AMH Reports Third Quarter 2025 Financial and Operating Results

Core Insights - The company reported a solid third quarter with a Core FFO per share growth of 6.2% and raised its full-year 2025 guidance midpoint by $0.01 per share to $1.87, indicating a growth of 5.6% over the previous year [3][12][17]. Financial Performance - For Q3 2025, net income attributable to common shareholders was $99.7 million, or $0.27 per diluted share, compared to $73.8 million, or $0.20 per diluted share in Q3 2024, driven by increased rents and property revenues [3][7]. - Rents and other single-family property revenues increased by 7.5% to $478.5 million in Q3 2025, up from $445.1 million in Q3 2024, supported by a larger average occupied portfolio and higher rental rates [4][12]. - Core NOI from the total portfolio rose by 9.2% to $264.3 million in Q3 2025, compared to $242.1 million in Q3 2024, attributed to revenue growth and partially offset by a 4.4% increase in operating expenses [5][12]. Same-Home Portfolio Performance - Core revenues for the Same-Home portfolio increased by 3.8% to $357.8 million in Q3 2025, driven by a 3.5% rise in Average Monthly Realized Rent per property [6][10]. - Core property operating expenses for Same-Home properties rose by 2.4% to $123.0 million in Q3 2025, leading to a Core NOI increase of 4.6% to $234.8 million [6][10]. Year-to-Date Results - 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 for the same period in 2024 [7][9]. - Rents and other single-family property revenues for the nine-month period increased by 8.0% to $1.4 billion, driven by a larger average occupied portfolio [8][10]. Investment and Development - As of September 30, 2025, the company owned 60,664 single-family properties, with an increase of 68 homes during Q3 2025, including 539 newly constructed homes [11][12]. - The company delivered a total of 651 newly constructed homes from its AMH Development Program in Q3 2025 [12]. Capital Structure and Liquidity - The company paid off approximately $426.1 million on its asset-backed securitization, resulting in a fully unencumbered balance sheet [13][14]. - As of September 30, 2025, the company had cash and cash equivalents of $45.6 million and total outstanding debt of $4.9 billion, with a weighted-average interest rate of 4.5% [14][25]. Guidance - The company raised its full-year 2025 Core FFO guidance to a range of $1.86 to $1.88 per share, reflecting improved expectations for Core NOI growth and financing costs [16][17].