American Homes 4 Rent (AMH - Free Report) came out with quarterly funds from operations (FFO) of $0.49 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to FFO of $0.47 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.08%. A quarter ago, it was expected that this real estate company would post FFO of $0.48 per share when it actually produced FFO of $0.48, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
American Homes 4 Rent, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $470.1 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.85%. This compares to year-ago revenues of $457.5 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
American Homes 4 Rent shares have added about 5% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for American Homes 4 Rent?While American Homes 4 Rent has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Homes 4 Rent was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.48 on $482.87 million in revenues for the coming quarter and $1.93 on $1.89 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, UMH Properties (UMH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This real estate investment trust is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
UMH Properties' revenues are expected to be $72.33 million, up 8.5% from the year-ago quarter.
, /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 June 30, 2026.
Highlights
Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026. Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 5.2% year-over-year to $0.49 per FFO share and unit for the second quarter of 2026 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 8.3% year-over-year to $0.45 per FFO share and unit for the second quarter of 2026. Core Net Operating Income ("Core NOI") from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026. Achieved Same-Home Average Occupied Days Percentage of 96.0% in the second quarter of 2026, while generating 2.7% blended rate growth driven by lease spreads of 3.2% and 1.4% on renewals and new leases, respectively. July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%. Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2026. Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026. Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.95, representing anticipated full year growth of 4.3% over prior year. "AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint," stated Bryan Smith, AMH's Chief Executive Officer.
"Additionally, the recent passage of the 21st Century ROAD to Housing Act reflects a thoughtful approach by policymakers to address housing affordability and recognizes the valuable role that single-family rental housing plays in the broader housing ecosystem. Notably, the law reinforces the importance of our integrated operating platform and AMH Development Program which has delivered more than 15,000 new homes across the country."
Second Quarter 2026 Financial Results
Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second 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, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Rents and other single-family property revenues increased 2.8% to $470.1 million for the second quarter of 2026, compared to $457.5 million for the second quarter of 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.3% to $275.4 million for the second quarter of 2026, compared to $264.1 million for the second quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.2% decrease in core property operating expenses.
For the Company's Same-Home portfolio, core revenues increased 2.3% to $371.3 million for the second quarter of 2026, compared to $362.8 million for the second quarter of 2025, which was driven by a 2.6% increase in Average Monthly Realized Rent per property, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the second quarter of 2026, compared to $123.4 million for the second quarter of 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 2.7% to $245.8 million for the second quarter of 2026, compared to $239.4 million for the second quarter of 2025.
Core FFO attributable to common share and unit holders was $202.8 million, or $0.49 per FFO share and unit, for the second quarter of 2026, compared to $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025. Adjusted FFO attributable to common share and unit holders was $186.0 million, or $0.45 per FFO share and unit, for the second quarter of 2026, compared to $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Year-to-Date 2026 Financial Results
Net income attributable to common shareholders totaled $241.4 million, or $0.66 per diluted share, for the six-month period ended June 30, 2026, compared to $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 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, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Rents and other single-family property revenues increased 2.8% to $942.1 million for the six-month period ended June 30, 2026, compared to $916.8 million for the six-month period ended June 30, 2025. Revenue growth was primarily driven by higher rental rates.
Core NOI from our total portfolio increased 4.5% to $546.5 million for the six-month period ended June 30, 2026, compared to $523.0 million for the six-month period ended June 30, 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.7% decrease in core property operating expenses.
For the Company's Same-Home portfolio, core revenues increased 2.4% to $735.8 million for the six-month period ended June 30, 2026, compared to $718.5 million for the six-month period ended June 30, 2025, which was driven by a 2.8% increase in Average Monthly Realized Rent per property, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six-month period ended June 30, 2026, compared to $243.2 million for the six-month period ended June 30, 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 3.3% to $490.9 million for the six-month period ended June 30, 2026, compared to $475.4 million for the six-month period ended June 30, 2025.
Core FFO attributable to common share and unit holders was $402.9 million, or $0.98 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025. Adjusted FFO attributable to common share and unit holders was $373.4 million, or $0.90 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity.
Investments
As of June 30, 2026, the Company's total single-family properties, excluding properties held for sale, consisted of 60,482 homes, compared to 60,200 homes as of March 31, 2026, an increase of 282 homes during the second quarter of 2026, which included 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the second quarter of 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of June 30, 2026, the Company had 701 properties held for sale and 3,961 properties held in unconsolidated joint ventures.
Capital Activities, Balance Sheet and Liquidity
During the second quarter of 2026, the Company repurchased and retired 4.1 million of its outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million.
As of June 30, 2026, the Company had cash and cash equivalents of $83.7 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 7.6 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2026, the Company generated $50.1 million of Retained Cash Flow and sold 608 properties, generating $181.2 million of net proceeds.
2026 Guidance
Set 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 Summary
Full Year 2026
Previous Guidance
Current Guidance
Core FFO attributable to common share and unit holders
$1.89 - $1.95
$1.93 - $1.97
Core FFO attributable to common share and unit holders growth
1.1% - 4.3%
3.2% - 5.3%
Same-Home
Core revenues growth
1.25% - 3.25%
1.50% - 3.00%
Core property operating expenses growth
1.75% - 3.75%
1.25% - 2.75%
Core NOI growth
1.00% - 3.00%
1.40% - 3.40%
Full Year 2026
(Unchanged)
Investment Program
Properties
Investment
Wholly owned acquisitions
—
—
Wholly owned development deliveries
1,300 - 1,500
$500 - $600 million
JV development deliveries (1)
400 - 600
$150 - $250 million
Total gross capital investment (1)
1,700 - 2,100
$650 - $850 million
(1) JV deliveries and capital investment reflected at 100%.
Changes to Full Year 2026 Guidance
$0.03 incremental Core FFO per share driven by: Increased Same-Home portfolio Core NOI growth from modestly lower property tax expense outlook and strong cost control execution, Increased Non-Same-Home portfolio Core NOI growth from similar expense benefits as Same-Home portfolio as well as incremental Core NOI contribution from solid initial lease-up of AMH Development deliveries, and Increased benefit from better-than-expected disposition volumes and timing, as well as incremental share repurchases. Additional Information
A copy of the Company's Second 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 Call
A conference call is scheduled on Friday, July 31, 2026 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 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 Friday, August 14, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13761126#, or by using the link at www.amh.com, under "Investor relations."
About AMH
AMH (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 America's Best Companies 2026 by TIME and Statista. As of June 30, 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, AMH Living, LLC or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
This 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.
