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Jun 30, 2021
American Homes 4 Rent Q2 2021 Earnings Report
American Homes 4 Rent reported strong operational performance with increased revenues and Core FFO per share growth.
Key Takeaways
American Homes 4 Rent reported a strong second quarter in 2021, with rents and other single-family property revenues increasing by 11.7% to $313.7 million. Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share. The company also raised its full-year Core FFO guidance to $1.32 per share.
Rents and other single-family property revenues increased 11.7% to $313.7 million for the second quarter of 2021.
Net income attributable to common shareholders totaled $20.1 million, or $0.06 per diluted share, for the second quarter of 2021.
Core FFO attributable to common share and unit holders increased 22.9% to $0.33 per FFO share and unit for the second quarter of 2021.
Achieved new record high Same-Home Average Occupied Days Percentage of 97.9% in the second quarter of 2021, while generating 13.7% rate growth on new leases.
Revenue by Segment
Forward Guidance
The Company is providing revised 2021 guidance based on its current and expected views of the single-family rental market and general economic conditions.
Positive Outlook
- $0.03 related to our Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results.
- $0.02 related to our Non-Same-Home portfolio reflecting strengthened core revenues outlook primarily driven by strong occupancy and leasing results as well as partial year impact from our expanded external growth program, net of financing costs.
- Since our first quarter update on May 6, 2021, we have increased our external growth expectations by approximately $300 million to $1.4 billion to $1.6 billion, which now includes between 3,500 and 4,000 wholly-owned inventory additions as well as investments into our wholly-owned land and development pipeline and pro-rata share of joint venture investments.
- When combined with 100% of gross joint venture investments, we now expect to deploy total gross capital of $1.6 billion to $1.8 billion for the year.
Challenges Ahead
- The extent to which the pandemic may continue to impact us and our residents will continue to depend on future developments.
- These include resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates, the effectiveness of vaccines, and the direct and indirect economic effects of the pandemic and containment measures, among others.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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