AMH — Third Quarter 2026 Earnings Summary

Financial Performance:

• Rents and other single-family property revenues increased 4.1% year-over-year to $498.1 million for the quarter ended September 30, 2026, compared to $478.5 million in the prior year period.
• Net income attributable to common shareholders totaled $82.3 million ($0.23 per diluted share) for the quarter, down from $99.7 million ($0.27 per diluted share) in the third quarter of 2025.
• Core Funds from Operations (Core FFO) attributable to common share and unit holders increased 7.4% year-over-year to $0.50 per share and unit ($205.1 million total) for the quarter.
• Adjusted Funds from Operations (Adjusted FFO) attributable to common share and unit holders increased 7.6% year-over-year to $0.45 per share and unit ($183.4 million total) for the quarter.
• Core Net Operating Income (Core NOI) from the total portfolio increased 5.3% year-over-year to $278.4 million for the quarter.
• Core NOI from Same-Home properties increased 2.5% year-over-year to $246.0 million for the quarter.
• Year-to-date (nine months ended September 30, 2026), net income attributable to common shareholders was $323.7 million ($0.89 per diluted share), up from $315.2 million ($0.85 per diluted share) in the prior year period.
• Year-to-date rents and other single-family property revenues increased 3.2% to $1.44 billion.
• Year-to-date Core FFO was $607.9 million ($1.48 per share and unit), up from $589.4 million ($1.39 per share and unit) in the prior year period.
• Year-to-date Adjusted FFO was $556.8 million ($1.35 per share and unit), up from $528.6 million ($1.25 per share and unit) in the prior year period.
• Total outstanding debt was $5.2 billion as of September 30, 2026, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 7.3 years.
• Retained Cash Flow generated during the third quarter of 2026 was $47.5 million.

Guidance and Future Outlook:

• Raised full-year 2026 Core FFO attributable to common share and unit holders guidance midpoint by $0.02 to $1.97, representing anticipated full-year growth of 5.3% over the prior year.
• Full-year 2026 Core FFO guidance range is now $1.96 to $1.98 per share and unit.
• Full-year 2026 Same-Home Core revenues growth guidance midpoint is 2.40% (range 1.90% - 2.90%).
• Full-year 2026 Same-Home Core property operating expenses growth guidance midpoint is 1.60% (range 1.10% - 2.10%).
• Full-year 2026 Same-Home Core NOI growth guidance midpoint is 2.80% (range 2.30% - 3.30%).
• Full-year 2026 investment program guidance remains unchanged: 1,300 to 1,500 wholly owned development deliveries ($500-$600 million), 400 to 600 JV development deliveries ($150-$250 million), and total gross capital investment of 1,700 to 2,100 properties ($650-$850 million).
• Guidance increases were driven by modestly better Core revenues growth outlook, lower Core property operating expenses growth outlook (primarily lower than expected property tax expenses), and solid initial lease-up of AMH Development deliveries.

Business Segments and Product Lines:

• Delivered 498 high-quality, energy-efficient newly constructed homes through the AMH Development Program in the third quarter of 2026, including 387 delivered to the wholly-owned portfolio and 111 delivered to unconsolidated joint ventures.
• Total single-family properties (excluding held for sale) increased to 60,626 homes as of September 30, 2026, from 60,482 homes as of June 30, 2026.
• Same-Home Average Occupied Days Percentage was 96.0% for the third quarter of 2026.
• Same-Home Average Occupied Days Percentage remained at 96.0% for October 2026.
• Blended rate growth for the third quarter was 2.6%, driven by lease spreads of 3.3% on renewals and 1.0% on new leases.
• October 2026 leasing results showed rate growth on new leases of 0.1% and rate growth on renewals of 3.3%.
• Core revenues from the Same-Home portfolio increased 2.3% to $371.1 million for the quarter, driven by a 2.4% increase in Average Monthly Realized Rent per property.
• Core property operating expenses from Same-Home properties increased 1.8% to $125.2 million for the quarter, primarily driven by higher repairs and maintenance and turnover costs.

Market and Competitive Landscape:

• The company operates over 61,000 single-family properties in the Southeast, Midwest, Southwest, and Mountain West regions of the United States.
• Revenue growth was primarily driven by higher rental rates across the portfolio.
• The company differentiates itself through high-quality homes in great locations, a superior resident experience supported by technology and data platforms, and an outstanding team.

Risks and Challenges:

• The company does not provide guidance for GAAP net income due to the inability to reasonably predict gain on sale and impairment of single-family properties, acquisition/disposition/transaction costs, and hurricane-related charges.
• Actual amounts for gains on sales, impairments, transaction costs, and hurricane-related charges could significantly impact GAAP net income.
• Same-Home portfolio experienced a 30 basis point decrease in Average Occupied Days Percentage for the quarter and a 50 basis point decrease for the nine-month period.
• Core property operating expenses increased due to higher repairs and maintenance, turnover costs, and annual increases in property tax expenses.

Management Commentary and Tone:

• CEO Bryan Smith stated the company had "another strong quarter with balanced execution across the platform and resilient demand."
• Management highlighted that the increase to the Core FFO per share guidance midpoint represents 5.3% year-over-year growth.
• Management expressed confidence in the company's ability to drive sector-leading growth as it closes out 2026 and turns attention to 2027.

Other Key Points:

• Repurchased and retired 2.4 million Class A common shares in the third quarter of 2026 at a weighted-average price of $31.39 per share, totaling $75.0 million.
• Sold 291 properties during the third quarter of 2026, generating $94.0 million in net proceeds.
• As of September 30, 2026, the company held 665 properties for sale and 4,068 properties in unconsolidated joint ventures.
• Cash and cash equivalents were $71.0 million as of September 30, 2026.
• The company has a $1.25 billion revolving credit facility with $420.0 million of outstanding borrowings as of September 30, 2026.
• A conference call to discuss results is scheduled for November 5, 2026, at 12:00 p.m. Eastern Time.