American Homes 4 Rent【AMH】株式ニュース

AMH Reports First Quarter 2026 Financial and Operating ResultsMay 6, 2026 4:09 PM
PR Newswire (US) Delivered Solid First Quarter with Accelerating Spring Leasing ActivityLAS VEGAS, May 6, 2026 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended March 31, 2026. HighlightsRents and other single-family property revenues increased 2.8% year-over-year to $472.0 million for the first quarter of 2026.Net income attributable to common shareholders totaled $127.8 million, or $0.35 per diluted share, for the first quarter of 2026, compared to $110.0 million, or $0.30 per diluted share, for the first quarter of 2025.Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 4.6% year-over-year to $0.48 per FFO share and unit for the first quarter of 2026 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 8.0% year-over-year to $0.45 per FFO share and unit for the first quarter of 2026.Core Net Operating Income ("Core NOI") from Same-Home properties increased by 3.7% year-over-year for the first quarter of 2026.Achieved Same-Home Average Occupied Days Percentage of 95.1% in the first quarter of 2026, while generating 2.2% blended rate growth driven by lease spreads of 3.2% and -0.8% on renewals and new leases, respectively.Spring leasing season continues to further strengthen with April Same-Home Average Occupied Days Percentage of 95.6%, rate growth on new leases of 1.2% and rate growth on renewals of 3.0%.Delivered a total of 539 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2026.Repurchased and retired 3.7 million of our outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million in the first quarter of 2026.In April 2026, repurchased and retired 3.2 million of our outstanding Class A common shares at a weighted-average price of $29.37 per share and a total price of $94.0 million."AMH delivered a solid first quarter, supported by steady execution across our operating platform and strong expense management from our field teams. As we entered the spring leasing season, the momentum we saw in March continued through April, resulting in additional occupancy gains and new lease spread turning positive," stated Bryan Smith, AMH's Chief Executive Officer. "Against a backdrop of economic uncertainty, these results demonstrate the resilience of single-family rental demand and the strength of the AMH platform as we move through the rest of the year."First Quarter 2026 Financial ResultsNet income attributable to common shareholders totaled $127.8 million, or $0.35 per diluted share, for the first quarter of 2026, compared to $110.0 million, or $0.30 per diluted share, for the first quarter of 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales.Rents and other single-family property revenues increased 2.8% to $472.0 million for the first quarter of 2026, compared to $459.3 million for the first quarter of 2025. Revenue growth was primarily driven by higher rental rates.Core NOI from our total portfolio increased 4.8% to $271.2 million for the first quarter of 2026, compared to $258.8 million for the first quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 1.2% decrease in core property operating expenses.For the Company's Same-Home portfolio, core revenues increased 2.4% to $365.8 million for the first quarter of 2026, compared to $357.3 million for the first quarter of 2025, which was driven by a 3.0% increase in Average Monthly Realized Rent per property as well as higher fees, partially offset by an 80 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties decreased 0.2% to $120.0 million for the first quarter of 2026, compared to $120.3 million for the first quarter of 2025, which reflects the Company's effective cost controls. As a result, Core NOI from Same-Home properties increased 3.7% to $245.9 million for the first quarter of 2026, compared to $237.0 million for the first quarter of 2025.Core FFO attributable to common share and unit holders was $200.1 million, or $0.48 per FFO share and unit, for the first quarter of 2026, compared to $194.7 million, or $0.46 per FFO share and unit, for the first quarter of 2025. Adjusted FFO attributable to common share and unit holders was $187.4 million, or $0.45 per FFO share and unit, for the first quarter of 2026, compared to $176.6 million, or $0.42 per FFO share and unit, for the first quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio.InvestmentsAs of March 31, 2026, the Company's total single-family properties, excluding properties held for sale, consisted of 60,200 homes, compared to 60,337 homes as of December 31, 2025, a decrease of 137 homes during the first quarter of 2026, which included 594 homes identified for sale, partially offset by 457 newly constructed homes delivered to our operating portfolio through our AMH Development Program. During the first quarter of 2026, we also developed an additional 82 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 539 total home deliveries through our AMH Development Program. As of March 31, 2026, the Company had 1,037 properties held for sale and 3,858 properties held in unconsolidated joint ventures.Capital Activities, Balance Sheet and LiquidityIn January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under its 2018 share repurchase program and repurchased and retired 3.7 million of its outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million. In February 2026, the Company's board of trustees authorized a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status. In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization under the new share repurchase program.As of March 31, 2026, the Company had cash and cash equivalents of $63.3 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.9 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the first quarter of 2026, the Company generated $50.5 million of Retained Cash Flow and sold 710 properties, generating $199.1 million of net proceeds.2026 GuidanceSet forth below are the Company's current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.Guidance SummaryFull Year 2026 guidance ranges remain unchanged, with AMH's teams delivering solid execution as prime leasing and move out seasons remain ahead.
Full Year 2026
(Unchanged)Core FFO attributable to common share and unit holders$1.89 - $1.95Core FFO attributable to common share and unit holders growth1.1% - 4.3%

