American Homes 4 Rent (AMH) Q4 2024 earnings summary

Executive summary

• Achieved 6.6% year-over-year growth in core FFO per share for 2024, capping another year of sector outperformance.

• Rents and other single-family property revenues rose 6.8% year-over-year to $436.6 million in Q4 2024; full-year revenues increased 6.5% to $1.73 billion.

• Net income attributable to common shareholders was $123.2 million ($0.33/share) in Q4 2024, up from $76.6 million ($0.21/share) in Q4 2023; full-year net income was $398.5 million ($1.08/share), up from $366.2 million ($1.01/share) in 2023.

• Leadership transition completed, with new CEO and key executive promotions.

• Quarterly dividend raised 15% to $0.30 per share for Q1 2025.

Financial highlights

• Q4 net income attributable to common shareholders: $123.2M ($0.33/diluted share); full-year: $398.5M ($1.08/diluted share).

• Q4 core FFO per share: $0.45 (5.7% YoY growth); full-year: $1.77 (6.6% YoY growth).

• Q4 same-home core revenue growth: 4%; full-year: 5%.

• Q4 same-home core NOI growth: 3.6%; full-year: 5.3%.

• Delivered 2,356 homes in 2024, exceeding expectations.

• Acquired a 1,700-home portfolio for $480M and sold 1,705 properties for $530M at mid-3% cap rates.

• Core NOI from the total portfolio increased 8.5% to $255.6 million in Q4 2024 and 8.1% to $978.3 million for the year.

• Average Occupied Days Percentage was 94.2% in Q4 2024, down from 95.1% in Q3 2024.

• Delivered 463 newly constructed homes in Q4 2024; total portfolio grew by 1,632 homes in the quarter.

• Sold 587 properties in Q4 2024, generating $179.9 million in net proceeds.

Outlook and guidance

• 2025 core FFO per share guidance: $1.80–$1.86 (midpoint 3.4% YoY growth).

• 2025 same-home core revenue growth outlook: 3.5% at midpoint.

• 2025 same-home core NOI growth expected at 3.25%.

• Full-year average occupancy expected in low 96% range.

• New lease growth projected at 3%, renewals at 4%.

• Bad debt forecasted in low 1% area for 2025.

• Same-Home core revenues expected to grow 2.5%–4.5%; Core NOI growth projected at 2.25%–4.25%.

• Capital investment plan for 2025: $0.8–$1.0 billion (wholly owned and pro rata JV), with $400–$500 million from asset dispositions.

• Plans to pay off $925.4 million in securitizations in 2025, including AMH 2015-SFR1 in Q2.