American Homes 4 Rent (NYSE: AMH) reported its Q4 results, with funds from operations (FFO) coming in at $0.37 per share, in line with the Street estimate. Quarterly EPS came in at $0.14, beating the Street estimate of $0.09.

With the company's January capital raise, it anticipates the 2022 program as funded on the equity side, with only debt capital and dispositions required for the rest of the year. The program is increasingly shifting to development as the main growth driver, although unproductive land spending will likely continue to be a drag for a few more years.

The company provided its full 2022-year outlook, expecting core revenue growth of 7.25%-9.25%, core opex growth of 4.75%-6.75%, and core NOI growth of 8.50%-10.50%, which results in core FFO per share of $1.53-$1.59 (vs. Street’s $1.56).