NYSE$AMH
American Homes 4 Rent · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
American Homes 4 Rent's Q3 2022 financial performance was marked by increased revenues and net income, driven by portfolio growth and higher rental rates, despite hurricane-related charges.
American Homes 4 Rent reported a 15.3% increase in single-family property revenues, reaching $391.6 million. Net income attributable to common shareholders was $50.7 million, or $0.14 per diluted share. The company achieved a Same-Home Average Occupied Days Percentage of 97.1% and a 12.5% rate growth on new leases. However, Hurricane Ian impacted certain properties, resulting in net hurricane-related charges of $6.1 million.
- Rents and other single-family property revenues increased 15.3% year-over-year to $391.6 million.
- Net income attributable to common shareholders totaled $50.7 million, or $0.14 per diluted share.
- Core Funds from Operations (FFO) attributable to common share and unit holders increased 11.6% year-over-year to $0.39 per FFO share and unit.
- Achieved Same-Home Average Occupied Days Percentage of 97.1% and generated 12.5% rate growth on new leases.
Headline financials
Revenue & EPS history
American Homes 4 Rent · Revenue · Quarterly
$392M
Revenue by segment
American Homes 4 Rent · $392M total across 1 segment · Q3 2022
- Single-family property revenues$392M+15.3%100.0%
Forward guidance
Full Year 2022 Guidance was revised to reflect higher than expected property tax growth in the state of Texas.
Tailwinds
- Same-Home core revenues growth outlook remains unchanged, as the Company’s portfolio continues to experience seasonally strong demand relative to pre-pandemic levels.
- Excluding property taxes, Same-Home core operating expense growth outlook remains unchanged.
- The Company continues to execute on its moderated acquisition program.
- Development deliveries reflect modest reduction due to hurricane-related delays in certain Florida development projects.
- The Company has modestly lowered property and land acquisition expectations, which are not expected to have a material impact on 2022 Full Year Core FFO per share.
Headwinds
- Including property taxes, the midpoint of Same-Home core operating expense growth has been increased by 200 basis points to reflect higher than expected property tax growth in the state of Texas.
- Property taxes within our Texas portfolio are expected to increase by over 20% this year.
- As a result of the increased 2022 property tax outlook, the midpoint of our full year Same-Home Core NOI growth outlook has been lowered by 100 basis points, resulting in a ($0.02) impact to Core FFO per share.
- Development deliveries reflect modest reduction due to hurricane-related delays in certain Florida development projects.
- The Company has modestly lowered property and land acquisition expectations, which are not expected to have a material impact on 2022 Full Year Core FFO per share.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+0.3%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+1.1%
Avg return
30 days after
53%
27 / 51 earnings
Positive
+7.6%
Q3 2023
Best reaction
-5.3%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.3% | -2.7% | +2.5% | |
| Q4 2025 | -4.2% | -3.4% | -11.3% | |
| Q3 2025 | +0.8% | +1.0% | +0.8% | |
| Q1 2025 | +3.6% | +2.4% | -0.1% | |
| Q4 2024 | -1.6% | -2.5% | +1.9% | |
| Q3 2024 | -4.0% | -8.4% | +1.0% | |
| Q2 2024 | +4.6% | +5.5% | +10.2% | |
| Q1 2024 | -0.5% | +1.5% | +0.3% | |
| Q4 2023 | +1.5% | +4.1% | +4.6% | |
| Q3 2023 | +7.6% | +5.3% | +12.3% | |
| Q2 2023 | +0.8% | +1.6% | -3.8% | |
| Q1 2023 | +5.4% | +5.9% | +4.9% | |
| Q4 2022 | -4.0% | -5.6% | -9.2% | |
| Q3 2022 | -2.9% | -4.9% | +4.3% | |
| Q2 2022 | -0.0% | +0.4% | -5.5% | |
| Q1 2022 | -2.3% | -6.8% | -2.3% | |
| Q4 2021 | +3.9% | +0.8% | +4.9% | |
| Q3 2021 | -2.8% | -1.7% | -0.4% | |
| Q2 2021 | +0.6% | -2.1% | +1.8% | |
| Q1 2021 | +2.9% | +2.1% | +5.9% | |
| Q4 2020 | -1.8% | -4.1% | +7.0% | |
| Q3 2020 | +3.9% | -1.4% | +0.4% | |
| Q2 2020 | +0.6% | -3.1% | -1.4% | |
| Q1 2020 | +3.6% | -0.7% | +13.4% | |
| Q4 2019 | -4.6% | +2.7% | -14.8% | |
| Q3 2019 | -0.6% | -0.7% | +1.9% | |
| Q2 2019 | -0.6% | -3.0% | +2.1% | |
| Q1 2019 | +1.7% | -0.9% | +2.2% | |
| Q4 2018 | -3.5% | -3.4% | -0.4% | |
| Q3 2018 | -5.3% | -5.6% | -1.1% | |
| Q2 2018 | +1.1% | +0.9% | +3.8% | |
| Q1 2018 | +1.3% | +1.7% | -0.3% | |
| Q4 2017 | +1.0% | +1.1% | -0.2% | |
| Q3 2017 | -0.2% | +2.1% | +0.5% | |
| Q2 2017 | -1.1% | -2.5% | -2.2% | |
| Q1 2017 | -2.9% | -3.1% | +1.1% | |
| Q4 2016 | +2.0% | +2.5% | +0.8% | |
| Q3 2016 | +5.2% | +5.1% | +3.0% | |
| Q2 2016 | +4.4% | +5.2% | +3.8% | |
| Q1 2016 | +5.9% | — | — | |
| Q4 2015 | +4.6% | — | — | |
| Q3 2015 | -3.6% | — | — | |
| Q2 2015 | -4.5% | — | — | |
| Q1 2015 | +1.8% | — | — | |
| Q4 2014 | +0.9% | — | — | |
| Q3 2014 | -2.5% | — | — | |
| Q2 2014 | -0.7% | — | — | |
| Q1 2014 | +1.5% | — | — | |
| Q4 2013 | -1.5% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | -1.4% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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