American Homes 4 Rent (AMH) 10-Q 2 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 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	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A common shares/units
Document Information
Entity Common Stock, Shares Outstanding		295,896,219
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	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Single-family properties:
Land	$ 1,689,207	$ 1,665,631
Buildings and improvements	7,385,387	7,303,270
Single-family properties held for sale, net	299,551	35,803
Single-family properties, gross	9,374,145	9,004,704
Less: accumulated depreciation	(1,115,588)	(939,724)
Single-family properties, net	8,258,557	8,064,980
Cash and cash equivalents	110,138	46,156
Restricted cash	156,026	136,667
Rent and other receivables, net	36,078	30,144
Escrow deposits, prepaid expenses and other assets	251,245	171,851
Deferred costs and other intangibles, net	13,437	13,025
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	8,971,426	8,608,768
Liabilities
Asset-backed securitizations, net	1,965,417	1,977,308
Unsecured senior notes, net	492,603	0
Exchangeable senior notes, net	114,507	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	305,935	222,867
Amounts payable to affiliates	4,784	4,720
Participating preferred shares/units derivative liability	0	29,470
Total liabilities	2,982,422	2,732,944
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 35,350,000 and 38,350,000 shares issued and outstanding at September 30, 2018, and December 31, 2017, respectively	354	384
Additional paid-in capital	5,750,309	5,600,256
Accumulated deficit	(493,995)	(453,953)
Accumulated other comprehensive income	9,026	75
Total shareholders’ equity	5,268,659	5,149,629
Limited partners:
Accumulated other comprehensive income	9,026	75
Noncontrolling interest	720,345	726,195
Total equity	5,989,004	5,875,824
Total liabilities and equity/capital	8,971,426	8,608,768
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,689,207	1,665,631
Buildings and improvements	7,385,387	7,303,270
Single-family properties held for sale, net	299,551	35,803
Single-family properties, gross	9,374,145	9,004,704
Less: accumulated depreciation	(1,115,588)	(939,724)
Single-family properties, net	8,258,557	8,064,980
Cash and cash equivalents	110,138	46,156
Restricted cash	156,026	136,667
Rent and other receivables, net	36,078	30,144
Escrow deposits, prepaid expenses and other assets	248,614	171,851
Amounts due from affiliates	28,297	25,666
Deferred costs and other intangibles, net	13,437	13,025
Goodwill	120,279	120,279
Total assets	8,971,426	8,608,768
Liabilities
Asset-backed securitizations, net	1,965,417	1,977,308
Unsecured senior notes, net	492,603	0
Exchangeable senior notes, net	114,507	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	305,935	222,867
Amounts payable to affiliates	4,784	4,720
Participating preferred shares/units derivative liability	0	29,470
Total liabilities	2,982,422	2,732,944
Commitments and contingencies
Shareholders’ equity:
Accumulated other comprehensive income	9,026	75
Limited partners:
Limited partners, capital account	720,345	727,544
Accumulated other comprehensive income	9,026	75
Total partners' capital	5,989,004	5,877,173
Noncontrolling interest	0	(1,349)
Total capital	5,989,004	5,875,824
Total liabilities and equity/capital	8,971,426	8,608,768
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,405,198	4,248,236
Limited partners:
Limited partners, capital account	720,345	727,544
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	854,435	901,318
Class A common shares/units
Shareholders’ equity:
Common stock, value, issued	2,959	2,861
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Credit facility	99,176	198,023
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Credit facility	99,176	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 Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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)	35,350,000	38,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	38,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	296,531,294	286,749,712
Common units, shares/units outstanding (in shares)	296,531,294	286,749,712
Preferred units, shares/units issued (in shares)	35,350,000	38,350,000
Preferred units, shares/units outstanding (in shares)	35,350,000	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)	295,896,219	286,114,637
Common stock, shares outstanding (in shares)	295,896,219	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 280,052	$ 246,836	$ 802,539	$ 717,598
Expenses:
General and administrative expense	9,265	8,525	28,173	26,746
Interest expense	30,930	26,592	92,209	86,873
Acquisition fees and costs expensed	1,055	1,306	3,687	3,814
Depreciation and amortization	79,940	74,790	237,562	221,459
Hurricane-related charges, net	0	10,136	0	10,136
Other	1,069	1,285	3,520	4,202
Total expenses	254,724	238,025	735,049	672,800
Gain on sale of single-family properties and other, net	4,953	1,895	10,449	6,375
Loss on early extinguishment of debt	0	0	(1,447)	(6,555)
Remeasurement of participating preferred units	0	8,391	1,212	1,341
Net income	30,281	19,097	77,704	45,959
Noncontrolling interest	2,881	309	845	(22)
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ 15,177	$ 1,535	$ 5,840	$ (141)
Weighted-average shares/common units outstanding:
Basic (in shares)	296,214,509	266,767,313	292,656,914	256,768,343
Diluted (in shares)	296,967,649	289,153,060	293,319,245	256,768,343
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.01	$ 0.02	$ 0
Diluted (in dollars per share)	0.05	0	0.02	0
Dividends declared per common share (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
American Homes 4 Rent, L.P.
Revenues:
Total revenues	$ 280,052	$ 246,836	$ 802,539	$ 717,598
Expenses:
General and administrative expense	9,265	8,525	28,173	26,746
Interest expense	30,930	26,592	92,209	86,873
Acquisition fees and costs expensed	1,055	1,306	3,687	3,814
Depreciation and amortization	79,940	74,790	237,562	221,459
Hurricane-related charges, net	0	10,136	0	10,136
Other	1,069	1,285	3,520	4,202
Total expenses	254,724	238,025	735,049	672,800
Gain on sale of single-family properties and other, net	4,953	1,895	10,449	6,375
Loss on early extinguishment of debt	0	0	(1,447)	(6,555)
Remeasurement of participating preferred units	0	8,391	1,212	1,341
Net income	30,281	19,097	77,704	45,959
Noncontrolling interest	0	(31)	(259)	8
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Net income (loss) attributable to common shareholders/unitholders	$ 18,058	$ 1,875	$ 6,944	$ (171)
Weighted-average shares/common units outstanding:
Basic (in shares)	351,564,662	322,303,138	348,007,067	312,315,728
Diluted (in shares)	352,317,802	344,688,885	348,669,398	312,315,728
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.01	$ 0.02	$ 0
Diluted (in dollars per share)	$ 0.05	$ 0	$ 0.02	$ 0
Rents from single-family properties
Revenues:
Total revenues	$ 231,324	$ 207,490	$ 676,558	$ 613,245
Rents from single-family properties | American Homes 4 Rent, L.P.
Revenues:
Total revenues	231,324	207,490	676,558	613,245
Fees from single-family properties
Revenues:
Total revenues	2,711	2,843	8,298	8,137
Fees from single-family properties | American Homes 4 Rent, L.P.
Revenues:
Total revenues	2,711	2,843	8,298	8,137
Tenant charge-backs
Revenues:
Total revenues	44,152	36,094	112,876	91,849
Tenant charge-backs | American Homes 4 Rent, L.P.
Revenues:
Total revenues	44,152	36,094	112,876	91,849
Other
Revenues:
Total revenues	1,865	409	4,807	4,367
Other | American Homes 4 Rent, L.P.
Revenues:
Total revenues	1,865	409	4,807	4,367
Property operating expenses
Expenses:
Cost of goods and services sold	113,600	97,944	313,430	267,203
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	113,600	97,944	313,430	267,203
Property management expenses
Expenses:
Cost of goods and services sold	18,865	17,447	56,468	52,367
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 18,865	$ 17,447	$ 56,468	$ 52,367

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 30,281	$ 19,097	$ 77,704	$ 45,959
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	(602)	(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	8,951	(95)
Comprehensive income	30,040	19,097	86,655	45,864
Comprehensive income (loss) attributable to noncontrolling interests	2,835	309	2,269	(5)
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	14,982	1,535	13,367	(253)
American Homes 4 Rent, L.P.
Net income	30,281	19,097	77,704	45,959
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	(602)	(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	8,951	(95)
Comprehensive income	30,040	19,097	86,655	45,864
Comprehensive income (loss) attributable to noncontrolling interests	0	(31)	(259)	8
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	$ 17,817	$ 1,875	$ 15,895	$ (266)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - 9 months ended Sep. 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	2,750	2,750				2,750
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	10,889	10,889	$ 7			10,882
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			736,918
Issuance of perpetual preferred shares, net of offering costs of $4,022	110,978	110,978			$ 46	110,932
Issuance of perpetual preferred shares, net of offering costs of $4,022 (in shares)					4,600,000
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	(38,804)	(38,804)					(38,804)
Noncontrolling interests	(8,303)								(8,303)
Common shares	(44,033)	(44,033)					(44,033)
Net income	77,704	76,859					76,859		845
Total other comprehensive income	8,951	8,951						8,951
Ending balances at Sep. 30, 2018	$ 5,989,004	$ 5,268,659	$ 2,959	$ 6	$ 354	$ 5,750,309	$ (493,995)	$ 9,026	$ 720,345
Ending balance (in shares) at Sep. 30, 2018			295,896,219	635,075	35,350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Preferred shares
Stock issuance costs	$ 4,022

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Capital - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 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:
Noncontrolling interests		(8,303)
Net income	$ 30,281	77,704
Total other comprehensive income	(241)	8,951
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		5,875,824
Share-based compensation		2,750
Common units issued under share-based compensation plans, net of units withheld for employee taxes		10,889
Issuance of perpetual preferred units, net of offering costs of $4,022		110,978
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		(38,804)
Noncontrolling interests		0
Common units		(52,336)
Net income	30,281	77,704
Total other comprehensive income	(241)	8,951
Total capital, ending balance	5,989,004	5,989,004
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		2,750
Common units issued under share-based compensation plans, net of units withheld for employee taxes		10,889
Issuance of perpetual preferred units, net of offering costs of $4,022		110,978
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		(38,804)
Noncontrolling interests		0
Common units		(52,336)
Net income		77,963
Total other comprehensive income		8,951
Total capital, ending balance	5,989,004	5,989,004
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		8,951
Total capital, ending balance	9,026	9,026
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		$ 2,750
Common units issued under share-based compensation plans, net of units withheld for employee taxes		$ 10,889
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)		736,918
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		(44,033)
Net income		38,055
Total capital, ending balance	$ 4,405,198	$ 4,405,198
Ending balance (in shares)	296,531,294	296,531,294
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 901,318
Issuance of perpetual preferred units, net of offering costs of $4,022		110,978
Redemption of Series C participating preferred units into Class A units		(157,861)
Distributions to equity holders:
Preferred units		(38,804)
Net income		38,804
Total capital, ending balance	$ 854,435	854,435
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		$ (8,303)
Net income		1,104
Total capital, ending balance	$ 720,345	$ 720,345
Ending balance (in shares)	55,350,153	55,350,153

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Capital (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Preferred Shares/Units
Stock issuance costs	$ 4,022

