Financial Performance - For the three months ended September 30, 2025, rental and other single-family property revenues increased to $478,464,000, up 7.0% from $445,055,000 in the same period of 2024[31]. - Net income for the three months ended September 30, 2025, was $116,801,000, representing a 33.3% increase compared to $87,640,000 for the same period in 2024[31]. - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $315,222,000, an increase of 14.5% from $275,252,000 for the same period in 2024[31]. - The company reported a basic net income per share of $0.27 for the three months ended September 30, 2025, compared to $0.20 for the same period in 2024[31]. - Net income for the nine months ended September 30, 2025, was $369,138, compared to $324,269 for the same period in 2024, representing a year-over-year increase of approximately 13.9%[46]. - Net income for the three months ended September 30, 2025, was $116.801 million, representing a 33.4% increase from $87.640 million in the same quarter of 2024[53]. - The company reported a net income attributable to common unitholders of $113.315 million for Q3 2025, up from $84.154 million in Q3 2024, reflecting a growth of 34.6%[53]. - For the nine months ended September 30, 2025, net income was $369,138,000, compared to $324,269,000 for the same period in 2024, indicating a growth of 13.8%[125]. Assets and Liabilities - Total assets as of September 30, 2025, were $13,253,466,000, a decrease from $13,381,151,000 as of December 31, 2024[28]. - Total liabilities decreased to $5,415,499,000 as of September 30, 2025, from $5,532,521,000 as of December 31, 2024[28]. - Total shareholders' equity remained relatively stable at $7,161,264,000 as of September 30, 2025, compared to $7,160,016,000 as of December 31, 2024[28]. - Total debt as of September 30, 2025, was $4.910 billion, a decrease from $5.075 billion as of December 31, 2024[95]. - The Company’s total debt per balance sheet, after accounting for unamortized discounts and deferred financing costs, was $4.843 billion as of September 30, 2025[95]. Cash Flow and Investments - Cash and cash equivalents decreased significantly to $45,631,000 as of September 30, 2025, from $199,413,000 as of December 31, 2024[28]. - Net cash provided by operating activities was $718,515 for the nine months ended September 30, 2025, compared to $709,348 in 2024, indicating a slight increase of 1.8%[46]. - Net cash used for investing activities was $280,631 for the nine months ended September 30, 2025, compared to $293,048 in 2024, showing a decrease of about 4.2%[46]. - Cash, cash equivalents, and restricted cash at the end of the period were $175,735 as of September 30, 2025, down from $317,849 in 2024, indicating a decrease of about 44.5%[46]. - Net cash used for financing activities was $612,365 for the nine months ended September 30, 2025, compared to $320,312 in 2024, reflecting a significant increase of 91.1%[63]. Revenue and Expenses - The company incurred total expenses of $414,007,000 for the three months ended September 30, 2025, compared to $393,062,000 for the same period in 2024, reflecting a 5.3% increase[31]. - Depreciation and amortization expenses increased to $378,523 for the nine months ended September 30, 2025, from $353,020 in 2024, reflecting a rise of about 7.2%[46]. - Property operating expenses increased by 5.6% to $181.6 million for the three months ended September 30, 2025, from $172.0 million in 2024[187]. - Interest expense rose by 10.5% to $48.2 million for the three months ended September 30, 2025, compared to $43.6 million in 2024[192]. - General and administrative expenses increased to $20.5 million for the three months ended September 30, 2025, up from $19.2 million in 2024[191]. Property Management and Operations - The company held 61,692 single-family properties across 24 states as of September 30, 2025, including 1,028 properties classified as held for sale[67]. - Total occupancy rate across properties was 95.2% as of September 30, 2025, with an average realized rent of $2,306[155]. - Average Monthly Realized Rent per property increased by 3.5% year-over-year for Q3 2025, with a turnover rate of 7.3%[171]. - The company developed or acquired 587 homes in Q3 2025, including 539 newly constructed homes through the AMH Development Program[163]. - The company identified 1,028 properties held for sale as of September 30, 2025, compared to 805 properties at the end of 2024[165]. Shareholder Information - The Company declared a distribution of $0.30 per Class A and Class B common share for Q3 2025, compared to $0.26 in Q3 2024[112]. - The total noncash share-based compensation expense for the nine months ended September 30, 2025, was $20.4 million, down from $26.2 million in the same period of 2024[124]. - The Company has a 2021 Employee Stock Purchase Plan allowing for the issuance of up to 3,000,000 Class A common shares, set to terminate in June 2031[123]. - The share repurchase program has an authorization of up to $265.1 million for Class A common shares and $250.0 million for preferred shares as of September 30, 2025[109]. - Affiliates owned approximately 12.3% of the company's outstanding Class A common shares as of September 30, 2025, with a fully-diluted interest of approximately 22.7%[138].

