renewals, and 4.3% on new leases," said Stephen G. Schmitz, Chairman and Chief Executive Officer of American Residential Properties. "Our core FFO attributable to common stockholders, however, did not meet our expectations. While cost reduction initiatives are taking longer than anticipated to work their way through the system, we remain highly focused on our strategy to maximize the cash flow potential of our portfolio to deliver attractive returns to our shareholders."

Financial Results

Total Revenue

Total revenue for the quarter ended September 30, 2015 decreased $0.1 million to $32.0 million, compared to $32.1 million for the quarter ended June 30, 2015, and increased $8.5 million compared to $23.5 million for the quarter ended September 30, 2014. The decrease in total revenue from the prior quarter is primarily attributable to a $1.1 million decrease in gain on sale of real estate offset by higher rental income generated from leasing an additional 49 homes.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the quarter ended September 30, 2015 increased $2.8 million to $(12.1) million, or $(0.38) per diluted share, compared to $(9.3) million, or $(0.29) per diluted share, for the quarter ended June 30, 2015, and increased $2.9 million compared to $(9.2) million, or $(0.28) per diluted share, for the quarter ended September 30, 2014.

FFO and Core FFO Attributable to Common Stockholders

Funds from operations ("FFO") attributable to common stockholders for the quarter ended September 30, 2015 decreased $1.4 million to $3.2 million, or $0.10 per diluted share, compared to $4.5 million, or $0.14 per diluted share, for the quarter ended June 30, 2015, and increased $0.2 million compared to $2.9 million, or $0.09 per diluted share, for the quarter ended September 30, 2014.

Core funds from operations ("Core FFO") attributable to common stockholders for the quarter ended September 30, 2015 decreased $0.9 million to $4.5 million, or $0.14 per diluted share, compared to $5.4 million, or $0.16 per diluted share, for the quarter ended June 30, 2015, and increased $0.7 million compared to $3.8 million, or $0.12 per diluted share, for the quarter ended September 30, 2014.

Portfolio Highlights

Real Estate Dispositions

From July 1, 2015 to September 30, 2015, the Company disposed of 9 non-core, single-family homes, of which 5 are in Arizona,  3 are in Colorado and 1 is in North Carolina for gross proceeds of $1.2 million and a net gain of $0.2 million recorded in interest and other income on the condensed consolidated statement of operations.

Portfolio

As of September 30, 2015, the Company owned 8,938 single-family homes in Arizona, California, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas for a total investment of approximately $1.34 billion. As of September 30, 2015, approximately 94.3% of the Company's portfolio was leased.

We incurred renovation costs on the Company's existing portfolio of $6.3 million.

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

 

September 30,  2015

June 30,  2015

March 31,  2015

December 31,  2014

September 30,  2014

Total portfolio of single-family homes

Self-managed homes

8,344

8,353

8,444

8,299

7,613

Self-managed % leased

93.9

%

93.2

%

88.2

%

79.3

%

80.1

%

Local operator homes

594

594

594

594

610

Local operator % leased

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Total Homes

8,938

8,947

9,038

8,893

8,223

Total % Leased

94.3

%

93.6

%

89.0

%

80.7

%

81.6

%

Portfolio of stabilized single-family homes (1)

Self-managed homes

8,330

8,306

8,059

7,247

6,572

Self-managed % leased

94.0

%

93.7

%

92.4

%

90.8

%

92.8

%

Local operator homes

594

594

594

594

610

Local operator % leased

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Total Homes

8,924

8,900

8,653

7,841

7,182

Total % Leased

94.4

%

94.1

%

92.9

%

91.5

%

93.4

%

______________      

(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 Standard Time on Thursday, November 5, 2015, to discuss its financial results for the quarter ended September 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 40958079. 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 November 5, 2015 at 2:30 p.m. Eastern Standard Time, until November 19, 2015 at 11:59 p.m. Eastern Standard Time. To access the replay, dial (888) 843-7419 and use conference ID 40958079#. 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, severance 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.

Net Operating Income (NOI) and NOI Margin

Net Operating Income ("NOI") and NOI margin are supplemental non-GAAP financial measures. NOI excludes acquisition, depreciation and amortization, general, administrative and other and interest expenses. We consider NOI to be a meaningful financial measure because we believe it is helpful to investors in understanding operating performance and operating margin of our single-family rental properties. NOI should not be used as a substitute for net income (loss) or net cash flows from operating activities (as computed in accordance with GAAP).

