American Homes 4 Rent Q2 Earnings Call Highlights

AMH raised its 2026 Core FFO guidance midpoint by $0.03 to $1.95 per share , citing strong leasing execution, expense controls and higher disposition proceeds. Second-quarter Core FFO rose 5.2% year over year to $0.49 per share. Same-home operating trends remained healthy, with 96% average occupancy and 2.7% blended lease spreads in the quarter.

AMH also lowered its full-year same-home expense-growth outlook to 2% and raised its same-home NOI-growth outlook to 2.4%. The company delivered 651 homes in the quarter and remains on track to deliver 1,900 homes in 2026. It sold more than 1,300 homes in the first half for about $380 million in net proceeds, using the capital to fund development and limit additional debt needs.

American Homes 4 Rent NYSE: AMH raised the midpoint of its 2026 Core FFO-per-share guidance after reporting second-quarter results that management said reflected strong leasing execution, controlled expenses, development lease-up activity and higher-than-expected disposition proceeds. Chief Executive Officer Bryan Smith said demand for single-family rental homes remained healthy across the company’s diversified footprint. He said the company’s teams turned and re-leased a record number of homes during the first half while managing expenses tightly.

The company increased the midpoint of its full-year Core FFO guidance by $0.03 to $1.95 per share, representing expected year-over-year growth of 4.3%. Chief Financial Officer Chris Lau said the new midpoint represented the high end of the company’s prior guidance range.

Second-Quarter Results and Leasing Trends AMH reported net income attributable to common shareholders of $113.6 million, or $0.31 per diluted share, for the second quarter. Core FFO was $0.49 per share, up 5.2% from a year earlier, while adjusted FFO was $0.45 per share, up 8.3% year over year. Within the Same-Home portfolio, average occupied days were 96% during the quarter. New lease spreads were 1.4%, renewal spreads were 3.2%, and blended spreads were 2.7%, producing Core revenue growth of 2.3%. Smith said new and renewal rate growth accelerated during the quarter. In July, occupancy was 96.1%, while new lease, renewal and blended spreads were 1.6%, 3.3% and 2.8%, respectively.

Chief Operating Officer Lincoln Palmer said the company expects to maintain occupancy in the back half of the year and finish 2026 in the high-95% range. AMH expects full-year new-lease rate growth to be roughly flat, renewal growth in the 3.5% range and blended spreads in the low-2% range. Palmer said only about one-third of 2026 lease expirations remain in the second half, following a multiyear initiative to reshape the company’s expiration schedule. The lighter second-half expiration profile is expected to support a flatter occupancy curve and improve the company’s inventory position heading into 2027. Management cited continued strength in Midwest and several Western markets, including Seattle, Boise and Salt Lake City, where Palmer said occupancy was generally in the 96% to 97% range. Atlanta and Tampa were described as markets showing improvement, though management said those markets still have work to do on occupancy or rental rates.

Expense Controls Support NOI Outlook Lau said controllable Same-Home expense growth was held below 1% year over year in the quarter. The company lowered the midpoint of its full-year Same-Home Core expense-growth outlook by 75 basis points to 2%, citing expense controls and modestly favorable property-tax developments in several smaller states. As a result, AMH raised the midpoint of its Same-Home Core NOI growth ...