American Homes 4 Rent (AMH) has reported 914.85 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.10 million, or $0.01 a share in the quarter, compared with $1.19 million, or $0.02 a share for the same period last year. Revenue during the quarter grew 19.90 percent to $233.75 million from $194.96 million in the previous year period.
Cost of revenue rose 18.07 percent or $15.42 million during the quarter to $100.78 million. Gross margin for the quarter expanded 67 basis points over the previous year period to 56.89 percent.
Total expenses were $218.57 million for the quarter, up 8.57 percent or $17.25 million from year-ago period. Operating margin for the quarter period stood at positive 6.49 percent as compared to a negative 3.27 percent for the previous year period.
Operating income for the quarter was $15.18 million, compared with an operating loss of $6.37 million in the previous year period.
Revenue from real estate activities during the quarter increased 21.38 percent or $40.88 million to $232.08 million.
Income from operating leases during the quarter rose 19.71 percent or $33.11 million to $201.11 million. Revenue from tenant reimbursements was $28.37 million for the quarter, up 35.01 percent or $7.36 million from year-ago period.
Revenue from other real estate activities during the quarter was $2.60 million, up 18.53 percent or $0.41 million from year-ago period.
"We are extremely pleased with our continued success in executing our strategic initiatives as evidenced by our first quarter operational and financial results, generating a 9.0% increase in Core NOI after capital expenditures from Same-Home properties and a 10.0% increase in Core FFO per share and unit,” stated David Singelyn, American Homes 4 Rents chief executive officer. "During the first quarter of 2017, we continued to unlock scale efficiencies and reduce expenditures, producing a 12.4% decrease in average R M and turnover costs, net of tenant charge-backs, plus capital expenditures for our Same-Home portfolio. Finally, we further strengthened our balance sheet and were pleased to receive investment grade ratings from Moody’s and S P. As we progress through 2017 and beyond, we are well-positioned to capitalize on internal and external expansion opportunities to drive incremental cash flow growth and produce long-term value for our shareholders."
Receivables move upNet receivables were at $18.72 million as on Mar. 31, 2017, up 10.14 percent or $1.72 million from year-ago. Total assets grew 4.85 percent or $392.89 million to $8,490.60 million on Mar. 31, 2017. On the other hand, total liabilities were at $3,219.01 million as on Mar. 31, 2017, down 11.99 percent or $438.43 million from year-ago.
Return on assets moved down 31 basis points to 0.14 percent in the quarter. Return on equity for the quarter stood at negative 0.03 percent as compared to a negative 0.10 percent for the previous year period.
Debt comes downTotal debt was at $2,944.10 million as on Mar. 31, 2017, down 13.24 percent or $449.31 million from year-ago. Shareholders equity stood at $5,271.60 million as on Mar. 31, 2017, up 18.72 percent or $831.33 million from year-ago. As a result, debt to equity ratio went down 21 basis points to 0.56 percent in the quarter.
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