American Homes 4 Rent (AMH) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	1,562,401
Current Fiscal Year End Date	--12-31
Entity Current Reporting Statues	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common shares/units
Document Information
Entity Common Stock, Shares Outstanding		295,383,219
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity Registrant Name	American Homes 4 Rent, L.P.
Entity Central Index Key	1,716,558
Current Fiscal Year End Date	--12-31
Entity Current Reporting Statues	Yes
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Single-family properties:
Land	$ 1,670,214	$ 1,665,631
Buildings and improvements	7,276,606	7,303,270
Single-family properties held for sale, net	284,012	35,803
Single-family properties, gross	9,230,832	9,004,704
Less: accumulated depreciation	(1,046,911)	(939,724)
Single-family properties, net	8,183,921	8,064,980
Cash and cash equivalents	53,504	46,156
Restricted cash	159,010	136,667
Rent and other receivables, net	28,049	30,144
Escrow deposits, prepaid expenses and other assets	246,877	171,851
Deferred costs and other intangibles, net	13,142	13,025
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	8,830,448	8,608,768
Liabilities
Asset-backed securitizations, net	1,969,322	1,977,308
Unsecured senior notes, net	492,406	0
Exchangeable senior notes, net	113,533	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	282,734	222,867
Amounts payable to affiliates	4,571	4,720
Participating preferred shares/units derivative liability	0	29,470
Total liabilities	2,961,686	2,732,944
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 30,750,000 and 38,350,000 shares issued and outstanding at June 30, 2018, and December 31, 2017, respectively	308	384
Additional paid-in capital	5,630,321	5,600,256
Accumulated deficit	(494,326)	(453,953)
Accumulated other comprehensive income	9,267	75
Total shareholders’ equity	5,148,530	5,149,629
Limited partners:
Accumulated other comprehensive income	9,267	75
Noncontrolling interest	720,232	726,195
Total equity	5,868,762	5,875,824
Total liabilities and equity/capital	8,830,448	8,608,768
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,670,214	1,665,631
Buildings and improvements	7,276,606	7,303,270
Single-family properties held for sale, net	284,012	35,803
Single-family properties, gross	9,230,832	9,004,704
Less: accumulated depreciation	(1,046,911)	(939,724)
Single-family properties, net	8,183,921	8,064,980
Cash and cash equivalents	53,504	46,156
Restricted cash	159,010	136,667
Rent and other receivables, net	28,049	30,144
Escrow deposits, prepaid expenses and other assets	246,869	171,851
Amounts due from affiliates	25,674	25,666
Deferred costs and other intangibles, net	13,142	13,025
Goodwill	120,279	120,279
Total assets	8,830,448	8,608,768
Liabilities
Asset-backed securitizations, net	1,969,322	1,977,308
Unsecured senior notes, net	492,406	0
Exchangeable senior notes, net	113,533	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	282,734	222,867
Amounts payable to affiliates	4,571	4,720
Participating preferred shares/units derivative liability	0	29,470
Total liabilities	2,961,686	2,732,944
Commitments and contingencies
Shareholders’ equity:
Accumulated other comprehensive income	9,267	75
Limited partners:
Limited partners, capital account	720,232	727,544
Accumulated other comprehensive income	9,267	75
Total partners' capital	5,868,762	5,877,173
Noncontrolling interest	0	(1,349)
Total capital	5,868,762	5,875,824
Total liabilities and equity/capital	8,830,448	8,608,768
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,395,806	4,248,236
Limited partners:
Limited partners, capital account	720,232	727,544
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	743,457	901,318
Class A common shares/units
Shareholders’ equity:
Common stock, value, issued	2,954	2,861
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Credit facility	99,120	198,023
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Credit facility	99,120	198,023
Revolving Credit Facility
Liabilities
Credit facility	0	140,000
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 0	$ 140,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	30,750,000	38,350,000
Preferred shares, shares outstanding (in shares)	30,750,000	38,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	296,018,234	286,749,712
Common units, shares/units outstanding (in shares)	296,018,234	286,749,712
Preferred units, shares/units issued (in shares)	30,750,000	38,350,000
Preferred units, shares/units outstanding (in shares)	30,750,000	38,350,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	55,350,153	55,350,153
Common units, shares/units outstanding (in shares)	55,350,153	55,350,153
Class A common shares/units
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	295,383,159	286,114,637
Common stock, shares outstanding (in shares)	295,383,159	286,114,637
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 264,483	$ 237,008	$ 522,487	$ 470,762
Expenses:
General and administrative expense	9,677	8,926	18,908	18,221
Interest expense	31,978	28,392	61,279	60,281
Acquisition fees and costs expensed	1,321	1,412	2,632	2,508
Depreciation and amortization	78,319	72,716	157,622	146,669
Other	1,624	1,359	2,451	2,917
Total expenses	240,378	216,201	480,325	434,775
Gain on sale of single-family properties and other, net	3,240	2,454	5,496	4,480
Loss on early extinguishment of debt	(1,447)	(6,555)	(1,447)	(6,555)
Remeasurement of participating preferred units	0	(1,640)	1,212	(7,050)
Net income	25,898	15,066	47,423	26,862
Noncontrolling interest	(3,150)	(30)	(2,036)	(331)
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ (15,151)	$ (186)	$ (9,337)	$ (1,676)
Weighted-average shares/common units outstanding:
Weighted-average shares outstanding - basic and diluted (in shares)	295,462,572	258,900,456	290,848,633	251,685,993
Net income (loss) attributable to common shareholders/unitholders per share/unit
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.05)	$ 0	$ (0.03)	$ (0.01)
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.1	$ 0.1
Rents from single-family properties
Revenues:
Total revenues	$ 227,211	$ 204,648	$ 445,234	$ 405,755
Fees from single-family properties
Revenues:
Total revenues	2,754	2,690	5,587	5,294
Tenant charge-backs
Revenues:
Total revenues	32,917	27,382	68,724	55,755
Other
Revenues:
Total revenues	1,601	2,288	2,942	3,958
Property Operating Expenses
Expenses:
Cost of goods and services sold	98,843	85,954	199,830	169,259
Property Management Expenses
Expenses:
Cost of goods and services sold	18,616	17,442	37,603	34,920
American Homes 4 Rent, L.P.
Revenues:
Total revenues	264,483	237,008	522,487	470,762
Expenses:
General and administrative expense	9,677	8,926	18,908	18,221
Interest expense	31,978	28,392	61,279	60,281
Acquisition fees and costs expensed	1,321	1,412	2,632	2,508
Depreciation and amortization	78,319	72,716	157,622	146,669
Other	1,624	1,359	2,451	2,917
Total expenses	240,378	216,201	480,325	434,775
Gain on sale of single-family properties and other, net	3,240	2,454	5,496	4,480
Loss on early extinguishment of debt	(1,447)	(6,555)	(1,447)	(6,555)
Remeasurement of participating preferred units	0	(1,640)	1,212	(7,050)
Net income	25,898	15,066	47,423	26,862
Noncontrolling interest	(248)	1	(259)	39
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ (18,053)	$ (217)	$ (11,114)	$ (2,046)
Weighted-average shares/common units outstanding:
Weighted-average common units outstanding - basic and diluted (in shares)	350,812,725	314,451,049	346,198,786	307,239,255
Net income (loss) attributable to common shareholders/unitholders per share/unit
Net loss attributable to common unitholders per unit - basic and diluted (in dollars per share)	$ (0.05)	$ 0	$ (0.03)	$ (0.01)
American Homes 4 Rent, L.P. | Rents from single-family properties
Revenues:
Total revenues	$ 227,211	$ 204,648	$ 445,234	$ 405,755
American Homes 4 Rent, L.P. | Fees from single-family properties
Revenues:
Total revenues	2,754	2,690	5,587	5,294
American Homes 4 Rent, L.P. | Tenant charge-backs
Revenues:
Total revenues	32,917	27,382	68,724	55,755
American Homes 4 Rent, L.P. | Other
Revenues:
Total revenues	1,601	2,288	2,942	3,958
American Homes 4 Rent, L.P. | Property Operating Expenses
Expenses:
Cost of goods and services sold	98,843	85,954	199,830	169,259
American Homes 4 Rent, L.P. | Property Management Expenses
Expenses:
Cost of goods and services sold	$ 18,616	$ 17,442	$ 37,603	$ 34,920

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 25,898	$ 15,066	$ 47,423	$ 26,862
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	9,553	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	0	(361)	(28)
Gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	9,192	(95)
Comprehensive income	25,657	15,066	56,615	26,767
Comprehensive loss attributable to noncontrolling interests	(3,209)	(31)	(566)	(314)
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	(15,333)	(185)	(1,615)	(1,788)
American Homes 4 Rent, L.P.
Net income	25,898	15,066	47,423	26,862
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	9,553	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	0	(361)	(28)
Gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	9,192	(95)
Comprehensive income	25,657	15,066	56,615	26,767
Comprehensive loss attributable to noncontrolling interests	(248)	1	(259)	39
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	$ (18,294)	$ (217)	$ (1,922)	$ (2,141)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Shareholders’ equity	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances at Dec. 31, 2017	$ 5,875,824	$ 5,149,629	$ 2,861	$ 6	$ 384	$ 5,600,256	$ (453,953)	$ 75	$ 726,195
Beginning balance (in shares) at Dec. 31, 2017			286,114,637	635,075	38,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,918	1,918				1,918
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	2,660	2,660	$ 2			2,658
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			223,858
Redemption of Series C participating preferred shares into Class A common shares	28,258	28,258	$ 109		$ (76)	60,440	(32,215)
Redemptions of Series C participating preferred shares into Class A common shares (in shares)			10,848,827		(7,600,000)
Repurchase of Class A common shares	(34,969)	(34,969)	$ (18)			(34,951)
Repurchases of Class A common shares (in shares)			(1,804,163)
Liquidation of consolidated joint venture	(241)	(1,849)					(1,849)		1,608
Distributions to equity holders:
Preferred shares	(26,581)	(26,581)					(26,581)
Noncontrolling interests	(5,535)								(5,535)
Common shares	(29,187)	(29,187)					(29,187)
Net income	47,423	49,459					49,459		(2,036)
Total other comprehensive income	9,192	9,192						9,192
Ending balances at Jun. 30, 2018	$ 5,868,762	$ 5,148,530	$ 2,954	$ 6	$ 308	$ 5,630,321	$ (494,326)	$ 9,267	$ 720,232
Ending balance (in shares) at Jun. 30, 2018			295,383,159	635,075	30,750,000

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Capital - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Increase (Decrease) in Capital [Roll Forward]
Redemption of Series C participating preferred units into Class A units		$ 28,258
Liquidation of consolidated joint venture		(241)
Distributions to equity holders:
Net income	$ 25,898	47,423
Total other comprehensive income	(241)	9,192
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		5,875,824
Share-based compensation		1,918
Common units issued under share-based compensation plans, net of units withheld for employee taxes		2,660
Redemption of Series C participating preferred units into Class A units		28,258
Repurchase of Class A units		(34,969)
Liquidation of consolidated joint venture		(241)
Distributions to equity holders:
Preferred units		(26,581)
Common units		(34,722)
Net income	25,898	47,423
Total other comprehensive income	(241)	9,192
Total capital, ending balance	5,868,762	5,868,762
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		5,877,173
Share-based compensation		1,918
Common units issued under share-based compensation plans, net of units withheld for employee taxes		2,660
Redemption of Series C participating preferred units into Class A units		28,258
Repurchase of Class A units		(34,969)
Liquidation of consolidated joint venture		(1,849)
Distributions to equity holders:
Preferred units		(26,581)
Common units		(34,722)
Net income		47,682
Total other comprehensive income		9,192
Total capital, ending balance	5,868,762	5,868,762
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		75
Distributions to equity holders:
Total other comprehensive income		9,192
Total capital, ending balance	9,267	9,267
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		(1,349)
Liquidation of consolidated joint venture		1,608
Distributions to equity holders:
Net income		(259)
Total capital, ending balance	0	0
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 4,248,236
Beginning balance (in shares)		286,749,712
Share-based compensation		$ 1,918
Common units issued under share-based compensation plans, net of units withheld for employee taxes		$ 2,660
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)		223,858
Redemption of Series C participating preferred units into Class A units		$ 186,119
Redemption of Series C participating preferred units into Class A units (in shares)		10,848,827
Repurchase of Class A units		$ (34,969)
Repurchase of Class A units (in shares)		(1,804,163)
Liquidation of consolidated joint venture		$ (1,849)
Distributions to equity holders:
Common units		(29,187)
Net income		22,878
Total capital, ending balance	$ 4,395,806	$ 4,395,806
Ending balance (in shares)	296,018,234	296,018,234
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 901,318
Redemption of Series C participating preferred units into Class A units		(157,861)
Distributions to equity holders:
Preferred units		(26,581)
Net income		26,581
Total capital, ending balance	$ 743,457	743,457
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 727,544
Beginning balance (in shares)		55,350,153
Distributions to equity holders:
Common units		$ (5,535)
Net income		(1,777)
Total capital, ending balance	$ 720,232	$ 720,232
Ending balance (in shares)	55,350,153	55,350,153

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net income	$ 47,423	$ 26,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	157,622	146,669
Noncash amortization of deferred financing costs	3,888	4,410
Noncash amortization of discounts on debt instruments	1,941	1,714
Noncash amortization of cash flow hedging instrument	(361)	0
Noncash share-based compensation	1,918	2,059
Provision for bad debt	3,616	2,843
Loss on early extinguishment of debt	1,447	6,555
Remeasurement of participating preferred shares	(1,212)	7,050
Equity in net earnings of unconsolidated ventures	(587)	(1,623)
Net gain on sale of single-family properties and other	(5,496)	(4,480)
Loss on impairment of single-family properties	2,236	2,487
Net gain on resolutions of mortgage loans	0	(16)
Other changes in operating assets and liabilities:
Rent and other receivables	(5,522)	(4,497)
Prepaid expenses and other assets	(12,167)	(7,440)
Deferred leasing costs	(5,834)	(3,401)
Accounts payable and accrued expenses	61,061	40,967
Amounts payable to affiliates	(8)	5,047
Net cash provided by operating activities	249,965	225,206
Investing activities
Cash paid for single-family properties	(206,137)	(226,937)
Change in escrow deposits for purchase of single-family properties	(4,357)	(1,708)
Net proceeds received from sales of single-family properties and other	30,142	54,232
Proceeds received from hurricane-related insurance claims	4,000	0
Collections from mortgage financing receivables	0	78
Distributions from joint ventures	2,440	2,144
Initial renovations to single-family properties	(33,030)	(18,351)
Recurring and other capital expenditures for single-family properties	(23,331)	(15,038)
Other purchases of productive assets	(95,354)	(16,936)
Net cash used for investing activities	(325,627)	(222,516)
Financing activities
Proceeds from issuance of Class A common shares/units	0	355,589
Proceeds from issuance of perpetual preferred shares/units	0	155,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	1,933	1,858
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(10,490)	(466,793)
Payments on secured note payable	(49,427)	(482)
Settlement of cash flow hedging instrument	9,628	0
Distributions to noncontrolling interests	(5,536)	(5,555)
Distributions to common shareholders/unitholders	(28,702)	(25,172)
Distributions to preferred shareholders/unitholders	(29,194)	(28,869)
Deferred financing costs paid	(5,100)	(3,930)
Net cash provided by (used for) financing activities	105,353	(57,082)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,691	(54,392)
Cash, cash equivalents and restricted cash, beginning of period	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 3)	212,514	195,849
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(47,663)	(54,157)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	979	3,922
Transfer of term loan borrowings to revolving credit facility	0	50,000
Transfer of deferred financing costs from term loan to revolving credit facility	0	1,354
Transfers of completed homebuilding deliveries to properties	37,541	0
Note receivable related to a bulk sale of properties, net of discount	0	5,559
Redemption of participating preferred shares/units	(28,258)	0
Accrued distributions to affiliates	(149)	0
Accrued distributions to non-affiliates	(1,995)	0
American Homes 4 Rent, L.P.
Operating activities
Net income	47,423	26,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	157,622	146,669
Noncash amortization of deferred financing costs	3,888	4,410
Noncash amortization of discounts on debt instruments	1,941	1,714
Noncash amortization of cash flow hedging instrument	(361)	0
Noncash share-based compensation	1,918	2,059
Provision for bad debt	3,616	2,843
Loss on early extinguishment of debt	1,447	6,555
Remeasurement of participating preferred shares	(1,212)	7,050
Equity in net earnings of unconsolidated ventures	(587)	(1,623)
Net gain on sale of single-family properties and other	(5,496)	(4,480)
Loss on impairment of single-family properties	2,236	2,487
Net gain on resolutions of mortgage loans	0	(16)
Other changes in operating assets and liabilities:
Rent and other receivables	(5,522)	(4,497)
Prepaid expenses and other assets	(12,167)	(7,440)
Deferred leasing costs	(5,834)	(3,401)
Accounts payable and accrued expenses	61,061	40,967
Amounts payable to affiliates	(8)	5,047
Net cash provided by operating activities	249,965	225,206
Investing activities
Cash paid for single-family properties	(206,137)	(226,937)
Change in escrow deposits for purchase of single-family properties	(4,357)	(1,708)
Net proceeds received from sales of single-family properties and other	30,142	54,232
Proceeds received from hurricane-related insurance claims	4,000	0
Collections from mortgage financing receivables	0	78
Distributions from joint ventures	2,440	2,144
Initial renovations to single-family properties	(33,030)	(18,351)
Recurring and other capital expenditures for single-family properties	(23,331)	(15,038)
Other purchases of productive assets	(95,354)	(16,936)
Net cash used for investing activities	(325,627)	(222,516)
Financing activities
Proceeds from issuance of Class A common shares/units	0	355,589
Stock issuance costs	0	(5,209)
Proceeds from issuance of perpetual preferred shares/units	0	155,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	1,933	1,858
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(10,490)	(466,793)
Payments on secured note payable	(49,427)	(482)
Settlement of cash flow hedging instrument	9,628	0
Distributions to common shareholders/unitholders	(34,238)	(30,727)
Distributions to preferred shareholders/unitholders	(29,194)	(28,869)
Deferred financing costs paid	(5,100)	(3,930)
Net cash provided by (used for) financing activities	105,353	(57,082)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,691	(54,392)
Cash, cash equivalents and restricted cash, beginning of period	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 3)	212,514	195,849
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(47,663)	(54,157)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	979	3,922
Transfer of term loan borrowings to revolving credit facility	0	50,000
Transfer of deferred financing costs from term loan to revolving credit facility	0	1,354
Transfers of completed homebuilding deliveries to properties	37,541	0
Note receivable related to a bulk sale of properties, net of discount	0	5,559
Redemption of participating preferred shares/units	(28,258)	0
Accrued distributions to affiliates	(149)	0
Accrued distributions to non-affiliates	(1,995)	0
Term Loan facility
Financing activities
Proceeds from debt	0	25,000
Payments on credit facility	(100,000)	(100,000)
Term Loan facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from debt	0	25,000
Payments on credit facility	(100,000)	(100,000)
Unsecured Senior Notes
Financing activities
Proceeds from unsecured senior notes, net of discount	497,210	0
Unsecured Senior Notes | American Homes 4 Rent, L.P.
Financing activities
Proceeds from unsecured senior notes, net of discount	497,210	0
Revolving Credit Facility
Financing activities
Proceeds from debt	100,000	62,000
Payments on credit facility	(240,000)	(20,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from debt	100,000	62,000
Payments on credit facility	(240,000)	(20,000)
Class A common shares/units
Financing activities
Stock issuance costs	0	(350)
Class A common shares/units | American Homes 4 Rent, L.P.
Financing activities
Proceeds from issuance of Class A common shares/units		355,589
Stock issuance costs	0	(350)
Repurchase of Class A common shares/units	(34,969)
Redemptions of Class A units		(169)
Preferred Shares/Units
Financing activities
Stock issuance costs	$ 0	(5,209)
Preferred Shares/Units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs		(5,209)
Proceeds from issuance of perpetual preferred shares/units		$ 155,000

