American Homes 4 Rent (AMH) Q2 2024 earnings summary

Executive summary

• Delivered strong Q2 2024 results with core FFO per share up 8.5% year-over-year and raised full-year core FFO per share outlook by $0.03 to $1.76 at the midpoint, representing 6% growth year-over-year.

• Owned 59,493 single-family properties in 21 states as of June 30, 2024, with 56,669 occupied and 633 held for sale; portfolio growth driven by development and selective acquisitions.

• Net income attributable to common shareholders was $92.1 million ($0.25 per diluted share) for Q2 2024, down from $98.0 million ($0.27) in Q2 2023, mainly due to lower gains on property sales despite higher rental revenues.

• Revenue growth was primarily driven by higher rental rates and increased occupancy, with a 5.6% year-over-year increase in average monthly realized rent per property.

• CEO transition proceeding smoothly, with a talented and experienced team in place.

Financial highlights

• Q2 2024 rents and other single-family property revenues rose 7.1% year-over-year to $423.5 million.

• Core FFO per share was $0.45, up 8.5% year-over-year; adjusted FFO per share was $0.39, up 9.4% year-over-year.

• Core NOI for Q2 2024 was $242.98 million, up from $223.46 million in Q2 2023; Same-Home Core NOI increased 5.9% to $219.93 million.

• Same-home average occupied days were 96.6% in Q2 and 96.3% in July.

• Net income attributable to common shareholders was $92.1 million, or $0.25 per diluted share for Q2.

Outlook and guidance

• Raised full-year 2024 Core FFO guidance midpoint by $0.03 to $1.76 per share, reflecting anticipated 6% growth over prior year.

• Full-year 2024 Core FFO guidance range increased to $1.74–$1.78 per share, with expected growth of 4.8%–7.2%.

• Increased full-year same-home core NOI growth guidance by 50 bps to 4.5% at the midpoint.

• Guidance increase driven by stronger leasing spreads, lower bad debt, and improved cost control.

• Expect new and renewal lease rate growth in the high 4% range for the back half of the year.