American Homes 4 Rent reported first-quarter funds from operations that met Wall Street expectations, as the company continued strong leasing activity and expansion of its housing portfolio.
The Agoura Hills single-family landlord reported FFO of $41.9 million (16 cents a share) for the quarter ended March 31, compared to $28 million (12 cents) for the same period last year.
FFO is a REIT metric that adds amortization and depreciation expenses into net income to get a better picture of cash flow. Analysts had expected FFO of 16 cents on revenue of $134 million, according to Thomson Financial.
The company said it had a net loss of $17.8 million (8 cents). Revenue increased 70 percent to $132 million.
"Our outlook for the remainder of the year is optimistic as we project growth in revenue and operating results as we stabilize our portfolio's occupancy and drive rental rates," said Chief Executive David Singelyn in a prepared statement.
The company’s total portfolio increased by 1,989 homes to 36,588 as of March 31. It said it leased 31,183 properties, an increase of 2,933 leased properties from December 31.
The company declared a dividend of 5 cents a share on the company's common shares for the second quarter. The distribution will be payable June 30 to shareholders of record as of June 15.
Shares closed up 19 cents, or about 1 percent, to $16.79 on the New York Stock Exchange.