50% rule. fiction? non-fiction? Let's see for 37,491 SFR

[Chris Martin]

American Homes for Rent (NYSE: AMH) numbers for quarterly period ended June 30, 2015.. for 37,491 single-family properties in 22 states:

Rents from single-family properties $137,818,000
Fees from single-family properties $2,204,000

Property operating expenses:
Leased single-family properties $67,823,000
Vacant single-family properties and other $4,456,000

72,288 / 140,022 = 51.63%

If you take into account "tenant chargebacks" revenue and "General and administrative" expense, you reach the same conclusion (51.69%).

I think for the most part the "numbers" and their conclusions match pretty well with what I (and many others here on BP) expected, now that their portfolio is "stabilized" and they have some consistent operational history and have seen some tenant turns. Their stock price and stock performance is about what I expected as well. Summary: No fools on Wall Street are paying a premium for an unproven SFR hedge fund investment concept. This stock is at book value where it belongs.

Source: AMH latest 10-Q SEC filing