AMH Q4 Adjusted FFO per share rises 6.5% to USD 0.44

AMH reported Q4 2025 rents and other single-family property revenues of USD 455.00 million (+4.2% YoY) and net income attributable to common shareholders of USD 123.80 million (USD 0.33 per diluted share). Core FFO attributable to common share and unit holders was USD 0.47 per FFO share and unit (+4.1% YoY), while Adjusted FFO was USD 0.44 per FFO share and unit (+6.5% YoY). Core NOI from the total portfolio was USD 268.30 million (+5.0% YoY) and Same-Home Core NOI rose 3.5% YoY, with Same-Home average occupied days percentage at 95.0% and blended rate growth of 2.8% (lease spreads of 4.2% and -0.3% on renewals and new leases, respectively). AMH delivered 490 newly constructed homes through its AMH Development Program in Q4, repurchased and retired 4.7 million Class A shares for USD 150.00 million, and said it additionally repurchased and retired 3.7 million shares for USD 115.10 million in January 2026; the board also authorized a new repurchase program of up to USD 500.00 million in Class A common shares and up to USD 250.00 million in preferred shares. The company raised its common share dividend by 10% to USD 0.33 per share in Q1 2026. For FY 2025, AMH posted rents and other single-family property revenues of USD 1.85 billion (+7.0% YoY) and net income attributable to common shareholders of USD 439.03 million (USD 1.18 per diluted share). Core NOI from the total portfolio was USD 1.06 billion (+7.9% YoY), Core FFO was USD 1.87 per FFO share and unit (+5.6% YoY), and Adjusted FFO was USD 1.69 per FFO share and unit (+7.0% YoY). AMH guided FY 2026 Core FFO to USD 1.89–1.95 per FFO share and unit, and expects 1,300–1,500 wholly owned development deliveries and 400–600 JV development deliveries (at 100%) as part of total gross capital investment of USD 650.00–850.00 million. CEO Bryan Smith said AMH remains focused on expanding housing supply, noting the company has contributed over 14,000 newly built homes since the inception of its ground-up development program.

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