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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.
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 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%