Same-Home
Core revenues growth1.25% - 3.25%Core property operating expenses growth1.75% - 3.75%Core NOI growth1.00% - 3.00%

Full Year 2026
(Unchanged)Investment ProgramProperties
InvestmentWholly owned acquisitions—
—Wholly owned development deliveries 1,300 - 1,500
$500 - $600 millionJV development deliveries (1)400 - 600
$150 - $250 millionTotal gross capital investment (1)1,700 - 2,100
$650 - $850 million
(1) JV deliveries and capital investment reflected at 100%.Additional InformationA copy of the Company's First Quarter 2026 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under "Investor relations." This information has also been furnished to the SEC in a current report on Form 8-K.Conference CallA conference call is scheduled on Thursday, May 7, 2026 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended March 31, 2026 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under "Investor relations." A replay of the conference call may be accessed through Thursday, May 21, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13759161#, or by using the link at www.amh.com, under "Investor relations."About AMHAMH (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 developing, renovating, leasing and managing homes as rental properties.In recent years, we've been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of March 31, 2026, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com. AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.Cautionary Note Regarding Forward-Looking StatementsThis press release and the accompanying Supplemental Information Package contain "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company's subsequent filings with the SEC.AMHCondensed Consolidated Balance Sheets(Amounts in thousands, except share and per share data)

March 31, 2026
December 31, 2025
(Unaudited)

Assets

Single-family properties:

Land$         2,418,410
$         2,406,467Buildings and improvements12,058,732
11,971,961Single-family properties in operation14,477,142
14,378,428Less: accumulated depreciation(3,443,333)
(3,366,795)Single-family properties in operation, net11,033,809
11,011,633Single-family properties under development and development land1,139,179
1,233,586Single-family properties and land held for sale, net235,549
225,861Total real estate assets, net12,408,537
12,471,080Cash and cash equivalents63,301
108,516Restricted cash144,863
122,174Rent and other receivables48,241
43,119Escrow deposits, prepaid expenses and other assets239,103
228,017Investments in unconsolidated joint ventures150,714
148,935Goodwill120,279
120,279Total assets$        13,175,038
$        13,242,120

Liabilities

Revolving credit facility$ 390,000
$ 360,000Unsecured senior notes, net4,737,926
4,735,735Accounts payable and accrued expenses447,118
436,879Total liabilities5,575,044
5,532,614

Commitments and contingencies

Equity

Shareholders' equity:

Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 363,160,711 and
366,021,665 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)3,632
3,660Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued
and outstanding at March 31, 2026 and December 31, 2025)6
6Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and
outstanding at March 31, 2026 and December 31, 2025)92
92Additional paid-in capital7,297,948
7,411,003Accumulated deficit(380,213)
(387,643)Accumulated other comprehensive income6,320
6,630Total shareholders' equity6,927,785
7,033,748Noncontrolling interest672,209
675,758Total equity7,599,994
7,709,506

Total liabilities and equity$        13,175,038
$        13,242,120 AMHCondensed Consolidated Statements of Operations(Amounts in thousands, except share and per share data)(Unaudited)

For the Three Months Ended
March 31,
2026
2025Rents and other single-family property revenues$        472,024
$        459,276

Expenses:

Property operating expenses168,709
167,530Property management expenses33,284
34,181General and administrative expense21,332
19,671Interest expense48,222
45,426Acquisition, disposition and other transaction costs3,060
3,061Depreciation and amortization127,344
124,928Total expenses401,951
394,797

Gain on sale and impairment of single-family properties and other, net78,444
62,016Loss on early extinguishment of debt—
(216)Other income and expense, net327
2,434

Net income148,844
128,713

Noncontrolling interest17,590
15,255Dividends on preferred shares3,486
3,486

Net income attributable to common shareholders$        127,768
$        109,972

Weighted-average common shares outstanding:

