American Homes 4 Rent (AMH) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Information
Entity Registrant Name	American Homes 4 Rent
Entity Central Index Key	0001562401
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	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A common shares/units
Document Information
Entity Common Stock, Shares Outstanding		299,082,222
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	0001716558
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	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Single-family properties:
Land	$ 1,729,528	$ 1,713,496
Buildings and improvements	7,561,372	7,483,600
Single-family properties, gross	9,290,900	9,197,096
Less: accumulated depreciation	(1,250,323)	(1,176,499)
Single-family properties in operation, net	8,040,577	8,020,597
Single-family properties under development and development land	205,046	153,651
Single-family properties held for sale, net	297,317	318,327
Total real estate assets, net	8,542,940	8,492,575
Cash and cash equivalents	154,584	30,284
Restricted cash	158,163	144,930
Rent and other receivables, net	32,813	29,027
Escrow deposits, prepaid expenses and other assets	145,940	146,034
Deferred costs and other intangibles, net	10,653	12,686
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,191,038	9,001,481
Liabilities
Asset-backed securitizations, net	1,957,200	1,961,511
Unsecured senior notes, net	887,439	492,800
Accounts payable and accrued expenses	266,797	219,229
Amounts payable to affiliates	4,944	4,967
Total liabilities	3,215,666	3,027,739
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2019 and December 31, 2018	354	354
Additional paid-in capital	5,739,162	5,732,466
Accumulated deficit	(489,820)	(491,214)
Accumulated other comprehensive income	7,202	7,393
Total shareholders’ equity	5,259,870	5,251,965
Limited partner:
Accumulated other comprehensive income	7,202	7,393
Noncontrolling interest	715,502	721,777
Total equity	5,975,372	5,973,742
Total liabilities and equity/capital	9,191,038	9,001,481
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,729,528	1,713,496
Buildings and improvements	7,561,372	7,483,600
Single-family properties, gross	9,290,900	9,197,096
Less: accumulated depreciation	(1,250,323)	(1,176,499)
Single-family properties in operation, net	8,040,577	8,020,597
Single-family properties under development and development land	205,046	153,651
Single-family properties held for sale, net	297,317	318,327
Total real estate assets, net	8,542,940	8,492,575
Cash and cash equivalents	154,584	30,284
Restricted cash	158,163	144,930
Rent and other receivables, net	32,813	29,027
Escrow deposits, prepaid expenses and other assets	145,641	145,807
Amounts due from affiliates	25,965	25,893
Deferred costs and other intangibles, net	10,653	12,686
Goodwill	120,279	120,279
Total assets	9,191,038	9,001,481
Liabilities
Asset-backed securitizations, net	1,957,200	1,961,511
Unsecured senior notes, net	887,439	492,800
Accounts payable and accrued expenses	266,797	219,229
Amounts payable to affiliates	4,944	4,967
Total liabilities	3,215,666	3,027,739
Commitments and contingencies
Shareholders’ equity:
Accumulated other comprehensive income	8,545	8,786
General partner:
General partner, capital account	5,252,668	5,244,572
Limited partner:
Accumulated other comprehensive income	8,545	8,786
Total capital	5,975,372	5,973,742
Total liabilities and equity/capital	9,191,038	9,001,481
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,398,233	4,390,137
Limited partner:
Limited partners, capital account	714,159	720,384
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	854,435	854,435
Class A common shares/units
Shareholders’ equity:
Common stock, value, issued	2,966	2,960
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Credit facility	99,286	99,232
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Credit facility	99,286	99,232
Revolving Credit Facility
Liabilities
Credit facility	0	250,000
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 0	$ 250,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	35,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	297,227,451	296,649,621
Common units, shares/units outstanding (in shares)	297,227,451	296,649,621
Preferred units, shares/units issued (in shares)	35,350,000	35,350,000
Preferred units, shares/units outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	54,816,826	55,316,826
Common units, shares/units outstanding (in shares)	54,816,826	55,316,826
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)	296,592,376	296,014,546
Common stock, shares outstanding (in shares)	296,592,376	296,014,546
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
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total revenues	$ 279,204	$ 258,004
Expenses:
General and administrative expense	9,435	9,231
Interest expense	31,915	29,301
Acquisition fees and costs expensed	834	1,311
Depreciation and amortization	81,161	79,303
Other	1,024	827
Total expenses	251,762	239,947
Gain on sale of single-family properties and other, net	5,649	2,256
Remeasurement of participating preferred units	0	1,212
Net income	33,091	21,525
Noncontrolling interest	3,026	1,114
Dividends on preferred shares/Preferred distributions	13,782	14,597
Net income attributable to common shareholders/unitholders	$ 16,283	$ 5,814
Weighted-average shares/common units outstanding:
Basic (in shares)	296,833,755	286,183,429
Diluted (in shares)	297,444,941	286,727,863
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.02
Diluted (in dollars per share)	$ 0.05	$ 0.02
American Homes 4 Rent, L.P.
