AMH Reports Second Quarter 2025 Financial and Operating Results
AMH (NYSE: AMH), a leading single-family rental homes operator, reported strong Q2 2025 financial results and raised its full-year guidance. The company achieved $457.5 million in revenues, up 8.0% year-over-year, and net income of $105.6 million ($0.28 per diluted share), compared to $92.1 million in Q2 2024.
Key performance metrics include Core FFO of $0.47 per share (up 4.9% YoY), Same-Home Average Occupied Days of 96.3%, and blended rate growth of 4.3%. The company delivered 636 newly constructed homes and issued $650 million in 4.95% unsecured senior notes.
AMH raised its Full Year 2025 Core FFO guidance midpoint to $1.86 per share, representing 5.1% growth over the prior year. The company maintains a strong balance sheet with $323.3 million in cash and total debt of $5.2 billion with a 4.5% weighted-average interest rate.
AMH (NYSE: AMH), uno dei principali operatori di case in affitto unifamiliari, ha riportato risultati finanziari solidi per il secondo trimestre 2025 e ha rivisto al rialzo le previsioni per l'intero anno. La società ha registrato ricavi per 457,5 milioni di dollari, in aumento dell'8,0% rispetto all'anno precedente, e un utile netto di 105,6 milioni di dollari (0,28 dollari per azione diluita), rispetto ai 92,1 milioni del secondo trimestre 2024.
I principali indicatori di performance includono un Core FFO di 0,47 dollari per azione (in crescita del 4,9% su base annua), un tasso medio di occupazione delle stesse abitazioni del 96,3% e una crescita combinata dei tassi del 4,3%. L'azienda ha consegnato 636 nuove abitazioni e ha emesso 650 milioni di dollari in obbligazioni senior non garantite al 4,95%.
AMH ha alzato la stima centrale del Core FFO per l'intero 2025 a 1,86 dollari per azione, rappresentando una crescita del 5,1% rispetto all'anno precedente. La società mantiene un bilancio solido con 323,3 milioni di dollari in liquidità e un debito totale di 5,2 miliardi di dollari con un tasso di interesse medio ponderato del 4,5%.
AMH (NYSE: AMH), un destacado operador de viviendas unifamiliares en alquiler, reportó sólidos resultados financieros en el segundo trimestre de 2025 y elevó sus previsiones para todo el año. La compañía alcanzó 457,5 millones de dólares en ingresos, un aumento del 8.0% interanual, y un ingreso neto de 105,6 millones de dólares (0,28 dólares por acción diluida), en comparación con 92,1 millones en el segundo trimestre de 2024.
Las métricas clave incluyen un Core FFO de 0,47 dólares por acción (un incremento del 4,9% anual), un porcentaje promedio de días ocupados en las mismas viviendas del 96,3% y un crecimiento combinado de tarifas del 4,3%. La empresa entregó 636 viviendas nuevas y emitió 650 millones de dólares en bonos senior no garantizados al 4,95%.
AMH elevó su guía central de Core FFO para todo 2025 a 1,86 dólares por acción, lo que representa un crecimiento del 5,1% respecto al año anterior. La compañía mantiene un balance sólido con 323,3 millones de dólares en efectivo y una deuda total de 5,2 mil millones de dólares con una tasa de interés promedio ponderada del 4,5%.
AMH (NYSE: AMH)는 선도적인 단독 주택 임대 운영업체로서 2025년 2분기 강력한 재무 실적을 보고하고 연간 가이던스를 상향 조정했습니다. 회사는 4억 5,750만 달러의 매출을 기록하며 전년 대비 8.0% 증가했고, 1억 560만 달러의 순이익 (희석 주당 0.28달러)을 달성했으며, 이는 2024년 2분기의 9,210만 달러와 비교됩니다.
주요 성과 지표로는 주당 0.47달러의 코어 FFO (전년 대비 4.9% 증가), 동일 주택 평균 점유율 96.3%, 그리고 혼합 요율 성장률 4.3%가 포함됩니다. 회사는 636채의 신축 주택을 공급했으며, 4.95% 무담보 선순위 채권 6억 5천만 달러를 발행했습니다.
