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• Core FFO per Share Growth: 6.6% growth in core FFO per share for 2024.

• Same-Home Core Revenue Growth: 4% for Q4 2024 and 5% for the full year.

• Core Operating Expense Growth: 4.8% for Q4 2024 and 4.3% for the full year.

• Same-Home Core NOI Growth: 3.6% for Q4 2024 and 5.3% for the full year.

• Net Income: $123.2 million for Q4 2024, or $0.33 per diluted share.

• Full Year Net Income: $398.5 million, or $1.08 per diluted share.

• Homes Delivered: 2,356 homes delivered in 2024 from the AMH Development program.

• Portfolio Acquisition: Acquired nearly 1,700 homes for approximately $480 million in Q4 2024.

• Property Dispositions: Sold 1,705 properties in 2024 for total net proceeds of approximately $530 million.

• Net Debt to Adjusted EBITDA: 5.4 times at the end of 2024.

• 2025 Core FFO per Share Guidance: $1.80 to $1.86, representing 3.4% growth at the midpoint.

• 2025 Same-Home Core Revenue Growth Outlook: 3.5% at the midpoint.

• 2025 Same-Home Core NOI Growth Expectation: 3.25% at the midpoint.

• 2025 Development Program Investment: $1 billion to $1.2 billion, adding 2,200 to 2,400 homes.

• Warning! GuruFocus has detected 7 Warning Signs with AMH.

Release Date: February 21, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• American Homes 4 Rent (NYSE:AMH) reported a strong finish to 2024 with a 6.6% growth in core FFO per share.

• The company achieved a 4% same-home core revenue growth in the fourth quarter, contributing to a full-year core revenue growth of 5%.

• AMH's development program continues to be a primary growth channel, with plans to deliver approximately 2,300 homes in 2025.

• The company has a strong balance sheet with a fully undrawn $1.25 billion revolving credit facility and approximately $200 million in cash.

• AMH's leadership team has been strengthened with key promotions, ensuring continued focus on execution and outperformance.

Negative Points

• Core operating expense growth was 4.8% for the fourth quarter, slightly higher than revenue growth, which could pressure margins.

• The company expects bad debt to remain slightly elevated in the low 1% area for 2025, indicating ongoing challenges in certain markets.

• AMH does not anticipate any material acquisitions in 2025 due to current pricing and cost of capital environments.

• The expected blended rent growth for 2025 is in the high 3% area, which may be considered modest given the current inflationary environment.

• Potential risks include labor and material cost increases, particularly tariffs on lumber, which could impact development yields.