AMH

Image source: The Motley Fool. Friday, July 31, 2026 at 12:00 p.m. ET Chief Executive Officer - Bryan Smith Chief Financial Officer - Chris Lau Chief Operating Officer - Lincoln Palmer Vice President of Investor Relations - Nicholas Fromm Need a quote from a Motley Fool analyst? Email [email protected] Operator: Greetings, and welcome to the AMH's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the conference over to Nicholas Fromm, Vice President of Investor Relations. Thank you, Nick. You may begin. Nicholas Fromm: Good morning. Thank you for joining us for our second quarter 2026 earnings conference call. With me today are Bryan Smith, Chief Executive Officer, Chris Lau, Chief Financial Officer, and Lincoln Palmer, Chief Operating Officer. Please be advised that this call may include forward-looking statements. All statements other than statements of historical fact included in this conference call are forward-looking statements that are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected in these statements. These risks and other factors that could adversely affect our business and future results are described in our press releases and in our filings with the SEC. All forward-looking statements speak only as of today, July 31st, 2026. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. A reconciliation of GAAP to non-GAAP financial measures is included in our earnings press release and supplemental information package. As a note, our operating and financial results, including GAAP and non-GAAP measures, are fully detailed in our earnings release and supplemental information package. You can find these documents as well as SEC reports and the audio webcast replay of this conference call on our website at www.amh.com. With that, I will turn the call over to our CEO, Bryan Smith. Bryan Smith: Welcome, everyone. Thank you for joining us today. Before we get into our results, I would like to briefly touch on the Road to Housing Act, which went into law last month following overwhelming bipartisan support. This law reflects a thoughtful approach by policymakers to address housing affordability and allows the industry to move forward with greater certainty. It recognizes the important role that single-family rentals play in the broader housing ecosystem and reinforces a number of aspects of our value proposition. First, it recognizes the role of new home construction in helping to address housing affordability. This highlights the importance of our in-house development program that continues to add newly built, high-quality homes across the country. Second, by grandfathering in existing single-family rental homes, the legislation acknowledges that professionally managed rental housing is a critical element of our country's housing landscape. Millions of families will continue to have the opportunity to live in high-quality homes and neighborhoods without the burdens of homeownership. Third, the legislation preserves the ability to consolidate existing rental portfolios, enabling AMH to continue delivering our best-in-class resident experience to additional households across the country. This creates value not only for our residents, but also for our shareholders as additional homes are optimized on the AMH platform. Now to earnings. Demand for high-quality single-family rental housing across our diversified portfolio footprint remains healthy. We delivered a strong first half to the year, highlighted by another great spring leasing season. The team efficiently turned and re-leased a record number of homes through the first six months of the year, while also tightly managing expenses. In addition to these expense controls, we also saw contributions from our development program and capital allocation decisions, leading us to raise the midpoint of our Core FFO per share guidance by $0.03 to $1.95, which represents year-over-year growth of 4.3%. Turning to our second quarter same home results, average occupied days came in at 96%, and new renewal and blended spreads were 1.4%, 3.2%, and 2.7% respectively, driving core revenue growth of 2.3%. Notably, both new and renewal rate growth accelerated through the quarter, reflecting healthy demand for our homes. This momentum carried into July, with occupancy holding at 96.1% and new renewal and blended spreads of 1.6%, 3.3%, and 2.8% respectively. Looking ahead to the second half of the year, we expect to see the benefits of our lease expiration profile, where only one-third of 2026 lease expirations remain. This should translate into a meaningfully flatter occupancy curve and set us up well from an inventory and pricing perspective heading into 2027. Turning to investments, we continue to take a disciplined approach to capital allocation. Our development program remains on track. We are seeing modest improvement in initial yields supported by our pre-leasing efforts and the team's continued success in keeping vertical construction costs flat. On the disposition front, demand from individual homebuyers on the MLS remains strong. We have taken this opportunity to accelerate our portfolio optimization efforts and are tracking ahead of plan, having sold over 1,300 homes in the first half of the year at cap rates in the 4% area. As a reminder, we are match funding on-balance-sheet development this year with proceeds from our disposition program. Looking ahead, as I mentioned before, we are in a great position to capitalize on portfolio consolidation opportunities that arise. AMH has the platform and balance sheet to create meaningful value, but we will only do so when the cost of capital and economics make sense. In closing, we had a great first half of the year and are optimistic about the future of the industry. I want to thank our teams across the country for their hard work and continued commitment to providing high-quality housing and a superior resident experience to the families we serve. With that, I will turn the call over to Chris. Chris Lau: Thanks, Bryan, and good morning, everyone. Like usual, I'll cover three areas in my comments today. First, a review of our quarterly results, second, an update on our balance sheet and recent capital activity, third, I'll close with commentary around our increased 2026 guidance. Starting off with our operating results, the teams delivered an outstanding second quarter, generating net income attributable to common shareholders of $113.6 million, or $0.31 per diluted share. On an FFO shared unit basis, we generated $0.49 of Core FFO, representing 5.2% year-over-year growth, $0.45 of Adjusted FFO representing 8.3% year-over-year growth. Notably, this quarter's FFO growth was driven by exceptional execution across all aspects of the AMH business. As two quick examples, within the Same-Home portfolio, the teams did an excellent job capturing the spring leasing season, sequentially growing leasing spreads and occupancy throughout the quarter, while impressively holding year-over-year controllable expense growth to less than 1%. On top of that, our teams set new records on the lease-up and pre-leasing of recently constructed AMH Development homes, driving incremental NOI contribution outside of the Same-Home portfolio. Speaking of development, this quarter, we delivered a total of 651 homes to our wholly owned and joint venture portfolios. Of those homes, 542 were delivered to our wholly owned portfolio for a total investment cost of approximately $220 million. Additionally, as Bryan mentioned, we saw another quarter of robust disposition activity. On a year-to-date basis, we've now generated approximately $380 million of net proceeds, which is comfortably ahead of our initial timing expectations. Means that on a full year basis, we are now likely tracking towards the upper half of our $400 million-$600 million range that we outlined at the start of the year, reducing some of our planned incremental debt needs. Next, I'd like to quickly turn to our balance sheet and recent capital activity. At the end of the quarter, our net debt, including preferred shares to Adjusted EBITDA, was 5.2 times. We had approximately $84 million of cash available on the balance sheet, we had a $390 million drawn balance on our $1.25 billion revolving credit facility. Additionally, during the quarter, we attractively repurchased 4.1 million common shares for a total of $123 million at an average price of $29.88 per share. Next, I'll cover our updated 2026 earnings guidance, which was positively revised in yesterday's earnings press release. Starting with the Same-Home portfolio, recognizing the team's outstanding cost control execution and modestly favorable property tax news in a few of our smaller states, we've lowered the midpoint of our full-year Core expense growth expectations by 75 basis points to 2%. In turn, we have increased the midpoint of our Core NOI growth expectations by 40 basis points to 2.4%, we now expect 2026 Same-Home Core NOI margins to modestly expand compared to 2025. For the non-Same-Home portfolio, we also expect incremental Core NOI growth from similar expense benefits and additional contribution from our solid AMH Development lease-up activity. When combined with our better-than-expected disposition activity and incremental share repurchases, we've increased the midpoint of our full-year 2026 Core FFO-per-share expectations by a total of $0.03. Our new midpoint of $1.95 per share now reflects the high end of our previous range and represents a year-over-year growth expectation of 4.3%, which continues to position AMH at the top of the residential sector. Before we open the call to your questions, I'd like to close with one final thought. Like Bryan mentioned at the start, as our industry begins to emerge from some of the recent uncertainty, AMH's positioning as the largest integrated operator and developer of single-family rental homes will likely be more important than ever. The AMH Development Program gives us the unique ability to both control our external growth while also contributing much-needed housing stock across the country as we continue to create value for our residents, communities, and shareholders. With that, we'll open the call to your questions. Operator? Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. That we may address questions from as many participants as possible, we ask that you limit yourself to one question. If you have additional questions, you may re-queue, and time permitting, those questions will be addressed. One moment, please, while we pull for questions. Thank you. Our first question comes from the line of Juan Sanabria with BMO Capital Markets. Please proceed. Juan Sanabria: Good morning. Congrats on the quarter. Just hoping you could spend a little bit of time on CapEx. Have a nice trend in the quarter and year to date, both in terms of maintenance and R&M and turn costs. Just hoping you could expand on what's driving that, whether it's dispositions and/or new developments, and kind of the prospects going forward. What's kind of the new normal spend on an annual basis? Lincoln Palmer: Hi, Juan. This is Lincoln. Thanks for the question. Good to hear your voice this morning. Coming out of last year in the first half, recognized that we had some opportunities to tighten up some of our processes and make some structural adjustments to prepare us for '26. We layered that in with the investments that we've been making in some of the technologies and making sure that we have the right teams. In the back half of '25 showed great improvements. As we came into '26, as you know, we had a little bit heavier lift with the larger lease expirations in the first and second quarters. The teams did a fantastic job managing through that, probably even a little bit better than we expected. As we got through what was a little bit of an uncertain period for us, we were able to see that we can handle those types of changes to the lease expiration schedule. As we move to the back half of the year here, all those improvements remain in place. We expect that we'll continue to see a great benefit from the things we've done. I wouldn't expect the R&M and turn and some of the other components that are on the controllable side to remain in negative territory. Back half, I would expect something closer to low single digits or inflation-like. Operator: Thank you. Our next question comes from the line of Jamie Feldman with Wells Fargo. Please proceed. Connor: Hi, thank you. This is Connor on with Jamie. Thinking back to the last earnings call, I believe Atlanta was showing some early green shoots, and there was a bit more caution on Texas and Phoenix. In looking at 2Q results, Houston, Dallas delivered blends over 2%, while Phoenix and Tampa blends were a bit weaker. How would you say those markets have performed versus your initial expectations, and where do you still need to see some more evidence of a recovery? Lincoln Palmer: Thanks, Connor. We're actually very pleased with what we've seen in the vast majority of our markets from a pickup in occupancy. From a rate perspective, you can see that in the May/June and extension into July performance. Especially pleased with some of the pickups in occupancy that we saw in some markets into July. As far as Atlanta specifically goes, we had a pickup into July there. Still probably running a little bit less than what we want to be on total occupancy, and rates seem to be treading water a little bit. It's not the bright spot of the portfolio, but again, we're seeing improvements in a lot of places. Tampa, while again, kind of flat on occupancy and needs some work on rate. We are seeing some green shoots there as well. This time of year, we've seen a reduction in supply in the Tampa market for the first time in quite a while. We expect that will flow through into results over the next few quarters. Continue to see great strength in the Midwest, and some of our western markets. Seattle continues to