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Sep 30, 2024
American Homes 4 Rent Q3 2024 Earnings Report
American Homes 4 Rent reported financial and operating results for Q3 2024, including a portfolio acquisition of nearly 1,700 single-family rental homes and raised full year 2024 guidance.
Key Takeaways
American Homes 4 Rent (AMH) announced its Q3 2024 financial results, featuring a 5.5% year-over-year increase in rents and other single-family property revenues, totaling $445.1 million. The company reported net income attributable to common shareholders of $73.8 million, or $0.20 per diluted share. AMH also acquired a portfolio of nearly 1,700 single-family rental homes for approximately $480 million and raised its full-year Core FFO guidance.
Rents and other single-family property revenues increased 5.5% year-over-year to $445.1 million.
Net income attributable to common shareholders totaled $73.8 million, or $0.20 per diluted share.
Same-Home Average Occupied Days Percentage of 95.9% with 5.2% blended rate growth.
Delivered 753 newly constructed homes from the AMH Development Program.
Revenue by Segment
Forward Guidance
The company raised Core FFO guidance midpoint by $0.01 per share primarily related to increased Core NOI growth from the Same-Home portfolio driven by both better than expected property tax expense outlook and cost controls on controllable expenses. The company revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.
Positive Outlook
- Raised Core FFO guidance midpoint by $0.01 per share
- Increased Core NOI growth from the Same-Home portfolio
- Better than expected property tax expense outlook
- Cost controls on controllable expenses
- Revised Wholly owned acquisitions guidance includes bulk portfolio acquired during the fourth quarter as well as a small volume of individual property acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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