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net income	$ 77,704	$ 45,959
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	237,562	221,459
Noncash amortization of deferred financing costs	5,838	6,285
Noncash amortization of discounts on debt instruments	2,984	2,624
Noncash amortization of cash flow hedging instrument	(602)	0
Noncash share-based compensation	2,750	3,175
Provision for bad debt	6,365	5,142
Hurricane-related charges, net	0	10,136
Loss on early extinguishment of debt	1,447	6,555
Remeasurement of participating preferred shares	(1,212)	(1,341)
Equity in net earnings of unconsolidated ventures	(423)	(1,367)
Net gain on sale of single-family properties and other	(10,449)	(6,375)
Loss on impairment of single-family properties	2,796	3,786
Net gain on resolutions of mortgage loans	0	(17)
Other changes in operating assets and liabilities:
Rent and other receivables	(16,314)	(11,929)
Prepaid expenses and other assets	(7,427)	(5,690)
Deferred leasing costs	(9,556)	(5,361)
Accounts payable and accrued expenses	87,438	71,325
Amounts payable to affiliates	(2,438)	5,009
Net cash provided by operating activities	376,463	349,375
Investing activities
Cash paid for single-family properties	(333,082)	(462,875)
Change in escrow deposits for purchase of single-family properties	(2,194)	(2,710)
Net proceeds received from sales of single-family properties and other	47,757	68,618
Proceeds received from hurricane-related insurance claims	4,000	0
Investment in unconsolidated joint venture	(3,800)	0
Distributions from joint ventures	36,251	5,981
Collections from mortgage financing receivables	0	83
Initial renovations to single-family properties	(40,898)	(31,208)
Recurring and other capital expenditures for single-family properties	(40,470)	(26,725)
Other purchases of productive assets	(149,475)	(38,060)
Net cash provided by (used for) investing activities	(481,911)	(486,896)
Financing activities
Proceeds from issuance of Class A common shares/units	0	694,765
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	8,871	988
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(15,669)	(472,470)
Payments on secured note payable	(49,427)	(721)
Settlement of cash flow hedging instrument	9,628	0
Distributions to noncontrolling interests	(8,303)	(8,333)
Distributions to common shareholders/unitholders	(43,524)	(38,890)
Distributions to preferred shareholders/unitholders	(41,178)	(46,122)
Deferred financing costs paid	(5,100)	(3,974)
Net cash provided by (used for) financing activities	188,789	250,401
Net increase (decrease) in cash, cash equivalents and restricted cash	83,341	112,880
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)	266,164	363,121
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(80,942)	(77,964)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(107)	7,151
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	1,524
Transfers of completed homebuilding deliveries to properties	64,867	3,010
Property and land contributions to an unconsolidated joint venture	(40,942)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,635
Redemption of participating preferred shares/units	(28,258)	0
Accrued distributions to affiliates	(129)	0
Accrued distributions to non-affiliates	(1,773)	0
American Homes 4 Rent, L.P.
Operating activities
Net income	77,704	45,959
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	237,562	221,459
Noncash amortization of deferred financing costs	5,838	6,285
Noncash amortization of discounts on debt instruments	2,984	2,624
Noncash amortization of cash flow hedging instrument	(602)	0
Noncash share-based compensation	2,750	3,175
Provision for bad debt	6,365	5,142
Hurricane-related charges, net	0	10,136
Loss on early extinguishment of debt	1,447	6,555
Remeasurement of participating preferred shares	(1,212)	(1,341)
Equity in net earnings of unconsolidated ventures	(423)	(1,367)
Net gain on sale of single-family properties and other	(10,449)	(6,375)
Loss on impairment of single-family properties	2,796	3,786
Net gain on resolutions of mortgage loans	0	(17)
Other changes in operating assets and liabilities:
Rent and other receivables	(16,314)	(11,929)
Prepaid expenses and other assets	(7,427)	(5,690)
Deferred leasing costs	(9,556)	(5,361)
Accounts payable and accrued expenses	87,438	71,325
Amounts payable to affiliates	(2,438)	5,009
Net cash provided by operating activities	376,463	349,375
Investing activities
Cash paid for single-family properties	(333,082)	(462,875)
Change in escrow deposits for purchase of single-family properties	(2,194)	(2,710)
Net proceeds received from sales of single-family properties and other	47,757	68,618
Proceeds received from hurricane-related insurance claims	4,000	0
Investment in unconsolidated joint venture	(3,800)	0
Distributions from joint ventures	36,251	5,981
Collections from mortgage financing receivables	0	83
Initial renovations to single-family properties	(40,898)	(31,208)
Recurring and other capital expenditures for single-family properties	(40,470)	(26,725)
Other purchases of productive assets	(149,475)	(38,060)
Net cash provided by (used for) investing activities	(481,911)	(486,896)
Financing activities
Proceeds from issuance of Class A common shares/units	0	694,765
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	8,871	988
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(15,669)	(472,470)
Payments on secured note payable	(49,427)	(721)
Settlement of cash flow hedging instrument	9,628	0
Distributions to common shareholders/unitholders	(51,827)	(47,223)
Distributions to preferred shareholders/unitholders	(41,178)	(46,122)
Deferred financing costs paid	(5,100)	(3,974)
Net cash provided by (used for) financing activities	188,789	250,401
Net increase (decrease) in cash, cash equivalents and restricted cash	83,341	112,880
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)	266,164	363,121
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(80,942)	(77,964)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(107)	7,151
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	1,524
Transfers of completed homebuilding deliveries to properties	64,867	3,010
Property and land contributions to an unconsolidated joint venture	(40,942)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,635
Redemption of participating preferred shares/units	(28,258)	0
Accrued distributions to affiliates	(129)	0
Accrued distributions to non-affiliates	(1,773)	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	155,000	62,000
Payments on credit facility	(295,000)	(112,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from debt	155,000	62,000
Payments on credit facility	(295,000)	(112,000)
Class A common shares/units
Financing activities
Stock issuance costs	0	(10,444)
Class A common shares/units | American Homes 4 Rent, L.P.
Financing activities
Proceeds from issuance of Class A common shares/units		694,765
Stock issuance costs	0	(10,444)
Repurchase of Class A common shares/units	(34,969)
Redemptions of Class A units		(169)
Preferred Shares/Units
Financing activities
Stock issuance costs	(3,750)	(9,229)
Preferred Shares/Units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	(3,750)	(9,229)
Proceeds from issuance of perpetual preferred shares/units	$ 115,000	$ 270,000

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 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 September 30, 2018 , the Company held 52,464 single-family properties in 22 states, including 2,266 properties identified as part of the Company's disposition program, comprised of 1,865 properties classified as held for sale and 401 properties identified for future sale. AH4R is the general partner of, and as of September 30, 2018 , owned an approximate 84.3% common partnership interest in, the Operating Partnership with the remaining 15.7% 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	9 Months Ended
	Sep. 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, which was liquidated during the second quarter of 2018, 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. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will not need to restate comparative periods if it elects the simplified transition requirements provided by ASU No. 2018-11. 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. 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. We anticipate the adoption of this guidance will require us to recognize additional property management expenses for costs that were previously capitalizable as deferred leasing costs. 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 policies, internal controls and 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 adopted this guidance effective July 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Companies will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. Companies will also be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. 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	9 Months Ended
	Sep. 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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241

Single-Family Properties

Single-Family Properties	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Single-Family Properties	Single-Family Properties Single-family properties, net, consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands, except property data): September 30, 2018 Number of Net book Leased single-family properties 47,776 $ 7,458,840 Single-family properties being renovated 345 90,485 Single-family properties being prepared for re-lease 430 66,730 Vacant single-family properties available for lease 1,647 284,279 Single-family properties held for sale, net 1,865 299,551 Single-family properties identified for future sale 401 58,672 Total 52,464 $ 8,258,557 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 September 30, 2018 , and December 31, 2017 , included $4.0 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 $75.2 million and $71.2 million for the three months ended September 30, 2018 and 2017 , respectively, and $224.7 million and $208.9 million for the nine months ended September 30, 2018 and 2017 , respectively. During the three months ended September 30, 2018 , the Company sold 95 homes, which generated total net proceeds of $17.4 million and resulted in a net gain on sale of $3.4 million , and sold land which generated total net proceeds of $0.3 million and resulted in a net gain on sale of $0.1 million . During the nine months ended September 30, 2018 , the Company sold 311 homes, which generated total net proceeds of $47.0 million and resulted in a net gain on sale of $8.8 million , and sold land which generated total net proceeds of $0.8 million and resulted in a net gain on sale of $0.2 million . During the three and nine months ended September 30, 2017 , the Company sold 107 and 738 homes, respectively, which generated total net proceeds of $14.4 million and $54.2 million , respectively, and resulted in a net gain on sale of $1.9 million and $3.1 million , respectively. Total net proceeds for the nine months ended September 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	9 Months Ended
	Sep. 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 $8.7 million and $10.4 million as of September 30, 2018 , and December 31, 2017 , respectively. Also included in rent and other receivables, net, is $5.4 million of hurricane-related insurance claims receivable and $0.8 million of non-tenant receivables as of September 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	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 40,934 $ 33,964 Investments in joint ventures 52,747 42,341 Commercial real estate, vehicles and FF&E, net 44,187 43,608 Land held for development 73,752 39,079 Homebuilding construction in progress 39,625 12,859 Total $ 251,245 $ 171,851 In August 2018, the Operating Partnership entered into a $156.3 million joint venture with a leading institutional investor for the purpose of developing, leasing and operating newly constructed single-family rental homes located in select submarkets in the Southeast. The initial term of the joint venture is five years, during which the Company is entitled to a proportionate share of the joint venture’s cash flows based on our 20% ownership interest, along with an opportunity for a promoted interest, and also receives fees for services the Company provides to the joint venture. In evaluating the Company’s 20% ownership interest in the joint venture, we concluded that the joint venture is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the joint venture as an investment in an unconsolidated subsidiary after applying the voting interest model using the equity method of accounting. During the third quarter of 2018, the Company contributed $40.9 million of single-family properties and land, as well as $3.8 million of cash, to the joint venture and received $32.8 million in distributions from the joint venture in respect of its contributions. As of September 30, 2018, the balance of the Company’s investment in the joint venture was $13.4 million , which is included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Deferred leasing costs $ 11,069 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 17 179 Trademark — 3,100 Database 2,100 2,100 24,430 23,653 Less: accumulated amortization (10,993 ) (10,628 ) Total $ 13,437 $ 13,025 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.9 million and $2.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $7.7 million and $7.2 million for the nine months ended September 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 for each of the three months ended September 30, 2018 and 2017 , and $1.5 million and $1.3 million for the nine months ended September 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 September 30, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 2,253 $ 495 $ 3 $ 75 $ 2,826 2019 3,315 1,964 — 300 5,579 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 5,568 $ 7,359 $ 3 $ 507 $ 13,437

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 492,478 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 508,080 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 533,578 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 463,552 467,267 Total asset-backed securitizations 1,997,688 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) 3.46% June 30, 2022 — 140,000 Term loan facility (7) 3.61% June 30, 2022 100,000 200,000 Total debt (8) 2,712,688 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (2,751 ) (895 ) Equity component of exchangeable senior notes (358 ) (2,408 ) Deferred financing costs, net (9) (37,876 ) (38,026 ) Total debt per balance sheet $ 2,671,703 $ 2,475,887 (1) Interest rates are as of September 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 September 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 September 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 September 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 September 30, 2018 and 2017 , respectively, and $4.4 million and $5.0 million for the nine months ended September 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 September 30, 2018 (in thousands): Remaining 2018 $ 120,179 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,712,688 Unamortized discounts and deferred financing costs (1) (40,985 ) Total debt per balance sheet $ 2,671,703 (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. 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 September 30, 2018 , was 55.6688 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. In August 2018, the Operating Partnership provided notice to the holders of the exchangeable senior notes that we have elected the cash settlement option for the payoff of the exchangeable senior notes, which mature on November 15, 2018. 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 nine months ended September 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Gross interest $ 32,344 $ 28,125 $ 97,422 $ 90,044 Capitalized interest (1,414 ) (1,533 ) (5,213 ) (3,171 ) Interest expense $ 30,930 $ 26,592 $ 92,209 $ 86,873

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable $ 151 $ 1,726 Accrued property taxes 115,305 47,765 Other accrued liabilities 39,011 31,788 Accrued distribution payable 25,209 26,982 Accrued construction and maintenance liabilities 20,182 17,928 Resident security deposits 82,845 75,951 Prepaid rent 23,232 20,727 Total $ 305,935 $ 222,867