be wonderful for us. High occupancy there. Boise, Salt Lake City, most of these markets are trending in the 96%-97% range. Very, very happy with the way that things have moved through the season. Operator: Thank you. Our next question comes from the line of Eric Wolfe with Citi. Please proceed. Eric Wolfe: Hey, thanks. I think in the past, you said that you only have about 33% of leases expiring in the back half of this year. Correct me if I'm wrong on that. I was curious sort of how that compares to prior years, so last year and the year before that, to sort of understand the expiration risk. Assuming it's actually less than the last couple of years, does that influence how you think about renewals in the back half? Does that allow you to be a bit more aggressive because you're not risking as much occupancy? Just trying to understand how that sort of impacts your strategy. Lincoln Palmer: Hi, Eric. Thanks for the question. As you know, this lease expiration management initiative of ours has been a multi-year effort. We made the broad brushstroke changes to that in 2025, where we saw expirations land kind of in the 50/50 range, is what we talked about. It looks much more closer to your observation this year, which is two-thirds, one-third. Again, very proud of the way that we managed that for the first part of the year. We're looking forward to the benefit of that in the back half of the year. Part of that benefit will be on the renewal side, and that's a natural part of our usual curve, where as activity slows down and resident movement slows down, we have a little bit more opportunity on the renewal side. We've talked about those trending into the 3.5% range. We should see that trend migrate in that direction over the next couple months. The other benefit is that as that activity slows down this year on the backside of leasing season, that's going to match nicely with the expirations. Those will also slow down, and we expect to be in a much better inventory position. As we've said in the past, our objective is always to go into the first part of every year in the best position possible from an occupancy standpoint. We think we have a great shot at that this year, given the shape and how we plan for it. Operator: Thank you. Our next question comes from the line of Haendel St. Juste with Mizuho Securities. Please proceed. Haendel St. Juste: Hey, good morning out there to you guys. Wanted to talk about development. Sounded like the projects in your pipeline, the projects that were leasing up, seems like they've been a bit better in the part of the raise here. Can you talk about what you're seeing in the pipeline versus your underwriting on the lease-ups, and where the yields are coming in versus the five and a quarter, I think you mentioned in prior quarters. What are you underwriting for projects you're starting today? Thanks. Bryan Smith: Yeah, thanks, Haendel. This is Bryan. As I mentioned in my prepared remarks, we're really pleased with the lease-up of our new deliveries this year. We've seen a little bit of an improvement in yields coming out of Q1 into Q2. A lot of that's just due to pricing. You're seeing the benefits of some of our pre-leasing initiatives that we started last year and are continuing to refine. If you look at the first half of the year, we leased about what we delivered, which is very healthy when you think about these projects that are still in development. Then a really interesting fact, if you look at the back half of the year, I think we're on schedule to deliver about 700 houses. Of those houses, already 40% are rented. What that means is it's very healthy for us to be able to do it from a pricing perspective, from a kind of migration through the development process and delivery process. In the event, this is one of the benefits of owning the entire development cycle in-house. We have the ability to deliver more quickly or slow down those deliveries on a monthly basis as we plan into next year. Those yields, again, are a major function of rents. They look really good coming into Q2. We're optimistic that there's some nice changes going on. The new deals that we're looking at, really think of it in terms of replenishment of some of the pipeline to maintain good continuity in the development markets that we really like. The few deals that we've closed this year are looking to yield into the sixes. We're getting there through a couple of different ways. We're seeing some favorable opportunities on the land side. There's been some optimization in the way that we're designing and delivering these houses. There's just a ton of demand for them, as we talked about in the past. I would think about the new deals we're looking at that we'll close a few more in the balance of this year as well, are in the sixes, and we're working through kind of the mid to low fives right now. Operator: Thank you. Our next question comes to the line of Steve Sakwa with Evercore ISI. Please proceed. Steve Sakwa: Yeah, thanks. Good morning. Thanks for the comments on July. I was just hoping if you could maybe clarify what your expectations are as it relates to occupancy in 3Q, 4Q, kind of just also your expectations about blended spreads. I realize occupancy dropped a lot last year, just trying to figure out kind of the cadence of occupancy and blends in the back half. Thanks. Lincoln Palmer: Hi, Steve. Thanks for the question. This is Lincoln. Yeah, we're aware that the curve looks a little bit differently this year. We expect to hold occupancy in the back half. We've talked about that on a full year basis, in the high 95% area. We're pleased with the way that July ended. Again, with seeing building occupancy in many of our markets, which gives us a great shot at doing this. That's supported in part by the lease expiration management program that we talked about a little bit earlier. New lease rate growth is still anticipated to be in the flattish area for the full year. Then again, the renewal rates in the 3.5% area or excuse me, the renewal rates in the 3.5% area with blends in the low 2s. Operator: Thank you. Our next question comes from the line of Jana Galan with Bank of America. Please proceed. Jana Galan: Thank you, and congratulations on a great quarter. Maybe a question, going back to capital allocation, and if you could talk about how you think through the preferences between share buybacks, the AMH Development Program, and maybe where today's seller expectations for some smaller portfolio transactions are. Chris Lau: Yeah, morning, Jana. Chris here. Why don't I start on the buyback piece, and then between Bryan and I, we can talk a little bit about portfolios. On the buyback piece, I would say our view there is really no different than the past couple of quarters, where we continue to very much believe in the business and believe in the stock. You can see that in how active we've been over the past about nine months or so now, including repurchasing about $123 million just recently in the second quarter. Which brings total repurchases over the past nine months to a little over 3% or so of shares and units outstanding, at an average price of about $31 per share. Since then, it's been nice to see that the stock has started to move in the right direction. Bryan Smith: Going forward, we continue to watch the stock closely right alongside, just like any other form of capital allocation alternative. If more opportunities look attractive, like we've talked about before, we have more capacity, right? Leverage ended the quarter in the low fives. That's below our long-term target. Like we talked about in prepared remarks, dispositions are tracking better than we were expecting at the beginning of the year. Chris Lau: We still have about $377 million or so of remaining capacity in our current repurchase authorization. Bryan Smith: Yeah, Jana. With regards to portfolios and what we're seeing out there. As most everyone knows, the consolidation environment this year was really on pause with all the legislation and the attention from Washington. There were a couple of deals that closed in January, and then it really was in a little bit of a wait and see. Post-legislation, we've seen a little bit more activity. There are some deals that are coming. We're talking to some owners. What's interesting for us is this legislation preserved our two major growth channels, our outlook for growth in the future due to our AMH Development Program, then the opportunity to consolidate portfolios. On the other hand, it affects the growth opportunities for some of the other smaller companies who are relying on MLS purchases. These additional regulations, I think, are going to make that more difficult. Not impossible. There are exceptions. The rules are still being written. It will make it more difficult, potentially less attractive. As a result of that, you couple that with the importance of an optimized and efficient operating platform, and it puts us in a really good position to add a lot of value to the portfolios and provide a complete solution to sellers who might find the space less attractive in light of the recent changes. Our expectations are that this will play out over the next 12-18 months as people really look to the long-term plans. We are seeing uptick in activity. In terms of seller expectations and pricing, we haven't seen anything trade. It's a little bit early to nail those numbers down, but we would expect the sellers to become realistic with what we can offer them over time. Operator: Thank you. Our next question comes from the line of Adam Kramer with Morgan Stanley. Please proceed. Adam Kramer: Hey, guys. Thanks for the time. Just wanted to talk about sort of the sequential improvement in new lease from, I guess, from the quarter to July. Just sort of what's driving that overall? Is it sort of feeling better about occupancy, is it concessions, just general sort of simple pricing? I guess more broadly, if you think about sort of the trajectory of this peak leasing season, how would you sort of frame the way it played out, I guess, relative to expectations or, relative to "normal year" relative to last year? Just sort of wondering how seasonal ended up playing out, because I think there were some concerns to start the year, given sort of what transpired a year ago. Lincoln Palmer: Yeah. Thanks, Adam. Appreciate the question. I think the shape of the season played out largely like we expected from the standpoint that we saw a healthy level of demand that continues for SFR, much like we've seen in previous years. I think the thing that made this year a little bit different was a couple things. One was, we're seeing this demand set against a modestly improving supply picture. That's encouraging given what we were hoping for at the beginning of the year. The second thing that's really moving the length of the season into July and the performance you saw there was just a strong seasonal execution by our teams. Our field teams were able to, despite having the largest number of expirations for the year in June, turn homes quickly, get them back to market, deliver them to our leasing teams, have them lease them quickly, and take advantage of the demand that existed in the peak season. I think that's the thing that we've done differently this year, as we've really tried to match our activity, our expirations, and other business operations to the demand that exists in the season. Largely playing out like we've expected and planned for, and we're looking forward to continuing to seeing benefits from that plan in the back half of the year. Operator: Thank you. Our next question comes from the line of David Siegel with Green Street Advisors. Please proceed. David Siegel: All right. Thank you. Given guidance in the year-to-date performance seems to imply a slowdown in revenue growth in the second half versus the first half. I appreciate all the color on the leasing building blocks. I just want to try to understand what's really driving that expectation for decelerating revenue growth from trend. Chris Lau: Morning, David. Chris here. A couple of things there. One, the main thing that I would point out is keep in mind the timing of earn in rolling from last year into this year. That's one of the things that we talked about at the beginning of 2026. If you think about blended spreads in 2025 being in the mid-3s plus, that's a contributor to this year's overall revenues growth. Obviously, earn in from last year is going to contribute into the first 6 months of this year, and you can see that being a little bit of a factor in terms of first half versus second half of 2026 revenue growth. More broadly, I would say things in general are playing out pretty similar to what our range of expectations were at the start of the year. Lincoln Palmer: I know Lincoln walked through the pieces, the pieces that he walked through, occupancy so far, very similar to what we are expecting. New lease performance almost dead on top of what we were contemplating at the beginning of the year. Then renewals, like Lincoln was talking about running in the low 3s, a touch better than what we were expecting at the start of the year. Keep in mind, we're talking about tens of basis points on a portion of our leases. We still have a lot of work left to do. Nonetheless, we're very optimistic that our teams will continue to execute at the highest level. As we think about the year, the setup is playing out really nicely. Especially on that renewal side, it's not totally out of the question that we could land the full year a touch above the mid. Operator: Thank you. Our next question comes from the line of Jesse Lederman with Zelman & Associates. Please proceed. Jesse Lederman: Hey, thanks for taking the question. Question on the development platform trajectory. You framed keeping it in motion in your highest conviction markets as being really mission-critical. Even though you've had a disposition