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Dec 31, 2024
American Homes 4 Rent Q4 2024 Earnings Report
AMH reported a strong Q4 2024 performance with revenue and net income growth.
Key Takeaways
AMH saw a 6.8% increase in rental revenue and a 60.8% rise in net income year-over-year. Adjusted EPS was $0.41, supported by strong occupancy and rental rate growth. The company delivered 463 new homes and raised $500 million through senior notes. The dividend was increased by 15% for Q1 2025.
Rental revenue increased by 6.8% year-over-year to $436.6 million.
Net income rose to $123.2 million, a 60.8% increase from Q4 2023.
Adjusted EPS was $0.41, up from $0.39 in Q4 2023.
The company delivered 463 newly constructed homes.
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
AMH expects moderate growth in revenue and NOI for FY 2025, supported by stable occupancy and higher rental rates.
Positive Outlook
- Expected revenue growth of 2.5% - 4.5%.
- Core NOI growth projected at 2.25% - 4.25%.
- Average occupied days expected to remain above 96%.
- Company plans to deliver 1,800 - 2,000 newly built homes.
- Stable rent growth expected in the high 3.0% range.
Challenges Ahead
- Property operating expenses projected to increase by 3.0% - 5.0%.
- Higher property tax expenses expected to grow 3.5% - 5.5%.
- Debt repayment obligations of $925.4 million due in 2025.
- Macroeconomic uncertainty may impact demand.
- Potential impact from future severe weather events.