AMH Reports Third Quarter 2026 Financial and Operating Results

Higher rental revenue and adjusted operating earnings accompanied lower quarterly net income attributable to common shareholders.

Rhea-AI Summary

AMH (NYSE: AMH) raised its full-year 2026 Core FFO guidance midpoint to $1.97 per share and unit after reporting third-quarter results. The new range is $1.96–$1.98, versus the previous $1.95 midpoint, with the company expecting 5.3% annual growth. Core FFO, an adjusted funds-from-operations measure, rose 7.4% year over year to $0.50 per share and unit.

Third-quarter rental and other single-family property revenue increased 4.1% to $498.1 million. Net income attributable to common shareholders fell to $82.3 million, or $0.23 per diluted share, from $99.7 million, or $0.27. Same-Home core net operating income rose 2.5% to $246.0 million, while occupied days declined 30 basis points. AMH delivered 498 newly constructed homes across its wholly owned portfolio and joint ventures and repurchased $75.0 million of shares. Debt totaled $5.2 billion at September 30, 2026.

29 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 Core FFO guidance raised to $1.96–$1.98; midpoint increased from $1.95 to $1.97.
• Moderate pointThird-quarter rental and other single-family property revenue rose 4.1% year over year to $498.1 million.
• Moderate pointThird-quarter Core FFO per share and unit increased 7.4% year over year to $0.50.
• Moderate pointThird-quarter Adjusted FFO per share and unit increased 7.6% year over year to $0.45.
• Moderate pointThird-quarter total-portfolio core net operating income increased 5.3% year over year to $278.4 million.
• Moderate pointThird-quarter Same-Home core revenue increased 2.3% year over year to $371.1 million.
• Moderate pointThird-quarter Same-Home core net operating income increased 2.5% year over year to $246.0 million.
• Moderate pointThird-quarter share repurchases retired 2.4 million Class A shares for $75.0 million at a $31.39 weighted-average price.
• Moderate pointThird-quarter property sales generated $94.0 million in net proceeds from 291 properties.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year Same-Home core net operating income growth midpoint raised to 2.80% from 2.40%; range is 2.30%–3.30%.

19 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 Core FFO growth guidance is 4.8%–5.9%, with a 5.3% midpoint versus 4.3% previously.
• Minor pointThird-quarter Same-Home average monthly realized rent per property increased 2.4% year over year.
• Minor pointThird-quarter Same-Home blended rate growth reached 2.6%: renewals rose 3.3%, and new leases rose 1.0%.
• Minor pointOctober 2026 Same-Home lease rates grew 3.3% on renewals and 0.1% on new leases.
• Minor pointNine-month net income attributable to common shareholders rose to $323.7 million from $315.2 million a year earlier.
• Minor pointNine-month rental and other single-family property revenue increased 3.2% year over year to $1.44 billion.
• Minor pointNine-month total-portfolio core net operating income increased 4.8% year over year to $824.9 million.
• Minor pointNine-month total-portfolio core property operating expenses decreased 0.3% year over year.
• Minor pointNine-month Same-Home core revenue increased 2.4% year over year to $1.10 billion.
• Minor pointNine-month Same-Home average monthly realized rent per property increased 2.7% year over year.
• Minor pointNine-month Same-Home core net operating income increased 3.1% year over year to $735.1 million.
• Minor pointNine-month Core FFO per share and unit increased to $1.48 from $1.39 a year earlier.
• Minor pointNine-month Adjusted FFO per share and unit increased to $1.35 from $1.25 a year earlier.
• Minor pointThird-quarter development delivered 498 homes: 387 to the operating portfolio and 111 to unconsolidated joint ventures.
• Minor pointThird-quarter retained cash flow totaled $47.5 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year Same-Home core revenue growth midpoint increased to 2.40% from 2.25%; current range is 1.90%–2.90%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year Same-Home expense growth midpoint lowered to 1.60% from 2.00%; current range is 1.10%–2.10%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Unchanged 2026 wholly owned development plan targets 1,300–1,500 deliveries with $500–$600 million investment.
• Minor point. Forward-looking: it has not happened yet and may not happen.Unchanged 2026 joint-venture development plan targets 400–600 deliveries with $150–$250 million investment, reflected at 100%.