run rate that's tracking ahead of plan, like you discussed, you've left the full-year guide unchanged, which implies the second half deliveries are going to be among the lowest for any half since the program really began to ramp. Given your matched funding, it seems like you do have capacity to do more. The question is, why hold the delivery guide flat rather than raise it? Is it kind of deliberately throttling capital elsewhere, or it's conservatism? Any info on that would be great. Thank you. Bryan Smith: Yeah, thanks, Jesse. This is Bryan. Development is a little bit different than some of the other acquisition channels in the past. If you go back to kind of the history of the company, we have the ability to almost instantly change our pace of closings on auctions and MLS and so forth. Development requires a plan and a strategy, and it's a little bit less nimble in the short term. We put together a strong plan this year for 1,900 deliveries, keeping all of the markets in a healthy position with land replenishments that allowed us to retain that optionality as the cost of capital environment improves at some point, or there are other factors that make the development yields more attractive. We really like the level that we're delivering at this year. The back half of the year being a little bit less than the first half of the year is indicative of the strategy of delivering homes into stronger demand environments. You can see that playing out in the success that we've had in lease-up on new deliveries into this year. We're pleased with our strategy, and we're going to continue to implement it with a little bit more of a balance of deliveries to the first half. Operator: Thank you. Our next question comes from the line of Michael Goldsmith with UBS. Please proceed. Michael Goldsmith: Good afternoon. Thanks a lot for taking my question. I'm here with Ami Probandt. The peak leasing season got off to a slow start, but it seems to have been extended into early July. Is there anything to point to in terms of customer behavior which you think has led to this shift? Lincoln Palmer: Thanks for the question. Appreciate it. This is Lincoln. There's nothing to point to in terms of customer behavior necessarily. I think as I mentioned before, the peak season had more to do with, again, the slightly improving supply environment and just execution by the teams and the setup of our plan for the year. We planned to capture as much of demand as we could while the season lasted. That's reflected in the higher number of expirations in the first part of the year. As that played out this year, we saw the same trajectory that we would normally see in most years, with the peak of demand occurring in May and June. As we moved into July, we just saw a very nice extension of the results, given that we were able to turn those homes quickly, lease the homes quickly giving us a nice extension of that performance and a setup into the back half that's going to be beneficial from an occupancy and rate standpoint. I wouldn't say anything large on the consumer side. Again, just a little bit better supply and the same foot traffic competing for lower inventory. Operator: Thank you. Our next question comes from the line of Brad Heffern with RBC Capital Markets. Please proceed. Brad Heffern: Yeah, thanks. Hey, everybody. Lots for future delivery have obviously been declining for some time. I know part of that was the relative attractiveness of the yields versus the repurchase, and I'm sure the regulatory uncertainty had you pausing on additions as well. You did mention the yields looking better and maybe seeing some loosening on the land side. I'm wondering, should we see those lots sort of stabilize now that the regulatory stuff is out of the way? Should they go up? Will they continue to drift lower? What's the right sizing for that program? Bryan Smith: Yeah. Thanks, Brad. This is Bryan. You're exactly right. We're expecting to replenish land through the balance of the year. I think it was really quiet on the land acquisition side at the first half. The question too is what size pipeline do you want relative to your future deliveries, and is it three years, three and a half years of supply? Part of that has to do with the type of land that you're buying. One of the nice things that we've seen of late is VDL opportunities. Opportunities to purchase land that's further down the line on development, which would allow us to effectively shorten the pipeline and deliver into vertical and deliver finished homes more quickly. There's a little bit of a different mix going forward. No, you're exactly right. We plan to add some land, the pipeline has been reduced and rebalanced in some ways to kind of reflect the current environment. Going forward, we're seeing some really good deals, we'll be adding to that to the balance of the year. Operator: Thank you. Our next question comes from the line of Peter Abramowitz with Deutsche Bank. Please proceed. Peter Abramowitz: Yeah, thanks for the time. I just wanted to go back to the non-Same-Home NOI contribution of the guidance raise, specifically the lease-up. Could you talk about maybe some of the markets where lease-up is exceeding your expectations on development, kind of the delta versus what you were expecting for the year? Has there been a unifying theme in terms of whether it feels like the upside to your expectations has been more supply or demand driven? Thanks. Chris Lau: Hey, Peter. Appreciate the question. Chris here, I'll start, Lincoln can fill in if it's helpful. Actually, as we think about that initial lease-up of recently delivered homes outside of the Same-Home pool, the really encouraging part there is that there isn't a single market that stands out. They really all stand out, that is a reflection of the team's level of execution across the board. If there is a, you used the term unifying theme, the one unifying theme across the board is our ability and the team's ability to actually pre-lease homes before they're actually finished from a construction standpoint, which accelerates, obviously, the lease-up timing. If you want an interesting statistic that really kind of demonstrates it across the board, in the first six months of this year, we actually executed more initial leases than actual homes that were delivered. That really underscores the point on pre-leasing, which means, I think Bryan mentioned this a couple of minutes ago, a meaningful portion of our deliveries for the back half of the year have already committed leases on them at this point. While we are expecting the teams to do a good job this year, to your point, in terms of upside to the guide or upside to our expectations at the start of the year, the team definitely exceeded what we were expecting at the beginning of the year, which has driven some of the upside and a portion of the guidance increase. Lincoln Palmer: This is Lincoln. It's hard to overstate the importance of this program from our perspective, in that it has benefits to the company that Chris laid out, and then benefits to the resident as well. If you imagine the ability of a resident who's typically locked into a 30-day timeline to find a home, being able to find a home 90 or 120 days out, especially if they're migrating to a new market, taking a new job in a different place. They have the ability to go and find that home on their own timeline, which matches our deliveries. They have the ability to lease a brand-new home that they may not otherwise have access to in great areas with great schools. They have the excitement of watching that home be built and moving into a brand-new home with that new home smell, and the other things that would be part of the new build process at a 25% discount to what it would cost if they purchased it today. We're really proud of what we're offering, and we're committed to finding things that are both a benefit to the company and to our residents. Operator: Thank you. Our next question comes from the line of Jade Rahmani with KBW. Please proceed. Jade Rahmani: Thank you. Are you seeing any opportunities to increase third-party property management? Also, are there any AI use cases you found in the area of property management to make it more efficient and perhaps maintenance more preventative or even self-performing on the part of tenants? Bryan Smith: Yeah, thanks, Jade. This is Bryan. Our views on third-party management really haven't changed as we've gone through this year. We went out and tested it, as you know, a few years back and decided that we were better on focusing on some of the opportunities we had with development and whatnot. We do have the platform set up, and our perspective this year, especially in light of some of the issues on the regulatory side, is that it'll be a nice tool to allow us to be a full solutions provider to any owner, any portfolio owner, who may want us to run through a disposition process on a portion of homes that we didn't want. The example that I gave a couple of times ago was that if an owner has 1,000 houses, if 500 fit our buy box, we can take those 500 on balance sheet if the economics work, then use third-party management to manage the additional homes as appropriate through the disposition process or whatever solution fits that particular seller. We think it gives us a competitive advantage on the portfolio and consolidation front. Operator: Thank you. Our last question comes from the line of Jesse Lederman with Zelman & Associates. Please proceed. Jesse Lederman: Thanks for taking the follow-up. Kind of on the similar vein in terms of potential opportunities that may arise from the legislation seems to be an increased reliance on new construction for rental stock. I'm curious, have you ever thought of, or would you consider potentially expanding the development platform to perform for others so you can generate additional revenue and also increase your capacity, which may lead to some more operating leverage on your own developments? Thank you again. Bryan Smith: Thanks, Jesse. This is Bryan. Exactly. We're an entrepreneurial group. We've been in discussions for fee building opportunities that could lead to third-party management in the interim to ultimately acquisition opportunities. We're open to that. We don't have any deals to announce today. It's an interesting option for us for the exact reasons that you detailed. Operator: Thank you. There are no further questions at this time. I'd like to pass it back to management for any closing remarks. Bryan Smith: Thank you for your time today. We really appreciate the continued interest in AMH and look forward to speaking with you next quarter. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in American Homes 4 Rent, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Homes 4 Rent wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends American Homes 4 Rent. The Motley Fool has a disclosure policy. American Homes 4 Rent (AMH) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

American Homes 4 Rent reported past second-quarter 2026 results showing sales of US$470.1 million and net income of US$117.11 million, with earnings per share rising to US$0.31 from US$0.28 a year earlier. Alongside these earnings, the company completed a US$122.94 million buyback of about 1.13% of its shares and raised full-year Core FFO guidance, highlighting management’s confidence in its operating performance. Next, we will examine how the upgraded full-year Core FFO guidance reshapes American Homes 4 Rent’s existing investment narrative and risks. Capitalize on the AI infrastructure supercycle with our selection of the 57 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. To own American Homes 4 Rent, you need to believe in the long term appeal of single family rentals and the company’s ability to run this platform efficiently across cycles. The stronger Q2 2026 results and higher full year Core FFO guidance support that story for now, but they do not remove near term pressure points such as occupancy and rent trends, or broader housing and job market conditions that could still affect the most important short term earnings catalyst and risk. The completion of the US$122.94 million share buyback, alongside upgraded Core FFO guidance to US$1.95 per share at the midpoint, is the most relevant recent development here. While it modestly reduces the share count and aligns with the company’s focus on capital returns, it also sits alongside a recent US$246.3 million equity raise, which matters for how investors think about capital structure, funding costs and sensitivity to slower revenue growth in key markets. Yet investors should be aware that rising homeownership costs and any shift in the renter or homeowner gap could still reshape AMH’s demand profile and... Read the full narrative on American Homes 4 Rent (it's free!) American Homes 4 Rent's narrative projects $2.1 billion revenue and $216.5 million earnings by 2029. This requires 3.5% yearly revenue growth and an earnings decrease of about $239 million from $455.5 million today. Uncover how American Homes 4 Rent's forecasts yield a $35.77 fair value, a 7% upside to its current price. Four members of the Simply Wall St Community currently see fair value for AMH between US$28.51 and US$51.97 per share, reflecting a wide spread of expectations. As you weigh those views, remember that any change in homeownership costs versus renting could be a key swing factor for AMH’s revenue and the resilience of its operating performance over time, making it worth comparing several different assumptions and scenarios. Explore 4 other fair value estimates on American Homes 4 Rent - why the stock might be worth as much as 55% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your American Homes 4 Rent research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision. Our free American Homes 4 Rent research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate American Homes 4 Rent's overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: Invest in the nuclear renaissance through our list of 88 elite nuclear energy infrastructure plays powering the global AI revolution. Rare earth metals are the new gold rush. Find out which 29 stocks are leading the charge. This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AMH. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Net Income: $113.6 million, or $0.31 per diluted share, attributable to common shareholders. Core FFO per Share: $0.49, representing 5.2% year-over-year growth. Adjusted FFO per Share: $0.45, representing 8.3% year-over-year growth. Same-Home Revenue Growth: 2.3% in the second quarter. Same-Home Occupancy: Average occupied days at 96% for the quarter. Same-Home Leasing Spreads: New, renewal, and blended spreads were 1.4%, 3.2%, and 2.7%, respectively. Same-Home Controllable Expense Growth: Held to less than 1% year-over-year. Development Deliveries: 651 homes delivered to wholly-owned and joint venture portfolios; 542 homes delivered to wholly-owned portfolio at a total investment cost of approximately $220 million. Disposition Proceeds: Approximately $380 million of net proceeds generated year-to-date. Share Repurchases: 4.1 million common shares repurchased for $123 million at an average price of $29.88 per share. Net Debt to Adjusted EBITDA: 5.2 times at quarter end. 2026 Guidance: Core FFO per share midpoint raised to $1.95, reflecting 4.3% year-over-year growth; same-home core NOI growth midpoint increased to 2.4%; core expense growth expectations lowered to 2%. Warning! GuruFocus has detected 7 Warning Signs with AMH. Is AMH fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. American Homes 4 Rent (NYSE:AMH) delivered strong second-quarter results, with core FFO per share growth of 5.2% year-over-year and adjusted FFO growth of 8.3%. The company raised its full-year 2026 core FFO per share guidance midpoint by $0.03 to $1.95, reflecting a 4.3% year-over-year growth expectation. Same-home portfolio performance was solid, with new, renewal, and blended lease spreads of 1.4%, 3.2%, and 2.7%, respectively, and core revenue growth of 2.3%. The company's in-house development program is performing well, with initial yields improving and new deals closing with yields in the 6% range. American Homes 4 Rent (NYSE:AMH) is benefiting from the passage of the ROAD to Housing Act, which provides regulatory certainty and preserves its growth channels in development and portfolio consolidation. The company is seeing strong demand for its homes, with occupancy holding at 96.1% in July and lease spreads improving sequentially. Management is executing well on cost controls, holding year-over-year controllable expense growth to less than 1% in the same-home portfolio. The company is actively repurchasing shares, having bought back 4.1 million shares at an average price of $29.88 per share in the second quarter. Disposition activity is tracking ahead of plan, with over 1,300 homes sold in the first half of the year at cap rates in the 4% area, providing funding for development. The company's lease expiration management program is working, with only one-third of 2026 lease expirations remaining in the second half, positioning it well for 2027. Same-home revenue growth is expected to decelerate in the second half of 2026 due to the timing of earn-in from 2025 lease spreads. New lease rate growth remains flattish for the full year, indicating limited pricing power in certain markets. Some markets, such as Atlanta and Tampa, are still showing weaker performance with occupancy and rate growth below portfolio averages. The company's development delivery guidance for the second half of the year is lower than the first half, which could limit near-term external growth. The company's net debt to adjusted EBITDA stands at 5.2 times, and it has a drawn balance of $390 million on its revolving credit facility, indicating some leverage. The company expects controllable expenses like R&M and turn costs to return to low single-digit growth in the second half, after being in negative territory. The portfolio consolidation environment has been slow due to regulatory uncertainty, with limited deals closed and seller expectations still being recalibrated. The company's full-year same-home core NOI growth guidance of 2.4% is modest, reflecting a challenging operating environment. The company is facing a competitive supply environment in some markets, which is pressuring lease rates and occupancy. The company's development pipeline has been reduced and rebalanced, and it is only now beginning to replenish land, which could impact future delivery volumes. Q: Could you discuss the sequential improvement in new lease rates and how the peak leasing season played out relative to expectations?A: Lincoln Palmer, COO, noted that the season's shape largely matched expectations with healthy SFR demand, but was differentiated by a modestly improving supply picture and strong seasonal execution. The teams turned homes quickly despite June having the largest number of expirations, capturing peak demand. This execution, combined with a slightly better supply environment, extended strong performance into July, setting up a beneficial back half of the year for occupancy and rate. Q: How are you thinking about capital allocation preferences between share buybacks, the development program, and potential portfolio acquisitions?A: CFO Chris Lau stated the company remains active in buybacks, repurchasing $123 million in Q2 at an average price of $29.88, bringing nine-month repurchases to over 3% of shares outstanding. CEO Bryan Smith added that post-legislation, they are seeing an uptick in portfolio consolidation activity. The new law preserves their growth channels (development and consolidation) while making it harder for smaller competitors reliant on MLS purchases, positioning AMH as a full-solution provider for sellers over the next 12-18 months. Q: What is driving the lower CapEx trends, and what is the new normal for annual spending?A: COO Lincoln Palmer explained that coming out of last year, they made structural adjustments and technology investments to tighten processes. The teams managed the heavy lease expiration schedule in Q1 and Q2 better than expected. While he doesn't expect R&M and turn costs to remain in negative territory, he anticipates controllable expenses in the back half to be closer to low single digits or inflation-linked. Q: How did specific markets like Atlanta, Texas, and Phoenix perform versus expectations, and where is recovery still needed?A: COO Lincoln Palmer stated they are pleased with the vast majority of markets, seeing pickups in occupancy and rates. While Atlanta saw a pickup in July, it remains less of a bright spot. Tampa is seeing green shoots with a reduction in supply. Strength continues in the Midwest and western markets like Seattle, Boise, and Salt Lake City, which are trending in the 96%-97% occupancy range. Q: Can you provide more detail on the development pipeline, lease-up performance, and current underwriting yields?A: CEO Bryan Smith reported improved yields coming out of Q1 into Q2, driven by pricing and pre-leasing initiatives. In the first half, they leased as many homes as they delivered. For the back half, 40% of the ~700 scheduled deliveries are already rented. New deals being closed this year are seeing yields in the 6s, achieved through favorable land opportunities and design optimization, while existing projects are working through mid-to-low 5s. Q: What are your expectations for occupancy and blended spreads in the back half of the year?A: COO Lincoln Palmer expects to hold occupancy in the back half, with full-year occupancy in the high 95% area, supported by the lease expiration management program. He anticipates new lease rate growth to remain flattish for the year, with renewal rates trending toward the 3.5% area, resulting in blended spreads in the low 2s. Q: Given the guidance, it implies a slowdown in revenue growth in the second half. What is driving that expectation?A: CFO Chris Lau explained that the primary driver is the timing of earn-in from 2025 rolling into the first half of 2026. While performance is playing out as expected, with renewals running slightly better than anticipated, the year is set up nicely. He noted it's not out of the question that full-year results could land a touch above the midpoint of guidance. Q: Why hold the development delivery guide flat despite dispositions tracking ahead of plan, and what is the strategy for the pipeline?A: CEO Bryan Smith explained that development is less nimble than other acquisition channels and requires a long-term plan. The 1,900 delivery plan for the year is designed to keep markets healthy and retain optionality. The lower back-half deliveries are intentional, aiming to deliver homes into stronger demand environments, which is reflected in the successful lease-up of new deliveries. Q: Should we expect the land pipeline to stabilize or increase now that regulatory uncertainty is resolved?A: CEO Bryan Smith confirmed they plan to replenish land through the balance of the year. They are seeing good opportunities, including VDL (vertical development) opportunities that can shorten the pipeline and deliver finished homes more quickly. The pipeline has been rebalanced to reflect the current environment, but they will be adding to it. Q: Are there opportunities to expand third-party property management or use AI in property management?A: CEO Bryan Smith stated their views on third-party management haven't changed, but it serves as a tool to be a full-solution provider for portfolio owners. For example, they could acquire 500 homes from a 1,000-home portfolio and manage the rest through third-party management. He also mentioned they are in discussions for fee-building opportunities that could lead to third-party management and potential acquisitions, though no deals are announced yet. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a strong spring leasing season where the team efficiently turned a record number of homes while maintaining tight controllable expense growth of less than 1%. The passage of the Road to Housing Act provides critical regulatory certainty, validating the company's in-house development model and preserving its ability to consolidate existing rental portfolios. Management attributes revenue growth to healthy demand across a diversified footprint, with leasing spreads and occupancy accelerating sequentially through the second quarter and into July. Strategic capital allocation focused on match-funding on-balance-sheet development with proceeds from an accelerated disposition program, selling over 1,300 homes at cap rates around 4%. The AMH Development program is achieving modest yield improvements through vertical construction cost controls and successful pre-leasing initiatives that capture demand before home completion. Portfolio optimization efforts are tracking ahead of plan, allowing the company to reduce planned incremental debt needs while maintaining a conservative leverage profile in the low 5x range. Full-year Core FFO guidance was raised to a midpoint of $1.95, assuming continued expense discipline and modestly favorable property tax outcomes in select states. Management expects a 'meaningfully flatter' occupancy curve in the second half of 2026, as two-thirds of annual lease expirations have already been processed. The company anticipates entering 2027 in a superior inventory and pricing position due to the multi-year strategic shift in lease expiration management. Future development yields for new land deals are being underwritten in the 6% range, supported by land price optimization and refined house designs. Guidance assumes new lease rate growth will remain flattish for the full year, while renewal rates are expected to migrate toward the 3.5% range. The Road to Housing Act may create headwinds for smaller competitors relying on MLS acquisitions, potentially increasing portfolio consolidation opportunities for AMH's optimized platform. Share repurchase activity totaled 4.1 million shares at an average price of $29.88, reflecting management's view of the stock's intrinsic value relative to other capital allocation options. The company is shifting its land acquisition strategy toward 'VDL' (Virtually Developed Lot) opportunities to shorten the development pipeline and increase delivery speed. Management noted that while some markets like Atlanta and Tampa are 'treading water' on rates, overall supply environments are beginning to improve. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management credited structural adjustments made in late 2025 and investments in technology for the ability to handle record lease expirations with minimal expense growth. While currently in negative growth territory, controllable expenses are expected to normalize toward low-single-digit inflationary levels in the second half of the year. Current deliveries are yielding in the mid-to-low 5% range, but new deals being added to the pipeline are targeting yields in the 6% range due to better land pricing. Pre-leasing is a major driver of performance; 40% of homes scheduled for delivery in the second half of the year are already rented. The legislation may make the single-family rental space less attractive for smaller operators, positioning AMH as a 'full solutions provider' for those seeking to exit. Management expects an uptick in portfolio consolidation activity over the next 12-18 months as the market adjusts to the new regulatory landscape. Management explained that the perceived slowdown is primarily due to the timing of 'earn-in' from 2025's higher blended spreads rolling off. Despite the mathematical deceleration, operational metrics like occupancy and renewals remain at or above the high end of initial expectations.

