American Homes 4 Rent announced its financial and operating results for the fourth quarter ended December 31, 2017.
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Net loss attributable to common shareholders totaled $22 million, and a $0.08 loss per diluted share, for the fourth quarter of 2017, compared to net income attributable to common shareholders of $2.4 million, and a $0.01 loss per diluted share, for the fourth quarter of 2016.
This decrease was primarily attributable to the redemption of the Series A and Series B participating preferred shares through a conversion into Class A common shares, partially offset by higher revenues and lower interest expense.
Total revenues increased 6.7% to $242.8 million for the fourth quarter of 2017 from $227.6 million for the fourth quarter of 2016.
Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 46,511 homes for the quarter ended December 31, 2017, compared to 44,772 homes for the quarter ended December 31, 2016.
Full year 2017 financial results
Net loss attributable to common shareholders totaled $22.1 million, or $0.08 per diluted share, for the year ended December 31, 2017, compared to a net loss attributable to common shareholders of $33.5 million, or $0.14 per diluted share, for the year ended December 31, 2016.
This improvement was primarily attributable to higher revenues and lower interest expense, partially offset by the redemption of the Series A and Series B participating preferred shares through a conversion into Class A common shares, higher property operating expenses and an increase in preferred dividends.
Total revenues increased 9.3% to $960.4 million for the year ended December 31, 2017, from $878.9 million for the year ended December 31, 2016.
Revenue growth was primarily driven by continued strong acquisition and leasing activity, as our average leased portfolio grew to 45,839 homes for the year ended December 31, 2017, compared to 43,026 homes for the year ended December 31, 2016. ■