Revenues:
Total revenues	$ 279,204	$ 258,004
Expenses:
General and administrative expense	9,435	9,231
Interest expense	31,915	29,301
Acquisition fees and costs expensed	834	1,311
Depreciation and amortization	81,161	79,303
Other	1,024	827
Total expenses	251,762	239,947
Gain on sale of single-family properties and other, net	5,649	2,256
Remeasurement of participating preferred units	0	1,212
Net income	33,091	21,525
Noncontrolling interest	0	(11)
Dividends on preferred shares/Preferred distributions	13,782	14,597
Net income attributable to common shareholders/unitholders	$ 19,309	$ 6,939
Weighted-average shares/common units outstanding:
Basic (in shares)	352,000,581	341,533,582
Diluted (in shares)	352,611,767	342,078,016
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.02
Diluted (in dollars per share)	$ 0.05	$ 0.02
Rents and other single-family property revenues
Revenues:
Total revenues	$ 277,694	$ 256,663
Rents and other single-family property revenues | American Homes 4 Rent, L.P.
Revenues:
Total revenues	277,694	256,663
Other
Revenues:
Total revenues	1,510	1,341
Other | American Homes 4 Rent, L.P.
Revenues:
Total revenues	1,510	1,341
Property operating expenses
Expenses:
Cost of goods and services sold	106,684	100,987
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	106,684	100,987
Property management expenses
Expenses:
Cost of goods and services sold	20,709	18,987
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 20,709	$ 18,987

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 33,091	$ 21,525
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(241)	(120)
Other comprehensive (loss) income	(241)	9,433
Comprehensive income	32,850	30,958
Comprehensive income attributable to noncontrolling interests	2,988	2,643
Dividends on preferred shares/Preferred distributions	13,782	14,597
Comprehensive income (loss) attributable to common shareholders/unitholders	16,080	13,718
American Homes 4 Rent, L.P.
Net income	33,091	21,525
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(241)	(120)
Other comprehensive (loss) income	(241)	9,433
Comprehensive income	32,850	30,958
Comprehensive income attributable to noncontrolling interests	0	(11)
Dividends on preferred shares/Preferred distributions	13,782	14,597
Comprehensive income (loss) attributable to common shareholders/unitholders	$ 19,068	$ 16,372

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Shareholders’ equity	Common Stock	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	975	975					975
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(408)	(408)		$ 1			(409)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				59,187
Repurchase of Class A common shares	(34,969)	(34,969)		$ (18)			(34,951)
Repurchase of Class A common shares (in shares)				(1,804,163)
Distributions to equity holders:
Preferred shares (Note 10)	(14,597)	(14,597)						(14,597)
Noncontrolling interests	(2,768)									(2,768)
Common shares ($0.05 per share)	(14,365)	(14,365)						(14,365)
Net income	21,525	20,411						20,411		1,114
Total other comprehensive income (loss)	9,433	9,433							9,433
Ending balances at Mar. 31, 2018	5,840,650	5,116,109		$ 2,844	$ 6	$ 384	5,565,871	(462,504)	9,508	724,541
Ending balance (in shares) at Mar. 31, 2018				284,369,661	635,075	38,350,000
Beginning balances at Dec. 31, 2018	5,973,742	5,251,965		$ 2,960	$ 6	$ 354	5,732,466	(491,214)	7,393	721,777
Beginning balance (in shares) at Dec. 31, 2018				296,014,546	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	952	952					952
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(760)	(760)		$ 1			(761)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				77,830
Redemptions of Class A units	0	6,522	$ 5				6,505		12	(6,522)
Redemptions of Class A units (in shares)			500,000
Distributions to equity holders:
Preferred shares (Note 10)	(13,782)	(13,782)						(13,782)
Noncontrolling interests	(2,741)									(2,741)
Common shares ($0.05 per share)	(14,889)	(14,889)						(14,889)
Net income	33,091	30,065						30,065		3,026
Total other comprehensive income (loss)	(241)	(203)							(203)	(38)
Ending balances at Mar. 31, 2019	$ 5,975,372	$ 5,259,870		$ 2,966	$ 6	$ 354	$ 5,739,162	$ (489,820)	$ 7,202	$ 715,502
Ending balance (in shares) at Mar. 31, 2019				296,592,376	635,075	35,350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.05	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Capital [Roll Forward]
