American Homes 4 Rent (AMH) Company Report

American Homes 4 Rent (AMH) expects Full Year 2025 Core FFO per share and unit growth of 5.6% at the midpoint of guidance, with Same-Home Core Revenues Growth projected at 3.75%.
As of September 30, 2025, AMH reported a strong balance sheet with $1.14 billion of undrawn capacity under its revolving credit facility and a Net Debt and Preferred Shares to Adjusted EBITDAre ratio of 5.1x. The company also completed the payoff of its final asset-backed securitization in Q3 2025, resulting in a fully unencumbered balance sheet.
In the fourth quarter of 2025 to date, AMH repurchased approximately $100 million of its stock at an average share price of approximately $32 and accelerated its disposition program, with proceeds tracking to the high-end of the $400 million to $500 million range.
AMH owned over 61,000 single-family properties as of September 30, 2025, and expects 2,200 – 2,400 development deliveries in 2025.

Dec 3, 2025, 9:17 PM

8-K

American Homes 4 Rent Reports Strong Q3 2025 Results and Raises Full-Year Guidance

AMH

Earnings

Guidance Update

New Projects/Investments

American Homes 4 Rent (AMH) reported Q3 2025 core FFO per share of $0.47, a 6.2% year-over-year increase, and adjusted FFO of $0.42, up 9.1%. The company raised its full-year 2025 core FFO per share guidance by $0.01 to $1.87 at the midpoint, representing 5.6% growth.
In Q3 2025, AMH achieved 3.8% same home core revenue growth and 4.6% same home core NOI growth, driven by 95.9% same home average occupied days and a 3.6% blended rental rate spread. Full-year same home core NOI growth expectations were increased to 4%.
The company's balance sheet is now 100% unencumbered after paying off its final securitization, with net debt to adjusted EBITDA at 5.1 times and no debt maturities until 2028 (excluding the credit facility). AMH is on track to deliver approximately 2,300 homes in 2025 and has sold nearly 1,200 homes year-to-date, with the 2025 development program yield expected in the mid 5% range.

Oct 30, 2025, 4:00 PM

Transcript

American Homes 4 Rent Reports Strong Q3 2025 Results and Raises Full-Year Guidance

AMH

Earnings

Guidance Update

New Projects/Investments

American Homes 4 Rent (AMH) reported strong Q3 2025 results, with core FFO per share growing 6.2% year-over-year to $0.47 and Adjusted FFO growing 9.1% to $0.42 per share.
The company increased its full-year 2025 core FFO per share guidance by $0.01 to $1.87 at the midpoint, representing 5.6% growth, driven by strong Q3 results, favorable property tax assessments, and controlled operating expenses.
In Q3 2025, AMH achieved same home core revenue growth of 3.8% and same home core NOI growth of 4.6%, with same home average occupied days at 95.9%.
AMH's balance sheet is now 100% unencumbered after paying off its final securitization, with net debt to Adjusted EBITDA at 5.1 times and zero debt maturities until 2028. The company is also on track to deliver approximately 2,300 homes in 2025, with 1,900 wholly owned.

Oct 30, 2025, 4:00 PM

Transcript

American Homes 4 Rent Reports Strong Q3 2025 Results and Raises Full-Year FFO Guidance

AMH

Earnings

Guidance Update

New Projects/Investments

American Homes 4 Rent (AMH) reported Q3 2025 core FFO per share of $0.47, representing 6.2% year-over-year growth, and adjusted FFO per share of $0.42, an impressive 9.1% year-over-year growth.
The company increased its full-year 2025 core FFO per share guidance by $0.01 to $1.87 at the midpoint, which represents 5.6% year-over-year growth and is the second increase this year.
For Q3 2025, AMH achieved same home core revenue growth of 3.8%, driven by 95.9% same home average occupied days and blended rental rate spreads of 3.6%. This contributed to same home core NOI growth of 4.6%, as same home core operating expenses grew 2.4%.
AMH's balance sheet is now 100% unencumbered after paying off its final securitization, with net debt to adjusted EBITDA down to 5.1 times and zero maturities until 2028.
The company is on track to deliver approximately 2,300 homes in 2025 through its development program, with 1,900 wholly owned, and has sold nearly 1,200 homes to end-user buyers year-to-date, recycling capital into development.

Oct 30, 2025, 4:00 PM

Transcript

AMH Reports Strong Third Quarter 2025 Financial Results and Raises Full Year Guidance

AMH

Earnings

Guidance Update

AMH reported rents and other single-family property revenues of $478.5 million for the third quarter of 2025, an increase of 7.5% year-over-year.
Net income attributable to common shareholders for Q3 2025 totaled $99.7 million, or $0.27 per diluted share, compared to $73.8 million, or $0.20 per diluted share, for the third quarter of 2024.
Core Funds from Operations (Core FFO) attributable to common share and unit holders increased 6.2% year-over-year to $0.47 per FFO share and unit for the third quarter of 2025.
Core Net Operating Income (Core NOI) from Same-Home properties increased by 4.6% year-over-year for the third quarter of 2025.
The company raised its Full Year 2025 Core FFO guidance midpoint by $0.01 per share and unit to $1.87, representing anticipated full year growth of 5.6% over the prior year.

