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Mar 31, 2024
American Homes 4 Rent Q1 2024 Earnings Report
American Homes 4 Rent reported strong first quarter results driven by seasonal demand and effective property management.
Key Takeaways
American Homes 4 Rent reported a 6.5% increase in rents and other single-family property revenues, reaching $423.6 million. Net income attributable to common shareholders totaled $109.3 million, or $0.30 per diluted share. The company also delivered 469 newly constructed homes through its AMH Development Program.
Rents and other single-family property revenues increased by 6.5% year-over-year to $423.6 million.
Net income attributable to common shareholders totaled $109.3 million, or $0.30 per diluted share.
Core Funds from Operations (FFO) increased 5.8% year-over-year to $0.43 per FFO share and unit.
The company achieved a Same-Home Average Occupied Days Percentage of 96.2%.
American Homes 4 Rent
American Homes 4 Rent
American Homes 4 Rent Revenue by Segment
Revenue by Segment
Single-family rental Revenue
CapyFin.com Forward Guidance
The Company provided full year 2024 Core FFO attributable to common share and unit holders guidance.
Positive Outlook
- Core FFO attributable to common share and unit holders is projected to be $1.70 - $1.76.
- Core FFO attributable to common share and unit holders growth is expected to be 2.4% - 6.0%.
- Same-Home Core revenues growth is projected to be 3.75% - 5.75%.
- Wholly owned development deliveries of 1,825 - 1,975 properties.
- Total gross capital investment (JVs at 100%) of 2,200 - 2,400 properties.
Challenges Ahead
- Core property operating expenses growth is projected to be 5.25% - 7.25%.
- Core NOI growth is projected to be 3.00% - 5.00%.
- Wholly owned acquisitions are not specified.
- Wholly owned land and development pipeline investment of $100 - $150 million.
- Pro rata share of JV and Property Enhancing Capex investment of $100 - $150 million.