Q4 rents +7.3% to $408.7M; Core FFO $0.43/sh; dividend +18% to $0.26

American Homes 4 Rent

2023-FY EPS reported $1.01

Q4 rents and other revenues $408.7M (+7.3% YoY); net income $76.6M ($0.21/diluted) vs $87.5M ($0.25) on lower gains.
Core FFO per share $0.43 (+8.8% YoY); Adjusted FFO $0.39 (+9.3% YoY).
Same-Home Core NOI +6.0% to $199.0M; blended lease rate growth 5.7% (new 4.5%, renewals 6.2%).
Common dividend raised 18% to $0.26/sh for Q1 2024; issued $600M green bonds at 5.500% due 2034.
FY2024 guidance: Core FFO $1.70-$1.76/sh; Same-Home Core NOI growth 3%-5%; 2,200-2,400 development deliveries.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

American Homes 4 Rent reported the quarter ended December 31, 2023 results: revenue $408.7 million, net income $76.6 million, EPS $0.21 per diluted share.

Period: the quarter ended December 31, 2023
Revenue: $408.7 million
Net income: $76.6 million
EPS: $0.21 per diluted share
Result: reported results

Exact text from the filing

Fourth Quarter 2023 Financial Results Net income attributable to common shareholders totaled $76.6 million, or $0.21 per diluted share, for the fourth quarter of 2023, compared to $87.5 million, or $0.25 per diluted share, for the fourth quarter of 2022. The decrease was primarily due to lower net gains on property sales, partially offset by higher rental rates. Rents and other single-family property revenues increased 7.3% to $408.7 million for the fourth quarter of 2023, compared to $380.9 million for the fourth quarter of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

American Homes 4 Rent reported the year ended December 31, 2023 results: revenue $1.6 billion, net income $366.2 million, EPS $1.01 per diluted share.

Period: the year ended December 31, 2023
Revenue: $1.6 billion
Net income: $366.2 million
EPS: $1.01 per diluted share
Result: reported results

Exact text from the filing

Net income attributable to common shareholders totaled $366.2 million, or $1.01 per diluted share, for the year ended December 31, 2023, compared to $250.8 million, or $0.71 per diluted share, for the year ended December 31, 2022. The increase was primarily due to higher net gains on property sales, higher rental rates and a larger number of occupied properties. Rents and other single-family property revenues increased 8.9% to $1.6 billion for the year ended December 31, 2023, compared to $1.5 billion for the year ended December 31, 2022.

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American Homes 4 Rent filing history →

Source: SEC EDGAR

accession 0001562401-24-000016

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