President Donald Trump said his administration plans to make housing more affordable for new homebuyers while keeping home values high for existing homeowners. Trump delivered his State of the Union address to a joint session of Congress on Tuesday night and touted the lower cost of new mortgages since he took office in January 2025."Mortgage rates are the lowest in four years and falling fast, and the annual cost of a typical new mortgage is down almost $5,000 just since I took office. One year," Trump sai ...

Financial Performance - American Homes 4 Rent reported a Core FFO per share increase of 5.4% to $1.87 for 2025, with total net income reaching $439 million [1] - The company generated $454.99 million in revenue for Q4, marking a 4.21% year-over-year increase, despite missing Street estimates by $3.99 million [2] Operational Insights - The company delivered over 2,300 new homes through its in-house development program and generated $570 million in net proceeds from the sale of more than 1,800 properties [1] - Management indicated that increased competition for tenants has resulted in extended lease-up times and a projected 25 basis point headwind in occupancy for 2026 [2] Future Outlook - American Homes 4 Rent anticipates a flatter growth curve for 2026, with occupancy expected to settle in the high 95% range and blended rental spreads projected in the low 2% range [4] - The company issued Core FFO guidance for 2026 of $1.89 to $1.95 per share and plans to invest $750 million to add another 1,900 newly constructed homes [4]