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $99.7 million, or $0.27 per diluted share, with core FFO per share growth of 6.2% year over year [11][12] - The updated guidance for core FFO per share was increased by $0.01 to $1.87 at the midpoint, representing a growth of 5.6% for the last stretch of 2025 [6][14] - Same home core revenue growth was reported at 3.8%, with same home core operating expense growth muted at 2.4%, leading to same home core NOI growth of 4.6% [7][14] Business Line Data and Key Metrics Changes - The AMH development program delivered a total of 651 homes to wholly owned and joint venture portfolios, on track with expectations [12] - The company sold 395 properties, generating approximately $125 million of net proceeds at an average economic disposition yield in the high 3% [12][13] Market Data and Key Metrics Changes - The Midwest markets continue to outperform, supported by good underlying fundamentals, with expectations for sustained performance into 2026 [24][25] - The company noted that while there is some rate pressure from conversions of for sale to for rent, many markets are still performing well, particularly in the Midwest and certain Western markets [52] Company Strategy and Development Direction - The company focuses on portfolio optimization, operational execution, and prudent capital management, which has driven solid contributions across all areas of the AMH platform [5][9] - The strategy includes a shift in lease expiration management to front-load expirations in the first half of the year, which has positively impacted occupancy and new lease trends [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum heading into 2026, with expectations for improved occupancy and rent growth returning in the spring leasing season [35][67] - The company remains proactive in addressing regulatory updates and has been engaging with local municipalities to demonstrate its contributions to housing supply [80][81] Other Important Information - The company achieved a fully unencumbered balance sheet, marking a significant milestone, with net debt to adjusted EBITDA down to 5.1 times [13] - The company expects full year same home property tax growth in the high 2% area, with a reduction in full year same home core expense growth expectations to 3.25% [14] Q&A Session Summary Question: Impact of lease expiration strategy on occupancy and new lease trends - Management noted that the shift in lease expiration strategy has led to a decrease in turnover rate and is expected to positively impact occupancy as they move into the fourth quarter [20][22] Question: Sustained performance of Midwest markets - Management confirmed that the Midwest continues to show strength due to quality of life and affordability, with expectations for continued positive contributions [24][25] Question: Deceleration in same store revenue growth - Management explained that the deceleration is influenced by timing of last year's leasing spreads and strategic acceleration of leasing activity into earlier parts of the year [30][31] Question: Fourth quarter trends and outlook for 2026 - Management indicated that they expect November and December to show positive effects on occupancy, positioning the company well for the next year [35][36] Question: Stock buybacks versus development funding - Management stated that stock buybacks are being monitored closely and could complement the value created by the development program if executed at the right price [40][41] Question: Regulatory updates and election cycle - Management reported that regulatory activity has been quiet, with proactive engagement with local officials to highlight the company's contributions to housing supply [80][81]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $99.7 million, or $0.27 per diluted share, with core FFO per share growth of 6.2% year-over-year [11][12] - The updated guidance for core FFO per share was increased by $0.01 to $1.87 at the midpoint, representing a growth of 5.6% for the last stretch of 2025 [6][14] - Same home core revenue growth was reported at 3.8%, with same home core operating expense growth muted at 2.4%, leading to same home core NOI growth of 4.6% [7][14] Business Line Data and Key Metrics Changes - The AMH development program delivered a total of 651 homes to wholly owned and joint venture portfolios, on track with expectations [12] - The company sold 395 properties, generating approximately $125 million of net proceeds at an average economic disposition yield in the high 3% [12][13] - Same home average occupied days were reported at 95.9%, with preliminary new lease spreads of 0.3% balanced by renewal rate growth of 4% [7][8] Market Data and Key Metrics Changes - The Midwest markets continue to outperform, supported by good underlying fundamentals, with expectations for sustained performance into 2026 [24][25] - The company noted that BTR and multifamily are off-peak deliveries, with expectations for improvement into 2026 [53] Company Strategy and Development Direction - The company focuses on portfolio optimization, operational execution, and prudent capital management, which has driven solid contributions from all areas of the AMH platform [5][6] - The strategy includes a shift in lease expiration management to front-load expirations in the first half of the year, which has positively impacted occupancy and new lease trends [20][22] - The company is leveraging AI tools to enhance operational efficiency and improve the leasing experience [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum heading into 2026, with expectations for improved occupancy and rent growth in the spring leasing season [34][70] - The company remains proactive in addressing regulatory updates and has been engaging with local municipalities to communicate its contributions to housing supply [81][83] Other Important Information - The company achieved a fully unencumbered balance sheet, marking a