AMH는 2025년 전체 코어 FFO 가이던스 중간치를 주당 1.86달러로 상향 조정했으며, 이는 전년 대비 5.1% 성장한 수치입니다. 회사는 3억 2,330만 달러의 현금과 45억 달러의 총 부채를 보유하며, 가중평균 이자율은 4.5%입니다.
AMH (NYSE : AMH), un acteur majeur de la location de maisons unifamiliales, a annoncé de solides résultats financiers pour le deuxième trimestre 2025 et a relevé ses prévisions annuelles. La société a réalisé 457,5 millions de dollars de revenus, en hausse de 8,0 % sur un an, et un bénéfice net de 105,6 millions de dollars (0,28 dollar par action diluée), contre 92,1 millions au deuxième trimestre 2024.
Les indicateurs clés de performance comprennent un FFO de base de 0,47 dollar par action (en hausse de 4,9 % en glissement annuel), un taux moyen d’occupation des mêmes logements de 96,3 % et une croissance combinée des loyers de 4,3 %. La société a livré 636 maisons neuves et émis 650 millions de dollars en obligations senior non garanties à 4,95 %.
AMH a relevé son objectif médian de FFO de base pour l’année 2025 à 1,86 dollar par action, ce qui représente une croissance de 5,1 % par rapport à l’année précédente. La société maintient un bilan solide avec 323,3 millions de dollars de trésorerie et une dette totale de 5,2 milliards de dollars à un taux d’intérêt moyen pondéré de 4,5 %.
AMH (NYSE: AMH), ein führender Betreiber von Einfamilienhäusern zur Vermietung, meldete starke Finanzergebnisse für das zweite Quartal 2025 und hob seine Jahresprognose an. Das Unternehmen erzielte Umsatzerlöse von 457,5 Millionen US-Dollar, ein Anstieg von 8,0 % im Jahresvergleich, und einen Nettogewinn von 105,6 Millionen US-Dollar (0,28 US-Dollar pro verwässerter Aktie) gegenüber 92,1 Millionen US-Dollar im zweiten Quartal 2024.
Wichtige Leistungskennzahlen umfassen ein Core FFO von 0,47 US-Dollar je Aktie (plus 4,9 % im Jahresvergleich), eine durchschnittliche Belegungsrate bei denselben Häusern von 96,3 % sowie ein gemischtes Mietwachstum von 4,3 %. Das Unternehmen übergab 636 neu errichtete Häuser und gab 650 Millionen US-Dollar an unbesicherten Senior Notes mit 4,95 % Zinsen aus.
AMH erhöhte seinen mittleren Ausblick für das Core FFO im Gesamtjahr 2025 auf 1,86 US-Dollar pro Aktie, was ein Wachstum von 5,1 % gegenüber dem Vorjahr darstellt. Das Unternehmen verfügt über eine solide Bilanz mit 323,3 Millionen US-Dollar an liquiden Mitteln und einer Gesamtverschuldung von 5,2 Milliarden US-Dollar bei einem gewichteten durchschnittlichen Zinssatz von 4,5 %.
- Q2 revenues increased 8.0% year-over-year to $457.5 million
- Net income grew to $105.6 million, up from $92.1 million in Q2 2024
- Core FFO per share increased 4.9% to $0.47
- Successfully raised $650 million through senior notes offering
- Maintained high occupancy rate of 96.3% while achieving 4.3% blended rate growth
- Raised Full Year 2025 Core FFO guidance midpoint to $1.86 per share
- Core property operating expenses increased 5.8% year-over-year
- 40 basis point decrease in Average Occupied Days Percentage for Same-Home portfolio
- Higher repairs, maintenance, and turnover costs impacting expenses
Insights
AMH reported strong Q2 results with 8% revenue growth and raised 2025 guidance, showing resilience in the single-family rental market.