The following is a reconciliation of NOI to net loss determined in accordance with GAAP:

Three Months Ended  September 30,

Nine Months Ended  September 30,

2015

2014

2015

2014

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

(12,372)

(9,243)

(33,001)

(24,633)

Acquisition

98

85

179

Depreciation and amortization

16,171

12,576

47,064

32,960

General, administrative and other

4,839

4,056

13,341

11,274

Interest

7,725

5,961

22,677

15,060

Less: Gain on sale of assets

(198)

(1,565)

NOI - Total revenue

$

16,165

$

13,448

$

48,601

$

34,840

Local operator rental revenue

(1,348)

(1,273)

(4,014)

(3,951)

Management services (related party)

(100)

(107)

(321)

Interest and other

(660)

(1,034)

(3,337)

(3,603)

Add: Gain on sale of assets

$

198

$

$

1,565

$

NOI - Self-managed rental revenue

$

14,355

$

11,041

$

42,708

$

26,965

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 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)

September 30, 2015 (unaudited)

December 31,

2014

Assets

Investment in real estate:

Land

$

252,175

$

249,151

Building and improvements

1,078,713

1,042,954

Furniture, fixtures and equipment

10,997

9,508

1,341,885

1,301,613

Less: accumulated depreciation

(97,511)

(58,010)

Investment in real estate, net

1,244,374

1,243,603

Mortgage financings

20,986

21,097

Cash and cash equivalents

21,692

21,270

Restricted cash

12,752

11,473

Acquisition deposits

2,561

Rents and other receivables, net

3,422

4,583

Deferred leasing costs and lease intangibles, net

4,052

3,391

Deferred financing costs, net

11,169

13,037

Investment in unconsolidated ventures

24,647

25,691

Goodwill

3,500

3,500

Other, net

12,518

10,567

Total assets

$

1,359,112

$

1,360,773

Liabilities and Equity

Liabilities:

Revolving credit facility

$

335,000

$

311,000

Exchangeable senior notes, net

104,406

102,188

Securitization loan, net

340,923

340,675

Accounts payable and accrued expenses

30,606

23,507

Security deposits

10,294

7,919

Prepaid rent

2,715

2,919

Total liabilities

823,944

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; 32,211,326 and 32,195,280 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively

322

322

Additional paid-in capital

628,923

628,662

Accumulated other comprehensive loss

(129)

(96)

Accumulated deficit

(106,878)

(68,101)

Total American Residential Properties, Inc. stockholders' equity

522,238

560,787

Non-controlling interests

12,930

11,778

Total equity

535,168

572,565

Total liabilities and equity

$

1,359,112

$

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  September 30,

Nine Months Ended  September 30,

2015

2014

2015

2014

Revenue:

   Self-managed rental revenue

$

29,959

$

21,078

$

84,051

$

53,818

   Local operator rental revenue

1,348

1,273

4,014

3,951

   Management services (related party)

100

107

321

   Interest and other

660

1,034

3,337

3,603

Total revenue

31,967

23,485

91,509

61,693

Expenses:

   Property operating and maintenance

9,548

5,258

23,259

14,337

   Real estate taxes

5,334

4,239

15,941

11,011

   Homeowners' association fees

722

540

2,143

1,505

   Acquisition

98

85

179

   Depreciation and amortization

16,171

12,576

47,064

32,960

   General, administrative and other

4,839

4,056

13,341

11,274

   Interest

7,725

5,961

22,677

15,060

Total expenses

44,339

32,728

124,510

86,326

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

(12,372)

(9,243)

(33,001)

(24,633)

Equity in net income (loss) of unconsolidated ventures

(84)

10

(230)

Net loss

(12,372)

(9,327)

(32,991)

(24,863)

Net loss attributable to non-controlling interests

262

165

659

423

Net loss attributable to common stockholders

$

(12,110)

$

(9,162)

$

(32,332)

$

(24,440)

Basic and diluted loss per share:

   Net loss attributable to common stockholders

$

(0.38)

$

(0.28)

$

(1.01)

$

(0.76)

Weighted-average number of shares of common stock outstanding

32,168,878

32,153,307

32,164,563

32,139,807

Dividend per common share

$

0.10

$

0.20

 

 

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  September 30,

Nine Months Ended  September 30,

2015

2014

2015

2014

Net loss

$

(12,372)

$

(9,327)

$

(32,991)

$

(24,863)

Add: Depreciation and amortization of real estate assets

15,789

12,328

46,114

32,332

Less: Gain on sale of real estate

(198)

