American Homes 4 Rent reported $97.3 million net income for Q3 2026.
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001562401-26-000058
- Net income: $97.3 million for the three months ended Sep 30, 2026
- Diluted EPS: $0.23 for the three months ended Sep 30, 2026
- Cash and equivalents: $70.99 million at Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
4 changes since the June 2026 10-Q
Compared with the 10-Q 0001562401-26-000047, filed Jul 31, 2026.
Net income down 27% from Jun 30
$97.3M, was $133M.
From the filings
Before
$133MNow
$97.3MEPS down 26% from Jun 30
$0.23, was $0.31.
From the filings
Before
$0.31Now
$0.23Cash down 15% from Jun 30
$71M, was $83.7M.
From the filings
Before
$83.7MNow
$71M$38.2 million in nonrecurring payments to a land banking entity related to liabilities to repurchase…
Adds "$38.2"; drops "Net cash used for financing activities increased $345.3 million, or 229.5%, from $150.5…".
From the filings
Before
Net cash used for financing activities increased $345.3 million, or 229.5%, from $150.5 million for the six months ended June 30, 2025 to $495.8 million for the six months ended June 30, 2026. The increase was primarily attributable to (i) $641.3 million in nonrecurring proceeds from unsecured senior notes, net of discounts and deferred financing costs paid, from an issuance during the six months ended June 30, 2025, (ii) $238.2 million in cash outflows for the repurchases of Class A common shares during the six months ended June 30, 2026 and (iii) a $19.0 million increase in distributions paid to common share and unit holders resulting primarily from a 10% increase in distributions paid per common share and unit during the six months ended June 30, 2026. These changes were partially offset by (i) $498.1 million in nonrecurring asset-backed securitizations payments resulting from the payoff of the AMH 2015-SFR1 securitization during the six months ended June 30, 2025, (ii) a $30.0 million increase in proceeds, net of repayments, from our revolving credit facility and (iii) $24.6 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the six months ended June 30, 2025.Now
$38.2 million in nonrecurring payments to a land banking entity related to liabilities to repurchase consolidated land not owned for our AMH Development Program during the nine months ended September 30, 2025.
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 4 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
43 unchanged paragraphs
There were 359,179,944 356,860,908 shares of American Homes 4 Rent's Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent's Class B common shares, $0.01 par value per share, outstanding on July 29, November 3, 2026.
This report combines the quarterly reports on Form 10-Q for the period ended June September 30, 2026 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to "AMH" or the "General Partner" mean American Homes 4 Rent, a Maryland real estate investment trust ("REIT"), and references to the "Operating Partnership" or the "OP" mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to the "Company," "we," "our" and "us" mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.
AMH is the general partner of, and as of June September 30, 2026 owned approximately 87.8% 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.2% 12.3% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership's day-to-day management. The Company's management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership.
12 unchanged paragraphs
Financial Statements (Unaudited) 10 changes
1 unchanged paragraph
Condensed Consolidated Balance Sheets as of Jun e 3 0 , September 30, 2026 and December 31, 2025
Condensed Consolidated Statements of Operations for the three and six nine months ended June 3 0 , September 30, 2026 and 2025
Condensed Consolidated Statements of Comprehensive Income for the three and six nine months ended June 3 0 , Sept ember 30, 2026 and an d 2025
Condensed Consolidated Statements of Equity for the three and six nine months ended June 3 0 , September 30, 2026 and 2025
