AGOURA HILLS, Calif. (AP) _ American Homes 4 Rent (AMH) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Agoura Hills, California-based real estate investment trust said it had funds from operations of $98.2 million, or 28 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 27 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 $22.5 million, or 8 cents per share.
The real estate company posted revenue of $281.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $279.6 million.
American Homes 4 Rent expects full-year funds from operations in the range of $1.06 to $1.14 per share.
The company's shares have risen 27% since the beginning of the year. In the final minutes of trading on Monday, shares hit $25.18, an increase of 15% in the last 12 months.