American Homes 4 Rent (AMH) Tops Q1 EPS by 1c

May 7, 2020 5:03 PM EDT

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American Homes 4 Rent (NYSE: AMH) reported Q1 EPS of $0.07, $0.01 better than the analyst estimate of $0.06. Revenue for the quarter came in at $289.5 million versus the consensus estimate of $290.59 million.

  • Total revenues increased 3.7% to $289.6 million for the first quarter of 2020 from $279.2 million for the first quarter of 2019.
  • Net income attributable to common shareholders totaled $20.2 million, or $0.07 per diluted share, for the first quarter of 2020, compared to $16.3 million, or $0.05 per diluted share, for the first quarter of 2019.
  • Core Funds from Operations ("Core FFO") attributable to common share and unit holders for the first quarter of 2020 was $103.1 million, or $0.29 per FFO share and unit, compared to $95.7 million, or $0.27 per FFO share and unit, for the first quarter of 2019, which represents a 7.4% increase on a per share and unit basis.
  • Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders for the first quarter of 2020 was $93.5 million, or $0.26 per FFO share and unit, compared to $86.9 million, or $0.25 per FFO share and unit, for the first quarter of 2019, which represents a 7.3% increase on a per share and unit basis.
  • Core Net Operating Income ("Core NOI") from Same-Home properties increased by 3.8% year-over-year for the first quarter of 2020.
  • Maintained strong Same-Home portfolio Average Occupied Days Percentage of 95.3% while achieving a 3.6% year-over-year growth in Average Monthly Realized Rent per property for the first quarter of 2020.
  • After the end of the quarter, upsized existing strategic joint venture with institutional investors advised by J.P. Morgan Asset Management to $625 million, providing additional capital focused on constructing and operating newly built rental homes by the Company.

"We would like to extend our sincerest wishes for the health and wellbeing of our residents, team members and families during these unprecedented times. Additionally, thank you to our team members for your tireless efforts in helping us deliver high-quality, essential housing to over 50,000 American families, which has never been more important,\" said David Singelyn, American Homes 4 Rent\'s Chief Executive Officer. \"We finished the first quarter with strong momentum, delivering over 7% growth in Core FFO per share and unit and 96% end of quarter Same-Home occupancy, positioning us well heading into the pandemic. Through our mobile technology enabled operating platform, we have maintained continuity in our operations, continuing to deliver excellent service to our existing residents while providing new residents the ability to safely find the essential housing they need. Combined with our investment grade balance sheet, strong liquidity profile and geographically diversified portfolio, American Homes 4 Rent is well positioned to weather the COVID-19 pandemic and take advantage of opportunities today and going forward, while we focus on the safety and wellbeing of our residents and employees."

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



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