Interested in American Homes 4 Rent? Here are five stocks we like better. 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. These 3 Stocks Just Got Upgraded—and Could Keep Climbing 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. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The Bear Market is In for Real Estate: 3 Most Promising REITs 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. 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. → Microsoft Just Flipped the AI Spending Narrative Overnight 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. → Carrier Earnings Could Send the Stock to a New All-Time High 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. 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 outlook by 40 basis points to 2.4%. The company now expects Same-Home Core NOI margins to expand modestly in 2026 compared with 2025. Palmer said repair-and-maintenance, turn-cost and other controllable expense categories may move toward low-single-digit or inflation-like growth during the second half, rather than remaining negative as they had been earlier in the year. Lau said revenue growth in the second half is expected to moderate relative to the first half partly because of the timing of rent-growth “earn-in” from 2025 leasing spreads. He said the company’s occupancy and new-lease performance were generally tracking in line with expectations established at the beginning of the year, while renewals were modestly better than anticipated. AMH delivered 651 homes during the second quarter to its wholly owned and joint-venture portfolios, including 542 homes delivered to the wholly owned portfolio at an investment cost of about $220 million. Smith said the company’s development program has benefited from pre-leasing initiatives, flat vertical construction costs and improved initial yields. AMH executed more initial leases than homes delivered during the first six months, according to Lau. Of roughly 700 homes scheduled for delivery in the second half, Smith said approximately 40% had already been rented. The company expects to deliver 1,900 homes during 2026. Smith said the lower pace of deliveries in the second half relative to the first half reflects a strategy of delivering homes into stronger demand periods. Management said recently evaluated development deals were expected to yield in the 6% range, compared with projects currently working through mid- to low-5% yields. Smith cited favorable land opportunities and design and delivery optimizations as factors supporting newer project economics. AMH sold more than 1,300 homes in the first half at capitalization rates in the 4% range. Lau said net disposition proceeds totaled about $380 million year to date, placing the company on track toward the upper half of its previously stated $400 million to $600 million full-year disposition range. The proceeds are being used to match-fund on-balance-sheet development and reduce planned incremental debt needs. At quarter-end, net debt, including preferred shares, was 5.2 times adjusted EBITDA. The company had about $84 million in cash and $390 million outstanding on its $1.25 billion revolving credit facility. During the quarter, AMH repurchased 4.1 million common shares for $123 million, at an average price of $29.88 per share. Smith said the Road to Housing Act, enacted in June, provided greater certainty for the single-family rental industry. He said the legislation recognized new construction, grandfathered existing single-family rental homes and preserved the ability to consolidate existing rental portfolios. Management said portfolio-consolidation activity had slowed amid regulatory uncertainty but had shown signs of increasing following the legislation. Smith said AMH would pursue portfolio opportunities only when the cost of capital and transaction economics were attractive. The company also said it sees third-party property management as a potential tool in portfolio transactions, including situations where it may acquire homes fitting its criteria while managing other assets for a seller. Smith added that AMH has discussed fee-building opportunities that could potentially lead to third-party management or future acquisitions, though he said no deals were being announced. American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today's renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value. As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "American Homes 4 Rent Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

American Homes 4 Rent (AMH) reported $470.1 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 2.8%. EPS of $0.49 for the same period compares to $0.28 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $466.13 million, representing a surprise of +0.85%. The company delivered an EPS surprise of +2.08%, with the consensus EPS estimate being $0.48. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how American Homes 4 Rent performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Same-Home core revenues: $371.27 million compared to the $370.07 million average estimate based on four analysts. The reported number represents a change of +2.8% year over year. Revenues- Tenant charge-backs: $54.11 million compared to the $54.1 million average estimate based on four analysts. The reported number represents a change of +3.2% year over year. Revenues- Core revenues: $415.99 million versus the four-analyst average estimate of $412.75 million. The reported number represents a year-over-year change of +2.7%. Revenues- Non-Same-Home core revenues: $44.72 million versus the four-analyst average estimate of $42.68 million. The reported number represents a year-over-year change of +2.3%. Net Earnings Per Share (Diluted): $0.31 versus $0.17 estimated by four analysts on average. View all Key Company Metrics for American Homes 4 Rent here>>> Shares of American Homes 4 Rent have remained unchanged over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Homes 4 Rent (AMH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Raises Full Year 2026 Guidance LAS VEGAS, July 30, 2026 /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended June 30, 2026. Highlights Rents and other single-family property revenues increased 2.8% year-over-year to $470.1 million for the second quarter of 2026. Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. Core Funds from Operations ("Core FFO") attributable to common share and unit holders increased 5.2% year-over-year to $0.49 per FFO share and unit for the second quarter of 2026 and Adjusted Funds from Operations ("Adjusted FFO") attributable to common share and unit holders increased 8.3% year-over-year to $0.45 per FFO share and unit for the second quarter of 2026. Core Net Operating Income ("Core NOI") from Same-Home properties increased by 2.7% year-over-year for the second quarter of 2026. Achieved Same-Home Average Occupied Days Percentage of 96.0% in the second quarter of 2026, while generating 2.7% blended rate growth driven by lease spreads of 3.2% and 1.4% on renewals and new leases, respectively. July 2026 leasing results remained strong with preliminary Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and rate growth on renewals of 3.3%. Delivered a total of 651 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the second quarter of 2026. Repurchased and retired 4.1 million of our outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million in the second quarter of 2026. Raised Full Year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.03 per share and unit to $1.95, representing anticipated full year growth of 4.3% over prior year. "AMH delivered a strong first half of 2026, supported by healthy demand for single-family rental housing, outstanding execution from the teams, and strong expense controls. As a result, we have raised our full-year Core FFO per share guidance by three cents to $1.95 at the midpoint," stated Bryan Smith, AMH's Chief Executive Officer. "Additionally, the recent passage of the 21st Century ROAD to Housing Act reflects a thoughtful approach by policymakers to address housing affordability and recognizes the valuable role that single-family rental housing plays in the broader housing ecosystem. Notably, the law reinforces the importance of our integrated operating platform and AMH Development Program which has delivered more than 15,000 new homes across the country." Second Quarter 2026 Financial Results Net income attributable to common shareholders totaled $113.6 million, or $0.31 per diluted share, for the second quarter of 2026, compared to $105.6 million, or $0.28 per diluted share, for the second quarter of 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity. Rents and other single-family property revenues increased 2.8% to $470.1 million for the second quarter of 2026, compared to $457.5 million for the second quarter of 2025. Revenue growth was primarily driven by higher rental rates. Core NOI from our total portfolio increased 4.3% to $275.4 million for the second quarter of 2026, compared to $264.1 million for the second quarter of 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.2% decrease in core property operating expenses. For the Company's Same-Home portfolio, core revenues increased 2.3% to $371.3 million for the second quarter of 2026, compared to $362.8 million for the second quarter of 2025, which was driven by a 2.6% increase in Average Monthly Realized Rent per property, partially offset by a 40 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 1.7% to $125.5 million for the second quarter of 2026, compared to $123.4 million for the second quarter of 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 2.7% to $245.8 million for the second quarter of 2026, compared to $239.4 million for the second quarter of 2025. Core FFO attributable to common share and unit holders was $202.8 million, or $0.49 per FFO share and unit, for the second quarter of 2026, compared to $198.0 million, or $0.47 per FFO share and unit, for the second quarter of 2025. Adjusted FFO attributable to common share and unit holders was $186.0 million, or $0.45 per FFO share and unit, for the second quarter of 2026, compared to $176.4 million, or $0.42 per FFO share and unit, for the second quarter of 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity. Year-to-Date 2026 Financial Results Net income attributable to common shareholders totaled $241.4 million, or $0.66 per diluted share, for the six-month period ended June 30, 2026, compared to $215.5 million, or $0.58 per diluted share, for the six-month period ended June 30, 2025. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses and higher net gains on property sales, partially offset by lower other income and expense, net. On a per diluted share basis, the increase was further benefited by lower share counts as a result of our share repurchase activity. Rents and other single-family property revenues increased 2.8% to $942.1 million for the six-month period ended June 30, 2026, compared to $916.8 million for the six-month period ended June 30, 2025. Revenue growth was primarily driven by higher rental rates. Core NOI from our total portfolio increased 4.5% to $546.5 million for the six-month period ended June 30, 2026, compared to $523.0 million for the six-month period ended June 30, 2025. This growth was driven by a 2.7% increase in core revenues resulting primarily from higher rental rates and a 0.7% decrease in core property operating expenses. For the Company's Same-Home portfolio, core revenues increased 2.4% to $735.8 million for the six-month period ended June 30, 2026, compared to $718.5 million for the six-month period ended June 30, 2025, which was driven by a 2.8% increase in Average Monthly Realized Rent per property, partially offset by a 50 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 0.7% to $244.9 million for the six-month period ended June 30, 2026, compared to $243.2 million for the six-month period ended June 30, 2025, primarily driven by annual increases in property tax expense. As a result, Core NOI from Same-Home properties increased 3.3% to $490.9 million for the six-month period ended June 30, 2026, compared to $475.4 million for the six-month period ended June 30, 2025. Core FFO attributable to common share and unit holders was $402.9 million, or $0.98 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $392.7 million, or $0.93 per FFO share and unit, for the six-month period ended June 30, 2025. Adjusted FFO attributable to common share and unit holders was $373.4 million, or $0.90 per FFO share and unit, for the six-month period ended June 30, 2026, compared to $353.0 million, or $0.84 per FFO share and unit, for the six-month period ended June 30, 2025. These improvements were primarily attributable to growth in Core NOI from our total portfolio. On a per FFO share and unit basis, the increase was further benefited by lower share counts as a result of our share repurchase activity. Investments As of June 30, 2026, the Company's total single-family properties, excluding properties held for sale, consisted of 60,482 homes, compared to 60,200 homes as of March 31, 2026, an increase of 282 homes during the second quarter of 2026, which included 542 newly constructed homes delivered to our operating portfolio through our AMH Development Program, partially offset by 260 homes identified for sale. During the second quarter of 2026, we also developed an additional 109 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 651 total home deliveries through our AMH Development Program. As of June 30, 2026, the Company had 701 properties held for sale and 3,961 properties held in unconsolidated joint ventures. Capital Activities, Balance Sheet and Liquidity During the second quarter of 2026, the Company repurchased and retired 4.1 million of its outstanding Class A common shares at a weighted-average price of $29.88 per share and a total price of $123.0 million. As of June 30, 2026, the Company had cash and cash equivalents of $83.7 million and total outstanding debt of $5.2 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.6 years, which includes $390.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the second quarter of 2026, the Company generated $50.1 million of Retained Cash Flow and sold 608 properties, generating $181.2 million of net proceeds. 