Negative

• Moderate pointThird-quarter common-shareholder net income fell to $82.3 million, or $0.23 diluted, from $99.7 million, or $0.27.
• Moderate pointThird-quarter Same-Home core property operating expenses rose 1.8% year over year to $125.2 million.
• Moderate pointThird-quarter Same-Home occupied days declined 30 basis points year over year to 96.0%.
• Minor pointThird-quarter total-portfolio core property operating expenses increased 0.3% year over year.
• Minor pointNine-month Same-Home core property operating expenses rose 1.1% year over year to $368.7 million.

4 minor points

• Minor pointNine-month Same-Home occupied days declined 50 basis points year over year.
• Minor pointOutstanding debt totaled $5.2 billion at September 30, with a 4.5% weighted-average interest rate and 7.3-year maturity.
• Minor pointRevolving credit borrowings increased to $420.0 million at September 30, 2026, from $360.0 million at year-end 2025.
• Minor pointCash and cash equivalents declined to $70.994 million at September 30, 2026, from $108.516 million at year-end 2025.

News Explained

At September 30, 2026, AMH reported $71.0 million in cash and $420.0 million drawn on its $1.25 billion revolving credit facility, within $5.2 billion of total debt.

Key Figures

Quarterly property revenue: $498.1 million, up 4.1% year-over-year Net income attributable to common shareholders: $82.3 million, compared with $99.7 million Core FFO per share and unit: $0.50, up 7.4% year-over-year +5 more

Quarterly property revenue

$498.1 million, up 4.1% year-over-year

Third quarter 2026

Net income attributable to common shareholders

$82.3 million, compared with $99.7 million

Third quarter 2026 versus third quarter 2025

Core FFO per share and unit

$0.50, up 7.4% year-over-year

Third quarter 2026

Adjusted FFO per share and unit

$0.45, up 7.6% year-over-year

Third quarter 2026

Same-Home Core NOI

Up 2.5% year-over-year

Third quarter 2026

Class A shares repurchased

2.4 million shares for $75.0 million

Third quarter 2026

Full-year Core FFO guidance midpoint

Raised by $0.02 to $1.97 per share and unit

Full year 2026

Same-Home average occupied days

96.0%

Third quarter 2026

Previous Earnings Reports

2 past events · Latest: Jul 30

Same Type 2 events

1. Jul 30

   Second-quarter earnings

   24h Move

   +0.6%

   Raised full-year Core FFO guidance midpoint after reporting quarterly financial and operating results.

2. Oct 29

   Third-quarter earnings

   24h Move

   +0.7%

   Raised full-year Core FFO guidance midpoint alongside higher rents and Core FFO.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

funds from operations, real estate investment trust

2 terms

funds from operations financial

"Core Funds from Operations ("Core FFO") attributable to common share and unit holders"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

View in glossary

real estate investment trust financial

"internally managed Maryland real estate investment trust (REIT)"

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Raises Full Year 2026 Guidance

LAS VEGAS, Nov. 4, 2026 /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 September 30, 2026.

Highlights

• Rents and other single-family property revenues increased 4.1% year-over-year to $498.1 million for the third quarter of 2026.

• Net income attributable to common shareholders totaled $82.3 million, or $0.23 per diluted share, for the third quarter of 2026, compared to $99.7 million, or $0.27 per diluted share, for the third quarter of 2025.

• Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 7.4% year-over-year to $0.50 per FFO share and unit for the third quarter of 2026 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 7.6% year-over-year to $0.45 per FFO share and unit for the third quarter of 2026.

• Core Net Operating Income ("Core NOI") from Same-Home properties increased by 2.5% year-over-year for the third quarter of 2026.

• Achieved Same-Home Average Occupied Days Percentage of 96.0% in the third quarter of 2026, while generating 2.6% blended rate growth driven by lease spreads of 3.3% and 1.0% on renewals and new leases, respectively.

