American Homes 4 Rent logs 8% YOY decrease in Q2 AFFO per share

American Homes 4 Rent disclosed second-quarter core funds from operations attributable to common share and unit holders of $94.8 million, or 27 cents per share, a decline on a per-share basis from $98.2 million, or 28 cents per share, in the 2019 second quarter.

For the quarter, adjusted FFO declined 8.0% from the year-ago period on a per-share basis to $81.6 million, or 23 cents per share, from $86.8 million, or 25 cents per share.

The S&P Capital IQ consensus FFO estimate for the second quarter was 27 cents per share.

Total revenues for the quarter came in at $283.1 million, a rise of 0.4% from $281.9 million in the year-ago period.

In reporting results, the single-family real estate investment trust said it has received 96.5% of second-quarter rents and 92% of July rents.

In July, it sold 91 properties for net proceeds of $20.1 million during July.

In light of the coronavirus pandemic, the company waived late fees and month-to-month lease premiums during the quarter, suspended evictions for failed rent payments and offered 0% increases on newly signed renewals for leases due between April and July.