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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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