Condensed Consolidated Statements of Cash Flows for the si x nine months ended June 3 0 , September 30, 2026 and 2025
1 unchanged paragraph
Condensed Consolidated Balance Sheets as of June 3 0 , September 30, 2026 and December 31, 2025
Condensed Consolidated Statements of Operations for the three and six nine months ended June 3 0 , September 30, 2026 and 2025
Condensed Consolidated Statements of Comprehensive Income for the three and six nine months ended June 3 0 , September 30, 2026 and 2025
Condensed Consolidated Statements of Capital for the three and six nine months ended June 3 0 , September 30, 2026 and 2025
Condensed Consolidated Statements of Cash Flows for the six nine months ended June 3 0 , September 30, 2026 and 2025
2 unchanged paragraphs
Financial statements 566 changes
3 unchanged paragraphs
June September 30, 2026 December 31, 2025
1 unchanged paragraph
Restricted cash 174,029 122,174
Land $ 2,446,061 2,465,989 $ 2,406,467
Buildings and improvements 12,222,317 12,336,790 11,971,961
Single-family properties in operation 14,668,378 14,802,779 14,378,428
Less: accumulated depreciation ( 3,540,311 3,637,802 ) ( 3,366,795 )
Single-family properties in operation, net 11,128,067 11,164,977 11,011,633
Single-family properties under development and development land 989,611 910,959 1,233,586
Single-family properties and land held for sale, net 208,376 205,027 225,861
Total real estate assets, net 12,326,054 12,280,963 12,471,080
Cash and cash equivalents 83,670 70,994 108,516
Restricted cash 161,601 122,174
Rent and other receivables 45,369 55,882 43,119
Escrow deposits, prepaid expenses and other assets 224,414 216,698 228,017
Investments in unconsolidated joint ventures 147,283 148,643 148,935
1 unchanged paragraph
Total assets $ 13,121,098 13,055,060 $ 13,242,120
Revolving credit facility $ 390,000 420,000 $ 360,000
Unsecured senior notes, net 4,740,117 4,742,308 4,735,735
Accounts payable and accrued expenses 511,966 524,462 436,879
Total liabilities 5,642,083 5,686,770 5,532,614
2 unchanged paragraphs
Accumulated deficit ( 385,896 ) ( 387,643 )
Noncontrolling interest 671,436 675,758
Class A common shares ($ 0.01 par value per share, 450,000,000 shares authorized, 359,179,944 356,860,908 and 366,021,665 shares issued and outstanding at June September 30, 2026 and December 31, 2025, respectively)
Class B common shares ($ 0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at June September 30, 2026 and December 31, 2025)
Preferred shares ($ 0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at June September 30, 2026 and December 31, 2025)
Additional paid-in capital 7,183,780 7,116,149 7,411,003
Accumulated deficit ( 422,906 ) ( 387,643 )
Accumulated other comprehensive income 6,005 5,694 6,630
Total shareholders' equity 6,807,579 6,702,604 7,033,748
Noncontrolling interest 665,686 675,758
Total equity 7,479,015 7,368,290 7,709,506
Total liabilities and equity $ 13,121,098 13,055,060 $ 13,242,120
5 unchanged paragraphs
Rents and other single-family property revenues $ 470,104 $ 457,503 $ 942,128 $ 916,779
Property operating expenses 161,943 160,089 330,652 327,619
Property management expenses 33,844 34,412 67,128 68,593
General and administrative expense 21,659 20,008 42,991 39,679
Interest expense 49,527 46,303 97,749 91,729
Depreciation and amortization 127,606 126,939 254,950 251,867
Total expenses 397,774 390,406 799,725 785,203
Other income and expense, net 1,157 4,619 1,484 7,053
Net income 132,919 123,624 281,763 252,337
Noncontrolling interest 15,807 14,585 33,397 29,840
Net income attributable to common shareholders $ 113,626 $ 105,553 $ 241,394 $ 215,525
June September 30, For the Six Nine Months Ended
Rents and other single-family property revenues $ 498,070 $ 478,464 $ 1,440,198 $ 1,395,243
Property operating expenses 187,974 181,604 518,626 509,223
Property management expenses 32,547 33,384 99,675 101,977
General and administrative expense 21,384 20,503 64,375 60,182
Interest expense 50,423 48,199 148,172 139,928