AMH
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
June 30, 2026
December 31, 2025
(Unaudited)
Assets
Single-family properties:
Land
$ 2,446,061
$ 2,406,467
Buildings and improvements
12,222,317
11,971,961
Single-family properties in operation
14,668,378
14,378,428
Less: accumulated depreciation
(3,540,311)
(3,366,795)
Single-family properties in operation, net
11,128,067
11,011,633
Single-family properties under development and development land
989,611
1,233,586
Single-family properties and land held for sale, net
208,376
225,861
Total real estate assets, net
12,326,054
12,471,080
Cash and cash equivalents
83,670
108,516
Restricted cash
174,029
122,174
Rent and other receivables
45,369
43,119
Escrow deposits, prepaid expenses and other assets
224,414
228,017
Investments in unconsolidated joint ventures
147,283
148,935
Goodwill
120,279
120,279
Total assets
$ 13,121,098
$ 13,242,120
Liabilities
Revolving credit facility
$ 390,000
$ 360,000
Unsecured senior notes, net
4,740,117
4,735,735
Accounts payable and accrued expenses
511,966
436,879
Total liabilities
5,642,083
5,532,614
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 359,179,944 and
366,021,665 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively)
3,592
3,660
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued
and outstanding at June 30, 2026 and December 31, 2025)
6
6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and
outstanding at June 30, 2026 and December 31, 2025)
92
92
Additional paid-in capital
7,183,780
7,411,003
Accumulated deficit
(385,896)
(387,643)
Accumulated other comprehensive income
6,005
6,630
Total shareholders' equity
6,807,579
7,033,748
Noncontrolling interest
671,436
675,758
Total equity
7,479,015
7,709,506
Total liabilities and equity
$ 13,121,098
$ 13,242,120
AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Rents and other single-family property revenues
$ 470,104
$ 457,503
$ 942,128
$ 916,779
Expenses:
Property operating expenses
161,943
160,089
330,652
327,619
Property management expenses
33,844
34,412
67,128
68,593
General and administrative expense
21,659
20,008
42,991
39,679
Interest expense
49,527
46,303
97,749
91,729
Acquisition, disposition and other transaction costs
3,195
2,655
6,255
5,716
Depreciation and amortization
127,606
126,939
254,950
251,867
Total expenses
397,774
390,406
799,725
785,203
Gain on sale and impairment of single-family properties and other, net
59,432
51,908
137,876
113,924
Loss on early extinguishment of debt
—
—
—
(216)
Other income and expense, net
1,157
4,619
1,484
7,053
Net income
132,919
123,624
281,763
252,337
Noncontrolling interest
15,807
14,585
33,397
29,840
Dividends on preferred shares
3,486
3,486
6,972
6,972
Net income attributable to common shareholders
$ 113,626
$ 105,553
$ 241,394
$ 215,525
Weighted-average common shares outstanding:
Basic
360,629,168
370,692,250
362,445,489
370,538,451
Diluted
360,808,221
371,059,970
362,643,354
370,916,988
Net income attributable to common shareholders per share:
Basic
$ 0.31
$ 0.28
$ 0.66
$ 0.58
Diluted
$ 0.31
$ 0.28
$ 0.66
$ 0.58
Defined Terms
Average Monthly Realized Rent
For 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 Percentage
The 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 Property
A 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 Expenditures
For 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 Property
A 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 Property
A 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 Measures
This press release and the Second 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 Second Quarter 2026 Earnings Release and Supplemental Information Package.
Funds from Operations attributable to common share and unit holders and Retained Cash Flow
FFO 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 and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net income attributable to common shareholders
$ 113,626
$ 105,553
$ 241,394
$ 215,525
Adjustments:
Noncontrolling interests in the Operating Partnership
15,807
14,585
33,397
29,840
Gain on sale and impairment of single-family properties and other, net
(59,432)
(51,908)
(137,876)
(113,924)
Adjustments for unconsolidated real estate joint ventures
2,158
1,821
4,071
3,305
Depreciation and amortization
127,606
126,939
254,950
251,867
Less: depreciation and amortization of non-real estate assets
(5,727)
(5,511)
(11,390)
(10,876)
FFO attributable to common share and unit holders
$ 194,038
$ 191,479
$ 384,546
$ 375,737
Adjustments:
Acquisition, disposition, other transaction costs and other
3,364
1,445
7,366
5,535
Noncash share-based compensation - general and administrative
Core FFO attributable to common share and unit holders
$ 202,792
$ 198,048
$ 402,868
$ 392,725
Recurring Capital Expenditures
(15,869)
(20,515)
(27,934)
(37,344)
Leasing costs
(947)
(1,098)
(1,574)
(2,337)
Adjusted FFO attributable to common share and unit holders
$ 185,976
$ 176,435
$ 373,360
$ 353,044
Common distributions
(135,855)
(127,152)
(272,738)
(254,289)
Retained Cash Flow
$ 50,121
$ 49,283
$ 100,622
$ 98,755
Per FFO share and unit:
FFO attributable to common share and unit holders
$ 0.47
$ 0.45
$ 0.93
$ 0.89
Core FFO attributable to common share and unit holders
$ 0.49
$ 0.47
$ 0.98
$ 0.93
Adjusted FFO attributable to common share and unit holders
$ 0.45
$ 0.42
$ 0.90
$ 0.84
Weighted-average FFO shares and units:
Common shares outstanding
360,629,168
370,692,250
362,445,489
370,538,451
Share-based compensation plan (1)
418,654
692,590
448,029
726,881
Operating partnership units
50,136,980
51,228,628
50,144,605
51,302,394
Total weighted-average FFO shares and units
411,184,802
422,613,468
413,038,123
422,567,726
(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 and six months ended June 30, 2026 and 2025:
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net income per common share–diluted
$ 0.31
$ 0.28
$ 0.66
$ 0.58
Adjustments:
Conversion from GAAP share count
(0.04)
(0.03)
(0.08)
(0.07)
Noncontrolling interests in the Operating Partnership
0.04
0.03
0.08
0.07
Gain on sale and impairment of single-family properties and other, net
(0.14)
(0.12)
(0.33)
(0.27)
Adjustments for unconsolidated real estate joint ventures
0.01
—
0.01
0.01
Depreciation and amortization
0.31
0.30
0.62
0.60
Less: depreciation and amortization of non-real estate assets
(0.02)
(0.01)
(0.03)
(0.03)
FFO attributable to common share and unit holders
$ 0.47
$ 0.45
$ 0.93
$ 0.89
Adjustments:
Acquisition, disposition, other transaction costs and other
0.01
—
0.03
0.01
Noncash share-based compensation - general and administrative
Core FFO attributable to common share and unit holders
$ 0.49
$ 0.47
$ 0.98
$ 0.93
Recurring Capital Expenditures
(0.04)
(0.04)
(0.08)
(0.08)
Leasing costs
—
(0.01)
—
(0.01)
Adjusted FFO attributable to common share and unit holders
$ 0.45
$ 0.42
$ 0.90
$ 0.84
Core Net Operating Income
Core 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 and six months ended June 30, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues
$ 470,104
$ 457,503
$ 942,128
$ 916,779
Tenant charge-backs
(54,114)
(52,457)
(120,014)
(116,318)
Core revenues
415,990
405,046
822,114
800,461
Less: Non-Same-Home core revenues
(44,716)
(42,229)
(86,340)
(81,917)
Same-Home core revenues
$ 371,274
$ 362,817
$ 735,774
$ 718,544
Core property operating expenses and Same-Home core property operating expenses
Caxton Associates LLP bought a new stake in American Homes 4 Rent (NYSE:AMH – Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 26,925 shares of the real estate investment trust’s stock, valued at approximately $752,000.
