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American Homes Reports Higher Occupancy

American Homes 4 Rent met analysts expectations for income in the second quarter and said it had more than 90 percent of its properties leased, a record for the company. The Agoura Hills single-family landlord reported funds from operations of $45.3 million (17 cents a share) for the quarter ended June 30, compared to $35.3 million (15 cents) for the same period last year. Revenue grew 63 percent to $154 million. Analysts had expected funds from operations of 17 cents on revenue of $143 million, according to Thomson Financial Network. Funds from operations is a REIT metric that adds amortization and depreciation expenses into net income to get a better picture of cash flow. Although the company reported an operating loss of $17.7 million, Chief Executive David Singelyn pointed to higher leasing volume for the company’s houses. “We achieved record leasing volume, resulting in a quarter-end total portfolio leased percentage of 93.1 percent, up from 85.2 percent a quarter earlier,” he said in a statement. “We remain well-positioned to take advantage of growth opportunities going forward, as we execute our strategy to drive value for our shareholders.” Results were announced late Thursday, along with a quarterly dividend of 5 cents a share to be paid out on Sept. 30 to shareholders of record on Sept. 15. Shares closed Friday down 62 cents or 3.8 percent to $15.88 on the New York Stock Exchange.

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