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R") is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012, for the purpose of acquiring, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the "Operating Partnership," our "operating partnership" or the "OP") is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets. References to “the Company,” “we,” "our," and “us” mean collectively, AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of June 30, 2018 , the Company held 52,049 single-family properties in 22 states, including 2,209 properties identified as part of the Company's disposition program, comprised of 1,838 properties classified as held for sale and 371 properties identified for future sale. AH4R is the general partner of, and as of June 30, 2018 , owned an approximate 84.2% common partnership interest in, the Operating Partnership with the remaining 15.8% common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements are unaudited and include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The condensed consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The ownership interest in a consolidated subsidiary of the Company held by outside parties is included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . Therefore, notes to the condensed consolidated financial statements that would substantially duplicate the disclosures contained in our most recent audited consolidated financial statements have been omitted. Recent Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). Lessor accounting will remain similar to lessor accounting under previous guidance, while aligning with the FASB's new revenue recognition guidance for non-lease components. The new guidance will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted, and requires the use of the modified retrospective transition method. The Company does not anticipate significant changes in the accounting for our residential operating leases for which we are the lessor, as our leases generally do not have terms of more than one year. As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements for which we are the lessee. We anticipate that the adoption of this guidance will require us to recognize a right-of-use asset and corresponding lease liability for these office leases. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840, "Leases" , are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. Based on our assessment, the Company’s current accounting policies for these non-lease components are aligned with the revenue recognition principles prescribed by the new guidance. Therefore, the new standard did not ultimately change the amount or timing of our revenue recognition. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20, "Other Income" . Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customers versus noncustomers, with the exception of the presentation of comprehensive income (revenue and expense when sales to customers or gains and losses when sales to noncustomers). The Company adopted the new revenue recognition guidance using the modified retrospective approach, effective January 1, 2018. We evaluated the revenue recognition for our contracts under existing accounting standards and under the new revenue recognition ASU and determined that there were no differences in the amounts or timing of recognition. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In February 2018, the FASB issued ASU No. 2018-03, Recognition and Measurement of Financial Assets and Financial Liabilities , which retained the current framework for accounting for financial instruments in GAAP but made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. The Company is currently assessing the impact of the guidance on our financial statements.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier's checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2018 and 2017 : June 30, 2018 June 30, 2017 Balance Sheet: Cash and cash equivalents $ 53,504 $ 67,325 Restricted cash 159,010 128,524 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 212,514 $ 195,849

Single-Family Properties

Single-Family Properties	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of June 30, 2018 , and December 31, 2017 (in thousands, except property data): June 30, 2018 Number of Net book Leased single-family properties 48,020 $ 7,526,347 Single-family properties being renovated 223 57,472 Single-family properties being prepared for re-lease 332 46,805 Vacant single-family properties available for lease 1,265 218,285 Single-family properties held for sale, net 1,838 284,012 Single-family properties identified for future sale 371 51,000 Total 52,049 $ 8,183,921 December 31, 2017 Number of Net book Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980 Single-family properties, net as of June 30, 2018 , and December 31, 2017 , included $4.8 million and $44.2 million , respectively, related to properties for which the recorded grant deed had not been received. For these properties, the trustee or seller has warranted that all legal rights of ownership have been transferred to us on the date of the sale, but there was a delay for the deeds to be recorded. Depreciation expense related to single-family properties was $74.1 million and $69.0 million for the three months ended June 30, 2018 and 2017 , respectively, and $149.5 million and $137.8 million for the six months ended June 30, 2018 and 2017 , respectively. During the three months ended June 30, 2018 , the Company sold 113 homes, which generated total net proceeds of $18.2 million and resulted in a net gain on sale of $3.2 million . During the six months ended June 30, 2018 , the Company sold 216 homes, which generated total net proceeds of $29.6 million and resulted in a net gain on sale of $5.4 million , and sold land which generated total net proceeds of $0.5 million and resulted in a net gain on sale of $0.1 million . During the three and six months ended June 30, 2017 , the Company sold 127 and 631 homes, respectively, which generated total net proceeds of $15.7 million and $39.8 million , respectively, and resulted in a net gain on sale of $2.2 million and $1.2 million , respectively. Total net proceeds for the six months ended June 30, 2017 , included a $7.0 million note receivable, before a $1.5 million discount, that was recorded during the first quarter of 2017.

Rent and Other Receivables, Net

Rent and Other Receivables, Net	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Rent and Other Receivables, Net	Rent and Other Receivables, Net Included in rent and other receivables, net is an allowance for doubtful accounts of $10.1 million and $10.4 million as of June 30, 2018 , and December 31, 2017 , respectively. Also included in rent and other receivables, net, is $4.9 million of hurricane-related insurance claims receivable and $0.9 million of non-tenant receivables as of June 30, 2018 , compared to $8.9 million of hurricane-related insurance claims receivable and $1.2 million of non-tenant receivables as of December 31, 2017 .

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits, Prepaid Expenses and Other Assets	Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes escrow deposits, prepaid expenses and other assets as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 45,944 $ 33,964 Investments in joint ventures 40,487 42,341 Commercial real estate, vehicles and FF&E, net 44,652 43,608 Land held for development 72,948 39,079 Homebuilding construction in progress 42,846 12,859 Total $ 246,877 $ 171,851

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Deferred leasing costs $ 9,171 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 20 179 Trademark — 3,100 Database 2,100 2,100 22,535 23,653 Less: accumulated amortization (9,393 ) (10,628 ) Total $ 13,142 $ 13,025 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.5 million and $2.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $4.7 million and $5.1 million for the six months ended June 30, 2018 and 2017 , respectively, which has been included in depreciation and amortization within the condensed consolidated statements of operations. Deferred financing costs that relate to our revolving credit facility are included in deferred costs and other intangibles, net within the condensed consolidated balance sheets. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million and $0.4 million for the three months ended June 30, 2018 and 2017 , respectively, and $1.0 million and $0.8 million for the six months ended June 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization (see Note 8 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 3,430 $ 990 $ 3 $ 150 $ 4,573 2019 1,271 1,964 2 300 3,537 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 4,701 $ 7,854 $ 5 $ 582 $ 13,142

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt All of the Company's indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of June 30, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 493,761 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 509,400 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 534,960 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 464,746 467,267 Total asset-backed securitizations 2,002,867 2,013,357 Unsecured senior notes (4) 4.08% February 15, 2028 500,000 — Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable (5) N/A N/A — 48,859 Revolving credit facility (6) 3.29% June 30, 2022 — 140,000 Term loan facility (7) 3.44% June 30, 2022 100,000 200,000 Total debt (8) 2,717,867 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (3,092 ) (895 ) Equity component of exchangeable senior notes (1,062 ) (2,408 ) Deferred financing costs, net (9) (39,332 ) (38,026 ) Total debt per balance sheet $ 2,674,381 $ 2,475,887 (1) Interest rates are as of June 30, 2018 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The secured note payable was paid off in full during the second quarter of 2018. (6) The revolving credit facility provides for a borrowing capacity of up to $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2018 , plus 1-month LIBOR. (7) The term loan component of our credit facility matures June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2018 , plus 1-month LIBOR. (8) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of June 30, 2018 , and December 31, 2017 . (9) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million and $1.4 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.9 million and $3.6 million for the six months ended June 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the second quarter of 2018, the Company paid off the outstanding principal on the secured note payable of approximately $48.4 million , which resulted in $0.5 million of charges that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the secured note payable also resulted in the release of the 572 homes pledged as collateral and $2.1 million of restricted cash for lender requirements. Also during the second quarter of 2018, the Company paid down $100.0 million on our term loan facility, which resulted in $0.9 million of charges related to the write-off of unamortized deferred financing costs that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. During the second quarter of 2017, the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million , which resulted in $6.6 million of charges primarily related to the write-off of unamortized deferred financing costs that were included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $9.4 million of restricted cash for lender requirements. Debt Maturities The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of June 30, 2018 (in thousands): Remaining 2018 $ 125,358 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,717,867 Unamortized discounts and deferred financing costs (1) (43,486 ) Total debt per balance sheet $ 2,674,381 (1) Includes the unamortized discounts on the unsecured and exchangeable senior notes, the equity component of the exchangeable senior notes and deferred financing costs, net. Unsecured Senior Notes In February 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2018. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before estimated offering costs of $1.9 million . The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership's unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the Indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2028 Notes have been initially guaranteed by American Residential Properties OP, L.P., (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Operating Partnership, but such guarantee will be automatically released at the time that the Guarantor Subsidiary no longer guarantees our credit facility. Including the effect of a cash flow hedging instrument settled in February 2018 (see Note 13), the 2028 Notes yield an effective interest rate of 4.08% . Exchangeable Senior Notes, Net The exchangeable senior notes, which were assumed in connection with the Company's merger (the "ARPI Merger") with American Residential Properties, Inc. ("ARPI") during 2016, contain an exchange settlement feature, which provides that the exchangeable senior notes may, under certain circumstances, be exchangeable for cash, our Class A common shares or a combination of cash and our Class A common shares, at the option of the Operating Partnership, based on an initial exchange rate of 46.9423 shares of ARPI's common stock per $1,000 principal amount of the notes. Settlements for cash will be paid for by the Operating Partnership, while settlements for the Company's Class A common shares will be issued by AH4R with the Operating Partnership issuing an equivalent number of Class A units to AH4R. The adjusted initial exchange rate would be 53.2795 of our Class A common shares per $1,000 principal amount of the notes, based on the 1.135 exchange ratio of ARPI shares to our shares resulting from the ARPI Merger. The current exchange rate as of June 30, 2018 , was 55.5443 of the Company's Class A common shares per $1,000 principal amount of the notes. The exchange rate is adjusted based on the Company's Class A common share price and distributions to common shareholders. Interest Expense The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Gross interest $ 33,341 $ 29,427 $ 65,078 $ 61,919 Capitalized interest (1,363 ) (1,035 ) (3,799 ) (1,638 ) Interest expense $ 31,978 $ 28,392 $ 61,279 $ 60,281

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Accounts payable $ 194 $ 1,726 Accrued property taxes 90,629 47,765 Other accrued liabilities 38,948 31,788 Accrued distribution payable 24,987 26,982 Accrued construction and maintenance liabilities 20,942 17,928 Resident security deposits 82,952 75,951 Prepaid rent 24,082 20,727 Total $ 282,734 $ 222,867

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Shareholders' Equity / Partners' Capital	Shareholders’ Equity / Partners' Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances. At-the-Market Common Share Offering Program In November 2016, the Company established an at-the-market common share offering program under which we were able to issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million (the "Original At-the-Market Program"). The program was established in order to use the net proceeds from share issuances to repay borrowings against the Company’s revolving credit and term loan facilities, to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy, and for working capital and general corporate purposes. The program may be suspended or terminated by the Company at any time. During the six months ended June 30, 2017 , the Company issued and sold 0.9 million Class A common shares under the Original At-the-Market Program for gross proceeds of $19.4 million , or $22.75 per share, and net proceeds of $19.1 million , after commissions and other expenses of approximately $0.3 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the share issuances. The Original At-the-Market Program was replaced in August 2017 with an at-the-market common share offering program with a $500.0 million capacity with the same terms (the "At-the-Market Program"). As of June 30, 2018 , no shares have been issued under the At-the-Market Program and $500.0 million remained available for future share issuances. Share Repurchase Program In February 2018, the Company's board of trustees re-authorized our existing share repurchase program, authorizing the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the six months ended June 30, 2018 , the Company repurchased and retired 1.8 million of our Class A common shares on a settlement date basis, in accordance with the program, at a weighted-average price of $19.36 per share and a total price of $34.9 million . We did not repurchase and retire any of our shares during the six months ended June 30, 2017 . As of June 30, 2018 , we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Preferred Shares As of June 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 2018 December 31, 2017 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value (1) Series C participating preferred shares (2) N/A N/A N/A — $ — 7,600,000 $ 218,236 Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 268,750 10,750,000 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 30,750,000 $ 768,750 38,350,000 $ 986,986 (1) Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares is adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets. (2) All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018 , based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary. Redemption of Series C Participating Preferred Shares On April 5, 2018 , the Company redeemed all 7,600,000 shares of the outstanding 5.5% Series C participating preferred shares through a conversion of those participating preferred shares into Class A common shares of beneficial interest, $0.01 par value, in accordance with the conversion terms in the Articles Supplementary. This resulted in 10,848,827 Class A common shares issued from the conversion, based on a conversion ratio of 1.4275 Class A common shares issued per Series C participating preferred share. The Operating Partnership also redeemed its corresponding Series C participating preferred units through a conversion into Class A units on April 5, 2018 . The conversion ratio was calculated by dividing (1) the initial liquidation preference on the Series C participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (adjusted for a maximum 9.0% internal rate of return), plus unaccrued dividends by (2) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on March 29, 2018, the date the Company delivered the required notice of redemption. As a result of the redemption, the Company recorded a $32.2 million allocation of income to the Series C participating preferred shareholders in the second quarter of 2018, which represents the initial liquidation value of the Series C participating preferred shares in excess of the original equity carrying value of the Series C participating preferred shares as of the redemption date. The original equity carrying value of the Series C participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs . Distributions During the quarter ended June 30, 2018 , the Company's board of trustees declared distributions that totaled $0.05 per share on the Company's Class A and Class B common shares, $0.41 on the Company's 6.5% Series D perpetual preferred shares, $0.40 on the Company's 6.35% Series E perpetual preferred shares, $0.37 on the Company's 5.875% Series F perpetual preferred shares and $0.37 on the Company's 5.875% Series G perpetual preferred shares. During the quarter ended June 30, 2017 , the Company's board of trustees declared distributions that totaled $0.05 per share on the Company's Class A and Class B common shares, $0.31 on the Company's 5.0% Series A participating preferred shares, $0.31 on the Company's 5.0% Series B participating preferred shares, $0.34 on the Company's 5.5% Series C participating preferred shares, $0.41 on the Company's 6.5% Series D perpetual preferred shares and $0.40 on the Company's 6.35% Series E perpetual preferred shares. Distributions declared on our 5.875% Series F perpetual preferred shares were for a pro-rated amount of $0.27 during the quarter ended June 30, 2017 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC ("AH LLC") members in units in the Operating Partnership. Former AH LLC members owned 54,276,644 , or approximately 15.5% and 15.9% , of the total 351,368,387 and 342,099,865 Class A units in the Operating Partnership as of June 30, 2018 , and December 31, 2017 , respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 1,073,509 , or approximately 0.3% of the total 351,368,387 and 342,099,865 Class A units in the Operating Partnership as of June 30, 2018 , and December 31, 2017 , respectively. Also included in noncontrolling interest as of December 31, 2017, was the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net loss allocated to Class A units $ (2,902 ) $ (31 ) $ (1,777 ) $ (370 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (248 ) 1 (259 ) 39 $ (3,150 ) $ (30 ) $ (2,036 ) $ (331 ) Noncontrolling interest as reflected in the Operating Partnership's condensed consolidated balance sheets consisted solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. Income and loss allocated to the Operating Partnership's noncontrolling interest is reflected in noncontrolling interest within the Operating Partnership's condensed consolidated statements of operations. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company's condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership's condensed consolidated balance sheets. 2012 Equity Incentive Plan The Company's employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the "Plan"), the Operating Partnership issues an equivalent number of Class A units to AH4R. During the six months ended June 30, 2018 and 2017 , the Company granted stock options for 140,000 and 385,200 Class A common shares, respectively, and 304,400 and 174,000 restricted stock units, respectively, to certain employees of the Company under the Plan. The options and restricted stock units granted during the six months ended June 30, 2018 and 2017 , vest over four years, and the options expire 10 years from the date of grant. The following table summarizes stock option activity under the Plan for the six months ended June 30, 2018 and 2017 : Shares Weighted-Average Weighted-Average Aggregate Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (28,250 ) 15.96 196 Forfeited (50,000 ) 16.38 Options outstanding at June 30, 2017 3,133,450 $ 16.62 7.3 $ 18,940 Options exercisable at June 30, 2017 1,716,000 $ 15.89 6.5 $ 11,468 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (171,875 ) 16.04 787 Forfeited (66,250 ) 17.69 Options outstanding at June 30, 2018 2,954,325 $ 16.79 6.0 $ 16,347 Options exercisable at June 30, 2018 2,174,550 $ 16.20 5.3 $ 13,123 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the six months ended June 30, 2018 and 2017 : 2018 2017 Weighted-average fair value $ 3.03 $ 3.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 18.9 % 21.3 % Risk-free interest rate 2.8 % 2.2 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the six months ended June 30, 2018 and 2017 : 2018 2017 Restricted stock units at beginning of period 243,875 130,150 Units awarded 304,400 174,000 Units vested (80,025 ) (42,475 ) Units forfeited (48,375 ) (10,250 ) Restricted stock units at end of period 419,875 251,425 For the three months ended June 30, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $0.9 million and $1.1 million , respectively, of which $0.5 million and $0.7 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $0.4 million , respectively, related to centralized and field property management employees and was included in property management expenses within the condensed consolidated statements of operations. For the six months ended June 30, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $1.9 million and $2.1 million , respectively, of which $1.1 million and $1.2 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $0.8 million and $0.9 million , respectively, related to centralized and field property management employees and was included in property management expenses in the condensed consolidated statements of operations.

