AMH (NYSE: AMH) is a prominent real estate investment trust based in the United States, specializing in the ownership and management of single-family rental homes. As of December 31, 2024, AMH owned over 60,531 properties, marking a significant increase from 58,899 the previous quarter.

AMH continues to demonstrate a stable growth trajectory. In Q4 2024, the company’s net income attributable to common shareholders rose to $123.2 million, or $0.33 per diluted share, compared to $76.6 million, or $0.21 per diluted share, in the same quarter the prior year. For the full year 2024, net income reached $398.5 million, which translates to $1.08 per diluted share, up from $366.2 million, or $1.01 per diluted share in 2023.

Core Funds from Operations (Core FFO) increased 5.7% year-over-year to $0.45 per share in Q4 2024, while Adjusted Funds from Operations (Adjusted FFO) also saw a growth of 5.9% to $0.41. For the full year, Core FFO climbed to $1.77 per share, representing a 6.6% increase year-over-year.

AMH reported a 4% same-home core revenue growth for the final quarter, contributing to an annual increase of 5%. This growth reflects a strong performance in rental rates, with the Average Monthly Realized Rent per property increasing by 4.7% in Q4 compared to the previous year. However, the company noted a slight decrease in the Average Occupied Days Percentage which stood at 95.4% for the quarter.

For 2025, AMH has provided a guidance outlook projecting Core FFO per share growth to be in the range of $1.80 to $1.86. This guidance indicates a 1.7% to 5.1% increase year-over-year. The company anticipates same-home core revenue growth to fall between 2.5% and 4.5%, while core property operating expenses are projected to grow by 3% to 5%. The Core NOI growth expectation is set between 2.25% and 4.25%.

In regards to recent capital activities, AMH successfully issued $500 million in unsecured senior notes at a 5.25% interest rate and utilized net proceeds for acquisitions and operational needs. The company enhanced its balance sheet, holding approximately $200 million in cash and maintaining a fully undrawn $1.25 billion revolving credit facility.

AMH’s strategy in 2025 includes delivering between 1,800 to 2,000 newly constructed homes through its AMH Development Program, highlighting their commitment to expanding quality housing supply within the rental market. Furthermore, the company intends to focus on optimizing its portfolio through selective asset dispositions while maintaining a strong cash flow position to support future investments.

Overall, AMH exhibited robust financial performance in 2024, with key metrics showing stable growth, reinforcing its strong position in the single-family rental sector.