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Sep 30, 2022
American Homes 4 Rent Q3 2022 Earnings Report
American Homes 4 Rent's Q3 2022 financial performance was marked by increased revenues and net income, driven by portfolio growth and higher rental rates, despite hurricane-related charges.
Key Takeaways
American Homes 4 Rent reported a 15.3% increase in single-family property revenues, reaching $391.6 million. Net income attributable to common shareholders was $50.7 million, or $0.14 per diluted share. The company achieved a Same-Home Average Occupied Days Percentage of 97.1% and a 12.5% rate growth on new leases. However, Hurricane Ian impacted certain properties, resulting in net hurricane-related charges of $6.1 million.
Rents and other single-family property revenues increased 15.3% year-over-year to $391.6 million.
Net income attributable to common shareholders totaled $50.7 million, or $0.14 per diluted share.
Core Funds from Operations (FFO) attributable to common share and unit holders increased 11.6% year-over-year to $0.39 per FFO share and unit.
Achieved Same-Home Average Occupied Days Percentage of 97.1% and generated 12.5% rate growth on new leases.
Revenue by Segment
Forward Guidance
Full Year 2022 Guidance was revised to reflect higher than expected property tax growth in the state of Texas.
Positive Outlook
- Same-Home core revenues growth outlook remains unchanged, as the Company’s portfolio continues to experience seasonally strong demand relative to pre-pandemic levels.
- Excluding property taxes, Same-Home core operating expense growth outlook remains unchanged.
- The Company continues to execute on its moderated acquisition program.
- Development deliveries reflect modest reduction due to hurricane-related delays in certain Florida development projects.
- The Company has modestly lowered property and land acquisition expectations, which are not expected to have a material impact on 2022 Full Year Core FFO per share.
Challenges Ahead
- Including property taxes, the midpoint of Same-Home core operating expense growth has been increased by 200 basis points to reflect higher than expected property tax growth in the state of Texas.
- Property taxes within our Texas portfolio are expected to increase by over 20% this year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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