American Homes 4 Rent

Latest Results (27.03.2026):

American Homes 4 Rent reported results for the fourth quarter of 2025. The company posted solid rent-driven revenue growth and steady earnings: rents and other single-family property revenues were $455.0 million in Q4 2025, net income attributable to common shareholders was $123.8 million ($0.33 diluted), and management raised the common share dividend 10% for Q1 2026.

Top-line and net income

Rents and other single-family property revenues rose 4.2% year‑over‑year to $455.0 million in the fourth quarter of 2025. Net income attributable to common shareholders was $123.8 million, or $0.33 per diluted share, essentially flat versus Q4 2024.

FFO and cash‑flow metrics

Core FFO attributable to common share and unit holders increased 4.1% year‑over‑year to $0.47 per FFO share/unit in Q4 2025. Adjusted FFO rose 6.5% to $0.44 per FFO share/unit. Core NOI for the total portfolio was $268.3 million (up 5.0% YoY).

Same‑Home operating performance

Same‑Home Core NOI rose 3.5% YoY to $235.1 million in Q4 2025. Same‑Home Average Occupied Days Percentage was 95.0%, and blended rent growth was 2.8% (renewals +4.2%, new leases −0.3%), with Average Monthly Realized Rent per property of $2,306.

Development, portfolio and dispositions

AMH delivered 490 newly constructed homes in Q4 2025 (415 to the wholly‑owned portfolio, 75 to JVs). At 12/31/2025 the company had ~60,337 homes (excluding held‑for‑sale) and 1,142 properties held for sale. In Q4 it sold 646 properties for $192.9 million of net proceeds and generated $57.7 million of retained cash flow.

Capital activity — buybacks and dividend

During Q4 2025 AMH repurchased and retired 4.7 million Class A shares for $150.0 million (weighted avg $31.77). In Jan 2026 it repurchased another 3.7 million shares for $115.1 million (weighted avg $31.49). In Feb 2026 the board authorized a new repurchase program (up to $500 million Class A and $250 million preferred). The common share dividend was raised 10% to $0.33 per share for Q1 2026.

Balance sheet and debt

As of 12/31/2025 AMH had $108.5 million cash and $5.16 billion total outstanding debt (weighted‑average interest ~4.5%, weighted‑average maturity ~8.1 years). Total debt to capitalization was 27.5%, and net debt & preferred to Adjusted EBITDAre was ~5.2x.

2026 guidance

Full‑year 2026 Core FFO guidance is $1.89–$1.95 per share/unit (growth ~1.1%–4.3%). Management expects Same‑Home core revenue growth of 1.25%–3.25%, core property operating expense growth 1.75%–3.75%, and Core NOI growth of 1.0%–3.0%. Planned 2026 gross capital investment is $650–$850 million with 1,700–2,100 total deliveries (wholly‑owned + JV).

Sustainability

AMH reported that 100% of the $595.5 million net proceeds from its January 2024 green bond issuance have been allocated to eligible projects as of 12/31/2025; a Green Bond Allocation Report was published in Q1 2026.