LAS VEGAS (AP) — LAS VEGAS (AP) — American Homes 4 Rent (AMH) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Las Vegas-based real estate investment trust said it had funds from operations of $183.8 million, or 44 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $73.8 million, or 20 cents per share.
The real estate company posted revenue of $445.1 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $434.6 million.
American Homes 4 Rent expects full-year funds from operations in the range of $1.76 to $1.78 per share.
The company’s shares have climbed 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $37.80, a rise of 17% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMH at https://www.zacks.com/ap/AMH
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