• October 2026 leasing results remained seasonally strong with Same-Home Average Occupied Days Percentage of 96.0%, rate growth on new leases of 0.1% and rate growth on renewals of 3.3%.

• Delivered a total of 498 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the third quarter of 2026.

• Repurchased and retired 2.4 million of our outstanding Class A common shares at a weighted-average price of $31.39 per share and a total price of $75.0 million in the third quarter of 2026.

• Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.02 per share and unit to $1.97, representing anticipated full year growth of 5.3% over prior year.

"AMH had another strong quarter with balanced execution across the platform and resilient demand driving an increase to the midpoint of our Core FFO per share guidance by $0.02 to $1.97 – now representing 5.3% year-over-year growth," stated Bryan Smith, AMH's Chief Executive Officer. "Our high-quality homes in great locations, superior resident experience supported by our technology and data platform, and outstanding team continue to differentiate AMH and drive sector-leading growth as we close out 2026 and turn our attention to 2027."

Third Quarter 2026 Financial Results

Net income attributable to common shareholders totaled $82.3 million, or $0.23 per diluted share, for the third quarter of 2026, compared to $99.7 million, or $0.27 per diluted share, for the third quarter of 2025. The decrease was primarily due to lower net gains on property sales and lower other income and expense, net, partially offset by increases in rents and other single-family property revenues exceeding increases in total expenses. On a per diluted share basis, the decrease was partially offset by lower share counts as a result of our share repurchase activity.

Rents and other single-family property revenues increased 4.1% to $498.1 million for the third quarter of 2026, compared to $478.5 million for the third quarter of 2025. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 5.3% to $278.4 million for the third quarter of 2026, compared to $264.3 million for the third quarter of 2025. This growth was driven by a 3.6% increase in core revenues resulting primarily from higher rental rates, partially offset by a 0.3% increase in core property operating expenses.

For the Company's Same-Home portfolio, core revenues increased 2.3% to $371.1 million for the third quarter of 2026, compared to $362.8 million for the third quarter of 2025, which was driven by a 2.4% increase in Average Monthly Realized Rent per property, partially offset by a 30 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.8% to $125.2 million for the third quarter of 2026, compared to $122.9 million for the third quarter of 2025, primarily driven by higher repairs and maintenance ("R&M") and turnover costs, net. As a result, Core NOI from Same-Home properties increased 2.5% to $246.0 million for the third quarter of 2026, compared to $239.9 million for the third quarter of 2025.

Core FFO attributable to common share and unit holders was $205.1 million, or $0.50 per FFO share and unit, for the third quarter of 2026, compared to $196.7 million, or $0.47 per FFO share and unit, for the third quarter of 2025. Adjusted FFO attributable to common share and unit holders was $183.4 million, or $0.45 per FFO share and unit, for the third quarter of 2026, compared to $175.5 million, or $0.42 per FFO share and unit, for the third 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 $323.7 million, or $0.89 per diluted share, for the nine-month period ended September 30, 2026, compared to $315.2 million, or $0.85 per diluted share, for the nine-month period ended September 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, 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 3.2% to $1.44 billion for the nine-month period ended September 30, 2026, compared to $1.40 billion for the nine-month period ended September 30, 2025. Revenue growth was primarily driven by higher rental rates.

Core NOI from our total portfolio increased 4.8% to $824.9 million for the nine-month period ended September 30, 2026, compared to $787.3 million for the nine-month period ended September 30, 2025. This growth was driven by a 3.0% increase in core revenues resulting primarily from higher rental rates and a 0.3% decrease in core property operating expenses.

For the Company's Same-Home portfolio, core revenues increased 2.4% to $1.10 billion for the nine-month period ended September 30, 2026, compared to $1.08 billion for the nine-month period ended September 30, 2025, which was driven by a 2.7% 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 1.1% to $368.7 million for the nine-month period ended September 30, 2026, compared to $364.8 million for the nine-month period ended September 30, 2025, primarily driven by annual increases in property tax expense and R&M and turnover costs, net. As a result, Core NOI from Same-Home properties increased 3.1% to $735.1 million for the nine-month period ended September 30, 2026, compared to $713.1 million for the nine-month period ended September 30, 2025.

