AMH

American Homes 4 Rent is a well-run single-family rental REIT, owning 61,479 homes across 24 states (plus 3,785 in joint ventures), internally managed on a proprietary platform. The operating fundamentals are solid: 94.4% average occupancy, average realized rent of $2,318/month, and a +2.5% blended change in rent on renewals and re-leases in FY2025. Net income grew 9.7% to $513M and diluted EPS rose 9.3% to $1.18, continuing a steady multi-year climb (net income up from $211M in FY2021 to $513M in FY2025). Operating cash flow of $864M (up 6.5%) comfortably funds the $446M dividend, which grew 16.4%.

The balance sheet is a genuine strength relative to most REITs: $7.03B of equity against $5.53B of liabilities for a conservative 0.79x liabilities/equity ratio, with $5.10B of long-term debt. That low leverage gives AMH durability through housing and rate cycles and capacity to keep developing and acquiring homes — a structural advantage in a sector where high leverage is common.