2026 Guidance Set forth below are the Company's current expectations with respect to full year 2026 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition, disposition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2026 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods. Guidance Summary Changes to Full Year 2026 Guidance $0.03 incremental Core FFO per share driven by: Additional Information A copy of the Company's Second Quarter 2026 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under "Investor relations." This information has also been furnished to the SEC in a current report on Form 8-K. Conference Call A conference call is scheduled on Friday, July 31, 2026 at 12:00 p.m. Eastern Time to discuss the Company's financial results for the quarter ended June 30, 2026 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under "Investor relations." A replay of the conference call may be accessed through Friday, August 14, 2026 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13761126#, or by using the link at www.amh.com, under "Investor relations." About AMH AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed Maryland real estate investment trust (REIT) focused on developing, renovating, leasing and managing homes as rental properties. In recent years, we've been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of America's Best Companies 2026 by TIME and Statista. As of June 30, 2026, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com. AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living, AMH Living, LLC or American Homes 4 Rent. Please see www.amh.com/dba to learn more. Cautionary Note Regarding Forward-Looking Statements This press release and the accompanying Supplemental Information Package contain "forward-looking statements." These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2026 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in the Company's subsequent filings with the SEC. Defined Terms Average Monthly Realized Rent For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership. Average Occupied Days Percentage The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale. Occupied Property A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature). Recurring Capital Expenditures For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. Same-Home Property A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss. Stabilized Property A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria. Non-GAAP Financial Measures This press release and the Second Quarter 2026 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders ("FFO attributable to common share and unit holders"), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the Second Quarter 2026 Earnings Release and Supplemental Information Package. Funds from Operations attributable to common share and unit holders and Retained Cash Flow FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis. Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition, disposition, other transaction costs and other incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption. Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period. FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities. Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company's liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions. FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs. The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three and six months ended June 30, 2026 and 2025 (amounts in thousands, except share and per share data): The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three and six months ended June 30, 2026 and 2025: Core Net Operating Income Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs. Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition, disposition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs. Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP). The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three and six months ended June 30, 2026 and 2025 (amounts in thousands): Contact:AMH Investor RelationsPhone: (855) 794-2447Email: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/amh-reports-second-quarter-2026-financial-and-operating-results-302839489.html

Interested in American Homes 4 Rent? Here are five stocks we like better. AMH’s Q1 2026 results were solid, with Core FFO up 4.6% year over year to $0.48 per share and same-home Core NOI rising 3.7%. Management said leasing demand improved late in the quarter, with record March leasing volumes and better trends continuing into April. Leasing and occupancy trends are strengthening, as April new lease spreads improved to 1.2% and same-home occupied days rose to 95.6%. The company said leasing activity in April and May was about 15% higher than last year and expects occupancy and rents to keep building through peak season. AMH kept its full-year guidance unchanged despite regulatory and market uncertainty, while continuing to return capital through buybacks. The company repurchased 3.7 million shares in Q1 and another 3.2 million after quarter-end, and still has more than $400 million remaining under authorization. These 3 Stocks Just Got Upgraded—and Could Keep Climbing American Homes 4 Rent (NYSE:AMH) said its first quarter of 2026 began with solid seasonal demand, record March leasing volumes and continued momentum into April, while management left its full-year outlook unchanged. On the company’s May 7 earnings call, Chief Executive Officer Bryan Smith said the quarter reflected “solid seasonal demand and excellent execution” by field and asset management teams, despite political and economic uncertainty. Smith said leasing demand picked up in the back half of the quarter after a slightly later start, producing record leasing volumes in March and improving trends in April. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% The Bear Market is In for Real Estate: 3 Most Promising REITs “The recent occupancy and new lease spread trajectories put us in a good position as we move through the remainder of peak leasing season,” Smith said. Chief Financial Officer Chris Lau said AMH generated net income attributable to common shareholders of $128 million, or $0.35 per diluted share, in the first quarter. Core FFO was $0.48 per share and unit, up 4.6% year over year, while Adjusted FFO was $0.45 per share and unit, up 8%. → Light Speed Returns: Corning Cashes In on NVIDIA Growth Smith said same-home Core net operating income grew 3.7% in the quarter, aided by lower same-home Core operating expenses. Lau said the expense performance reflected both timing and “really great execution” by the company’s teams, particularly given a higher level of scheduled lease expirations and move-outs during the quarter. Lau said property tax expectations remain unchanged, with the full-year outlook still in the 3% area. He added that the company completed its insurance renewal at the end of February and saw 2026 insurance rates decrease by about 10%, which was already incorporated into guidance. → Years in the Making, AMD’s Upside Movement Has Just Begun Management said April new lease spreads improved to 1.2%, while same-home average occupied days rose to 95.6%, a 30-basis-point sequential improvement. Chief Operating Officer Lincoln Palmer said May was “feeling really good so far,” with no change in the strong activity seen earlier in the year. Palmer attributed the improvement in new leases to a balanced revenue management strategy that supported both occupancy and rate. He said leasing activity in April and May was about 15% higher than last year, and the company expects occupancy and rate to continue building during peak leasing season. On renewals, Palmer said AMH’s full-year guidance contemplates renewal growth in the 3% area. First-quarter renewals came in at 3.2%, and he said second-quarter renewal rates should land at a similar level. The company is mailing third-quarter renewals in the mid-3% range. Palmer said the company does not generally offer rent concessions, including in new development communities. He said AMH is able to match deliveries with demand and does not build inventory in a way that would require concessions. AMH delivered 539 homes to its wholly owned and joint venture portfolios during the quarter. Lau said the wholly owned portfolio accounted for 457 of those homes, representing a total investment cost of about $187 million. Smith said the company delivered more than 500 purpose-built development homes at a 5.3% average initial yield. Smith said this year’s lower level of on-balance sheet development activity will be match funded with proceeds from the company’s disposition program. AMH sold more than 700 homes in the first quarter, generating roughly $200 million in net proceeds. Lau said those dispositions were completed at an average economic yield “in the 4% area.” Asked about the quality of the disposed homes, Smith said they were generally smaller, older and carried slightly lower rents than the broader portfolio. He described them as largely non-core assets due to location or demand characteristics. Lau said average net proceeds were approximately $200,000 per home. Smith also said AMH is monitoring inflationary pressures and commodity costs, including lumber. However, he said current developments are “pretty well locked in on price,” and any cost impact would likely appear later in 2026 or into 2027 if pressures persist. Lau said AMH ended the quarter with net debt, including preferred shares, to Adjusted EBITDA of 5.3 times. The company had about $63 million of cash and $390 million drawn on its $1.25 billion revolving credit facility. During the first quarter, AMH repurchased 3.7 million common shares for $115 million at an average price of $31.49 per share. After quarter-end, it repurchased another 3.2 million shares for $94 million at an average price of $29.37 per share. Over the past six months, management said AMH repurchased $360 million of common stock, representing roughly 3% of total shares and units outstanding. Lau said the company still has more than $400 million remaining under its existing authorization. Lau said AMH is keeping its 2026 guidance unchanged, noting that the year remains early and that the majority of spring leasing activity and move-out season is still ahead. Management also addressed regulatory developments, including discussions in Washington around the 21st Century ROAD Act and related housing legislation. Smith said AMH remains focused on ensuring that single-family rental housing is “well understood and appropriately represented.” Smith said the House is working on a response to a Senate housing bill that addressed build-to-rent housing and included restrictions. He said the timing and outcome remain difficult to predict, but added that AMH believes its scale, operating platform and in-house development capabilities position it to adapt. Asked about supply, Palmer said conditions are generally improving across most AMH markets, though Arizona and Texas still have heavy inventory that may take longer to absorb. He said nearly all of the company’s markets are running above 95% occupancy, with further incremental improvements during the season. Smith closed the call by saying the company remains focused on providing quality housing and an “exceptional resident experience,” while continuing to navigate market and regulatory uncertainty. American Homes 4 Rent (NYSE: AMH) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development and management of single-family rental homes. Since its initial public offering in April 2013, the company has focused on building a large-scale, professionally managed portfolio of homes designed to meet the needs of today's renters. Its business model emphasizes the acquisition of well-located properties coupled with consistent, in-house property management to drive occupancy and long-term value. As of the most recent reporting, American Homes 4 Rent owns and operates tens of thousands of homes across the United States, with concentration in key Sun Belt and high-growth markets. The article "American Homes 4 Rent Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 12 p.m. ET Chief Executive Officer — Bryan Smith Chief Operating Officer — Lincoln Palmer Chief Financial Officer — Christopher Lau Need a quote from a Motley Fool analyst? Email [email protected] Bryan Smith: Welcome, everyone, and thank you for joining us today. 2026 is off to a good start. Our strong first quarter was characterized by solid seasonal demand and excellent execution by our field and asset management teams. Against the backdrop of political and economic uncertainty, our results demonstrate the resiliency of single-family rentals and the strength of the American Homes 4 Rent platform. Seasonal demand picked up as expected in the back half of the first quarter despite a slightly later start this year. This resulted in record leasing volumes for March and continued momentum through April. The recent occupancy and new lease spread trajectories put us in a good position as we move through the remainder of peak leasing season. The teams did a great job in meeting the accelerating demand, efficiently turning homes in a period of heightened lease expirations, and their ability to control the controllables drove an impressive reduction in same-home core operating expenses year over year. This resulted in strong same-home core NOI growth of 3.7% for the quarter. For April, the leasing momentum from March continued, further improving new lease spreads to 1.2% and same-home average occupied days to 95.6%, representing a 30 basis point sequential improvement. On the investment front, we continue to execute on our 2026 capital plan. During the quarter, we delivered over 500 high-quality purpose-built American Homes 4 Rent development homes at a 5.3% average initial yield. As a reminder, this year's moderated on-balance sheet development activity will be match-funded with proceeds from our disposition program. Our asset management team did a great job identifying noncore assets and recycling capital in the first quarter, selling over 700 homes for approximately $200 million of net proceeds. Importantly, we continue to see strong MLS demand across all of our markets, demonstrating the resilient value of single-family housing to end user homebuyers. And finally, we continue to remain active on share repurchases, taking a thoughtful and strategic approach to capital deployment. Over the past six months, we have repurchased approximately $360 million of common stock, which represents roughly 3% of total shares and units outstanding. Before I close, I would like to provide a brief legislative update. The discussions in Washington around the 21st Century Road Act are continuing as we speak. Our focus remains on ensuring that the role of single-family rental housing is well