American Homes 4 Rent (AMH) Citi’s Miami Global Property CEO Conference 2026 summary

Business performance and market trends

• Achieved sector-leading FFO growth above 5% in 2025, with strong demand for single-family rentals and proactive pricing to maintain occupancy amid supply pressures.

• January and February 2026 saw 95% same-home occupancy, mid-3% renewal rates, and slightly negative new lease rates, with expectations for a moderated seasonal curve.

• Same-home core NOI growth is guided at 2% and FFO growth at 2.7% for 2026, remaining strong relative to peers.

• Retention was at historic lows for turnover in 2025, with expectations for occupancy to build into Q2 2026 as leasing activity increases.

• Renewals are expected to remain in the mid-3% range for the first half of 2026, with flat new lease rate growth for the year.

Development and capital allocation

• Over 14,000 homes delivered since the development program's inception; 1,900 new homes expected in 2026 to support long-term growth.

• Development program throttled down for 2026, with balance sheet spend funded by $200 million in recycled capital from dispositions.

• Share repurchase authorization fully used, acquiring 2% of shares for $265 million; new $500 million authorization approved.

• Dividend increased by 10%, reflecting taxable income growth and disposition activity; $400–$600 million in property sales planned for 2026.

• Dispositions are expected to yield high-3% to 4% economic cap rates, with proceeds supporting capital flexibility.

Legislative and industry outlook

• Monitoring draft Senate bill on institutional ownership; current language appears to grandfather existing portfolios, but key components remain under debate.

• Build-to-Rent recognized as important for supply and affordability; company positions itself as part of the solution to housing shortages.

• Operating platform and development expertise seen as key differentiators, with limited competition due to operational complexity.

• Supply overhang in Build-to-Rent and multifamily persists but is expected to improve as absorption remains healthy.

• For-sale inventory is higher than recent years but still below pre-pandemic levels; market-specific adjustments are ongoing.