American Homes 4 Rent (AMH) investor relations material

Executive summary

• Strong first half of 2026 with robust demand for single-family rentals, record spring leasing, and ownership of over 61,000 properties in 24 states.

• Net income for Q2 2026 was $132.9 million, up from $123.6 million in Q2 2025, driven by higher rental revenues and property sales gains.

• Raised midpoint of core FFO per share guidance by $0.03 to $1.95, reflecting 4.3% year-over-year growth.

• Accelerated portfolio optimization with over 1,300 homes sold in H1 at cap rates around 4%.

• The 21st Century ROAD to Housing Act, effective January 2027, will restrict future single-family home acquisitions, potentially impacting growth and capital market access.

Financial highlights

• Q2 2026 net income attributable to common shareholders: $113.6 million ($0.31 per diluted share), up from $105.6 million ($0.28 per diluted share) in Q2 2025.

• Core FFO per share: $0.49 (5.2% year-over-year growth); Adjusted FFO per share: $0.45 (8.3% year-over-year growth).

• Q2 2026 rents and other single-family property revenues rose 2.8% year-over-year to $470.1 million.

• Core NOI for Q2 2026 was $275.4 million, up from $264.1 million in Q2 2025.

• Delivered 651 homes in Q2, with 542 to wholly owned portfolio at $220 million investment.

Outlook and guidance

• Raised full-year 2026 core FFO per share guidance midpoint to $1.95, up 4.3% year-over-year.

• Lowered full-year core expense growth expectations by 75 bps to 2%; increased core NOI growth expectations by 40 bps to 2.4%.

• Updated 2026 guidance: Core FFO range $1.93–$1.97 per share, Core FFO growth 3.2%–5.3%, Same-Home Core NOI growth 1.40%–3.40%.

• The ROAD Act is expected to limit future acquisitions, especially through MLS, and may increase costs and restrict operational geographies.

• Expect modest expansion in 2026 Same-Home core NOI margins versus 2025.