Earnings per Share _ Unit

Earnings per Share / Unit	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company's computation of net loss per common share on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Net income $ 25,898 $ 15,066 $ 47,423 $ 26,862 Less: Noncontrolling interest (3,150 ) (30 ) (2,036 ) (331 ) Dividends on preferred shares 11,984 15,282 26,581 28,869 Redemption of participating preferred shares 32,215 — 32,215 — Numerator for loss per common share—basic and diluted $ (15,151 ) $ (186 ) $ (9,337 ) $ (1,676 ) Denominator: Weighted-average common shares outstanding—basic and diluted (1) 295,462,572 258,900,456 290,848,633 251,685,993 Net loss per common share—basic and diluted $ (0.05 ) $ — $ (0.03 ) $ (0.01 ) (1) The computation of diluted earnings per share for the three months ended June 30, 2018 and 2017 , excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017 , excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred shares, exchangeable senior notes, common shares issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net loss per common unit on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Net income $ 25,898 $ 15,066 $ 47,423 $ 26,862 Less: Noncontrolling interest (248 ) 1 (259 ) 39 Preferred distributions 11,984 15,282 26,581 28,869 Redemption of participating preferred units 32,215 — 32,215 — Numerator for loss per common unit—basic and diluted $ (18,053 ) $ (217 ) $ (11,114 ) $ (2,046 ) Denominator: Weighted-average common units outstanding—basic and diluted (1) 350,812,725 314,451,049 346,198,786 307,239,255 Net loss per common unit—basic and diluted $ (0.05 ) $ — $ (0.03 ) $ (0.01 ) (1) The computation of diluted earnings per unit for the three months ended June 30, 2018 and 2017 , excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017 , excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred units, exchangeable senior notes, common units issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2018 , the Company had commitments to acquire 236 single-family properties for an aggregate purchase price of $62.2 million , as well as $42.5 million in purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of December 31, 2017 , the Company had commitments to acquire 520 single-family properties for an aggregate purchase price of $128.1 million , as well as $24.0 million in land purchase commitments that relate to both third party developer agreements and our internal construction program. As of June 30, 2018 , and December 31, 2017 , the Company had sales in escrow for approximately 156 and 69 of our single-family properties, respectively, for aggregate selling prices of $24.7 million and $7.0 million , respectively. We are involved in various legal and administrative proceedings that are incidental to our business. We do not believe these matters will have a material adverse effect on our financial position or results of operations upon resolution. Radian Group Inc. (“Radian”), the indirect parent company of Green River Capital LLC (“GRC”), which has been a service provider that provided certain broker price opinions (“BPO”) to us, disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017, that GRC had received a letter in March 2017 from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations” and requesting information from market participants. Radian disclosed that the letter asked GRC to provide information regarding BPOs that GRC provided on properties included in single family rental securitization transactions (“Securitizations”). On September 13, 2017, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “In the Matter of Certain Single Family Rental Securitizations.” The letter enclosed a subpoena that requests the production of certain documents and communications related to our Securitizations, including, without limitation, those related to BPOs provided by GRC on properties included in Securitizations. The letter does not allege any violation of law and we are cooperating with the SEC. We understand that other transaction parties in Securitizations have received requests in this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution. On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” The letter enclosed a subpoena that requests us to produce certain documents and communications, including those related to our communications and agreements with Silver Bay Realty Trust Corp. (“Silver Bay”), communications with Silver Bay’s financial advisor, and our purchases, sales and holdings of Silver Bay stock. We purchased Silver Bay stock in 2016 and 2017 and then sold all of our holdings in 2017 for a profit of approximately $3.0 million . We intend to cooperate fully with the SEC in connection with this matter. We do not believe this matter will have a material adverse impact on our financial position or results of operations upon resolution.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. Our revolving credit facility, term loan facility, asset-backed securitizations and secured note payable are financial instruments, which are classified as Level 3 in the fair value hierarchy as they were estimated by using unobservable inputs. We estimated their fair values by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. Our unsecured senior notes and exchangeable senior notes are also financial instruments, which are classified as Level 2 in the fair value hierarchy as their fair values are estimated using observable inputs, based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 493,761 $ 497,707 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 509,400 515,755 512,041 521,252 AH4R 2015-SFR1 securitization 534,960 538,855 537,723 544,592 AH4R 2015-SFR2 securitization 464,746 468,648 467,267 475,832 Total asset-backed securitizations (1) 2,002,867 2,020,965 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,315 497,190 — — Exchangeable senior notes, net (2) 113,533 145,771 111,697 147,462 Secured note payable (3) — — 48,859 49,027 Revolving credit facility (1) (4) — — 140,000 140,000 Term loan facility (1) (5) 100,000 100,000 200,000 200,000 Total debt $ 2,713,715 $ 2,763,926 $ 2,513,913 $ 2,582,895 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $33.5 million , $4.9 million , $7.9 million and $0.9 million , respectively, of unamortized deferred financing costs as of June 30, 2018 , and exclude $36.0 million , zero , $8.8 million and $2.0 million , respectively, of unamortized deferred financing costs as of December 31, 2017 . (2) The carrying values of the unsecured senior notes, net and exchangeable senior notes, net are presented net of unamortized discounts. (3) The secured note payable was paid off in full during the second quarter of 2018. (4) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (5) As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , management believes that the carrying value of the term loan facility reasonably approximates fair value. Valuation of the participating preferred shares derivative liability considered scenarios in which the participating preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considered certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan statistical areas, or MSAs, as outlined in the agreement. The Series C participating preferred shares were redeemed through a conversion into Class A common shares on April 5, 2018 (see Note 10 ). In October 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million , based on the 10 -year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $0.1 million as of December 31, 2017, which was included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock was settled upon the issuance of the 2028 Notes in February 2018 and resulted in a $9.6 million gain that was recorded in other comprehensive income and will be reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. The treasury lock is classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs, based on the 10-year treasury note rate. The following table sets forth the fair values of the participating preferred shares derivative liability and treasury lock as of June 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy June 30, 2018 December 31, 2017 Assets: Treasury lock Level 2 $ — $ 75 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ 29,470 The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the six months ended June 30, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings June 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings June 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ 7,050 $ 76,860

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements American Homes 4 Rent, L.P. The 2028 Notes issued by American Homes 4 Rent, L.P. (the “Parent Company”) have been initially guaranteed by American Residential Properties OP, L.P. (the “Guarantor Subsidiary”), a 100% owned subsidiary of the Parent Company, but such guarantee will be automatically released at the time that the Subsidiary Guarantor no longer guarantees our credit facility. The Parent Company’s other subsidiaries, including, but not limited to, the subsidiaries that own substantially all of our properties (collectively, the “Combined Non-Guarantor Subsidiaries”), have not provided a guarantee of the 2028 Notes. Pursuant to Rule 3-10 of Regulation S-X, the following condensed consolidating financial information is provided for the Operating Partnership, including the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries. This summarized financial information may not necessarily be indicative of the results of operations or financial position had the Parent Company, the Guarantor Subsidiary or the Combined Non-Guarantor Subsidiaries operated as independent entities. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiary and the Non-Guarantor Subsidiaries have been eliminated as shown in the “Consolidating Adjustments” column. All assets and liabilities have been allocated to the Parent Company, the Guarantor Subsidiary and the Combined Non-Guarantor Subsidiaries based on legal entity ownership. Condensed Consolidating Balance Sheets (Amounts in thousands) As of June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 656 $ 8,183,265 $ — $ 8,183,921 Cash and cash equivalents 32,521 — 20,983 — 53,504 Restricted cash 26,910 30 132,070 — 159,010 Rent and other receivables, net 186 2 27,861 — 28,049 Intercompany receivables 255,388 — — (255,388 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 58,231 172 214,140 — 272,543 Investments in subsidiaries 5,988,782 115,663 — (6,104,445 ) — Deferred costs and other intangibles, net 8,436 — 4,706 — 13,142 Goodwill 120,279 — — — 120,279 Total assets $ 6,490,733 $ 116,523 $ 8,583,025 $ (6,359,833 ) $ 8,830,448 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,120 — — — 99,120 Asset-backed securitizations, net — — 1,969,322 — 1,969,322 Unsecured senior notes, net 492,406 — — — 492,406 Exchangeable senior notes, net — 113,533 — — 113,533 Accounts payable and accrued expenses 32,844 2,648 247,242 — 282,734 Amounts payable to affiliates 4,571 — — — 4,571 Intercompany payables — 9,011 246,377 (255,388 ) — Total liabilities 628,941 125,192 2,462,941 (255,388 ) 2,961,686 Capital Partners' capital: General partner: Common units 4,388,836 (8,669 ) 6,120,084 (6,104,445 ) 4,395,806 Preferred units 743,457 — — — 743,457 Limited partner: Common units 720,232 — — — 720,232 Accumulated other comprehensive income 9,267 — — — 9,267 Total partners' capital: 5,861,792 (8,669 ) 6,120,084 (6,104,445 ) 5,868,762 Total capital 5,861,792 (8,669 ) 6,120,084 (6,104,445 ) 5,868,762 Total liabilities and capital $ 6,490,733 $ 116,523 $ 8,583,025 $ (6,359,833 ) $ 8,830,448 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Condensed Consolidating Statements of Operations (Amounts in thousands) For the Three Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 18 $ 227,193 $ — $ 227,211 Fees from single-family properties — 1 2,753 — 2,754 Tenant charge-backs — 1 32,916 — 32,917 Other 400 — 1,201 — 1,601 Total revenues 400 20 264,063 — 264,483 Expenses: Property operating expenses — 1 98,842 — 98,843 Property management expenses — — 18,616 — 18,616 General and administrative expense 6,014 1 3,662 — 9,677 Interest expense 7,972 1,870 22,136 — 31,978 Acquisition fees and costs expensed — — 1,321 — 1,321 Depreciation and amortization 204 — 78,115 — 78,319 Other expense 80 — 1,544 — 1,624 Total expenses 14,270 1,872 224,236 — 240,378 Intercompany income 575 — 85 (660 ) — Intercompany expenses (85 ) — (575 ) 660 — Gain on sale of single-family properties and other, net — 169 3,071 — 3,240 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Equity in income of subsidiaries 40,405 11,035 — (51,440 ) — Net income 26,146 9,352 41,840 (51,440 ) 25,898 Noncontrolling interest — — (248 ) — (248 ) Preferred distributions 11,984 — — — 11,984 Redemption of participating preferred units 32,215 — — — 32,215 Net (loss) income attributable to common unitholders $ (18,053 ) $ 9,352 $ 42,088 $ (51,440 ) $ (18,053 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 64 $ 204,584 $ — $ 204,648 Fees from single-family properties — 1 2,689 — 2,690 Tenant charge-backs — 7 27,375 — 27,382 Other 333 — 1,955 — 2,288 Total revenues 333 72 236,603 — 237,008 Expenses: Property operating expenses — 54 85,900 — 85,954 Property management expenses — 5 17,437 — 17,442 General and administrative expense 5,020 — 3,906 — 8,926 Interest expense 3,187 1,809 23,396 — 28,392 Acquisition fees and costs expensed 3 — 1,409 — 1,412 Depreciation and amortization 369 4 72,343 — 72,716 Other 81 50 1,228 — 1,359 Total expenses 8,660 1,922 205,619 — 216,201 Intercompany income 45 — 179 (224 ) — Intercompany expenses (179 ) — (45 ) 224 — Gain on sale of single-family properties and other, net — 285 2,169 — 2,454 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units (1,640 ) — — — (1,640 ) Equity in income of subsidiaries 25,166 9,251 — (34,417 ) — Net income 15,065 7,686 26,732 (34,417 ) 15,066 Noncontrolling interest — — 1 — 1 Preferred distributions 15,282 — — — 15,282 Net (loss) income attributable to common unitholders $ (217 ) $ 7,686 $ 26,731 $ (34,417 ) $ (217 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 40 $ 445,194 $ — $ 445,234 Fees from single-family properties — 1 5,586 — 5,587 Tenant charge-backs — 4 68,720 — 68,724 Other 734 — 2,208 — 2,942 Total revenues 734 45 521,708 — 522,487 Expenses: Property operating expenses — 4 199,826 — 199,830 Property management expenses — 3 37,600 — 37,603 General and administrative expense 11,951 2 6,955 — 18,908 Interest expense 14,229 3,705 43,345 — 61,279 Acquisition fees and costs expensed — — 2,632 — 2,632 Depreciation and amortization 501 — 157,121 — 157,622 Other expense 175 9 2,267 — 2,451 Total expenses 26,856 3,723 449,746 — 480,325 Intercompany income 1,026 — 142 (1,168 ) — Intercompany expenses (142 ) — (1,026 ) 1,168 — Gain on sale of single-family properties and other, net — 604 4,892 — 5,496 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 72,587 21,267 — (93,854 ) — Net income 47,682 18,193 75,402 (93,854 ) 47,423 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 26,581 — — — 26,581 Redemption of participating preferred units 32,215 — — — 32,215 Net (loss) income attributable to common unitholders $ (11,114 ) $ 18,193 $ 75,661 $ (93,854 ) $ (11,114 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 166 $ 405,589 $ — $ 405,755 Fees from single-family properties — 2 5,292 — 5,294 Tenant charge-backs — 14 55,741 — 55,755 Other 719 — 3,239 — 3,958 Total revenues 719 182 469,861 — 470,762 Expenses: Property operating expenses — 102 169,157 — 169,259 Property management expenses — 11 34,909 — 34,920 General and administrative expense 10,014 2 8,205 — 18,221 Interest expense 6,515 3,583 50,183 — 60,281 Acquisition fees and costs expensed 358 — 2,150 — 2,508 Depreciation and amortization 778 6 145,885 — 146,669 Other 180 51 2,686 — 2,917 Total expenses 17,845 3,755 413,175 — 434,775 Intercompany income 121 — 327 (448 ) — Intercompany expenses (327 ) — (121 ) 448 — Gain (loss) on sale of single-family properties and other, net 3,031 (1,175 ) 2,624 — 4,480 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units (7,050 ) — — — (7,050 ) Equity in income of subsidiaries 48,174 18,488 — (66,662 ) — Net income 26,823 13,740 52,961 (66,662 ) 26,862 Noncontrolling interest — — 39 — 39 Preferred distributions 28,869 — — — 28,869 Net (loss) income attributable to common unitholders $ (2,046 ) $ 13,740 $ 52,922 $ (66,662 ) $ (2,046 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 26,146 $ 9,352 $ 41,840 $ (51,440 ) $ 25,898 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income (241 ) — — — (241 ) Other comprehensive loss (241 ) — — — (241 ) Comprehensive income 25,905 9,352 41,840 (51,440 ) 25,657 Comprehensive loss attributable to noncontrolling interests — — (248 ) — (248 ) Preferred distributions 11,984 — — — 11,984 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive (loss) income attributable to common unitholders $ (18,294 ) $ 9,352 $ 42,088 $ (51,440 ) $ (18,294 ) For the Three Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 15,065 $ 7,686 $ 26,732 $ (34,417 ) $ 15,066 Comprehensive income 15,065 7,686 26,732 (34,417 ) 15,066 Comprehensive income attributable to noncontrolling interests — — 1 — 1 Preferred distributions 15,282 — — — 15,282 Comprehensive (loss) income attributable to common unitholders $ (217 ) $ 7,686 $ 26,731 $ (34,417 ) $ (217 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 47,682 $ 18,193 $ 75,402 $ (93,854 ) $ 47,423 Other comprehensive income: Gain on cash flow hedging instrument: Gain on settlement of cash flow hedging instrument 9,553 — — — 9,553 Reclassification adjustment for amortization of interest expense included in net income (361 ) — — — (361 ) Other comprehensive income 9,192 — — — 9,192 Comprehensive income 56,874 18,193 75,402 (93,854 ) 56,615 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 26,581 — — — 26,581 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive (loss) income attributable to common unitholders $ (1,922 ) $ 18,193 $ 75,661 $ (93,854 ) $ (1,922 ) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 26,823 $ 13,740 $ 52,961 $ (66,662 ) $ 26,862 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive loss (67 ) — (28 ) — (95 ) Comprehensive income 26,756 13,740 52,933 (66,662 ) 26,767 Comprehensive income attributable to noncontrolling interests — — 39 — 39 Preferred distributions 28,869 — — — 28,869 Comprehensive (loss) income attributable to common unitholders $ (2,113 ) $ 13,740 $ 52,894 $ (66,662 ) $ (2,141 ) Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (115,080 ) $ (1,305 ) $ 366,350 $ — $ 249,965 Investing activities Cash paid for single-family properties — — (206,137 ) — (206,137 ) Change in escrow deposits for purchase of single-family properties — — (4,357 ) — (4,357 ) Net proceeds received from sales of single-family properties and other — 2,165 27,977 — 30,142 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Distributions from joint ventures 440 — 2,000 — 2,440 (Investment in) return of investment in subsidiaries (28,098 ) 20,907 — 7,191 — Initial renovations to single-family properties — — (33,030 ) — (33,030 ) Recurring and other capital expenditures for single-family properties — (501 ) (22,830 ) — (23,331 ) Other purchases of productive assets — — (95,354 ) — (95,354 ) Net cash (used for) provided by investing activities (27,658 ) 22,571 (327,731 ) 7,191 (325,627 ) Financing activities Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 1,933 — — — 1,933 Payments on asset-backed securitizations — — (10,490 ) — (10,490 ) Proceeds from revolving credit facility 100,000 — — — 100,000 Payments on revolving credit facility (240,000 ) — — — (240,000 ) Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (49,427 ) — (49,427 ) Proceeds from unsecured senior notes, net of discount 497,210 — — — 497,210 Settlement of cash flow hedging instrument 9,628 — — — 9,628 Intercompany financing and distributions to parent — (21,267 ) 28,458 (7,191 ) — Distributions to common unitholders (34,238 ) — — — (34,238 ) Distributions to preferred unitholders (29,194 ) — — — (29,194 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 165,270 (21,267 ) (31,459 ) (7,191 ) 105,353 Net increase (decrease) in cash, cash equivalents and restricted cash 22,532 (1 ) 7,160 — 29,691 Cash, cash equivalents and restricted cash, beginning of period 36,899 31 145,893 — 182,823 Cash, cash equivalents and restricted cash, end of period $ 59,431 $ 30 $ 153,053 $ — $ 212,514 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (4,799 ) $ (1,869 ) $ (40,995 ) $ — $ (47,663 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ 991 $ — $ 979 Transfers of completed homebuilding deliveries to properties $ — $ — $ 37,541 $ — $ 37,541 Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (149 ) $ — $ — $ — $ (149 ) Accrued distributions to non-affiliates $ (1,995 ) $ — $ — $ — $ (1,995 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (31,632 ) $ (4,980 ) $ 261,818 $ — $ 225,206 Investing activities Cash paid for single-family properties — — (226,937 ) — (226,937 ) Change in escrow deposits for purchase of single-family properties — — (1,708 ) — (1,708 ) Net proceeds received from sales of single-family properties and other 14,265 949 39,018 — 54,232 Collections from mortgage financing receivables — — 78 — 78 Distributions from joint ventures 480 — 1,664 — 2,144 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (444,589 ) 24,064 — 420,525 — Initial renovations to single-family properties — (1,565 ) (16,786 ) — (18,351 ) Recurring and other capital expenditures for single-family properties — — (15,038 ) — (15,038 ) Other purchases of productive assets (6,657 ) — (10,279 ) — (16,936 ) Net cash (used for) provided by investing activities (426,994 ) 23,448 (229,988 ) 411,018 (222,516 ) Financing activities Proceeds from issuance of Class A units 355,589 — — — 355,589 Payments of Class A unit issuance costs (350 ) — — — (350 ) Proceeds from issuance of perpetual preferred units 155,000 — — — 155,000 Payments of perpetual preferred unit issuance costs (5,209 ) — — — (5,209 ) Share-based compensation proceeds, net 1,858 — — — 1,858 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (466,793 ) — (466,793 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (20,000 ) — — — (20,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (482 ) — (482 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (18,488 ) 439,013 (420,525 ) — Distributions to common unitholders (30,727 ) — — — (30,727 ) Distributions to preferred unitholders (28,869 ) — — — (28,869 ) Deferred financing costs paid (3,930 ) — — — (3,930 ) Net cash provided by (used for) financing activities 410,193 (18,488 ) (37,769 ) (411,018 ) (57,082 ) Net decrease in cash, cash equivalents and restricted cash (48,433 ) (20 ) (5,939 ) — (54,392 ) Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 28,480 $ 42 $ 167,327 $ — $ 195,849 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (5,347 ) $ (1,869 ) $ (46,941 ) $ — $ (54,157 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 21 $ 3,901 $ — $ 3,922 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,354 $ — $ — $ — $ 1,354 Note receivable related to a bulk sale of properties, net of discount $ 5,559 $ — $ — $ — $ 5,559

