American Homes 4 Rent, the national single-family home landlord in Agoura Hills, reported third-quarter earnings with mixed results.
The real estate investment trust said its adjusted funds from operations, a metric used by REITs, rose to $65.8 million (20 cents a share), compared to $56.6 million (19 cents a share) for the same period a year ago. That far outpaced analysts’ forecasted earnings of -1 cent, according to Thomson Financial Network.
American Homes also reported revenue that increased to $246.8 million from $236 million from the prior year’s quarter, but fell short of analysts’ expectations of $247.46 million.
The single-family home landlord also said it incurred about $10 million in charges over the quarter from the impacts of recent hurricanes on more than 3,500 homes in Houston, Florida and the Southeast. Those expenses were not included in its adjusted funds from operations, the company said.
It also declared a $12.6 million hurricane-related impairment charge over the quarter, but expects to recover $11 million of that from property and casualty insurance, which covered wind and flood-related damage and business interruption costs. It also spent another $8.5 million in repair, remediation and other costs on its homes.
American Homes (AMH) reported earnings Thursday. Shares closed Friday down 18 cents, or less than 1 percent, to $21.41 on the New York Stock Exchange.