AMH delivered a robust second quarter with
Core FFO (Funds From Operations) – the key metric for REITs – increased
The Same-Home portfolio (properties owned for comparable periods) showed a
AMH's development pipeline continues to produce results, with 636 newly constructed homes delivered during the quarter. The company also strengthened its balance sheet by issuing
From an operational perspective, AMH's lease expiration management initiative is shifting more turnover to the first half of the year to align with peak leasing season – a strategic move that may provide long-term efficiency despite near-term cost increases. With
Raises Full Year 2025 Guidance
Highlights
- Rents and other single-family property revenues increased
8.0% year-over-year to$457.5 million - Net income attributable to common shareholders totaled
$105.6 million $0.28 $92.1 million $0.25 - Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased
4.9% year-over-year to$0.47 6.3% year-over-year to$0.42 - Core Net Operating Income ("Core NOI") from Same-Home properties increased by
4.1% year-over-year for the second quarter of 2025. - Achieved Same-Home Average Occupied Days Percentage of
96.3% in the second quarter of 2025, while generating4.1% rate growth on new leases and4.4% rate growth on renewals, resulting in4.3% blended rate growth. - Delivered a total of 636 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2025.
- Issued
$650.0 million 4.95% unsecured senior notes due 2030 during the second quarter of 2025, raising net proceeds of$642.5 million - Raised Full Year 2025 Core FFO attributable to common share and unit holders guidance midpoint by
$0.03 $1.86 5.1% over prior year.
"Our strong second quarter results reflect another successful spring leasing season. Superior performance across all areas of the AMH platform drove a
Second Quarter 2025 Financial Results
Net income attributable to common shareholders totaled
Rents and other single-family property revenues increased
Core NOI from our total portfolio increased
For the Company's Same-Home portfolio, core revenues increased
Core FFO attributable to common share and unit holders was
Year-to-Date 2025 Financial Results
Net income attributable to common shareholders totaled
Rents and other single-family property revenues increased
Core NOI from our total portfolio increased
For the Company's Same-Home portfolio, core revenues increased
Core FFO attributable to common share and unit holders was
Investments
Average Occupied Days Percentage was
As of June 30, 2025, the Company's total single-family properties, excluding properties held for sale, consisted of 60,596 homes, compared to 60,700 homes as of March 31, 2025, a decrease of 104 homes during the second quarter of 2025, which included 501 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 5 homes acquired through our traditional acquisition channel, partially offset by 610 homes identified for sale. During the second quarter of 2025, we also developed an additional 135 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 636 total home deliveries through our AMH Development Program. As of June 30, 2025, the Company had 904 properties held for sale and 3,616 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the second quarter of 2025, American Homes 4 Rent, L.P. (the "Operating Partnership"), the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets, issued
As of June 30, 2025, the Company had cash and cash equivalents of
2025 Guidance
Set forth below are the Company's current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.
Guidance Summary
Full Year 2025 | |||
Previous Guidance | Current Guidance | ||
Core FFO attributable to common share and unit holders | |||
Core FFO attributable to common share and unit holders growth | |||
Same-Home | |||
Core revenues growth | |||
Core property operating expenses growth | |||
Core NOI growth | |||
Full Year 2025 | |||
Investment Program | Properties | Investment | |
Wholly owned acquisitions | — | — | |
Wholly owned development deliveries | 1,800 - 2,000 | ||
Development pipeline, pro rata share of JV and Property Enhancing Capex | — | ||
Total capital investment (wholly owned and pro rata JV) | 1,800 - 2,000 | ||
Total gross capital investment (JVs at | 2,200 - 2,400 | ||
Changes to Full Year 2025 Guidance
$0.03 - Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:
- Better core revenues growth driven by strong year-to-date leasing performance and lower bad debt expense outlook.
- Lowered core property operating expenses growth primarily driven by recent favorable property tax information.
- As well as modestly improved full year financing cost outlook driven by beneficial refinancing execution.
- Primarily driven by increased Core NOI growth from both the Same-Home and Non-Same-Home portfolios from:
Additional Information
A copy of the Company's Second Quarter 2025 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under "Investor relations." This information has also been furnished to the SEC in a current report on Form 8-K.
Conference Call
A conference call is scheduled on Friday, August 1, 2025 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 2025 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed
In recent years, we've been named a 2025 Great Place to Work®, a 2025 Top
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
Cautionary Note Regarding Forward-Looking Statements
This press release and the accompanying Supplemental Information Package contain "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company's subsequent filings with the SEC.