Several other hedge funds have also bought and sold shares of the company. Wilmington Savings Fund Society FSB raised its stake in American Homes 4 Rent by 10,728.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 758 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 751 shares during the period. IFP Advisors Inc increased its holdings in shares of American Homes 4 Rent by 122.2% during the 4th quarter. IFP Advisors Inc now owns 802 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 441 shares during the last quarter. Parallel Advisors LLC raised its stake in American Homes 4 Rent by 84.8% in the 3rd quarter. Parallel Advisors LLC now owns 963 shares of the real estate investment trust’s stock valued at $32,000 after acquiring an additional 442 shares during the period. Bessemer Group Inc. lifted its holdings in American Homes 4 Rent by 70.3% during the 1st quarter. Bessemer Group Inc. now owns 1,170 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 483 shares during the last quarter. Finally, Prosperity Bancshares Inc bought a new position in American Homes 4 Rent during the fourth quarter worth $35,000. 91.87% of the stock is currently owned by institutional investors and hedge funds.
American Homes 4 Rent Stock Performance Shares of NYSE AMH opened at $33.43 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $12.05 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 4.50 and a beta of 0.79. The stock’s fifty day moving average price is $32.93 and its two-hundred day moving average price is $31.27. American Homes 4 Rent has a one year low of $27.22 and a one year high of $36.38.
American Homes 4 Rent (NYSE:AMH – Get Free Report) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.30. The company had revenue of $472.02 million during the quarter, compared to the consensus estimate of $470.62 million. American Homes 4 Rent had a return on equity of 6.08% and a net margin of 25.27%.The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share. American Homes 4 Rent has set its FY 2026 guidance at 1.890-1.950 EPS. On average, equities analysts forecast that American Homes 4 Rent will post 1.88 EPS for the current year.
American Homes 4 Rent Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.33 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.32 dividend on an annualized basis and a yield of 3.9%. American Homes 4 Rent’s payout ratio is currently 107.32%.
Analyst Ratings Changes Several equities analysts have commented on AMH shares. Mizuho upped their price objective on shares of American Homes 4 Rent from $29.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft set a $39.00 target price on shares of American Homes 4 Rent in a research note on Friday, June 26th. Weiss Ratings raised shares of American Homes 4 Rent from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 20th. Jefferies Financial Group raised shares of American Homes 4 Rent to a “strong-buy” rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of American Homes 4 Rent from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.47.
Get Our Latest Report on American Homes 4 Rent
Insider Transactions at American Homes 4 Rent In other American Homes 4 Rent news, Director Jack E. Corrigan bought 2,041 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were purchased at an average price of $23.53 per share, for a total transaction of $48,024.73. Following the transaction, the director directly owned 17,000 shares in the company, valued at approximately $400,010. This trade represents a 13.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have bought 5,000 shares of company stock valued at $117,024. Insiders own 5.70% of the company’s stock.
About American Homes 4 Rent (Free Report)
American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today’s renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value.
As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets.
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American Homes 4 Rent (NYSE:AMH – Get Free Report) has received an average recommendation of “Moderate Buy” from the twenty analysts that are currently covering the stock, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $36.4722.
A number of research analysts recently commented on AMH shares. Wells Fargo & Company boosted their price objective on shares of American Homes 4 Rent from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Royal Bank Of Canada boosted their price target on American Homes 4 Rent from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Barclays upped their price target on American Homes 4 Rent from $32.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. Keefe, Bruyette & Woods increased their price objective on American Homes 4 Rent from $35.00 to $36.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Finally, Morgan Stanley cut their price objective on American Homes 4 Rent from $39.00 to $38.50 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th.
Get Our Latest Research Report on American Homes 4 Rent
American Homes 4 Rent Price Performance Shares of NYSE:AMH opened at $33.43 on Thursday. The company’s fifty day moving average is $32.93 and its two-hundred day moving average is $31.27. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.67. American Homes 4 Rent has a 12-month low of $27.22 and a 12-month high of $36.38. The company has a market cap of $12.05 billion, a P/E ratio of 27.18, a price-to-earnings-growth ratio of 4.50 and a beta of 0.79.
American Homes 4 Rent (NYSE:AMH – Get Free Report) last released its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.30. American Homes 4 Rent had a return on equity of 6.08% and a net margin of 25.27%.The company had revenue of $472.02 million during the quarter, compared to analyst estimates of $470.62 million. During the same quarter in the prior year, the company earned $0.46 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. American Homes 4 Rent has set its FY 2026 guidance at 1.890-1.950 EPS. Equities analysts expect that American Homes 4 Rent will post 1.88 earnings per share for the current fiscal year.
American Homes 4 Rent Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.32 dividend on an annualized basis and a yield of 3.9%. American Homes 4 Rent’s payout ratio is currently 107.32%.
Insider Transactions at American Homes 4 Rent In other news, Director Jack E. Corrigan purchased 2,041 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was bought at an average cost of $23.53 per share, for a total transaction of $48,024.73. Following the completion of the acquisition, the director directly owned 17,000 shares of the company’s stock, valued at approximately $400,010. The trade was a 13.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought 5,000 shares of company stock worth $117,024 in the last three months. 5.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On American Homes 4 Rent Several large investors have recently made changes to their positions in AMH. Commonwealth Equity Services LLC boosted its position in shares of American Homes 4 Rent by 3.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,797 shares of the real estate investment trust’s stock valued at $347,000 after acquiring an additional 321 shares during the period. Vanderbilt University raised its stake in American Homes 4 Rent by 1.5% during the 1st quarter. Vanderbilt University now owns 23,385 shares of the real estate investment trust’s stock valued at $653,000 after purchasing an additional 346 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in American Homes 4 Rent by 3.6% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 12,112 shares of the real estate investment trust’s stock valued at $338,000 after purchasing an additional 424 shares during the period. Assetmark Inc. boosted its holdings in American Homes 4 Rent by 7.2% in the 1st quarter. Assetmark Inc. now owns 6,427 shares of the real estate investment trust’s stock valued at $179,000 after purchasing an additional 431 shares during the period. Finally, IFP Advisors Inc grew its position in American Homes 4 Rent by 122.2% in the 4th quarter. IFP Advisors Inc now owns 802 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 441 shares during the last quarter. Institutional investors and hedge funds own 91.87% of the company’s stock.
American Homes 4 Rent Company Profile (Get Free Report)
American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today’s renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value.
As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets.
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Bank of New York Mellon Corp reduced its stake in shares of American Homes 4 Rent (NYSE:AMH – Free Report) by 6.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,785,688 shares of the real estate investment trust’s stock after selling 197,397 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of American Homes 4 Rent worth $77,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. M&T Bank Corp lifted its position in American Homes 4 Rent by 386.9% during the fourth quarter. M&T Bank Corp now owns 39,333 shares of the real estate investment trust’s stock valued at $1,262,000 after purchasing an additional 31,254 shares during the last quarter. Bayhunt Capital LLC purchased a new position in shares of American Homes 4 Rent in the 4th quarter worth $14,822,000. Principal Financial Group Inc. increased its holdings in shares of American Homes 4 Rent by 8.7% in the 4th quarter. Principal Financial Group Inc. now owns 15,810,964 shares of the real estate investment trust’s stock worth $507,532,000 after buying an additional 1,260,717 shares during the last quarter. Algebris UK Ltd. bought a new stake in shares of American Homes 4 Rent in the 4th quarter worth about $34,166,000. Finally, Strs Ohio increased its holdings in shares of American Homes 4 Rent by 50.5% in the 4th quarter. Strs Ohio now owns 246,263 shares of the real estate investment trust’s stock worth $7,905,000 after buying an additional 82,615 shares during the last quarter. Institutional investors own 91.87% of the company’s stock.
