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Dec 31, 2025
American Homes 4 Rent Q4 2025 Earnings Report
AMH reported higher revenues and Core NOI for the fourth quarter of 2025, with net income attributable to common shareholders of $123.8 million.
Key Takeaways
AMH delivered 4.2% revenue growth in Q4 2025 driven by higher rental rates, while maintaining stable diluted EPS of $0.33 and growing Core NOI and Core FFO. The company continued capital recycling through property sales and share repurchases.
Rents and other single-family property revenues increased to $454,991,000 in Q4 2025.
Net income attributable to common shareholders was $123,808,000, or $0.33 per diluted share.
Core NOI from the total portfolio rose to $268,272,000, up year-over-year.
The company repurchased 4,700,000 Class A common shares for $150,000,000 during the quarter.
Revenue by Segment
Forward Guidance
For full year 2026, AMH expects Core FFO attributable to common share and unit holders in the range of $1.89 to $1.95 per share, supported by Same-Home revenue growth and continued development activity.
Positive Outlook
- Core FFO guidance midpoint of $1.92 per share implies year-over-year growth.
- Same-Home core revenue growth projected between 1.25% and 3.25%.
- Planned wholly-owned development deliveries of 1,300 to 1,500 homes.
- Expected JV development deliveries of 400 to 600 homes.
- Total gross capital investment projected between $650,000,000 and $850,000,000.
Challenges Ahead
- Disposition program expected to reduce Core FFO contribution.
- Financing costs anticipated to impact earnings.
- Core property operating expenses projected to grow 1.75% to 3.75%.
- Average Occupied Days Percentage expected to be slightly lower than 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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