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From July 1, 2018 , through July 31, 2018 , the Company acquired 176 properties for an aggregate purchase price of approximately $45.0 million , which included 13 homes developed through our internal construction program.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are unaudited and include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The condensed consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in unconsolidated subsidiary and are included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. The ownership interest in a consolidated subsidiary of the Company held by outside parties is included in noncontrolling interest within the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce the existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods with early adoption permitted. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company is currently assessing the impact of the guidance on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessors and lessees). Lessor accounting will remain similar to lessor accounting under previous guidance, while aligning with the FASB's new revenue recognition guidance for non-lease components. The new guidance will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than one year. The new guidance will also require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Any other costs incurred, including allocated indirect costs, will no longer be capitalized and instead will be expensed as incurred. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted, and requires the use of the modified retrospective transition method. The Company does not anticipate significant changes in the accounting for our residential operating leases for which we are the lessor, as our leases generally do not have terms of more than one year. As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements for which we are the lessee. We anticipate that the adoption of this guidance will require us to recognize a right-of-use asset and corresponding lease liability for these office leases. The Company is currently assessing the impact of the adoption of this guidance on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments include identifying “distinct” performance obligations in multi-element contracts, estimating the amount of variable consideration to include in the transaction price at contract inception, allocating the transaction price to each separate performance obligation, and determining at contract inception whether the performance obligation is satisfied over time or at a point in time. Since lease contracts under ASC 840, "Leases" , are specifically excluded from ASU No. 2014-09’s scope, most of the Company’s rental contract revenue will continue to follow current leasing guidance. We have reviewed our other sources of revenue and identified that the non-lease components (tenant chargebacks and recovery revenue) in our single-family home and office leases will continue being accounted for under ASC 840 until the adoption of ASU 2016-02 beginning January 1, 2019. Based on our assessment, the Company’s current accounting policies for these non-lease components are aligned with the revenue recognition principles prescribed by the new guidance. Therefore, the new standard did not ultimately change the amount or timing of our revenue recognition. As part of ASU No. 2014-09, the FASB issued consequential amendments to other sections, eliminating ASC 360-20, Real Estate Sales and adding ASU No. 2017-05 Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets , Subtopic 610-20, "Other Income" . Real estate sales to noncustomers will follow new guidance from ASC 610-20, while sales to customers will follow the general revenue guidance in ASC 606. While the Company’s property sales are not part of our ordinary customer activity and will fall under ASC 610-20, there is little economic difference in the accounting for real estate sales to customers versus noncustomers, with the exception of the presentation of comprehensive income (revenue and expense when sales to customers or gains and losses when sales to noncustomers). The Company adopted the new revenue recognition guidance using the modified retrospective approach, effective January 1, 2018. We evaluated the revenue recognition for our contracts under existing accounting standards and under the new revenue recognition ASU and determined that there were no differences in the amounts or timing of recognition. Therefore, the adoption of this ASU did not result in an adjustment to our retained earnings on January 1, 2018. In February 2018, the FASB issued ASU No. 2018-03, Recognition and Measurement of Financial Assets and Financial Liabilities , which retained the current framework for accounting for financial instruments in GAAP but made targeted improvements to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. The Company is currently assessing the impact of the guidance on our financial statements.

Cash, Cash Equivalents and Re25

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2018 and 2017 : June 30, 2018 June 30, 2017 Balance Sheet: Cash and cash equivalents $ 53,504 $ 67,325 Restricted cash 159,010 128,524 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 212,514 $ 195,849
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company's and the Operating Partnership's condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets as of June 30, 2018 and 2017 : June 30, 2018 June 30, 2017 Balance Sheet: Cash and cash equivalents $ 53,504 $ 67,325 Restricted cash 159,010 128,524 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 212,514 $ 195,849

Single-Family Properties (Table

Single-Family Properties (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consisted of the following as of June 30, 2018 , and December 31, 2017 (in thousands, except property data): June 30, 2018 Number of Net book Leased single-family properties 48,020 $ 7,526,347 Single-family properties being renovated 223 57,472 Single-family properties being prepared for re-lease 332 46,805 Vacant single-family properties available for lease 1,265 218,285 Single-family properties held for sale, net 1,838 284,012 Single-family properties identified for future sale 371 51,000 Total 52,049 $ 8,183,921 December 31, 2017 Number of Net book Leased single-family properties 46,996 $ 7,284,708 Single-family properties being renovated 980 225,194 Single-family properties being prepared for re-lease 372 47,994 Vacant single-family properties available for lease 2,581 471,281 Single-family properties held for sale, net 310 35,803 Total 51,239 $ 8,064,980

Escrow Deposits, Prepaid Expe27

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of escrow deposits, prepaid expenses and other assets	The following table summarizes escrow deposits, prepaid expenses and other assets as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 45,944 $ 33,964 Investments in joint ventures 40,487 42,341 Commercial real estate, vehicles and FF&E, net 44,652 43,608 Land held for development 72,948 39,079 Homebuilding construction in progress 42,846 12,859 Total $ 246,877 $ 171,851

Deferred Costs and Other Inta28

Deferred Costs and Other Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Deferred leasing costs $ 9,171 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 20 179 Trademark — 3,100 Database 2,100 2,100 22,535 23,653 Less: accumulated amortization (9,393 ) (10,628 ) Total $ 13,142 $ 13,025
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 3,430 $ 990 $ 3 $ 150 $ 4,573 2019 1,271 1,964 2 300 3,537 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 4,701 $ 7,854 $ 5 $ 582 $ 13,142

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of June 30, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 493,761 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 509,400 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 534,960 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 464,746 467,267 Total asset-backed securitizations 2,002,867 2,013,357 Unsecured senior notes (4) 4.08% February 15, 2028 500,000 — Exchangeable senior notes 3.25% November 15, 2018 115,000 115,000 Secured note payable (5) N/A N/A — 48,859 Revolving credit facility (6) 3.29% June 30, 2022 — 140,000 Term loan facility (7) 3.44% June 30, 2022 100,000 200,000 Total debt (8) 2,717,867 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (3,092 ) (895 ) Equity component of exchangeable senior notes (1,062 ) (2,408 ) Deferred financing costs, net (9) (39,332 ) (38,026 ) Total debt per balance sheet $ 2,674,381 $ 2,475,887 (1) Interest rates are as of June 30, 2018 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The secured note payable was paid off in full during the second quarter of 2018. (6) The revolving credit facility provides for a borrowing capacity of up to $800.0 million , with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2018 , plus 1-month LIBOR. (7) The term loan component of our credit facility matures June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% . The interest rate stated represents the applicable spread for LIBOR based borrowings as of June 30, 2018 , plus 1-month LIBOR. (8) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of June 30, 2018 , and December 31, 2017 . (9) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million and $1.4 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.9 million and $3.6 million for the six months ended June 30, 2018 and 2017 , respectively, which has been included in gross interest, prior to interest capitalization.
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of June 30, 2018 (in thousands): Remaining 2018 $ 125,358 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,717,867 Unamortized discounts and deferred financing costs (1) (43,486 ) Total debt per balance sheet $ 2,674,381 (1) Includes the unamortized discounts on the unsecured and exchangeable senior notes, the equity component of the exchangeable senior notes and deferred financing costs, net.
Summary of Activity that Relates to Capitalized Interest	The following table displays our total gross interest, which includes unused commitment and other fees on our credit facilities and amortization of deferred financing costs, the discounts on senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Gross interest $ 33,341 $ 29,427 $ 65,078 $ 61,919 Capitalized interest (1,363 ) (1,035 ) (3,799 ) (1,638 ) Interest expense $ 31,978 $ 28,392 $ 61,279 $ 60,281

Accounts Payable and Accrued 30

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Accounts payable $ 194 $ 1,726 Accrued property taxes 90,629 47,765 Other accrued liabilities 38,948 31,788 Accrued distribution payable 24,987 26,982 Accrued construction and maintenance liabilities 20,942 17,928 Resident security deposits 82,952 75,951 Prepaid rent 24,082 20,727 Total $ 282,734 $ 222,867

Shareholders' Equity _ Partne31

Shareholders' Equity / Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of June 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 2018 December 31, 2017 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value (1) Series C participating preferred shares (2) N/A N/A N/A — $ — 7,600,000 $ 218,236 Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 268,750 10,750,000 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 30,750,000 $ 768,750 38,350,000 $ 986,986 (1) Liquidation value reflects initial liquidation value of $25.00 per share, which in the case of the Series C participating preferred shares is adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets. (2) All of the outstanding Series C participating preferred shares were converted into 10,848,827 Class A common shares on April 5, 2018 , based on a conversion ratio of 1.4275 common shares per preferred share in accordance with the conversion terms in the Articles Supplementary.
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company's condensed consolidated statements of operations for the three and six months ended June 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Net loss allocated to Class A units $ (2,902 ) $ (31 ) $ (1,777 ) $ (370 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary (248 ) 1 (259 ) 39 $ (3,150 ) $ (30 ) $ (2,036 ) $ (331 )
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the six months ended June 30, 2018 and 2017 : Shares Weighted-Average Weighted-Average Aggregate Options outstanding at January 1, 2017 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (28,250 ) 15.96 196 Forfeited (50,000 ) 16.38 Options outstanding at June 30, 2017 3,133,450 $ 16.62 7.3 $ 18,940 Options exercisable at June 30, 2017 1,716,000 $ 15.89 6.5 $ 11,468 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (171,875 ) 16.04 787 Forfeited (66,250 ) 17.69 Options outstanding at June 30, 2018 2,954,325 $ 16.79 6.0 $ 16,347 Options exercisable at June 30, 2018 2,174,550 $ 16.20 5.3 $ 13,123 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the exercise price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding	The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the six months ended June 30, 2018 and 2017 : 2018 2017 Weighted-average fair value $ 3.03 $ 3.82 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 18.9 % 21.3 % Risk-free interest rate 2.8 % 2.2 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the six months ended June 30, 2018 and 2017 : 2018 2017 Restricted stock units at beginning of period 243,875 130,150 Units awarded 304,400 174,000 Units vested (80,025 ) (42,475 ) Units forfeited (48,375 ) (10,250 ) Restricted stock units at end of period 419,875 251,425

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Computation of Net Income (Loss) per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company's computation of net loss per common share on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Net income $ 25,898 $ 15,066 $ 47,423 $ 26,862 Less: Noncontrolling interest (3,150 ) (30 ) (2,036 ) (331 ) Dividends on preferred shares 11,984 15,282 26,581 28,869 Redemption of participating preferred shares 32,215 — 32,215 — Numerator for loss per common share—basic and diluted $ (15,151 ) $ (186 ) $ (9,337 ) $ (1,676 ) Denominator: Weighted-average common shares outstanding—basic and diluted (1) 295,462,572 258,900,456 290,848,633 251,685,993 Net loss per common share—basic and diluted $ (0.05 ) $ — $ (0.03 ) $ (0.01 ) (1) The computation of diluted earnings per share for the three months ended June 30, 2018 and 2017 , excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017 , excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred shares, exchangeable senior notes, common shares issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods. The effect of the potential conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership's computation of net loss per common unit on a basic and diluted basis for the three and six months ended June 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 Numerator: Net income $ 25,898 $ 15,066 $ 47,423 $ 26,862 Less: Noncontrolling interest (248 ) 1 (259 ) 39 Preferred distributions 11,984 15,282 26,581 28,869 Redemption of participating preferred units 32,215 — 32,215 — Numerator for loss per common unit—basic and diluted $ (18,053 ) $ (217 ) $ (11,114 ) $ (2,046 ) Denominator: Weighted-average common units outstanding—basic and diluted (1) 350,812,725 314,451,049 346,198,786 307,239,255 Net loss per common unit—basic and diluted $ (0.05 ) $ — $ (0.03 ) $ (0.01 ) (1) The computation of diluted earnings per unit for the three months ended June 30, 2018 and 2017 , excludes an aggregate of 6,974,868 and 28,351,580 potentially dilutive securities, respectively, and for the six months ended June 30, 2018 and 2017 , excludes an aggregate of 6,971,928 and 28,342,309 potentially dilutive securities, respectively, which include a combination of participating preferred units, exchangeable senior notes, common units issuable upon exercise of stock options and unvested restricted stock units, because their effect would have been antidilutive to the respective periods.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of June 30, 2018 , and December 31, 2017 (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 493,761 $ 497,707 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 509,400 515,755 512,041 521,252 AH4R 2015-SFR1 securitization 534,960 538,855 537,723 544,592 AH4R 2015-SFR2 securitization 464,746 468,648 467,267 475,832 Total asset-backed securitizations (1) 2,002,867 2,020,965 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,315 497,190 — — Exchangeable senior notes, net (2) 113,533 145,771 111,697 147,462 Secured note payable (3) — — 48,859 49,027 Revolving credit facility (1) (4) — — 140,000 140,000 Term loan facility (1) (5) 100,000 100,000 200,000 200,000 Total debt $ 2,713,715 $ 2,763,926 $ 2,513,913 $ 2,582,895 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $33.5 million , $4.9 million , $7.9 million and $0.9 million , respectively, of unamortized deferred financing costs as of June 30, 2018 , and exclude $36.0 million , zero , $8.8 million and $2.0 million , respectively, of unamortized deferred financing costs as of December 31, 2017 . (2) The carrying values of the unsecured senior notes, net and exchangeable senior notes, net are presented net of unamortized discounts. (3) The secured note payable was paid off in full during the second quarter of 2018. (4) As our revolving credit facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% , management believes that the carrying value of the revolving credit facility reasonably approximates fair value. (5) As our term loan facility bears interest at a floating rate based on an index plus a spread, which is a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75% , management believes that the carrying value of the term loan facility reasonably approximates fair value.
Fair Value of Financial Instruments	The following table sets forth the fair values of the participating preferred shares derivative liability and treasury lock as of June 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy June 30, 2018 December 31, 2017 Assets: Treasury lock Level 2 $ — $ 75 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ 29,470
Changes in Fair Value of Level 3 Financial Instruments	The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the six months ended June 30, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings June 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings June 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ 7,050 $ 76,860

