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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.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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