Acquisition, disposition and other transaction costs 3,195 2,655 6,255 5,716 3,301 3,661 9,556 9,377
Depreciation and amortization 127,592 126,656 382,542 378,523
Total expenses 423,221 414,007 1,222,946 1,199,210
Gain on sale and impairment of single-family properties and other, net 59,432 51,908 137,876 113,924 21,547 47,620 159,423 161,544
Loss on early extinguishment of debt — ( 180 ) — 216 ( 396 )
Other income and expense, net 908 4,904 2,392 11,957
Net income 97,304 116,801 379,067 369,138
Noncontrolling interest 11,503 13,618 44,900 43,458
Dividends on preferred shares 3,486 3,486 6,972 6,972 10,458 10,458
Net income attributable to common shareholders $ 82,315 $ 99,697 $ 323,709 $ 315,222
1 unchanged paragraph
Basic 360,629,168 370,692,250 362,445,489 370,538,451
Diluted 360,808,221 371,059,970 362,643,354 370,916,988
Basic 359,624,780 371,248,842 361,494,932 370,721,279
Diluted 359,852,304 371,580,911 361,702,683 371,084,326
1 unchanged paragraph
Basic $ 0.31 $ 0.28 $ 0.66 $ 0.58
Diluted $ 0.31 $ 0.28 $ 0.66 $ 0.58
Basic $ 0.23 $ 0.27 $ 0.89 $ 0.85
Diluted $ 0.23 $ 0.27 $ 0.89 $ 0.85
5 unchanged paragraphs
Net income $ 132,919 $ 123,624 $ 281,763 $ 252,337
June September 30, For the Six Nine Months Ended
Net income $ 97,304 $ 116,801 $ 379,067 $ 369,138
Other comprehensive loss: income:
1 unchanged paragraph
Other comprehensive (loss) income ( 349 ) 1,198 ( 701 ) ( 702 )
Comprehensive income 132,570 124,822 281,062 251,635
Comprehensive income attributable to noncontrolling interests 15,773 14,729 33,327 29,750
Comprehensive income attributable to common shareholders $ 113,311 $ 106,607 $ 240,763 $ 214,913
Gain on settlement of cash flow hedging instruments — 1,580 — — 31
Reclassification adjustment for amortization of interest expense included in net income ( 349 350 ) ( 382 349 ) ( 701 1,051 ) ( 733 1,082 )
Other comprehensive loss ( 350 ) ( 349 ) ( 1,051 ) ( 1,051 )
Comprehensive income 96,954 116,452 378,016 368,087
Comprehensive income attributable to noncontrolling interests 11,465 13,577 44,792 43,327
29 unchanged paragraphs
22 unchanged paragraphs
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
1 unchanged paragraph
25 unchanged paragraphs
26 unchanged paragraphs
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
6 unchanged paragraphs
2 unchanged paragraphs
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
14 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
6 unchanged paragraphs
3 unchanged paragraphs
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
1 unchanged paragraph
8 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
4 unchanged paragraphs
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
4 unchanged paragraphs
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
5 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
and 486 more changes in the filing
MD&A 332 changes
2 unchanged paragraphs
As of June September 30, 2026, we owned 61,183 61,291 single-family properties in select submarkets of metropolitan statistical areas in 24 states, including 701 665 properties held for sale, compared to 61,479 single-family properties in 24 states, including 1,142 properties held for sale, as of December 31, 2025 and 61,500 61,692 single-family properties in 24 states, including 904 1,028 properties held for sale, as of June September 30, 2025. As of June September 30, 2026, 57,897 57,913 of our total properties (excluding properties held for sale) were occupied, compared to 56,756 of our total properties (excluding properties held for sale) as of December 31, 2025 and 58,317 57,061 of our total properties (excluding properties held for sale) as of June September 30, 2025. Also, as of June September 30, 2026, the Company had an additional 3,961 4,068 properties held in unconsolidated joint ventures, compared to 3,785 properties held in unconsolidated joint ventures as of December 31, 2025 and 3,616 3,721 properties held in unconsolidated joint ventures as of June September 30, 2025. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.
