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 1,003 held for sale; portfolio grew from 59,332 at year-end 2023.

• Company has grown to 60,000 homes, focusing on high-quality, well-located single-family rentals.

• Developed or acquired 753 homes in Q3 2024, mainly through the AMH Development Program, and disposed of 617 homes.

• Strong demand and operational execution highlighted, with a focus on resident experience and cost control.

Financial highlights

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

• 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.

• Core FFO per share was $0.44 (up 6.3% YoY), Adjusted FFO per share was $0.38 (up 8% YoY).

• Occupancy for Q3 2024 was 95.9%, with new lease rate growth at 2% and renewal rate growth at 5.4%.

Outlook and guidance

• Raised full-year 2024 Core FFO guidance midpoint to $1.77 per share, representing 6.6% YoY growth.

• Full-year 2024 Core FFO guidance now $1.76–$1.78 per share; expected Same-Home Core NOI growth 4.5%–5.5%.

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

• Management expects continued portfolio growth through development and selective acquisitions, with a focus on built-for-rental homes.

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