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 , the Company issued and sold 2.0 million Class A common shares under the Original At-the-Market Program for gross proceeds of $46.2 million , or $22.74 per share, and net proceeds of $45.6 million , after commissions and other expenses of approximately $0.6 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 September 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 nine months ended September 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 nine months ended September 30, 2017 . As of September 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 September 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): September 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 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 — — Total preferred shares 35,350,000 $ 883,750 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. Issuance of Perpetual Preferred Shares During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.0 million, with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. 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 September 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. The initial distribution for the Company's 6.25% Series H perpetual preferred shares was declared on November 1, 2018, and relates to the initial distribution period that commenced on and includes the original issuance date of September 19, 2018, through December 31, 2018. During the quarter ended September 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, $0.40 on the Company's 6.35% Series E perpetual preferred shares and $0.37 on the Company's 5.875% Series F perpetual preferred shares. Distributions declared on the Company's 5.875% Series G perpetual preferred shares were for a pro-rated amount of $0.30 during the quarter ended September 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 15.4% and 15.9% , of the total 351,881,447 and 342,099,865 Class A units in the Operating Partnership as of September 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 351,881,447 and 342,099,865 Class A units in the Operating Partnership as of September 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 nine months ended September 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net income (loss) allocated to Class A units $ 2,881 $ 340 $ 1,104 $ (30 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (31 ) (259 ) 8 Total noncontrolling interest $ 2,881 $ 309 $ 845 $ (22 ) 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 nine months ended September 30, 2018 and 2017 , the Company granted stock options for 140,000 and 385,600 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 nine months ended September 30, 2018 and 2017 , vest over a four -year service period, and the options expire 10 years from the date of grant. The following table summarizes stock option activity under the Plan for the nine months ended September 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 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (684,875 ) 16.04 4,388 Forfeited (112,750 ) 17.84 Options outstanding at September 30, 2018 2,394,825 $ 16.92 6.4 $ 12,388 Options exercisable at September 30, 2018 1,659,050 $ 16.23 5.7 $ 9,521 (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 nine months ended September 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 nine months ended September 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 (80,125 ) (42,475 ) Units forfeited (69,100 ) (16,200 ) Restricted stock units at end of period 399,050 245,475 For the three months ended September 30, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $0.8 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 $0.3 million 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 nine months ended September 30, 2018 and 2017 , total non-cash share-based compensation expense related to stock options and restricted stock units was $2.7 million and $3.2 million , respectively, of which $1.6 million and $1.9 million , respectively, related to corporate administrative employees and was included in general and administrative expense and $1.1 million and $1.3 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	9 Months Ended
	Sep. 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 income or loss per common share on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest 2,881 309 845 (22 ) Dividends on preferred shares 12,223 17,253 38,804 46,122 Redemption of participating preferred shares — — 32,215 — Allocation to participating securities (1) 20 12 66 — Numerator for basic income (loss) per common share $ 15,157 $ 1,523 $ 5,774 $ (141 ) Add back: Dividends on participating preferred shares (2) — 5,569 — — Remeasurement of participating preferred shares (2) — (8,391 ) — — Numerator for diluted income (loss) per common share $ 15,157 $ (1,299 ) $ 5,774 $ (141 ) Denominator: Weighted-average common shares outstanding—basic 296,214,509 266,767,313 292,656,914 256,768,343 Effect of dilutive securities: Participating preferred shares (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common shares outstanding—diluted (4) 296,967,649 289,153,060 293,319,245 256,768,343 Net income (loss) per common share: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of participating preferred shares into Class A common shares. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per share for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 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 income or loss per common unit on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest — (31 ) (259 ) 8 Preferred distributions 12,223 17,253 38,804 46,122 Redemption of participating preferred units — — 32,215 — Allocation to participating securities (1) 21 12 66 — Numerator for basic income (loss) per common unit $ 18,037 $ 1,863 $ 6,878 $ (171 ) Add back: Distributions to participating preferred units (2) — 5,569 — — Remeasurement of participating preferred units (2) — (8,391 ) — — Numerator for diluted income (loss) per common unit $ 18,037 $ (959 ) $ 6,878 $ (171 ) Denominator: Weighted-average common units outstanding—basic 351,564,662 322,303,138 348,007,067 312,315,728 Effect of dilutive securities: Participating preferred units (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common units outstanding—diluted (4) 352,317,802 344,688,885 348,669,398 312,315,728 Net income (loss) per common unit: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of participating preferred units into Class A common units. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per unit for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 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	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2018 , the Company had commitments to acquire 196 single-family properties for an aggregate purchase price of $48.3 million , as well as $67.3 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 purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of September 30, 2018 , and December 31, 2017 , the Company had sales in escrow for approximately 155 and 69 of our single-family properties, respectively, for aggregate selling prices of $23.9 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 continue 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	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 492,478 $ 498,510 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 508,080 516,519 512,041 521,252 AH4R 2015-SFR1 securitization 533,578 538,414 537,723 544,592 AH4R 2015-SFR2 securitization 463,552 470,844 467,267 475,832 Total asset-backed securitizations (1) 1,997,688 2,024,287 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,384 477,805 — — Exchangeable senior notes, net (2) 114,507 144,135 111,697 147,462 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 $ 2,709,579 $ 2,746,227 $ 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 $32.3 million , $4.8 million , $7.4 million and $0.8 million , respectively, of unamortized deferred financing costs as of September 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 condensed 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 September 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy September 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 nine months ended September 30, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings September 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 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 September 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 $ 8,257,901 $ — $ 8,258,557 Cash and cash equivalents 92,343 — 17,795 — 110,138 Restricted cash 26,935 29 129,062 — 156,026 Rent and other receivables, net — 56 36,022 — 36,078 Intercompany receivables 280,514 — — (280,514 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 71,364 170 205,377 — 276,911 Investments in subsidiaries 6,009,862 115,619 — (6,125,481 ) — Deferred costs and other intangibles, net 7,866 — 5,571 — 13,437 Goodwill 120,279 — — — 120,279 Total assets $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,176 — — — 99,176 Asset-backed securitizations, net — — 1,965,417 — 1,965,417 Unsecured senior notes, net 492,603 — — — 492,603 Exchangeable senior notes, net — 114,507 — — 114,507 Accounts payable and accrued expenses 30,566 3,524 271,845 — 305,935 Amounts payable to affiliates 4,784 — — — 4,784 Intercompany payables — 9,071 271,443 (280,514 ) — Total liabilities 627,129 127,102 2,508,705 (280,514 ) 2,982,422 Capital Partners' capital: General partner: Common units 4,398,228 (10,572 ) 6,143,023 (6,125,481 ) 4,405,198 Preferred units 854,435 — — — 854,435 Limited partner: Common units 720,345 — — — 720,345 Accumulated other comprehensive income 9,026 — — — 9,026 Total partners' capital: 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total capital 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total liabilities and capital $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 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 September 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 $ — $ 20 $ 231,304 $ — $ 231,324 Fees from single-family properties — — 2,711 — 2,711 Tenant charge-backs — 2 44,150 — 44,152 Other 380 — 1,485 — 1,865 Total revenues 380 22 279,650 — 280,052 Expenses: Property operating expenses — 12 113,588 — 113,600 Property management expenses — — 18,865 — 18,865 General and administrative expense 5,546 — 3,719 — 9,265 Interest expense 7,355 1,908 21,667 — 30,930 Acquisition fees and costs expensed — — 1,055 — 1,055 Depreciation and amortization 204 — 79,736 — 79,940 Other expense 527 — 542 — 1,069 Total expenses 13,632 1,920 239,172 — 254,724 Intercompany income 38 — 253 (291 ) — Intercompany expenses (253 ) — (38 ) 291 — Gain on sale of single-family properties and other, net — (3 ) 4,956 — 4,953 Equity in income of subsidiaries 43,748 11,009 — (54,757 ) — Net income 30,281 9,108 45,649 (54,757 ) 30,281 Preferred distributions 12,223 — — — 12,223 Net income attributable to common unitholders $ 18,058 $ 9,108 $ 45,649 $ (54,757 ) $ 18,058 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended September 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 $ — $ 48 $ 207,442 $ — $ 207,490 Fees from single-family properties — — 2,843 — 2,843 Tenant charge-backs — 3 36,091 — 36,094 Other 310 — 99 — 409 Total revenues 310 51 246,475 — 246,836 Expenses: Property operating expenses — 27 97,917 — 97,944 Property management expenses — 3 17,444 — 17,447 General and administrative expense 5,170 — 3,355 — 8,525 Interest expense 2,490 1,844 22,258 — 26,592 Acquisition fees and costs expensed — — 1,306 — 1,306 Depreciation and amortization 369 2 74,419 — 74,790 Hurricane-related charges, net — — 10,136 — 10,136 Other 110 60 1,115 — 1,285 Total expenses 8,139 1,936 227,950 — 238,025 Intercompany income 69 — 86 (155 ) — Intercompany expenses (86 ) — (69 ) 155 — Gain on sale of single-family properties and other, net — 685 1,210 — 1,895 Remeasurement of participating preferred units 8,391 — — — 8,391 Equity in income of subsidiaries 18,583 8,655 — (27,238 ) — Net income 19,128 7,455 19,752 (27,238 ) 19,097 Noncontrolling interest — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Net income attributable to common unitholders $ 1,875 $ 7,455 $ 19,783 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ — $ 60 $ 676,498 $ — $ 676,558 Fees from single-family properties — 1 8,297 — 8,298 Tenant charge-backs — 6 112,870 — 112,876 Other 1,114 — 3,693 — 4,807 Total revenues 1,114 67 801,358 — 802,539 Expenses: Property operating expenses — 16 313,414 — 313,430 Property management expenses — 3 56,465 — 56,468 General and administrative expense 17,497 2 10,674 — 28,173 Interest expense 21,584 5,613 65,012 — 92,209 Acquisition fees and costs expensed — — 3,687 — 3,687 Depreciation and amortization 705 — 236,857 — 237,562 Other expense 702 9 2,809 — 3,520 Total expenses 40,488 5,643 688,918 — 735,049 Intercompany income 1,064 — 395 (1,459 ) — Intercompany expenses (395 ) — (1,064 ) 1,459 — Gain on sale of single-family properties and other, net — 601 9,848 — 10,449 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 116,335 32,276 — (148,611 ) — Net income 77,963 27,301 121,051 (148,611 ) 77,704 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Net income attributable to common unitholders $ 6,944 $ 27,301 $ 121,310 $ (148,611 ) $ 6,944 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ — $ 214 $ 613,031 $ — $ 613,245 Fees from single-family properties — 2 8,135 — 8,137 Tenant charge-backs — 17 91,832 — 91,849 Other 1,029 — 3,338 — 4,367 Total revenues 1,029 233 716,336 — 717,598 Expenses: Property operating expenses — 129 267,074 — 267,203 Property management expenses — 14 52,353 — 52,367 General and administrative expense 15,184 2 11,560 — 26,746 Interest expense 9,005 5,427 72,441 — 86,873 Acquisition fees and costs expensed 358 — 3,456 — 3,814 Depreciation and amortization 1,147 8 220,304 — 221,459 Hurricane-related charges, net — — 10,136 — 10,136 Other 290 111 3,801 — 4,202 Total expenses 25,984 5,691 641,125 — 672,800 Intercompany income 190 — 413 (603 ) — Intercompany expenses (413 ) — (190 ) 603 — Gain (loss) on sale of single-family properties and other, net 3,031 (490 ) 3,834 — 6,375 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 1,341 — — — 1,341 Equity in income of subsidiaries 66,757 27,143 — (93,900 ) — Net income 45,951 21,195 72,713 (93,900 ) 45,959 Noncontrolling interest — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Net (loss) income attributable to common unitholders $ (171 ) $ 21,195 $ 72,705 $ (93,900 ) $ (171 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 30,281 $ 9,108 $ 45,649 $ (54,757 ) $ 30,281 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 30,040 9,108 45,649 (54,757 ) 30,040 Preferred distributions 12,223 — — — 12,223 Comprehensive income attributable to common unitholders $ 17,817 $ 9,108 $ 45,649 $ (54,757 ) $ 17,817 For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 19,128 $ 7,201 $ 20,006 $ (27,238 ) $ 19,097 Comprehensive income 19,128 7,201 20,006 (27,238 ) 19,097 Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Comprehensive income attributable to common unitholders $ 1,875 $ 7,201 $ 20,037 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 77,963 $ 27,301 $ 121,051 $ (148,611 ) $ 77,704 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 (602 ) — — — (602 ) Other comprehensive income 8,951 — — — 8,951 Comprehensive income 86,914 27,301 121,051 (148,611 ) 86,655 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive income attributable to common unitholders $ 15,895 $ 27,301 $ 121,310 $ (148,611 ) $ 15,895 For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 45,951 $ 21,195 $ 72,713 $ (93,900 ) $ 45,959 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 45,884 21,195 72,685 (93,900 ) 45,864 Comprehensive income attributable to noncontrolling interests — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Comprehensive (loss) income attributable to common unitholders $ (238 ) $ 21,195 $ 72,677 $ (93,900 ) $ (266 ) Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Nine Months Ended September 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 $ (198,097 ) $ (1,345 ) $ 575,905 $ — $ 376,463 Investing activities Cash paid for single-family properties — — (333,082 ) — (333,082 ) Change in escrow deposits for purchase of single-family properties — — (2,194 ) — (2,194 ) Net proceeds received from sales of single-family properties and other — 2,165 45,592 — 47,757 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Investment in unconsolidated joint venture (3,800 ) — — — (3,800 ) Distributions from joint ventures 33,680 — 2,571 — 36,251 Collections from intercompany notes 1,800 — — (1,800 ) — (Investment in) return of investment in subsidiaries (5,089 ) 31,958 — (26,869 ) — Initial renovations to single-family properties — — (40,898 ) — (40,898 ) Recurring and other capital expenditures for single-family properties — (504 ) (39,966 ) — (40,470 ) Other purchases of productive assets — — (149,475 ) — (149,475 ) Net cash provided by (used for) investing activities 26,591 33,619 (513,452 ) (28,669 ) (481,911 ) Financing activities Proceeds from issuance of perpetual preferred units 115,000 — — — 115,000 Payments of perpetual preferred unit issuance costs (3,750 ) — — — (3,750 ) Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 8,871 — — — 8,871 Payments on asset-backed securitizations — — (15,669 ) — (15,669 ) Proceeds from revolving credit facility 155,000 — — — 155,000 Payments on revolving credit facility (295,000 ) — — — (295,000 ) 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 Payments on intercompany notes borrowed — — (1,800 ) 1,800 — Intercompany financing and distributions to parent — (32,276 ) 5,407 26,869 — Distributions to common unitholders (51,827 ) — — — (51,827 ) Distributions to preferred unitholders (41,178 ) — — — (41,178 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 253,885 (32,276 ) (61,489 ) 28,669 188,789 Net increase (decrease) in cash, cash equivalents and restricted cash 82,379 (2 ) 964 — 83,341 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 $ 119,278 $ 29 $ 146,857 $ — $ 266,164 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (17,667 ) $ (1,869 ) $ (61,406 ) $ — $ (80,942 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ (95 ) $ — $ (107 ) Transfers of completed homebuilding deliveries to properties $ — $ — $ 64,867 $ — $ 64,867 Property and land contributions to an unconsolidated joint venture $ — $ — $ (40,942 ) $ — $ (40,942 ) Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (129 ) $ — $ — $ — $ (129 ) Accrued distributions to non-affiliates $ (1,773 ) $ — $ — $ — $ (1,773 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ (45,914 ) $ (3,563 ) $ 398,852 $ — $ 349,375 Investing activities Cash paid for single-family properties — — (462,875 ) — (462,875 ) Change in escrow deposits for purchase of single-family properties — — (2,710 ) — (2,710 ) Net proceeds received from sales of single-family properties and other 14,265 2,821 51,532 — 68,618 Collections from mortgage financing receivables — — 83 — 83 Distributions from joint ventures 680 — 5,301 — 5,981 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (575,754 ) 29,453 — 546,301 — Initial renovations to single-family properties — (1,591 ) (29,617 ) — (31,208 ) Recurring and other capital expenditures for single-family properties — — (26,725 ) — (26,725 ) Other purchases of productive assets (6,657 ) — (31,403 ) — (38,060 ) Net cash (used for) provided by investing activities (557,959 ) 30,683 (496,414 ) 536,794 (486,896 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,444 ) — — — (10,444 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Share-based compensation proceeds, net 988 — — — 988 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (472,470 ) — (472,470 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (721 ) — (721 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (27,143 ) 573,444 (546,301 ) — Distributions to common unitholders (47,223 ) — — — (47,223 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 723,592 (27,143 ) 90,746 (536,794 ) 250,401 Net increase (decrease) in cash, cash equivalents and restricted cash 119,719 (23 ) (6,816 ) — 112,880 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 $ 196,632 $ 39 $ 166,450 $ — $ 363,121 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (7,235 ) $ (2,803 ) $ (67,926 ) $ — $ (77,964 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 12 $ 7,139 $ — $ 7,151 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 $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 3,010 $ — $ 3,010 Note receivable related to a bulk sale of properties, net of discount $ 5,635 $ — $ — $ — $ 5,635

