Riding a hefty increase in net operating income generate by leased properties, American Homes 4 Rent (AMH) reported a revenue increase of 70.5% in the first quarter.

According to a release from the company, its total revenue rose from $77.3 million in the first quarter of 2014 to $131.7 million in the first quarter of 2015.

The company said that its revenue growth was primarily driven by continued strong leasing activity, as the company’s average leased portfolio grew to 29,717 homes for the first quarter of 2015, compared to 18,997 homes for the first quarter of 2014.

The company also said that its net operating income from leaser properties was $76.5 million in the first quarter of 2014, rising 60.1% from $47.7 million for the same time period last year.

In the first quarter, the company’s total portfolio of single-family homes for rent increased by 1,989 homes to 36,588, from 34,599 as of the end of 2014.

At the end of first quarter, American Homes 4 Rent had 31,183 leased properties, an increase of 2,933 leased properties from Dec. 31, 2014.

"We are pleased with our continued growth and strong operating results for the first quarter of 2015,” said David Singelyn, American Homes 4 Rent’s chief executive officer. “Our outlook for the remainder of the year is optimistic as we project growth in revenue and operating results as we stabilize our portfolio's occupancy and drive rental rates.”

In the first quarter, American Homes 4 Rent also reported that its leased percentage was 93.4% for properties that have been previously leased or rent-ready for more than 90 days and reported that its total portfolio leased percentage was 85.2%.

The company also reported core funds from operations for the first quarter of 2015 of $41.9 million, or $0.16 per FFO share, which represents a 33.3% increase per FFO share, compared to $28.1 million, or $0.12 per FFO share, for the same period in 2014.

Additionally, the company reported that it raised $552.8 million in gross proceeds through the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan secured by 4,661 homes transferred to an affiliate from the company's portfolio of single-family properties.

The offering had a duration-adjusted weighted-average coupon rate of 4.14% for a 30-year term, with an anticipated repayment date after ten years, American Homes 4 Rent said.

As of March 31, the company had total outstanding debt of $2.2 billion with a weighted-average interest rate of 3.72% and a weighted-average term to maturity of 13.4 years. The company's $800 million credit facility, which bears interest at LIBOR plus 275 basis points, had an outstanding balance of $45.0 million at the end of the quarter, with available capacity of $755 million.