American Homes 4 Rent(US:AMH)2025-10-30 19:57Financial Performance - For the three months ended September 30, 2025, rental and other single-family property revenues increased to $478,464,000, up 7.0% from $445,055,000 in the same period of 2024[31]. - Net income for the three months ended September 30, 2025, was $116,801,000, representing a 33.3% increase compared to $87,640,000 for the same period in 2024[31]. - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $315,222,000, an increase of 14.5% from $275,252,000 for the same period in 2024[31]. - The company reported a basic net income per share of $0.27 for the three months ended September 30, 2025, compared to $0.20 for the same period in 2024[31]. - Net income for the nine months ended September 30, 2025, was $369,138, compared to $324,269 for the same period in 2024, representing a year-over-year increase of approximately 13.9%[46]. - Net income for the three months ended September 30, 2025, was $116.801 million, representing a 33.4% increase from $87.640 million in the same quarter of 2024[53]. - The company reported a net income attributable to common unitholders of $113.315 million for Q3 2025, up from $84.154 million in Q3 2024, reflecting a growth of 34.6%[53]. - For the nine months ended September 30, 2025, net income was $369,138,000, compared to $324,269,000 for the same period in 2024, indicating a growth of 13.8%[125]. Assets and Liabilities - Total assets as of September 30, 2025, were $13,253,466,000, a decrease from $13,381,151,000 as of December 31, 2024[28]. - Total liabilities decreased to $5,415,499,000 as of September 30, 2025, from $5,532,521,000 as of December 31, 2024[28]. - Total shareholders' equity remained relatively stable at $7,161,264,000 as of September 30, 2025, compared to $7,160,016,000 as of December 31, 2024[28]. - Total debt as of September 30, 2025, was $4.910 billion, a decrease from $5.075 billion as of December 31, 2024[95]. - The Company’s total debt per balance sheet, after accounting for unamortized discounts and deferred financing costs, was $4.843 billion as of September 30, 2025[95]. Cash Flow and Investments - Cash and cash equivalents decreased significantly to $45,631,000 as of September 30, 2025, from $199,413,000 as of December 31, 2024[28]. - Net cash provided by operating activities was $718,515 for the nine months ended September 30, 2025, compared to $709,348 in 2024, indicating a slight increase of 1.8%[46]. - Net cash used for investing activities was $280,631 for the nine months ended September 30, 2025, compared to $293,048 in 2024, showing a decrease of about 4.2%[46]. - Cash, cash equivalents, and restricted cash at the end of the period were $175,735 as of September 30, 2025, down from $317,849 in 2024, indicating a decrease of about 44.5%[46]. - Net cash used for financing activities was $612,365 for the nine months ended September 30, 2025, compared to $320,312 in 2024, reflecting a significant increase of 91.1%[63]. Revenue and Expenses - The company incurred total expenses of $414,007,000 for the three months ended September 30, 2025, compared to $393,062,000 for the same period in 2024, reflecting a 5.3% increase[31]. - Depreciation and amortization expenses increased to $378,523 for the nine months ended September 30, 2025, from $353,020 in 2024, reflecting a rise of about 7.2%[46]. - Property operating expenses increased by 5.6% to $181.6 million for the three months ended September 30, 2025, from $172.0 million in 2024[187]. - Interest expense rose by 10.5% to $48.2 million for the three months ended September 30, 2025, compared to $43.6 million in 2024[192]. - General and administrative expenses increased to $20.5 million for the three months ended September 30, 2025, up from $19.2 million in 2024[191]. Property Management and Operations - The company held 61,692 single-family properties across 24 states as of September 30, 2025, including 1,028 properties classified as held for sale[67]. - Total occupancy rate across properties was 95.2% as of September 30, 2025, with an average realized rent of $2,306[155]. - Average Monthly Realized Rent per property increased by 3.5% year-over-year for Q3 2025, with a turnover rate of 7.3%[171]. - The company developed or acquired 587 homes in Q3 2025, including 539 newly constructed homes through the AMH Development Program[163]. - The company identified 1,028 properties held for sale as of September 30, 2025, compared to 805 properties at the end of 2024[165]. Shareholder Information - The Company declared a distribution of $0.30 per Class A and Class B common share for Q3 2025, compared to $0.26 in Q3 2024[112]. - The total noncash share-based compensation expense for the nine months ended September 30, 2025, was $20.4 million, down from $26.2 million in the same period of 2024[124]. - The Company has a 2021 Employee Stock Purchase Plan allowing for the issuance of up to 3,000,000 Class A common shares, set to terminate in June 2031[123]. - The share repurchase program has an authorization of up to $265.1 million for Class A common shares and $250.0 million for preferred shares as of September 30, 2025[109]. - Affiliates owned approximately 12.3% of the company's outstanding Class A common shares as of September 30, 2025, with a fully-diluted interest of approximately 22.7%[138].