American Homes 4 Rent announced large revenue growth in its first earnings report since going public, mostly due to the acquisition of an Alaskan portfolio.

The Agoura Hills house-rental company reported net income of $1.1 million (15 cents a share) for the second quarter ended June 30, compared to a net loss of $1.6 million (-47 cents) in the same period a year earlier. Revenue rose to $18.1 million from $182,000.

The company, which operates as a real estate investment trust, went public in a July 31 IPO that raised $706 million on the New York Stock Exchange. Underwriters have since exercised rights to acquire additional shares and the company expects gross proceeds of $887 million before underwriters’ discounts and offering costs.

Much of its revenue growth stems from the June 11 acquisition of 4,778 properties from a joint venture with the Alaska Permanent Fund Corp. It continues to acquire properties.

The company owned 19,825 properties as of July 31, an increase from the 18,326 as of June 30. It said occupancy levels are at 97 percent for properties that have been "rent ready" for three months.

Chief Executive David P. Singelyn said going public will provide continued opportunity.

“We believe that our new public platform will provide us opportunities for the continued expansion of our business across many fronts,” he said, in a prepared statement.

American Homes was co-founded by B. Wayne Hughes, the billionaire founder of Public Storage Inc. He serves as non-executive chairman of American Homes.

The earnings report was released Tuesday evening after markets closed. Shares gained 4 cents, or a fraction of 1 percent, to close on Wednesday at $16.05.

For reprint and licensing requests for this article, CLICK HERE.