American Homes 4 Rent (AMH) saw its loss narrow to $7.48 million, or $0.09 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $23.05 million, or $0.14 a share.
Revenue during the quarter surged 36.76 percent to $236.06 million from $172.61 million in the previous year period.
Cost of revenue rose 29.82 percent or $25.36 million during the quarter to $110.41 million. Gross margin for the quarter expanded 250 basis points over the previous year period to 53.23 percent.
Operating income for the quarter was $4.05 million, compared with an operating loss of $16.41 million in the previous year period.
Revenue from real estate activities during the quarter surged 35.12 percent or $60 million to $230.84 million.
Income from operating leases during the quarter surged 32.47 percent or $48.32 million to $197.14 million. Revenue from tenant reimbursements was $30.81 million for the quarter, up 54.96 percent or $10.93 million from year-ago period.
Revenue from other real estate activities during the quarter was $2.90 million, up 35.04 percent or $0.75 million from year-ago period.
"I am extremely pleased with our continued operational progress, which produced a 26.6% increase in our Core FFO per share and a 32.6% increase in our AFFO per share during the third quarter” stated David Singelyn, American Homes 4 Rent’s chief executive officer. "Additionally, our strong balance sheet, including a new $1 billion credit facility executed in the third quarter, provides us with the capacity to accelerate our acquisition activities. We are well positioned to generate strong results in 2017 and beyond through outsized rental rate growth and continued expenditure controls, including our maintenance initiatives."
Receivables move up
Net receivables were at $21.82 million as on Sep. 30, 2016, up 24.48 percent or $4.29 million from year-ago. Total assets grew 16.09 percent or $1,120.68 million to $8,086.50 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,233.62 million as on Sep. 30, 2016, up 9.59 percent or $282.93 million from year-ago.
Return on assets moved down 8 basis points to 0.03 percent in the quarter. Return on equity for the quarter stood at negative 0.44 percent as compared to a negative 0.71 percent for the previous year period.
Shareholders equity stood at $4,852.88 million as on Sep. 30, 2016, up 20.86 percent or $837.75 million from year-ago.
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