understood and appropriately represented. We are actively engaged alongside industry partners to support policies that encourage housing supply. We will keep you informed as developments unfold. Most importantly, millions of Americans call single-family rentals home, and our focus on providing quality housing with an exceptional resident experience is unwavering. With our leading operating platform and vertically integrated development program, American Homes 4 Rent is well positioned as an industry leader to adapt and respond effectively in all environments. With that, I will turn the call over to Chris. Christopher Lau: Thanks, Bryan. Good morning, everyone. Like usual, I will cover three areas in my comments today. First, a review of our quarterly results. Second, an update on our balance sheet and recent capital activity. And third, I will close with a few thoughts around our unchanged 2026 guidance. Starting off with our operating results, the teams delivered a good quarter with solid execution across the board, generating net income attributable to common shareholders of $128 million, or $0.35 per diluted share. On an FFO share and unit basis, we generated $0.48 of core FFO, representing 4.6% year-over-year growth, and $0.45 of adjusted FFO, representing 8% year-over-year growth. From an investment perspective, we continued executing on our moderated 2026 development plan, delivering a total of 539 homes to our wholly owned and joint venture portfolios during the quarter. Specifically, for our wholly owned portfolio, we delivered 457 homes for a total investment cost of approximately $187 million. Additionally, we saw another quarter of robust disposition activity, generating total net proceeds of nearly $200 million at an average economic disposition yield in the 4% area. Next, I would like to quickly turn to our balance sheet and recent capital activity. At the end of the quarter, our net debt, including preferred shares, to adjusted EBITDA was 5.3 times. We had approximately $63 million of cash available on the balance sheet, and we had a $390 million drawn balance on our $1.25 billion revolving credit facility. Additionally, during the quarter, we repurchased 3.7 million common shares for a total of $115 million at an average price of $31.49 per share. And subsequent to quarter end, we repurchased an additional 3.2 million common shares for a total of $94 million at an average price of $29.37 per share. Over the past six months, we have repurchased a total of $360 million of common shares, representing approximately 3% of total shares and units outstanding, and continue to have over $400 million remaining on our existing share repurchase authorization. Lastly, before we open the call to your questions, I wanted to briefly touch on our 2026 outlook. As contemplated in our guidance, after a slower start to January and February, leasing season is now fully underway with healthy demand and strong activity. Additionally, as we saw in the first quarter, the team is doing an excellent job controlling the controllables on expenditures. As a reminder, however, it is still early in the year, with the majority of spring leasing activity and move-out season still ahead of us. With that in mind, we have left our 2026 guidance unchanged and continue to remain optimistic on our position moving forward. As demonstrated by this quarter's results, our operating platform is clearly firing on all cylinders. The positive inflection in April new leasing spreads is a great reminder of the resilient demand for single-family rentals, and our prudent approach to capital management continues to create value into the balance of 2026 and beyond. Thank you again for your time. We will now open the call for questions. Operator: If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. To allow for as many questions as possible, we ask that you each keep to one question. Thank you. Our first question comes from the line of Jamie Feldman with Wells Fargo. Please proceed with your question. Analyst: Hi, this is Connor on with Jamie. Thank you for taking my question. New leases experienced a solid 200 bps acceleration versus 1Q. Can you unpack what drove that inflection? How would you describe this spring leasing season versus typical seasonality? Are there certain markets that are key drivers? And how are May trends comparing so far? Lincoln Palmer: Hi, Connor. Appreciate the comments on new leases. As Christopher mentioned in his prepared remarks, we are pleased with the way the season has kicked off. What you are seeing in new leases is driven primarily by a balanced approach to our revenue management strategy. We have seen great activity at the beginning of the year that has driven improvements in both occupancy and rate. As we mentioned, it got off to a slightly slower start, but April and May results have shown great leasing activity. Think of that in terms of roughly 15% incremental activity over last year. On the seasonality piece, we expect to continue to build rate and occupancy into the season. We are right in the thick of it, and we expect May and June to build occupancy incrementally. Rate will follow. Our objective is to maximize the top line. We will take the first half of the year to capture as much rate and occupancy as we can and, as we have discussed in the past, we will control the controllables and hold as much of that occupancy as possible. May is feeling really good so far with no change in the strong activity we have seen to start the year, so we are encouraged by the season. Operator: Our next question comes from the line of Eric Wolfe with Citi. Eric Wolfe: Hey, you mentioned a second ago that you expect occupancy to continue to build into future months here. With occupancy coming up so much, are you starting to be a little bit more aggressive on the renewal side, or do you expect to stay around this sort of 3% level and build occupancy? How are you thinking about pricing going forward versus trying to build more occupancy into the back half of the year? Lincoln Palmer: Thanks, Eric. What we are seeing on renewals so far this year is part of a consistent and balanced approach to our revenue plan. You can see the results of that in the top line. We have had great retention this year relative to renewal offers that we have sent out. As a reminder, for the year we contemplated renewals in the 3% area in our guide. First quarter landed at 3.2%. Notably, we are seeing pickups into May and June on renewal rates, so Q2 should land very similar to Q1. We are mailing into Q3 now in the mid-3%s, so we are comfortable with the way that is moving. We will continue to find additional opportunity in the back months of the year if that is available to us. Operator: Thank you. Our next question comes from the line of Juan Carlos Sanabria with BMO Capital Markets. Please proceed with your question. Analyst: Hi. This is Robin Hanalem sitting in for Juan. I was just curious on the latest on the regulatory front and the probability of stripping out build-for-rent hindrances. Bryan Smith: Thanks, Robin. The latest on the regulatory front, up to the minute, is that the House is working on a response to the Senate housing bill, which specifically addressed build-to-rent and had some restrictions. That remains in discussion today. It is difficult to predict the timing or the exact outcome, but it is important to note that everybody's objective is the same—the policymakers, ours, and the industry—and that is addressing housing affordability. The initial bill that was passed by the House, the 21st Century Act, did just that by facilitating the development process and making it a little bit more efficient. Some of the additions from the Senate have caused public concerns, not only from single-family rentals but across the homebuilder space, and there has been a lot of headline risk against that. The House is taking that into consideration. It remains to be seen on timing and outcome, but from American Homes 4 Rent’s perspective, this regulatory attention has really highlighted the importance of having a scalable operating platform and a development platform that we believe can create additional opportunities for us going forward. We think we are in a good place, but the outcome remains to be seen. Operator: Thank you. Our next question comes from the line of Steve Sakwa with Evercore ISI. Please proceed with your question. Analyst: This is Manas on for Steve. Just wondering if you could touch on how you feel today on additional buybacks, which you were obviously active on, versus development. How do you think about capital allocation currently and what you expect for the next month? Christopher Lau: Morning, Manas. As we think about buybacks more broadly, the right place to start is that we very much believe in the business and we believe in the stock. You can see that clearly demonstrated by the fact that we have been active consistently repurchasing stock over the past six months. We were active during the fourth quarter, active during the first quarter, and now into the beginning of the second quarter as well. As mentioned in my prepared remarks, cumulatively we have repurchased about 3% of total shares and units outstanding. Looking forward, we continue to have over $400 million remaining on our existing repurchase authorization. As we talked about at the start of the year, we came into 2026 with our capital plan contemplating $100 million of incremental capital capacity for additional repurchases without taking leverage above the mid-5s, and not all of that has been deployed yet. More broadly, like we discussed last quarter, we continue to have a great opportunity as we think about leaning into dispositions, just like we did in 2025, to potentially free up additional layers of capital as we evaluate further repurchases to complement the strategic and long-term value being created by our development program. Operator: Thank you. Our next question comes from the line of Haendel St. Juste with Mizuho Securities. Please proceed with your question. Analyst: Hi. This is Mike on with Haendel at Mizuho. How are concessions trending by market, in particular Arizona, Texas, and Florida? What is the current level of concessions in terms of weeks in those markets? Lincoln Palmer: Thanks, Mike. As we have said in the past, in general we do not offer concessions on the rent side, and we have not been doing that for quite some time, especially in our new development communities. We have the ability to match our deliveries with demand, so we do not build inventory that would necessitate concessions. We do watch concessions in the broader marketplace that may be competitive with ours, and there has been a lot of that, but our product is moving very well and is positioned well, so we are not going to use concessions. Operator: Our next question comes from the line of Analyst with Bank of America. Please proceed with your question. Analyst: Thank you, and congrats on a nice start to spring leasing. Is there any change in move-outs to buy, whether increasing or decreasing, in any of your markets? Lincoln Palmer: Thanks. Move-out to buy has remained really consistent where it has been for the last several quarters—just sub-30%. As a reminder, that is essentially where it has been for most of our history. We have seen it come down slightly from the low-30%s as homeownership dynamics have shifted a bit, but it continues to be one of our largest reasons for moving out, and we do not anticipate changes to that in the near future. Operator: Thank you. Our next question comes from the line of Analyst with Green Street. Please proceed with your question. Analyst: I have a few questions to better understand the quality of the dispositions over the last few quarters. Directionally, can you give a sense of square footage per home, average age of home, and rent versus average rent, relative to the rest of the portfolio so we understand how low-quality these homes have been? Bryan Smith: I do not have the exact numbers in front of me, but for the dispositions in Q1, they were generally characterized by slightly smaller square footage than the rest of the portfolio. Age-wise, they are older homes, especially when you consider that we are maintaining a pretty good hold on average age because we are delivering brand-new houses into the portfolio. They could be characterized by slightly lower rent as well. The key factor is that in the vast majority of cases these are noncore assets—noncore due to location or demand characteristics at a minimum. I also want to remind everyone that we had a number of houses freed up last year when we paid off the securitizations that we had not had access to in a while, with maybe a slightly higher weight in the Texas markets. You are seeing some of those lower-end homes work through the system. Christopher Lau: Just to point out one number you may have noticed: the average net proceeds per property we sold in the quarter were roughly $200,000 per door, reflecting some of the attributes Bryan was talking about. Importantly, those homes still generated an average disposition yield in the 4% area, representing a really attractive form of recycled capital. Equally important is the opportunity to asset manage—make smart decisions and optimize the portfolio at a granular, unit-by-unit level. Operator: Thank you. Our next question comes from the line of Rich Hightower with Barclays. Rich Hightower: Good morning. A multipart on development: with the price of certain commodities going up quite a lot recently, what is your estimate of the interplay between that and prospective development yields on the pipeline in place? And help us understand the pace of development going forward given the cloud of uncertainty that currently exists on the legislation front. Bryan Smith: Thanks, Rich. On inflationary effects starting to creep into the marketplace, we are watching it closely. The good news for us is that on current developments we are pretty well locked in on price. To put it in perspective, our expectation for vertical costs of deliveries this year is right on top of, if not slightly down from, last year. The team has done a great job controlling those costs. At a global level—supply chain and the like—it is difficult to predict the effect. Lumber has gone up in the near term. If we do see an effect, it would likely be later in the year, and there may be counterbalancing effects as well. We liken it to how we handled tariffs last year—tariff pressure was counterbalanced by reduced activity from some homebuilders that put downward pressure on labor costs. There are a lot of moving parts. If