significant milestone, with net debt to Adjusted EBITDA down to 5.1 times [13] - Full year 2025 property tax growth is expected to be in the high 2% area, positively impacting the updated full year outlook [12][14] Q&A Session Summary Question: Impact of lease expiration strategy on occupancy and new lease trends - Management noted that the shift in lease expiration strategy has led to a decrease in turnover rate and is expected to build occupancy towards the end of the year [20][22] Question: Sustained performance of Midwest markets - Management confirmed continued strength in the Midwest due to good quality of life and affordability, with expectations for positive contributions to the portfolio [24][25] Question: Deceleration in same store revenue growth - Management explained that the deceleration is influenced by timing of leasing spreads and strategic acceleration of leasing activity earlier in the year [28][30] Question: Fourth quarter trends and outlook for 2026 - Management indicated that November and December are expected to show positive effects on occupancy, positioning the company well for the next year [34][35] Question: Stock buybacks versus development funding - Management stated that stock buybacks are being monitored closely and could complement the value created by the development program at the right price [40][41] Question: Regulatory updates and election cycle - Management reported that regulatory activity has been quiet, with proactive engagement with local officials to highlight the company's contributions [81][83]

Financial Data and Key Metrics Changes - The company reported net income attributable to common shareholders of $99.7 million, or $0.27 per diluted share, with core FFO per share growth of 6.2% year over year [12][4] - The updated guidance for core FFO per share was increased by $0.01 to $1.87 at the midpoint, representing a growth of 5.6% for the last stretch of 2025 [4][15] - Same home core revenue growth was reported at 3.8%, with same home core NOI growth of 4.6% [5][15] Business Line Data and Key Metrics Changes - The company delivered solid same home average occupied days of 95.9% and new, renewal, and blended rental rate spreads of 2.5%, 4%, and 3.6% respectively [5][4] - Same home core operating expense growth was muted at 2.4%, contributing to the overall NOI growth [5][15] - The AMH development program delivered a total of 651 homes to the wholly owned and joint venture portfolios [13] Market Data and Key Metrics Changes - The Midwest markets continue to outperform, supported by good underlying fundamentals and a favorable cost of living [26][27] - The company noted a tapering of activity in October, with same home average occupied days dropping to 95.1% [5][4] - The company sold nearly 1,200 homes to end-user home buyers year to date, despite a slowdown in MLS activity [6][7] Company Strategy and Development Direction - The company focuses on portfolio optimization, operational execution, and prudent capital management as part of its strategy [4][6] - The development program is expected to maintain strategic sizing funded by internally generated capital and incremental debt capacity [8][15] - The company is leveraging AI tools to enhance operational efficiency and improve the leasing process [66][67] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing velocity improving and the benefits from the lease expiration management initiative [22][41] - The company anticipates a positive effect on occupancy and pricing power as it enters the spring leasing season next year [42][96] - Management highlighted the importance of controlling expenses and maintaining strength in the top line for future margin expansion [85][86] Other Important Information - The company’s balance sheet is now 100% unencumbered, with zero maturities until 2028 [14][15] - Full year 2025 property tax growth is expected to be in the high 2% area, positively impacting the updated outlook [13][15] Q&A Session Summary Question: Impact of lease expiration strategy on occupancy and new lease trends - Management noted that the shift in lease expirations has led to a decrease in turnover rate and is expected to build occupancy towards the end of the year [19][23] Question: Performance of Midwest markets - Management confirmed continued strength in the Midwest due to good quality of life and affordability, expecting this trend to sustain [26][27] Question: Same store revenue growth deceleration - Management explained that the deceleration is influenced by timing of last year's leasing spreads and strategic acceleration of leasing activity [32][38] Question: Fourth quarter trends and expectations - Management indicated that October showed improved leasing activity, suggesting better trends for November and December [40][41] Question: Stock buybacks versus development funding - Management stated that stock buybacks are being monitored closely and could complement the value created by the development program [48][55] Question: Regulatory updates - Management reported that regulatory activity has been relatively quiet, with proactive engagement with local municipalities [109][111]

