Group 1 - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategy that balances risk and return [1] - The primary focus of the author's coverage on Seeking Alpha includes REITs and financials, with occasional insights on ETFs and macro-driven stock ideas [1]

Financial Reporting and Governance - The Company and the Operating Partnership provide separate consolidated financial statements to enhance investor understanding and streamline disclosures[21]. - The company's senior management and affiliates hold 19.1% of the voting power, which may influence shareholder votes and control matters[127]. - The board of trustees can issue additional securities without shareholder approval, potentially delaying or preventing changes in control[128]. - The company has opted out of certain business combination provisions of the Maryland General Corporation Law, allowing for more flexibility in acquisitions[130]. - The declaration of trust allows the board to take necessary actions to preserve REIT qualification, including ownership limits on shares[146]. Risks and Challenges - Elevated interest rates since 2022 have increased the cost of new debt and borrowing, impacting external growth prospects[109]. - The Company faces risks from tenant relief laws that may negatively impact rental income and profitability[120]. - The use of artificial intelligence in the Company's operations may expose it to operational challenges and regulatory risks[114]. - Environmental laws may impose significant liabilities on the Company, affecting financial condition and cash flows[116]. - The impacts of climate change may lead to increased costs and operational challenges for the Company[122]. - Forward-looking statements in the report are subject to significant risks and uncertainties that could cause actual results to differ materially[32]. REIT Compliance and Taxation - Failure to qualify as a REIT would result in taxation as a regular corporation, significantly reducing funds available for shareholder distributions[132]. - The company must satisfy various REIT qualification tests continuously, and failure to do so could impair its ability to raise capital and expand[136]. - The company may face tax liabilities even if it qualifies as a REIT, which could decrease cash available for distribution[137]. - Compliance with REIT requirements may limit the company's investment opportunities and necessitate liquidating attractive investments[138]. - The company is subject to a 100% tax on income from prohibited transactions, which could restrict its ability to engage in beneficial sales[139]. - Ownership restrictions are in place to ensure compliance with REIT regulations, potentially inhibiting market activity in equity shares[145]. - To maintain REIT status, the company must distribute at least 90% of its REIT taxable income each year, which could lead to adverse actions if cash flow is insufficient[148]. - The company may face a 4% nondeductible excise tax if distributions are less than 85% of ordinary income, 95% of capital gain net income, and 100% of undistributed income from prior years[148]. - If a Section 1031 exchange is determined to be taxable, the company's taxable income would increase, requiring higher distributions to satisfy REIT requirements[149]. - Legislative changes could reduce tax advantages for REITs, potentially affecting the market price of the company's shares[150]. - Issuing preferred shares in a reopening could subject shareholders to adverse U.S. federal income tax consequences if classified as "fast-pay stock"[151]. - If preferred shares are deemed fast-pay stock, it could result in additional tax reporting requirements and penalties for the company and shareholders[154]. - The company may need to borrow funds or raise additional equity capital to meet distribution requirements if cash flow is insufficient[148]. - The market's perception of the company's growth potential and current debt levels will influence access to third-party capital sources[148]. - Future legislation could modify or repeal laws regarding Section 1031 exchanges, complicating tax-deferred property disposals[149]. - The company may be required to amend tax returns if a Section 1031 exchange is later determined to be taxable, impacting cash available for distributions[149].

Core Insights - American Homes 4 Rent (AMH) reported revenue of $436.59 million for the quarter ended December 2024, reflecting a 6.8% increase year-over-year and a surprise of +0.89% over the Zacks Consensus Estimate of $432.74 million [1] - The company's EPS for the quarter was $0.45, up from $0.21 in the same quarter last year, aligning with the consensus estimate [1] Revenue Performance - Same-Home core revenues were reported at $334.67 million, which was below the average estimate of $338.53 million, but showed a +10.6% change year-over-year [4] - Tenant charge-backs revenue was $49.11 million, slightly below the average estimate of $50.07 million, with a +1.2% year-over-year change [4] - Core revenues totaled $387.49 million, exceeding the average estimate of $386.93 million, representing a +7.6% increase year-over-year [4] - Non-Same-Home core revenues were $52.81 million, surpassing the average estimate of $48.40 million, but showed a -8.1% change compared to the previous year [4] Earnings Metrics - Net Earnings Per Share (Diluted) was reported at $0.33, significantly higher than the average estimate of $0.15 from five analysts [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned +1.2%, compared to a +2.6% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1: Financial Performance - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.45 per share, matching the Zacks Consensus Estimate and up from $0.43 per share a year ago [1] - The company posted revenues of $436.59 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 0.89% and up from $408.66 million year-over-year [2] - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates two times and revenue estimates four times [1][2] Group 2: Stock Performance and Outlook - American Homes 4 Rent shares have declined approximately 5.6% since the beginning of the year, contrasting with the S&P 500's gain of 4.5% [3] - The current consensus FFO estimate for the upcoming quarter is $0.45 on revenues of $451.73 million, and for the current fiscal year, it is $1.86 on revenues of $1.79 billion [7] - The estimate revisions trend for American Homes 4 Rent is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Group 3: Industry Context - The REIT and Equity Trust - Residential industry, to which American Homes 4 Rent belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which could impact investor sentiment [5]