Basic364,281,692
370,372,388Diluted364,498,367
370,761,741

Net income attributable to common shareholders per share:

Basic$ 0.35
$ 0.30Diluted$ 0.35
$ 0.30 Defined TermsAverage Monthly Realized RentFor the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.Average Occupied Days PercentageThe number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.Occupied PropertyA property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).Recurring Capital ExpendituresFor our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.Same-Home PropertyA property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.Stabilized PropertyA property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.Non-GAAP Financial MeasuresThis press release and the First Quarter 2026 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the First Quarter 2026 Earnings Release and Supplemental Information Package.Funds from Operations attributable to common share and unit holders and Retained Cash FlowFFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share and per share data):
For the Three Months Ended
March 31,
2026
2025
(Unaudited)
(Unaudited)Net income attributable to common shareholders$        127,768
$        109,972Adjustments:

Noncontrolling interests in the Operating Partnership17,590
15,255Gain on sale and impairment of single-family properties and other, net(78,444)
(62,016)Adjustments for unconsolidated real estate joint ventures1,913
1,484Depreciation and amortization127,344
124,928Less: depreciation and amortization of non-real estate assets(5,663)
(5,365)FFO attributable to common share and unit holders$        190,508
$        184,258Adjustments:

Acquisition, disposition, other transaction costs and other4,002
4,090Noncash share-based compensation - general and administrative4,445
4,867Noncash share-based compensation - property management1,121
1,246Loss on early extinguishment of debt—
216Core FFO attributable to common share and unit holders$        200,076
$        194,677Recurring Capital Expenditures(12,065)
(16,829)Leasing costs(627)
(1,239)Adjusted FFO attributable to common share and unit holders$        187,384
$        176,609Common distributions(136,883)
(127,137)Retained Cash Flow$          50,501
$          49,472

Per FFO share and unit:

FFO attributable to common share and unit holders$ 0.46
$ 0.44Core FFO attributable to common share and unit holders$ 0.48
$ 0.46Adjusted FFO attributable to common share and unit holders$ 0.45
$ 0.42

Weighted-average FFO shares and units:

Common shares outstanding364,281,692
370,372,388Share-based compensation plan (1)477,403
761,171Operating partnership units50,152,313
51,376,980Total weighted-average FFO shares and units414,911,408
422,510,539

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options under the treasury stock method.The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months ended March 31, 2026 and 2025:
For the Three Months Ended
March 31,
2026
2025
(Unaudited)
(Unaudited)Net income per common share–diluted$            0.35
$            0.30Adjustments:

Conversion from GAAP share count(0.04)
(0.04)Noncontrolling interests in the Operating Partnership0.04
0.04Gain on sale and impairment of single-family properties and other, net(0.19)
(0.15)Depreciation and amortization0.31
0.30Less: depreciation and amortization of non-real estate assets(0.01)
(0.01)FFO attributable to common share and unit holders$            0.46
$            0.44Adjustments:

Acquisition, disposition, other transaction costs and other0.01
0.01Noncash share-based compensation - general and administrative0.01
0.01Core FFO attributable to common share and unit holders$            0.48
$            0.46Recurring Capital Expenditures(0.03)
(0.04)Adjusted FFO attributable to common share and unit holders$            0.45
$            0.42 Core Net Operating IncomeCore NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition, disposition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
March 31,
2026
2025
(Unaudited)
(Unaudited)Core revenues and Same-Home core revenues

Rents and other single-family property revenues$        472,024
$        459,276Tenant charge-backs(65,900)
(63,861)Core revenues406,124
395,415Less: Non-Same-Home core revenues(40,277)
(38,124)Same-Home core revenues$        365,847
$        357,291
Core property operating expenses and Same-Home core property operating expensesProperty operating expenses$        168,709
$        167,530Property management expenses33,284
34,181Noncash share-based compensation - property management(1,121)
(1,246)Expenses reimbursed by tenant charge-backs(65,900)
(63,861)Core property operating expenses134,972
136,604Less: Non-Same-Home core property operating expenses(14,975)
(16,310)Same-Home core property operating expenses$        119,997
$        120,294
Core NOI and Same-Home Core NOINet income$        148,844
$        128,713Loss on early extinguishment of debt—
216Gain on sale and impairment of single-family properties and other, net(78,444)
(62,016)Depreciation and amortization127,344
124,928Acquisition, disposition and other transaction costs3,060
3,061Noncash share-based compensation - property management1,121
1,246Interest expense48,222
45,426General and administrative expense21,332
19,671Other income and expense, net(327)
(2,434)Core NOI271,152
258,811Less: Non-Same-Home Core NOI(25,302)
(21,814)Same-Home Core NOI$        245,850
$        236,997Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com View original content to download multimedia:https://www.prnewswire.com/news-releases/amh-reports-first-quarter-2026-financial-and-operating-results-302764660.htmlSOURCE AMH Original: AMH Reports First Quarter 2026 Financial and Operating Results

