AMH Reports Second Quarter 2025 Financial and Operating Results

Core Insights - AMH raised its full year 2025 Core FFO guidance midpoint by $0.03 per share to $1.86, indicating a projected growth of 5.1% over the previous year [3][13][21] Financial Performance - For Q2 2025, net income attributable to common shareholders was $105.6 million, or $0.28 per diluted share, up from $92.1 million, or $0.25 per diluted share in Q2 2024, primarily due to increased rents and property revenues [4][13] - Rents and other single-family property revenues rose 8.0% to $457.5 million in Q2 2025, compared to $423.5 million in Q2 2024, driven by a larger occupied portfolio and higher rental rates [5][13] - Core NOI from the total portfolio increased 8.7% to $264.1 million in Q2 2025, compared to $243.0 million in Q2 2024, supported by a 7.7% rise in core revenues [6][13] - Core FFO attributable to common share and unit holders was $198.0 million, or $0.47 per FFO share, for Q2 2025, compared to $187.1 million, or $0.45 per FFO share, for Q2 2024 [8][13] Year-to-Date Results - For the six-month period ended June 30, 2025, net income attributable to common shareholders totaled $215.5 million, or $0.58 per diluted share, compared to $201.4 million, or $0.55 per diluted share for the same period in 2024 [9][15] - Rents and other single-family property revenues increased 8.2% to $916.8 million for the six-month period ended June 30, 2025, compared to $847.0 million for the same period in 2024 [10][15] - Core NOI from the total portfolio rose 8.8% to $523.0 million for the six-month period ended June 30, 2025, compared to $480.7 million for the same period in 2024 [11][15] Same-Home Portfolio Performance - For the Same-Home portfolio, core revenues increased 4.2% to $716.9 million for the six-month period ended June 30, 2025, driven by a 4.2% increase in Average Monthly Realized Rent per property [12][15] - Core property operating expenses from Same-Home properties increased 3.8% to $244.9 million for the six-month period ended June 30, 2025, primarily due to higher repairs and maintenance costs [14][15] Capital Activities - During Q2 2025, the Company issued $650.0 million of 4.95% unsecured senior notes due 2030, raising net proceeds of $642.5 million [18][19] - As of June 30, 2025, the Company had cash and cash equivalents of $323.3 million and total outstanding debt of $5.2 billion, with a weighted-average interest rate of 4.5% [19][28] Guidance Summary - The Company expects full year 2025 Core FFO attributable to common share and unit holders to be in the range of $1.84 - $1.88, reflecting growth of 4.0% - 6.2% [21][20] - Core revenues growth for Same-Home properties is anticipated to be between 3.00% - 4.50% for 2025 [21]