Intrinsic value of American Homes 4 Rent Cl A - AMH

Previous Close

$22.81

  Intrinsic Value

$0.97

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  Rating & Target

str. sell

-96%

Previous close

$22.81

 
Intrinsic value

$0.97

 
Up/down potential

-96%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AMH.

We calculate the intrinsic value of AMH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  1,049
  1,142
  1,239
  1,340
  1,445
  1,554
  1,667
  1,785
  1,907
  2,034
  2,166
  2,304
  2,447
  2,596
  2,751
  2,913
  3,082
  3,258
  3,442
  3,634
  3,835
  4,045
  4,264
  4,494
  4,734
  4,985
  5,248
  5,524
  5,812
  6,115
Variable operating expenses, $m
  400
  433
  468
  504
  542
  581
  622
  664
  708
  754
  778
  828
  879
  933
  988
  1,047
  1,107
  1,171
  1,237
  1,306
  1,378
  1,453
  1,532
  1,614
  1,701
  1,791
  1,885
  1,984
  2,088
  2,197
Fixed operating expenses, $m
  424
  433
  443
  453
  463
  473
  483
  494
  505
  516
  527
  539
  551
  563
  575
  588
  601
  614
  628
  641
  655
  670
  685
  700
  715
  731
  747
  763
  780
  797
Total operating expenses, $m
  824
  866
  911
  957
  1,005
  1,054
  1,105
  1,158
  1,213
  1,270
  1,305
  1,367
  1,430
  1,496
  1,563
  1,635
  1,708
  1,785
  1,865
  1,947
  2,033
  2,123
  2,217
  2,314
  2,416
  2,522
  2,632
  2,747
  2,868
  2,994
Operating income, $m
  225
  276
  328
  383
  440
  500
  562
  627
  694
  765
  861
  937
  1,017
  1,101
  1,188
  1,279
  1,374
  1,474
  1,578
  1,687
  1,802
  1,922
  2,048
  2,180
  2,318
  2,464
  2,616
  2,776
  2,944
  3,121
EBITDA, $m
  1,183
  1,317
  1,456
  1,600
  1,751
  1,908
  2,071
  2,240
  2,417
  2,600
  2,792
  2,991
  3,198
  3,414
  3,640
  3,875
  4,121
  4,378
  4,646
  4,927
  5,220
  5,527
  5,849
  6,185
  6,538
  6,907
  7,294
  7,700
  8,125
  8,571
Interest expense (income), $m
  116
  112
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
  113
Earnings before tax, $m
  113
  163
  216
  270
  328
  387
  449
  514
  582
  652
  748
  825
  905
  988
  1,075
  1,166
  1,261
  1,361
  1,466
  1,575
  1,689
  1,809
  1,935
  2,067
  2,206
  2,351
  2,503
  2,664
  2,832
  3,008
Tax expense, $m
  31
  44
  58
  73
  88
  105
  121
  139
  157
  176
  202
  223
  244
  267
  290
  315
  341
  368
  396
  425
  456
  489
  522
  558
  596
  635
  676
  719
  765
  812
Net income, $m
  83
  119
  157
  197
  239
  283
  328
  375
  425
  476
  546
  602
  660
  721
  785
  851
  921
  994
  1,070
  1,150
  1,233
  1,321
  1,413
  1,509
  1,610
  1,716
  1,827
  1,944
  2,067
  2,196