AMH Reports Fourth Quarter and Full Year 2025 Financial and Operating ResultsFebruary 19, 2026 4:08 PM
PR Newswire (US)

10% Increase in Quarterly DistributionLAS VEGAS, Feb. 19, 2026 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter and full year ended December 31, 2025.

HighlightsRents and other single-family property revenues increased 4.2% year-over-year to $455.0 million for the fourth quarter of 2025.Net income attributable to common shareholders totaled $123.8 million, or $0.33 per diluted share, for the fourth quarter of 2025, compared to $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024.Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 4.1% year-over-year to $0.47 per FFO share and unit for the fourth quarter of 2025 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 6.5% year-over-year to $0.44 per FFO share and unit for the fourth quarter of 2025.Core Net Operating Income ("Core NOI") from Same-Home properties increased by 3.5% year-over-year for the fourth quarter of 2025.Achieved Same-Home Average Occupied Days Percentage of 95.0% in the fourth quarter of 2025, while generating 2.8% blended rate growth driven by lease spreads of 4.2% and -0.3% on renewals and new leases, respectively.Delivered a total of 490 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the fourth quarter of 2025.Repurchased and retired 4.7 million of our outstanding Class A common shares at a weighted-average price of $31.77 per share and a total price of $150.0 million in the fourth quarter of 2025. In January 2026, additionally repurchased and retired 3.7 million of our outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million.Raised common share dividend by 10% to $0.33 per share in the first quarter of 2026."At a time when housing affordability remains under pressure, AMH is focused on being part of the solution by expanding housing choice and supply," stated Bryan Smith, AMH's Chief Executive Officer. "One in three American households rent their home, and we are committed to providing them a high-quality, accessible housing option. Since the inception of our ground up development program, we have contributed over 14,000 newly built homes to the nation's housing stock.Our results in 2025 and outlook for 2026 reflect continued focus on expanding the nation's housing supply, elevating the resident experience, and creating value for all our stakeholders."Fourth Quarter 2025 Financial ResultsNet income attributable to common shareholders totaled $123.8 million, or $0.33 per diluted share, for the fourth quarter of 2025, compared to $123.2 million, or $0.33 per diluted share, for the fourth quarter of 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, largely offset by lower net gains on property sales.Rents and other single-family property revenues increased 4.2% to $455.0 million for the fourth quarter of 2025, compared to $436.6 million for the fourth quarter of 2024. Revenue growth was primarily driven by higher rental rates.Core NOI from our total portfolio increased 5.0% to $268.3 million for the fourth quarter of 2025, compared to $255.6 million for the fourth quarter of 2024. This growth was driven by a 4.0% increase in core revenues resulting primarily from higher rental rates, partially offset by a 2.1% increase in core property operating expenses.For the Company's Same-Home portfolio, core revenues increased 3.0% to $351.6 million for the fourth quarter of 2025, compared to $341.4 million for the fourth quarter of 2024, which was driven by a 3.0% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 2.0% to $116.5 million for the fourth quarter of 2025, compared to $114.2 million for the fourth quarter of 2024, primarily driven by lower than expected annual increases in property tax expense as well as effective cost controls further benefitted by the Company's lease expiration management initiative, which was designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season. As a result, Core NOI from Same-Home properties increased 3.5% to $235.1 million for the fourth quarter of 2025, compared to $227.2 million for the fourth quarter of 2024.Core FFO attributable to common share and unit holders was $199.3 million, or $0.47 per FFO share and unit, for the fourth quarter of 2025, compared to $191.7 million, or $0.45 per FFO share and unit, for the fourth quarter of 2024. Adjusted FFO attributable to common share and unit holders was $183.9 million, or $0.44 per FFO share and unit, for the fourth quarter of 2025, compared to $172.9 million, or $0.41 per FFO share and unit, for the fourth quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.Full Year 2025 Financial ResultsNet income attributable to common shareholders totaled $439.0 million, or $1.18 per diluted share, for the year ended December 31, 2025, compared to $398.5 million, or $1.08 per diluted share, for the year ended December 31, 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses.Rents and other single-family property revenues increased 7.0% to $1.85 billion for the year ended December 31, 2025, compared to $1.73 billion for the year ended December 31, 2024. Revenue