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Mar 31
American Homes 4 Rent Q1 2025 Earnings Report
AMH reported solid first quarter results with steady occupancy and rental income growth.
Key Takeaways
AMH delivered a strong Q1 2025 performance, supported by increased rents, occupancy, and Core FFO growth. New home deliveries and favorable S&P outlook underscore business resilience.
Rents and single-family property revenues rose to $459.3M, driven by occupancy and rate increases.
Net income attributable to common shareholders was $110M, flat YoY.
Core FFO per share reached $0.46, up from $0.43 in Q1 2024.
545 newly constructed homes were delivered through the AMH Development Program.
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
AMH reaffirmed its full-year 2025 Core FFO guidance with expectations of continued NOI and development growth.
Positive Outlook
- Core FFO guidance maintained at $1.80–$1.86 per share.
- Same-Home Core NOI growth expected between 2.25%–4.25%.
- Delivery of 1,800–2,000 homes planned through wholly owned development.
- Capital investments projected at up to $1.2B (JVs at 100%).
- Core revenue growth guidance for Same-Home portfolio set at 2.5%–4.5%.
Challenges Ahead
- No guidance provided for GAAP net income due to unpredictability of gains/losses.
- Expense growth expected to outpace revenue growth at times (up to 5%).
- Rising turnover and R&M costs tied to lease expiration strategy.
- Dependency on peak leasing season timing to manage costs.
- Potential pressure from macroeconomic uncertainty despite fundamentals.