LAS VEGAS (AP) — LAS VEGAS (AP) — American Homes 4 Rent (AMH) on Thursday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Las Vegas, said it had funds from operations of $178.6 million, or 43 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 42 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 $76.6 million, or 21 cents per share.
The real estate company posted revenue of $408.7 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $402 million.
For the year, the company reported funds from operations of $688.5 million, or $1.66 per share. Revenue was reported as $1.62 billion.
American Homes 4 Rent expects full-year funds from operations in the range of $1.70 to $1.76 per share.
The company's shares have dropped slightly more than 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $34.75, a climb of almost 6% 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