The following is a summary of the American Homes 4 Rent (AMH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• American Homes 4 Rent reported Q1 core FFO per share of $0.43, reflecting a 5.8% year-over-year increase.

• They generated core FFO and adjusted FFO of $0.43 (a 5.8% YoY growth) and $0.40 (a 6.5% YoY growth) respectively on an FFO share and unit basis.

• They recorded a net income attributable to common shareholders of $109.3 million.

• The sale of 471 properties generated net proceeds approximating $145 million.

• The company's balance sheet revealed $125 million in available cash, with their $1.25 billion revolving credit facility remaining fully undrawn.

Business Progress:

• The company's development program has delivered 441 homes to their wholly-owned portfolio at an investment cost of around $171 million. This is in alignment with their plan to address the national housing shortage.

• AMH introduced their shares into the S&P 400 Index, selling approximately three million Class A common shares at an average price of $37.03.

• They continue to focus on high occupancy rates and view their residential offerings as a viable alternative to homeownership due to current housing shortage problems.

• The company maintains a plan to pay down securitization in a phased manner, ultimately moving towards a 100% unencumbered balance sheet by the end of 2025.

• Plans regarding external growth strategies remain unchanged, with third-party asset management seen as distracting and low-margin.

More details: American Homes 4 Rent IR

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