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From October 1, 2018 , through October 31, 2018 , the Company acquired 221 properties for an aggregate purchase price of approximately $55.1 million , which included 12 homes developed through our internal construction program. Subsequent Dispositions From October 1, 2018 , through October 31, 2018 , the Company disposed of 138 properties for aggregate net proceeds of approximately $21.2 million . Declaration of Dividends On November 1, 2018 , the Company's board of trustees declared quarterly dividends of $0.05 per share on the Company's Class A and Class B common shares, $0.41 per share on the Company’s 6.5% Series D perpetual preferred shares, $0.40 per share on the Company’s 6.35% Series E perpetual preferred shares, $0.37 per share on the Company’s 5.875% Series F perpetual preferred shares, $0.37 per share on the Company's 5.875% Series G perpetual preferred shares, and $0.44 per share on the Company's 6.25% Series H perpetual preferred shares, which includes $0.05 per share attributable to the period from the original issuance date of the Series H perpetual preferred shares of September 19, 2018, through September 30, 2018. The quarterly dividends are payable on December 31, 2018, to shareholders of record on December 14, 2018 . The Operating Partnership funds the payment of distributions, and an equivalent amount of distributions were declared on the corresponding Operating Partnership units. Hurricane Michael Certain of our properties in the Georgia and the Carolina markets were impacted by Hurricane Michael. The Company is assessing potential damages, which are estimated to be approximately $0.4 million to $0.7 million .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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, which was liquidated during the second quarter of 2018, 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. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will not need to restate comparative periods if it elects the simplified transition requirements provided by ASU No. 2018-11. 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. 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. We anticipate the adoption of this guidance will require us to recognize additional property management expenses for costs that were previously capitalizable as deferred leasing costs. 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 policies, internal controls and 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 adopted this guidance effective July 1, 2018. The adoption of this guidance did not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Companies will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. Companies will also be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The Company is currently assessing the impact of the guidance on our financial statements.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241
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 (in thousands): September 30, December 31, 2018 2017 2017 2016 Balance Sheet: Cash and cash equivalents $ 110,138 $ 243,547 $ 46,156 $ 118,799 Restricted cash 156,026 119,574 136,667 131,442 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 266,164 $ 363,121 $ 182,823 $ 250,241

Single-Family Properties (Table

Single-Family Properties (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Single-Family Properties, Net	Single-family properties, net, consisted of the following as of September 30, 2018 , and December 31, 2017 (in thousands, except property data): September 30, 2018 Number of Net book Leased single-family properties 47,776 $ 7,458,840 Single-family properties being renovated 345 90,485 Single-family properties being prepared for re-lease 430 66,730 Vacant single-family properties available for lease 1,647 284,279 Single-family properties held for sale, net 1,865 299,551 Single-family properties identified for future sale 401 58,672 Total 52,464 $ 8,258,557 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 Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Escrow deposits, prepaid expenses and other $ 40,934 $ 33,964 Investments in joint ventures 52,747 42,341 Commercial real estate, vehicles and FF&E, net 44,187 43,608 Land held for development 73,752 39,079 Homebuilding construction in progress 39,625 12,859 Total $ 251,245 $ 171,851

Deferred Costs and Other Inta_2

Deferred Costs and Other Intangibles, Net (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Deferred leasing costs $ 11,069 $ 7,030 Deferred financing costs 11,244 11,244 Intangible assets: Value of in-place leases 17 179 Trademark — 3,100 Database 2,100 2,100 24,430 23,653 Less: accumulated amortization (10,993 ) (10,628 ) Total $ 13,437 $ 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 September 30, 2018 , for future periods (in thousands): Year Deferred Deferred Value of Database Total Remaining 2018 $ 2,253 $ 495 $ 3 $ 75 $ 2,826 2019 3,315 1,964 — 300 5,579 2020 — 1,969 — 132 2,101 2021 — 1,964 — — 1,964 2022 — 967 — — 967 Total $ 5,568 $ 7,359 $ 3 $ 507 $ 13,437

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2018 , and December 31, 2017 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2018 December 31, 2017 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 492,478 $ 496,326 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 508,080 512,041 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 533,578 537,723 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 463,552 467,267 Total asset-backed securitizations 1,997,688 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) 3.46% June 30, 2022 — 140,000 Term loan facility (7) 3.61% June 30, 2022 100,000 200,000 Total debt (8) 2,712,688 2,517,216 Unamortized discounts on unsecured and exchangeable senior notes (2,751 ) (895 ) Equity component of exchangeable senior notes (358 ) (2,408 ) Deferred financing costs, net (9) (37,876 ) (38,026 ) Total debt per balance sheet $ 2,671,703 $ 2,475,887 (1) Interest rates are as of September 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 September 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 September 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 September 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 September 30, 2018 and 2017 , respectively, and $4.4 million and $5.0 million for the nine months ended September 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 September 30, 2018 (in thousands): Remaining 2018 $ 120,179 2019 20,714 2020 20,714 2021 20,714 2022 120,714 Thereafter 2,409,653 Total debt 2,712,688 Unamortized discounts and deferred financing costs (1) (40,985 ) Total debt per balance sheet $ 2,671,703 (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 nine months ended September 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Gross interest $ 32,344 $ 28,125 $ 97,422 $ 90,044 Capitalized interest (1,414 ) (1,533 ) (5,213 ) (3,171 ) Interest expense $ 30,930 $ 26,592 $ 92,209 $ 86,873

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Accounts payable $ 151 $ 1,726 Accrued property taxes 115,305 47,765 Other accrued liabilities 39,011 31,788 Accrued distribution payable 25,209 26,982 Accrued construction and maintenance liabilities 20,182 17,928 Resident security deposits 82,845 75,951 Prepaid rent 23,232 20,727 Total $ 305,935 $ 222,867

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of September 30, 2018 , and December 31, 2017 , the Company had the following series of preferred shares outstanding (in thousands, except share data): September 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 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 — — Total preferred shares 35,350,000 $ 883,750 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 nine months ended September 30, 2018 and 2017 (in thousands): For the Three Months Ended For the Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net income (loss) allocated to Class A units $ 2,881 $ 340 $ 1,104 $ (30 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (31 ) (259 ) 8 Total noncontrolling interest $ 2,881 $ 309 $ 845 $ (22 )
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the nine months ended September 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 385,600 23.38 Exercised (62,655 ) 15.77 444 Forfeited (85,250 ) 16.24 Options outstanding at September 30, 2017 3,064,195 $ 16.64 7.1 $ 16,149 Options exercisable at September 30, 2017 1,681,595 $ 15.90 6.3 $ 9,764 Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (684,875 ) 16.04 4,388 Forfeited (112,750 ) 17.84 Options outstanding at September 30, 2018 2,394,825 $ 16.92 6.4 $ 12,388 Options exercisable at September 30, 2018 1,659,050 $ 16.23 5.7 $ 9,521 (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 nine months ended September 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 nine months ended September 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 (80,125 ) (42,475 ) Units forfeited (69,100 ) (16,200 ) Restricted stock units at end of period 399,050 245,475

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	9 Months Ended
	Sep. 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 income or loss per common share on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest 2,881 309 845 (22 ) Dividends on preferred shares 12,223 17,253 38,804 46,122 Redemption of participating preferred shares — — 32,215 — Allocation to participating securities (1) 20 12 66 — Numerator for basic income (loss) per common share $ 15,157 $ 1,523 $ 5,774 $ (141 ) Add back: Dividends on participating preferred shares (2) — 5,569 — — Remeasurement of participating preferred shares (2) — (8,391 ) — — Numerator for diluted income (loss) per common share $ 15,157 $ (1,299 ) $ 5,774 $ (141 ) Denominator: Weighted-average common shares outstanding—basic 296,214,509 266,767,313 292,656,914 256,768,343 Effect of dilutive securities: Participating preferred shares (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common shares outstanding—diluted (4) 296,967,649 289,153,060 293,319,245 256,768,343 Net income (loss) per common share: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of participating preferred shares into Class A common shares. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per share for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 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 income or loss per common unit on a basic and diluted basis for the three and nine months ended September 30, 2018 and 2017 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 30,281 $ 19,097 $ 77,704 $ 45,959 Less: Noncontrolling interest — (31 ) (259 ) 8 Preferred distributions 12,223 17,253 38,804 46,122 Redemption of participating preferred units — — 32,215 — Allocation to participating securities (1) 21 12 66 — Numerator for basic income (loss) per common unit $ 18,037 $ 1,863 $ 6,878 $ (171 ) Add back: Distributions to participating preferred units (2) — 5,569 — — Remeasurement of participating preferred units (2) — (8,391 ) — — Numerator for diluted income (loss) per common unit $ 18,037 $ (959 ) $ 6,878 $ (171 ) Denominator: Weighted-average common units outstanding—basic 351,564,662 322,303,138 348,007,067 312,315,728 Effect of dilutive securities: Participating preferred units (2) — 22,385,747 — — Share-based compensation plan (3) 753,140 — 662,331 — Weighted-average common units outstanding—diluted (4) 352,317,802 344,688,885 348,669,398 312,315,728 Net income (loss) per common unit: Basic $ 0.05 $ 0.01 $ 0.02 $ — Diluted $ 0.05 $ — $ 0.02 $ — (1) Participating securities include unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock. (2) Reflects the dilutive effect of the assumed conversion of participating preferred units into Class A common units. (3) Reflects the effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (4) The computation of diluted earnings per unit for the three months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 7,078,066 potentially dilutive securities, respectively, and for the nine months ended September 30, 2018 and 2017 , excludes an aggregate of zero and 29,474,000 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)	9 Months Ended
	Sep. 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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 492,478 $ 498,510 $ 496,326 $ 504,730 AH4R 2014-SFR3 securitization 508,080 516,519 512,041 521,252 AH4R 2015-SFR1 securitization 533,578 538,414 537,723 544,592 AH4R 2015-SFR2 securitization 463,552 470,844 467,267 475,832 Total asset-backed securitizations (1) 1,997,688 2,024,287 2,013,357 2,046,406 Unsecured senior notes, net (1) (2) 497,384 477,805 — — Exchangeable senior notes, net (2) 114,507 144,135 111,697 147,462 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 $ 2,709,579 $ 2,746,227 $ 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 $32.3 million , $4.8 million , $7.4 million and $0.8 million , respectively, of unamortized deferred financing costs as of September 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 September 30, 2018 , and December 31, 2017 (in thousands): Description Fair Value Hierarchy September 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 nine months ended September 30, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings September 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement included in earnings September 30, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ — $ (1,341 ) $ 68,469