Core Viewpoint - The proposed legislation by Trump aims to prevent large landlords from acquiring additional existing single-family homes, which could help stabilize housing prices during a potential market downturn [1][22]. Group 1: Impact of Legislation - Only 6.3% of single-family rentals (SFRs) are owned by landlords with 100 or more properties, meaning the proposed ban would primarily affect a small segment of the market [2]. - Mom-and-pop landlords, who own 82.6% of SFRs, are the dominant force in the rental market and would not be impacted by the proposed legislation [2][12]. Group 2: Market Dynamics - The single-family rental market has seen a rise in institutional investors since 2011, driven by low borrowing rates that allowed them to purchase homes out of foreclosure [7][8]. - In 2022, major SFR landlords began selling properties at significant profits and shifted their focus to building new rental developments rather than purchasing existing homes [9][12]. Group 3: Build-to-Rent Trend - Build-to-rent developments have become increasingly popular, featuring common amenities and lower operational costs compared to older scattered-site homes [10]. - Major landlords are now acquiring entire build-to-rent developments, with significant investments made in this area since 2022 [15][19]. Group 4: Major Players in the Market - The largest single-family rental landlords include Progress Residential with nearly 100,000 SFRs, Invitation Homes with 97,036 SFRs, and Blackstone with 62,000 SFRs [11][15][17]. - These landlords have shifted strategies, moving away from scattered-site acquisitions to focus on building or purchasing new developments [12][16][19].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN HOMES 4 R ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [9] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share of $1.87, also representing a 5.4% year-over-year growth [12] - The company generated quarterly net income of $123.8 million, or $0.33 per diluted share, with quarterly Core FFO per share of $0.47, marking a 4.1% year-over-year growth [11] Business Line Data and Key Metrics Changes - The company delivered 490 homes from its AMH Development Program in Q4 2025, contributing to over 2,300 homes for the full year [12] - In 2025, the company sold 1,827 properties for total net proceeds of approximately $570 million, with an average disposition cap rate in the high 3% [12][13] - The company plans to deliver around 1,900 newly constructed homes in 2026, focusing on in-house development [8] Market Data and Key Metrics Changes - The company noted that the average occupied days for the same-home portfolio was 95% [9] - For January 2026, new renewal and blended spreads were reported at -1%, 3.5%, and 2.4% respectively [9] - The company highlighted that the demand for AMH products remains strong, despite challenges from elevated supply levels in certain markets [28] Company Strategy and Development Direction - The company is focused on addressing housing affordability and is actively engaged with policymakers to tackle this issue [5][6] - The strategy emphasizes quality housing and exceptional resident experience, with a commitment to in-house development to meet growing demand [7][8] - The company plans to strategically moderate its development activities in response to current capital market conditions, while still aiming to deploy approximately $750 million in total capital for 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed that there is a growing need for high-quality housing in America and that the company is committed to meeting this demand [10] - The outlook for 2026 anticipates a flatter seasonal curve for rate growth and occupancy than typically expected, with a focus on maintaining occupancy levels [9][10] - Management acknowledged the challenges posed by stubborn supply levels and emphasized the importance of monitoring market conditions closely [28][46] Other Important Information - The company has a new $500 million share repurchase authorization approved by the board, reflecting its commitment to capital deployment [18] - The company expects Core FFO per share and unit for 2026 to be in the range of $1.89-$1.95, indicating a year-over-year growth of 2.7% at the midpoint [15] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve than normal? - Management indicated that the leasing season is starting slightly delayed and that they are focused on building occupancy throughout the season, expecting a flatter peak [22][24] Question: What are the most significant variables affecting guidance for the year? - Management noted that supply levels across various housing types are stubbornly elevated, impacting the overall market dynamics [28] Question: Can you provide insights on the development pipeline and yields? - Management reported that the going-in delivery development yields were slightly lower than expected, around 5.3%, and similar yields are anticipated for 2026 [33] Question: How is the company addressing the political environment and advocacy costs? - Management confirmed that advocacy costs are a structural component of their cost structure, with expectations to incur these costs in 2026 [95][96] Question: What is the impact of supply pressure on strategy moving forward? - Management highlighted that while demand for AMH products remains strong, the company is closely monitoring supply pressures in various markets [28][46]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [9] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share of $1.87, also representing a 5.4% year-over-year growth [12] - The company sold 1,827 properties in 2025, generating approximately $570 million in net proceeds, with an average disposition cap rate in the high 3% [12][13] Business Line Data and Key Metrics Changes - The company delivered 490 homes from its development program in Q4 2025, totaling over 2,300 homes for the full year [12] - The Same-Home portfolio's average occupancy was reported at 95% for January 2026, with expectations for a flatter seasonal curve for rate growth and occupancy in 2026 [9][10] Market Data and Key Metrics Changes - The company noted that the demand for single-family rentals remains strong, with approximately 30% of move-outs in 2025 attributed to residents purchasing homes [7] - The company is experiencing supply pressures in certain markets, particularly in San Antonio and Phoenix, where inventory levels remain elevated [45] Company Strategy and Development Direction - The company plans to deliver around 1,900 newly constructed homes in 2026, focusing on in-house development to meet growing demand for single-family rentals [8][17] - The company is taking a patient approach to share repurchases, with a new $500 million share repurchase authorization approved by the board [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of addressing housing affordability and the role of single-family rentals in the housing ecosystem [5][6] - The company anticipates a challenging operating environment in 2026, with expectations for a flatter occupancy and rent growth curve compared to previous years [10][20] Other Important Information - The company expects Core FFO per share and unit for 2026 to be in the range of $1.89 to $1.95, indicating a year-over-year growth of 2.7% at the midpoint [15] - Property tax growth is expected to be around 3% in 2026, which is below the long-term average of 4-5% [38] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve? - Management indicated that the leasing season is starting slightly delayed and that they are focused on building occupancy throughout the leasing season [21][22] Question: What are the most significant variables affecting guidance? - Management noted that supply levels across various housing types are stubbornly elevated, impacting occupancy and lease-up times [26][27] Question: Can you provide insights on the development pipeline and yields? - The company reported that development yields for 2026 are expected to be similar to 2025, around 5.3%, influenced by current rent pressures [32] Question: How is the company addressing the political environment and advocacy costs? - Management confirmed that advocacy costs are a structural component of their cost structure, with expectations to incur these costs in 2026 [95][96] Question: What is the impact of supply pressure on strategy? - Management acknowledged that while demand for their products remains strong, supply pressures in certain markets are leading to extended lease-up times [27][45]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a Core FFO per share of $0.87, reflecting a year-over-year growth of 5.4% [7] - For the full year 2025, net income attributable to common shareholders was $439 million, or $1.18 per diluted share, with Core FFO per share at $1.87, also representing a 5.4% year-over-year growth [10] - The company closed 2025 with a net debt to Adjusted EBITDA ratio of 5.2 times, and a cash balance of approximately $110 million [11] Business Line Data and Key Metrics Changes - The AMH Development Program delivered 490 homes in Q4 2025, contributing to over 2,300 homes for the full year, enhancing housing stock in 14 markets [10] - The company sold 1,827 properties in 2025, generating net proceeds of approximately $570 million, with an average disposition cap rate in the high 3% [11] Market Data and Key Metrics Changes - The company noted a downward pressure on rates and occupancy due to seasonal demand moderation and supply challenges, with January 2026 showing new renewal and blended spreads of -1%, 3.5%, and 2.4% respectively [7] - The average occupied days for the same-home portfolio was reported at 95% [7] Company Strategy and Development Direction - The company is focusing on ground-up development to meet the growing demand for single-family rentals, with plans to deliver around 1,900 newly constructed homes in 2026 [6] - The strategy emphasizes providing quality housing and exceptional resident experiences, with a commitment to working with policymakers on housing affordability [4][5] Management's Comments on Operating Environment and Future Outlook - Management highlighted a growing need for high-quality housing in America and expressed confidence in the company's ability to navigate the current challenging environment [8] - The outlook for 2026 anticipates a flatter seasonal curve for rate growth and occupancy, with expectations for Same-Home Core NOI growth of 2% at the midpoint [13] Other Important Information - The company has a new $500 million share repurchase authorization, reflecting a strategic approach to capital deployment amid market uncertainties [16] - Management indicated that property tax growth is expected to be around 3% in 2026, which is below the long-term average [36] Q&A Session Summary Question: Why is the company expecting a flatter occupancy and rent growth curve? - Management noted that the leasing season is starting slightly delayed and emphasized a focus on building occupancy throughout the season, expecting to hold occupancy levels into the latter part of the year [19][20] Question: What are the key variables affecting the guidance for the year? - Management highlighted the stubbornly elevated supply levels across residential markets as a significant factor, impacting lease-up times and overall market dynamics [25][26] Question: Can you provide insights on the development pipeline and yields? - The company expects development yields to be around 5.3% for 2026, similar to 2025, influenced by current rent pressures [30] Question: How is the company addressing the political environment and potential caps on single-family rentals? - Management is actively engaging with policymakers and emphasizes the importance of single-family rentals in addressing housing supply shortages [54][55] Question: What constraints exist around dispositions? - Management indicated that tax planning and the timing of home sales are key considerations, with a focus on maintaining a strong market presence [96][97]