Repurchases of Class A units		$ (34,969)
Distributions to equity holders:
Net income	$ 33,091	21,525
Total other comprehensive income (loss)	(241)	9,433
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	5,973,742	5,875,824
Share-based compensation	952	975
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(760)	(408)
Repurchases of Class A units		(34,969)
Redemptions of Class A units	0
Distributions to equity holders:
Preferred units	(13,782)	(14,597)
Common units	(17,630)	(17,133)
Net income	33,091	21,525
Total other comprehensive income (loss)	(241)	9,433
Total capital, ending balance	5,975,372	5,840,650
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	5,973,742	5,877,173
Share-based compensation	952	975
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(760)	(408)
Repurchases of Class A units		(34,969)
Distributions to equity holders:
Preferred units	(13,782)	(14,597)
Common units	(17,630)	(17,133)
Net income	33,091	21,536
Total other comprehensive income (loss)	(241)	9,433
Total capital, ending balance	5,975,372	5,842,010
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	8,786	75
Distributions to equity holders:
Total other comprehensive income (loss)	(241)	9,433
Total capital, ending balance	8,545	9,508
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	0	(1,349)
Distributions to equity holders:
Net income		(11)
Total capital, ending balance	0	(1,360)
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 4,390,137	$ 4,248,236
Beginning balance (in shares)	296,649,621	286,749,712
Share-based compensation	$ 952	$ 975
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (760)	$ (408)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	77,830	59,187
Repurchases of Class A units		$ (34,969)
Repurchase of Class A common units (in shares)		(1,804,163)
Redemptions of Class A units	$ (6,510)
Redemptions of Class A units (in shares)	500,000
Distributions to equity holders:
Common units	$ (14,889)	$ (14,365)
Net income	16,283	5,814
Total capital, ending balance	$ 4,398,233	$ 4,205,283
Ending balance (in shares)	297,227,451	285,004,736
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 854,435	$ 901,318
Distributions to equity holders:
Preferred units	(13,782)	(14,597)
Net income	13,782	14,597
Total capital, ending balance	854,435	901,318
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 720,384	$ 727,544
Beginning balance (in shares)	55,316,826	55,350,153
Redemptions of Class A units	$ 6,510
Redemptions of Class A units (in shares)	(500,000)
Distributions to equity holders:
Common units	$ (2,741)	$ (2,768)
Net income	3,026	1,125
Total capital, ending balance	$ 714,159	$ 725,901
Ending balance (in shares)	54,816,826	55,350,153

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Partners' Capital [Abstract]
Common units, dividends (in dollars per share)	$ 0.05	$ 0.05

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 33,091	$ 21,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,161	79,303
Noncash amortization of deferred financing costs	1,956	1,900
Noncash amortization of discounts on debt instruments	95	935
Noncash amortization of cash flow hedging instrument	(241)	(120)
Noncash share-based compensation	952	975
Provision for bad debt	1,768	2,000
Remeasurement of participating preferred shares	0	(1,212)
Equity in net earnings of unconsolidated ventures	26	(314)
Net gain on sale of single-family properties and other	(5,649)	(2,256)
Loss on impairment of single-family properties	504	700
Other changes in operating assets and liabilities:
Rent and other receivables	(5,569)	(3,886)
Prepaid expenses and other assets	(1,096)	(13,476)
Deferred leasing costs	(999)	(2,723)
Accounts payable and accrued expenses	42,010	29,150
Amounts payable to affiliates	(73)	(10)
Net cash provided by operating activities	147,936	112,491
Investing activities
Cash paid for single-family properties	(57,740)	(149,674)
Change in escrow deposits for purchase of single-family properties	(870)	(4,115)
Net proceeds received from sales of single-family properties and other	32,919	11,967
Proceeds received from hurricane-related insurance claims	0	4,000
Distributions from joint ventures	282	1,230
Initial renovations to single-family properties	(9,727)	(20,400)
Recurring and other capital expenditures for single-family properties	(15,703)	(11,167)
Cash paid for development activity	(79,990)	0
