The Calabasas single-family home rental company reported on Thursday net income of $27 million (9 cents a share) for the quarter ending Dec. 31, compared with net income of $23.6 million (8 cents) in the same period a year earlier. Revenue increased by 5 percent to $299 million.
Analysts on average expected earnings of 6 cents on revenue of $299 million, according to Thomson Financial Network.
Chief Executive David Singelyn said that American Homes has set itself apart by combining a best-in-class operating platform, a leading single-family home builder and an investment grade balance sheet.
“And when coupled with our growing dividend, which we are doubling in the first quarter of 2021, we believe we are positioned to continue producing outsized total shareholder returns for years to come,” Singelyn said in a statement.
On Wednesday, the company’s board of directors announced it was providing a dividend of 10 cents a share to shareholders of record on March 31. The previous dividend had been 5 cents a share.
On Friday, American Homes (AMH) closed down 63 cents, or just about 2 percent, to $31.14 on the New York Stock Exchange.