American Homes 4 Rent increased its revenue for the fourth quarter and full year, the company announced Thursday.
The Agoura Hills single-family home real estate investment trust reported funds from operations of $89.4 million (26 cents a share) in the quarter ended Dec. 31, compared to $75.9 million (26 cents) for the same quarter a year ago. Revenue increased 6.7 percent to $243 million.
Analysts expected funds from operations of 26 cents, according to Zacks Investment Research. Funds from operations is a key metric in the REIT industry which takes net income and adds back items such as depreciation and amortization.
For the full year, the company reported funds from operations of $327 million ($1.02 a share), compared to $282 million (97 cents) the previous year. Annual revenue grew 9.6 percent to $960 million.
“American Homes 4 Rent completed a successful year,” Chief Executive David Singelyn said in a statement. “We also obtained the first and only investment grade ratings in the single-family rental sector, and have demonstrated the benefit of those ratings in our inaugural issuance of unsecured corporate debt. Looking forward to 2018, I remain bullish on our future based on the strength of fundamentals in the single-family rental sector.”
Shares of American Homes (AMH) closed Friday down 13 cents, or a fraction of a percent, to $19.27 on the New York Stock Exchange.