American Homes (AMH) Q3 2026 Earnings Report

The call was strongly positive. AMH reported solid third-quarter earnings growth, stable 96% occupancy, positive leasing spreads, improved property tax expectations, higher full-year guidance, continued share repurchases, and improving development yields. Management also cited favorable supply trends, strong pre-leasing, and a stable resident move-out-to-buy rate. The main challenges were elevated mortgage rates and affordability pressures, softer conditions and remaining inventory in San Antonio and some other markets, a lower expected 2027 earn-in, a deliberately slower fourth-quarter delivery pace, and limited near-term portfolio acquisition activity.

AMH raised the midpoint of 2026 core FFO per share guidance by $0.02 to $1.97, representing 5.3% year-over-year growth; full-year Same-Home core revenue growth expectations were modestly increased to 2.4%, core expense growth expectations were lowered to 1.6%, and Same-Home core NOI growth expectations increased by 40 basis points to 2.8%, with full-year property tax growth expected to be in the mid-1% area. Management expects full-year occupancy in the high 95s, full-year blended leasing spreads to likely land close to maybe a touch below the mid-2s, and fourth-quarter wholly owned deliveries to be probably a little bit closer to the high end of the range, or about 100 homes; the disposition outlook began in the $400 million to $600 million range and is tracking towards the upper half of that range. Management said 2027 earn-in is expected to be in the low 1% area versus closer to the mid-1s entering 2026, while new land deals remain north of 6% and pipeline yields are into the 6s.