Oct 29, 2025, 8:17 PM

8-K

AMH Reports Strong Third Quarter 2025 Results and Raises Full Year Guidance

AMH

Earnings

Guidance Update

Revenue Acceleration/Inflection

Net income attributable to common shareholders for the third quarter of 2025 was $99.7 million, or $0.27 per diluted share, compared to $73.8 million, or $0.20 per diluted share, for the third quarter of 2024.
Rents and other single-family property revenues increased 7.5% year-over-year to $478.5 million for the third quarter of 2025.
Core Funds from Operations (FFO) attributable to common share and unit holders increased 6.2% year-over-year to $0.47 per FFO share and unit, and Adjusted FFO increased 9.1% year-over-year to $0.42 per FFO share and unit for the third quarter of 2025.
The company raised its Full Year 2025 Core FFO guidance midpoint by $0.01 per share and unit to $1.87, representing anticipated full year growth of 5.6% over the prior year, with the current guidance range of $1.86 - $1.88.
Core Net Operating Income (NOI) from Same-Home properties increased by 4.6% year-over-year for the third quarter of 2025, achieving a 95.9% Same-Home Average Occupied Days Percentage and 3.6% blended rate growth.

Oct 29, 2025, 8:08 PM

Press Release

American Homes 4 Rent Publishes Q2 2025 Investor Highlights

AMH

Guidance Update

New Projects/Investments

Management Change

American Homes 4 Rent (AMH) posted its "Investor Highlights–September 2025" presentation on September 3, 2025, covering the Q2 2025 period.
As of June 30, 2025, AMH owned over 61,000 single-family properties. The company expects 2,200 – 2,400 development deliveries in 2025 and has a ~9,000 unit land pipeline.
For August QTD, AMH reported blended new lease spreads of 3.8% and Same Home Average Occupied Days of 96.0%. The midpoint of the 2025 Core FFO per share guidance represents 5.1% growth.
AMH maintains an investment-grade balance sheet with a Moody's rating of Baa2 / Stable and an S&P Global rating of BBB / Positive. The company intends to pay off its remaining securitization by the end of Q3 2025.
Bryan Smith was appointed Chief Executive Officer in January 2025, and the Board size is now 11 trustees after two retirements in May 2025.

Sep 3, 2025, 8:30 PM

8-K

AMH Provides FY 2025 Outlook and Strategic Updates

AMH

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

AMH projects Same-Home revenue growth of 3.5% and Same-Home NOI growth of 3.25% at the midpoint for FY 2025, supported by moderating expense growth.
The company plans 2,300 development deliveries in 2025 with expected yields in the mid-fives, and anticipates $400 million-$500 million in dispositions at cap rates in the mid-threes.
AMH aims to achieve a 100% unencumbered balance sheet by refinancing its final two securitizations in 2025.
Early 2025 operational performance shows strength, with Same-Home average occupancy reaching 95.8% in February, renewal leases in the mid-fours, and new leases accelerating. January foot traffic increased 30% period-to-period.

Mar 4, 2025, 4:00 PM

Transcript

AMH Provides FY 2025 Outlook and Operational Update

AMH

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

AMH reported resi sector leading NOI growth and FFO growth in 2024 and provided a FY 2025 Same Home revenue guide of 3.5% and Same Home NOI growth of 3.25% at the midpoint.
The company plans for 2,300 development deliveries at the midpoint in 2025, with expected yields in the mid-fives, and anticipates $400-$500 million in dispositions at cap rates in the mid-threes.
AMH expects to refinance its final two securitizations in 2025, which will result in a 100% unencumbered balance sheet.
Operating performance in early 2025 showed strength, with Same Home average occupancy reaching 95.8% in February, renewal leases holding steady in the mid-fours, and new leases accelerating. Foot traffic increased 30% period-to-period in January, and leasing was up 20%.

Mar 4, 2025, 4:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for American Homes 4 Rent.

Q3 2025

Oct 30, 2025

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Q2 2025

Aug 1, 2025

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Q1 2025

May 2, 2025

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American Homes 4 Rent (AMH)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

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Executives

Bryan Smith

Chris Lau

Sara Vogt-Lowell

Board Members

David Goldberg

Douglas Benham

Jack Corrigan

Jay Willoughby

Lynn Swann

Matthew Hart

Matthew Zaist

Michelle Kerrick

Tamara Gustavson

Winifred Webb

Analyst Coverage

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Juan Sanabria

Michael Goldsmith

Jason Sabshon

John Pawlowski

Julien Blouin

Jamie Feldman

Daniel Tricarico

David Segall

James Feldman

Rich Hightower

Connor Fleming

Emily

Jade Rahmani

Joshua Dennerlein

Nicholas Joseph

Nick Coulter

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