Insider Activity at American Homes 4 Rent In other American Homes 4 Rent news, Director Jack E. Corrigan purchased 2,041 shares of American Homes 4 Rent stock in a transaction dated Monday, May 18th. The shares were acquired at an average cost of $23.53 per share, with a total value of $48,024.73. Following the completion of the transaction, the director owned 17,000 shares in the company, valued at approximately $400,010. This trade represents a 13.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders have purchased 5,000 shares of company stock worth $117,024. Insiders own 5.70% of the company’s stock.
Analyst Upgrades and Downgrades A number of research analysts recently commented on AMH shares. Wall Street Zen raised shares of American Homes 4 Rent from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Scotiabank boosted their price objective on American Homes 4 Rent from $32.00 to $33.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 18th. Deutsche Bank Aktiengesellschaft set a $39.00 price objective on American Homes 4 Rent in a research report on Friday, June 26th. Barclays raised their price objective on American Homes 4 Rent from $32.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada lifted their target price on American Homes 4 Rent from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.47.
Get Our Latest Research Report on American Homes 4 Rent
American Homes 4 Rent Stock Down 1.1% Shares of NYSE:AMH opened at $33.32 on Wednesday. American Homes 4 Rent has a 52-week low of $27.22 and a 52-week high of $36.86. The stock has a market cap of $12.02 billion, a P/E ratio of 27.09, a price-to-earnings-growth ratio of 4.54 and a beta of 0.79. The business’s 50 day moving average is $32.80 and its 200 day moving average is $31.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.67.
American Homes 4 Rent (NYSE:AMH – Get Free Report) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.30. The business had revenue of $472.02 million for the quarter, compared to the consensus estimate of $470.62 million. American Homes 4 Rent had a net margin of 25.27% and a return on equity of 6.08%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 EPS. American Homes 4 Rent has set its FY 2026 guidance at 1.890-1.950 EPS. Sell-side analysts predict that American Homes 4 Rent will post 1.88 EPS for the current year.
American Homes 4 Rent Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Monday, June 15th. American Homes 4 Rent’s payout ratio is 107.32%.
American Homes 4 Rent Profile (Free Report)
American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today’s renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value.
As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets.
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A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
Newly enacted housing legislation that bans institutional investors from purchasing single-family rental homes has those same investors putting up more for sale signs.
The number of homes owned by institutional investors listed for sale is, as of this month, more than double what it was at the start of February, according to an analysis provided exclusively to Property Play by Parcl Labs, a real estate data provider.
Listings have gone from 4,166 on Feb. 1, when Parcl launched its full research, to now 9,447 homes representing $3.1 billion in total asking price.
"The rate of for-sale change is something to keep an eye on," said Jason Lewris, co-founder at Parcl Labs. "These numbers won't materialize into actual dispositions for months given how long the sales cycle can be, but it's the fastest read into institutional behavior."
The legislation defined institutional investors as those owning 350 or more homes. That was a surprise to the industry, which traditionally set that bar at 1,000 homes. It does not force them to sell the homes they currently own, but they are barred from buying any more homes unless they fall under certain exceptions, including build-to-rent.
The charge by lawmakers was that these investors, most of whom were able to buy the homes with all cash, were inflating prices and sidelining regular owner-occupant buyers. The call for a ban was bipartisan.
Large scale investors first entered the market during the financial crisis in 2008, when foreclosures were rampant and bulk auctions were popping up in the hardest hit markets, like Atlanta, Las Vegas, and Phoenix. Private equity firms purchased thousands of homes in a short period, converting them to rentals and creating a new single-family rental asset class.
The cohort of investors with 350 or more homes that therefore fall under the new legislation now own roughly 589,000 homes, or 3.9% of the 14 million single family rental homes in the U.S., according to Parcl. They account for roughly 40% of the net selling year-to-date.
The largest landlords — Progress Residential, Invitation Homes, AMH, Tricon, FirstKey, Amherst and VineBrook — are all net sellers year-to-date, with 3,180 more homes sold than bought since Jan. 1. To put that in perspective, they still own about 400,000 homes, so it's not exactly a liquidation sale, with one exception. VineBrook currently has nearly 10% of its portfolio on the market, roughly 1,900 homes with a total asking price of $285 million.
Invitation homes and AMH, the two publicly traded, single-family rental REITs, have 549 and 536 homes for sale, respectively. The largest landlord, Progress Residential, has the least of the larger players, just 143 for sale.
"There is broad recognition now both by the White House and lawmakers, in an overwhelming majority, that private capital has a very big role to play for a component of the American population that wants to rent a home," said Stephen Scherr, co-president of Pretium, in an interview last week on CNBC's "Squawk on the Street." Pretium is the parent company of Progress Residential.
Progress is now focusing on the areas that the new legislation allows and which the industry fought hard for during the legislative process.
"We can buy build-to-rent, which is a predominant component of new housing. We can buy under various other exceptions including rent-to-renovate, where we improve the housing stock or we buy under a homeownership boost, where we give people an opportunity to transition where they want from renters to owners," Sherr said.
The build-to-rent play has been gaining significant steam over the past few years as demand for single-family rental housing grows.
AMH started early, in 2017, building its own homes. It has so far developed more than 14,000 homes for rent in 180 communities, according to the company. Invitation Homes purchased an Atlanta-based homebuilder, ResiBuilt, at the beginning of this year.
"The financing case has materially changed with the forced disposition mandate removed. Lenders can underwrite [build-to-rent] again, and we're starting to see this happen," Chris Nebenzahl, vice president of rental research at John Burns Research and Consulting, wrote in a report.
The investors who are selling are offering discounts on the properties. Nationally, 38.7% of all listings for sale today have had price cuts compared with 54% within the institutional, single-family rental cohort, according to Parcl Labs. Since early May, markdowns have deepened from about 3.1% to 4% of asking value. Meanwhile, 54% of the investor listings for those in the more than 350 homes category carry a price cut.
"From what we can tell, given where U.S. home prices are, some of this is attributed to shifts in strategy — collect high dollar values off of top U.S. home values by culling underperforming assets and redirect that capital towards growth areas, i.e. build-to-rent, for example," Lewris said in a statement, adding that the next six to eight weeks will be telling.
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, /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Company will release its second quarter 2026 financial and operating results on Thursday, July 30, 2026, after the market closes. The Company will host a conference call on Friday, July 31, 2026, at 12:00 p.m. Eastern Time to review second quarter results, discuss recent events, and conduct a question-and-answer period.
