American Homes 4 Rent (AMH) reported a net income of $128.7 million for the first quarter of 2025, a slight increase from $128.1 million in the same period last year. The company's revenues from rents and other single-family property sources rose by 8.4% to $459.3 million, compared to $423.6 million in the prior year. This growth was attributed to an increase in the average occupied portfolio, which expanded to 57,866 homes, alongside higher rental rates. However, total expenses also increased, rising to $394.8 million from $366.8 million, primarily due to higher property operating expenses and interest costs.
In terms of operational metrics, AMH owned 61,361 single-family properties across 24 states as of March 31, 2025, a slight increase from 61,336 properties at the end of 2024. The occupancy rate for these properties improved to 58,246, up from 57,486 in the previous quarter. The company also reported a turnover rate of 7.0%, slightly higher than the 6.4% recorded in the same quarter last year. The average monthly realized rent per property increased by 4.5% to $2,255.
Strategically, AMH has continued to expand its portfolio through both acquisitions and development. In the first quarter, the company developed or acquired 437 homes, including 424 newly constructed properties through its AMH Development Program. The company also disposed of 268 homes during the same period. As of March 31, 2025, AMH had 661 properties classified as held for sale, down from 805 at the end of 2024.
The company’s financial position remains strong, with total assets of $13.3 billion and total liabilities of $5.4 billion as of March 31, 2025. AMH's cash and cash equivalents decreased to $69.7 million from $199.4 million at the end of 2024, primarily due to increased cash outflows for property-related expenses and financing activities. Looking ahead, AMH plans to continue evaluating its growth channels and may adjust its acquisition strategies based on market conditions. The company maintains a robust liquidity position, with $838.5 million of remaining borrowing capacity under its $1.25 billion revolving credit facility.
About American Homes 4 Rent
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