#United States #Las Vegas #financial results #American Homes 4 Rent #AMH

AMH Delivers Impressive Financial Results for 2024

American Homes 4 Rent (AMH), a notable leader in the ownership, operation, and development of single-family rental homes, recently published its financial and operational outcome for both the fourth quarter and the entire year ending December 31, 2024. The results shown are a testament to AMH's commitment to enhancing shareholder value and operational efficiency.

Key Highlights

In the fourth quarter of 2024, AMH reported significant financial growth:

• - Rents and Property Revenues: There was a year-over-year increase of 6.8%, bringing the total to $436.6 million.
• - Net Income: The net income attributable to common shareholders reached $123.2 million, translating to $0.33 per diluted share, compared to $76.6 million or $0.21 per diluted share in the same quarter of the previous year.
• - Core Funds from Operations (Core FFO): Core FFO rose by 5.7% year-over-year, reaching $0.45 per share. Furthermore, Adjusted Funds from Operations (Adjusted FFO) increased by 5.9% to $0.41 per share.
• - Core Net Operating Income (Core NOI): This figure improved by 3.6% for the same-home properties.

Operational Success

AMH's robust leasing strategies resulted in a strong occupancy rate, with an average occupied days percentage of 95.4%. The company executed well on its strategy to optimize revenues while enhancing occupancy, which bodes well for the upcoming spring leasing season. The company also successfully delivered 463 energy-efficient homes, demonstrating its commitment to sustainable development.

Financial Activities

In the fourth quarter, AMH enhanced its liquidity position by issuing $500 million of unsecured senior notes, showcasing confidence in its ongoing growth and stability. The effective interest rate post-treasury rate locks was pegged at 5.08%. Additionally, the board has approved a 15% increase in common share dividends, proposing $0.30 in the first quarter of 2025.

Full Year Performance

When considering the full year of 2024:

• - Total Net Income: This reached $398.5 million or $1.08 per diluted share, compared to $366.2 million or $1.01 per diluted share for 2023.
• - Annual Revenues: The total revenues from rents and other single-family properties achieved $1.73 billion, a 6.5% increase over the prior year.
• - Operational Growth: Core NOI grew to $978.3 million for the year, marking an 8.1% increase, predominantly due to rising rental rates and occupancy.

Looking Ahead

Bryan Smith, the company’s CEO, expressed optimism about AMH's ability to maintain its leadership position in the residential sector while delivering consistent returns to shareholders. AMH's guidance for 2025 suggests continued growth in core FFO, with projections between $1.80 - $1.86 per share and a committed strategy to remain at the forefront of single-family rental housing.

In closing, AMH’s performance in 2024 showcases its effectiveness in navigating the housing market challenges and solidifies its foundation for future growth and success, thereby enhancing stakeholders' confidence in its operational capabilities. As the market evolves, AMH will rely on its best-in-class operating framework and responsible growth strategies to secure its status as an industry leader.