Live conference call
Toll free number:
(877) 451-6152 (for domestic callers)
Direct dial number:
(201) 389-0879 (for international callers)
Passcode:
Not required
Simultaneous audio webcast link:
www.amh.com under "Investor relations"
Conference call replay
Toll free number:
(844) 512-2921 (for domestic callers)
Direct dial number:
(412) 317-6671 (for international callers)
Passcode:
13761126#
Webcast link:
www.amh.com under "Investor relations"
Date accessible through:
August 14, 2026
About AMH
AMH (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 America's Best Companies 2026 by TIME and Statista. 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, AMH Living, LLC, or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
AMH Contacts:
Brian Nelson
Media Relations
Phone: (855) 774-4663
Email: [email protected]
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
You like the idea of rental income, but you hate the idea of a tenant calling you at 2 a.m. about a broken water heater. That is the exact gap these three real estate names fill. Realty Income (NYSE:O | O Price Prediction), STAG Industrial (NYSE:STAG), and American Homes 4 Rent (NYSE:AMH) collect rent from thousands of properties on your behalf, mail you the check, and keep the toilet calls off your phone. Stack them together with enough shares and the goal of roughly $1,500 a month in landlord-style cash flow becomes a math problem, not a lifestyle sacrifice.
The challenge: rental income without the rental headaches Owning physical rentals to clear $1,500 a month usually means a mortgage, a property manager taking a cut, vacancy risk on a single house, and the occasional midnight emergency. These three REITs hand you the income stream and outsource the rest. The trick is matching each one to a different slice of the real estate market so your cash flow is not riding on one tenant, one city, or one type of building.
Realty Income (O): the monthly paycheck Realty Income literally trademarked the nickname “The Monthly Dividend Company.” It owns net lease properties across retail, industrial, and gaming, and at last check it had declared 670 consecutive monthly dividends with a 114th consecutive quarterly increase.
The current monthly payout is $0.271 per share, paid roughly 15 days after each month-end ex-date, which works out to a yield near 4.96% at recent prices around $63.04. Portfolio occupancy sits at 98.9%, Q1 2026 AFFO per share grew 6.6% year over year to $1.13, and management raised 2026 investment volume guidance to $9.5 billion. Translation: scale, occupancy, and a check every single month. Shares are up 14.23% year to date, and the stock trades at roughly 52 times trailing earnings.
STAG Industrial (STAG): the warehouse landlord STAG owns single-tenant warehouses and distribution buildings, the exact properties Amazon, FedEx, and regional logistics operators need to move e-commerce orders. It pays monthly, and the dividend was reset higher this year to $0.3875 per share, with the next payment scheduled for July 15, 2026. The trailing yield runs about 3.86%. Operating occupancy was 97.2% at year-end 2025, full-year revenue grew 10.1% to $845.2 million, and cash rent on renewing leases jumped 24.0% for the year. Management has already addressed 69.2% of expected 2026 leasing at a 20.0% cash rent change, which is the closest thing to a preview of next year’s raise letter you will get from a public REIT.
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American Homes 4 Rent (AMH): the literal landlord If you want the actual feel of owning houses, AMH gets you there. It owns and rents single-family homes across markets like Phoenix, Tampa, Atlanta, Charlotte, and Denver, with an average realized rent of $2,329 per property, up 3.0% year over year. The dividend is quarterly at $0.33 per share, up from $0.30 in 2025 and $0.18 in 2022, which is the kind of dividend growth a real landlord brags about at dinner. Yield runs around 3.69%, lower than O or STAG, but Q1 2026 adjusted FFO per share grew 8.0% and the company is delivering 1,700 to 2,100 new homes this year through its development pipeline. With housing starts down to 1.18 million annualized in May 2026, tight new supply tends to support the rents AMH is already collecting.
The trade-off None of this is free money. Realty Income trades at a rich multiple and grows AFFO at roughly 3% to 3.7% in 2026, so do not expect fireworks. STAG carries a term loan whose rate steps up to 3.94% in February 2026, and warehouse tenant turnover is real. AMH has the lowest yield of the three, occupancy slipped 80 basis points year over year, and leverage is climbing. The 10-year Treasury at 4.40% also sets a competing bar that limits how high REIT prices can run.
For a reader who wants rental-style income without the late-night calls, that is the bargain. O delivers the monthly paycheck and scale. STAG layers in the e-commerce tailwind. AMH gives you the closest thing to actually owning the house down the street. Spread your shares across the three and the rent shows up. The plumber, mercifully, calls someone else.
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Housing remains a critical need, but should you bet on suburban single-family houses or West Coast apartments? Here is how American Homes 4 Rent (AMH +0.88%) compares to Essex Property Trust (ESS +1.13%) for investors.
These real estate investment trusts (REITs) offer different paths to residential exposure. American Homes 4 Rent focuses on the growing demand for single-family rentals across the Sunbelt and Midwest. Conversely, Essex Property Trust concentrates on supply-constrained apartment markets in California and Washington. Both aim to generate steady income from tenant leases in high-demand regions.
American Homes 4 Rent focuses on the acquisition, development, and management of single-family rental homes. The company manages a portfolio of over 61,000 properties across the Southeast, Midwest, Southwest, and Mountain West regions. It primarily serves families who desire the space of a suburban home but prefer the flexibility of a rental agreement.
In its 2025 fiscal year (FY), the company reported revenue of $1.9 billion, representing growth of approximately 8% compared to the prior year. This top-line expansion helped the business achieve net income of $513.4 million. The company maintained a net margin of roughly 27%, which indicates the percentage of revenue remaining after all operating and non-operating expenses are paid.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.7x. This metric compares total debt to shareholder equity, where a lower figure generally suggests a more conservative capital structure. The current ratio, measuring the ability to cover short-term debts with current assets, was 62.9x, while free cash flow reached $746.1 million. This cash is what remains after a business pays for its real estate investing activities and capital expenditures.
The case for Essex Property TrustEssex Property Trust operates as a specialized REIT that develops and manages multifamily apartment communities. The portfolio is highly concentrated in supply-constrained markets along the West Coast, including Southern California, the San Francisco Bay Area, and Seattle. By focusing on these high-barrier-to-entry regions, the company targets areas with strong job growth and high housing costs.
For the FY 2025 period, revenue reached $1.9 billion, which was a 7% increase over the previous fiscal year. Net income for the period was $669.7 million. The company reported a net margin of roughly 35%, suggesting a higher portion of revenue was converted into profit compared to its single-family peer.
As of the December 2025 balance sheet, the debt-to-equity ratio was 1.2x. This indicates the company uses more debt relative to its equity than its competitor in this match-up. The current ratio was 2.3x, showing that current assets still comfortably cover short-term liabilities. Free cash flow for the year was $1.1 billion, representing the cash generated after accounting for capital expenditures required to maintain or expand the property portfolio.
Risk profile comparisonAmerican Homes 4 Rent faces significant geographic concentration, with nearly 58% of its properties located in ten specific markets like Atlanta and Phoenix. Local economic downturns or new regional regulations in these areas could disproportionately impact the company. Furthermore, some legislative bodies have proposed restrictions on corporate ownership of single-family homes, which could limit future growth. The company also competes with other large landlords like Invitation Homes for acquisitions and labor.
Essex Property Trust deals with geographic risks specific to the West Coast, such as earthquakes and wildfires. Rent control measures and eviction regulations in California and Washington also pose ongoing challenges to revenue growth. The company is currently involved in litigation regarding its use of revenue management software, which could lead to financial penalties. It operates in a competitive landscape alongside other major apartment REITs such as AvalonBay Communities.
