Financial Data and Key Metrics - Revenue growth for Q3 2024 was 4.4% YoY, driven by strong leasing season performance [12] - Same-Home operating expense growth was 2.6% YoY, reflecting effective cost control [12] - Core NOI growth for the quarter was 5.4%, contributing to positive guidance revisions [12] - Core FFO per share and unit grew 6.3% YoY to $0.44, while adjusted FFO per share and unit grew 8% YoY to $0.38 [19] - Net income attributable to common shareholders was $73.8 million, or $0.20 per diluted share, including $3.9 million in hurricane-related losses [18] - Preliminary October estimates show renewal rate growth of 5.4%, occupancy at 95.2%, and new lease rate growth at 2% [12] Business Line Performance - The development program delivered 753 homes in Q3, with 640 homes added to the wholly-owned portfolio at a cost of approximately $250 million [20] - The company acquired 16 properties during the quarter for $5.5 million and sold 256 homes, generating $81 million in net proceeds at an average economic yield of 3% [20] - The newly acquired portfolio of 1,700 homes across 13 markets was purchased for $480 million, with expected NOI yields of 6% once stabilized [14][24] Market Performance - The company operates in high-growth markets, with strong demand for single-family rentals due to a national housing shortage [10] - The development program remains on track to deliver 2,300 high-quality attached single-family homes in 2024, with economic yields averaging in the high 5s [14] - The land pipeline of nearly 11,000 lots supports stable and predictable new construction growth [14] Strategic Direction and Industry Competition - The company focuses on creating the best resident experience in the industry, leveraging technology and operational investments [10] - The acquisition of the 1,700-home portfolio aligns with the company's disciplined growth strategy, providing synergistic opportunities with the existing footprint [14][24] - The company continues to monitor the market for additional acquisition opportunities, emphasizing asset quality and location [15] Management Commentary on Operating Environment and Future Outlook - The company expects to face an uncertain environment due to the upcoming election, economic conditions, and weather-related disruptions [13] - Management remains optimistic about long-term business fundamentals, with strong demand for high-quality single-family rentals [10] - The company has revised its 2024 guidance, increasing core FFO expectations to $1.77 per share, representing 6.6% YoY growth [23] Other Important Information - The company's net debt to adjusted EBITDA ratio was 5.0x at the end of Q3, with a fully undrawn $1.25 billion revolving credit facility and $160 million in cash [21] - The company has reduced its full-year Same-Home core operating expense growth expectations by 100 basis points to 5% [23] - The company's disaster preparedness and response programs helped mitigate hurricane-related losses, with damages primarily consisting of cleanup and minor repairs [18][19] Q&A Session Summary Question: Pricing dynamics for new customers and impact of supply - Demand remains strong, with a temporary moderation in new lease rates due to weather disruptions and seasonality [30][31] - Expectations for new lease rate growth in Q4 are in the low 1% range, with renewal rates in the high 4s to low 5s [31] Question: Bad debt trends - Bad debt in Q3 was in the low 1% range, with full-year expectations remaining at 1% [33] Question: Impact of storms on leasing trends - Weather disruptions temporarily slowed activity, but demand for high-quality single-family rentals remains robust [36][37] Question: Acquisition portfolio yield and value creation - The acquired portfolio has in-place cash flow yields of around 5%, with expected stabilized yields of 6% after optimization [38][39] Question: Occupancy trends and expectations - Occupancy is expected to improve slightly in Q4, with strong momentum heading into 2025 [41][54] Question: Property tax outlook - Property tax growth expectations have been reduced to 6% for 2024, with further moderation expected in 2025 [44][45] Question: Build-to-rent impact on same-store NOI - Build-to-rent properties represent less than 10% of the Same-Home pool, with minimal impact on same-store NOI growth [69][70] Question: Florida property insurance market - The company's insurance renewal for 2025 is expected to be manageable, with premiums increasing in the high single-digit range [98][99] Question: Market rent growth expectations - Market rent growth for 2025 is expected to be in the 3% to 4% range, with the company well-positioned to capture this growth [89]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN ...

For the quarter ended September 2024, American Homes 4 Rent (AMH) reported revenue of $445.06 million, up 5.5% over the same period last year. EPS came in at $0.44, compared to $0.22 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $434.64 million, representing a surprise of +2.40%. The company delivered an EPS surprise of +2.33%, with the consensus EPS estimate being $0.43. While investors closely watch year-over-year changes in headline numbers -- revenue and earni ...

American Homes 4 Rent (AMH) came out with quarterly funds from operations (FFO) of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to FFO of $0.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 2.33%. A quarter ago, it was expected that this real estate company would post FFO of $0.43 per share when it actually produced FFO of $0.45, delivering a surprise of 4.65%. Over the last four quarte ...

Exhibit 99.2 Earnings Release and Supplemental Information Package Third Quarter 2024 amh1 AMH Table of Contents Summary Earnings Press Release 3 Select Non-GAAP Reconciliations – Core Net Operating Income 9 Fact Sheet 11 Financial Information Condensed Consolidated Statements of Operations 12 Funds from Operations 13 Core Net Operating Income – Total Portfolio 14 Same-Home Results 15 Condensed Consolidated Balance Sheets 18 Debt Summary 19 Capital Structure and Credit Metrics 20 Property and Other Informat ...

Acquires High-Quality Portfolio of Nearly 1,700 Single-Family Rental Homes Raises Full Year 2024 Guidance LAS VEGAS, Oct. 29, 2024 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended September 30, 2024. Additionally, AMH today announced that in October 2024, the Company acquired a portfolio of nearly 1,700 single-family rental homes for approxim ...

If you want access to our entire Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Yield Landlord. Welcome to another installment of my weekly articles covering a wide array of topics relevant to and (hopefully) insightful for investors, especially dividend investors. Austin is a contributing author for the investing group High Yield Landlord , one of the largest real estate investment communities on Seeking Alpha, with thousands of members. It offers exclusive re ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that ...

LAS VEGAS, Oct. 8, 2024 /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Company will release its third quarter 2024 financial and operating results on Tuesday, October 29, 2024, after the market closes. The Company will host a conference call on Wednesday, October 30, 2024, at 12:00 p.m. Eastern Time to review third quarter results, discuss recent events, and conduct a question-and-answer period.Live conf ...

InterNetwork Media/DigitalVision via Getty Images Hurricane Helene has proven to be a particularly damaging hurricane, with wind destruction and widespread flooding. Loss of life and injury are of course the primary concern, and we wish the best for all involved. I do not mean to diminish the human tragedy by analyzing property damage, but as a real estate analyst, I feel some duty to discuss the investment implications of the event. REIT-owned properties in hardest-hit markets The New York Times put to ...