Condensed Consolidating Finan34

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets (Amounts in thousands) As of June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 656 $ 8,183,265 $ — $ 8,183,921 Cash and cash equivalents 32,521 — 20,983 — 53,504 Restricted cash 26,910 30 132,070 — 159,010 Rent and other receivables, net 186 2 27,861 — 28,049 Intercompany receivables 255,388 — — (255,388 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 58,231 172 214,140 — 272,543 Investments in subsidiaries 5,988,782 115,663 — (6,104,445 ) — Deferred costs and other intangibles, net 8,436 — 4,706 — 13,142 Goodwill 120,279 — — — 120,279 Total assets $ 6,490,733 $ 116,523 $ 8,583,025 $ (6,359,833 ) $ 8,830,448 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,120 — — — 99,120 Asset-backed securitizations, net — — 1,969,322 — 1,969,322 Unsecured senior notes, net 492,406 — — — 492,406 Exchangeable senior notes, net — 113,533 — — 113,533 Accounts payable and accrued expenses 32,844 2,648 247,242 — 282,734 Amounts payable to affiliates 4,571 — — — 4,571 Intercompany payables — 9,011 246,377 (255,388 ) — Total liabilities 628,941 125,192 2,462,941 (255,388 ) 2,961,686 Capital Partners' capital: General partner: Common units 4,388,836 (8,669 ) 6,120,084 (6,104,445 ) 4,395,806 Preferred units 743,457 — — — 743,457 Limited partner: Common units 720,232 — — — 720,232 Accumulated other comprehensive income 9,267 — — — 9,267 Total partners' capital: 5,861,792 (8,669 ) 6,120,084 (6,104,445 ) 5,868,762 Total capital 5,861,792 (8,669 ) 6,120,084 (6,104,445 ) 5,868,762 Total liabilities and capital $ 6,490,733 $ 116,523 $ 8,583,025 $ (6,359,833 ) $ 8,830,448 Condensed Consolidating Balance Sheets (continued) (Amounts in thousands) As of December 31, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Assets Single-family properties, net $ — $ 1,732 $ 8,063,248 $ — $ 8,064,980 Cash and cash equivalents 22,157 — 23,999 — 46,156 Restricted cash 14,742 31 121,894 — 136,667 Rent and other receivables, net 114 57 29,973 — 30,144 Intercompany receivables 154,621 — — (154,621 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 59,271 164 138,082 — 197,517 Investments in subsidiaries 5,889,146 115,303 — (6,004,449 ) — Deferred costs and other intangibles, net 9,652 — 3,373 — 13,025 Goodwill 120,279 — — — 120,279 Total assets $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768 Liabilities Revolving credit facility $ 140,000 $ — $ — $ — $ 140,000 Term loan facility, net 198,023 — — — 198,023 Asset-backed securitizations, net — — 1,977,308 — 1,977,308 Exchangeable senior notes, net — 111,697 — — 111,697 Secured note payable — — 48,859 — 48,859 Accounts payable and accrued expenses 27,566 2,757 192,544 — 222,867 Amounts payable to affiliates 4,720 — — — 4,720 Intercompany payables — 8,428 146,193 (154,621 ) — Participating preferred units derivative liability 29,470 — — — 29,470 Total liabilities 399,779 122,882 2,364,904 (154,621 ) 2,732,944 Capital Partners' capital: General partner: Common units 4,241,266 (5,595 ) 6,017,014 (6,004,449 ) 4,248,236 Preferred units 901,318 — — — 901,318 Limited partner: Common units 727,544 — — — 727,544 Accumulated other comprehensive income 75 — — — 75 Total partners' capital: 5,870,203 (5,595 ) 6,017,014 (6,004,449 ) 5,877,173 Noncontrolling interest — — (1,349 ) — (1,349 ) Total capital 5,870,203 (5,595 ) 6,015,665 (6,004,449 ) 5,875,824 Total liabilities and capital $ 6,269,982 $ 117,287 $ 8,380,569 $ (6,159,070 ) $ 8,608,768
Condensed Consolidating Statements of Operations	Condensed Consolidating Statements of Operations (Amounts in thousands) For the Three Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 18 $ 227,193 $ — $ 227,211 Fees from single-family properties — 1 2,753 — 2,754 Tenant charge-backs — 1 32,916 — 32,917 Other 400 — 1,201 — 1,601 Total revenues 400 20 264,063 — 264,483 Expenses: Property operating expenses — 1 98,842 — 98,843 Property management expenses — — 18,616 — 18,616 General and administrative expense 6,014 1 3,662 — 9,677 Interest expense 7,972 1,870 22,136 — 31,978 Acquisition fees and costs expensed — — 1,321 — 1,321 Depreciation and amortization 204 — 78,115 — 78,319 Other expense 80 — 1,544 — 1,624 Total expenses 14,270 1,872 224,236 — 240,378 Intercompany income 575 — 85 (660 ) — Intercompany expenses (85 ) — (575 ) 660 — Gain on sale of single-family properties and other, net — 169 3,071 — 3,240 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Equity in income of subsidiaries 40,405 11,035 — (51,440 ) — Net income 26,146 9,352 41,840 (51,440 ) 25,898 Noncontrolling interest — — (248 ) — (248 ) Preferred distributions 11,984 — — — 11,984 Redemption of participating preferred units 32,215 — — — 32,215 Net (loss) income attributable to common unitholders $ (18,053 ) $ 9,352 $ 42,088 $ (51,440 ) $ (18,053 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 64 $ 204,584 $ — $ 204,648 Fees from single-family properties — 1 2,689 — 2,690 Tenant charge-backs — 7 27,375 — 27,382 Other 333 — 1,955 — 2,288 Total revenues 333 72 236,603 — 237,008 Expenses: Property operating expenses — 54 85,900 — 85,954 Property management expenses — 5 17,437 — 17,442 General and administrative expense 5,020 — 3,906 — 8,926 Interest expense 3,187 1,809 23,396 — 28,392 Acquisition fees and costs expensed 3 — 1,409 — 1,412 Depreciation and amortization 369 4 72,343 — 72,716 Other 81 50 1,228 — 1,359 Total expenses 8,660 1,922 205,619 — 216,201 Intercompany income 45 — 179 (224 ) — Intercompany expenses (179 ) — (45 ) 224 — Gain on sale of single-family properties and other, net — 285 2,169 — 2,454 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units (1,640 ) — — — (1,640 ) Equity in income of subsidiaries 25,166 9,251 — (34,417 ) — Net income 15,065 7,686 26,732 (34,417 ) 15,066 Noncontrolling interest — — 1 — 1 Preferred distributions 15,282 — — — 15,282 Net (loss) income attributable to common unitholders $ (217 ) $ 7,686 $ 26,731 $ (34,417 ) $ (217 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 40 $ 445,194 $ — $ 445,234 Fees from single-family properties — 1 5,586 — 5,587 Tenant charge-backs — 4 68,720 — 68,724 Other 734 — 2,208 — 2,942 Total revenues 734 45 521,708 — 522,487 Expenses: Property operating expenses — 4 199,826 — 199,830 Property management expenses — 3 37,600 — 37,603 General and administrative expense 11,951 2 6,955 — 18,908 Interest expense 14,229 3,705 43,345 — 61,279 Acquisition fees and costs expensed — — 2,632 — 2,632 Depreciation and amortization 501 — 157,121 — 157,622 Other expense 175 9 2,267 — 2,451 Total expenses 26,856 3,723 449,746 — 480,325 Intercompany income 1,026 — 142 (1,168 ) — Intercompany expenses (142 ) — (1,026 ) 1,168 — Gain on sale of single-family properties and other, net — 604 4,892 — 5,496 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 72,587 21,267 — (93,854 ) — Net income 47,682 18,193 75,402 (93,854 ) 47,423 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 26,581 — — — 26,581 Redemption of participating preferred units 32,215 — — — 32,215 Net (loss) income attributable to common unitholders $ (11,114 ) $ 18,193 $ 75,661 $ (93,854 ) $ (11,114 ) Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Revenues: Rents from single-family properties $ — $ 166 $ 405,589 $ — $ 405,755 Fees from single-family properties — 2 5,292 — 5,294 Tenant charge-backs — 14 55,741 — 55,755 Other 719 — 3,239 — 3,958 Total revenues 719 182 469,861 — 470,762 Expenses: Property operating expenses — 102 169,157 — 169,259 Property management expenses — 11 34,909 — 34,920 General and administrative expense 10,014 2 8,205 — 18,221 Interest expense 6,515 3,583 50,183 — 60,281 Acquisition fees and costs expensed 358 — 2,150 — 2,508 Depreciation and amortization 778 6 145,885 — 146,669 Other 180 51 2,686 — 2,917 Total expenses 17,845 3,755 413,175 — 434,775 Intercompany income 121 — 327 (448 ) — Intercompany expenses (327 ) — (121 ) 448 — Gain (loss) on sale of single-family properties and other, net 3,031 (1,175 ) 2,624 — 4,480 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units (7,050 ) — — — (7,050 ) Equity in income of subsidiaries 48,174 18,488 — (66,662 ) — Net income 26,823 13,740 52,961 (66,662 ) 26,862 Noncontrolling interest — — 39 — 39 Preferred distributions 28,869 — — — 28,869 Net (loss) income attributable to common unitholders $ (2,046 ) $ 13,740 $ 52,922 $ (66,662 ) $ (2,046 )
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 26,146 $ 9,352 $ 41,840 $ (51,440 ) $ 25,898 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income (241 ) — — — (241 ) Other comprehensive loss (241 ) — — — (241 ) Comprehensive income 25,905 9,352 41,840 (51,440 ) 25,657 Comprehensive loss attributable to noncontrolling interests — — (248 ) — (248 ) Preferred distributions 11,984 — — — 11,984 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive (loss) income attributable to common unitholders $ (18,294 ) $ 9,352 $ 42,088 $ (51,440 ) $ (18,294 ) For the Three Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 15,065 $ 7,686 $ 26,732 $ (34,417 ) $ 15,066 Comprehensive income 15,065 7,686 26,732 (34,417 ) 15,066 Comprehensive income attributable to noncontrolling interests — — 1 — 1 Preferred distributions 15,282 — — — 15,282 Comprehensive (loss) income attributable to common unitholders $ (217 ) $ 7,686 $ 26,731 $ (34,417 ) $ (217 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 47,682 $ 18,193 $ 75,402 $ (93,854 ) $ 47,423 Other comprehensive income: Gain on cash flow hedging instrument: Gain on settlement of cash flow hedging instrument 9,553 — — — 9,553 Reclassification adjustment for amortization of interest expense included in net income (361 ) — — — (361 ) Other comprehensive income 9,192 — — — 9,192 Comprehensive income 56,874 18,193 75,402 (93,854 ) 56,615 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 26,581 — — — 26,581 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive (loss) income attributable to common unitholders $ (1,922 ) $ 18,193 $ 75,661 $ (93,854 ) $ (1,922 ) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 26,823 $ 13,740 $ 52,961 $ (66,662 ) $ 26,862 Other comprehensive loss: Gain on cash flow hedging instrument: Reclassification adjustment for amortization of interest expense included in net income — — (28 ) — (28 ) Unrealized gain on investment in equity securities: Reclassification adjustment for realized gain included in net income (67 ) — — — (67 ) Other comprehensive loss (67 ) — (28 ) — (95 ) Comprehensive income 26,756 13,740 52,933 (66,662 ) 26,767 Comprehensive income attributable to noncontrolling interests — — 39 — 39 Preferred distributions 28,869 — — — 28,869 Comprehensive (loss) income attributable to common unitholders $ (2,113 ) $ 13,740 $ 52,894 $ (66,662 ) $ (2,141 )
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Six Months Ended June 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (115,080 ) $ (1,305 ) $ 366,350 $ — $ 249,965 Investing activities Cash paid for single-family properties — — (206,137 ) — (206,137 ) Change in escrow deposits for purchase of single-family properties — — (4,357 ) — (4,357 ) Net proceeds received from sales of single-family properties and other — 2,165 27,977 — 30,142 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Distributions from joint ventures 440 — 2,000 — 2,440 (Investment in) return of investment in subsidiaries (28,098 ) 20,907 — 7,191 — Initial renovations to single-family properties — — (33,030 ) — (33,030 ) Recurring and other capital expenditures for single-family properties — (501 ) (22,830 ) — (23,331 ) Other purchases of productive assets — — (95,354 ) — (95,354 ) Net cash (used for) provided by investing activities (27,658 ) 22,571 (327,731 ) 7,191 (325,627 ) Financing activities Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 1,933 — — — 1,933 Payments on asset-backed securitizations — — (10,490 ) — (10,490 ) Proceeds from revolving credit facility 100,000 — — — 100,000 Payments on revolving credit facility (240,000 ) — — — (240,000 ) Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (49,427 ) — (49,427 ) Proceeds from unsecured senior notes, net of discount 497,210 — — — 497,210 Settlement of cash flow hedging instrument 9,628 — — — 9,628 Intercompany financing and distributions to parent — (21,267 ) 28,458 (7,191 ) — Distributions to common unitholders (34,238 ) — — — (34,238 ) Distributions to preferred unitholders (29,194 ) — — — (29,194 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 165,270 (21,267 ) (31,459 ) (7,191 ) 105,353 Net increase (decrease) in cash, cash equivalents and restricted cash 22,532 (1 ) 7,160 — 29,691 Cash, cash equivalents and restricted cash, beginning of period 36,899 31 145,893 — 182,823 Cash, cash equivalents and restricted cash, end of period $ 59,431 $ 30 $ 153,053 $ — $ 212,514 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (4,799 ) $ (1,869 ) $ (40,995 ) $ — $ (47,663 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ 991 $ — $ 979 Transfers of completed homebuilding deliveries to properties $ — $ — $ 37,541 $ — $ 37,541 Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (149 ) $ — $ — $ — $ (149 ) Accrued distributions to non-affiliates $ (1,995 ) $ — $ — $ — $ (1,995 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Six Months Ended June 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Operating activities Net cash (used for) provided by operating activities $ (31,632 ) $ (4,980 ) $ 261,818 $ — $ 225,206 Investing activities Cash paid for single-family properties — — (226,937 ) — (226,937 ) Change in escrow deposits for purchase of single-family properties — — (1,708 ) — (1,708 ) Net proceeds received from sales of single-family properties and other 14,265 949 39,018 — 54,232 Collections from mortgage financing receivables — — 78 — 78 Distributions from joint ventures 480 — 1,664 — 2,144 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (444,589 ) 24,064 — 420,525 — Initial renovations to single-family properties — (1,565 ) (16,786 ) — (18,351 ) Recurring and other capital expenditures for single-family properties — — (15,038 ) — (15,038 ) Other purchases of productive assets (6,657 ) — (10,279 ) — (16,936 ) Net cash (used for) provided by investing activities (426,994 ) 23,448 (229,988 ) 411,018 (222,516 ) Financing activities Proceeds from issuance of Class A units 355,589 — — — 355,589 Payments of Class A unit issuance costs (350 ) — — — (350 ) Proceeds from issuance of perpetual preferred units 155,000 — — — 155,000 Payments of perpetual preferred unit issuance costs (5,209 ) — — — (5,209 ) Share-based compensation proceeds, net 1,858 — — — 1,858 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (466,793 ) — (466,793 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (20,000 ) — — — (20,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (482 ) — (482 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (18,488 ) 439,013 (420,525 ) — Distributions to common unitholders (30,727 ) — — — (30,727 ) Distributions to preferred unitholders (28,869 ) — — — (28,869 ) Deferred financing costs paid (3,930 ) — — — (3,930 ) Net cash provided by (used for) financing activities 410,193 (18,488 ) (37,769 ) (411,018 ) (57,082 ) Net decrease in cash, cash equivalents and restricted cash (48,433 ) (20 ) (5,939 ) — (54,392 ) Cash, cash equivalents and restricted cash, beginning of period 76,913 62 173,266 — 250,241 Cash, cash equivalents and restricted cash, end of period $ 28,480 $ 42 $ 167,327 $ — $ 195,849 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (5,347 ) $ (1,869 ) $ (46,941 ) $ — $ (54,157 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 21 $ 3,901 $ — $ 3,922 Transfer of term loan borrowings to revolving credit facility $ 50,000 $ — $ — $ — $ 50,000 Transfer of deferred financing costs from term loan to revolving credit facility $ 1,354 $ — $ — $ — $ 1,354 Note receivable related to a bulk sale of properties, net of discount $ 5,559 $ — $ — $ — $ 5,559

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)statepropertysingle_family_property	Dec. 31, 2017USD ($)single_family_property
Real Estate Properties [Line Items]
Number of states | state	22
General partner interest	84.20%
Limited partner interest	15.80%
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Single-family properties identified for future sale
Real Estate Properties [Line Items]
Number of properties | property	371
Single Family Homes
Real Estate Properties [Line Items]
Number of properties	52,049	51,239
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	2,209
Single Family Homes | Properties Held for Sale
Real Estate Properties [Line Items]
Number of properties	1,838	310
Single Family Homes | Single-family properties identified for future sale
Real Estate Properties [Line Items]
Number of properties	371