AMH Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) | |||
June 30, 2025 | December 31, 2024 | ||
(Unaudited) | |||
Assets | |||
Single-family properties: | |||
Land | $ 2,387,155 | $ 2,370,006 | |
Buildings and improvements | 11,778,460 | 11,559,461 | |
Single-family properties in operation | 14,165,615 | 13,929,467 | |
Less: accumulated depreciation | (3,217,919) | (3,048,868) | |
Single-family properties in operation, net | 10,947,696 | 10,880,599 | |
Single-family properties under development and development land | 1,309,824 | 1,272,284 | |
Single-family properties and land held for sale, net | 242,402 | 212,808 | |
Total real estate assets, net | 12,499,922 | 12,365,691 | |
Cash and cash equivalents | 323,258 | 199,413 | |
Restricted cash | 143,342 | 150,803 | |
Rent and other receivables | 50,444 | 48,452 | |
Escrow deposits, prepaid expenses and other assets | 307,238 | 337,379 | |
Investments in unconsolidated joint ventures | 147,835 | 159,134 | |
Goodwill | 120,279 | 120,279 | |
Total assets | $ 13,592,318 | $ 13,381,151 | |
Liabilities | |||
Revolving credit facility | $ — | $ — | |
Asset-backed securitizations, net | 427,275 | 924,344 | |
Unsecured senior notes, net | 4,731,334 | 4,086,418 | |
Accounts payable and accrued expenses | 588,166 | 521,759 | |
Total liabilities | 5,746,775 | 5,532,521 | |
Commitments and contingencies | |||
Equity | |||
Shareholders' equity: | |||
Class A common shares ( | 3,702 | 3,690 | |
Class B common shares ( and outstanding at June 30, 2025 and December 31, 2024) | 6 | 6 | |
Preferred shares ( outstanding at June 30, 2025 and December 31, 2024) | 92 | 92 | |
Additional paid-in capital | 7,542,892 | 7,529,008 | |
Accumulated deficit | (388,735) | (380,632) | |
Accumulated other comprehensive income | 7,249 | 7,852 | |
Total shareholders' equity | 7,165,206 | 7,160,016 | |
Noncontrolling interest | 680,337 | 688,614 | |
Total equity | 7,845,543 | 7,848,630 | |
Total liabilities and equity | $ 13,592,318 | $ 13,381,151 | |
AMH Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Rents and other single-family property revenues | $ 457,503 | $ 423,494 | $ 916,779 | $ 847,049 | |||
Expenses: | |||||||
Property operating expenses | 160,089 | 149,470 | 327,619 | 305,397 | |||
Property management expenses | 34,412 | 32,382 | 68,593 | 63,784 | |||
General and administrative expense | 20,008 | 21,693 | 39,679 | 43,578 | |||
Interest expense | 46,303 | 38,678 | 91,729 | 77,255 | |||
Acquisition and other transaction costs | 2,655 | 2,937 | 5,716 | 6,261 | |||
Depreciation and amortization | 126,939 | 117,603 | 251,867 | 233,329 | |||
Total expenses | 390,406 | 362,763 | 785,203 | 729,604 | |||
Gain on sale and impairment of single-family properties and other, net | 51,908 | 43,892 | 113,924 | 112,793 | |||
Loss on early extinguishment of debt | — | (63) | (216) | (1,017) | |||
Other income and expense, net | 4,619 | 3,974 | 7,053 | 7,408 | |||
Net income | 123,624 | 108,534 | 252,337 | 236,629 | |||
Noncontrolling interest | 14,585 | 12,906 | 29,840 | 28,226 | |||
Dividends on preferred shares | 3,486 | 3,486 | 6,972 | 6,972 | |||
Net income attributable to common shareholders | $ 105,553 | $ 92,142 | $ 215,525 | $ 201,431 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 370,692,250 | 366,778,333 | 370,538,451 | 366,645,796 | |||
Diluted | 371,059,970 | 367,312,955 | 370,916,988 | 367,142,626 | |||
Net income attributable to common shareholders per share: | |||||||
Basic | $ 0.28 | $ 0.25 | $ 0.58 | $ 0.55 | |||
Diluted | $ 0.28 | $ 0.25 | $ 0.58 | $ 0.55 | |||
Defined Terms
Average Monthly Realized Rent
For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.
