AMH raises 2026 Core FFO forecast as Q3 revenue tops estimates

AMH said on Nov. 4 it raised the midpoint of its full-year 2026 Core FFO guidance by 2 cents per share, and its third-quarter revenue topped the $478.32 million consensus estimate.

Rents and other single-family property revenues were $498.07 million for the quarter ended Sept. 30, up 4.1% from a year earlier. The company owns, operates and develops single-family rental homes, and owned over 61,000 such properties as of Sept. 30, the company said in its press release.

Here's how the company did:

• Revenue: $498.07 million vs. $478.32 million expected, up from $478.46 million a year earlier
• Net income attributable to common shareholders: $82.3 million, or 23 cents per diluted share, vs. $99.7 million, or 27 cents, a year earlier
• Core FFO per share: 50 cents vs. 47 cents a year earlier

The company said Core FFO, or core funds from operations, was $205.1 million for the quarter, compared with $196.7 million a year earlier.

2026 guidance

AMH now expects 2026 Core FFO attributable to common share and unit holders of $1.96 to $1.98 per share, with a midpoint of $1.97. It had given a range of $1.93 to $1.97 on July 30.

The company now forecasts Core FFO growth of 4.8% to 5.9%, with a midpoint of 5.3%. The midpoint was previously 4.3%.

The increase came from two sources, the company said. Same-Home Core NOI growth improved on a modestly better revenue outlook and a lower expense outlook, which it attributed mainly to lower-than-expected property tax expenses. Non-Same-Home Core NOI growth also rose, driven by initial lease-up of AMH Development deliveries.

Chief Executive Officer Bryan Smith said: “AMH had another strong quarter with balanced execution across the platform and resilient demand driving an increase to the midpoint of our Core FFO per share guidance by $0.02 to $1.97 – now representing 5.3% year-over-year growth.”

Capital returns and portfolio

AMH repurchased and retired 2.4 million Class A common shares in the quarter at a weighted-average price of $31.39, for a total of $75.0 million.

As of Sept. 30, the company had cash and cash equivalents of $71.0 million and total outstanding debt of $5.2 billion, with a weighted-average interest rate of 4.5%.

The company delivered 498 newly constructed homes through its AMH Development Program in the quarter, 387 to its operating portfolio and 111 to unconsolidated joint ventures.

Same-Home Core NOI rose 2.5% to $246.0 million. Same-Home average occupied days percentage was 96.0%, with blended rate growth of 2.6%, from lease spreads of 3.3% on renewals and 1.0% on new leases.

In October, Same-Home average occupied days percentage was 96.0%, with rate growth of 0.1% on new leases and 3.3% on renewals, the company said.