Core Performance - American Homes 4 Rent (AMH) reported revenue of $478.46 million for the quarter ended September 2025, reflecting a year-over-year increase of 7.5% [1] - Earnings per share (EPS) for the quarter was $0.47, significantly up from $0.20 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $474.98 million by 0.73%, while the EPS surpassed the consensus estimate of $0.46 by 2.17% [1] Revenue Breakdown - Core revenues amounted to $405.62 million, slightly below the four-analyst average estimate of $409.34 million, with a year-over-year change of +7.5% [4] - Non-Same-Home core revenues were reported at $47.8 million, exceeding the average estimate of $45.95 million, representing a year-over-year increase of 14.3% [4] - Tenant charge-backs reached $72.84 million, surpassing the average estimate of $65.34 million, with a year-over-year change of +7.7% [4] - Same-Home core revenues were $357.83 million, below the estimated $363.39 million, but still showing a +6.6% change compared to the previous year [4] - Net earnings per share (diluted) were reported at $0.27, exceeding the average estimate of $0.16 [4] Stock Performance - Over the past month, shares of American Homes 4 Rent have returned -1.9%, contrasting with the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - American Homes 4 Rent (AMH) reported quarterly funds from operations (FFO) of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and up from $0.44 per share a year ago, representing an FFO surprise of +2.17% [1][2] - The company achieved revenues of $478.46 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.73% and increasing from $445.05 million year-over-year [2] - The stock has underperformed the market, losing about 12.9% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] Financial Performance - Over the last four quarters, American Homes 4 Rent has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] - The current consensus FFO estimate for the upcoming quarter is $0.48 on revenues of $465.79 million, and for the current fiscal year, it is $1.87 on revenues of $1.86 billion [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The estimate revisions trend for American Homes 4 Rent was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The REIT and Equity Trust - Residential industry is currently ranked in the bottom 41% of Zacks industries, which may impact the stock's performance [8]

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Financial Performance - Net income attributable to common shareholders for Q3 2025 was $99.7 million, or $0.27 per diluted share, up from $73.8 million, or $0.20 per diluted share in Q3 2024, reflecting a significant increase in rents and property revenues [7]. - For the nine-month period ended September 30, 2025, net income attributable to common shareholders was $315.2 million, or $0.85 per diluted share, compared to $275.3 million, or $0.75 per diluted share in the same period of 2024 [14]. - The company reported net income of $116,801 for Q3 2025, compared to $87,640 in Q3 2024, representing a significant increase of 33.3% [41]. - The company’s net income per common share–diluted for Q3 2025 was $0.27, up from $0.20 in Q3 2024, indicating a 35% increase [135]. Revenue Growth - Rents and other single-family property revenues increased by 7.5% year-over-year to $478.5 million in Q3 2025, driven by a rise in the average occupied portfolio to 57,689 homes [8]. - Core revenues for Q3 2025 were $405,621, an increase of 7.3% from $377,440 in Q3 2024 [39]. - Same-Home core revenues for Q3 2025 reached $357,826, up from $344,735 in Q3 2024, reflecting a growth of 3.8% [39]. - Core revenues from the Same-Home portfolio increased by 4.2% to $1.1 billion for the nine-month period ended September 30, 2025 [17]. Operating Income - Core Net Operating Income (Core NOI) from the total portfolio rose by 9.2% to $264.3 million in Q3 2025, supported by a 7.5% increase in core revenues [9]. - Core Net Operating Income (NOI) for Q3 2025 was $264,340, compared to $242,094 in Q3 2024, indicating a year-over-year increase of 9.2% [41]. - Core NOI margin improved to 65.2% in Q3 2025, compared to 64.1% in Q3 2024 [46]. Funds from Operations - Core Funds from Operations (Core FFO) attributable to common share and unit holders increased by 6.2% year-over-year to $0.47 per FFO share in Q3 2025 [10]. - FFO attributable to common share and unit holders was $188,573,000 for Q3 2025, up from $167,334,000 in Q3 2024 [48]. - Core FFO attributable to common share and unit holders increased to $196,692,000 in Q3 2025, compared to $183,793,000 in Q3 2024 [48]. - Adjusted FFO attributable to common share and unit holders for Q3 2025 was $175.528 million, with common distributions of $126.610 million, resulting in a Retained Cash Flow of $48.918 million [141]. Property Management and Expenses - Core property operating expenses for Q3 2025 were $141,281, a rise from $135,346 in Q3 2024, marking an increase of 4.3% [41]. - Property management expenses for Q3 2025 totaled $33.384 million, an increase from $31.973 million in Q3 2024, marking a rise of 4.4% [133]. - General and administrative expenses for Q3 2025 were $20.503 million, compared to $19.247 million in Q3 2024, reflecting a 6.5% increase [133]. Debt and Capitalization - Total debt as of September 30, 2025, was $4,910,000,000, representing 25.6% of total capitalization [76]. - The company reported a net debt and preferred shares to adjusted EBITDAre ratio of 5.1x, indicating a stable financial position [76]. - The fixed charge coverage ratio for the trailing twelve months ended September 30, 2025, was 4.1x, indicating strong ability to cover fixed charges [117]. Market Presence and Growth Strategy - The Company achieved a Same-Home Average Occupied Days Percentage of 95.9% in Q3 2025, with a blended rate growth of 3.6% [10]. - The company anticipates continued growth driven by its acquisition and homebuilding programs, as indicated in its 2025 guidance [36]. - The company plans to enhance its market presence through strategic acquisitions and new developments in the coming years [36]. - The total development pipeline consists of 10,223 lots, with 1,800 - 2,000 expected deliveries for the full year 2025 [91]. Property Portfolio - Total single-family properties owned as of September 30, 2025, reached 60,664 homes, with 651 newly constructed homes delivered during Q3 2025 [21]. - As of September 30, 2025, the company owned over 61,000 single-family properties across various regions in the United States [34]. - The average age of properties in the portfolio was 17.9 years, with a total of 60,664 properties [79]. - The total number of properties across all markets was 53,412, with an average occupied days percentage of 95.9% [64].

