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American Homes 4 Rent

American Homes 4 Rent (AMH) Q1 2026 Earnings Call Transcript

Neutral REIT - Residential 10.96B USA
Next Earnings
2026-04-30

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. In recent years, we've been named a 2025 Great Place to Work, a 2025 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of September 30, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States.

AMH delivered solid 2025 results with 5.4% core FFO per share growth, active development/disposition program, and 2026 guidance emphasizing modest NOI growth and continued capital discipline including buybacks.

⭐ Key Highlights

Strong 2025 core FFO growth
2025 core FFO per share of $1.87, up 2.7% mid-single digits guidance, and full-year net income of $439M ($1.18 per diluted share).
Robust development and disposition activity
Delivered over 2,300 new homes in 2025 and disposed of 1,827 properties for ~ $570M in net proceeds; 2026 plan includes about 1,900 new development homes.
Strong capital discipline and buyback activity
Completed $115M of share repurchases in January; repurchased 8.4 million shares (~2% of outstanding); new $500M buyback authorization approved.
2026 guidance and ops outlook
2026 core FFO per share guidance of $1.89-$1.95; same-home core NOI growth ~2%; occupancy in the high-95% range; ~1,900 new development homes planned.
Balance sheet and capital plan
Net debt to adjusted EBITDA around 5.2x; $1.25B revolver with $360M drawn; ~ $110M cash; disposition proceeds to fund development; ~$750M total capital to deploy in 2026.

✔Positive Signals

  • 2025 core FFO per share growth of 5.4% year over year
  • Delivery of 2,300+ new homes in 2025 and 1,900 planned for 2026
  • Active disposition program providing capital for development (~$570M net proceeds in 2025)
  • Share buybacks: ~2% of shares repurchased; new $500M authorization
  • 2026 guidance implying stable to modest growth with strong occupancy

✖Negative Signals

  • Expectations of a flatter occupancy/rate growth curve in 2026
  • Near-term headwinds from higher housing supply and potential demand softness
  • Regulatory/policy uncertainty around investor caps and its potential impact
  • Seasonally weaker start to leasing and continued occupancy headwinds into 2026
  • Moderate property tax growth and insurance expense dynamics remain a concern

📊Financial Results

  • Full-year 2025 net income attributable to common shareholders: $439 million ($1.18 per diluted share)
  • Full-year 2025 core FFO per share: $1.87, up 5.4% year over year
  • Q4 2025 core FFO per unit: $0.47
  • 2025 development deliveries: 2,313 homes; dispositions: 646 properties in Q4, 1,827 for the year
  • Net debt to Adjusted EBITDA: 5.2x; cash around $110 million; revolver balance $360 million

🔮Future Guidance

  • 2026 core FFO per share guidance: $1.89-$1.95
  • 2026 same-home core NOI growth: 2% midpoint
  • 2026 full-year revenues: up ~2.25% (implied by guidance), with occupancy headwind of ~25 bps
  • Development: ~1,900 new homes to be delivered; total capital deployment around $750 million (including joints ventures)
  • Share repurchases: previously executed $115 million in Jan; new buyback authorization of $500 million; additional repurchases likely to be opportunistic

💡Interesting Insights

  • Dispositions are increasingly being used to recycle capital into the development program, with 20,000 homes freed from securitization collateral providing an additional funding runway
  • Hard vertical construction costs to develop a home in 2026 are flat to down vs 2025, aiding development economics

Detailed Analysis

AI-generated summary of American Homes 4 Rent earnings call transcript.

AMH finished 2025 with resilient core profitability, delivering $1.87 core FFO per share for the year and $0.47 per unit in Q4, while advancing the development program with over 2,300 new homes delivered and $570M in home dispositions. The company maintained a disciplined capital strategy, repurchasing ~2% of shares and securing a new $500M buyback authorization, supported by a balanced use of disposition proceeds to fund development. For 2026, AMH guides core FFO per share of $1.89-$1.95, expects ~2% same-home core NOI growth, occupancy around the high-95% range, about 1,900 new development homes, and roughly $750M of total capital deployment, reflecting a cautious but constructive stance amid a softer near-term housing market. The company also faces regulatory and political uncertainty around investor caps, but reaffirmed its role in housing supply through in-house development and ongoing advocacy.

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