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Jun 30, 2024
American Homes 4 Rent Q2 2024 Earnings Report
American Homes 4 Rent's Q2 2024 financial performance was marked by revenue growth and strategic capital market activities.
Key Takeaways
American Homes 4 Rent reported a 7.1% year-over-year increase in rents and other single-family property revenues, reaching $423.5 million. Net income attributable to common shareholders totaled $92.1 million, or $0.25 per diluted share. The company delivered 671 newly constructed homes and issued $500.0 million in unsecured senior notes.
Rents and other single-family property revenues increased 7.1% year-over-year to $423.5 million.
Net income attributable to common shareholders totaled $92.1 million, or $0.25 per diluted share.
Core FFO attributable to common share and unit holders increased 8.5% year-over-year to $0.45 per FFO share and unit.
Delivered 671 newly constructed homes from the AMH Development Program.
Revenue by Segment
Forward Guidance
The Company raised Full Year 2024 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.76, representing anticipated full year growth of 6.0% over prior year.
Positive Outlook
- $0.02 from increased Core NOI growth from both the Same-Home and Non-Same Home portfolios driven by better core revenues growth from increased full year leasing spread expectations driven by strong year-to-date activity and improved outlook in the second half of the year, and lower bad debt expense.
- $0.02 from increased Core NOI growth from both the Same-Home and Non-Same Home portfolios driven by lowered core property operating expenses growth from ongoing cost control execution as well as modestly favorable property tax information.
- $0.01 from modestly improved full year outlook around interest income
- $0.01 from modestly improved full year outlook around general and administrative expense.
- Full Year 2024 Same-Home Core revenues growth 4.25% - 5.75%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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