Cash, Cash Equivalents and Re36

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Lease agreement term (in years)	1 year
Balance Sheet
Cash and cash equivalents	$ 53,504	$ 46,156	$ 67,325
Restricted cash	159,010	136,667	128,524
Statement of Cash Flows
Cash, cash equivalents and restricted cash	$ 212,514	$ 182,823	$ 195,849	$ 250,241

Single-Family Properties - Comp

Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands	Jun. 30, 2018USD ($)propertysingle_family_property	Dec. 31, 2017USD ($)single_family_property
Property Subject to or Available for Operating Lease
Net book value	$ 8,183,921	$ 8,064,980
Single-family properties identified for future sale
Property Subject to or Available for Operating Lease
Number of properties | property	371
Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	52,049	51,239
Net book value	$ 8,183,921	$ 8,064,980
Single Family Homes | Single-family properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	223	980
Net book value	$ 57,472	$ 225,194
Single Family Homes | Single-family properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	332	372
Net book value	$ 46,805	$ 47,994
Single Family Homes | Single-family properties held for sale, net
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,838	310
Net book value	$ 284,012	$ 35,803
Single Family Homes | Single-family properties identified for future sale
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	371
Net book value	$ 51,000
Single Family Homes | Leased single-family properties
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	48,020	46,996
Net book value	$ 7,526,347	$ 7,284,708
Single Family Homes | Vacant single-family properties available for lease
Property Subject to or Available for Operating Lease
Number of properties | single_family_property	1,265	2,581
Net book value	$ 218,285	$ 471,281

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Dec. 31, 2017USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties			$ 30,142,000	$ 54,232,000
Proceeds from sale of land			500,000
Gain (loss) on land sold			100,000
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	$ 4,800,000		4,800,000		$ 44,200,000
Depreciation expense	$ 74,100,000	$ 69,000,000	$ 149,500,000	$ 137,800,000
Number of real estate properties sold | property	113	127	216	631
Proceeds from the sale of real estate properties	$ 18,200,000	$ 15,700,000	$ 29,600,000	$ 39,800,000
Net gain (loss) on sale of single-family properties and other	$ 3,200,000	2,200,000	$ 5,400,000	1,200,000
Note receivable		7,000,000		7,000,000
Discount of note receivable		$ 1,500,000		$ 1,500,000

Rent and Other Receivables, N39

Rent and Other Receivables, Net (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Allowance for doubtful accounts	$ 10.1	$ 10.4
Hurricane-related insurance claims receivable	4.9	8.9
Non-tenant receivables	$ 0.9	$ 1.2

Escrow Deposits, Prepaid Expe40

Escrow Deposits, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 45,944	$ 33,964
Investments in joint ventures	40,487	42,341
Commercial real estate, vehicles and FF&E, net	44,652	43,608
Land held for development	72,948	39,079
Homebuilding construction in progress	42,846	12,859
Total	$ 246,877	$ 171,851

Deferred Costs and Other Inta41

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 9,171	$ 7,030
Deferred financing costs	11,244	11,244
Intangible assets:
Intangible assets	22,535	23,653
Less: accumulated amortization	(9,393)	(10,628)
Total	13,142	13,025
Value of in-place leases
Intangible assets:
Intangible assets	20	179
Trademark
Intangible assets:
Intangible assets	0	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta42

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2.5	$ 2.2	$ 4.7	$ 5.1
Amortization of deferred financing costs	$ 0.5	$ 0.4	$ 1	$ 0.8

Deferred Costs and Other Inta43

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands	Jun. 30, 2018USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	$ 4,573
2,019	3,537
2,020	2,101
2,021	1,964
2,022	967
Total	13,142
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2,018	3,430
2,019	1,271
2,020	0
2,021	0
2,022	0
Total	4,701
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2,018	990
2,019	1,964
2,020	1,969
2,021	1,964
2,022	967
Total	7,854
Value of in-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	3
2,019	2
2,020	0
2,021	0
2,022	0
Total	5
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	150
2,019	300
2,020	132
2,021	0
2,022	0
Total	$ 582

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Feb. 28, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt, gross	$ 2,717,867,000		$ 2,717,867,000			$ 2,517,216,000
Unamortized discounts on unsecured and exchangeable senior notes	(3,092,000)		(3,092,000)			(895,000)
Equity component of exchangeable senior notes	(1,062,000)		(1,062,000)			(2,408,000)
Deferred financing costs, net	(39,332,000)		(39,332,000)			(38,026,000)
Total debt per balance sheet	2,674,381,000		2,674,381,000			2,475,887,000
Amortization of financing costs			3,888,000	$ 4,410,000
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	(7,900,000)		(7,900,000)			(8,800,000)
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,500,000	$ 1,400,000	2,900,000	$ 3,600,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 2,002,867,000		$ 2,002,867,000			2,013,357,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%		4.42%
Debt, gross	$ 493,761,000		$ 493,761,000			496,326,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%		4.40%
Debt, gross	$ 509,400,000		$ 509,400,000			512,041,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%		4.14%
Debt, gross	$ 534,960,000		$ 534,960,000			537,723,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%		4.36%
Debt, gross	$ 464,746,000		$ 464,746,000			467,267,000
Secured Debt | Secured Note Payable
Debt Instrument [Line Items]
Debt, gross	$ 0		$ 0			48,859,000
Senior Notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Interest Rate	4.25%		4.25%		4.25%
Effective interest rate	4.08%		4.08%
Debt, gross	$ 500,000,000		$ 500,000,000			0
Deferred financing costs, net					$ (1,900,000)
Convertible Debt | 3.25% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.25%		3.25%
Debt, gross	$ 115,000,000		$ 115,000,000			115,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate	3.29%		3.29%
Debt, gross	$ 0		$ 0			140,000,000
Maximum borrowing capacity	$ 800,000,000		$ 800,000,000
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.825%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.55%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.55%
Line of Credit | Term Loan facility
Debt Instrument [Line Items]
Effective interest rate	3.44%		3.44%
Debt, gross	$ 100,000,000		$ 100,000,000			200,000,000
Deferred financing costs, net	$ (900,000)		$ (900,000)			$ (2,000,000)
Line of Credit | Term Loan facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.90%
Line of Credit | Term Loan facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Line of Credit | Term Loan facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Line of Credit | Term Loan facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.75%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Remaining 2,018	$ 125,358
2,019	20,714
2,020	20,714
2,021	20,714
2,022	120,714
Thereafter	2,409,653
Total debt	2,717,867	$ 2,517,216
Unamortized discount and deferred financing costs	(43,486)
Total debt per balance sheet	$ 2,674,381	$ 2,475,887

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 29, 2016	Feb. 28, 2018USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)property	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Payments on asset-backed securitizations					$ 10,490,000	$ 466,793,000
Loss on early extinguishment of debt			$ (1,447,000)	$ (6,555,000)	(1,447,000)	$ (6,555,000)
Deferred financing costs, net			39,332,000		$ 39,332,000		$ 38,026,000
Asset Backed Securitizations May 2014 Securitization
Debt Instrument [Line Items]
Payments on asset-backed securitizations				$ 455,400,000
Asset Backed Securitizations May 2014 Securitization | Property disqualified from collateral pool | Single Family Homes
Debt Instrument [Line Items]
Number of properties released | property				3,799		3,799
Increase (decrease) in cash collateral for borrowed securities				$ (9,400,000)
Secured Debt | Asset Backed Securitizations May 2014 Securitization | Special Purpose Entity
Debt Instrument [Line Items]
Loss on early extinguishment of debt				$ (6,555,000)
Secured Note Payable | Secured Debt
Debt Instrument [Line Items]
Payments on asset-backed securitizations			48,400,000
Loss on early extinguishment of debt			$ 500,000
Number of properties released | property			572		572
Increase (decrease) in cash collateral for borrowed securities			$ (2,100,000)
Term loan facility, net
Debt Instrument [Line Items]
Payments on credit facility					$ 100,000,000	$ 100,000,000
Term loan facility, net | Line of Credit
Debt Instrument [Line Items]
Payments on credit facility			100,000,000
Write off of unamortized deferred financing costs			900,000
Deferred financing costs, net			$ 900,000		$ 900,000		$ 2,000,000
Effective interest rate			3.44%		3.44%
4.25% Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 500,000,000
Interest Rate		4.25%	4.25%		4.25%
Net proceeds from debt issuance		$ 494,000,000
Underwriting fees		3,200,000
Unamortized discount		2,800,000
Deferred financing costs, net		$ 1,900,000
Effective interest rate			4.08%		4.08%
3.25% Exchangeable Senior Notes | Convertible Debt
Debt Instrument [Line Items]
Interest Rate			3.25%		3.25%
Convertible debt conversion ratio					0.0555443
3.25% Exchangeable Senior Notes | Convertible Debt | American Residential Properties Inc.
Debt Instrument [Line Items]
Convertible debt conversion ratio	0.0469423
Convertible debt conversion ratio adjustment	0.0532795
Equity interest issued, number of shares, multiplier			1.135		1.135

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Disclosure [Abstract]
Gross interest	$ 33,341	$ 29,427	$ 65,078	$ 61,919
Capitalized interest	(1,363)	(1,035)	(3,799)	(1,638)
Interest expense	$ 31,978	$ 28,392	$ 61,279	$ 60,281

Accounts Payable and Accrued 48

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 194	$ 1,726
Accrued property taxes	90,629	47,765
Other accrued liabilities	38,948	31,788
Accrued distribution payable	24,987	26,982
Accrued construction and maintenance liabilities	20,942	17,928
Resident security deposits	82,952	75,951
Prepaid rent	24,082	20,727
Total	$ 282,734	$ 222,867

Shareholders' Equity _ Partne49

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares/units	$ 0	$ 355,589,000
Class A common shares/units
Class of Stock [Line Items]
Stock issuance costs	0	$ 350,000
At the Market - Common Share Offering Program | Class A common shares/units
Class of Stock [Line Items]
Shares available for future issuance, value	$ 500,000,000			$ 400,000,000
Shares issued during period (in shares)		0.9
Proceeds from issuance of shares/units		$ 19,400,000
Shares issued, price per share (in dollars per share)		$ 22.75
Proceeds from issuance of common stock, net of issuance costs		$ 19,100,000
Stock issuance costs		$ 300,000
Shares authorized for future issuance, value			$ 500,000,000

Shareholders' Equity _ Partne50

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Feb. 28, 2018
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount			$ 300,000,000
Average price per share of Class A common shares (in dollars per share)	$ 19.36
Stock repurchased less commission and fees paid	$ 34,900,000
Remaining repurchase authorization	$ 265,100,000
Class A common shares/units | Common Stock
Class of Stock [Line Items]
Repurchases of Class A common shares (in shares)	1,804,163	0
Preferred Shares/Units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 250,000,000		$ 250,000,000

Shareholders' Equity _ Partne51

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018marketshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)market$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)$ / sharesshares
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares) | shares		30,750,000		30,750,000		38,350,000
Liquidation Value | $		$ 768,750		$ 768,750		$ 986,986
Liquidation value (in dollars per share) | $ / shares		$ 25		$ 25
Number of top markets used for purchase price index | market				20
Redemption of participating preferred shares/units | $		$ 32,215	$ 0	$ 32,215	$ 0
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage			5.50%	5.50%
Preferred shares, shares outstanding (in shares) | shares		0		0		7,600,000
Liquidation Value | $		$ 0		$ 0		$ 218,236
Stock converted during period (in shares) | shares	7,600,000
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.50%	6.50%	6.50%
Preferred shares, shares outstanding (in shares) | shares		10,750,000		10,750,000		10,750,000
Liquidation Value | $		$ 268,750		$ 268,750		$ 268,750
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.35%	6.35%	6.35%
Preferred shares, shares outstanding (in shares) | shares		9,200,000		9,200,000		9,200,000
Liquidation Value | $		$ 230,000		$ 230,000		$ 230,000
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		5.875%	5.875%	5.875%
Preferred shares, shares outstanding (in shares) | shares		6,200,000		6,200,000		6,200,000
Liquidation Value | $		$ 155,000		$ 155,000		$ 155,000
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		5.875%		5.875%
Preferred shares, shares outstanding (in shares) | shares		4,600,000		4,600,000		4,600,000
Liquidation Value | $		$ 115,000		$ 115,000		$ 115,000
Class A common shares/units
Class of Stock [Line Items]
Issuance of common shares, net of offering costs (in shares) | shares	10,848,827
Stock exchange ratio	1.4275
Common shares, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Percent of liquidation preference	50.00%
Number of markets used in calculation of conversion ratio | market	20
Conversion ratio, maximum internal rate of return	9.00%
Redemption of participating preferred shares/units | $		$ 32,200

Shareholders' Equity _ Partne52

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.1	$ 0.1
Class A common shares/units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	0.05	0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	0.05	0.05
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.41	$ 0.41
Preferred stock, dividend rate, percentage	6.50%	6.50%	6.50%
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.40	$ 0.40
Preferred stock, dividend rate, percentage	6.35%	6.35%	6.35%
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.37	$ 0.27
Preferred stock, dividend rate, percentage	5.875%	5.875%	5.875%
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.37
Preferred stock, dividend rate, percentage	5.875%		5.875%
5.0% Series A Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.31
Preferred stock, dividend rate, percentage		5.00%
5.0% Series B Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.31
Preferred stock, dividend rate, percentage		5.00%
5.5% Series C Participating Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.34
Preferred stock, dividend rate, percentage		5.50%	5.50%

Shareholders' Equity _ Partne53

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Jun. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Operating partnership units (in shares)	351,368,387	342,099,865
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.30%	0.30%
Operating partnership units (in shares)	1,073,509	1,073,509
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	54,276,644	54,276,644
Percentage of units outstanding	15.50%	15.90%

Shareholders' Equity _ Partne54

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ (3,150)	$ (30)	$ (2,036)	$ (331)
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	(248)	1	(259)	39
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ (2,902)	$ (31)	$ (1,777)	$ (370)

Shareholders' Equity _ Partne55

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock options and Restricted stock units
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.9	$ 1.1	$ 1.9	$ 2.1
Stock options and Restricted stock units | General and Administrative Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	0.5	0.7	1.1	1.2
Stock options and Restricted stock units | Property Management Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.4	$ 0.4	$ 0.8	$ 0.9
Restricted stock units
Class of Stock [Line Items]
Restricted stock unit grants in period (in shares)			304,400	174,000
2012 Equity Incentive Plan | Stock options and Restricted stock units
Class of Stock [Line Items]
Vesting period for stock options and restricted stock units			4 years
2012 Equity Incentive Plan | Stock options
Class of Stock [Line Items]
Granted (in shares)			140,000	385,200
Expiration period for stock options			10 years

Shareholders' Equity _ Partne56

Shareholders' Equity / Partners' Capital - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Stock Options
Outstanding at beginning of the period (in shares)	3,052,450	2,826,500	2,826,500
Granted (in shares)	140,000	385,200
Exercised (in shares)	(171,875)	(28,250)
Forfeited (in shares)	(66,250)	(50,000)
Outstanding at end of the period (in shares)	2,954,325	3,133,450	3,052,450	2,826,500
Exercisable at end of the period (in shares)	2,174,550	1,716,000
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	$ 16.65	$ 15.69	$ 15.69
Granted (in dollars per share)	19.40	23.38
Exercised (in dollars per share)	16.04	15.96
Forfeited (in dollars per share)	17.69	16.38
Outstanding at end of the period (in dollars per share)	16.79	16.62	$ 16.65	$ 15.69
Exercisable at end of the period (in dollars per share)	$ 16.20	$ 15.89
Aggregate intrinsic value
Weighted average remaining life (in years)	6 years	7 years 3 months 25 days	6 years 10 months 24 days	7 years 7 months 6 days
Weighted average exercisable (in years)	5 years 3 months 18 days	6 years 6 months 11 days
Aggregate intrinsic value	$ 16,347	$ 18,940	$ 16,421	$ 14,956
Aggregate intrinsic value exercised	787	196
Aggregate intrinsic value exercisable	$ 13,123	$ 11,468

Shareholders' Equity _ Partne57

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value (in dollars per share)	$ 3.03	$ 3.82
Expected term (in years)	7 years	7 years
Dividend yield	3.00%	3.00%
Volatility	18.90%	21.30%
Risk-free interest rate	2.80%	2.20%

Shareholders' Equity _ Partne58

Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Number of Restricted Stock Units
Restricted stock units at beginning of period (in shares)	243,875	130,150
Units awarded (in shares)	304,400	174,000
Units vested (in shares)	(80,025)	(42,475)
Units forfeited (in shares)	(48,375)	(10,250)
Restricted stock units at end of the period (in shares)	419,875	251,425

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income	$ 25,898	$ 15,066	$ 47,423	$ 26,862
Less:
Noncontrolling interest	(3,150)	(30)	(2,036)	(331)
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ (15,151)	$ (186)	$ (9,337)	$ (1,676)
Denominator
Weighted-average shares outstanding - basic and diluted (in shares)	295,462,572	258,900,456	290,848,633	251,685,993
Net loss attributable to common shareholders per share - basic and diluted (in dollars per share)	$ (0.05)	$ 0	$ (0.03)	$ (0.01)
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 25,898	$ 15,066	$ 47,423	$ 26,862
Less:
Noncontrolling interest	(248)	1	(259)	39
Dividends on preferred shares/Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred shares/units	32,215	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ (18,053)	$ (217)	$ (11,114)	$ (2,046)
Denominator
Weighted-average common units outstanding - basic and diluted (in shares)	350,812,725	314,451,049	346,198,786	307,239,255
Net loss attributable to common unitholders per unit - basic and diluted (in dollars per share)	$ (0.05)	$ 0	$ (0.03)	$ (0.01)

Earnings per Share _ Unit - Nar

Earnings per Share / Unit - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	6,974,868	28,351,580	6,971,928	28,342,309
American Homes 4 Rent, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	6,974,868	28,351,580	6,971,928	28,342,309

