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American Homes 4 Rent (AMH) investor relations material

American Homes 4 Rent Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Achieved 6.2% year-over-year growth in core FFO per share for Q3 2025, with strong contributions from all business areas and a 7.5% increase in rents and other single-family property revenues to $478.5 million.

  • Net income attributable to common shareholders rose to $116.8 million ($0.27 per diluted share) in Q3 2025, up from $87.6 million in Q3 2024.

  • Owned over 61,000 single-family properties in 24 states as of September 30, 2025, with continued portfolio growth and 651 newly constructed homes delivered in Q3.

  • Focused on portfolio optimization, operational execution, and prudent capital management, positioning for strength into 2026.

  • Benefited from favorable demographics and high demand for quality single-family rental homes.

Financial highlights

  • Core NOI for Q3 2025 was $264.3 million (up 9.2% year-over-year), and Same-Home Core NOI increased 4.6% to $234.8 million.

  • Core FFO per share and unit increased 6.2% year-over-year to $0.47, and Adjusted FFO per share and unit rose 9.1% to $0.42 in Q3 2025.

  • Same-Home core revenues grew 3.8% year-over-year, with average monthly realized rent per property up 3.5% to $2,296.

  • Same-Home Average Occupied Days Percentage was 95.9% in Q3 2025.

  • Sold 395 properties in Q3 2025, generating $124.6 million in net proceeds at a high 3% economic disposition yield.

Outlook and guidance

  • Raised full-year 2025 Core FFO per share guidance to $1.87 at the midpoint, up 5.6% year-over-year, with expected Core NOI growth of 3.5%–4.5%.

  • Full-year same home property tax growth expected in the high 2% area; same home core expense growth lowered to 3.25%.

  • Investment program guidance unchanged, targeting 1,800–2,000 wholly owned acquisitions and 2,200–2,400 wholly owned development deliveries.

  • Management continues to monitor acquisition and development activity, scaling back traditional acquisitions as the housing market adjusts.

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Frequently asked questions

American Homes 4 Rent is a publicly traded real estate investment trust (REIT) based in the United States. American Homes 4 Rent focuses on the acquisition, renovation, leasing and management of single-family homes. The firm was founded by B. Wayne Hughes, who also founded industry leader Public Storage in 1972. American Homes 4 Rent went public in August 2013 and became a member of the S&P 500 index in September 2015.

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