Average Occupied Days Percentage
The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.
Occupied Property
A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).
Recurring Capital Expenditures
For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.
Same-Home Property
A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.
Stabilized Property
A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.
Non-GAAP Financial Measures
This press release and the Second Quarter 2025 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Second Quarter 2025 Earnings Release and Supplemental Information Package.
Funds from Operations attributable to common share and unit holders and Retained Cash Flow
FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.
Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.
Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.
We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.
FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.
Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.
FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.
The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and six months ended June 30, 2025 and 2024 (amounts in thousands, except share and per share data):
For the Three Months Ended | For the Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Net income attributable to common shareholders | $ 105,553 | $ 92,142 | $ 215,525 | $ 201,431 | |||
Adjustments: | |||||||
Noncontrolling interests in the Operating Partnership | 14,585 | 12,906 | 29,840 | 28,226 | |||
Gain on sale and impairment of single-family properties and other, net | (51,908) | (43,892) | (113,924) | (112,793) | |||
Adjustments for unconsolidated real estate joint ventures | 1,821 | 1,196 | 3,305 | 2,793 | |||
Depreciation and amortization | 126,939 | 117,603 | 251,867 | 233,329 | |||
Less: depreciation and amortization of non-real estate assets | (5,511) | (4,769) | (10,876) | (9,424) | |||
FFO attributable to common share and unit holders | $ 191,479 | $ 175,186 | $ 375,737 | $ 343,562 | |||
Adjustments: | |||||||
Acquisition, other transaction costs and other | 1,445 | 2,937 | 5,535 | 6,261 | |||
Noncash share-based compensation - general and administrative | 3,987 | 7,559 | 8,854 | 14,398 | |||
Noncash share-based compensation - property management | 1,137 | 1,340 | 2,383 | 2,784 | |||
Loss on early extinguishment of debt | — | 63 | 216 | 1,017 | |||
Core FFO attributable to common share and unit holders | $ 198,048 | $ 187,085 | $ 392,725 | $ 368,022 | |||
Recurring Capital Expenditures | (20,515) | (21,403) | (37,344) | (35,527) | |||
Leasing costs | (1,098) | (1,042) | (2,337) | (1,837) | |||
Adjusted FFO attributable to common share and unit holders | $ 176,435 | $ 164,640 | $ 353,044 | $ 330,658 | |||
Common distributions | (127,152) | (109,290) | (254,289) | (218,537) | |||
Retained Cash Flow | $ 49,283 | $ 55,350 | $ 98,755 | $ 112,121 | |||
Per FFO share and unit: | |||||||
FFO attributable to common share and unit holders | $ 0.45 | $ 0.42 | $ 0.89 | $ 0.82 | |||
Core FFO attributable to common share and unit holders | $ 0.47 | $ 0.45 | $ 0.93 | $ 0.88 | |||
Adjusted FFO attributable to common share and unit holders | $ 0.42 | $ 0.39 | $ 0.84 | $ 0.79 | |||
Weighted-average FFO shares and units: | |||||||
Common shares outstanding | 370,692,250 | 366,778,333 | 370,538,451 | 366,645,796 | |||
Share-based compensation plan and forward sale equity contracts (1) | 692,590 | 888,460 | 726,881 | 883,662 | |||
Operating partnership units | 51,228,628 | 51,376,980 | 51,302,394 | 51,376,980 | |||
Total weighted-average FFO shares and units | 422,613,468 | 419,043,773 | 422,567,726 | 418,906,438 | |||
(1) | Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method. |
The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three and six months ended June 30, 2025 and 2024:
For the Three Months Ended | For the Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Net income per common share–diluted | $ 0.28 | $ 0.25 | $ 0.58 | $ 0.55 | |||