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)single_family_property	Dec. 31, 2017USD ($)single_family_property
Long-term Purchase Commitment [Line Items]
Single-family properties sales in escrow | single_family_property	156	69
Single-family properties sales in escrow, selling price	$ 24.7	$ 7
Silver Bay Realty Trust Corp.
Gain (Loss) on Sale of Securities, Net [Abstract]
Gain (loss) on sale of equity investments		3
Single Family Properties
Long-term Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	62.2	128.1
Land
Long-term Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 42.5	$ 24
Commitment To Acquire Properties
Long-term Purchase Commitment [Line Items]
Number of properties | single_family_property	236	520

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Oct. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 39,332,000	$ 39,332,000	$ 38,026,000
Gain on derivative recorded in other comprehensive income	9,600,000
Treasury Lock | Designated as Hedging Instrument
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount				$ 350,000,000
Revolving Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	7,900,000	$ 7,900,000	8,800,000
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.825%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		1.55%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.55%
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	33,500,000	$ 33,500,000	36,000,000
Term Loan facility | Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	900,000	$ 900,000	2,000,000
Term Loan facility | Line of Credit | LIBOR | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.90%
Term Loan facility | Line of Credit | LIBOR | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Term Loan facility | Line of Credit | Base Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Term Loan facility | Line of Credit | Base Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, basis spread on variable rate		0.75%
Unsecured Senior Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	4,900,000	$ 4,900,000	0
Significant Other Observable Inputs (Level 2) | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	0	0	75,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,002,867,000	2,002,867,000	2,013,357,000
Unsecured senior notes, net	497,315,000	497,315,000	0
Exchangeable senior notes, net	113,533,000	113,533,000	111,697,000
Secured note payable (3)	0	0	48,859,000
Revolving credit facility	0	0	140,000,000
Term loan facility	100,000,000	100,000,000	200,000,000
Total debt	2,713,715,000	2,713,715,000	2,513,913,000
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	493,761,000	493,761,000	496,326,000
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	509,400,000	509,400,000	512,041,000
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	534,960,000	534,960,000	537,723,000
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	464,746,000	464,746,000	467,267,000
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,020,965,000	2,020,965,000	2,046,406,000
Unsecured senior notes, net	497,190,000	497,190,000	0
Exchangeable senior notes, net	145,771,000	145,771,000	147,462,000
Secured note payable (3)	0	0	49,027,000
Revolving credit facility	0	0	140,000,000
Term loan facility	100,000,000	100,000,000	200,000,000
Total debt	2,763,926,000	2,763,926,000	2,582,895,000
Fair Value | Significant Unobservable Inputs (Level 3) | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	497,707,000	497,707,000	504,730,000
Fair Value | Significant Unobservable Inputs (Level 3) | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	515,755,000	515,755,000	521,252,000
Fair Value | Significant Unobservable Inputs (Level 3) | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	538,855,000	538,855,000	544,592,000
Fair Value | Significant Unobservable Inputs (Level 3) | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	$ 468,648,000	$ 468,648,000	$ 475,832,000

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Liabilities:
Participating preferred shares/units derivative liability	$ 0	$ 29,470	$ 76,860	$ 69,810
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Derivative asset	0	75
Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Participating preferred shares/units derivative liability	$ 0	$ 29,470

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred shares derivative liability, Beginning Balance			$ 29,470	$ 69,810
Preferred shares, Conversions			(28,258)	0
Preferred share derivative liability, Remeasurement included in earnings	$ 0	$ 1,640	(1,212)	7,050
Preferred shares derivative liability, Ending Balance	$ 0	$ 76,860	$ 0	$ 76,860

Condensed Consolidating Finan65

Condensed Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Assets
Single-family properties, net	$ 8,183,921	$ 8,064,980
Cash and cash equivalents	53,504	46,156	$ 67,325
Restricted cash	159,010	136,667	128,524
Rent and other receivables, net	28,049	30,144
Deferred costs and other intangibles, net	13,142	13,025
Goodwill	120,279	120,279
Total assets	8,830,448	8,608,768
Liabilities
Asset-backed securitizations, net	1,969,322	1,977,308
Unsecured senior notes, net	492,406	0
Exchangeable senior notes, net	113,533	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	282,734	222,867
Amounts payable to affiliates	4,571	4,720
Participating preferred units derivative liability	0	29,470	$ 76,860	$ 69,810
Total liabilities	2,961,686	2,732,944
Capital
Accumulated other comprehensive income	9,267	75
Total liabilities and equity/capital	8,830,448	8,608,768
Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	99,120	198,023
Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	140,000
American Homes 4 Rent, L.P.
Assets
Single-family properties, net	8,183,921	8,064,980
Cash and cash equivalents	53,504	46,156
Restricted cash	159,010	136,667
Rent and other receivables, net	28,049	30,144
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	272,543	197,517
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	13,142	13,025
Goodwill	120,279	120,279
Total assets	8,830,448	8,608,768
Liabilities
Asset-backed securitizations, net	1,969,322	1,977,308
Unsecured senior notes, net	492,406	0
Exchangeable senior notes, net	113,533	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	282,734	222,867
Amounts payable to affiliates	4,571	4,720
Intercompany payables	0	0
Participating preferred units derivative liability	0	29,470
Total liabilities	2,961,686	2,732,944
Capital
Limited partners, capital account	720,232	727,544
Accumulated other comprehensive income	9,267	75
Total partners' capital	5,868,762	5,877,173
Noncontrolling interest	0	(1,349)
Total capital	5,868,762	5,875,824
Total liabilities and equity/capital	8,830,448	8,608,768
American Homes 4 Rent, L.P. | Common Units
Capital
General partner, capital account	4,395,806	4,248,236
Limited partners, capital account	720,232	727,544
American Homes 4 Rent, L.P. | Preferred Shares/Units
Capital
General partner, capital account	743,457	901,318
American Homes 4 Rent, L.P. | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	99,120	198,023
American Homes 4 Rent, L.P. | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	140,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Assets
Single-family properties, net	0	0
Cash and cash equivalents	32,521	22,157
Restricted cash	26,910	14,742
Rent and other receivables, net	186	114
Intercompany receivables	255,388	154,621
Escrow deposits, prepaid expenses and other assets, including due from affiliates	58,231	59,271
Investments in subsidiaries	5,988,782	5,889,146
Deferred costs and other intangibles, net	8,436	9,652
Goodwill	120,279	120,279
Total assets	6,490,733	6,269,982
Liabilities
Asset-backed securitizations, net	0	0
Unsecured senior notes, net	492,406
Exchangeable senior notes, net	0	0
Secured note payable		0
Accounts payable and accrued expenses	32,844	27,566
Amounts payable to affiliates	4,571	4,720
Intercompany payables	0	0
Participating preferred units derivative liability		29,470
Total liabilities	628,941	399,779
Capital
Limited partners, capital account	720,232	727,544
Accumulated other comprehensive income	9,267	75
Total partners' capital	5,861,792	5,870,203
Noncontrolling interest		0
Total capital	5,861,792	5,870,203
Total liabilities and equity/capital	6,490,733	6,269,982
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Common Units
Capital
General partner, capital account	4,388,836	4,241,266
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units
Capital
General partner, capital account	743,457	901,318
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	99,120	198,023
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	140,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Assets
Single-family properties, net	656	1,732
Cash and cash equivalents	0	0
Restricted cash	30	31
Rent and other receivables, net	2	57
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	172	164
Investments in subsidiaries	115,663	115,303
Deferred costs and other intangibles, net	0	0
Goodwill	0	0
Total assets	116,523	117,287
Liabilities
Asset-backed securitizations, net	0	0
Unsecured senior notes, net	0
Exchangeable senior notes, net	113,533	111,697
Secured note payable		0
Accounts payable and accrued expenses	2,648	2,757
Amounts payable to affiliates	0	0
Intercompany payables	9,011	8,428
Participating preferred units derivative liability		0
Total liabilities	125,192	122,882
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(8,669)	(5,595)
Noncontrolling interest		0
Total capital	(8,669)	(5,595)
Total liabilities and equity/capital	116,523	117,287
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Common Units
Capital
General partner, capital account	(8,669)	(5,595)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units
Capital
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Assets
Single-family properties, net	8,183,265	8,063,248
Cash and cash equivalents	20,983	23,999
Restricted cash	132,070	121,894
Rent and other receivables, net	27,861	29,973
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	214,140	138,082
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	4,706	3,373
Goodwill	0	0
Total assets	8,583,025	8,380,569
Liabilities
Asset-backed securitizations, net	1,969,322	1,977,308
Unsecured senior notes, net	0
Exchangeable senior notes, net	0	0
Secured note payable		48,859
Accounts payable and accrued expenses	247,242	192,544
Amounts payable to affiliates	0	0
Intercompany payables	246,377	146,193
Participating preferred units derivative liability		0
Total liabilities	2,462,941	2,364,904
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	6,120,084	6,017,014
Noncontrolling interest		(1,349)
Total capital	6,120,084	6,015,665
Total liabilities and equity/capital	8,583,025	8,380,569
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Common Units
Capital
General partner, capital account	6,120,084	6,017,014
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units
Capital
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments
Assets
Single-family properties, net	0	0
Cash and cash equivalents	0	0
Restricted cash	0	0
Rent and other receivables, net	0	0
Intercompany receivables	(255,388)	(154,621)
Escrow deposits, prepaid expenses and other assets, including due from affiliates	0	0
Investments in subsidiaries	(6,104,445)	(6,004,449)
Deferred costs and other intangibles, net	0	0
Goodwill	0	0
Total assets	(6,359,833)	(6,159,070)
Liabilities
Asset-backed securitizations, net	0	0
Unsecured senior notes, net	0
Exchangeable senior notes, net	0	0
Secured note payable		0
Accounts payable and accrued expenses	0	0
Amounts payable to affiliates	0	0
Intercompany payables	(255,388)	(154,621)
Participating preferred units derivative liability		0
Total liabilities	(255,388)	(154,621)
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(6,104,445)	(6,004,449)
Noncontrolling interest		0
Total capital	(6,104,445)	(6,004,449)
Total liabilities and equity/capital	(6,359,833)	(6,159,070)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Common Units
Capital
General partner, capital account	(6,104,445)	(6,004,449)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units
Capital
General partner, capital account	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	$ 0	$ 0

Condensed Consolidating Finan66

Condensed Consolidating Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 264,483	$ 237,008	$ 522,487	$ 470,762
Expenses:
General and administrative expense	9,677	8,926	18,908	18,221
Interest expense	31,978	28,392	61,279	60,281
Acquisition fees and costs expensed	1,321	1,412	2,632	2,508
Depreciation and amortization	78,319	72,716	157,622	146,669
Other	1,624	1,359	2,451	2,917
Total expenses	240,378	216,201	480,325	434,775
Gain on sale of single-family properties and other, net	3,240	2,454	5,496	4,480
Loss on early extinguishment of debt	(1,447)	(6,555)	(1,447)	(6,555)
Remeasurement of participating preferred units	0	(1,640)	1,212	(7,050)
Net income	25,898	15,066	47,423	26,862
Noncontrolling interest	(3,150)	(30)	(2,036)	(331)
Preferred distributions	11,984	15,282	26,581	28,869
Net income (loss) attributable to common shareholders/unitholders	(15,151)	(186)	(9,337)	(1,676)
Rents from single-family properties
Revenues:
Total revenues	227,211	204,648	445,234	405,755
Fees from single-family properties
Revenues:
Total revenues	2,754	2,690	5,587	5,294
Tenant charge-backs
Revenues:
Total revenues	32,917	27,382	68,724	55,755
Other
Revenues:
Total revenues	1,601	2,288	2,942	3,958
Property Operating Expenses
Expenses:
Cost of goods and services sold	98,843	85,954	199,830	169,259
Property Management Expenses
Expenses:
Cost of goods and services sold	18,616	17,442	37,603	34,920
American Homes 4 Rent, L.P.
Revenues:
Total revenues	264,483	237,008	522,487	470,762
Expenses:
General and administrative expense	9,677	8,926	18,908	18,221
Interest expense	31,978	28,392	61,279	60,281
Acquisition fees and costs expensed	1,321	1,412	2,632	2,508
Depreciation and amortization	78,319	72,716	157,622	146,669
Other	1,624	1,359	2,451	2,917
Total expenses	240,378	216,201	480,325	434,775
Intercompany income	0	0	0	0
Intercompany expenses	0	0	0	0
Gain on sale of single-family properties and other, net	3,240	2,454	5,496	4,480
Loss on early extinguishment of debt	(1,447)	(6,555)	(1,447)	(6,555)
Remeasurement of participating preferred units	0	(1,640)	1,212	(7,050)
Equity in income of subsidiaries	0	0	0	0
Net income	25,898	15,066	47,423	26,862
Noncontrolling interest	(248)	1	(259)	39
Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred units	32,215		32,215
Net income (loss) attributable to common shareholders/unitholders	(18,053)	(217)	(11,114)	(2,046)
American Homes 4 Rent, L.P. | Rents from single-family properties
Revenues:
Total revenues	227,211	204,648	445,234	405,755
American Homes 4 Rent, L.P. | Fees from single-family properties
Revenues:
Total revenues	2,754	2,690	5,587	5,294
American Homes 4 Rent, L.P. | Tenant charge-backs
Revenues:
Total revenues	32,917	27,382	68,724	55,755
American Homes 4 Rent, L.P. | Other
Revenues:
Total revenues	1,601	2,288	2,942	3,958
American Homes 4 Rent, L.P. | Property Operating Expenses
Expenses:
Cost of goods and services sold	98,843	85,954	199,830	169,259
American Homes 4 Rent, L.P. | Property Management Expenses
Expenses:
Cost of goods and services sold	18,616	17,442	37,603	34,920
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Revenues:
Total revenues	400	333	734	719
Expenses:
General and administrative expense	6,014	5,020	11,951	10,014
Interest expense	7,972	3,187	14,229	6,515
Acquisition fees and costs expensed	0	3	0	358
Depreciation and amortization	204	369	501	778
Other	80	81	175	180
Total expenses	14,270	8,660	26,856	17,845
Intercompany income	575	45	1,026	121
Intercompany expenses	(85)	(179)	(142)	(327)
Gain on sale of single-family properties and other, net	0	0	0	3,031
Loss on early extinguishment of debt	(879)	0	(879)	0
Remeasurement of participating preferred units		(1,640)	1,212	(7,050)
Equity in income of subsidiaries	40,405	25,166	72,587	48,174
Net income	26,146	15,065	47,682	26,823
Noncontrolling interest	0	0	0	0
Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred units	32,215		32,215
Net income (loss) attributable to common shareholders/unitholders	(18,053)	(217)	(11,114)	(2,046)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Rents from single-family properties
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Fees from single-family properties
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Tenant charge-backs
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Other
Revenues:
Total revenues	400	333	734	719
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Property Operating Expenses
Expenses:
Cost of goods and services sold	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Property Management Expenses
Expenses:
Cost of goods and services sold	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Revenues:
Total revenues	20	72	45	182
Expenses:
General and administrative expense	1	0	2	2
Interest expense	1,870	1,809	3,705	3,583
Acquisition fees and costs expensed	0	0	0	0
Depreciation and amortization	0	4	0	6
Other	0	50	9	51
Total expenses	1,872	1,922	3,723	3,755
Intercompany income	0	0	0	0
Intercompany expenses	0	0	0	0
Gain on sale of single-family properties and other, net	169	285	604	(1,175)
Loss on early extinguishment of debt	0	0	0	0
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	11,035	9,251	21,267	18,488
Net income	9,352	7,686	18,193	13,740
Noncontrolling interest	0	0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Net income (loss) attributable to common shareholders/unitholders	9,352	7,686	18,193	13,740
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Rents from single-family properties
Revenues:
Total revenues	18	64	40	166
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Fees from single-family properties
Revenues:
Total revenues	1	1	1	2
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Tenant charge-backs
Revenues:
Total revenues	1	7	4	14
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Other
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Property Operating Expenses
Expenses:
Cost of goods and services sold	1	54	4	102
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Property Management Expenses
Expenses:
Cost of goods and services sold	0	5	3	11
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Revenues:
Total revenues	264,063	236,603	521,708	469,861
Expenses:
General and administrative expense	3,662	3,906	6,955	8,205
Interest expense	22,136	23,396	43,345	50,183
Acquisition fees and costs expensed	1,321	1,409	2,632	2,150
Depreciation and amortization	78,115	72,343	157,121	145,885
Other	1,544	1,228	2,267	2,686
Total expenses	224,236	205,619	449,746	413,175
Intercompany income	85	179	142	327
Intercompany expenses	(575)	(45)	(1,026)	(121)
Gain on sale of single-family properties and other, net	3,071	2,169	4,892	2,624
Loss on early extinguishment of debt	(568)	(6,555)	(568)	(6,555)
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	0	0	0	0
Net income	41,840	26,732	75,402	52,961
Noncontrolling interest	(248)	1	(259)	39
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Net income (loss) attributable to common shareholders/unitholders	42,088	26,731	75,661	52,922
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Rents from single-family properties
Revenues:
Total revenues	227,193	204,584	445,194	405,589
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Fees from single-family properties
Revenues:
Total revenues	2,753	2,689	5,586	5,292
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Tenant charge-backs
Revenues:
Total revenues	32,916	27,375	68,720	55,741
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Other
Revenues:
Total revenues	1,201	1,955	2,208	3,239
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property Operating Expenses
Expenses:
Cost of goods and services sold	98,842	85,900	199,826	169,157
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property Management Expenses
Expenses:
Cost of goods and services sold	18,616	17,437	37,600	34,909
American Homes 4 Rent, L.P. | Consolidating Adjustments
Revenues:
Total revenues	0	0	0	0
Expenses:
General and administrative expense	0	0	0	0
Interest expense	0	0	0	0
Acquisition fees and costs expensed	0	0	0	0
Depreciation and amortization	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Intercompany income	(660)	(224)	(1,168)	(448)
Intercompany expenses	660	224	1,168	448
Gain on sale of single-family properties and other, net	0	0	0	0
Loss on early extinguishment of debt	0	0	0	0
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	(51,440)	(34,417)	(93,854)	(66,662)
Net income	(51,440)	(34,417)	(93,854)	(66,662)
Noncontrolling interest	0	0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Net income (loss) attributable to common shareholders/unitholders	(51,440)	(34,417)	(93,854)	(66,662)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Rents from single-family properties
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Fees from single-family properties
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Tenant charge-backs
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Other
Revenues:
Total revenues	0	0	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Property Operating Expenses
Expenses:
Cost of goods and services sold	0	0	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Property Management Expenses
Expenses:
Cost of goods and services sold	$ 0	$ 0	$ 0	$ 0