Valuation comparisonEssex Property Trust trades at a significant premium to its peer based on Forward P/E and P/S ratio metrics relative to future earnings estimates.
MetricAmerican Homes 4 RentEssex Property TrustSector BenchmarkForward P/E36.2x48.7x32.2xP/S ratio6.4x9.7xn/aSector benchmark uses the SPDR XLRE sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?Investing in REITs is a great way to gain passive income through robust dividend payouts. Both American Homes 4 Rent and Essex Property Trust offer high dividend yields; the former is at 3.97% and the latter at 3.65% as of June 12.
Deciding which to invest in requires weighing a number of factors. While Essex Property Trust has a higher valuation, its forward dividend is significantly larger at $10.36 per share compared to American Homes 4 Rent’s $1.32. Essex has also raised its dividend for 32 consecutive years, which means investors are likely to see continued growth in dividend payouts.
Essex Property Trust also boasts a stronger core funds from operations (core FFO) per share, which was $4.06 in the first quarter versus $0.48 for American Homes 4 Rent. FFO is the standard metric used by investors to measure the operating cash flow of a REIT.
Another consideration is that American Homes 4 Rent focuses on single-family dwellings while Essex Property Trust holds apartments. Rents for houses are typically larger than apartments. However, Essex’s inventory is in high-demand, supply-constrained cities where it can charge premiums.
In reviewing these factors, my choice would be Essex Property Trust. The higher dividend at a comparable yield to American Homes 4 Rent and history of increasing payments makes it a better buy for the long term.
U.S. equity markets snapped a five-week losing streak this week, while interest rates retreated, as resilient economic data pushed back against stagflation concerns amid a continuation of the Iran conflict. Major equity benchmarks rebounded sharply, with the S&P 500 gaining 3.4% and the Nasdaq 100 rising 4.0%, while real estate stocks outperformed as falling Treasury yields boosted rate-sensitive sectors. Treasury yields declined despite surging oil prices, breaking their recent correlation with crude, as investors weighed solid U.S. employment data against risks that higher energy costs could slow growth abroad.
, /PRNewswire/ -- AMH (NYSE: AMH), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Company will release its first quarter 2026 financial and operating results on Wednesday, May 6, 2026, after the market closes. The Company will host a conference call on Thursday, May 7, 2026, at 12:00 p.m. Eastern Time to review first quarter results, discuss recent events, and conduct a question-and-answer period.
Live conference call
Toll free number:
(877) 451-6152 (for domestic callers)
Direct dial number:
(201) 389-0879 (for international callers)
Passcode:
Not required
Simultaneous audio webcast link:
www.amh.com under "Investor relations"
Conference call replay
Toll free number:
(844) 512-2921 (for domestic callers)
Direct dial number:
(412) 317-6671 (for international callers)
Passcode:
13759161#
Webcast link:
www.amh.com under "Investor relations"
Date accessible through:
May 21, 2026
About AMH
AMH (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.
AMH Contacts:
Brian Nelson
Media Relations
Phone: (855) 774-4663
Email: [email protected]
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
American Homes 4 Rent (AMH) Series G preferreds (AMH.PR.G) have slipped early in 2026, impacted by market pricing for more gradual Fed policy normalization. I believe this provides a buying opportunity for investors with a late 2027/early 2028 horizon, when fading inflation should allow for additional Fed easing. Assuming the Fed delivered on rate cuts, I estimate AMH.PR.G could reasonably deliver a low double-digit total return.
American Homes 4 Rent offers a compelling long-term total return profile, driven by dividend growth and a discounted valuation amid government intervention fears. AMH's strategy has shifted from acquiring to building single-family homes, positioning it as a net provider of housing and mitigating regulatory risks targeting institutional buyers. With a strong balance sheet, BBB credit rating, and no major debt maturities until 2028, the company demonstrates financial resilience and adaptability across diverse U.S. markets.
Cwm LLC lifted its holdings in American Homes 4 Rent (NYSE:AMH – Free Report) by 1,262.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 102,565 shares of the real estate investment trust’s stock after acquiring an additional 95,037 shares during the quarter. Cwm LLC’s holdings in American Homes 4 Rent were worth $3,292,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB increased its stake in American Homes 4 Rent by 10,728.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 758 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 751 shares during the period. True Wealth Design LLC boosted its stake in shares of American Homes 4 Rent by 230.8% during the fourth quarter. True Wealth Design LLC now owns 827 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 577 shares during the period. Parallel Advisors LLC grew its holdings in shares of American Homes 4 Rent by 84.8% in the third quarter. Parallel Advisors LLC now owns 963 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 442 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of American Homes 4 Rent in the fourth quarter worth $37,000. Finally, SJS Investment Consulting Inc. purchased a new position in shares of American Homes 4 Rent in the third quarter worth $43,000. Hedge funds and other institutional investors own 91.87% of the company’s stock.
American Homes 4 Rent Stock Up 1.4% Shares of American Homes 4 Rent stock opened at $30.62 on Friday. American Homes 4 Rent has a 1 year low of $27.22 and a 1 year high of $39.49. The firm has a market cap of $11.14 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 4.35 and a beta of 0.79. The company has a 50-day moving average of $29.43 and a 200 day moving average of $31.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.63 and a quick ratio of 0.63.
American Homes 4 Rent (NYSE:AMH – Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.14). The company had revenue of $402.93 million for the quarter, compared to analysts’ expectations of $459.24 million. American Homes 4 Rent had a net margin of 24.48% and a return on equity of 5.93%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. American Homes 4 Rent has set its FY 2026 guidance at 1.890-1.950 EPS. As a group, sell-side analysts anticipate that American Homes 4 Rent will post 1.92 earnings per share for the current fiscal year.
American Homes 4 Rent Increases Dividend The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a $0.33 dividend. This is an increase from American Homes 4 Rent’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 4.3%. The ex-dividend date was Friday, March 13th. American Homes 4 Rent’s dividend payout ratio is 111.86%.
Insider Buying and Selling In other American Homes 4 Rent news, Director David Goldberg purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were acquired at an average price of $29.30 per share, for a total transaction of $58,600.00. Following the purchase, the director directly owned 36,723 shares of the company’s stock, valued at $1,075,983.90. The trade was a 5.76% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Douglas N. Benham bought 1,200 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were bought at an average price of $24.20 per share, for a total transaction of $29,040.00. Following the completion of the transaction, the director directly owned 44,717 shares of the company’s stock, valued at $1,082,151.40. This represents a 2.76% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 6,771 shares of company stock valued at $183,684. 5.70% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth Several brokerages have recently commented on AMH. Wall Street Zen downgraded shares of American Homes 4 Rent from a “hold” rating to a “sell” rating in a research note on Sunday, January 18th. Mizuho cut their target price on American Homes 4 Rent from $32.00 to $29.00 and set a “neutral” rating on the stock in a research note on Friday, March 13th. BMO Capital Markets restated a “market perform” rating and set a $37.00 price target on shares of American Homes 4 Rent in a report on Friday, January 9th. UBS Group lowered their price target on American Homes 4 Rent from $38.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Finally, Wells Fargo & Company cut their price objective on American Homes 4 Rent from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Seven research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $35.21.