(1,565)

FFO

$

3,219

$

3,001

$

11,558

$

7,469

FFO attributable to common stockholders(1)

$

3,151

$

2,948

$

11,328

$

7,342

FFO per share of common stock

Basic

$

0.10

$

0.09

$

0.35

$

0.23

Diluted(2)

$

0.10

$

0.09

$

0.34

$

0.22

Weighted-average number of shares of common stock outstanding:

Basic

32,168,878

32,153,307

32,164,563

32,139,807

Diluted(2)

32,906,900

32,806,646

32,899,193

32,754,972

______________

(1)

Based on a weighted-average interest in the Company's operating partnership of approximately 97.90% and 98.23%, for the three months ended September 30, 2015 and 2014, respectively, and 98.01% and 98.30% for the nine months ended September 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  September 30,

Nine Months Ended  September 30,

2015

2014

2015

2014

FFO

$

3,219

$

3,001

$

11,558

$

7,469

Add: Acquisition expense(1)

98

85

179

Add: Severance expense

519

519

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

854

755

2,466

2,111

Core FFO

$

4,592

$

3,854

$

14,628

$

9,759

Core FFO attributable to common stockholders(2)

$

4,496

$

3,786

$

14,337

$

9,593

Core FFO per share of common stock

 Basic

$

0.14

$

0.12

$

0.45

$

0.30

Diluted(3)

$

0.14

$

0.12

$

0.44

$

0.29

Weighted-average number of shares of common stock outstanding:

Basic

32,168,878

32,153,307

32,164,563

32,139,807

Diluted(3)

32,906,900

32,806,646

32,899,193

32,754,972

______________

(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 97.90% and 98.23%, for the three months ended September 30, 2015 and 2014, respectively, and 98.01% and 98.30% for the nine months ended September 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.

NET OPERATING INCOME

(amounts in thousands)

(unaudited)

Three Months Ended  September 30,

Nine Months Ended  September 30,

2015

2014

2015

2014

NOI - Self-managed rental revenue:

Self-managed rental revenue

29,959

21,078

84,051

53,818

Property operating expenses:

Property operating and maintenance

9,548

5,258

23,259

14,337

Real estate taxes

5,334

4,239

15,941

11,011

Homeowners' association fees

722

540

2,143

1,505

  Total property operating expenses

15,604

10,037

41,343

26,853

Net operating income - self-managed

$

14,355

$

11,041

$

42,708

$

26,965

Net operating income margin - self-managed

47.9

%

52.4

%

50.8

%

50.1

%

NOI - Total revenue:

Total revenue

31,967

23,485

$

91,509

61,693

   Less: Gain on sale of assets

198

1,565

Revenue excluding gain

31,769

23,485

89,944

61,693

  Total property operating expenses

15,604

10,037

41,343

26,853

Net operating income

$

16,165

$

13,448

$

48,601

$

34,840

Net operating income margin

50.9

%

57.3

%

54.0

%

56.5

%

 

 

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 September 30, 2015. Historically we have disclosed average purchase price per home and aggregate investment, which included 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. These captions are no longer included. We have updated the following table to include the average capitalized purchase price per home and gross book value

Leased Homes

MSA/Metro Division

 Number of Homes

 Average Capitalized Purchase Price Per Home

 Average Capital Expenditures Per Home(1)

 Average Gross Book Value Per Home(2)

 Gross Book Value (thousands)

 Percentage Homes Leased(3)

 Average Age (years)

 Average Size

(square feet)

 Average Monthly Rent(4)

Annual Average Rent as a Percentage of Average Gross Book Value(5)