Core FFO attributable to common share and unit holders was $607.9 million, or $1.48 per FFO share and unit, for the nine-month period ended September 30, 2026, compared to $589.4 million, or $1.39 per FFO share and unit, for the nine-month period ended September 30, 2025. Adjusted FFO attributable to common share and unit holders was $556.8 million, or $1.35 per FFO share and unit, for the nine-month period ended September 30, 2026, compared to $528.6 million, or $1.25 per FFO share and unit, for the nine-month period ended September 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 September 30, 2026, the Company's total single-family properties, excluding properties held for sale, consisted of 60,626 homes, compared to 60,482 homes as of June 30, 2026, an increase of 144 homes during the third quarter of 2026, which included 387 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 243 homes identified for sale. During the third quarter of 2026, we also developed an additional 111 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 498 total home deliveries through our AMH Development Program. As of September 30, 2026, the Company had 665 properties held for sale and 4,068 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the third quarter of 2026, the Company repurchased and retired 2.4 million of its outstanding Class A common shares at a weighted-average price of $31.39 per share and a total price of $75.0 million.

As of September 30, 2026, the Company had cash and cash equivalents of $71.0 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 7.3 years, which includes $420.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the third quarter of 2026, the Company generated $47.5 million of Retained Cash Flow and sold 291 properties, generating $94.0 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
	Current Guidance				Previous Guidance
	Range		Midpoint		Midpoint
Core FFO attributable to common share and unit holders	$1.96 - $1.98		$1.97		$1.95
Core FFO attributable to common share and unit holders growth	4.8% - 5.9%		5.3 %		4.3 %
Same-Home
Core revenues growth	1.90% - 2.90%		2.40 %		2.25 %
Core property operating expenses growth	1.10% - 2.10%		1.60 %		2.00 %
Core NOI growth	2.30% - 3.30%		2.80 %		2.40 %
			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

• $0.02 incremental Core FFO per share driven by:
  • Increased Same-Home portfolio Core NOI growth from modestly better Core revenues growth outlook and lower Core property operating expenses growth outlook primarily driven by lower than expected property tax expenses, and
  • Increased Non-Same-Home portfolio Core NOI growth primarily from solid initial lease-up of AMH Development deliveries.

Additional Information

A copy of the Company's Third 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, November 5, 2026 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended September 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 Thursday, November 19, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13762526#, 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 September 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.

Cautionary Note Regarding Forward-Looking Statements

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 and the estimated amount and 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)
	September 30, 2026		December 31, 2025
	(Unaudited)
Assets
Single-family properties:
Land	$         2,465,989		$         2,406,467
Buildings and improvements	12,336,790		11,971,961
Single-family properties in operation	14,802,779		14,378,428
Less: accumulated depreciation	(3,637,802)		(3,366,795)
Single-family properties in operation, net	11,164,977		11,011,633
Single-family properties under development and development land	910,959		1,233,586
Single-family properties and land held for sale, net	205,027		225,861
Total real estate assets, net	12,280,963		12,471,080
Cash and cash equivalents	70,994		108,516
Restricted cash	161,601		122,174
Rent and other receivables	55,882		43,119
Escrow deposits, prepaid expenses and other assets	216,698		228,017
Investments in unconsolidated joint ventures	148,643		148,935
Goodwill	120,279		120,279
Total assets	$        13,055,060		$        13,242,120
Liabilities
Revolving credit facility	$           420,000		$           360,000
Unsecured senior notes, net	4,742,308		4,735,735
Accounts payable and accrued expenses	524,462		436,879
Total liabilities	5,686,770		5,532,614
Commitments and contingencies
Equity
Shareholders' equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 356,860,908 and      366,021,665 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively)	3,569		3,660
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued      and outstanding at September 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 September 30, 2026 and December 31, 2025)	92		92
Additional paid-in capital	7,116,149		7,411,003
Accumulated deficit	(422,906)		(387,643)
Accumulated other comprehensive income	5,694		6,630
Total shareholders' equity	6,702,604		7,033,748
Noncontrolling interest	665,686		675,758
Total equity	7,368,290		7,709,506
Total liabilities and equity	$        13,055,060		$        13,242,120