Get Our Latest Stock Report on AMH
About American Homes 4 Rent (Free Report)
American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today’s renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value.
As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets.
Further Reading Five stocks we like better than American Homes 4 Rent Want to see what other hedge funds are holding AMH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Homes 4 Rent (NYSE:AMH – Free Report).
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Essex Property Trust (ESS - Free Report) came out with quarterly funds from operations (FFO) of $4.06 per share, beating the Zacks Consensus Estimate of $3.96 per share. This compares to FFO of $3.97 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.60%. A quarter ago, it was expected that this real estate investment trust would post FFO of $4 per share when it actually produced FFO of $3.98, delivering a surprise of -0.5%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Essex Property Trust, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $484.76 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.70%. This compares to year-ago revenues of $464.58 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Essex Property Trust shares have lost about 1.9% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Essex Property Trust?While Essex Property Trust has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Essex Property Trust was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $4.06 on $486.49 million in revenues for the coming quarter and $16.03 on $1.95 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, American Homes 4 Rent (AMH - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This real estate company is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
American Homes 4 Rent's revenues are expected to be $468.02 million, up 1.9% from the year-ago quarter.
Delivered Solid First Quarter with Accelerating Spring Leasing Activity
, /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.
Highlights
Rents 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 Results
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. 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.
Investments
As 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 Liquidity
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 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 Guidance
Set 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 Summary
Full 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 - $1.95
Core 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 2026
(Unchanged)
Investment Program
Properties
Investment
Wholly owned acquisitions
—
—
Wholly owned development deliveries
1,300 - 1,500
$500 - $600 million
JV development deliveries (1)
400 - 600
$150 - $250 million
Total gross capital investment (1)
1,700 - 2,100
$650 - $850 million
(1) JV deliveries and capital investment reflected at 100%.
Additional Information
A 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 Call
A 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 AMH
AMH (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.
This 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.
AMH
Condensed 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
$ 2,406,467
Buildings and improvements
12,058,732
11,971,961
Single-family properties in operation
14,477,142
14,378,428
Less: accumulated depreciation
(3,443,333)
(3,366,795)
Single-family properties in operation, net
11,033,809
11,011,633
Single-family properties under development and development land
1,139,179
1,233,586
Single-family properties and land held for sale, net
235,549
225,861
Total real estate assets, net
12,408,537
12,471,080
Cash and cash equivalents
63,301
108,516
Restricted cash
144,863
122,174
Rent and other receivables
48,241
43,119
Escrow deposits, prepaid expenses and other assets
239,103
228,017
Investments in unconsolidated joint ventures
150,714
148,935
Goodwill
120,279
120,279
Total assets
$ 13,175,038
$ 13,242,120
Liabilities
Revolving credit facility
$ 390,000
$ 360,000
Unsecured senior notes, net
4,737,926
4,735,735
Accounts payable and accrued expenses
447,118
436,879
Total liabilities
5,575,044
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
3,660
Class 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
6
Preferred 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
92
Additional paid-in capital
7,297,948
7,411,003
Accumulated deficit
(380,213)
(387,643)
Accumulated other comprehensive income
6,320
6,630
Total shareholders' equity
6,927,785
7,033,748
Noncontrolling interest
672,209
675,758
Total equity
7,599,994
7,709,506
Total liabilities and equity
$ 13,175,038
$ 13,242,120
AMH
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
March 31,
2026
2025
Rents and other single-family property revenues
$ 472,024
$ 459,276
Expenses:
Property operating expenses
168,709
167,530
Property management expenses
33,284
34,181
General and administrative expense
21,332
19,671
Interest expense
48,222
45,426
Acquisition, disposition and other transaction costs
3,060
3,061
Depreciation and amortization
127,344
124,928
Total expenses
401,951
394,797
Gain on sale and impairment of single-family properties and other, net
78,444
62,016
Loss on early extinguishment of debt
—
(216)
Other income and expense, net
327
2,434
Net income
148,844
128,713
Noncontrolling interest
17,590
15,255
Dividends on preferred shares
3,486
3,486
Net income attributable to common shareholders
$ 127,768
$ 109,972
Weighted-average common shares outstanding:
Basic
364,281,692
370,372,388
Diluted
364,498,367
370,761,741
Net income attributable to common shareholders per share:
Basic
$ 0.35
$ 0.30
Diluted
$ 0.35
$ 0.30
Defined Terms
Average Monthly Realized Rent
For 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 Percentage
The 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 Property
A 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 Expenditures
For 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 Property
A 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 Property
A 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 Measures
This 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 Flow
FFO 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
$ 109,972
Adjustments:
Noncontrolling interests in the Operating Partnership
17,590
15,255
Gain on sale and impairment of single-family properties and other, net
(78,444)
(62,016)
Adjustments for unconsolidated real estate joint ventures
1,913
1,484
Depreciation and amortization
127,344
124,928
Less: depreciation and amortization of non-real estate assets
(5,663)
(5,365)
FFO attributable to common share and unit holders
$ 190,508
$ 184,258
Adjustments:
Acquisition, disposition, other transaction costs and other
4,002
4,090
Noncash share-based compensation - general and administrative
Core FFO attributable to common share and unit holders
$ 200,076
$ 194,677
Recurring Capital Expenditures
(12,065)
(16,829)
Leasing costs
(627)
(1,239)
Adjusted FFO attributable to common share and unit holders
$ 187,384
$ 176,609
Common 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
$ 0.44
Core FFO attributable to common share and unit holders
$ 0.48
$ 0.46
Adjusted FFO attributable to common share and unit holders
$ 0.45
$ 0.42
Weighted-average FFO shares and units:
Common shares outstanding
364,281,692
370,372,388
Share-based compensation plan (1)
477,403
761,171
Operating partnership units
50,152,313
51,376,980
Total weighted-average FFO shares and units
414,911,408
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
$ 0.30
Adjustments:
Conversion from GAAP share count
(0.04)
(0.04)
Noncontrolling interests in the Operating Partnership
0.04
0.04
Gain on sale and impairment of single-family properties and other, net
(0.19)
(0.15)
Depreciation and amortization
0.31
0.30
Less: depreciation and amortization of non-real estate assets
(0.01)
(0.01)
FFO attributable to common share and unit holders
$ 0.46
$ 0.44
Adjustments:
Acquisition, disposition, other transaction costs and other
0.01
0.01
Noncash share-based compensation - general and administrative
0.01
0.01
Core FFO attributable to common share and unit holders
$ 0.48
$ 0.46
Recurring Capital Expenditures
(0.03)
(0.04)
Adjusted FFO attributable to common share and unit holders
$ 0.45
$ 0.42
Core Net Operating Income
Core 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
$ 459,276
Tenant charge-backs
(65,900)
(63,861)
Core revenues
406,124
395,415
Less: 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 expenses
For the quarter ended March 2026, American Homes 4 Rent (AMH - Free Report) reported revenue of $472.02 million, up 2.8% over the same period last year. EPS came in at $0.48, compared to $0.32 in the year-ago quarter.
