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Jun 30, 2023
American Homes 4 Rent Q2 2023 Earnings Report
American Homes 4 Rent reported strong second quarter results driven by robust demand and superior execution. The company also announced a second joint venture and raised full-year core FFO per share and unit guidance.
Key Takeaways
American Homes 4 Rent (AMH) announced its financial and operating results for the second quarter ended June 30, 2023. Key highlights include a 9.3% year-over-year increase in rents and other single-family property revenues to $395.5 million, net income attributable to common shareholders totaling $98.0 million, and a 7.6% year-over-year increase in Core Funds from Operations (FFO) attributable to common share and unit holders to $0.41 per FFO share and unit.
Rents and other single-family property revenues increased 9.3% year-over-year to $395.5 million.
Net income attributable to common shareholders totaled $98.0 million, or $0.27 per diluted share.
Core FFO attributable to common share and unit holders increased 7.6% year-over-year to $0.41 per FFO share and unit.
Achieved Same-Home Average Occupied Days Percentage of 97.0% while generating 9.4% rate growth on new leases.
Revenue by Segment
Forward Guidance
The company raised its Full Year 2023 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.64, representing anticipated full year growth of 6.5% over prior year.
Positive Outlook
- $0.03 incremental Core FFO per share primarily related to increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios driven by strong spring leasing results and continued demand trends into the third quarter
- Modestly favorable updates to Other income and expense, net, notably interest income on cash generated from our better than expected dispositions activity.
- Core FFO attributable to common share and unit holders growth to 5.2% - 7.8%
- Same-Home Core revenues growth to 5.75% - 7.25%
- Same-Home Core NOI growth to 4.00% - 5.50%
Challenges Ahead
- Core property operating expenses growth to 8.75% - 10.75%
- Gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated joint ventures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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