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -496
  -540
  -586
  -633
  -683
  -734
  -788
  -843
  -901
  -961
  -1,024
  -1,089
  -1,156
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,627
  -1,718
  -1,812
  -1,912
  -2,015
  -2,124
  -2,237
  -2,356
  -2,480
  -2,611
  -2,747
  -2,890
Adjusted assets (=assets-cash), $m
  -496
  -540
  -586
  -633
  -683
  -734
  -788
  -843
  -901
  -961
  -1,024
  -1,089
  -1,156
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,627
  -1,718
  -1,812
  -1,912
  -2,015
  -2,124
  -2,237
  -2,356
  -2,480
  -2,611
  -2,747
  -2,890
Revenue / Adjusted assets
  -2.115
  -2.115
  -2.114
  -2.117
  -2.116
  -2.117
  -2.115
  -2.117
  -2.117
  -2.117
  -2.115
  -2.116
  -2.117
  -2.116
  -2.116
  -2.115
  -2.115
  -2.116
  -2.116
  -2.115
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
  -2.116
Average production assets, $m
  9,352
  10,182
  11,045
  11,944
  12,878
  13,849
  14,858
  15,906
  16,996
  18,129
  19,307
  20,533
  21,809
  23,138
  24,523
  25,966
  27,471
  29,042
  30,681
  32,394
  34,183
  36,053
  38,008
  40,053
  42,193
  44,433
  46,778
  49,234
  51,807
  54,502
Working capital, $m
  -2,854
  -3,107
  -3,371
  -3,645
  -3,930
  -4,226
  -4,534
  -4,854
  -5,187
  -5,533
  -5,892
  -6,266
  -6,656
  -7,061
  -7,484
  -7,924
  -8,383
  -8,863
  -9,363
  -9,886
  -10,432
  -11,002
  -11,599
  -12,223
  -12,876
  -13,560
  -14,275
  -15,025
  -15,810
  -16,632
Total debt, $m
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
  26
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  -496
  -540
  -586
  -633
  -683
  -734
  -788
  -843
  -901
  -961
  -1,024
  -1,089
  -1,156
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,627
  -1,718
  -1,812
  -1,912
  -2,015
  -2,124
  -2,237
  -2,356
  -2,480
  -2,611
  -2,747
  -2,890
Total liabilities and equity, $m
  -496
  -540
  -586
  -633
  -683
  -734
  -788
  -843
  -901
  -961
  -1,024
  -1,089
  -1,156
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,627
  -1,718
  -1,812
  -1,912
  -2,015
  -2,124
  -2,237
  -2,356
  -2,480
  -2,611
  -2,747
  -2,890
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  119
  157
  197
  239
  283
  328
  375
  425
  476
  546
  602
  660
  721
  785
  851
  921
  994
  1,070
  1,150
  1,233
  1,321
  1,413
  1,509
  1,610
  1,716
  1,827
  1,944
  2,067
  2,196
Depreciation, amort., depletion, $m
  958
  1,041
  1,127
  1,217
  1,311
  1,408
  1,509
  1,613
  1,722
  1,836
  1,931
  2,053
  2,181
  2,314
  2,452
  2,597
  2,747
  2,904
  3,068
  3,239
  3,418
  3,605
  3,801
  4,005
  4,219
  4,443
  4,678
  4,923
  5,181
  5,450
Funds from operations, $m
  1,041
  1,160
  1,285
  1,415
  1,550
  1,690
  1,837
  1,989
  2,147
  2,312
  2,477
  2,655
  2,841
  3,035
  3,237
  3,448
  3,668
  3,898
  4,138
  4,389
  4,651
  4,926
  5,213
  5,514
  5,829
  6,159
  6,505
  6,868
  7,248
  7,646
Change in working capital, $m
  -243
  -253
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -374
  -389
  -406
  -423
  -440
  -459
  -479
  -500
  -523
  -546
  -571
  -597
  -624
  -653
  -684
  -716
  -749
  -785
  -823
Cash from operations, $m
  1,283
  1,413
  1,548
  1,689
  1,835
  1,987
  2,145
  2,309
  2,480
  2,657
  2,836
  3,029
  3,231
  3,441
  3,660
  3,888
  4,127
  4,377
  4,638
  4,912
  5,197
  5,497
  5,810
  6,138
  6,482
  6,843
  7,221
  7,617
  8,033
  8,469
Maintenance CAPEX, $m
  -856
  -935
  -1,018
  -1,105
  -1,194
  -1,288
  -1,385
  -1,486
  -1,591
  -1,700
  -1,813
  -1,931
  -2,053
  -2,181
  -2,314
  -2,452
  -2,597
  -2,747
  -2,904
  -3,068
  -3,239
  -3,418
  -3,605
  -3,801
  -4,005
  -4,219
  -4,443
  -4,678
  -4,923
  -5,181
New CAPEX, $m
  -792
  -830
  -864
  -899
  -934
  -971
  -1,009
  -1,048
  -1,090
  -1,133
  -1,178
  -1,226
  -1,276
  -1,329
  -1,385
  -1,443
  -1,505
  -1,571
  -1,640
  -1,712
  -1,789
  -1,870
  -1,955
  -2,045
  -2,140
  -2,240
  -2,345
  -2,456
  -2,573
  -2,695
Cash from investing activities, $m
  -1,648
  -1,765
  -1,882
  -2,004
  -2,128
  -2,259
  -2,394
  -2,534
  -2,681
  -2,833
  -2,991
  -3,157
  -3,329
  -3,510
  -3,699
  -3,895
  -4,102
  -4,318
  -4,544
  -4,780
  -5,028
  -5,288
  -5,560
  -5,846
  -6,145
  -6,459
  -6,788
  -7,134
  -7,496
  -7,876
Free cash flow, $m
  -364
  -352
  -334
  -314
  -294
  -272
  -249
  -226
  -201
  -175
  -155
  -127
  -99
  -69
  -39
  -7
  26
  59
  95
  131
  169
  209
  250
  292
  337
  384
  433
  484
  537
  593
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  -42
  -44
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
Cash from financing (excl. dividends), $m  
  -42
  -44
  -46
  -48
  -50
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
Total cash flow (excl. dividends), $m
  -407
  -396
  -379
  -362
  -343
  -323
  -303
  -281
  -259
  -235
  -217
  -192
  -166
  -140
  -112
  -84
  -54
  -24
  8
  40
  74
  109
  146
  184
  224
  265
  308
  353
  401
  450
Retained Cash Flow (-), $m
  42
  44
  46
  48
  50
  51
  53
  56
  58
  60
  62
  65
  68
  70
  73
  77
  80
  83
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
Prev. year cash balance distribution, $m
  454
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Cash available for distribution, $m
  89
  44
  46
  48
  50
  51
  53
  56
  58
  60
  62
  65
  68
  70
  73
  77
  80
  83
  95
  131
  169
  209
  250
  292
  337
  384
  433
  484
  537
  593
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  77
  32
  28
  24
  21
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

