Wed, Oct 30, 5:53 PM (64 days ago)
For the quarter ending September 30, 2024, American Homes 4 Rent (AMH) reported net income of $87.6 million, slightly down from $88.1 million in the same quarter of 2023. Revenue from rents and other single-family property sources rose 5.5% to $445.1 million, driven by increased rental rates. Operating expenses increased by 3.0% to $172.0 million, primarily due to higher property taxes. The company recognized $3.9 million in hurricane-related charges and a $5.3 million loss on early extinguishment of debt, impacting profitability. Cash flow from operations improved by 13.8% to $709.3 million, while cash used in investing activities decreased by 37% to $293.0 million. Financing activities saw an increase in cash outflows, primarily due to significant repayments on asset-backed securitizations. As of September 30, 2024, AMH had $162.5 million in cash and no outstanding borrowings under its $1.25 billion revolving credit facility, leaving ample liquidity for future operations and acquisitions. The company continues to focus on expanding its single-family rental portfolio while managing costs effectively amidst market uncertainties.