 

AMH Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited)
	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
Rents and other single-family property revenues	$        498,070		$        478,464		$      1,440,198		$      1,395,243
Expenses:
Property operating expenses	187,974		181,604		518,626		509,223
Property management expenses	32,547		33,384		99,675		101,977
General and administrative expense	21,384		20,503		64,375		60,182
Interest expense	50,423		48,199		148,172		139,928
Acquisition, disposition and other transaction costs	3,301		3,661		9,556		9,377
Depreciation and amortization	127,592		126,656		382,542		378,523
Total expenses	423,221		414,007		1,222,946		1,199,210
Gain on sale and impairment of single-family properties and other, net	21,547		47,620		159,423		161,544
Loss on early extinguishment of debt	—		(180)		—		(396)
Other income and expense, net	908		4,904		2,392		11,957
Net income	97,304		116,801		379,067		369,138
Noncontrolling interest	11,503		13,618		44,900		43,458
Dividends on preferred shares	3,486		3,486		10,458		10,458
Net income attributable to common shareholders	$         82,315		$         99,697		$        323,709		$        315,222
Weighted-average common shares outstanding:
Basic	359,624,780		371,248,842		361,494,932		370,721,279
Diluted	359,852,304		371,580,911		361,702,683		371,084,326
Net income attributable to common shareholders per share:
Basic	$           0.23		$           0.27		$           0.89		$           0.85
Diluted	$           0.23		$           0.27		$           0.89		$           0.85

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 Third 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 Third 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 nine months ended September 30, 2026 and 2025 (amounts in thousands, except share and per share data):
 

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income attributable to common shareholders	$         82,315		$         99,697		$        323,709		$        315,222
Adjustments:
Noncontrolling interests in the Operating Partnership	11,503		13,618		44,900		43,458
Gain on sale and impairment of single-family properties and other, net	(21,547)		(47,620)		(159,423)		(161,544)
Adjustments for unconsolidated real estate joint ventures	2,293		1,918		6,364		5,223
Depreciation and amortization	127,592		126,656		382,542		378,523
Less: depreciation and amortization of non-real estate assets	(5,841)		(5,696)		(17,231)		(16,572)
FFO attributable to common share and unit holders	$        196,315		$        188,573		$        580,861		$        564,310
Adjustments:
Acquisition, disposition, other transaction costs and other	3,911		3,158		11,277		8,693
Noncash share-based compensation - general and administrative	3,968		3,917		12,736		12,771
Noncash share-based compensation - property management	862		864		3,050		3,247
Loss on early extinguishment of debt	—		180		—		396
Core FFO attributable to common share and unit holders	$        205,056		$        196,692		$        607,924		$        589,417
Recurring Capital Expenditures	(20,909)		(20,399)		(48,843)		(57,743)
Leasing costs	(729)		(765)		(2,303)		(3,102)
Adjusted FFO attributable to common share and unit holders	$        183,418		$        175,528		$        556,778		$        528,572
Common distributions	(135,870)		(126,610)		(408,608)		(380,899)
Retained Cash Flow	$         47,548		$         48,918		$        148,170		$        147,673
Per FFO share and unit:
FFO attributable to common share and unit holders	$           0.48		$           0.45		$           1.41		$           1.34
Core FFO attributable to common share and unit holders	$           0.50		$           0.47		$           1.48		$           1.39
Adjusted FFO attributable to common share and unit holders	$           0.45		$           0.42		$           1.35		$           1.25
Weighted-average FFO shares and units:
Common shares outstanding	359,624,780		371,248,842		361,494,932		370,721,279
Share-based compensation plan (1)	586,081		632,730		494,046		695,497
Operating partnership units	50,135,350		50,732,415		50,141,485		51,110,313
Total weighted-average FFO shares and units	410,346,211		422,613,987		412,130,463		422,527,089