Condensed Consolidating Finan_2

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets (Amounts in thousands) As of September 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 $ 8,257,901 $ — $ 8,258,557 Cash and cash equivalents 92,343 — 17,795 — 110,138 Restricted cash 26,935 29 129,062 — 156,026 Rent and other receivables, net — 56 36,022 — 36,078 Intercompany receivables 280,514 — — (280,514 ) — Escrow deposits, prepaid expenses and other assets, including due from affiliates 71,364 170 205,377 — 276,911 Investments in subsidiaries 6,009,862 115,619 — (6,125,481 ) — Deferred costs and other intangibles, net 7,866 — 5,571 — 13,437 Goodwill 120,279 — — — 120,279 Total assets $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 Liabilities Revolving credit facility $ — $ — $ — $ — $ — Term loan facility, net 99,176 — — — 99,176 Asset-backed securitizations, net — — 1,965,417 — 1,965,417 Unsecured senior notes, net 492,603 — — — 492,603 Exchangeable senior notes, net — 114,507 — — 114,507 Accounts payable and accrued expenses 30,566 3,524 271,845 — 305,935 Amounts payable to affiliates 4,784 — — — 4,784 Intercompany payables — 9,071 271,443 (280,514 ) — Total liabilities 627,129 127,102 2,508,705 (280,514 ) 2,982,422 Capital Partners' capital: General partner: Common units 4,398,228 (10,572 ) 6,143,023 (6,125,481 ) 4,405,198 Preferred units 854,435 — — — 854,435 Limited partner: Common units 720,345 — — — 720,345 Accumulated other comprehensive income 9,026 — — — 9,026 Total partners' capital: 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total capital 5,982,034 (10,572 ) 6,143,023 (6,125,481 ) 5,989,004 Total liabilities and capital $ 6,609,163 $ 116,530 $ 8,651,728 $ (6,405,995 ) $ 8,971,426 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 September 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 $ — $ 20 $ 231,304 $ — $ 231,324 Fees from single-family properties — — 2,711 — 2,711 Tenant charge-backs — 2 44,150 — 44,152 Other 380 — 1,485 — 1,865 Total revenues 380 22 279,650 — 280,052 Expenses: Property operating expenses — 12 113,588 — 113,600 Property management expenses — — 18,865 — 18,865 General and administrative expense 5,546 — 3,719 — 9,265 Interest expense 7,355 1,908 21,667 — 30,930 Acquisition fees and costs expensed — — 1,055 — 1,055 Depreciation and amortization 204 — 79,736 — 79,940 Other expense 527 — 542 — 1,069 Total expenses 13,632 1,920 239,172 — 254,724 Intercompany income 38 — 253 (291 ) — Intercompany expenses (253 ) — (38 ) 291 — Gain on sale of single-family properties and other, net — (3 ) 4,956 — 4,953 Equity in income of subsidiaries 43,748 11,009 — (54,757 ) — Net income 30,281 9,108 45,649 (54,757 ) 30,281 Preferred distributions 12,223 — — — 12,223 Net income attributable to common unitholders $ 18,058 $ 9,108 $ 45,649 $ (54,757 ) $ 18,058 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Three Months Ended September 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 $ — $ 48 $ 207,442 $ — $ 207,490 Fees from single-family properties — — 2,843 — 2,843 Tenant charge-backs — 3 36,091 — 36,094 Other 310 — 99 — 409 Total revenues 310 51 246,475 — 246,836 Expenses: Property operating expenses — 27 97,917 — 97,944 Property management expenses — 3 17,444 — 17,447 General and administrative expense 5,170 — 3,355 — 8,525 Interest expense 2,490 1,844 22,258 — 26,592 Acquisition fees and costs expensed — — 1,306 — 1,306 Depreciation and amortization 369 2 74,419 — 74,790 Hurricane-related charges, net — — 10,136 — 10,136 Other 110 60 1,115 — 1,285 Total expenses 8,139 1,936 227,950 — 238,025 Intercompany income 69 — 86 (155 ) — Intercompany expenses (86 ) — (69 ) 155 — Gain on sale of single-family properties and other, net — 685 1,210 — 1,895 Remeasurement of participating preferred units 8,391 — — — 8,391 Equity in income of subsidiaries 18,583 8,655 — (27,238 ) — Net income 19,128 7,455 19,752 (27,238 ) 19,097 Noncontrolling interest — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Net income attributable to common unitholders $ 1,875 $ 7,455 $ 19,783 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ — $ 60 $ 676,498 $ — $ 676,558 Fees from single-family properties — 1 8,297 — 8,298 Tenant charge-backs — 6 112,870 — 112,876 Other 1,114 — 3,693 — 4,807 Total revenues 1,114 67 801,358 — 802,539 Expenses: Property operating expenses — 16 313,414 — 313,430 Property management expenses — 3 56,465 — 56,468 General and administrative expense 17,497 2 10,674 — 28,173 Interest expense 21,584 5,613 65,012 — 92,209 Acquisition fees and costs expensed — — 3,687 — 3,687 Depreciation and amortization 705 — 236,857 — 237,562 Other expense 702 9 2,809 — 3,520 Total expenses 40,488 5,643 688,918 — 735,049 Intercompany income 1,064 — 395 (1,459 ) — Intercompany expenses (395 ) — (1,064 ) 1,459 — Gain on sale of single-family properties and other, net — 601 9,848 — 10,449 Loss on early extinguishment of debt (879 ) — (568 ) — (1,447 ) Remeasurement of participating preferred units 1,212 — — — 1,212 Equity in income of subsidiaries 116,335 32,276 — (148,611 ) — Net income 77,963 27,301 121,051 (148,611 ) 77,704 Noncontrolling interest — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Net income attributable to common unitholders $ 6,944 $ 27,301 $ 121,310 $ (148,611 ) $ 6,944 Condensed Consolidating Statements of Operations (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ — $ 214 $ 613,031 $ — $ 613,245 Fees from single-family properties — 2 8,135 — 8,137 Tenant charge-backs — 17 91,832 — 91,849 Other 1,029 — 3,338 — 4,367 Total revenues 1,029 233 716,336 — 717,598 Expenses: Property operating expenses — 129 267,074 — 267,203 Property management expenses — 14 52,353 — 52,367 General and administrative expense 15,184 2 11,560 — 26,746 Interest expense 9,005 5,427 72,441 — 86,873 Acquisition fees and costs expensed 358 — 3,456 — 3,814 Depreciation and amortization 1,147 8 220,304 — 221,459 Hurricane-related charges, net — — 10,136 — 10,136 Other 290 111 3,801 — 4,202 Total expenses 25,984 5,691 641,125 — 672,800 Intercompany income 190 — 413 (603 ) — Intercompany expenses (413 ) — (190 ) 603 — Gain (loss) on sale of single-family properties and other, net 3,031 (490 ) 3,834 — 6,375 Loss on early extinguishment of debt — — (6,555 ) — (6,555 ) Remeasurement of participating preferred units 1,341 — — — 1,341 Equity in income of subsidiaries 66,757 27,143 — (93,900 ) — Net income 45,951 21,195 72,713 (93,900 ) 45,959 Noncontrolling interest — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Net (loss) income attributable to common unitholders $ (171 ) $ 21,195 $ 72,705 $ (93,900 ) $ (171 )
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) (Amounts in thousands) For the Three Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 30,281 $ 9,108 $ 45,649 $ (54,757 ) $ 30,281 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 30,040 9,108 45,649 (54,757 ) 30,040 Preferred distributions 12,223 — — — 12,223 Comprehensive income attributable to common unitholders $ 17,817 $ 9,108 $ 45,649 $ (54,757 ) $ 17,817 For the Three Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 19,128 $ 7,201 $ 20,006 $ (27,238 ) $ 19,097 Comprehensive income 19,128 7,201 20,006 (27,238 ) 19,097 Comprehensive loss attributable to noncontrolling interests — — (31 ) — (31 ) Preferred distributions 17,253 — — — 17,253 Comprehensive income attributable to common unitholders $ 1,875 $ 7,201 $ 20,037 $ (27,238 ) $ 1,875 Condensed Consolidating Statements of Comprehensive Income (Loss) (continued) (Amounts in thousands) For the Nine Months Ended September 30, 2018 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 77,963 $ 27,301 $ 121,051 $ (148,611 ) $ 77,704 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 (602 ) — — — (602 ) Other comprehensive income 8,951 — — — 8,951 Comprehensive income 86,914 27,301 121,051 (148,611 ) 86,655 Comprehensive loss attributable to noncontrolling interests — — (259 ) — (259 ) Preferred distributions 38,804 — — — 38,804 Redemption of participating preferred units 32,215 — — — 32,215 Comprehensive income attributable to common unitholders $ 15,895 $ 27,301 $ 121,310 $ (148,611 ) $ 15,895 For the Nine Months Ended September 30, 2017 American Homes 4 Rent, L.P. American Residential Properties OP, L.P. Combined Consolidating Adjustments Consolidated Total Net income $ 45,951 $ 21,195 $ 72,713 $ (93,900 ) $ 45,959 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 45,884 21,195 72,685 (93,900 ) 45,864 Comprehensive income attributable to noncontrolling interests — — 8 — 8 Preferred distributions 46,122 — — — 46,122 Comprehensive (loss) income attributable to common unitholders $ (238 ) $ 21,195 $ 72,677 $ (93,900 ) $ (266 )
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows (Amounts in thousands) For the Nine Months Ended September 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 $ (198,097 ) $ (1,345 ) $ 575,905 $ — $ 376,463 Investing activities Cash paid for single-family properties — — (333,082 ) — (333,082 ) Change in escrow deposits for purchase of single-family properties — — (2,194 ) — (2,194 ) Net proceeds received from sales of single-family properties and other — 2,165 45,592 — 47,757 Proceeds received from hurricane-related insurance claims — — 4,000 — 4,000 Investment in unconsolidated joint venture (3,800 ) — — — (3,800 ) Distributions from joint ventures 33,680 — 2,571 — 36,251 Collections from intercompany notes 1,800 — — (1,800 ) — (Investment in) return of investment in subsidiaries (5,089 ) 31,958 — (26,869 ) — Initial renovations to single-family properties — — (40,898 ) — (40,898 ) Recurring and other capital expenditures for single-family properties — (504 ) (39,966 ) — (40,470 ) Other purchases of productive assets — — (149,475 ) — (149,475 ) Net cash provided by (used for) investing activities 26,591 33,619 (513,452 ) (28,669 ) (481,911 ) Financing activities Proceeds from issuance of perpetual preferred units 115,000 — — — 115,000 Payments of perpetual preferred unit issuance costs (3,750 ) — — — (3,750 ) Repurchase of Class A units (34,969 ) — — — (34,969 ) Share-based compensation proceeds, net 8,871 — — — 8,871 Payments on asset-backed securitizations — — (15,669 ) — (15,669 ) Proceeds from revolving credit facility 155,000 — — — 155,000 Payments on revolving credit facility (295,000 ) — — — (295,000 ) 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 Payments on intercompany notes borrowed — — (1,800 ) 1,800 — Intercompany financing and distributions to parent — (32,276 ) 5,407 26,869 — Distributions to common unitholders (51,827 ) — — — (51,827 ) Distributions to preferred unitholders (41,178 ) — — — (41,178 ) Deferred financing costs paid (5,100 ) — — — (5,100 ) Net cash provided by (used for) financing activities 253,885 (32,276 ) (61,489 ) 28,669 188,789 Net increase (decrease) in cash, cash equivalents and restricted cash 82,379 (2 ) 964 — 83,341 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 $ 119,278 $ 29 $ 146,857 $ — $ 266,164 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (17,667 ) $ (1,869 ) $ (61,406 ) $ — $ (80,942 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions, renovations and construction $ — $ (12 ) $ (95 ) $ — $ (107 ) Transfers of completed homebuilding deliveries to properties $ — $ — $ 64,867 $ — $ 64,867 Property and land contributions to an unconsolidated joint venture $ — $ — $ (40,942 ) $ — $ (40,942 ) Redemption of participating preferred units $ (28,258 ) $ — $ — $ — $ (28,258 ) Accrued distributions to affiliates $ (129 ) $ — $ — $ — $ (129 ) Accrued distributions to non-affiliates $ (1,773 ) $ — $ — $ — $ (1,773 ) Condensed Consolidating Statements of Cash Flows (continued) (Amounts in thousands) For the Nine Months Ended September 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 $ (45,914 ) $ (3,563 ) $ 398,852 $ — $ 349,375 Investing activities Cash paid for single-family properties — — (462,875 ) — (462,875 ) Change in escrow deposits for purchase of single-family properties — — (2,710 ) — (2,710 ) Net proceeds received from sales of single-family properties and other 14,265 2,821 51,532 — 68,618 Collections from mortgage financing receivables — — 83 — 83 Distributions from joint ventures 680 — 5,301 — 5,981 Collections from intercompany notes 9,507 — — (9,507 ) — (Investment in) return of investment in subsidiaries (575,754 ) 29,453 — 546,301 — Initial renovations to single-family properties — (1,591 ) (29,617 ) — (31,208 ) Recurring and other capital expenditures for single-family properties — — (26,725 ) — (26,725 ) Other purchases of productive assets (6,657 ) — (31,403 ) — (38,060 ) Net cash (used for) provided by investing activities (557,959 ) 30,683 (496,414 ) 536,794 (486,896 ) Financing activities Proceeds from issuance of Class A units 694,765 — — — 694,765 Payments of Class A unit issuance costs (10,444 ) — — — (10,444 ) Proceeds from issuance of perpetual preferred units 270,000 — — — 270,000 Payments of perpetual preferred unit issuance costs (9,229 ) — — — (9,229 ) Share-based compensation proceeds, net 988 — — — 988 Redemptions of Class A units (169 ) — — — (169 ) Payments on asset-backed securitizations — — (472,470 ) — (472,470 ) Proceeds from revolving credit facility 62,000 — — — 62,000 Payments on revolving credit facility (112,000 ) — — — (112,000 ) Proceeds from term loan facility 25,000 — — — 25,000 Payments on term loan facility (100,000 ) — — — (100,000 ) Payments on secured note payable — — (721 ) — (721 ) Payments on intercompany notes borrowed — — (9,507 ) 9,507 — Intercompany financing and distributions to parent — (27,143 ) 573,444 (546,301 ) — Distributions to common unitholders (47,223 ) — — — (47,223 ) Distributions to preferred unitholders (46,122 ) — — — (46,122 ) Deferred financing costs paid (3,974 ) — — — (3,974 ) Net cash provided by (used for) financing activities 723,592 (27,143 ) 90,746 (536,794 ) 250,401 Net increase (decrease) in cash, cash equivalents and restricted cash 119,719 (23 ) (6,816 ) — 112,880 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 $ 196,632 $ 39 $ 166,450 $ — $ 363,121 Supplemental cash flow information Cash payments for interest, net of amounts capitalized $ (7,235 ) $ (2,803 ) $ (67,926 ) $ — $ (77,964 ) Supplemental schedule of noncash investing and financing activities Accounts payable and accrued expenses related to property acquisitions and renovations $ — $ 12 $ 7,139 $ — $ 7,151 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 $ 1,524 $ — $ — $ — $ 1,524 Transfers of completed homebuilding deliveries to properties $ — $ — $ 3,010 $ — $ 3,010 Note receivable related to a bulk sale of properties, net of discount $ 5,635 $ — $ — $ — $ 5,635

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)stateproperty	Dec. 31, 2017USD ($)property
Real Estate Properties [Line Items]
Number of states | state	22
General partner interest	84.30%
Limited partner interest	15.70%
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Single Family Homes
Real Estate Properties [Line Items]
Number of properties	52,464	51,239
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties	2,266
Single Family Homes | Properties Held for Sale
Real Estate Properties [Line Items]
Number of properties	1,865	310
Single Family Homes | Single-family properties identified for future sale
Real Estate Properties [Line Items]
Number of properties	401

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Lease agreement term (in years)	1 year
Balance Sheet
Cash and cash equivalents	$ 110,138	$ 46,156	$ 243,547	$ 118,799
Restricted cash	156,026	136,667	119,574	131,442
Statement of Cash Flows
Cash, cash equivalents and restricted cash	$ 266,164	$ 182,823	$ 363,121	$ 250,241

Single-Family Properties - Comp

Single-Family Properties - Components of Single-Family Properties (Details) $ in Thousands	Sep. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property
Property Subject to or Available for Operating Lease
Net book value	$ 8,258,557	$ 8,064,980
Single Family Homes
Property Subject to or Available for Operating Lease
Number of properties | property	52,464	51,239
Net book value	$ 8,258,557	$ 8,064,980
Single Family Homes | Single-family properties being renovated
Property Subject to or Available for Operating Lease
Number of properties | property	345	980
Net book value	$ 90,485	$ 225,194
Single Family Homes | Single-family properties being prepared for re-lease
Property Subject to or Available for Operating Lease
Number of properties | property	430	372
Net book value	$ 66,730	$ 47,994
Single Family Homes | Single-family properties held for sale, net
Property Subject to or Available for Operating Lease
Number of properties | property	1,865	310
Net book value	$ 299,551	$ 35,803
Single Family Homes | Single-family properties identified for future sale
Property Subject to or Available for Operating Lease
Number of properties | property	401
Net book value	$ 58,672
Single Family Homes | Leased single-family properties
Property Subject to or Available for Operating Lease
Number of properties | property	47,776	46,996
Net book value	$ 7,458,840	$ 7,284,708
Single Family Homes | Vacant single-family properties available for lease
Property Subject to or Available for Operating Lease
Number of properties | property	1,647	2,581
Net book value	$ 284,279	$ 471,281

