American Homes 4 Rent Q3 2026 Earnings Recap

AMH’s third-quarter results and 2026 outlook were broadly steady: the stock rose 1.4% after earnings. Core FFO grew 7.4% year over year and the company raised the midpoint of 2026 core FFO guidance by $0.02, while same-home revenue growth was 2.3%.

Key Takeaways

• Same-home occupancy averaged 96%; blended lease spreads were 2.6%, with new leases at 1% and renewals at 3.3%.
• Same-home core NOI grew 2.5%, slightly ahead of core revenue growth of 2.3%.
• October occupancy remained 96%; renewal growth was 3.3%, while new-lease rate growth was 0.1%.
• AMH delivered 498 homes across its wholly owned and joint venture portfolios and sold 291 homes for $94 million in net proceeds, at an average economic disposition yield in the 4% area.
• The company repurchased $75 million of shares in the quarter; net debt, including preferred shares, to adjusted EBITDA stood at 5.2x.