(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 nine months ended September 30, 2026 and 2025:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Net income per common share–diluted	$           0.23		$           0.27		$           0.89		$           0.85
Adjustments:
Conversion from GAAP share count	(0.03)		(0.03)		(0.11)		(0.10)
Noncontrolling interests in the Operating Partnership	0.03		0.03		0.11		0.10
Gain on sale and impairment of single-family properties and other, net	(0.05)		(0.11)		(0.38)		(0.38)
Adjustments for unconsolidated real estate joint ventures	0.01		—		0.02		0.01
Depreciation and amortization	0.30		0.30		0.92		0.90
Less: depreciation and amortization of non-real estate assets	(0.01)		(0.01)		(0.04)		(0.04)
FFO attributable to common share and unit holders	$           0.48		$           0.45		$           1.41		$           1.34
Adjustments:
Acquisition, disposition, other transaction costs and other	0.01		0.01		0.04		0.01
Noncash share-based compensation - general and administrative	0.01		0.01		0.03		0.03
Noncash share-based compensation - property management	—		—		—		0.01
Core FFO attributable to common share and unit holders	$           0.50		$           0.47		$           1.48		$           1.39
Recurring Capital Expenditures	(0.05)		(0.05)		(0.13)		(0.13)
Leasing costs	—		—		—		(0.01)
Adjusted FFO attributable to common share and unit holders	$           0.45		$           0.42		$           1.35		$           1.25

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 nine months ended September 30, 2026 and 2025 (amounts in thousands): 

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026		2025		2026		2025
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$        498,070		$        478,464		$      1,440,198		$      1,395,243
Tenant charge-backs	(77,884)		(72,843)		(197,898)		(189,161)
Core revenues	420,186		405,621		1,242,300		1,206,082
Less: Non-Same-Home core revenues	(49,050)		(42,808)		(138,492)		(128,093)
Same-Home core revenues	$        371,136		$        362,813		$      1,103,808		$      1,077,989
Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$        187,974		$        181,604		$        518,626		$        509,223
Property management expenses	32,547		33,384		99,675		101,977
Noncash share-based compensation - property management	(862)		(864)		(3,050)		(3,247)
Expenses reimbursed by tenant charge-backs	(77,884)		(72,843)		(197,898)		(189,161)
Core property operating expenses	141,775		141,281		417,353		418,792
Less: Non-Same-Home core property operating expenses	(16,623)		(18,383)		(48,623)		(53,951)
Same-Home core property operating expenses	$        125,152		$        122,898		$        368,730		$        364,841
Core NOI and Same-Home Core NOI
Net income	$         97,304		$        116,801		$        379,067		$        369,138
Loss on early extinguishment of debt	—		180		—		396
Gain on sale and impairment of single-family properties and other, net	(21,547)		(47,620)		(159,423)		(161,544)
Depreciation and amortization	127,592		126,656		382,542		378,523
Acquisition, disposition and other transaction costs	3,301		3,661		9,556		9,377
Noncash share-based compensation - property management	862		864		3,050		3,247
Interest expense	50,423		48,199		148,172		139,928
General and administrative expense	21,384		20,503		64,375		60,182
Other income and expense, net	(908)		(4,904)		(2,392)		(11,957)
Core NOI	278,411		264,340		824,947		787,290
Less: Non-Same-Home Core NOI	(32,427)		(24,425)		(89,869)		(74,142)
Same-Home Core NOI	$        245,984		$        239,915		$        735,078		$        713,148

 

Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: investors@amh.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/amh-reports-third-quarter-2026-financial-and-operating-results-302929789.html

SOURCE AMH

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is AMH's updated full-year 2026 Core FFO guidance?

AMH expects Core FFO attributable to common share and unit holders of $1.96–$1.98 per share and unit for 2026. The midpoint is $1.97, compared with the previous $1.95 midpoint, and represents anticipated full-year growth of 5.3%.

Why did AMH raise its 2026 Core FFO guidance?

AMH attributes the increase to a better Same-Home operating outlook and higher expected operating income from properties outside that portfolio. The Same-Home outlook reflects modestly better core revenue growth and lower expense growth, primarily from lower-than-expected property taxes; the other portfolio benefited from initial leasing of development deliveries.