For the quarter ended December 2025, American Homes 4 Rent (AMH) reported revenue of $454.99 million, up 4.2% over the same period last year. EPS came in at $0.47, compared to $0.33 in the year-ago quarter.The reported revenue represents a surprise of -1.59% over the Zacks Consensus Estimate of $462.36 million. With the consensus EPS estimate being $0.47, the EPS surprise was +0.56%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

分组1 - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.47 per share, matching the Zacks Consensus Estimate and showing an increase from $0.45 per share a year ago, resulting in an FFO surprise of +0.56% [1] - The company posted revenues of $454.99 million for the quarter ended December 2025, which was 1.59% below the Zacks Consensus Estimate, but an increase from $436.59 million year-over-year [2] - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates four times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 2.3% since the beginning of the year compared to the S&P 500's gain of 0.5% [3] - The current consensus FFO estimate for the coming quarter is $0.48 on revenues of $484.48 million, and for the current fiscal year, it is $1.96 on revenues of $1.97 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 29% of over 250 Zacks industries, indicating potential challenges for the sector [8]

AMH Table of Contents | Summary | | | --- | --- | | Earnings Press Release | 3 | | Select Non-GAAP Reconciliations – Core Net Operating Income | 9 | | Fact Sheet | 11 | | Financial Information | | | Consolidated Statements of Operations | 12 | | Funds from Operations | 13 | | Core Net Operating Income – Total Portfolio | 14 | | Same-Home Results | 15 | | Consolidated Balance Sheets | 18 | | Debt Summary | 19 | | Capital Structure and Credit Metrics | 20 | | Property and Other Information | | | Top 20 Market ...