American Homes 4 Rent (AMH) Citi’s Miami Global Property CEO Conference 2026 summary

Business performance and market trends

• Achieved sector-leading FFO growth over 5% in 2025, with strong demand for single-family rentals and proactive pricing to maintain occupancy amid supply pressures.

• Delivered over 14,000 new homes since development program inception; expect 1,900 new homes in 2026 to support long-term growth.

• January–February 2026 same-home occupancy at 95%, with renewals in the mid-3% range and new leases slightly negative at -1%.

• Forecasts for 2026 include 2% same-home NOI growth and 2.7% FFO growth, slightly moderated from 2025 but still strong relative to peers.

• Spring leasing season shows encouraging demand, with expectations for occupancy to build into Q2 and peak in May–June.

Capital allocation and financial strategy

• Fully exhausted previous share repurchase authorization, buying back 2% of shares for $265 million; new $500 million authorization approved.

• Throttled down development program to fund 2026 balance sheet spend through recycled capital from dispositions, freeing $200 million for repurchases.

• Planning $400–$600 million in property dispositions for 2026, with economic cap rates in the high 3% to 4% range.

• Dividend increased by 10%, balancing taxable income growth, disposition activity, and reinvestment needs.

• Willing to increase leverage to mid-5x target and adjust development pace or CapEx to support buybacks if needed.

Legislative and policy environment

• Monitoring draft Senate bill on institutional ownership; current language appears to grandfather existing portfolios, but key components remain under debate.

• Actively engaged in policy discussions, emphasizing role in addressing housing supply and affordability through development.

• Potential legislative limits on portfolio growth could shift capital focus toward development, but strong operating platform and selective market presence provide competitive advantage.