American Homes 4 Rent Q4 Rents +4.2% to $455M, Raises Dividend 10%
Fourth quarter rents rose 4.2% to $455.0 million as net income reached $123.8 million ($0.33 per share) and Core FFO climbed 4.1% to $0.47 per share while Adjusted FFO increased 6.5% to $0.44 per share. The company repurchased $150 million at $31.77 and raised quarterly dividend 10% to $0.33.
1. Fourth Quarter Financial Results
Company rents and other property revenues rose 4.2% year-over-year to $455.0 million in Q4 2025, driving net income to $123.8 million, or $0.33 per diluted share, up from $123.2 million a year earlier. Core NOI increased 5.0% to $268.3 million for the quarter.
2. Operating Metrics and Funds From Operations
Core FFO attributable to common shares and units increased 4.1% year-over-year to $0.47 per share in Q4, while Adjusted FFO climbed 6.5% to $0.44 per share. Same-Home properties delivered a 3.5% Core NOI gain and achieved a 95.0% occupied days percentage with 2.8% blended rate growth.
3. Share Repurchases and Dividend Increase
The company repurchased $150.0 million of Class A common shares at a weighted-average price of $31.77 in Q4 and another $115.1 million at $31.49 in January 2026. It also raised its quarterly dividend by 10% to $0.33 per share starting Q1 2026.
4. Development Program and Outlook
During Q4, 490 newly constructed energy-efficient homes were delivered to the wholly-owned portfolio and joint ventures, contributing to over 14,000 homes built since program inception. Management emphasized continued expansion of housing supply and enhancement of resident experience in 2026.