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Sep 30, 2023
American Homes 4 Rent Q3 2023 Earnings Report
American Homes 4 Rent reported solid third-quarter operating results, reflecting the resilient fundamentals of single-family rentals and the power of the AMH platform.
Key Takeaways
American Homes 4 Rent reported a 7.7% year-over-year increase in rents and other single-family property revenues, reaching $421.7 million. Net income attributable to common shareholders totaled $74.1 million, or $0.20 per diluted share. The company raised its full-year 2023 Core FFO per share guidance, indicating a positive outlook for the remainder of the year.
Rents and other single-family property revenues increased 7.7% year-over-year to $421.7 million.
Net income attributable to common shareholders totaled $74.1 million, or $0.20 per diluted share.
Core FFO attributable to common share and unit holders increased 6.6% year-over-year to $0.41 per FFO share and unit.
Achieved Same-Home Average Occupied Days Percentage of 96.4%.
Revenue by Segment
Forward Guidance
The company raised its full-year 2023 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.65, representing anticipated full-year growth of 7.1% over the prior year. The guidance for Same-Home Core revenues growth is 6.00%-7.00%.
Positive Outlook
- $0.01 incremental Core FFO per share primarily related to increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios
- Better than expected controllable operating expense outlook
- Modestly favorable updates to Other income and expense, net
- Core FFO attributable to common share and unit holders growth 6.5% - 7.8%
- Same-Home Core NOI growth 4.40% - 5.40%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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