American Homes 4 Rent(US:AMH)2025-08-01 18:53Financial Performance - For Q2 2025, American Homes 4 Rent reported revenues of $457,503,000, a 8.0% increase from $423,494,000 in Q2 2024[31]. - Net income for the six months ended June 30, 2025, was $252,337,000, up 6.6% from $236,629,000 in the same period of 2024[34]. - Net income attributable to common shareholders for Q2 2025 was $105,553,000, representing a 14.0% increase from $92,142,000 in Q2 2024[31]. - Comprehensive income attributable to common shareholders for the six months ended June 30, 2025, was $214,913,000, up from $201,185,000 in the same period of 2024[34]. - Net income for the six months ended June 30, 2025, was $252,337,000, compared to $236,629,000 for the same period in 2024, reflecting an increase of approximately 6.9%[41]. - Net income for the three months ended June 30, 2025, was $123,624,000, compared to $108,534,000 for the same period in 2024, representing an increase of approximately 13.5%[117]. Assets and Liabilities - Total assets increased to $13,592,318,000 as of June 30, 2025, compared to $13,381,151,000 at the end of 2024, reflecting a growth of 1.6%[28]. - Total liabilities increased to $5,746,775,000, up 3.9% from $5,532,521,000 at the end of 2024[28]. - The company’s accumulated deficit increased to $(388,735,000) as of June 30, 2025, from $(380,632,000) at the end of 2024[28]. - Total cash, cash equivalents, and restricted cash at the end of the period was $466,600,000, down from $881,646,000 at the end of the same period in 2024[61]. - Total debt as of June 30, 2025, is $5,227.5 million, an increase from $5,075.4 million as of December 31, 2024[89]. Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2025, was $495,261,000, up from $475,780,000 in 2024, indicating a growth of about 4.1%[41]. - Total cash used for investing activities was $228,405,000 for the six months ended June 30, 2025, compared to $108,312,000 in 2024, representing an increase of approximately 110.9%[41]. - The company reported a net increase in cash, cash equivalents, and restricted cash of $116,384,000 for the six months ended June 30, 2025, compared to an increase of $659,785,000 in 2024[41]. - Net cash used for financing activities was $150.5 million in 2025, a decrease of $442.8 million compared to net cash provided of $292.3 million in 2024[218]. Shareholder Information - The company reported a total of 370,692,250 weighted-average common shares outstanding for Q2 2025, compared to 366,778,333 in Q2 2024[31]. - The company made distributions to common unitholders totaling $254,590,000 during the six months ended June 30, 2025, compared to $218,154,000 in 2024[61]. - The company has a remaining repurchase authorization of up to $265.1 million for Class A common shares as of June 30, 2025[103]. - The At-the-Market Program allows for the issuance of up to $1.0 billion in Class A common shares, with $753.7 million remaining available for future issuances[101]. Property Operations - The company’s property operating expenses for the six months ended June 30, 2025, were $327,619,000, up from $305,397,000 in the same period of 2024, which is an increase of 7.3%[48]. - The average monthly realized rent per property was $2,282, with a blended rent change of 4.2% for the three months ended June 30, 2025[147]. - The occupancy rate for total properties (excluding properties held for sale) was 94.7% as of June 30, 2025, with 58,317 properties occupied[144]. - Property operating expenses for the three months ended June 30, 2025, were $160.1 million, compared to $149.5 million in 2024[175]. Development and Acquisitions - The company is focused on developing "built-for-rental" homes through its internal AMH Development Program, adapting to the current macroeconomic environment[154]. - The company had commitments to acquire six single-family properties for an aggregate purchase price of $1.5 million and $114.2 million in purchase commitments for land as of June 30, 2025[129]. - The company added 191 single-family properties to its portfolio for a total cost of approximately $74.6 million from July 1, 2025, to July 25, 2025[137]. - The company strategically scaled back acquisitions of single-family properties as the housing market adjusts to the macroeconomic environment[215]. Expenses - Depreciation and amortization expenses for the six months ended June 30, 2025, were $251,867,000, compared to $233,329,000 in 2024, marking an increase of about 8.0%[41]. - General and administrative expenses decreased to $39.7 million for the six months ended June 30, 2025, down from $43.6 million for the same period in 2024, mainly due to a reduction in noncash share-based compensation[198]. - Interest expense rose 18.7% to $91.7 million for the six months ended June 30, 2025, from $77.3 million for the same period in 2024, primarily due to additional interest from unsecured senior notes issuances[199].