Financial Performance - Net income attributable to common shareholders for Q4 2024 was $123.2 million, or $0.33 per diluted share, compared to $76.6 million, or $0.21 per diluted share in Q4 2023, reflecting a significant increase due to higher net gains on property sales [7]. - For the full year 2024, net income attributable to common shareholders was $398.5 million, or $1.08 per diluted share, compared to $366.2 million, or $1.01 per diluted share in 2023 [14]. - The company reported a net income attributable to common shareholders of $123,230,000 for Q4 2024, compared to $76,617,000 in Q4 2023, showing a significant increase of 60.8% [51]. - Net income for Q4 2024 was $143,873,000, a 58.1% increase from $90,937,000 in Q4 2023 [133]. - Net income for the trailing twelve months ended December 31, 2024, was $468,142,000, compared to $432,142,000 for the same period in 2023, marking an 8.3% increase [136]. Revenue Growth - Rents and other single-family property revenues increased by 6.8% year-over-year to $436.6 million in Q4 2024, driven primarily by higher rental rates [8]. - Full year rents and other single-family property revenues increased by 6.5% to $1.73 billion in 2024, compared to $1.62 billion in 2023 [15]. - Core revenues for Q4 2024 reached $387,485,000, an increase from $360,151,000 in Q4 2023, representing a growth of 7.5% year-over-year [51]. - Same-Home core revenues for Q4 2024 were $334,673,000, slightly up from $321,880,000 in Q4 2023, indicating a growth of 4.0% [51]. - Same-Home core revenues for the year ended December 31, 2024, were $1,328.285 million, compared to $1,265.168 million for 2023, reflecting a year-over-year increase [46]. Operating Income - Core Net Operating Income (Core NOI) from the total portfolio rose by 8.5% to $255.6 million in Q4 2024, supported by a 7.6% increase in core revenues [9]. - Core NOI for Q4 2024 was $255,561,000, compared to $235,627,000 in Q4 2023, reflecting an increase of 8.4% year-over-year [51]. - Core NOI for the year ended December 31, 2024, was $978.307 million, up from $904.813 million in 2023, indicating strong operational performance [46]. - Core FFO attributable to common share and unit holders for the year ended December 31, 2024, was $1.77, compared to $1.66 in 2023, reflecting a 6.6% increase [147]. Capital Investment and Financing - The company issued $500 million of 5.250% unsecured senior notes due 2035, raising net proceeds of $494.2 million [10]. - Total capital investment for 2025 is projected to be between $0.8 billion and $1.0 billion, with wholly owned development deliveries estimated at 1,800 to 2,000 properties [32]. - The company plans to fund its 2025 capital plan through retained cash flow, approximately $400 million to $500 million from recycled capital, and debt capital [38]. - The company plans a total capital investment program of $0.8 - $1.0 billion, with anticipated repayments of $925.4 million for AMH 2015-SFR1 and AMH 2015-SFR2 securitizations in 2025 [114]. Occupancy and Property Management - The average occupied days percentage for the portfolio was 94.2% in Q4 2024, slightly down from 95.1% in Q3 2024 [21]. - The number of occupied single-family properties increased to 57,486 as of December 31, 2024, from 55,726 a year earlier, indicating a growth of 3.2% [51]. - The average occupied days percentage across all markets was 95.4% in Q4 2024, down from 96.1% in Q4 2023, a decrease of 0.7% [72]. - The company’s turnover rate is calculated as the number of tenant move-outs during the period divided by the total number of properties, indicating tenant retention and property performance [158]. Debt and Equity - The total debt to total capitalization ratio was 24.1% at the end of Q4 2024, up from 22.0% in Q4 2023 [51]. - The company reported a total debt of $5,075,391 thousand, with a weighted average interest rate of 4.35% and an average maturity of 12.0 years [78]. - Shareholders' equity reached $7,160,016 thousand as of December 31, 2024, compared to $6,967,524 thousand in 2023, indicating an increase of 2.8% [76]. - The net debt and preferred shares to adjusted EBITDAre ratio is 5.4x, indicating a stable financial position [85]. Future Guidance - The company expects full year 2025 Core FFO attributable to common share and unit holders to continue growing, although specific guidance for GAAP net income is not provided due to uncertainties [31]. - Core FFO attributable to common share and unit holders for Full Year 2025 is projected to be between $1.80 and $1.86, reflecting a growth of 1.7% to 5.1% [32]. - Same-Home core revenues growth is expected to be between 2.50% and 4.50%, with average occupied days percentage in the low 96% area and average monthly realized rent growth in the high 3.0% area [33]. - The company anticipates property operating expenses growth of 3.00% to 5.00% in 2025, with property tax growth moderating between 3.50% and 5.50% [110].

