Question · Q3 2025
Emily, on behalf of Juan Sanabria, inquired about the impact of American Homes 4 Rent's lease expiration strategy on third-quarter occupancy and new lease trends, and how seasonality might affect new lease and blended rate growth in the fourth quarter.
Answer
Lincoln Palmer, Chief Operating Officer, explained that the lease expiration management program, shifting expirations to the first half of the year, is playing out as expected, leading to lower expirations and anticipated occupancy build into year-end. Chris Lau, Chief Financial Officer, added that the strategy contributed to a 60 basis point year-over-year decrease in turnover rate and controlled R&M expense growth to just over 2% for the quarter.