Single-Family Properties - Narr

Single-Family Properties - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property	Dec. 31, 2017USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties			$ 47,757,000	$ 68,618,000
Proceeds from sale of land	$ 300,000		800,000
Gain (loss) on land sold	100,000		200,000
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	4,000,000		4,000,000		$ 44,200,000
Depreciation expense	$ 75,200,000	$ 71,200,000	$ 224,700,000	$ 208,900,000
Number of real estate properties sold | property	95	107	311	738
Proceeds from the sale of real estate properties	$ 17,400,000	$ 14,400,000	$ 47,000,000	$ 54,200,000
Net gain (loss) on sale of single-family properties and other	$ 3,400,000	1,900,000	$ 8,800,000	3,100,000
Note receivable		7,000,000		7,000,000
Discount of note receivable		$ 1,500,000		$ 1,500,000

Rent and Other Receivables, N_2

Rent and Other Receivables, Net (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Allowance for doubtful accounts	$ 8.7	$ 10.4
Hurricane-related insurance claims receivable	5.4	8.9
Non-tenant receivables	$ 0.8	$ 1.2

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2018	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other		$ 40,934	$ 40,934		$ 33,964
Investments in joint ventures		52,747	52,747		42,341
Commercial real estate, vehicles and FF&E, net		44,187	44,187		43,608
Land held for development		73,752	73,752		39,079
Homebuilding construction in progress		39,625	39,625		12,859
Total		251,245	251,245		171,851
Schedule of Equity Method Investments [Line Items]
Property and land contributions to an unconsolidated joint venture			40,942	$ 0
Cash payments to acquire interest in joint venture			3,800	0
American Homes 4 Rent, L.P.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total		248,614	248,614		$ 171,851
Schedule of Equity Method Investments [Line Items]
Property and land contributions to an unconsolidated joint venture			40,942	0
Cash payments to acquire interest in joint venture			3,800	$ 0
American Homes 4 Rent, L.P. | Joint Venture, Single-Family Rental Homes, Southeast
Schedule of Equity Method Investments [Line Items]
Aggregate cost	$ 156,300
Joint venture, initial term	5 years
Ownership percentage	20.00%
Property and land contributions to an unconsolidated joint venture		40,900
Cash payments to acquire interest in joint venture		3,800
Distributions received from the joint venture		32,800
Investment in joint venture balance		$ 13,400	$ 13,400

Deferred Costs and Other Inta_3

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 11,069	$ 7,030
Deferred financing costs	11,244	11,244
Intangible assets:
Intangible assets	24,430	23,653
Less: accumulated amortization	(10,993)	(10,628)
Total	13,437	13,025
Value of in-place leases
Intangible assets:
Intangible assets	17	179
Trademark
Intangible assets:
Intangible assets	0	3,100
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta_4

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2.9	$ 2.1	$ 7.7	$ 7.2
Amortization of deferred financing costs	$ 0.5	$ 0.5	$ 1.5	$ 1.3

Deferred Costs and Other Inta_5

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands	Sep. 30, 2018USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	$ 2,826
2,019	5,579
2,020	2,101
2,021	1,964
2,022	967
Total	13,437
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2,018	2,253
2,019	3,315
2,020	0
2,021	0
2,022	0
Total	5,568
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2,018	495
2,019	1,964
2,020	1,969
2,021	1,964
2,022	967
Total	7,359
Value of in-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	3
2,019	0
2,020	0
2,021	0
2,022	0
Total	3
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,018	75
2,019	300
2,020	132
2,021	0
2,022	0
Total	$ 507

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Feb. 28, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt, gross	$ 2,712,688,000		$ 2,712,688,000			$ 2,517,216,000
Unamortized discounts on unsecured and exchangeable senior notes	(2,751,000)		(2,751,000)			(895,000)
Equity component of exchangeable senior notes	(358,000)		(358,000)			(2,408,000)
Deferred financing costs, net	(37,876,000)		(37,876,000)			(38,026,000)
Total debt per balance sheet	2,671,703,000		2,671,703,000			2,475,887,000
Amortization of financing costs			5,838,000	$ 6,285,000
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	(7,400,000)		(7,400,000)			(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	4,400,000	$ 5,000,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,997,688,000		$ 1,997,688,000			2,013,357,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%		4.42%
Debt, gross	$ 492,478,000		$ 492,478,000			496,326,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%		4.40%
Debt, gross	$ 508,080,000		$ 508,080,000			512,041,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%		4.14%
Debt, gross	$ 533,578,000		$ 533,578,000			537,723,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%		4.36%
Debt, gross	$ 463,552,000		$ 463,552,000			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	3.46%		3.46%
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	3.61%		3.61%
Debt, gross	$ 100,000,000		$ 100,000,000			200,000,000
Deferred financing costs, net	$ (800,000)		$ (800,000)			$ (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 - Narrative (Details)

Debt - Narrative (Details)	Feb. 29, 2016	Feb. 28, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Payments on asset-backed securitizations							$ 15,669,000	$ 472,470,000
Gain (loss) on early extinguishment of debt			$ 0		$ 0		(1,447,000)	(6,555,000)
Deferred financing costs, net			37,876,000				37,876,000		$ 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
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]
Gain (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
Gain (loss) on early extinguishment of debt				$ (500,000)
Number of properties released | property				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			$ 800,000				$ 800,000		$ 2,000,000
Effective interest rate			3.61%				3.61%
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							0.0556688
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 - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Remaining 2,018	$ 120,179
2,019	20,714
2,020	20,714
2,021	20,714
2,022	120,714
Thereafter	2,409,653
Total debt	2,712,688	$ 2,517,216
Unamortized discounts and deferred financing costs	(40,985)
Total debt per balance sheet	$ 2,671,703	$ 2,475,887

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt Disclosure [Abstract]
Gross interest	$ 32,344	$ 28,125	$ 97,422	$ 90,044
Capitalized interest	(1,414)	(1,533)	(5,213)	(3,171)
Interest expense	$ 30,930	$ 26,592	$ 92,209	$ 86,873

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable	$ 151	$ 1,726
Accrued property taxes	115,305	47,765
Other accrued liabilities	39,011	31,788
Accrued distribution payable	25,209	26,982
Accrued construction and maintenance liabilities	20,182	17,928
Resident security deposits	82,845	75,951
Prepaid rent	23,232	20,727
Total	$ 305,935	$ 222,867

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, shares in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of shares/units	$ 0	$ 694,765,000
Class A common shares/units
Class of Stock [Line Items]
Stock issuance costs	0	$ 10,444,000
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)		2
Proceeds from issuance of shares/units		$ 46,200,000
Shares issued, price per share (in dollars per share)		$ 22.74
Proceeds from issuance of common stock, net of issuance costs		$ 45,600,000
Stock issuance costs		$ 600,000
Shares authorized for future issuance, value			$ 500,000,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 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 _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018marketshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)market$ / sharesshares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)$ / sharesshares
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares) | shares		35,350,000			35,350,000		38,350,000
Liquidation Value		$ 883,750			$ 883,750		$ 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		$ 0		$ 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
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.25%			6.25%
Preferred shares, shares outstanding (in shares) | shares		4,600,000			4,600,000		0
Liquidation Value		$ 115,000			$ 115,000		$ 0
Liquidation value (in dollars per share) | $ / shares		$ 25			$ 25
Shares issued during period (in shares) | shares		4,600,000
Gross proceeds on issuance of preferred shares		$ 115,000
Stock issuance costs		$ 4,000
Class A common shares/units
Class of Stock [Line Items]
Percent of liquidation preference	50.00%
Issuance of common shares, net of offering costs (in shares) | shares	10,848,827
Stock exchange ratio	1.4275
Stock issuance costs					$ 0	$ 10,444
Common shares, par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01		$ 0.01
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 _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.15
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	$ 0.37
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	$ 0.30
Preferred stock, dividend rate, percentage	5.875%		5.875%
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.25%		6.25%
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 _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Sep. 30, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Operating partnership units (in shares)	351,881,447	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	15.40%	15.90%

Shareholders' Equity _ Partne_8

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 2,881	$ 309	$ 845	$ (22)
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	(31)	(259)	8
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 2,881	$ 340	$ 1,104	$ (30)

Shareholders' Equity _ Partne_9

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock options and Restricted stock units
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.8	$ 1.1	$ 2.7	$ 3.2
Stock options and Restricted stock units | General and Administrative Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	0.5	0.7	1.6	1.9
Stock options and Restricted stock units | Property Management Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.3	$ 0.4	$ 1.1	$ 1.3
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	385,600
Expiration period for stock options			10 years

Shareholders' Equity _ Partn_10

Shareholders' Equity / Partners' Capital - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 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	385,600
Exercised (in shares)	(684,875)	(62,655)
Forfeited (in shares)	(112,750)	(85,250)
Outstanding at end of the period (in shares)	2,394,825	3,064,195	3,052,450	2,826,500
Exercisable at end of the period (in shares)	1,659,050	1,681,595
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	15.77
Forfeited (in dollars per share)	17.84	16.24
Outstanding at end of the period (in dollars per share)	16.92	16.64	$ 16.65	$ 15.69
Exercisable at end of the period (in dollars per share)	$ 16.23	$ 15.90
Aggregate intrinsic value
Weighted average remaining life (in years)	6 years 4 months 10 days	7 years 1 month 6 days	6 years 10 months 24 days	7 years 7 months 6 days
Weighted average exercisable (in years)	5 years 7 months 25 days	6 years 3 months 18 days
Aggregate intrinsic value	$ 12,388	$ 16,149	$ 16,421	$ 14,956
Aggregate intrinsic value exercised	4,388	444
Aggregate intrinsic value exercisable	$ 9,521	$ 9,764

Shareholders' Equity _ Partn_11

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 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	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 _ Partn_12

Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - shares	9 Months Ended
	Sep. 30, 2018	Sep. 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)	(80,125)	(42,475)
Units forfeited (in shares)	(69,100)	(16,200)
Restricted stock units at end of the period (in shares)	399,050	245,475

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income	$ 30,281	$ 19,097	$ 77,704	$ 45,959
Less:
Noncontrolling interest	2,881	309	845	(22)
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Allocation to participating securities	20	12	66	0
Numerator for basic income (loss) per common shareholders/unitholders	15,157	1,523	5,774	(141)
Add back:
Dividends on participating preferred shares/units	0	5,569	0	0
Remeasurement of participating preferred shares/units	0	(8,391)	0	0
Numerator for diluted income (loss) per common share/unit	$ 15,157	$ (1,299)	$ 5,774	$ (141)
Denominator
Weighted-average common shares outstanding - basic (in shares)	296,214,509	266,767,313	292,656,914	256,768,343
Effect of dilutive securities:
Participating preferred shares/units (in shares)	0	22,385,747	0	0
Share-based compensation plan (in shares)	753,140	0	662,331	0
Weighted-average shares outstanding - diluted (in shares)	296,967,649	289,153,060	293,319,245	256,768,343
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.01	$ 0.02	$ 0
Diluted (in dollars per share)	$ 0.05	$ 0	$ 0.02	$ 0
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 30,281	$ 19,097	$ 77,704	$ 45,959
Less:
Noncontrolling interest	0	(31)	(259)	8
Dividends on preferred shares/Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred shares/units	0	0	32,215	0
Allocation to participating securities	21	12	66	0
Numerator for basic income (loss) per common shareholders/unitholders	18,037	1,863	6,878	(171)
Add back:
Dividends on participating preferred shares/units	0	5,569	0	0
Remeasurement of participating preferred shares/units	0	(8,391)	0	0
Numerator for diluted income (loss) per common share/unit	$ 18,037	$ (959)	$ 6,878	$ (171)
Denominator
Weighted-average common units outstanding - basic (in shares)	351,564,662	322,303,138	348,007,067	312,315,728
Effect of dilutive securities:
Participating preferred shares/units (in shares)	0	22,385,747	0	0
Share-based compensation plan (in shares)	753,140	0	662,331	0
Weighted-average common units outstanding - diluted (in shares)	352,317,802	344,688,885	348,669,398	312,315,728
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.01	$ 0.02	$ 0
Diluted (in dollars per share)	$ 0.05	$ 0	$ 0.02	$ 0

Earnings per Share _ Unit - Nar

Earnings per Share / Unit - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	0	7,078,066	0	29,474,000
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)	0	7,078,066	0	29,474,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	155	69
Single-family properties sales in escrow, selling price	$ 23.9	$ 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
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	48.3	128.1
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 67.3	$ 24
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	196	520

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Oct. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 37,876,000	$ 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	$ 7,400,000	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%
Significant Other Observable Inputs (Level 2) | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	$ 0	75,000
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	32,300,000	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	$ 800,000	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	$ 4,800,000	0
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,997,688,000	2,013,357,000
Unsecured senior notes, net	497,384,000	0
Exchangeable senior notes, net	114,507,000	111,697,000
Secured note payable	0	48,859,000
Revolving credit facility	0	140,000,000
Term loan facility	100,000,000	200,000,000
Total debt	2,709,579,000	2,513,913,000
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	492,478,000	496,326,000
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	508,080,000	512,041,000
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	533,578,000	537,723,000
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	463,552,000	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	2,024,287,000	2,046,406,000
Unsecured senior notes, net	477,805,000	0
Exchangeable senior notes, net	144,135,000	147,462,000
Secured note payable	0	49,027,000
Revolving credit facility	0	140,000,000
Term loan facility	100,000,000	200,000,000
Total debt	2,746,227,000	2,582,895,000
Fair Value | 2014-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	498,510,000	504,730,000
Fair Value | 2014-SFR 3 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	516,519,000	521,252,000
Fair Value | 2015-SFR 1 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	538,414,000	544,592,000
Fair Value | 2015-SFR 2 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	$ 470,844,000	$ 475,832,000

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Liabilities:
Participating preferred shares/units derivative liability	$ 0	$ 29,470	$ 68,469	$ 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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, derivative liability, Conversions			(28,258)	0
Preferred shares, derivative liability, Remeasurement included in earnings	$ 0	$ (8,391)	(1,212)	(1,341)
Preferred shares, derivative liability, Ending Balance	$ 0	$ 68,469	$ 0	$ 68,469

