AMH Reports Third Quarter 2024 Financial and Operating Results

Core Insights - AMH has acquired a portfolio of nearly 1,700 single-family rental homes for approximately $480 million, reflecting a disciplined growth strategy and value creation through integration into its platform [2][3] - The company raised its full-year 2024 guidance for Core Funds from Operations (Core FFO) attributable to common share and unit holders by $0.01 per share to a midpoint of $1.77, indicating a projected growth of 6.6% over the previous year [3][24] Financial Performance - For Q3 2024, rents and other single-family property revenues increased by 5.5% year-over-year to $445.1 million, driven primarily by higher rental rates [3][6] - Net income attributable to common shareholders for Q3 2024 was $73.8 million, or $0.20 per diluted share, slightly down from $74.1 million, or $0.20 per diluted share in Q3 2023 [3][5] - Core FFO attributable to common share and unit holders rose by 6.3% year-over-year to $183.8 million, or $0.44 per FFO share and unit for Q3 2024 [3][9] - Adjusted FFO attributable to common share and unit holders increased by 8.0% year-over-year to $159.7 million, or $0.38 per FFO share and unit for Q3 2024 [3][9] Operational Highlights - Core Net Operating Income (Core NOI) from Same-Home properties increased by 5.4% year-over-year for Q3 2024, reaching $217.1 million [3][8] - The Same-Home Average Occupied Days Percentage was 95.9% in Q3 2024, with a blended rate growth of 5.2% [3][15] - The company delivered a total of 753 newly constructed homes from its AMH Development Program in Q3 2024 [3][16] Portfolio and Investments - As of September 30, 2024, AMH owned a total of 58,899 single-family properties, reflecting a slight increase from the previous quarter [16] - The company has a total of 1,003 properties held for sale and 3,271 properties in unconsolidated joint ventures [16] Capital Activities and Liquidity - AMH paid off approximately $471.8 million in outstanding principal on an asset-backed securitization during Q3 2024 [17] - The company entered into a new $1.25 billion sustainability-linked revolving credit facility, replacing its previous facility [18] - As of September 30, 2024, AMH had cash and cash equivalents of $162.5 million and total outstanding debt of $4.6 billion [19] Guidance and Future Outlook - The company revised its guidance for full-year 2024, projecting Core FFO growth of 4.8% to 7.2% and Same-Home core revenues growth of 4.50% to 5.50% [24] - The guidance for total capital investment has been adjusted to reflect the recent acquisition of the bulk portfolio [24]