3 unchanged paragraphs
The following table summarizes certain key single-family properties metrics as of June September 30, 2026:
4 unchanged paragraphs
Atlanta, GA 5,962 9.9 % $ 1,467.2 10.0 % $ 246,099 2,202 17.6 2017
Charlotte, NC 4,189 6.9 % 994.6 6.8 % 237,435 2,121 19.2 2016
Dallas-Fort Worth, TX 3,573 5.9 % 644.0 4.4 % 180,229 2,078 21.9 2014
Jacksonville, FL 3,443 5.7 % 839.0 5.7 % 243,716 1,935 14.3 2017
Nashville, TN 3,356 5.5 % 888.3 6.1 % 264,693 2,127 17.4 2016
Phoenix, AZ 3,313 5.5 % 779.1 5.3 % 235,203 1,872 19.7 2016
Tampa, FL 3,111 5.1 % 826.0 5.6 % 265,537 1,965 14.2 2017
Indianapolis, IN 2,973 4.9 % 547.3 3.7 % 184,088 1,930 23.1 2015
Las Vegas, NV 2,832 4.7 % 932.0 6.4 % 329,090 1,978 10.5 2018
Columbus, OH 2,305 3.8 % 517.0 3.5 % 224,293 1,921 20.7 2016
Houston, TX 2,213 3.7 % 406.1 2.8 % 183,516 2,059 20.4 2015
Orlando, FL 2,227 3.7 % 592.1 4.0 % 265,905 1,958 15.5 2017
Raleigh, NC 2,118 3.5 % 439.4 3.0 % 207,444 1,900 19.6 2015
Cincinnati, OH 2,078 3.4 % 422.2 2.9 % 203,166 1,844 23.4 2014
Charleston, SC 1,696 2.8 % 432.0 2.9 % 254,709 1,966 13.3 2017
Greater Chicago area, IL and IN 1,516 2.5 % 299.0 2.0 % 197,248 1,874 24.8 2013
Boise, ID 1,122 1.9 % 365.6 2.5 % 325,842 1,889 11.2 2018
Seattle, WA 1,114 1.8 % 404.1 2.8 % 362,800 2,004 14.2 2018
San Antonio, TX 1,077 1.8 % 223.2 1.5 % 207,347 1,902 16.8 2016
Atlanta, GA 5,976 9.9 % $ 1,478.7 10.0 % $ 247,450 2,202 17.7 2017
Charlotte, NC 4,179 6.9 % 996.9 6.7 % 238,551 2,119 19.4 2016
Dallas-Fort Worth, TX 3,560 5.9 % 643.1 4.3 % 180,642 2,078 22.1 2014
Jacksonville, FL 3,477 5.7 % 853.0 5.8 % 245,344 1,934 14.4 2017
Nashville, TN 3,352 5.5 % 889.1 6.0 % 265,265 2,127 17.6 2016
Phoenix, AZ 3,331 5.5 % 791.3 5.3 % 237,585 1,874 19.7 2016
Tampa, FL 3,129 5.2 % 839.3 5.7 % 268,257 1,967 14.1 2017
Indianapolis, IN 2,966 4.9 % 548.0 3.7 % 184,774 1,929 23.4 2015
Las Vegas, NV 2,886 4.8 % 956.7 6.5 % 331,496 1,978 10.5 2018
Columbus, OH 2,337 3.9 % 532.5 3.6 % 227,850 1,924 20.6 2016
Houston, TX 2,206 3.6 % 405.7 2.7 % 183,897 2,058 20.7 2015
Orlando, FL 2,230 3.7 % 599.7 4.1 % 268,949 1,961 15.3 2017
Raleigh, NC 2,112 3.5 % 439.9 3.0 % 208,310 1,901 19.9 2015
Cincinnati, OH 2,077 3.4 % 423.7 2.9 % 204,010 1,844 23.7 2014
Salt Lake City, UT 1,925 1,920 3.2 % 596.2 4.1 4.0 % 309,755 310,534 2,243 19.2 19.5 2016
Charleston, SC 1,699 2.8 % 436.2 2.9 % 256,789 1,966 13.4 2017
Greater Chicago area, IL and IN 1,521 2.5 % 301.2 2.0 % 198,002 1,875 25.1 2013
Boise, ID 1,134 1.9 % 372.2 2.5 % 328,257 1,893 11.3 2018
Seattle, WA 1,138 1.9 % 413.8 2.8 % 363,619 2,003 14.2 2018
San Antonio, TX 1,071 1.8 % 222.6 1.5 % 207,956 1,902 17.0 2016
Total/Average 60,482 60,626 100.0 % $ 14,668.4 14,802.8 100.0 % $ 242,525 2,002 18.1 244,166 2,003 18.2 2016 (1) Excludes 701 665 single-family properties held for sale as of June September 30, 2026.
