American Homes 4 Rent Q1 FFO $0.48/share, Revenue $472M, Repurchases $115M
American Homes 4 Rent posted first-quarter funds from operations of $200.1 million ($0.48/share) and 2.8% revenue growth to $472 million, matching analyst forecasts. The company delivered 539 new homes, repurchased 3.7 million shares for $115.1 million, and maintained full-year FFO guidance of $1.89–$1.95 per share.
1. First-Quarter Financial Results
American Homes 4 Rent reported net income of $127.8 million (35 cents per share) and funds from operations of $200.1 million (48 cents per share) for Q1 2026, aligning with consensus estimates. Revenue rose 2.8% year-over-year to $472.0 million, driven by higher rental rates across its single-family portfolio.
2. Operating Metrics and Home Deliveries
Core net operating income increased 4.8% to $271.2 million, while Same-Home core NOI grew 3.7% to $245.9 million. The portfolio achieved a 95.1% average occupied days percentage in Q1 (95.6% in April) and delivered 539 newly constructed, energy-efficient homes through its development program.
3. Share Repurchase and Capital Allocation
During the quarter, the company repurchased and retired 3.7 million Class A common shares at an average price of $31.49 (totaling $115.1 million) and repurchased 3.2 million shares in April at $29.37 per share ($94.0 million). A new $500 million share repurchase program was authorized in February to support shareholder returns.
4. Full-Year Guidance
American Homes 4 Rent reaffirmed its 2026 funds from operations outlook at $1.89 to $1.95 per share, reflecting confidence in ongoing leasing momentum and cost management despite broader economic uncertainty.