On November 2, 2023, American Homes 4 Rent (AMH, Financial), a leading owner, operator, and developer of single-family rental homes, announced its financial and operating results for the quarter ended September 30, 2023. The company reported a 7.7% year-over-year increase in rents and other single-family property revenues, totaling $421.7 million for Q3 2023. Net income attributable to common shareholders for the quarter was $74.1 million, or $0.20 per diluted share, compared to $50.7 million, or $0.14 per diluted share, for Q3 2022.
Financial Highlights
Core Funds from Operations (Core FFO) attributable to common share and unit holders increased 6.6% YoY to $0.41 per FFO share and unit for Q3 2023. Adjusted Funds from Operations (Adjusted FFO) attributable to common share and unit holders also saw a 7.1% YoY increase to $0.35 per FFO share and unit for the same period. Core Net Operating Income (Core NOI) from Same-Home properties increased by 3.2% YoY for Q3 2023.
AMH also reported a Same-Home Average Occupied Days Percentage of 96.4% in Q3 2023, while generating 7.2% rate growth on new leases. The company delivered a total of 714 high-quality and energy-efficient newly constructed homes from its AMH Development Program to its wholly-owned portfolio and unconsolidated joint ventures in Q3 2023.
Company's Outlook
AMH raised its Full Year 2023 Core FFO attributable to common share and unit holders guidance midpoint by $0.01 per share and unit to $1.65, representing anticipated full year growth of 7.1% over the prior year. The company's CEO, David P. Singelyn, commented on the results, stating,
Our solid third quarter operating results reflect both the resilient fundamentals of single-family rentals and the power of the AMH platform. Our teams have done a great job executing this year, leading to another increase this quarter in our full year Core FFO per share guidance."
Financial Tables Summary
AMH's balance sheet as of September 30, 2023, showed total assets of $12.56 billion, up from $12.18 billion as of December 31, 2022. The company had cash and cash equivalents of $69.5 million and total outstanding debt of $4.4 billion, with a weighted-average interest rate of 4.0% and a weighted-average term to maturity of 11.6 years.
The company's statement of operations for the three months ended September 30, 2023, showed rents and other single-family property revenues of $421.7 million, up from $391.6 million for the same period in 2022. Net income attributable to common shareholders for Q3 2023 was $74.1 million, compared to $50.7 million for Q3 2022.
For more detailed financial information, please visit the company's website at www.amh.com, under "Investor relations."
Explore the complete 8-K earnings release (here) from American Homes 4 Rent for further details.