1 unchanged paragraph
The following table summarizes certain key leasing metrics as of June September 30, 2026:
6 unchanged paragraphs
Atlanta, GA 94.7 % $ 2,374 12.9 7.7 2.1 %
Charlotte, NC 96.7 % 2,330 12.6 7.0 2.9 %
Dallas-Fort Worth, TX 95.8 % 2,368 12.7 7.5 2.2 %
Jacksonville, FL 95.6 % 2,261 12.8 7.8 2.1 %
Nashville, TN 95.9 % 2,474 12.7 7.4 2.6 %
Phoenix, AZ 94.3 % 2,215 12.0 7.0 1.7 %
Indianapolis, IN 96.5 % 2,022 12.7 7.6 4.9 %
Las Vegas, NV 94.8 % 2,428 12.9 7.7 2.0 %
Columbus, OH 96.8 % 2,420 12.8 7.6 4.8 %
Houston, TX 95.2 % 2,145 12.8 7.3 2.5 %
Orlando, FL 95.2 % 2,498 12.8 7.6 2.2 %
Raleigh, NC 95.7 % 2,138 12.8 7.8 1.9 %
Cincinnati, OH 96.7 % 2,332 12.8 7.4 4.9 %
Salt Lake City, UT 96.0 % 2,598 12.7 7.6 3.4 %
Charleston, SC 95.0 % 2,423 12.6 7.3 3.1 %
Greater Chicago area, IL and IN 97.3 % 2,705 12.5 7.1 6.4 %
Boise, ID 96.5 % 2,386 12.5 7.4 4.7 %
Seattle, WA 96.4 % 3,006 12.0 6.8 4.1 %
San Antonio, TX 94.8 % 1,945 13.1 7.3 0.2 %
Total/Average 95.6 % $ 2,353 12.7 7.4 2.7 %
Atlanta, GA 95.1 % $ 2,384 13.7 8.3 2.1 %
Charlotte, NC 96.3 % 2,349 13.3 7.8 3.3 %
Dallas-Fort Worth, TX 95.9 % 2,384 13.5 8.0 2.0 %
Jacksonville, FL 95.8 % 2,268 13.4 7.7 2.3 %
Nashville, TN 96.1 % 2,481 13.4 7.6 2.4 %
Phoenix, AZ 95.0 % 2,208 12.0 6.6 0.4 %
Tampa, FL 94.7 95.4 % 2,524 13.0 13.6 7.8 0.8 0.7 %
Indianapolis, IN 95.9 % 2,058 13.4 8.0 4.4 %
Las Vegas, NV 95.3 % 2,421 13.4 7.7 2.4 %
Columbus, OH 96.2 % 2,453 13.5 7.9 4.9 %
Houston, TX 95.2 % 2,161 13.6 8.5 1.5 %
Orlando, FL 96.2 % 2,515 13.4 7.6 2.2 %
Raleigh, NC 96.6 % 2,150 13.3 7.8 2.3 %
Cincinnati, OH 96.0 % 2,366 13.6 7.9 4.1 %
Salt Lake City, UT 96.1 % 2,620 13.1 7.1 4.0 %
Charleston, SC 96.1 % 2,445 13.3 7.8 4.0 %
Greater Chicago area, IL and IN 97.0 % 2,772 13.1 7.5 5.2 %
1 unchanged paragraph
6 unchanged paragraphs
1 unchanged paragraph
3 unchanged paragraphs
9 unchanged paragraphs
4 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
3 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
5 unchanged paragraphs
2 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
7 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
4 unchanged paragraphs
1 unchanged paragraph
and 252 more changes in the filing
Market risk 3 changes
During the six nine months ended June September 30, 2026, the Company borrowed $110.0 $210.0 million and paid down $80.0 $150.0 million on its revolving credit facility, resulting in $390.0 $420.0 million of outstanding variable rate debt as of June September 30, 2026. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
As of June September 30, 2026, assuming no change in the outstanding balance of our existing variable rate debt, which bears interest at the Secured Overnight Financing Rate ("SOFR") plus a margin of 0.85%, a hypothetical 100 basis point increase or decrease in the SOFR would increase or decrease our projected annual interest expense by approximately $3.9 $4.2 million. This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.
1 unchanged paragraph
There have been no other material changes to our market risk from those disclosed in section Part II, "Item 7A. Quantitative and Qualitative Disclosures About Market Risk" of the 2025 Annual Report.
Controls and procedures 2 changes
5 unchanged paragraphs
There were no changes in the Company's internal control over financial reporting during the quarter ended June September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
5 unchanged paragraphs
There were no changes in the Operating Partnership's internal control over financial reporting during the quarter ended June September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.
