American Homes 4 Rent (AMH) Q1 2026 earnings summary

Executive summary

• Achieved a strong start to 2026 with record leasing volumes in March, accelerating spring leasing activity, and continued momentum through April, despite a slightly later seasonal demand pickup.

• Demonstrated resiliency of single-family rentals amid political and economic uncertainty, with solid expense management and higher occupancy.

• Owned 61,237 single-family properties in 24 states as of March 31, 2026, with 1,037 held for sale and 3,858 in unconsolidated joint ventures.

• Portfolio growth focused on internal development, with 539 newly constructed homes delivered to wholly owned and JV portfolios.

• Focused on efficient home turns and meeting accelerating demand during peak leasing season.

Financial highlights

• Net income attributable to common shareholders was $148.8 million in Q1 2026, up from $128.7 million in Q1 2025, driven by higher rental revenues and property sales gains.

• Core FFO per share and unit was $0.48, up 4.6% year-over-year; Adjusted FFO per share and unit was $0.45, up 8% year-over-year.

• Rents and other single-family property revenues rose 2.8% year-over-year to $472.0 million in Q1 2026.

• Same-home Core NOI grew 3.7% year-over-year to $245.9 million; total portfolio Core NOI increased 4.8% to $271.2 million.

• Sold over 700 homes for ~$200 million net proceeds, with average disposition yield in the 4% area.

Outlook and guidance

• 2026 guidance remains unchanged, with optimism for continued strong demand and operational execution.

• Full-year 2026 Core FFO guidance is $1.89–$1.95 per share and unit.

• Expecting flattish new lease rate growth for the year to support occupancy.

• Lease expiration profile intentionally shifted to the front half of the year to optimize occupancy and rate.

• Anticipates 1,300–1,500 wholly owned acquisitions, 400–600 wholly owned development deliveries, and 1,700–2,100 JV development deliveries for 2026.