American Homes 4 Rent (AMH) reported a net income of $468.1 million for the fiscal year ending December 31, 2024, an increase from $432.1 million in the previous year. This growth was primarily driven by a rise in rental income, which reached $1.73 billion, up 6.5% from $1.62 billion in 2023. The company attributed this increase to higher rental rates and improved occupancy levels, with 57,486 of its 61,336 single-family properties occupied as of year-end, compared to 55,768 occupied properties the previous year.
The company’s total expenses rose to $1.50 billion, up from $1.41 billion in 2023, largely due to increased property operating expenses, which included higher property taxes and maintenance costs. Notably, AMH incurred $8.9 million in hurricane-related charges during the year, which impacted its overall financial performance. Despite these challenges, the company managed to achieve a Core Net Operating Income (Core NOI) of $978.3 million, reflecting a solid operational performance.
In terms of strategic developments, AMH expanded its portfolio by acquiring 3,724 homes during the year, including 2,000 newly constructed homes through its AMH Development Program. The company also disposed of properties for net proceeds of $573.2 million, which contributed to its liquidity. As of December 31, 2024, AMH held 805 properties classified as held for sale, a slight decrease from 862 properties in the previous year.
Operationally, AMH maintained a workforce of 1,730 employees, with a turnover rate of 25.1% for the year. The company continues to focus on geographic diversification, with properties located in 24 states, and aims to enhance its brand recognition in the single-family rental market. Looking ahead, AMH anticipates continued demand for single-family rentals driven by demographic trends and a persistent housing shortage, although it remains cautious about potential economic fluctuations and rising interest rates that could impact its operations.
Overall, American Homes 4 Rent's financial performance in 2024 reflects a combination of strategic acquisitions, effective property management, and a commitment to maintaining a strong rental portfolio, positioning the company for future growth in the evolving real estate market.
About American Homes 4 Rent
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