Unregistered sales of stock 8 changes
The following table summarizes the Company's repurchases of its outstanding Class A common shares during the three months ended June September 30, 2026 (amounts in thousands, except share and per share data):
6 unchanged paragraphs
April 1, 2026 to April 30, 2026 3,200,713 $ 29.37 3,200,713 $ 406,008
May 1, 2026 to May 31, 2026 913,863 31.69 913,863 377,047
Total 4,114,576 $ 29.88 4,114,576 $ 377,047
June July 1, 2026 to June 30, July 31, 2026 — $ — — $ 377,047
August 1, 2026 to August 31, 2026 — — — 377,047
September 1, 2026 to September 30, 2026 2,389,532 31.39 2,389,532 302,047
Total 2,389,532 $ 31.39 2,389,532 $ 302,047
1 unchanged paragraph
Other information 1 change
During the three months ended June September 30, 2026, no trustee or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Exhibits 3 changes
27 unchanged paragraphs
10.1 Amendment No. 2 to Credit Agreement, dated April 1, 2026, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Agent, and the other lending institutions that are parties thereto, as Lenders. Filed herewith.
16 unchanged paragraphs
Date: November 5, 2026
3 unchanged paragraphs
Date: November 5, 2026
Unchanged: Forward-looking statements, Legal proceedings, Risk factors, Defaults on senior securities, Mine Safety Disclosures
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- It also includes a cautionary note about forward-looking statements.
- The balance sheet as of September 30, 2026, shows total assets of $13,055,060 thousand.
- Total liabilities were $5,686,770 thousand, and total equity was $7,368,290 thousand.
- The company reported $97,304 thousand in net income for the three months ended September 30, 2026.
- The filing also includes details about shareholders' equity, including Class A, B, and preferred shares.
- Additional paid-in capital was $7,116,149 thousand as of September 30, 2026.
- In its 10-Q for the quarter ended September 30, 2026, American Homes 4 Rent reported net income of $97.3 million.
- The filing includes a section on forward-looking statements, which warns that actual results may differ materially from expectations.
- The company does not provide guarantees about future performance.
9 of 9 claims matched the filing text.
From the filing
Item 6.
Item 6.
Exhibits
51
Signatures
53
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS1
Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal," "outlook," "guidance" or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.8
These and other important factors, including those discussed or incorporated by reference under Part II, "Item 1A. Risk Factors," Part I, "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report") filed with the Securities and Exchange Commission (the "SEC") may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them.9 The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.
i
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
September 30, 2026 December 31, 2025
(Unaudited)
Assets
Single-family properties:
Single-family properties in operation 14,802,779 14,378,428
Less: accumulated depreciation ( 3,637,802 ) ( 3,366,795 )
Single-family properties in operation, net 11,164,977 11,011,633
Single-family properties under development and development land 910,959 1,233,586
Single-family properties and land held for sale, net 205,027 225,861
Total real estate assets, net 12,280,963 12,471,080
Escrow deposits, prepaid expenses and other assets 216,698 228,017
Investments in unconsolidated joint ventures 148,643 148,935
Liabilities
Accounts payable and accrued expenses 524,462 436,879
Total liabilities 5,686,7703 5,532,614
Commitments and contingencies (see Note 15)
Equity
Shareholders' equity:
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended
September 30, For the Nine Months Ended
September 30,
Loss on early extinguishment of debt — ( 180 ) — ( 396 )
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)
For the Three Months Ended
September 30, For the Nine Months Ended
September 30,
Other comprehensive loss:
Cash flow hedging instruments:
Gain on settlement of cash flow hedging instruments — — — 31
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)
Class A common shares Class B common shares Preferred shares
Number of shares Amount Number of shares Amount Number of shares Amount Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Shareholders' equity Noncontrolling interest Total equity
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
537,128 5 — — — — ( 10,375 ) — — ( 10,370 ) — ( 10,370 )
Distributions to equity holders:
Preferred shares (Note 10)
Common shares ($ 0.30 per share)
Similar companies
Same SIC code (6798) and public float over $2B, nearest public float first, as each company reports it on its annual report cover.
- Equity Lifestyle Properties ELS public float $11.7B, Jun 30, 2025
- Mid America Apartment Communities MAA public float $11.9B, Jun 30, 2025
- Camden Property Trust CPT public float $12.0B, Jun 30, 2025
- Annaly Capital Management NLY public float $12.1B, Jun 30, 2025
- Alexandria Real Estate Equities ARE public float $12.4B, Jun 30, 2025