15% Increase in Quarterly Distribution LAS VEGAS, Feb. 20, 2025 /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 and full year ended December 31, 2024. Highlights Rents and other single-family property revenues increased 6.8% year-over-year to $436.6 million for the fourth quarter of 2024. Net income attributable to common shareholders totaled $12 ...

Core Insights - Analysts expect American Homes 4 Rent (AMH) to report quarterly earnings of $0.45 per share, reflecting a year-over-year increase of 4.7% [1] - Projected revenues for AMH are anticipated to be $432.74 million, which represents a 5.9% increase from the same quarter last year [1] - Over the past 30 days, the consensus EPS estimate has been adjusted downward by 0.2%, indicating a reassessment by analysts [1] Revenue Estimates - 'Revenues- Same-Home core revenues' are expected to reach $338.53 million, showing a year-over-year change of +11.8% [4] - 'Revenues- Tenant charge-backs' are forecasted to be $50.07 million, indicating a change of +3.2% from the prior year [4] - Combined 'Revenues- Core revenues' are projected to be $386.93 million, reflecting a change of +7.4% year-over-year [4] Additional Metrics - 'Revenues- Non-Same-Home core revenues' are estimated at $48.40 million, which indicates a decline of -15.8% from the previous year [5] - Analysts predict 'Depreciation and amortization' to be $124.97 million, compared to $115.77 million from the year-ago quarter [5] - Over the past month, AMH shares have returned +0.1%, while the Zacks S&P 500 composite has increased by +4.7% [5]

LAS VEGAS, Feb. 12, 2025 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Board of Trustees declared a dividend of $0.30 per share on the Company's common shares for the first quarter of 2025. This represents an increase of 15 percent versus the prior quarterly dividend rate of $0.26 per share. The distribution will be payable in cash on March 31, 2025 to shareholders of record on March 14, ...

Core Viewpoint - AMH announced the tax treatment of its 2024 cash distributions, detailing the classification of ordinary dividend income and capital gain distributions for the year ended December 31, 2024 [1][2][3] Distribution Classification - For the tax year 2024, quarterly cash distributions were classified as follows: - Ordinary Dividend Income: 56.415249% for each quarter - Capital Gain Distributions: 43.584751% for each quarter - Total distributions for each quarter amounted to 100% [1] - 100% of the ordinary dividend income is treated as Internal Revenue Code (IRC) Section 199A Qualified REIT Dividend Income, requiring shareholders to hold their REIT shares for at least 45 days [1] - 30.154110% of the capital gain distributions is treated as unrecaptured IRC Section 1250 gain, with all capital gain distributions relating to IRC Section 1231 gains [2] Tax Return Status - The tax return for the year ended December 31, 2024, has not yet been filed, and the income tax classification for the distributions has been calculated using the best available information as of the release date [3] Company Overview - AMH is a leading large-scale integrated owner, operator, and developer of single-family rental homes, focusing on acquiring, developing, renovating, leasing, and managing homes as rental properties [4] - As of September 30, 2024, AMH owned nearly 60,000 single-family properties across various regions in the United States [5]

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.Every week, I feel like a Tokyo passenger pusher, shoving as much information into my article as possible, like the Japanese train attendants shove people into the train.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 res ...