growth was primarily driven by an increase in our average occupied portfolio which grew to 57,573 homes for the year ended December 31, 2025, compared to 56,402 homes for the year ended December 31, 2024, as well as higher rental rates.Core NOI from our total portfolio increased 7.9% to $1.06 billion for the year ended December 31, 2025, compared to $978.3 million for the year ended December 31, 2024. This growth was driven by a 6.8% increase in core revenues resulting primarily from an increase in our average occupied portfolio and higher rental rates, partially offset by a 4.6% increase in core property operating expenses.For the Company's Same-Home portfolio, core revenues increased 4.0% to $1.41 billion for the year ended December 31, 2025, compared to $1.35 billion for the year ended December 31, 2024, which was driven by a 3.7% increase in Average Monthly Realized Rent per property as well as higher fees and lower uncollectible rents. Core property operating expenses from Same-Home properties increased 2.8% to $475.8 million for the year ended December 31, 2025, compared to $462.9 million for the year ended December 31, 2024, which reflects lower than expected annual increases in property tax expense as well as effective cost controls. As a result, Core NOI from Same-Home properties increased 4.7% to $932.2 million for the year ended December 31, 2025, compared to $890.6 million for the year ended December 31, 2024.Core FFO attributable to common share and unit holders was $788.7 million, or $1.87 per FFO share and unit, for the year ended December 31, 2025, compared to $743.6 million, or $1.77 per FFO share and unit, for the year ended December 31, 2024. Adjusted FFO attributable to common share and unit holders was $712.5 million, or $1.69 per FFO share and unit, for the year ended December 31, 2025, compared to $663.3 million, or $1.58 per FFO share and unit, for the year ended December 31, 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.InvestmentsAs of December 31, 2025, the Company's total single-family properties, excluding properties held for sale, consisted of 60,337 homes, compared to 60,664 homes as of September 30, 2025, a decrease of 327 homes during the fourth quarter of 2025, which included 759 homes identified for sale, partially offset by 415 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 17 homes acquired through our National Builder Program and traditional acquisition channel. During the fourth quarter of 2025, we also developed an additional 75 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 490 total home deliveries through our AMH Development Program. As of December 31, 2025, the Company had 1,142 properties held for sale and 3,785 properties held in unconsolidated joint ventures.Capital Activities, Balance Sheet and LiquidityDuring the fourth quarter of 2025, the Company repurchased and retired 4.7 million of its outstanding Class A common shares at a weighted-average price of $31.77 per share and a total price of $150.0 million. In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under its 2018 share repurchase program and repurchased 3.7 million of its outstanding Class A common shares at a weighted-average price of $31.49 per share and a total price of $115.1 million. In February 2026, the Company's board of trustees authorized a new share repurchase program to repurchase up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. All repurchased shares are constructively retired and returned to an authorized and unissued status.As of December 31, 2025, the Company had cash and cash equivalents of $108.5 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 8.1 years, which includes $360.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the fourth quarter of 2025, the Company generated $57.7 million of Retained Cash Flow and sold 646 properties, generating $192.9 million of net proceeds.Sustainability UpdateIn the first quarter of 2026, the Company published its Green Bond Allocation Report describing the allocation of its January 2024 green bond proceeds and related environmental impact metrics. As of December 31, 2025, 100% of the $595.5 million net proceeds from our green bond issuance have been allocated to projects which meet the eligibility criteria described in the prospectus supplement related to the offering. The full report can be downloaded on the Company's website at www.amh.com, under "Investor relations."2026 GuidanceSet forth below are the Company's current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.Guidance Summary

Full Year 2026Core FFO attributable to common share and unit holders

$1.89 - $1.95Core FFO attributable to common share and unit holders growth

1.1% - 4.3%

Same-Home

Core revenues growth

1.25% - 3.25%Core property operating expenses growth

1.75% - 3.75%Core NOI growth

1.00% - 3.00%

Full Year 2026Investment ProgramProperties
InvestmentWholly owned acquisitions—
—Wholly owned development deliveries 1,300 - 1,500
$500 - $600 million JV development deliveries (1)400 - 600
$150 - $250 millionTotal gross capital investment (1) 1,700 - 2,100
$650 - $850 million