Core Insights - The company reported a solid third quarter with a Core FFO per share growth of 6.2% and raised its full-year 2025 guidance midpoint by $0.01 per share to $1.87, indicating a growth of 5.6% over the previous year [3][12][17]. Financial Performance - For Q3 2025, net income attributable to common shareholders was $99.7 million, or $0.27 per diluted share, compared to $73.8 million, or $0.20 per diluted share in Q3 2024, driven by increased rents and property revenues [3][7]. - Rents and other single-family property revenues increased by 7.5% to $478.5 million in Q3 2025, up from $445.1 million in Q3 2024, supported by a larger average occupied portfolio and higher rental rates [4][12]. - Core NOI from the total portfolio rose by 9.2% to $264.3 million in Q3 2025, compared to $242.1 million in Q3 2024, attributed to revenue growth and partially offset by a 4.4% increase in operating expenses [5][12]. Same-Home Portfolio Performance - Core revenues for the Same-Home portfolio increased by 3.8% to $357.8 million in Q3 2025, driven by a 3.5% rise in Average Monthly Realized Rent per property [6][10]. - Core property operating expenses for Same-Home properties rose by 2.4% to $123.0 million in Q3 2025, leading to a Core NOI increase of 4.6% to $234.8 million [6][10]. Year-to-Date Results - For the nine-month period ended September 30, 2025, net income attributable to common shareholders was $315.2 million, or $0.85 per diluted share, compared to $275.3 million, or $0.75 per diluted share for the same period in 2024 [7][9]. - Rents and other single-family property revenues for the nine-month period increased by 8.0% to $1.4 billion, driven by a larger average occupied portfolio [8][10]. Investment and Development - As of September 30, 2025, the company owned 60,664 single-family properties, with an increase of 68 homes during Q3 2025, including 539 newly constructed homes [11][12]. - The company delivered a total of 651 newly constructed homes from its AMH Development Program in Q3 2025 [12]. Capital Structure and Liquidity - The company paid off approximately $426.1 million on its asset-backed securitization, resulting in a fully unencumbered balance sheet [13][14]. - As of September 30, 2025, the company had cash and cash equivalents of $45.6 million and total outstanding debt of $4.9 billion, with a weighted-average interest rate of 4.5% [14][25]. Guidance - The company raised its full-year 2025 Core FFO guidance to a range of $1.86 to $1.88 per share, reflecting improved expectations for Core NOI growth and financing costs [16][17].

Core Viewpoint - Investors are evaluating Safehold (SAFE) and American Homes 4 Rent (AMH) to determine which stock offers better value opportunities at present [1] Group 1: Zacks Rank and Earnings Outlook - SAFE has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while AMH has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that SAFE has an improving earnings outlook [3][4] Group 2: Valuation Metrics - SAFE has a forward P/E ratio of 9.71, significantly lower than AMH's forward P/E of 17.47 [5] - SAFE's PEG ratio is 1.41, while AMH's PEG ratio is 2.98, indicating that SAFE is expected to grow earnings at a more favorable rate relative to its price [5] - SAFE's P/B ratio is 0.47, compared to AMH's P/B of 1.54, further highlighting SAFE's undervaluation [6] Group 3: Value Grades - Based on the valuation metrics, SAFE earns a Value grade of A, while AMH receives a Value grade of C [6] - The combination of a solid earnings outlook and favorable valuation figures positions SAFE as the superior value option compared to AMH [6]