Condensed Consolidating Finan67

Condensed Consolidating Financial Statements - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Statement of Income Captions [Line Items]
Net income	$ 25,898	$ 15,066	$ 47,423	$ 26,862
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	9,553	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	0	(361)	(28)
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	9,192	(95)
Comprehensive income	25,657	15,066	56,615	26,767
Comprehensive loss attributable to noncontrolling interests	(3,209)	(31)	(566)	(314)
Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred units	32,215	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	(15,333)	(185)	(1,615)	(1,788)
American Homes 4 Rent, L.P.
Condensed Statement of Income Captions [Line Items]
Net income	25,898	15,066	47,423	26,862
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	9,553	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	0	(361)	(28)
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	9,192	(95)
Comprehensive income	25,657	15,066	56,615	26,767
Comprehensive loss attributable to noncontrolling interests	(248)	1	(259)	39
Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred units	32,215	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	(18,294)	(217)	(1,922)	(2,141)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Condensed Statement of Income Captions [Line Items]
Net income	26,146	15,065	47,682	26,823
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument			9,553
Reclassification adjustment for amortization of interest expense included in net income	(241)		(361)	0
Reclassification adjustment for realized gain included in net income				(67)
Other comprehensive (loss) income	(241)		9,192	(67)
Comprehensive income	25,905	15,065	56,874	26,756
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Preferred distributions	11,984	15,282	26,581	28,869
Redemption of participating preferred units	32,215		32,215
Comprehensive income (loss) attributable to common shareholders/unitholders	(18,294)	(217)	(1,922)	(2,113)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Condensed Statement of Income Captions [Line Items]
Net income	9,352	7,686	18,193	13,740
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument			0
Reclassification adjustment for amortization of interest expense included in net income	0		0	0
Reclassification adjustment for realized gain included in net income				0
Other comprehensive (loss) income	0		0	0
Comprehensive income	9,352	7,686	18,193	13,740
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Comprehensive income (loss) attributable to common shareholders/unitholders	9,352	7,686	18,193	13,740
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	41,840	26,732	75,402	52,961
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument			0
Reclassification adjustment for amortization of interest expense included in net income	0		0	(28)
Reclassification adjustment for realized gain included in net income				0
Other comprehensive (loss) income	0		0	(28)
Comprehensive income	41,840	26,732	75,402	52,933
Comprehensive loss attributable to noncontrolling interests	(248)	1	(259)	39
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Comprehensive income (loss) attributable to common shareholders/unitholders	42,088	26,731	75,661	52,894
American Homes 4 Rent, L.P. | Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
Net income	(51,440)	(34,417)	(93,854)	(66,662)
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument			0
Reclassification adjustment for amortization of interest expense included in net income	0		0	0
Reclassification adjustment for realized gain included in net income				0
Other comprehensive (loss) income	0		0	0
Comprehensive income	(51,440)	(34,417)	(93,854)	(66,662)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units	0		0
Comprehensive income (loss) attributable to common shareholders/unitholders	$ (51,440)	$ (34,417)	$ (93,854)	$ (66,662)

Condensed Consolidating Finan68

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net cash provided by operating activities	$ 249,965	$ 225,206
Investing activities
Cash paid for single-family properties	(206,137)	(226,937)
Change in escrow deposits for purchase of single-family properties	(4,357)	(1,708)
Net proceeds received from sales of single-family properties and other	30,142	54,232
Proceeds received from hurricane-related insurance claims	4,000	0
Collections from mortgage financing receivables	0	78
Distributions from joint ventures	2,440	2,144
Initial renovations to single-family properties	(33,030)	(18,351)
Recurring and other capital expenditures for single-family properties	(23,331)	(15,038)
Other purchases of productive assets	(95,354)	(16,936)
Net cash used for investing activities	(325,627)	(222,516)
Financing activities
Proceeds from issuance of Class A common shares/units	0	355,589
Proceeds from issuance of perpetual preferred shares/units	0	155,000
Repurchase of Class A common shares/units	(34,969)	0
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(10,490)	(466,793)
Payments on secured note payable	(49,427)	(482)
Settlement of cash flow hedging instrument	9,628	0
Distributions to common unitholders	(28,702)	(25,172)
Distributions to preferred unitholders	(29,194)	(28,869)
Net cash provided by (used for) financing activities	105,353	(57,082)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,691	(54,392)
Cash, cash equivalents and restricted cash, beginning of period	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 3)	212,514	195,849
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(47,663)	(54,157)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	979	3,922
Transfers of completed homebuilding deliveries to properties	37,541	0
Transfer of term loan borrowings to revolving credit facility	0	50,000
Redemption of participating preferred shares/units	(28,258)	0
Transfer of deferred financing costs from term loan to revolving credit facility	0	1,354
Accrued distributions to non-affiliates	(1,995)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,559
Revolving Credit Facility
Financing activities
Proceeds from debt	100,000	62,000
Payments on credit facility	(240,000)	(20,000)
Class A common shares/units
Financing activities
Stock issuance costs	0	(350)
Preferred Shares/Units
Financing activities
Stock issuance costs	0	(5,209)
American Homes 4 Rent, L.P.
Operating activities
Net cash provided by operating activities	249,965	225,206
Investing activities
Cash paid for single-family properties	(206,137)	(226,937)
Change in escrow deposits for purchase of single-family properties	(4,357)	(1,708)
Net proceeds received from sales of single-family properties and other	30,142	54,232
Proceeds received from hurricane-related insurance claims	4,000	0
Collections from mortgage financing receivables	0	78
Distributions from joint ventures	2,440	2,144
Collections from intercompany notes		0
(Investment in) return of investment in subsidiaries	0	0
Initial renovations to single-family properties	(33,030)	(18,351)
Recurring and other capital expenditures for single-family properties	(23,331)	(15,038)
Other purchases of productive assets	(95,354)	(16,936)
Net cash used for investing activities	(325,627)	(222,516)
Financing activities
Proceeds from issuance of Class A common shares/units	0	355,589
Stock issuance costs	0	(5,209)
Proceeds from issuance of perpetual preferred shares/units	0	155,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	1,933	1,858
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(10,490)	(466,793)
Payments on secured note payable	(49,427)	(482)
Settlement of cash flow hedging instrument	9,628	0
Payments on intercompany notes borrowed		0
Intercompany financing and distributions to parent	0	0
Distributions to common unitholders	(34,238)	(30,727)
Distributions to preferred unitholders	(29,194)	(28,869)
Payments of offering costs on unsecured senior notes	(5,100)	(3,930)
Net cash provided by (used for) financing activities	105,353	(57,082)
Net increase (decrease) in cash, cash equivalents and restricted cash	29,691	(54,392)
Cash, cash equivalents and restricted cash, beginning of period	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 3)	212,514	195,849
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(47,663)	(54,157)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	979	3,922
Transfers of completed homebuilding deliveries to properties	37,541	0
Transfer of term loan borrowings to revolving credit facility	0	50,000
Redemption of participating preferred shares/units	(28,258)	0
Transfer of deferred financing costs from term loan to revolving credit facility	0	1,354
Accrued distributions to affiliates	(149)
Accrued distributions to non-affiliates	(1,995)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,559
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from debt	100,000	62,000
Payments on credit facility	(240,000)	(20,000)
American Homes 4 Rent, L.P. | Line of Credit
Financing activities
Proceeds from debt		25,000
Payments on credit facility	(100,000)	(100,000)
American Homes 4 Rent, L.P. | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares/units		355,589
Stock issuance costs	0	(350)
Repurchase of Class A common shares/units	(34,969)
Redemptions of Class A units		(169)
American Homes 4 Rent, L.P. | Preferred Shares/Units
Financing activities
Stock issuance costs		(5,209)
Proceeds from issuance of perpetual preferred shares/units		155,000
American Homes 4 Rent, L.P. | Unsecured Debt
Financing activities
Proceeds from debt	497,210
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Operating activities
Net cash provided by operating activities	(115,080)	(31,632)
Investing activities
Cash paid for single-family properties	0	0
Change in escrow deposits for purchase of single-family properties	0	0
Net proceeds received from sales of single-family properties and other	0	14,265
Proceeds received from hurricane-related insurance claims	0
Collections from mortgage financing receivables		0
Distributions from joint ventures	440	480
Collections from intercompany notes		9,507
(Investment in) return of investment in subsidiaries	(28,098)	(444,589)
Initial renovations to single-family properties	0	0
Recurring and other capital expenditures for single-family properties	0	0
Other purchases of productive assets	0	(6,657)
Net cash used for investing activities	(27,658)	(426,994)
Financing activities
Share-based compensation proceeds, net	1,933	1,858
Payments on asset-backed securitizations	0	0
Payments on secured note payable	0	0
Settlement of cash flow hedging instrument	9,628
Payments on intercompany notes borrowed		0
Intercompany financing and distributions to parent	0	0
Distributions to common unitholders	(34,238)	(30,727)
Distributions to preferred unitholders	(29,194)	(28,869)
Payments of offering costs on unsecured senior notes	(5,100)	(3,930)
Net cash provided by (used for) financing activities	165,270	410,193
Net increase (decrease) in cash, cash equivalents and restricted cash	22,532	(48,433)
Cash, cash equivalents and restricted cash, beginning of period	36,899	76,913
Cash, cash equivalents and restricted cash, end of period (see Note 3)	59,431	28,480
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(4,799)	(5,347)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	0	0
Transfers of completed homebuilding deliveries to properties	0
Transfer of term loan borrowings to revolving credit facility		50,000
Redemption of participating preferred shares/units	(28,258)
Transfer of deferred financing costs from term loan to revolving credit facility		1,354
Accrued distributions to affiliates	(149)
Accrued distributions to non-affiliates	(1,995)
Note receivable related to a bulk sale of properties, net of discount		5,559
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Revolving Credit Facility
Financing activities
Proceeds from debt	100,000	62,000
Payments on credit facility	(240,000)	(20,000)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Line of Credit
Financing activities
Proceeds from debt		25,000
Payments on credit facility	(100,000)	(100,000)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares/units		355,589
Stock issuance costs		(350)
Repurchase of Class A common shares/units	(34,969)
Redemptions of Class A units		(169)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Preferred Shares/Units
Financing activities
Stock issuance costs		(5,209)
Proceeds from issuance of perpetual preferred shares/units		155,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Unsecured Debt
Financing activities
Proceeds from debt	497,210
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary)
Operating activities
Net cash provided by operating activities	(1,305)	(4,980)
Investing activities
Cash paid for single-family properties	0	0
Change in escrow deposits for purchase of single-family properties	0	0
Net proceeds received from sales of single-family properties and other	2,165	949
Proceeds received from hurricane-related insurance claims	0
Collections from mortgage financing receivables		0
Distributions from joint ventures	0	0
Collections from intercompany notes		0
(Investment in) return of investment in subsidiaries	20,907	24,064
Initial renovations to single-family properties	0	(1,565)
Recurring and other capital expenditures for single-family properties	(501)	0
Other purchases of productive assets	0	0
Net cash used for investing activities	22,571	23,448
Financing activities
Share-based compensation proceeds, net	0	0
Payments on asset-backed securitizations	0	0
Payments on secured note payable	0	0
Settlement of cash flow hedging instrument	0
Payments on intercompany notes borrowed		0
Intercompany financing and distributions to parent	(21,267)	(18,488)
Distributions to common unitholders	0	0
Distributions to preferred unitholders	0	0
Payments of offering costs on unsecured senior notes	0	0
Net cash provided by (used for) financing activities	(21,267)	(18,488)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1)	(20)
Cash, cash equivalents and restricted cash, beginning of period	31	62
Cash, cash equivalents and restricted cash, end of period (see Note 3)	30	42
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(1,869)	(1,869)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(12)	21
Transfers of completed homebuilding deliveries to properties	0
Transfer of term loan borrowings to revolving credit facility		0
Redemption of participating preferred shares/units	0
Transfer of deferred financing costs from term loan to revolving credit facility		0
Accrued distributions to affiliates	0
Accrued distributions to non-affiliates	0
Note receivable related to a bulk sale of properties, net of discount		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Revolving Credit Facility
Financing activities
Proceeds from debt	0	0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Line of Credit
Financing activities
Proceeds from debt		0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares/units		0
Stock issuance costs		0
Repurchase of Class A common shares/units	0
Redemptions of Class A units		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Preferred Shares/Units
Financing activities
Stock issuance costs		0
Proceeds from issuance of perpetual preferred shares/units		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Unsecured Debt
Financing activities
Proceeds from debt	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Operating activities
Net cash provided by operating activities	366,350	261,818
Investing activities
Cash paid for single-family properties	(206,137)	(226,937)
Change in escrow deposits for purchase of single-family properties	(4,357)	(1,708)
Net proceeds received from sales of single-family properties and other	27,977	39,018
Proceeds received from hurricane-related insurance claims	4,000
Collections from mortgage financing receivables		78
Distributions from joint ventures	2,000	1,664
Collections from intercompany notes		0
(Investment in) return of investment in subsidiaries	0	0
Initial renovations to single-family properties	(33,030)	(16,786)
Recurring and other capital expenditures for single-family properties	(22,830)	(15,038)
Other purchases of productive assets	(95,354)	(10,279)
Net cash used for investing activities	(327,731)	(229,988)
Financing activities
Share-based compensation proceeds, net	0	0
Payments on asset-backed securitizations	(10,490)	(466,793)
Payments on secured note payable	(49,427)	(482)
Settlement of cash flow hedging instrument	0
Payments on intercompany notes borrowed		(9,507)
Intercompany financing and distributions to parent	28,458	439,013
Distributions to common unitholders	0	0
Distributions to preferred unitholders	0	0
Payments of offering costs on unsecured senior notes	0	0
Net cash provided by (used for) financing activities	(31,459)	(37,769)
Net increase (decrease) in cash, cash equivalents and restricted cash	7,160	(5,939)
Cash, cash equivalents and restricted cash, beginning of period	145,893	173,266
Cash, cash equivalents and restricted cash, end of period (see Note 3)	153,053	167,327
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(40,995)	(46,941)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	991	3,901
Transfers of completed homebuilding deliveries to properties	37,541
Transfer of term loan borrowings to revolving credit facility		0
Redemption of participating preferred shares/units	0
Transfer of deferred financing costs from term loan to revolving credit facility		0
Accrued distributions to affiliates	0
Accrued distributions to non-affiliates	0
Note receivable related to a bulk sale of properties, net of discount		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Revolving Credit Facility
Financing activities
Proceeds from debt	0	0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Line of Credit
Financing activities
Proceeds from debt		0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares/units		0
Stock issuance costs		0
Repurchase of Class A common shares/units	0
Redemptions of Class A units		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Preferred Shares/Units
Financing activities
Stock issuance costs		0
Proceeds from issuance of perpetual preferred shares/units		0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Unsecured Debt
Financing activities
Proceeds from debt	0
American Homes 4 Rent, L.P. | Consolidating Adjustments
Operating activities
Net cash provided by operating activities	0	0
Investing activities
Cash paid for single-family properties	0	0
Change in escrow deposits for purchase of single-family properties	0	0
Net proceeds received from sales of single-family properties and other	0	0
Proceeds received from hurricane-related insurance claims	0
Collections from mortgage financing receivables		0
Distributions from joint ventures	0	0
Collections from intercompany notes		(9,507)
(Investment in) return of investment in subsidiaries	7,191	420,525
Initial renovations to single-family properties	0	0
Recurring and other capital expenditures for single-family properties	0	0
Other purchases of productive assets	0	0
Net cash used for investing activities	7,191	411,018
Financing activities
Share-based compensation proceeds, net	0	0
Payments on asset-backed securitizations	0	0
Payments on secured note payable	0	0
Settlement of cash flow hedging instrument	0
Payments on intercompany notes borrowed		9,507
Intercompany financing and distributions to parent	(7,191)	(420,525)
Distributions to common unitholders	0	0
Distributions to preferred unitholders	0	0
Payments of offering costs on unsecured senior notes	0	0
Net cash provided by (used for) financing activities	(7,191)	(411,018)
Net increase (decrease) in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period (see Note 3)	0	0
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	0	0
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	0	0
Transfers of completed homebuilding deliveries to properties	0
Transfer of term loan borrowings to revolving credit facility		0
Redemption of participating preferred shares/units	0
Transfer of deferred financing costs from term loan to revolving credit facility		0
Accrued distributions to affiliates	0
Accrued distributions to non-affiliates	0
Note receivable related to a bulk sale of properties, net of discount		0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Revolving Credit Facility
Financing activities
Proceeds from debt	0	0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Line of Credit
Financing activities
Proceeds from debt		0
Payments on credit facility	0	0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares/units		0
Stock issuance costs		0
Repurchase of Class A common shares/units	0
Redemptions of Class A units		0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Preferred Shares/Units
Financing activities
Stock issuance costs		0
Proceeds from issuance of perpetual preferred shares/units		$ 0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Unsecured Debt
Financing activities
Proceeds from debt	$ 0

Subsequent Events - Subsequent

Subsequent Events - Subsequent Acquisitions/Dispositions (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2018USD ($)property
Subsequent Event [Line Items]
Number of properties acquired	176
Purchase price to acquire real estate | $	$ 45
Number of internally developed properties developed	13