Single-family rental REIT reported higher quarterly revenue, net income and Core FFO, while same-home occupancy stayed near 96% and the company lifted its full-year outlook.
AMH reported stronger second-quarter 2026 results and raised its full-year Core FFO guidance, citing healthy demand for single-family rental housing, expense discipline, solid lease-up of development deliveries, stronger disposition timing and incremental share repurchases. Net income attributable to common shareholders rose to $113.6 million, or $0.31 per diluted share, from $105.6 million, or $0.28 per diluted share, a year earlier, while rents and other single-family property revenues increased 2.8% to $470.1 million. Core FFO attributable to common share and unit holders increased to $202.8 million, or $0.49 per FFO share and unit, from $198.0 million, or $0.47, and Adjusted FFO rose to $186.0 million, or $0.45 per FFO share and unit, from $176.4 million, or $0.42. Core NOI from the total portfolio climbed 4.3% to $275.4 million, and Same-Home Core NOI increased 2.7% to $245.8 million as higher rental rates more than offset property tax pressure and slightly lower occupied days. The company said Same-Home Average Occupied Days Percentage was 96.0% in the quarter, with blended rate growth of 2.7%, including lease spreads of 3.2% on renewals and 1.4% on new leases. Preliminary July 2026 leasing remained firm, with Same-Home Average Occupied Days Percentage of 96.1%, rate growth on new leases of 1.6% and renewals of 3.3%. AMH delivered 651 newly constructed homes through its AMH Development Program during the quarter, including 542 homes to its wholly owned operating portfolio and 109 to unconsolidated joint ventures. It ended June with 60,482 single-family properties excluding homes held for sale, 701 properties held for sale and 3,961 properties in unconsolidated joint ventures. During the quarter, AMH sold 608 properties for $181.2 million of net proceeds and repurchased and retired 4.1 million Class A common shares at a weighted-average price of $29.88 for $123.0 million. AMH raised its full-year 2026 Core FFO guidance range to $1.93 to $1.97 per share and unit from $1.89 to $1.95, lifting the midpoint by $0.03 to $1.95. The company also increased its Same-Home Core NOI growth outlook to 1.40% to 3.40% and lowered its property operating expense growth forecast. As of June 30, AMH had $83.7 million in cash and cash equivalents and $5.2 billion of total outstanding debt, excluding unamortized discounts and deferred financing costs, with a weighted-average interest rate of 4.5% and weighted-average term to maturity of 7.6 years.