American Homes 4 Rent, the nation’s largest single-family home landlord, surpassed analysts’ estimates for first-quarter revenue.

The Agoura Hills real estate investment trust reported adjusted funds from operations, a metric used by REITs, rose to $69 million (23 cents a share) from $56 million (20 cents a share) for the same period last year. The company attributed the boost to higher rent revenue driven by a larger portfolio of rentable properties and higher rents.

American Homes also said its $234 million in revenue grew from $195 million a year ago. That exceeded analysts’ estimated $231 million, according to Thomson Financial Network.

American Homes (AMH) reported earnings Thursday. Shares closed Friday down 42 cents, or 1.9 percent, to $22.27 on the New York Stock Exchange.