American Homes 4 Rent(AMH) - 2025 Q3 - Quarterly Results

Financial Performance - Net income attributable to common shareholders for Q3 2025 was $99.7 million, or $0.27 per diluted share, up from $73.8 million, or $0.20 per diluted share in Q3 2024, reflecting a significant increase in rents and property revenues [7]. - For the nine-month period ended September 30, 2025, net income attributable to common shareholders was $315.2 million, or $0.85 per diluted share, compared to $275.3 million, or $0.75 per diluted share in the same period of 2024 [14]. - The company reported net income of $116,801 for Q3 2025, compared to $87,640 in Q3 2024, representing a significant increase of 33.3% [41]. - The company’s net income per common share–diluted for Q3 2025 was $0.27, up from $0.20 in Q3 2024, indicating a 35% increase [135]. Revenue Growth - Rents and other single-family property revenues increased by 7.5% year-over-year to $478.5 million in Q3 2025, driven by a rise in the average occupied portfolio to 57,689 homes [8]. - Core revenues for Q3 2025 were $405,621, an increase of 7.3% from $377,440 in Q3 2024 [39]. - Same-Home core revenues for Q3 2025 reached $357,826, up from $344,735 in Q3 2024, reflecting a growth of 3.8% [39]. - Core revenues from the Same-Home portfolio increased by 4.2% to $1.1 billion for the nine-month period ended September 30, 2025 [17]. Operating Income - Core Net Operating Income (Core NOI) from the total portfolio rose by 9.2% to $264.3 million in Q3 2025, supported by a 7.5% increase in core revenues [9]. - Core Net Operating Income (NOI) for Q3 2025 was $264,340, compared to $242,094 in Q3 2024, indicating a year-over-year increase of 9.2% [41]. - Core NOI margin improved to 65.2% in Q3 2025, compared to 64.1% in Q3 2024 [46]. Funds from Operations - Core Funds from Operations (Core FFO) attributable to common share and unit holders increased by 6.2% year-over-year to $0.47 per FFO share in Q3 2025 [10]. - FFO attributable to common share and unit holders was $188,573,000 for Q3 2025, up from $167,334,000 in Q3 2024 [48]. - Core FFO attributable to common share and unit holders increased to $196,692,000 in Q3 2025, compared to $183,793,000 in Q3 2024 [48]. - Adjusted FFO attributable to common share and unit holders for Q3 2025 was $175.528 million, with common distributions of $126.610 million, resulting in a Retained Cash Flow of $48.918 million [141]. Property Management and Expenses - Core property operating expenses for Q3 2025 were $141,281, a rise from $135,346 in Q3 2024, marking an increase of 4.3% [41]. - Property management expenses for Q3 2025 totaled $33.384 million, an increase from $31.973 million in Q3 2024, marking a rise of 4.4% [133]. - General and administrative expenses for Q3 2025 were $20.503 million, compared to $19.247 million in Q3 2024, reflecting a 6.5% increase [133]. Debt and Capitalization - Total debt as of September 30, 2025, was $4,910,000,000, representing 25.6% of total capitalization [76]. - The company reported a net debt and preferred shares to adjusted EBITDAre ratio of 5.1x, indicating a stable financial position [76]. - The fixed charge coverage ratio for the trailing twelve months ended September 30, 2025, was 4.1x, indicating strong ability to cover fixed charges [117]. Market Presence and Growth Strategy - The Company achieved a Same-Home Average Occupied Days Percentage of 95.9% in Q3 2025, with a blended rate growth of 3.6% [10]. - The company anticipates continued growth driven by its acquisition and homebuilding programs, as indicated in its 2025 guidance [36]. - The company plans to enhance its market presence through strategic acquisitions and new developments in the coming years [36]. - The total development pipeline consists of 10,223 lots, with 1,800 - 2,000 expected deliveries for the full year 2025 [91]. Property Portfolio - Total single-family properties owned as of September 30, 2025, reached 60,664 homes, with 651 newly constructed homes delivered during Q3 2025 [21]. - As of September 30, 2025, the company owned over 61,000 single-family properties across various regions in the United States [34]. - The average age of properties in the portfolio was 17.9 years, with a total of 60,664 properties [79]. - The total number of properties across all markets was 53,412, with an average occupied days percentage of 95.9% [64].