Adjustments: | |||||||
Conversion from GAAP share count | (0.03) | (0.03) | (0.07) | (0.07) | |||
Noncontrolling interests in the Operating Partnership | 0.03 | 0.03 | 0.07 | 0.07 | |||
Gain on sale and impairment of single-family properties and other, net | (0.12) | (0.10) | (0.27) | (0.27) | |||
Adjustments for unconsolidated real estate joint ventures | — | — | 0.01 | 0.01 | |||
Depreciation and amortization | 0.30 | 0.28 | 0.60 | 0.55 | |||
Less: depreciation and amortization of non-real estate assets | (0.01) | (0.01) | (0.03) | (0.02) | |||
FFO attributable to common share and unit holders | $ 0.45 | $ 0.42 | $ 0.89 | $ 0.82 | |||
Adjustments: | |||||||
Acquisition, other transaction costs and other | — | 0.01 | 0.01 | 0.01 | |||
Noncash share-based compensation - general and administrative | 0.01 | 0.02 | 0.02 | 0.04 | |||
Noncash share-based compensation - property management | 0.01 | — | 0.01 | 0.01 | |||
Core FFO attributable to common share and unit holders | $ 0.47 | $ 0.45 | $ 0.93 | $ 0.88 | |||
Recurring Capital Expenditures | (0.04) | (0.06) | (0.08) | (0.09) | |||
Leasing costs | (0.01) | — | (0.01) | — | |||
Adjusted FFO attributable to common share and unit holders | $ 0.42 | $ 0.39 | $ 0.84 | $ 0.79 | |||
Core Net Operating Income
Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.
Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.
Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).
The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three and six months ended June 30, 2025 and 2024 (amounts in thousands):
For the Three Months Ended | For the Six Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Core revenues and Same-Home core revenues | |||||||
Rents and other single-family property revenues | $ 457,503 | $ 423,494 | $ 916,779 | $ 847,049 | |||
Tenant charge-backs | (52,457) | (47,371) | (116,318) | (104,708) | |||
Core revenues | 405,046 | 376,123 | 800,461 | 742,341 | |||
Less: Non-Same-Home core revenues | (43,721) | (28,494) | (83,549) | (54,486) | |||
Same-Home core revenues | $ 361,325 | $ 347,629 | $ 716,912 | $ 687,855 | |||
Core property operating expenses and Same-Home core property operating expenses | |||||||
Property operating expenses | $ 160,089 | $ 149,470 | $ 327,619 | $ 305,397 | |||
Property management expenses | 34,412 | 32,382 | 68,593 | 63,784 | |||
Noncash share-based compensation - property management | (1,137) | (1,340) | (2,383) | (2,784) | |||
Expenses reimbursed by tenant charge-backs | (52,457) | (47,371) | (116,318) | (104,708) | |||
Core property operating expenses | 140,907 | 133,141 | 277,511 | 261,689 | |||
Less: Non-Same-Home core property operating expenses | (16,380) | (12,999) | (32,562) | (25,810) | |||
Same-Home core property operating expenses | $ 124,527 | $ 120,142 | $ 244,949 | $ 235,879 | |||
Core NOI and Same-Home Core NOI | |||||||
Net income | $ 123,624 | $ 108,534 | $ 252,337 | $ 236,629 | |||
Loss on early extinguishment of debt | — | 63 | 216 | 1,017 | |||
Gain on sale and impairment of single-family properties and other, net | (51,908) | (43,892) | (113,924) | (112,793) | |||
Depreciation and amortization | 126,939 | 117,603 | 251,867 | 233,329 | |||
Acquisition and other transaction costs | 2,655 | 2,937 | 5,716 | 6,261 | |||
Noncash share-based compensation - property management | 1,137 | 1,340 | 2,383 | 2,784 | |||
Interest expense | 46,303 | 38,678 | 91,729 | 77,255 | |||
General and administrative expense | 20,008 | 21,693 | 39,679 | 43,578 | |||
Other income and expense, net | (4,619) | (3,974) | (7,053) | (7,408) | |||
Core NOI | 264,139 | 242,982 | 522,950 | 480,652 | |||
Less: Non-Same-Home Core NOI | (27,341) | (15,495) | (50,987) | (28,676) | |||
Same-Home Core NOI | $ 236,798 | $ 227,487 | $ 471,963 | $ 451,976 | |||
Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com
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SOURCE AMH
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