AMH Reports First Quarter 2025 Financial and Operating Results

AMH, a leading large-scale integrated owner, operator, and developer of single-family rental homes, has released its financial and operating results for the first quarter of 2025. The company has shown robust performance with significant growth in key financial metrics.

Financial Highlights

For the first quarter of 2025, AMH reported an 8.4% year-over-year increase in rents and other single-family property revenues, reaching $459.3 million. Net income attributable to common shareholders was $110.0 million, or $0.30 per diluted share, compared to $109.3 million, or $0.30 per diluted share, in the same period last year. Core Funds from Operations (Core FFO) attributable to common share and unit holders increased by 6.6% year-over-year to $0.46 per FFO share and unit, while Adjusted Funds from Operations (Adjusted FFO) rose by 5.4% to $0.42 per FFO share and unit.

Business and Operational Highlights

AMH achieved a Same-Home Average Occupied Days Percentage of 95.9% in the first quarter of 2025, with a 1.4% rate growth on new leases and a 4.5% rate growth on renewals, resulting in a 3.6% blended rate growth. The company delivered 545 newly constructed homes from its AMH Development Program to its wholly-owned portfolio and unconsolidated joint ventures. Additionally, S&P Global Ratings affirmed AMH's 'BBB' issuer credit rating and revised its outlook to 'Positive' from 'Stable'.

Strategic Initiatives and Corporate Developments

During the first quarter of 2025, AMH paid off approximately $493.2 million in outstanding principal on the AMH 2015-SFR1 asset-backed securitization. The company also generated $49.5 million of Retained Cash Flow and sold 416 properties, generating $134.5 million in net proceeds. As of March 31, 2025, AMH had cash and cash equivalents of $69.7 million and total outstanding debt of $5.0 billion.

Management's Perspective

CEO Bryan Smith commented, "AMH started the year off strong, delivering $0.46 of Core FFO per share for the first quarter, representing 6.6% growth over the same period last year. As we enter our busy leasing season during a time of economic uncertainty, we continue to have confidence in our strong industry fundamentals and proven business model. With our investment-grade balance sheet, diversified portfolio footprint, leading operating platform, and strong resident base, AMH is well-positioned for strength and resiliency."

Future Outlook

AMH has maintained its full-year 2025 guidance for Core FFO attributable to common share and unit holders, projecting a range of $1.80 to $1.86. The company expects Same-Home core revenues growth of 2.50% to 4.50%, core property operating expenses growth of 3.00% to 5.00%, and Core NOI growth of 2.25% to 4.25%. The investment program anticipates delivering 1,800 to 2,000 wholly-owned development properties, with a total capital investment of $0.8 to $1.0 billion.

SEC Filing: American Homes 4 Rent [ AMH ] - 8-K - May. 01, 2025