inflation persists, we probably would not see it play out in costs until 2026 or 2027. We will be in a better position to discuss that on the next call. Relative to our development plans and capital allocation strategy this year, we have anticipated a reduced number of deliveries in 2026 relative to 2025. One of the benefits of owning a mass development program is the flexibility to flex up or down in response to market conditions. In this case, some regulatory uncertainty and cost of capital considerations drove us to this output expectation for 2026. As things get worked out in Washington, depending on the outcome, there may be nice opportunities that could provide a catalyst for the development program. Having that flexibility by owning the full stack in-house is important right now. Operator: Thank you. Next question comes from the line of Adam Kramer with Morgan Stanley. Please proceed with your question. Adam Kramer: I just wanted to ask about same-store expense growth. I think it decreased modestly in the quarter. What were the drivers—any one-time factors or expense shifting to another part of the year? And an update on insurance and any early nuggets on property taxes would be helpful. Christopher Lau: Morning, Adam. On property taxes, in general no major updates. As everyone recalls, first quarter is a quiet time of year for new property tax information. Our full-year outlook remains unchanged in the 3% area. The bulk of assessed values come back over the summer months, and tax rates are typically released later in the year—late third quarter into the fourth quarter. On insurance, our renewal was completed at the end of February and was contemplated in our full-year outlook. The market has continued to recognize the outperformance of our program, reflected in the success of this year's renewal, where we saw our 2026 insurance rates decrease by about 10%. On controllable expenses in the quarter, it was a combination of a little bit of timing in year-over-year comps and, more importantly, really great execution from the teams, especially notable given the increased level of scheduled expirations we had this quarter due to the ongoing maturity in the lease expiration management program. That translated into a slightly higher level of move-outs, which you can see in quarterly turnover on the same-store page, and the team still delivered a year-over-year decrease in controllable expenses even with that uptick. Operator: Thank you. Our next question comes from the line of Analyst with Zelman and Associates. Please proceed with your question. Analyst: Your guidance implies an occupancy lift through the end of the year. Historically, only 2020 did not see occupancy moderate from 2Q to 4Q. It seems like you still have some wood to chop on new move-in pricing to get to flat for the year based on where you are through April. Are you still expecting move-in pricing to be flat, and what gives you confidence you can achieve stronger-than-seasonal occupancy and new move-ins in the back half? Lincoln Palmer: Thanks for the question. You are correct to notice a slight difference this year in how we are thinking about seasonality and the curve. Again, the front half is to build occupancy and rate; the back half is to hold as much as we can. There are a few notable differences this season. First, we are contemplating flattish new lease rate growth for the year in support of our overall optimized revenue strategy intended to support occupancy. Second, our lease expiration profile in the back half of the year is extremely low compared to the past, which should help. We are also watching supply carefully and are hoping for a slightly improving supply picture. There are a lot of different things this year that are different than previous years, and we think we have a good plan. Christopher Lau: Just to make sure we are all on the same page on the shape of new leases, new leases are very much tracking according to plan. We built occupancy in the first quarter with modestly negative new leases, translating to a positive inflection in the second quarter that we expect to build a touch more into May. As we get into the back part of the year, we still expect new leases to reflect the typical seasonal curvature, and it would be natural to expect some moderation in the third and fourth quarters. Operator: Our next question comes from the line of Analyst with UBS. Please proceed with your question. Analyst: You mentioned the initial yield on development of 5.3%. What is the stabilized yield, and what spread are you targeting versus your cost of capital? Bryan Smith: Hi. The 5.3% yield I cited is the going-in yield upon delivery. We are actively delivering communities and have active construction sites, which gives a good indication of demand for our product. Earlier, Lincoln was asked about concessions. We are unique in that we do not offer them, and we do not need to. One interesting thing we have leaned into this year is preleasing. We have designed our program to offer homes well in advance of the certificate of occupancy, and the uptake has been fantastic. If I remember correctly, even though this program is still in its infancy, we leased over half of our new deliveries before they were ready—for the month of March, we preleased over half of our new deliveries. There is great demand, but I want to make sure we look at this from the perspective of the going-in yield. Upon stabilization—which we have defined in the past as a completed community that has been through one turn cycle—we have seen nice yield improvement. The best way to think about that momentum is to compare it against the scattered-site same-home pool. The behavior of the new development communities relative to the scattered-site portfolio is right on top of each other in terms of occupancy today. Rate growth is similar, so from the revenue side it is similar. The stark contrast is the total cost to maintain. We are operating these new development homes at a fraction of what it costs to operate scattered-site homes—maintenance, churn, and CapEx. You can see the effect as more of these come into the same-home pool, with total cost to maintain going down by 5% since 2023. Although we are not in position to give exact stabilized yields due to moving pieces, performance is as expected and we look forward to more good things to come. Operator: Thank you. Our next question comes from the line of Bradley Barrett Heffern with RBC Capital Markets. Please proceed with your question. Bradley Barrett Heffern: It feels like regulatory uncertainty is having an impact on future supply. When do you think we will start to notice that in the fundamentals, and is that likely to stick around regardless of the regulatory outcome? Bryan Smith: Thanks, Brad. It definitely has affected supply. It has been widely discussed how headlines this year have impacted capital coming into the space. I think it will have a more immediate effect on build-to-rent projects. Many projects already in sight will get completed, but the outlook has changed. This highlights the importance of scale and having an operating platform that can be nimble and adjust to regulatory changes. We do not expect to immediately see the effect on supply in the data, but depending on what gets passed, anything that restricts supply is going to be bad for housing affordability. Existing rental units may be looked at with a premium. We are optimistic that will not be the final outcome. In a nutshell, we have seen an effect today; we do not know how long-lasting it will be. Putting that into the context of an already improving supply profile puts us in a good position as we move through this year and next. Operator: Our next question comes from the line of Analyst with Deutsche Bank. Analyst: Thank you. Most of my questions have been answered, but I wanted to follow up. You commented earlier that the rate of expirations is a little bit lower in the fourth quarter this year. What caused that shift, and is that something you expect to continue in future years? Lincoln Palmer: Thanks. What you are seeing is the result of our intentional alignment of our lease expiration schedule. We have talked about shifting expirations from the back half of the year to the front half, where we have more opportunity to lease, gain occupancy, and build rate. Think of the balance now as roughly two-thirds in the first half and one-third in the second half. That has been very intentional relative to what we know about seasonality and activity in the back half. We will continue that effort and make refinements as we lean into lease expiration management at the community level to get more precise on months, days, and weeks of expiration. Operator: Thank you. Our next question comes from the line of Analyst with KBW. Analyst: Hi. This is Jason on for Jade. Have you seen any movement in pricing from sellers or in development yields based on the uncertainty from regulation or the rate environment? Bryan Smith: Some of the uncertainty this year has really put a pause on a lot of the transaction market. What we have seen is more willingness from some midsize operators to discuss ways they could partner with us. Nothing has happened yet because of the overhang, but we believe it creates opportunities going forward. It goes back to the value of having the operating platform and, in our case, the development platform. Things might be a little on pause in the transaction market, but we are optimistic that will change eventually. Operator: Our next question is a follow-up from the line of Analyst with Green Street. Analyst: Chris, there has been a lot of churn in the same-store pool from dispositions and then homes getting added to the held-for-sale bucket. How much lift to full-year 2026 expected same-store revenue growth comes from that disposition/held-for-sale activity? Christopher Lau: You are right that at the start of any year we are resetting the pool. This year, the pool grew by about 1,500 units, which is largely newly constructed homes delivered over the last couple of years that have now stabilized and matured their way into the same-home pool. Each quarter, as homes vacate, we can inspect them and finalize the decision as to whether they are appropriate disposition and capital recycling candidates. On same-store revenue growth, keep in mind that when we reset the pool, we reset both the current and prior-year pool. Any changes—whether new homes coming in at the annual reset or identifying homes for disposition—are reflected in both periods. Also, if a home is an appropriate disposition candidate, more likely than not it would have been occupied in the prior period. So it is apples to apples by the time you reset the pool and have the same composition of properties in both the current and prior period for comparison. Operator: Thank you. Our next question comes from the line of Analyst with UBS. Please proceed with your question. Analyst: What do you think led to the slightly later-than-normal start to the peak leasing season—weather, general lumpiness, or another factor? Lincoln Palmer: Thanks. The shape of every year is a little bit different, and there are many factors. Weather can definitely play a part. There was some weather this year, with an abnormally cold season across many parts of the country where we operate. Some of it can be uncertainty—regulatory, global events, or financial uncertainty. We are not sure exactly what drives it from period to period. We are encouraged that despite the late start, we are seeing excellent activity now and expect that to continue throughout the season. Regardless of what happens period to period, we are prepared to respond with appropriate operational adjustments. Operator: Our next question comes from the line of Analyst with Zelman and Associates. Please proceed with your question. Analyst: Thanks for the follow-up. You mentioned the supply profile is already improving. Any color you can provide, particularly in the more supply-burdened markets, on supply potentially clearing up? Lincoln Palmer: Thanks for the follow-up. We do see supply generally improving across most of our markets. We are encouraged by the level of demand in the marketplace during leasing season, which helps consume standing supply. We have also talked about moderation in starts and deliveries. For example, John Burns released an outlook on apartment deliveries for 2026 showing a 40% reduction year over year. That is encouraging. The same type of trend is happening on the BTR side, especially with regulatory uncertainty and the cost of capital environment. There is still some standing inventory in parts of the country that needs to be consumed, and the rate at which it gets consumed will vary market by market depending on inventory levels and demand profiles. We still see heavy inventory in Arizona and Texas, and it will take a bit longer to work through that, but we are also seeing great signs of life in many of our markets. Almost all our markets are running north of 95% with continued incremental improvements into the season. We will see how it plays out market by market, but we are encouraged while recognizing there is still work to do in a couple of markets. Operator: Thank you. Our next question comes from the line of Austin Wurschmidt with KeyBanc Capital Markets. Please proceed with your question. Austin Wurschmidt: Piggybacking on the last question: with supply potentially starting to improve in some markets, would you expect the spread between your Midwest markets and the Sunbelt markets to start to converge over the next 12 to 18 months? Lincoln Palmer: Thanks, Austin. I think convergence has more to do with what happens in the Sunbelt than in the Midwest. Performance in the Midwest is projected to be very strong for the next several years—rate growth, migration, and supply all have great profiles. As the other markets improve, we should see some convergence, but it probably depends more on improvement outside the Midwest, which continues to be very strong. Operator: Thank you. That concludes our question-and-answer session. I will turn the floor back to management for any final comments. Bryan Smith: I want to thank you for your time today. I hope everyone has a good weekend, and we look forward to seeing many of you at NAREIT next month. Operator: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in American Homes 4 Rent, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Homes 4 Rent wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 975% — a market-crushing outperformance compared to 206% for the S&P 500. 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