American Homes 4 Rent (AMH) announces 80% dividend increase.

American Homes 4 Rent (AMH) announced today that it has increased the quarterly dividend to $0.18/share effective with the dividend payable on March 31, 2022.  The current dividend rate represents an 80% increase over the prior level.

As shown in the following chart, the gap between AFFO/share and declared dividends has remained wide, in part due to the use of legacy tax NOL's to suppress taxable income.  Remaining NOL's ($25.4 million as of December 31, 2021) are likely to be fully utilized in 2022, at which point dividend distributions must increase to meet with REIT tax requirements.

American Homes 4 Rent is one of the largest owner/managers of single-family rental properties in the United States. As of December 31, 2021, the company's managed portfolio totaled 58,966 homes in 22 states, including 1,942 homes held in unconsolidated joint ventures. AMH has a total market capitalization of $21 billion and is a member of the Russell 1000 index.