Condensed Consolidating Finan_3

Condensed Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Assets
Single-family properties, net	$ 8,258,557	$ 8,064,980
Cash and cash equivalents	110,138	46,156	$ 243,547	$ 118,799
Restricted cash	156,026	136,667	119,574	131,442
Rent and other receivables, net	36,078	30,144
Deferred costs and other intangibles, net	13,437	13,025
Goodwill	120,279	120,279
Total assets	8,971,426	8,608,768
Liabilities
Asset-backed securitizations, net	1,965,417	1,977,308
Unsecured senior notes, net	492,603	0
Exchangeable senior notes, net	114,507	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	305,935	222,867
Amounts payable to affiliates	4,784	4,720
Participating preferred units derivative liability	0	29,470	$ 68,469	$ 69,810
Total liabilities	2,982,422	2,732,944
Capital
Accumulated other comprehensive income	9,026	75
Total liabilities and equity/capital	8,971,426	8,608,768
Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	99,176	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	8,258,557	8,064,980
Cash and cash equivalents	110,138	46,156
Restricted cash	156,026	136,667
Rent and other receivables, net	36,078	30,144
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	276,911	197,517
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	13,437	13,025
Goodwill	120,279	120,279
Total assets	8,971,426	8,608,768
Liabilities
Asset-backed securitizations, net	1,965,417	1,977,308
Unsecured senior notes, net	492,603	0
Exchangeable senior notes, net	114,507	111,697
Secured note payable	0	48,859
Accounts payable and accrued expenses	305,935	222,867
Amounts payable to affiliates	4,784	4,720
Intercompany payables	0	0
Participating preferred units derivative liability	0	29,470
Total liabilities	2,982,422	2,732,944
Capital
Limited partners, capital account	720,345	727,544
Accumulated other comprehensive income	9,026	75
Total partners' capital	5,989,004	5,877,173
Noncontrolling interest	0	(1,349)
Total capital	5,989,004	5,875,824
Total liabilities and equity/capital	8,971,426	8,608,768
American Homes 4 Rent, L.P. | Common Units
Capital
General partner, capital account	4,405,198	4,248,236
Limited partners, capital account	720,345	727,544
American Homes 4 Rent, L.P. | Preferred Shares/Units
Capital
General partner, capital account	854,435	901,318
American Homes 4 Rent, L.P. | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	99,176	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	92,343	22,157
Restricted cash	26,935	14,742
Rent and other receivables, net	0	114
Intercompany receivables	280,514	154,621
Escrow deposits, prepaid expenses and other assets, including due from affiliates	71,364	59,271
Investments in subsidiaries	6,009,862	5,889,146
Deferred costs and other intangibles, net	7,866	9,652
Goodwill	120,279	120,279
Total assets	6,609,163	6,269,982
Liabilities
Asset-backed securitizations, net	0	0
Unsecured senior notes, net	492,603
Exchangeable senior notes, net	0	0
Secured note payable		0
Accounts payable and accrued expenses	30,566	27,566
Amounts payable to affiliates	4,784	4,720
Intercompany payables	0	0
Participating preferred units derivative liability		29,470
Total liabilities	627,129	399,779
Capital
Limited partners, capital account	720,345	727,544
Accumulated other comprehensive income	9,026	75
Total partners' capital	5,982,034	5,870,203
Noncontrolling interest		0
Total capital	5,982,034	5,870,203
Total liabilities and equity/capital	6,609,163	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	4,398,228	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	854,435	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	99,176	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	29	31
Rent and other receivables, net	56	57
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	170	164
Investments in subsidiaries	115,619	115,303
Deferred costs and other intangibles, net	0	0
Goodwill	0	0
Total assets	116,530	117,287
Liabilities
Asset-backed securitizations, net	0	0
Unsecured senior notes, net	0
Exchangeable senior notes, net	114,507	111,697
Secured note payable		0
Accounts payable and accrued expenses	3,524	2,757
Amounts payable to affiliates	0	0
Intercompany payables	9,071	8,428
Participating preferred units derivative liability		0
Total liabilities	127,102	122,882
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(10,572)	(5,595)
Noncontrolling interest		0
Total capital	(10,572)	(5,595)
Total liabilities and equity/capital	116,530	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	(10,572)	(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	8,257,901	8,063,248
Cash and cash equivalents	17,795	23,999
Restricted cash	129,062	121,894
Rent and other receivables, net	36,022	29,973
Intercompany receivables	0	0
Escrow deposits, prepaid expenses and other assets, including due from affiliates	205,377	138,082
Investments in subsidiaries	0	0
Deferred costs and other intangibles, net	5,571	3,373
Goodwill	0	0
Total assets	8,651,728	8,380,569
Liabilities
Asset-backed securitizations, net	1,965,417	1,977,308
Unsecured senior notes, net	0
Exchangeable senior notes, net	0	0
Secured note payable		48,859
Accounts payable and accrued expenses	271,845	192,544
Amounts payable to affiliates	0	0
Intercompany payables	271,443	146,193
Participating preferred units derivative liability		0
Total liabilities	2,508,705	2,364,904
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	6,143,023	6,017,014
Noncontrolling interest		(1,349)
Total capital	6,143,023	6,015,665
Total liabilities and equity/capital	8,651,728	8,380,569
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Common Units
Capital
General partner, capital account	6,143,023	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	(280,514)	(154,621)
Escrow deposits, prepaid expenses and other assets, including due from affiliates	0	0
Investments in subsidiaries	(6,125,481)	(6,004,449)
Deferred costs and other intangibles, net	0	0
Goodwill	0	0
Total assets	(6,405,995)	(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	(280,514)	(154,621)
Participating preferred units derivative liability		0
Total liabilities	(280,514)	(154,621)
Capital
Limited partners, capital account	0	0
Accumulated other comprehensive income	0	0
Total partners' capital	(6,125,481)	(6,004,449)
Noncontrolling interest		0
Total capital	(6,125,481)	(6,004,449)
Total liabilities and equity/capital	(6,405,995)	(6,159,070)
American Homes 4 Rent, L.P. | Consolidating Adjustments | Common Units
Capital
General partner, capital account	(6,125,481)	(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 Finan_4

Condensed Consolidating Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 280,052	$ 246,836	$ 802,539	$ 717,598
Expenses:
General and administrative expense	9,265	8,525	28,173	26,746
Interest expense	30,930	26,592	92,209	86,873
Acquisition fees and costs expensed	1,055	1,306	3,687	3,814
Depreciation and amortization	79,940	74,790	237,562	221,459
Hurricane-related charges, net	0	10,136	0	10,136
Other	1,069	1,285	3,520	4,202
Total expenses	254,724	238,025	735,049	672,800
Gain on sale of single-family properties and other, net	4,953	1,895	10,449	6,375
Loss on early extinguishment of debt	0	0	(1,447)	(6,555)
Remeasurement of participating preferred units	0	8,391	1,212	1,341
Net income	30,281	19,097	77,704	45,959
Noncontrolling interest	2,881	309	845	(22)
Preferred distributions	12,223	17,253	38,804	46,122
Net income (loss) attributable to common shareholders/unitholders	15,177	1,535	5,840	(141)
Rents from single-family properties
Revenues:
Total revenues	231,324	207,490	676,558	613,245
Fees from single-family properties
Revenues:
Total revenues	2,711	2,843	8,298	8,137
Tenant charge-backs
Revenues:
Total revenues	44,152	36,094	112,876	91,849
Other
Revenues:
Total revenues	1,865	409	4,807	4,367
Property operating expenses
Expenses:
Cost of goods and services sold	113,600	97,944	313,430	267,203
Property management expenses
Expenses:
Cost of goods and services sold	18,865	17,447	56,468	52,367
American Homes 4 Rent, L.P.
Revenues:
Total revenues	280,052	246,836	802,539	717,598
Expenses:
General and administrative expense	9,265	8,525	28,173	26,746
Interest expense	30,930	26,592	92,209	86,873
Acquisition fees and costs expensed	1,055	1,306	3,687	3,814
Depreciation and amortization	79,940	74,790	237,562	221,459
Hurricane-related charges, net	0	10,136	0	10,136
Other	1,069	1,285	3,520	4,202
Total expenses	254,724	238,025	735,049	672,800
Intercompany income	0	0	0	0
Intercompany expenses	0	0	0	0
Gain on sale of single-family properties and other, net	4,953	1,895	10,449	6,375
Loss on early extinguishment of debt	0	0	(1,447)	(6,555)
Remeasurement of participating preferred units	0	8,391	1,212	1,341
Equity in income of subsidiaries	0	0	0	0
Net income	30,281	19,097	77,704	45,959
Noncontrolling interest	0	(31)	(259)	8
Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred units			32,215
Net income (loss) attributable to common shareholders/unitholders	18,058	1,875	6,944	(171)
American Homes 4 Rent, L.P. | Rents from single-family properties
Revenues:
Total revenues	231,324	207,490	676,558	613,245
American Homes 4 Rent, L.P. | Fees from single-family properties
Revenues:
Total revenues	2,711	2,843	8,298	8,137
American Homes 4 Rent, L.P. | Tenant charge-backs
Revenues:
Total revenues	44,152	36,094	112,876	91,849
American Homes 4 Rent, L.P. | Other
Revenues:
Total revenues	1,865	409	4,807	4,367
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Cost of goods and services sold	113,600	97,944	313,430	267,203
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Cost of goods and services sold	18,865	17,447	56,468	52,367
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company)
Revenues:
Total revenues	380	310	1,114	1,029
Expenses:
General and administrative expense	5,546	5,170	17,497	15,184
Interest expense	7,355	2,490	21,584	9,005
Acquisition fees and costs expensed	0	0	0	358
Depreciation and amortization	204	369	705	1,147
Hurricane-related charges, net		0		0
Other	527	110	702	290
Total expenses	13,632	8,139	40,488	25,984
Intercompany income	38	69	1,064	190
Intercompany expenses	(253)	(86)	(395)	(413)
Gain on sale of single-family properties and other, net	0	0	0	3,031
Loss on early extinguishment of debt			(879)	0
Remeasurement of participating preferred units		8,391	1,212	1,341
Equity in income of subsidiaries	43,748	18,583	116,335	66,757
Net income	30,281	19,128	77,963	45,951
Noncontrolling interest		0	0	0
Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred units			32,215
Net income (loss) attributable to common shareholders/unitholders	18,058	1,875	6,944	(171)
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	380	310	1,114	1,029
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	22	51	67	233
Expenses:
General and administrative expense	0	0	2	2
Interest expense	1,908	1,844	5,613	5,427
Acquisition fees and costs expensed	0	0	0	0
Depreciation and amortization	0	2	0	8
Hurricane-related charges, net		0		0
Other	0	60	9	111
Total expenses	1,920	1,936	5,643	5,691
Intercompany income	0	0	0	0
Intercompany expenses	0	0	0	0
Gain on sale of single-family properties and other, net	(3)	685	601	(490)
Loss on early extinguishment of debt			0	0
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	11,009	8,655	32,276	27,143
Net income	9,108	7,455	27,301	21,195
Noncontrolling interest		0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Net income (loss) attributable to common shareholders/unitholders	9,108	7,455	27,301	21,195
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	20	48	60	214
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	0	0	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	2	3	6	17
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	12	27	16	129
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	3	3	14
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Revenues:
Total revenues	279,650	246,475	801,358	716,336
Expenses:
General and administrative expense	3,719	3,355	10,674	11,560
Interest expense	21,667	22,258	65,012	72,441
Acquisition fees and costs expensed	1,055	1,306	3,687	3,456
Depreciation and amortization	79,736	74,419	236,857	220,304
Hurricane-related charges, net		10,136		10,136
Other	542	1,115	2,809	3,801
Total expenses	239,172	227,950	688,918	641,125
Intercompany income	253	86	395	413
Intercompany expenses	(38)	(69)	(1,064)	(190)
Gain on sale of single-family properties and other, net	4,956	1,210	9,848	3,834
Loss on early extinguishment of debt			(568)	(6,555)
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	0	0	0	0
Net income	45,649	19,752	121,051	72,713
Noncontrolling interest		(31)	(259)	8
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Net income (loss) attributable to common shareholders/unitholders	45,649	19,783	121,310	72,705
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Rents from single-family properties
Revenues:
Total revenues	231,304	207,442	676,498	613,031
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Fees from single-family properties
Revenues:
Total revenues	2,711	2,843	8,297	8,135
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Tenant charge-backs
Revenues:
Total revenues	44,150	36,091	112,870	91,832
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Other
Revenues:
Total revenues	1,485	99	3,693	3,338
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property operating expenses
Expenses:
Cost of goods and services sold	113,588	97,917	313,414	267,074
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Property management expenses
Expenses:
Cost of goods and services sold	18,865	17,444	56,465	52,353
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
Hurricane-related charges, net		0		0
Other	0	0	0	0
Total expenses	0	0	0	0
Intercompany income	(291)	(155)	(1,459)	(603)
Intercompany expenses	291	155	1,459	603
Gain on sale of single-family properties and other, net	0	0	0	0
Loss on early extinguishment of debt			0	0
Remeasurement of participating preferred units		0	0	0
Equity in income of subsidiaries	(54,757)	(27,238)	(148,611)	(93,900)
Net income	(54,757)	(27,238)	(148,611)	(93,900)
Noncontrolling interest		0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Net income (loss) attributable to common shareholders/unitholders	(54,757)	(27,238)	(148,611)	(93,900)
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 Finan_5

