American Homes 4 Rent reported third‑quarter 2025 results showing net income attributable to common shareholders of $99.7 million, up 35 % from $73.8 million in the same period last year. Core FFO rose to $196.7 million, or $0.47 per share, compared with $0.44 per share in Q3 2024. Rents and other single‑family property revenues increased 7.5 % year‑over‑year to $478.5 million, supported by an average occupied portfolio of 57,689 homes, up 1,491 from the prior year.
The company raised its full‑year 2025 Core FFO guidance to $1.86‑$1.88 per share, with a midpoint of $1.87, a 5.1 % increase over the previous estimate. Same‑home core revenue growth is now projected at 3.25 %‑4.25 %, while core property operating expenses are expected to grow 2.75 %‑3.75 %. Management cited stronger rental demand, a better‑than‑expected property tax outlook, and modestly improved financing costs and other income/expense as the basis for the upward revision.
American Homes 4 Rent achieved a fully unencumbered balance sheet after paying off the AMH 2015‑SFR2 securitization. As of September 30, 2025, the company held $45.6 million in cash and cash equivalents and had no debt maturities until 2028. The quarter also saw the delivery of 651 newly constructed homes through the AMH Development Program, adding to a portfolio of 60,664 single‑family properties.
The single‑family rental market remains robust, driven by housing affordability challenges and a preference for renting. The company’s unencumbered balance sheet enhances financial flexibility and positions it to pursue future growth opportunities. The development program adds energy‑efficient properties that support long‑term value creation.
CEO John Smith highlighted continued demand and disciplined cost controls, noting that rising property taxes and financing costs are offset by operational efficiencies and a strong portfolio performance.
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