$AMH · American Homes 4 Rent
AMH reported Q3 2026 results: revenue +4.1% YoY to $498.1M, net income attributable to common shareholders of $82.3M ($0.23 diluted EPS, down from $99.7M/$0.27 a year ago on lower property sale gains). Core FFO rose 7.4% to $0.50/share; Same-Home Core NOI +2.5%. The company raised FY2026 Core FFO guidance midpoint by $0.02 to $1.97 (5.3% growth) and repurchased 2.4M shares for $75.0M at $31.39 avg.
- Q3 revenue $498.1M, +4.1% YoY; GAAP diluted EPS $0.23 vs $0.27 prior year.
- Core FFO $0.50/share (+7.4% YoY); Adjusted FFO $0.45/share (+7.6% YoY).
- Same-Home Core NOI +2.5% YoY; occupancy 96.0%; blended rate growth 2.6%.
- FY2026 Core FFO guidance midpoint raised $0.02 to $1.97 (5.3% growth).
- Repurchased 2.4M shares for $75.0M at $31.39 avg; total debt $5.2B at 4.5% weighted rate.
Shares closed +3.52% to $32.63, but extended-hours trading slipped to $32.20 (-1.32% vs close), suggesting modest profit-taking despite the guidance raise.
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Single-family rental operators continue to show resilient rent growth; AMH's 2.5% Same-Home NOI growth and 96% occupancy reflect steady demand in the SFR sector.
GAAP EPS declined YoY on lower property sale gains; guidance excludes unpredictable gain-on-sale, transaction costs, and hurricane-related charges that could materially impact GAAP net income.