American Homes 4 Rent (AMH) Tops Q1 EPS by 3c, Revenues Beat
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American Homes 4 Rent (NYSE: AMH) reported Q1 EPS of $0.09, $0.03 better than the analyst estimate of $0.06. Revenue for the quarter came in at $312.57 million versus the consensus estimate of $308.86 million.
- Rents and other single-family property revenues increased 8.8% to $312.6 million for the first quarter of 2021 from $287.3 million for the first quarter of 2020.
- Net income attributable to common shareholders totaled $30.2 million, or $0.09 per diluted share, for the first quarter of 2021, compared to $20.2 million, or $0.07 per diluted share, for the first quarter of 2020.
- Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 8.5% to $0.32 per FFO share and unit for the first quarter of 2021 from $0.29 per FFO share and unit for the first quarter of 2020 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 8.9% to $0.29 per FFO share and unit for the first quarter of 2021 from $0.26 per FFO share and unit for the first quarter of 2020.
- Core Net Operating Income ("Core NOI") from Same-Home properties increased by 4.0% year-over-year for the first quarter of 2021.
- Continued to experience record demand with a Same-Home portfolio Average Occupied Days Percentage of 97.3% in the first quarter of 2021, while achieving 10.0% rental rate growth on new leases, which accelerated further in April to an Average Occupied Days Percentage in the high 97% range while achieving over 11% rental rate growth on new leases.
- Subsequent to quarter end, closed a $1.25 billion sustainability-linked credit facility, which amends the Company's existing credit facility and provides for expanded revolving capacity and lower borrowing cost.
- Subsequent to quarter end, announced the Company's intent to redeem all outstanding shares of the 6.500% Series D and 6.350% Series E perpetual preferred shares.
- Raised Full Year 2021 Core FFO attributable to common share and unit holders guidance midpoint by $0.02 per share and unit to $1.27, representing anticipated full year growth of 9.5% over prior year.
"We are off to a strong start this year with quarterly Core FFO growth of 8.5%, which reflects our high-growth trajectory and record leasing results that continued strengthening into April," stated David Singelyn, American Homes 4 Rent's Chief Executive Officer. "In an undersupplied market, we are providing access to high-quality, Class A homes and leveraging the benefits of our one-of-a-kind development program to help meet our country's housing needs. Thanks to our team's hard work and based on our ability to capitalize on the strong operating environment, coupled with our recently announced plan to accretively redeem our series D and E preferred shares, we are increasing the midpoint of our full year Core FFO guidance to $1.27 per share, which now represents 9.5% anticipated year-over-year growth."
For earnings history and earnings-related data on American Homes 4 Rent (AMH) click here.
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