(1)JV deliveries and capital investment reflected at 100%.Full Year 2026 Guidance CommentaryOperating Outlook:Same-Home core revenues growth reflects (1) Average Occupied Days Percentage in the high 95% area (approximately 25 basis points lower than 2025), (2) Average Monthly Realized Rent growth in the 2.5% area, and (3) fees and bad debt expense similar to 2025 levels as a percentage of revenue for the full year.Same-Home core property operating expenses growth reflects (1) expectation for 2026 property tax growth between 2.0% and 4.0% and (2) 1.5% to 3.5% growth in all other core property operating expenses, excluding property taxes.Capital Plan:Outlook contemplates strategic continuity and growth from the Company's internal AMH Development Program with prudently sized capital investment given the current capital markets environment. The Company expects to fund its 2026 wholly-owned development deliveries primarily using $400 - $600 million of recycled capital from dispositions.2026 outlook contemplates $115 million of share repurchases already executed in January 2026.Reconciliation of Core FFO attributable to common share and unit holders from 2025 to 2026 Guidance Midpoint
Per FFO Share
and Unit2025 Core FFO attributable to common share and unit holders$                          1.87

Same-Home Core NOI0.05Non-Same-Home Core NOI (1)0.07Disposition program(0.05)Financing costs (2)(0.04)Share repurchases (3)0.03General and administrative expense and amortization of IT software assets (4)(0.01)2026 Core FFO attributable to common share and unit holders - Guidance Midpoint$                          1.922026 Core FFO attributable to common share and unit holders growth - Guidance Midpoint2.7 %

(1)Core FFO growth from Non-Same-Home Core NOI includes (i) contribution from existing properties not included in the Company's 2026 Same-Home portfolio, including 2025 wholly-owned property additions, and (ii) contribution from 2026 wholly-owned property additions.(2)Financing costs are primarily related to funding the Company's investment programs, including common share repurchases, and impact from 2025 securitization refinancings.(3)Reflects impact of common share repurchases in the fourth quarter of 2025 and January 2026.(4)General and administrative expense and amortization of IT software assets reflects (i) inflationary increases and (ii) investments from prior years into IT systems supporting our industry-leading property management platform.Additional InformationA copy of the Company's Fourth Quarter 2025 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under "Investor relations." This information has also been furnished to the SEC in a current report on Form 8-K.Conference CallA conference call is scheduled on Friday, February 20, 2026 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter and full year ended December 31, 2025 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under "Investor relations." A replay of the conference call may be accessed through Friday, March 6, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13757455#, or by using the link at www.amh.com, under "Investor relations."About AMHAMH (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 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 December 31, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com. AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.Cautionary Note Regarding Forward-Looking StatementsThis press release and the accompanying Supplemental Information Package contain "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company's subsequent filings with the SEC. AMHConsolidated Balance Sheets(Amounts in thousands, except share and per share data)

December 31, 2025
December 31, 2024
(Unaudited)

Assets

Single-family properties:

Land$              2,406,467
$              2,370,006Buildings and improvements11,971,961
11,559,461Single-family properties in operation14,378,428
13,929,467Less: accumulated depreciation(3,366,795)
(3,048,868)Single-family properties in operation, net11,011,633
10,880,599Single-family properties under development and development land1,233,586
1,272,284Single-family properties and land held for sale, net225,861
212,808Total real estate assets, net12,471,080
12,365,691Cash and cash equivalents108,516
199,413Restricted cash122,174
150,803Rent and other receivables43,119
48,452Escrow deposits, prepaid expenses and other assets228,017
337,379Investments in unconsolidated joint ventures148,935
159,134Goodwill120,279
120,279Total assets$             13,242,120
$             13,381,151

Liabilities

Revolving credit facility$                 360,000
$                         —Asset-backed securitizations, net—
924,344Unsecured senior notes, net4,735,735
4,086,418Accounts payable and accrued expenses436,879
521,759Total liabilities5,532,614
5,532,521

Commitments and contingencies

Equity

Shareholders' equity:

Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 366,021,665 and
368,987,993 shares issued and outstanding at December 31, 2025 and 2024, respectively)3,660
3,690Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and
outstanding at December 31, 2025 and 2024)6
6Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and
outstanding at December 31, 2025 and 2024)92
92Additional paid-in capital7,411,003
7,529,008Accumulated deficit(387,643)
(380,632)Accumulated other comprehensive income6,630
7,852Total shareholders' equity7,033,748
7,160,016Noncontrolling interest675,758
688,614Total equity7,709,506
7,848,630

Total liabilities and equity$             13,242,120
$             13,381,151 AMHConsolidated Statements of Operations(Amounts in thousands, except share and per share data)

For the Three Months Ended December 31,
For the Years EndedDecember 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)

Rents and other single-family property revenues$             454,991
$             436,593
$          1,850,234
$          1,728,697

Expenses:

Property operating expenses154,731
148,455
663,954
625,883Property management expenses32,831
33,564
134,808
129,321General and administrative expense22,824
20,765
83,006
83,590Interest expense45,270
44,485
185,198
165,351Acquisition and other transaction costs2,882
3,326
12,259
12,192Depreciation and amortization125,818
123,990
504,341
477,010Hurricane-related charges, net—
4,980
—
8,884Total expenses384,356
379,565
1,583,566
1,502,231

Gain on sale and impairment of single-family properties and other, net69,916
80,266
231,460
225,756Loss on early extinguishment of debt—
—
(396)
(6,323)Other income and expense, net3,703
6,579
15,660
22,243

Net income144,254
143,873
513,392
468,142

Noncontrolling interest16,960
17,157
60,418
55,716Dividends on preferred shares3,486
3,486
13,944
13,944

Net income attributable to common shareholders$             123,808
$             123,230
$             439,030
$             398,482

Weighted-average common shares outstanding:

Basic369,871,273
369,378,385
370,556,400
367,454,012Diluted370,182,859
369,907,657
370,906,582
367,989,537

Net income attributable to common shareholders per share:

Basic$                  0.33
$                  0.33
$                  1.18
$                  1.08Diluted$                  0.33
$                  0.33
$                  1.18
$                  1.08 Defined TermsAverage Monthly Realized RentFor the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.Average Occupied Days PercentageThe number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.Occupied PropertyA property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).Recurring Capital ExpendituresFor our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.Same-Home PropertyA property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.Stabilized PropertyA property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.Non-GAAP Financial MeasuresThis press release and the Fourth Quarter 2025 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Fourth Quarter 2025 Earnings Release and Supplemental Information Package.Funds from Operations attributable to common share and unit holders and Retained Cash FlowFFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three months and the years ended December 31, 2025 and 2024 (amounts in thousands, except share and per share data):
For the Three Months Ended
December 31,
For the Years Ended
December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)Net income attributable to common shareholders$             123,808
$             123,230
$             439,030
$             398,482Adjustments:

Noncontrolling interests in the Operating Partnership16,960
17,157
60,418
55,716Gain on sale and impairment of single-family properties and other, net(69,916)
(80,266)
(231,460)
(225,756)Adjustments for unconsolidated real estate joint ventures1,717
813
6,940
4,722Depreciation and amortization125,818
123,990
504,341
477,010Less: depreciation and amortization of non-real estate assets(5,761)
(5,093)
(22,333)
(19,447)FFO attributable to common share and unit holders$             192,626
$             179,831
$             756,936
$             690,727Adjustments:

Acquisition, other transaction costs and other2,487
3,326
11,180
12,192Noncash share-based compensation - general and administrative3,307
2,618
16,078
20,617Noncash share-based compensation - property management843
987
4,090
4,814Hurricane-related charges, net—
4,980
—
8,884Loss on early extinguishment of debt—
—
396
6,323Core FFO attributable to common share and unit holders$             199,263
$             191,742
$             788,680
$             743,557Recurring Capital Expenditures(14,862)
(17,666)
(72,605)
(76,281)Leasing costs(521)
(1,134)
(3,623)
(3,966)Adjusted FFO attributable to common share and unit holders$             183,880
$             172,942
$             712,452
$             663,310Common distributions(126,209)
(109,968)
(507,108)
(437,638)Retained Cash Flow$               57,671
$               62,974
$             205,344
$             225,672

Per FFO share and unit:

FFO attributable to common share and unit holders$                  0.46
$                  0.43
$                  1.79
$                  1.65Core FFO attributable to common share and unit holders$                  0.47
$                  0.45
$                  1.87
$                  1.77Adjusted FFO attributable to common share and unit holders$                  0.44
$                  0.41
$                  1.69
$                  1.58