Phoenix, AZ

1,338

$

137,185

$

10,690

$

147,875

$

197,856

97.2

%

18

1,724

$

1,053

8.6

%

Dallas-Fort Worth, TX

1,118

$

152,894

$

14,093

$

166,987

$

186,691

95.2

%

12

2,103

$

1,547

11.1

%

Houston, TX

1,106

$

139,479

$

9,435

$

148,914

$

164,699

91.0

%

8

1,934

$

1,456

11.8

%

Atlanta, GA

1,042

$

139,499

$

16,599

$

156,098

$

162,654

94.7

%

17

2,104

$

1,314

10.1

%

Nashville, TN

833

$

165,593

$

13,561

$

179,154

$

149,235

94.6

%

12

1,864

$

1,463

9.8

%

Florida

618

$

127,476

$

15,706

$

143,182

$

88,486

96.0

%

15

1,727

$

1,229

10.3

%

Other Texas

375

$

166,644

$

13,666

$

180,310

$

67,616

93.9

%

11

1,978

$

1,672

11.1

%

Charlotte, NC-SC

377

$

153,165

$

9,815

$

162,980

$

61,444

95.5

%

11

2,046

$

1,300

9.6

%

Inland Empire, CA

213

$

156,540

$

25,512

$

182,052

$

38,777

97.7

%

17

1,915

$

1,477

9.7

%

Raleigh, NC

241

$

143,825

$

9,554

$

153,379

$

36,964

94.2

%

10

1,746

$

1,267

9.9

%

Indianapolis, IN

455

$

60,634

$

12,926

$

73,560

$

33,470

85.1

%

51

1,351

$

797

13.1

%

Winston-Salem, NC

234

$

121,591

$

5,228

$

126,819

$

29,676

84.2

%

13

1,426

$

1,142

10.9

%

Other California

80

$

110,527

$

22,990

$

133,517

$

10,681

98.8

%

37

1,335

$

1,106

9.9

%

Las Vegas, NV

68

$

96,979

$

13,759

$

110,738

$

7,530

95.6

%

16

1,553

$

1,069

11.5

%

Other MSA/Metro Divisions

246

$

140,103

$

9,091

$

149,194

$

36,703

88.2

%

11

1,639

$

1,292

10.3

%

Total/Weighted Average

Portfolio of Self-Managed Homes

8,344

$

139,623

$

12,880

$

152,503

$

1,272,482

93.9

%

16

1,859

$

1,313

10.3

%

Chicago, IL

511

$

128,323

$

65,573

100.0

%

56

1,406

$

794

7.4

%

Indianapolis, IN

83

$

46,139

$

3,830

100.0

%

60

1,160

$

354

9.2

%

Total/Weighted Average

Portfolio of Local Operator Homes

594

$

116,839

$

69,403

100.0

%

57

1,372

$

733

7.5

%

Total/Weighted Average

Total Portfolio

8,938

$

150,133

$

1,341,885

94.3

%

18

1,827

$

1,272

______________

(1)

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

(2)

For self-managed homes, represents average capitalized 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. If a local operator defaulted on its contractual obligations to pay any of the foregoing expenses, we could incur unexpected significant costs related to our investment.

(3)

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.

(4)

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.

(5)

For self-managed homes, represents annualized average monthly rent per leased home as a percentage of our average gross book value 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 September 30, 2015

(unaudited)

MSA/Metro Division

 Number of Homes

 Average Gross Book Value  Per Home (2)

 Homes Leased

 Homes Vacant (3)

 Percentage Leased

Phoenix, AZ

1,337

$

147,925

1,300

37

97.2

%

Dallas-Fort Worth, TX

1,118

$

166,987

1,064

54

95.2

%

Houston, TX

1,106

$

148,914

1,007

99

91.0

%

Atlanta, GA

1,039

$

156,166

987

52

95.0

%

Nashville, TN

833

$

178,885

788

45

94.6

%

Florida

618

$

142,969

593

25

96.0

%

Indianapolis, IN

445

$

74,275

387

58

87.0

%

Charlotte, NC-SC

377

$

162,968

360

17

95.5

%

Other Texas

375

$

180,310

352

23

93.9

%

Raleigh, NC

241

$

153,373

227

14

94.2

%

Winston-Salem, NC

234

$

126,819

197

37

84.2

%

Inland Empire, CA

213

$

182,052

208

5

97.7

%

Other California

80

$

133,517

79

1

98.8

%

Las Vegas, NV

68

$

110,738

65

3

95.6

%

Other MSA/Metro Divisions

246

$

149,184

217

29

88.2

%

Total/Weighted Average Self-Managed Portfolio

8,330

$

152,652

7,831

499

94.0

%

Chicago, IL

511

$

128,323

511

100.0

%

Indianapolis, IN

83

$

46,139

83

100.0

%

Total/Weighted Average Local Operator Portfolio

594

$

116,839

594

100.0

%

Total/Weighted Average Total Portfolio

8,924

$

150,268

8,425

499

94.4

%

______________

(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 capitalized purchase price plus average capital expenditures.

(3)

As of September 30, 2015, 426 homes were available for rent and 73 homes were undergoing renovation.

 

SOURCE American Residential Properties, Inc.



RELATED LINKS

http://www.amresprop.com