Net Operating Income vs

[Eran Greenburg]

I was looking at American Homes 4 Rent financial statements, and I see that for example in Dec 2014 the NOI shows $ 232,319* yet on their Consolidated Statements of Operations it shows "Net Loss" = $ (33,092)"

Are they really losing money (since Im not sure which number is true net)?  Seems the depreciation expense is a good portion of the expense.

Im new to investing so go slow  please ;)

* = (x1000)

http://investors.ah4r.com/Cache/1001195339.PDF?Y=&...