American Homes 4 Rent

Latest Results (29.07.2026):

American Homes 4 Rent (AMH) — fourth quarter of 2025: AMH reported solid operating results for Q4 2025 with rents and other single‑family property revenues up 4.2% y/y to $455.0 million, net income attributable to common shareholders of $123.8 million ($0.33 diluted), Core FFO of $0.47 per FFO share/unit (+4.1% y/y) and Adjusted FFO of $0.44 (+6.5% y/y). Core NOI for the total portfolio rose 5.0% y/y to $268.3 million while Same‑Home Core NOI increased 3.5% y/y; Same‑Home occupancy averaged 95.0% and blended rent growth was 2.8%. AMH also delivered development homes, repurchased shares, and raised the quarterly dividend 10% for Q1 2026.

Revenue and net income

Rents and other single‑family property revenues: $455.0M in Q4 2025 (up 4.2% y/y). Net income attributable to common shareholders: $123.8M, or $0.33 per diluted share (essentially flat vs. Q4 2024).

FFO and NOI performance

Core FFO (to common share/unit holders) was $199.3M, or $0.47 per FFO share/unit (+4.1% y/y). Adjusted FFO was $183.9M, or $0.44 per FFO share/unit (+6.5% y/y). Core NOI (total portfolio) was $268.3M (+5.0% y/y); Same‑Home Core NOI was $235.1M (+3.5% y/y).

Operating metrics — Same‑Home portfolio

Same‑Home Average Occupied Days Percentage: 95.0% for Q4 2025 (‑30 bps y/y). Average Monthly Realized Rent per Same‑Home property: $2,306 (up 3.0% y/y). Blended rate growth 2.8% (lease renewals +4.2%, new leases ‑0.3%). Turnover and expense control supported margin expansion.

Development, portfolio and deliveries

Delivered 490 newly constructed homes in Q4 2025 (including wholly‑owned and JV deliveries). Total single‑family properties (ex‑held for sale) were 60,337 at 12/31/2025; average occupied portfolio for full year 2025 was 57,573 homes (up vs. 2024).

Capital activity, balance sheet and shareholder returns

Repurchased and retired 4.7M Class A shares in Q4 2025 for $150.0M (weighted avg $31.77) and repurchased 3.7M shares in Jan 2026 for $115.1M. February 2026 board authorized a new repurchase program (up to $500M Class A, $250M preferred). Cash & cash equivalents: $108.5M at 12/31/2025. Total debt: $5.16B, weighted‑average interest ~4.5%, weighted‑average maturity ~8.1 years.

Dividend and capital allocation

Common share dividend increased 10% to $0.33 per share for Q1 2026. AMH expects to fund a meaningful portion of 2026 wholly‑owned development deliveries with recycled disposition proceeds and has signaled continued share repurchases.

2026 guidance

Full‑year 2026 Core FFO guidance: $1.89–$1.95 per FFO share/unit (growth ~1.1%–4.3% vs. 2025). Same‑Home core revenue growth expected ~1.25%–3.25%; Core NOI growth 1.00%–3.00%. Planned 2026 wholly‑owned development deliveries: 1,300–1,500 homes (gross investment $500–$600M).

Sustainability and other items

AMH reported full allocation (100%) of the $595.5M net proceeds from its January 2024 green bond as of 12/31/2025 and published a Green Bond Allocation Report in Q1 2026. Conference call and supplemental package available on amh.com and filed with the SEC.