- AMH Development delivered 636 homes in Q2, on track with expectations, while acquisitions remained disciplined with only 5 homes acquired.
- AMH reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for Q2 2025.
- Core FFO per share was $0.47, representing 4.9% year-over-year growth; adjusted FFO per share was $0.42, up 6.3% year-over-year.
- Core operating expense growth was 3.6%, leading to Same-Home Core NOI growth of 4.1% for the quarter.
- Net debt to adjusted EBITDA was 5.2x at quarter-end, with $323 million cash on hand and a fully undrawn $1.25 billion revolving credit facility.
- Same-Home average occupied days were 96.3% in Q2 and 96.1% in July, with blended rental rate spreads of 4.3% in Q2 and 3.8% in July.
- Same-Home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth with foot traffic up over 5% year-over-year.
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- AFFO per share was $1.28 for the second quarter, representing a 9.4% increase year-over-year driven by accretive investment activity and sector-leading rent growth.
- Comprehensive same-store rent growth was 4% year-over-year, reflecting rent collections, recovery of past due rent, leasing activity, and vacancies.
- Contractual same-store rent growth for Q2 was 2.3% year-over-year, with CPI-linked escalations averaging 2.6% and fixed rent increases averaging 2.1%.
- Dividend declared at $0.90 per share for Q2, a 3.4% increase over prior year, with a payout ratio of approximately 73% of AFFO per share.
- G&A expenses are expected between $99 million and $102 million for the full year, with non-reimbursed property expenses between $50 million and $54 million.
- Key leverage metrics remain within target ranges: debt to gross assets at 43.2% and net debt to adjusted EBITDA at 5.8x.
- Liquidity at quarter end was about $1.7 billion, with $660 million drawn on the revolver, partially paid down after a $400 million bond issuance.
- Nonoperating income is expected around $20 million for the full year, mainly from dividends on equity stakes.
- Operating property NOI for 2025 is estimated between $55 million and $60 million, including hotel and student housing properties.
- Tax expense on an AFFO basis is expected between $42 million and $46 million, primarily foreign taxes on European assets.
- Comparable property-level operating income grew approximately 5% excluding tax credit impact.
- Comparable retail leasing reached 644,000 square feet, near an all-time quarterly record.
- Completed asset sales totaling $143 million at blended yields in the mid- to upper 5% range.
- Excluding tax credit income, FFO per share was $1.76, beating consensus and prior year results.
- Liquidity improved to $1.55 billion with strong credit metrics; net debt-to-EBITDA at 5.4x excluding tax credit income.
- Reported FFO per share of $1.91 for Q2 2025 includes $0.15 from new market tax credit income recognized earlier than guided.
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