American Homes 4 Rent is an internally managed real estate investment trust (REIT) focused on acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's primary objective is to generate attractive risk-adjusted returns for its shareholders through dividends and capital appreciation by acquiring, renovating, leasing and operating single-family homes as rental properties. As of December 31, 2016, it owned 48,422 single-family properties in 22 states, including 1,119 properties held for sale, and had an additional 47 properties in escrow that it intended to acquire. Its integrated operating platform offers property management, acquisitions, construction, marketing, leasing, financial and administrative functions. The Company may seek to invest in condominium units, townhouses and real estate-related debt investments. The Company is externally managed and advised by American Homes 4 Rent Advisor, LLC (the Advisor).

FINANCIAL RATIOS  of  American Homes 4 Rent Cl A (AMH)

Valuation Ratios
P/E Ratio 793.1
Price to Sales 6.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate 39.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 151.9%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 69.7%
Total Debt to Equity 69.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity 0.2%
Return On Equity - 3 Yr. Avg. -1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 48.4%
EBITDA Margin - 3 Yr. Avg. 43.7%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. -4.5%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. -4.9%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. -7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1257.1%

AMH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMH stock intrinsic value calculation we used $960 million for the last fiscal year's total revenue generated by American Homes 4 Rent Cl A. The default revenue input number comes from 2017 income statement of American Homes 4 Rent Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMH stock valuation model: a) initial revenue growth rate of 9.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for AMH is calculated based on our internal credit rating of American Homes 4 Rent Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Homes 4 Rent Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMH stock the variable cost ratio is equal to 38.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $415 million in the base year in the intrinsic value calculation for AMH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 438.8% for American Homes 4 Rent Cl A.

Corporate tax rate of 27% is the nominal tax rate for American Homes 4 Rent Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMH stock is equal to 0.4%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMH are equal to 891.3%.

Life of production assets of 10 years is the average useful life of capital assets used in American Homes 4 Rent Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMH is equal to -272%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for American Homes 4 Rent Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 264 million for American Homes 4 Rent Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Homes 4 Rent Cl A at the current share price and the inputted number of shares is $6.0 billion.

RELATED COMPANIES Price Int.Val. Rating
CNS Cohen&Steers 41.50 34.56  hold

COMPANY NEWS

▶ American Homes 4 Rent Announces Distributions   [Aug-10-18 05:00PM  PR Newswire]
▶ American Homes 4 Rent Class A to Host Earnings Call   [Aug-03-18 09:00AM  ACCESSWIRE]
▶ American Homes 4 Rent: 2Q Earnings Snapshot   [07:47PM  Associated Press]
▶ American Homes 4 Rent: 1Q Earnings Snapshot   [May-03-18 07:28PM  Associated Press]
▶ New Strong Sell Stocks for April 17th   [Apr-17-18 07:20AM  Zacks]
▶ American Homes 4 Rent Class A to Host Earnings Call   [Feb-23-18 08:15AM  ACCESSWIRE]
▶ American Homes 4 Rent reports 4Q results   [Feb-22-18 06:41PM  Associated Press]
▶ Chris Davis Boosts Alibaba Position in 4th Quarter   [Feb-13-18 04:28PM  GuruFocus.com]
▶ American Homes 4 Rent reports 3Q results   [Nov-06-17 05:37AM  Associated Press]
▶ American Homes 4 Rent Class A to Host Earnings Call   [Nov-03-17 09:00AM  ACCESSWIRE]
▶ American Homes 4 Rent Announces Distributions   [Nov-02-17 05:10PM  PR Newswire]
▶ American Homes 4 Rent Provides a Hurricane Harvey Update   [Aug-28-17 06:52PM  PR Newswire]
▶ American Homes 4 Rent reports 2Q results   [Aug-04-17 01:09AM  Associated Press]
▶ American Homes 4 Rent Announces Distributions   [Aug-03-17 05:10PM  PR Newswire]
▶ [$$] Meet Your New Landlord: Wall Street   [Jul-21-17 10:46AM  The Wall Street Journal]
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