American Homes 4 Rent (AMH) Q3 2024 earnings summary

Executive summary

• CEO transition announced, with Bryan Smith succeeding David Singelyn after 12 years of leadership.

• Owned 59,902 single-family properties in 21 states as of September 30, 2024, with portfolio growth from 59,332 at year-end 2023.

• Company continues to focus on high-quality single-family rentals, expanding through development and acquisitions, including a 1,700-home portfolio for ~$480 million.

• 2024 operating results exceeded expectations, with strong leasing, cost control, and robust demand supported by a national housing shortage.

• Net income for Q3 2024 was $87.6 million, down slightly from Q3 2023, mainly due to debt extinguishment and hurricane-related charges.

Financial highlights

• Q3 2024 rents and other property revenues rose 5.5% to $445.1 million year-over-year.

• Core FFO per share was $0.44 (up 6.3% year-over-year), and Adjusted FFO per share was $0.38 (up 8% year-over-year), excluding hurricane losses.

• Core NOI for Q3 2024 was $242.1 million, up from $224.8 million in Q3 2023; Same-Home Core NOI rose 5.4%.

• Net income attributable to common shareholders was $73.8 million ($0.20 per diluted share) in Q3 2024, including $3.9 million in hurricane-related losses.

• Adjusted EBITDAre for Q3 2024 was $235.8 million, up from $213.3 million in Q3 2023.

Outlook and guidance

• Full-year 2024 Core FFO guidance midpoint raised to $1.77 per share, representing 6.6% year-over-year growth.

• Full-year 2024 Same-Home Core NOI growth expected at 4.5%–5.5%.

• Non-property tax expense growth guidance midpoint reduced to 4%; property tax growth guidance reduced to 6%.

• 2025 market rent growth expected in the 3%-4% range, with strong demand anticipated.

• Expects to record a hurricane-related charge of $3–$4 million in Q4 2024 due to Hurricane Milton.