Condensed Consolidating Financial Statements - Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Statement of Income Captions [Line Items]
Net income	$ 30,281	$ 19,097	$ 77,704	$ 45,959
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	(602)	(28)
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	8,951	(95)
Comprehensive income	30,040	19,097	86,655	45,864
Comprehensive income (loss) attributable to noncontrolling interests	2,835	309	2,269	(5)
Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred units	0	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	14,982	1,535	13,367	(253)
American Homes 4 Rent, L.P.
Condensed Statement of Income Captions [Line Items]
Net income	30,281	19,097	77,704	45,959
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	(602)	(28)
Reclassification adjustment for realized gain included in net income	0	0	0	(67)
Other comprehensive (loss) income	(241)	0	8,951	(95)
Comprehensive income	30,040	19,097	86,655	45,864
Comprehensive income (loss) attributable to noncontrolling interests	0	(31)	(259)	8
Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred units	0	0	32,215	0
Comprehensive income (loss) attributable to common shareholders/unitholders	17,817	1,875	15,895	(266)
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	30,281	19,128	77,963	45,951
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)		(602)	0
Reclassification adjustment for realized gain included in net income				(67)
Other comprehensive (loss) income	(241)		8,951	(67)
Comprehensive income	30,040	19,128	86,914	45,884
Comprehensive income (loss) attributable to noncontrolling interests		0	0	0
Preferred distributions	12,223	17,253	38,804	46,122
Redemption of participating preferred units			32,215
Comprehensive income (loss) attributable to common shareholders/unitholders	17,817	1,875	15,895	(238)
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	9,108	7,201	27,301	21,195
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	9,108	7,201	27,301	21,195
Comprehensive income (loss) attributable to noncontrolling interests		0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Comprehensive income (loss) attributable to common shareholders/unitholders	9,108	7,201	27,301	21,195
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	45,649	20,006	121,051	72,713
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	45,649	20,006	121,051	72,685
Comprehensive income (loss) attributable to noncontrolling interests		(31)	(259)	8
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Comprehensive income (loss) attributable to common shareholders/unitholders	45,649	20,037	121,310	72,677
American Homes 4 Rent, L.P. | Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
Net income	(54,757)	(27,238)	(148,611)	(93,900)
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	(54,757)	(27,238)	(148,611)	(93,900)
Comprehensive income (loss) attributable to noncontrolling interests		0	0	0
Preferred distributions	0	0	0	0
Redemption of participating preferred units			0
Comprehensive income (loss) attributable to common shareholders/unitholders	$ (54,757)	$ (27,238)	$ (148,611)	$ (93,900)

Condensed Consolidating Finan_6

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net cash (used for) provided by operating activities	$ 376,463	$ 349,375
Investing activities
Cash paid for single-family properties	(333,082)	(462,875)
Change in escrow deposits for purchase of single-family properties	(2,194)	(2,710)
Net proceeds received from sales of single-family properties and other	47,757	68,618
Proceeds received from hurricane-related insurance claims	4,000	0
Investment in unconsolidated joint venture	(3,800)	0
Collections from mortgage financing receivables	0	83
Distributions from joint ventures	36,251	5,981
Initial renovations to single-family properties	(40,898)	(31,208)
Recurring and other capital expenditures for single-family properties	(40,470)	(26,725)
Other purchases of productive assets	(149,475)	(38,060)
Net cash provided by (used for) investing activities	(481,911)	(486,896)
Financing activities
Proceeds from issuance of Class A common shares/units	0	694,765
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
Repurchase of Class A common shares/units	(34,969)	0
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(15,669)	(472,470)
Payments on secured note payable	(49,427)	(721)
Settlement of cash flow hedging instrument	9,628	0
Distributions to common unitholders	(43,524)	(38,890)
Distributions to preferred unitholders	(41,178)	(46,122)
Net cash provided by (used for) financing activities	188,789	250,401
Net increase (decrease) in cash, cash equivalents and restricted cash	83,341	112,880
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)	266,164	363,121
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(80,942)	(77,964)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(107)	7,151
Transfers of completed homebuilding deliveries to properties	64,867	3,010
Property and land contributions to an unconsolidated joint venture	(40,942)	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	1,524
Accrued distributions to non-affiliates	(1,773)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,635
Revolving Credit Facility
Financing activities
Proceeds from debt	155,000	62,000
Payments on credit facility	(295,000)	(112,000)
Class A common shares/units
Financing activities
Stock issuance costs	0	(10,444)
Preferred Shares/Units
Financing activities
Stock issuance costs	(3,750)	(9,229)
American Homes 4 Rent, L.P.
Operating activities
Net cash (used for) provided by operating activities	376,463	349,375
Investing activities
Cash paid for single-family properties	(333,082)	(462,875)
Change in escrow deposits for purchase of single-family properties	(2,194)	(2,710)
Net proceeds received from sales of single-family properties and other	47,757	68,618
Proceeds received from hurricane-related insurance claims	4,000	0
Investment in unconsolidated joint venture	(3,800)	0
Collections from mortgage financing receivables	0	83
Distributions from joint ventures	36,251	5,981
Collections from intercompany notes	0	0
(Investment in) return of investment in subsidiaries	0	0
Initial renovations to single-family properties	(40,898)	(31,208)
Recurring and other capital expenditures for single-family properties	(40,470)	(26,725)
Other purchases of productive assets	(149,475)	(38,060)
Net cash provided by (used for) investing activities	(481,911)	(486,896)
Financing activities
Proceeds from issuance of Class A common shares/units	0	694,765
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
Repurchase of Class A common shares/units	(34,969)	0
Share-based compensation proceeds, net	8,871	988
Redemptions of Class A units	0	(169)
Payments on asset-backed securitizations	(15,669)	(472,470)
Payments on secured note payable	(49,427)	(721)
Settlement of cash flow hedging instrument	9,628	0
Payments on intercompany notes borrowed	0	0
Intercompany financing and distributions to parent	0	0
Distributions to common unitholders	(51,827)	(47,223)
Distributions to preferred unitholders	(41,178)	(46,122)
Payments of offering costs on unsecured senior notes	(5,100)	(3,974)
Net cash provided by (used for) financing activities	188,789	250,401
Net increase (decrease) in cash, cash equivalents and restricted cash	83,341	112,880
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)	266,164	363,121
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(80,942)	(77,964)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(107)	7,151
Transfers of completed homebuilding deliveries to properties	64,867	3,010
Property and land contributions to an unconsolidated joint venture	(40,942)	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	1,524
Accrued distributions to affiliates	(129)
Accrued distributions to non-affiliates	(1,773)	0
Note receivable related to a bulk sale of properties, net of discount	0	5,635
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from debt	155,000	62,000
Payments on credit facility	(295,000)	(112,000)
American Homes 4 Rent, L.P. | Term Loan Facility
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		694,765
Stock issuance costs	0	(10,444)
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	(3,750)	(9,229)
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
American Homes 4 Rent, L.P. | Unsecured Senior Notes
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 (used for) provided by operating activities	(198,097)	(45,914)
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
Investment in unconsolidated joint venture	(3,800)
Collections from mortgage financing receivables		0
Distributions from joint ventures	33,680	680
Collections from intercompany notes	1,800	9,507
(Investment in) return of investment in subsidiaries	(5,089)	(575,754)
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 provided by (used for) investing activities	26,591	(557,959)
Financing activities
Share-based compensation proceeds, net	8,871	988
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	0
Intercompany financing and distributions to parent	0	0
Distributions to common unitholders	(51,827)	(47,223)
Distributions to preferred unitholders	(41,178)	(46,122)
Payments of offering costs on unsecured senior notes	(5,100)	(3,974)
Net cash provided by (used for) financing activities	253,885	723,592
Net increase (decrease) in cash, cash equivalents and restricted cash	82,379	119,719
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)	119,278	196,632
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(17,667)	(7,235)
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	0
Property and land contributions to an unconsolidated joint venture	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		1,524
Accrued distributions to affiliates	(129)
Accrued distributions to non-affiliates	(1,773)
Note receivable related to a bulk sale of properties, net of discount		5,635
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	155,000	62,000
Payments on credit facility	(295,000)	(112,000)
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Term Loan Facility
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		694,765
Stock issuance costs		(10,444)
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	(3,750)	(9,229)
Proceeds from issuance of perpetual preferred shares/units	115,000	270,000
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Homes 4 Rent, L.P. (Parent Company) | Unsecured Senior Notes
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 (used for) provided by operating activities	(1,345)	(3,563)
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	2,821
Proceeds received from hurricane-related insurance claims	0
Investment in unconsolidated joint venture	0
Collections from mortgage financing receivables		0
Distributions from joint ventures	0	0
Collections from intercompany notes	0	0
(Investment in) return of investment in subsidiaries	31,958	29,453
Initial renovations to single-family properties	0	(1,591)
Recurring and other capital expenditures for single-family properties	(504)	0
Other purchases of productive assets	0	0
Net cash provided by (used for) investing activities	33,619	30,683
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	0
Intercompany financing and distributions to parent	(32,276)	(27,143)
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	(32,276)	(27,143)
Net increase (decrease) in cash, cash equivalents and restricted cash	(2)	(23)
Cash, cash equivalents and restricted cash, beginning of period	31	62
Cash, cash equivalents and restricted cash, end of period (see Note 3)	29	39
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(1,869)	(2,803)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(12)	12
Transfers of completed homebuilding deliveries to properties	0	0
Property and land contributions to an unconsolidated joint venture	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) | Term Loan Facility
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	0
Proceeds from issuance of perpetual preferred shares/units	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | American Residential Properties OP, L.P. (Guarantor Subsidiary) | Unsecured Senior Notes
Financing activities
Proceeds from debt	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries
Operating activities
Net cash (used for) provided by operating activities	575,905	398,852
Investing activities
Cash paid for single-family properties	(333,082)	(462,875)
Change in escrow deposits for purchase of single-family properties	(2,194)	(2,710)
Net proceeds received from sales of single-family properties and other	45,592	51,532
Proceeds received from hurricane-related insurance claims	4,000
Investment in unconsolidated joint venture	0
Collections from mortgage financing receivables		83
Distributions from joint ventures	2,571	5,301
Collections from intercompany notes	0	0
(Investment in) return of investment in subsidiaries	0	0
Initial renovations to single-family properties	(40,898)	(29,617)
Recurring and other capital expenditures for single-family properties	(39,966)	(26,725)
Other purchases of productive assets	(149,475)	(31,403)
Net cash provided by (used for) investing activities	(513,452)	(496,414)
Financing activities
Share-based compensation proceeds, net	0	0
Payments on asset-backed securitizations	(15,669)	(472,470)
Payments on secured note payable	(49,427)	(721)
Settlement of cash flow hedging instrument	0
Payments on intercompany notes borrowed	(1,800)	(9,507)
Intercompany financing and distributions to parent	5,407	573,444
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	(61,489)	90,746
Net increase (decrease) in cash, cash equivalents and restricted cash	964	(6,816)
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)	146,857	166,450
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(61,406)	(67,926)
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses related to property acquisitions, renovations and construction	(95)	7,139
Transfers of completed homebuilding deliveries to properties	64,867	3,010
Property and land contributions to an unconsolidated joint venture	(40,942)
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 | Term Loan Facility
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	0
Proceeds from issuance of perpetual preferred shares/units	0	0
American Homes 4 Rent, L.P. | Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | Unsecured Senior Notes
Financing activities
Proceeds from debt	0
American Homes 4 Rent, L.P. | Consolidating Adjustments
Operating activities
Net cash (used for) 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
Investment in unconsolidated joint venture	0
Collections from mortgage financing receivables		0
Distributions from joint ventures	0	0
Collections from intercompany notes	(1,800)	(9,507)
(Investment in) return of investment in subsidiaries	(26,869)	546,301
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 provided by (used for) investing activities	(28,669)	536,794
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	1,800	9,507
Intercompany financing and distributions to parent	26,869	(546,301)
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	28,669	(536,794)
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	0
Property and land contributions to an unconsolidated joint venture	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 | Term Loan Facility
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	0
Proceeds from issuance of perpetual preferred shares/units	0	$ 0
American Homes 4 Rent, L.P. | Consolidating Adjustments | Unsecured Senior Notes
Financing activities
Proceeds from debt	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Nov. 01, 2018$ / shares	Oct. 31, 2018USD ($)property	Sep. 30, 2018$ / shares	Sep. 30, 2017$ / shares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Nov. 02, 2018USD ($)
Subsequent Event [Line Items]
Proceeds from the sale of real estate properties | $					$ 47,757	$ 68,618
Quarterly dividend (in dollars per share)			$ 0.05	$ 0.05	$ 0.15	$ 0.15
Class A common shares/units
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)			0.05	0.05
Class B common shares
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)			0.05	0.05
Series D Perpetual Preferred Shares/Units
Subsequent Event [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
Subsequent Event [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
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)			$ 0.37	$ 0.37
Preferred stock, dividend rate, percentage			5.875%	5.875%	5.875%
Series G Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)			$ 0.37	$ 0.30
Preferred stock, dividend rate, percentage			5.875%		5.875%
Series H Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage			6.25%		6.25%
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property		221
Purchase price to acquire real estate | $		$ 55,100
Number of internally developed properties developed | property		12
Number of real estate properties sold | property		138
Proceeds from the sale of real estate properties | $		$ 21,200
Subsequent Event | Hurricane Michael | Minimum
Subsequent Event [Line Items]
Estimate of possible loss | $							$ 400
Subsequent Event | Hurricane Michael | Maximum
Subsequent Event [Line Items]
Estimate of possible loss | $							$ 700
Subsequent Event | Class A common shares/units
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)	$ 0.05
Subsequent Event | Class B common shares
Subsequent Event [Line Items]
Quarterly dividend (in dollars per share)	0.05
Subsequent Event | Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.40625
Subsequent Event | Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.39688
Subsequent Event | Series F Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.36719
Subsequent Event | Series G Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.36719
Subsequent Event | Series H Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.44271
Preferred stock, dividend rate, prorated amount, percentage	$ 0.05