American Homes 4 Rent (AMH) Q4 2025 earnings summary

Executive summary

• Delivered solid 2025 results with Core FFO per share of $1.87, up 5.4% year-over-year, and net income of $439 million for the year.

• Rents and other single-family property revenues rose 4.2% year-over-year to $455.0 million in Q4 2025, with net income attributable to common shareholders at $123.8 million, or $0.33 per diluted share.

• Focused on providing quality single-family rental housing and supporting affordability, with over 5,000 households moving out to purchase homes in 2025.

• Strategic shift toward in-house development, delivering over 2,300 new homes in 2025 and planning 1,900 new deliveries in 2026.

• Repurchased 8.4 million shares at $31.65 per share, about 2% of total units, with $150 million spent in Q4 2025 and $115.1 million in January 2026.

Financial highlights

• Q4 2025 net income attributable to common shareholders was $123.8 million ($0.33 per diluted share).

• Q4 Core FFO per share was $0.47, up 4.1% year-over-year.

• Full-year 2025 Core FFO per share was $1.87, up 5.4% year-over-year.

• Sold 1,827 properties in 2025 for $570 million in net proceeds at a high-3% cap rate.

• Core NOI for the full year increased 7.9% to $1.06 billion.

Outlook and guidance

• 2026 Core FFO per share guidance is $1.89–$1.95, midpoint growth of 2.7%.

• Same-Home Core revenue growth expected at 2.25%, with average monthly realized rent growth of 2.5%.

• 2026 Same-Home Core NOI growth expected at 2% at the midpoint.

• Wholly owned development deliveries expected to be 1,300–1,900 homes, with $400–$750 million funded by recycled capital.

• $115 million in share repurchases already executed in January 2026 factored into outlook.