American Homes 4 Rent

AI-generated fair value estimate for this company.

Method: 10-year AFFO/share DCF (REIT equivalent of unlevered FCF DCF): $1.75 2026E AFFO/share base (~90% of $1.95 Core FFO/share guidance midpoint, consistent with reported Q2 AFFO of $0.45/share); 5%/yr growth yrs 1-5; 3.5%/yr yrs 6-10; 8% cost-of-equity discount rate; 2.5% terminal growth; value computed directly per share since AFFO is already net of debt service.

Reasoning: For a REIT, FFO/AFFO (not GAAP net income, which is depressed by real-estate depreciation) is the correct cash metric; guided 2.4% same-home NOI growth plus acquisition/development-funded external growth supports the staged assumptions.