The reported revenue represents a surprise of +0.97% over the Zacks Consensus Estimate of $467.48 million. With the consensus EPS estimate being $0.48, the EPS surprise was +0.88%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how American Homes 4 Rent performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Same-Home core revenues: $365.85 million versus $354.2 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +2.3% change.Revenues- Tenant charge-backs: $65.9 million compared to the $63.76 million average estimate based on four analysts. The reported number represents a change of +3.2% year over year.Revenues- Core revenues: $406.12 million compared to the $403.36 million average estimate based on four analysts. The reported number represents a change of +2.7% year over year.Revenues- Non-Same-Home core revenues: $40.28 million versus the four-analyst average estimate of $49.16 million. The reported number represents a year-over-year change of +7%.Net Earnings Per Share (Diluted): $0.35 compared to the $0.16 average estimate based on four analysts.View all Key Company Metrics for American Homes 4 Rent here>>>
Shares of American Homes 4 Rent have returned +10.3% over the past month versus the Zacks S&P 500 composite's +10.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
American Homes 4 Rent (AMH - Free Report) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.88%. A quarter ago, it was expected that this real estate company would post FFO of $0.47 per share when it actually produced FFO of $0.47, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
American Homes 4 Rent, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $472.02 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.97%. This compares to year-ago revenues of $459.28 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
American Homes 4 Rent shares have added about 0.6% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for American Homes 4 Rent?While American Homes 4 Rent has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Homes 4 Rent was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.48 on $463.94 million in revenues for the coming quarter and $1.92 on $1.89 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Finance sector, Reinsurance Group (RGA - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This reinsurance company is expected to post quarterly earnings of $6.19 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level.
Reinsurance Group's revenues are expected to be $6.42 billion, up 20.3% from the year-ago quarter.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesMarketBeat
CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
NYSE:KO
Read CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 Shares
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Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in Stock
3 hours ago
Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
3 hours ago
Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
, /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Board of Trustees declared a dividend of $0.33 per share on the Company's common shares for the second quarter of 2026. The distribution will be payable in cash on June 30, 2026 to shareholders of record on June 15, 2026.
The Board of Trustees also declared a per share quarterly distribution on the Company's cumulative redeemable perpetual preferred shares of $0.36719 per share on the 5.875% Series G shares and $0.39063 per share on the 6.250% Series H shares payable in cash on June 30, 2026 to shareholders of record on June 15, 2026.
About AMH
AMH (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.
This press release contains "forward-looking statements" that 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 "believe," "expect," "will," "intend," "anticipate" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include the payment and anticipated timing of the payment of distributions of the Company's common and preferred shares. 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 to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could adversely affect our cash flows and ability to pay distributions. Additional information about these and other important factors that may cause our actual results to differ materially from anticipated results expressed or implied by these forward-looking statements is available in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, except as required by applicable law.
AMH Contacts
Brian Nelson
Media Relations
Phone: (855) 774-4663
Email: [email protected]
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
On May 18, 2026, American Homes 4 Rent AMH shares rose 4.2% to a current price of $31.89, showing a notable recovery today. Over the past 52 weeks, the stock has traded between a high of $38.85 and a low of $27.22.
GF Value™ verdict: AMH is currently priced at $31.89, which is 20.1% below its GF Value™ estimate of $39.89.GF Score™ of 76/100 indicates that the stock is considered above average based on its financial metrics.Insider activity shows that insiders bought $0.2M and sold $0.2M in the last three months, suggesting a balanced sentiment among insiders. Is AMH Overvalued or Undervalued? With a current price of $31.89 and a GF Value™ estimate of $39.89, American Homes 4 Rent is assessed as being undervalued by approximately 20.1%. This margin of safety presents an investment opportunity, particularly in light of the GF Valuation label indicating that the stock is modestly undervalued. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
Given that AMH's current price is significantly lower than its estimated fair value, investors may find this to be an appealing entry point. However, it is important to consider the broader market conditions and potential risks associated with the real estate investment trust (REIT) sector, particularly in light of fluctuating interest rates and property market valuations. The undervaluation also highlights the need for careful analysis of the underlying business fundamentals and market conditions before making any decisions.
How Does AMH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 25.9x 37.9x Forward P/E 39.5x N/A Currently, AMH's P/E (TTM) of 25.9x is notably lower than its 5-year median P/E of 37.9x, suggesting that the stock is trading at a discount relative to its historical valuation. This P/E analysis supports the GF Value™ verdict of being undervalued, indicating that there may be potential upside as the market aligns the stock's price with its earnings capacity.
What Does AMH's GF Score™ Tell Us? Metric Rating GF Score™ 76/100 Financial Strength 4/10 Profitability 8/10 Growth 5/10 Valuation 8/10 Momentum 4/10 The GF Score™ of 76/100 reflects above-average potential for American Homes 4 Rent. The strongest area is profitability, which scores 8/10, indicating robust earnings relative to its peers. However, the financial strength score of 4/10 highlights some vulnerabilities in the company's balance sheet, suggesting that while AMH is generating profits effectively, it may face challenges in financial resilience. The valuation score of 8/10 reinforces the attractiveness of the stock at current levels, while the momentum score of 4/10 suggests weaker performance in terms of stock price movement.
What Are Insiders Doing with AMH Stock? Insider activity over the last three months has shown that insiders bought $0.2M worth of shares while selling an equal amount. This balanced activity suggests that insiders have a mixed sentiment regarding the stock's future. While the buying indicates confidence in the company's prospects, the selling could reflect profit-taking or strategic portfolio adjustments. Such activity can often provide insights into insider sentiment but should be interpreted with caution.
What This Means for Investors Based on the current evaluation of GF Value™, American Homes 4 Rent is considered undervalued. The significant margin below its intrinsic value suggests an opportunity for potential growth, although investors should remain vigilant regarding market conditions and the company's financial stability.
For the complete analysis, visit the American Homes 4 Rent AMH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is AMH's GF Score™?
AMH's GF Score™ is 76/100, indicating that the stock is above average based on various financial metrics and backtested criteria.
Is AMH overvalued or undervalued?
AMH is considered undervalued, with a GF Value™ estimate of $39.89 compared to its current price of $31.89, representing a 20.1% upside.
What is AMH's P/E ratio?
AMH's P/E ratio stands at 25.9x, which is significantly below its 5-year median P/E of 37.9x, indicating that the stock is trading at a discount historically.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
, /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that members of the Company's management team will participate in a roundtable discussion during Nareit's REITweek 2026 Investor Conference on Wednesday, June 3, 2026 at 11:00 a.m. Eastern Time.
A live audio webcast of the presentation will be available on the Company's website at www.amh.com under "Investor Relations". A replay of the webcast will be available through June 17, 2026.
About AMH
AMH (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, AMH Living, LLC, or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
AMH Contacts
Brian Nelson
Media Relations
Phone: (855) 774-4663
Email: [email protected]
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
American Homes 4 Rent stands out as an internally managed REIT focused on building, owning, and renting single-family homes. AMH maintains high tenant quality, 95% occupancy, and expects 3% rent increases, supporting consistent FFO growth without significant debt or share issuance. Shares trade at 18.76x forward AFFO, below the 10-year average, offering attractive total return potential with a well-covered 4.1% yield and ongoing buybacks.
