American Homes 4 Rent AMH
American Homes 4 Rent ("AMH" or the "General Partner") is an internally managed Maryland real estate investment trust ("REIT") formed on October 19, 2012. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the "Operating Partnership" or the "OP") is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the "Company," "we," "our" and "us" mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on developing, renovating, leasing and managing single-family homes as rental properties. We commenced operations in November 2012.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $1.18B | $1.14B | $1.07B | $960.4M | $878.9M |
| SG&A | $83.0M | $83.6M | $74.6M | $68.1M | $56.4M | $48.5M | $43.2M | $36.6M | $34.7M | $33.1M |
| Total operating expenses | $1.58B | $1.50B | $1.41B | $1.32B | $1.15B | $1.06B | $1.02B | $978.1M | $887.0M | $874.0M |
| Interest expense | $185.2M | $165.4M | $140.2M | $134.9M | $114.9M | $117.0M | $127.1M | $122.9M | $112.6M | $130.8M |
| Net income | $513.4M | $468.1M | $432.1M | $310.0M | $210.6M | $154.8M | $156.3M | $112.4M | $76.5M | $10.4M |
| EPS, basic | 1.18 | 1.08 | 1.01 | 0.72 | 0.42 | 0.28 | 0.29 | 0.08 | -0.08 | -0.14 |
| EPS, diluted | 1.18 | 1.08 | 1.01 | 0.71 | 0.41 | 0.28 | 0.29 | 0.08 | -0.08 | -0.14 |
| Shares, diluted (wtd. avg.) | $370.9M | $368.0M | $362.5M | $349.8M | $325.5M | $307.1M | $299.9M | $294.3M | $264.3M | $234.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $108.5M | $199.4M | $59.4M | $218.0M | $191.8M | $265.1M | $164.1M | $175.2M | $182.8M | $250.2M |
| Goodwill | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M | $120.3M |
| Other intangibles | $9.5M | $12.4M | $7.6M | $10.2M | $13.1M | $4.9M | $6.8M | $12.7M | — | — |
| Total assets | $13.24B | $13.38B | $12.69B | $12.18B | $10.96B | $9.59B | $9.10B | $9.00B | $8.61B | $8.11B |
| Long-term debt | $5.10B | $5.01B | $4.46B | $4.52B | $3.88B | $2.82B | $2.83B | $2.80B | $2.48B | $2.92B |
| Total liabilities | $5.53B | $5.53B | $5.04B | $5.00B | $4.22B | $3.12B | $3.08B | $3.03B | $2.73B | $3.17B |
| Retained earnings | -$387.6M | -$380.6M | -$394.9M | -$440.8M | -$438.7M | -$443.5M | -$465.4M | -$491.2M | -$454.0M | -$378.6M |
| Total equity | $7.03B | $7.16B | $7.65B | $7.17B | $6.74B | $6.47B | $6.02B | $5.97B | $5.88B | $4.94B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $864.3M | $811.5M | $738.7M | $665.5M | $595.2M | $474.1M | $457.9M | $410.9M | $386.0M | $278.9M |
| Depreciation and amortisation | $504.3M | $477.0M | $456.6M | $426.5M | $372.8M | $343.2M | $329.3M | $318.7M | $297.3M | $298.7M |
| Stock-based compensation | $25.8M | $31.0M | $25.4M | $27.3M | $17.8M | $9.8M | $4.8M | $3.4M | $4.2M | $3.6M |
| Capital expenditure | $40.6M | $34.1M | $40.1M | $98.0M | $47.7M | $17.0M | $21.9M | $52.4M | $47.9M | $39.9M |
| Investing cash flow | -$328.2M | -$825.9M | -$692.6M | -$1.43B | -$1.73B | -$642.9M | -$376.9M | -$674.4M | -$837.5M | -$522.4M |
| Financing cash flow | -$655.7M | $142.7M | -$42.2M | $786.2M | $1.06B | $269.8M | -$92.1M | $255.9M | $384.1M | $324.8M |
| Dividends paid | $446.3M | $383.5M | $319.5M | $252.5M | $146.2M | $61.1M | $59.8M | $58.4M | $38.9M | $48.2M |
| Buybacks | — | — | — | — | — | $0 | $0 | $35.0M | $0 | $96.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001562401-26-000010.
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