Weighted-average FFO shares and units:

Common shares outstanding369,871,273
369,378,385
370,556,400
367,454,012Share-based compensation plan and forward sale equity contracts (1)669,003
1,012,895
688,874
948,910Operating partnership units50,650,893
51,376,980
50,994,514
51,376,980Total weighted-average FFO shares and units421,191,169
421,768,260
422,239,788
419,779,902

(1)Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method, if applicable.The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months and the years ended December 31, 2025 and 2024:
For the Three Months Ended December 31,
For the Years EndedDecember 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)Net income per common share–diluted$                  0.33
$                  0.33
$                  1.18
$                  1.08Adjustments:

Conversion from GAAP share count(0.04)
(0.04)
(0.14)
(0.13)Noncontrolling interests in the Operating Partnership0.04
0.04
0.14
0.13Gain on sale and impairment of single-family properties and other, net(0.17)
(0.18)
(0.55)
(0.53)Adjustments for unconsolidated real estate joint ventures—
—
0.01
0.01Depreciation and amortization0.31
0.30
1.20
1.14Less: depreciation and amortization of non-real estate assets(0.01)
(0.02)
(0.05)
(0.05)FFO attributable to common share and unit holders$                  0.46
$                  0.43
$                  1.79
$                  1.65Adjustments:

Acquisition, other transaction costs and other—
0.01
0.03
0.03Noncash share-based compensation - general and administrative0.01
—
0.04
0.04Noncash share-based compensation - property management—
—
0.01
0.01Hurricane-related charges, net—
0.01
—
0.02Loss on early extinguishment of debt—
—
—
0.02Core FFO attributable to common share and unit holders$                  0.47
$                  0.45
$                  1.87
$                  1.77Recurring Capital Expenditures(0.03)
(0.04)
(0.17)
(0.18)Leasing costs—
—
(0.01)
(0.01)Adjusted FFO attributable to common share and unit holders$                  0.44
$                  0.41
$                  1.69
$                  1.58Core Net Operating IncomeCore NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP). The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months and the years ended December 31, 2025 and 2024 (amounts in thousands):
For the Three Months Ended December 31,
For the Years EndedDecember 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)Core revenues and Same-Home core revenues

Rents and other single-family property revenues$             454,991
$             436,593
$          1,850,234
$          1,728,697Tenant charge-backs(52,063)
(49,108)
(241,224)
(221,431)Core revenues402,928
387,485
1,609,010
1,507,266Less: Non-Same-Home core revenues(51,319)
(46,117)
(201,045)
(153,730)Same-Home core revenues$             351,609
$             341,368
$          1,407,965
$          1,353,536 Core property operating expenses and Same-Home core property operating expenses

Property operating expenses$             154,731
$             148,455
$             663,954
$             625,883Property management expenses32,831
33,564
134,808
129,321Noncash share-based compensation - property management   (843)
(987)
(4,090)
(4,814)Expenses reimbursed by tenant charge-backs(52,063)
(49,108)
(241,224)
(221,431)Core property operating expenses134,656
131,924
553,448
528,959Less: Non-Same-Home core property operating expenses(18,168)
(17,753)
(77,679)
(66,016)Same-Home core property operating expenses$             116,488
$             114,171
$             475,769
$             462,943 Core NOI and Same-Home Core NOI

Net income$             144,254
$             143,873
$             513,392
$             468,142Hurricane-related charges, net—
4,980
—
8,884Loss on early extinguishment of debt—
—
396
6,323Gain on sale and impairment of single-family properties and other, net(69,916)
(80,266)
(231,460)
(225,756)Depreciation and amortization125,818
123,990
504,341
477,010Acquisition and other transaction costs2,882
3,326
12,259
12,192Noncash share-based compensation - property management843
987
4,090
4,814Interest expense45,270
44,485
185,198
165,351General and administrative expense22,824
20,765
83,006
83,590Other income and expense, net(3,703)
(6,579)
(15,660)
(22,243)Core NOI268,272
255,561
1,055,562
978,307Less: Non-Same-Home Core NOI(33,151)
(28,364)
(123,366)
(87,714)Same-Home Core NOI$             235,121
$             227,197
$             932,196
$             890,593 Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com

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Original: AMH Reports Fourth Quarter and Full Year 2025 Financial and Operating Results