American Homes 4 Rent (AMH) Tops Q4 EPS by 1c, Slight Beat on Revenues

American Homes 4 Rent (NYSE: AMH) reported Q4 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $270.3 million versus the consensus estimate of $270.04 million.

• Total revenues increased 11.3% to $270.3 million for the fourth quarter of 2018 from $242.8 million for the fourth quarter of 2017.
• Net income attributable to common shareholders totaled $17.6 million, or $0.06 income per diluted share, for the fourth quarter of 2018, compared to a net loss attributable to common shareholders of $22.0 million, or a $0.08 loss per diluted share, for the fourth quarter of 2017.
• Core Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $98.5 million, or $0.28 per FFO share and unit, compared to $89.4 million, or $0.26 per FFO share and unit, for the same period in 2017, which represents a 7.0% increase on a per share and unit basis.
• Adjusted Funds from Operations attributable to common share and unit holders for the fourth quarter of 2018 was $86.9 million, or $0.25 per FFO share and unit, compared to $79.8 million, or $0.23 per FFO share and unit, for the same period in 2017.
• Core Net Operating Income ("Core NOI") margin on Same-Home properties was 65.6% for the fourth quarter of 2018, compared to 65.5% for the same period in 2017.
• Core NOI after capital expenditures from Same-Home properties increased by 3.6% year-over-year for the fourth quarter of 2018.
• Same-Home portfolio Average Occupied Days Percentage increased to 94.8% for the fourth quarter of 2018, compared to 94.0% for the fourth quarter of 2017, while achieving 3.4% growth in Average Monthly Realized Rent per property for the same comparable periods.
• In November 2018, paid off the $115.0 million exchangeable senior notes (see "Capital Activities and Balance Sheet").
• In January 2019, issued $400.0 million of 4.90% unsecured senior notes due 2029 (see "Capital Activities and Balance Sheet").

"American Homes 4 Rent had a strong finish to 2018, with a 3.6% growth in fourth quarter Core NOI after capital expenditures from Same-Home properties, fueled by an 80 basis point increase in average occupied days percentage and 3.4% growth in average monthly realized rent per property," stated David Singelyn, American Homes 4 Rent's Chief Executive Officer. "We are entering 2019 in a position of strength, with 2018 year-end portfolio occupancy 260 basis points higher than a year ago. Our teams have never been stronger and, coupled with the continued strong demand for single-family rentals, we are ideally positioned for profitable growth in 2019 and to create long-term value for our shareholders."

For earnings history and earnings-related data on American Homes 4 Rent (AMH) click here.

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