Other purchases of productive assets	(40)	(53,472)
Net cash provided by (used for) investing activities	(130,869)	(221,631)
Financing activities
Repurchase of Class A common shares/units	0	(34,969)
Share-based compensation (payments) proceeds, net	(770)	(414)
Payments on asset-backed securitizations	(5,556)	(5,312)
Payments on secured note payable	0	(255)
Settlement of cash flow hedging instrument	0	9,628
Distributions to noncontrolling interests	(2,748)	(5,457)
Distributions to common shareholders/unitholders	(14,832)	(14,337)
Distributions to preferred shareholders/unitholders	0	(14,597)
Deferred financing costs paid	(3,572)	(5,025)
Net cash provided by (used for) financing activities	120,466	286,472
Net increase (decrease) in cash, cash equivalents and restricted cash	137,533	177,332
Cash, cash equivalents and restricted cash, beginning of period	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 3)	312,747	360,155
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(32,042)	(22,690)
Supplemental schedule of noncash investing and financing activities
Accrued property acquisitions, renovations and development expenditures	6,769	9,375
Transfers of completed homebuilding deliveries to properties	23,055	8,693
Accrued distributions to affiliates	4,768	(2,719)
Accrued distributions to non-affiliates	26,633	25
American Homes 4 Rent, L.P.
Operating activities
Net income	33,091	21,525
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,161	79,303
Noncash amortization of deferred financing costs	1,956	1,900
Noncash amortization of discounts on debt instruments	95	935
Noncash amortization of cash flow hedging instrument	(241)	(120)
Noncash share-based compensation	952	975
Provision for bad debt	1,768	2,000
Remeasurement of participating preferred shares	0	(1,212)
Equity in net earnings of unconsolidated ventures	26	(314)
Net gain on sale of single-family properties and other	(5,649)	(2,256)
Loss on impairment of single-family properties	504	700
Other changes in operating assets and liabilities:
Rent and other receivables	(5,569)	(3,886)
Prepaid expenses and other assets	(1,096)	(13,476)
Deferred leasing costs	(999)	(2,723)
Accounts payable and accrued expenses	42,010	29,150
Amounts payable to affiliates	(73)	(10)
Net cash provided by operating activities	147,936	112,491
Investing activities
Cash paid for single-family properties	(57,740)	(149,674)
Change in escrow deposits for purchase of single-family properties	(870)	(4,115)
Net proceeds received from sales of single-family properties and other	32,919	11,967
Proceeds received from hurricane-related insurance claims	0	4,000
Distributions from joint ventures	282	1,230
Initial renovations to single-family properties	(9,727)	(20,400)
Recurring and other capital expenditures for single-family properties	(15,703)	(11,167)
Cash paid for development activity	(79,990)	0
Other purchases of productive assets	(40)	(53,472)
Net cash provided by (used for) investing activities	(130,869)	(221,631)
Financing activities
Repurchase of Class A common shares/units	0	(34,969)
Share-based compensation (payments) proceeds, net	(770)	(414)
Payments on asset-backed securitizations	(5,556)	(5,312)
Payments on secured note payable	0	(255)
Settlement of cash flow hedging instrument	0	9,628
Distributions to common shareholders/unitholders	(17,580)	(19,794)
Distributions to preferred shareholders/unitholders	0	(14,597)
Deferred financing costs paid	(3,572)	(5,025)
Net cash provided by (used for) financing activities	120,466	286,472
Net increase (decrease) in cash, cash equivalents and restricted cash	137,533	177,332
Cash, cash equivalents and restricted cash, beginning of period	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 3)	312,747	360,155
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(32,042)	(22,690)
Supplemental schedule of noncash investing and financing activities
Accrued property acquisitions, renovations and development expenditures	6,769	9,375
Transfers of completed homebuilding deliveries to properties	23,055	8,693
Accrued distributions to affiliates	4,768	(2,719)
Accrued distributions to non-affiliates	26,633	25
Unsecured Senior Notes
Financing activities
Proceeds from unsecured senior notes, net of discount	397,944	497,210
Unsecured Senior Notes | American Homes 4 Rent, L.P.
Financing activities
Proceeds from unsecured senior notes, net of discount	397,944	497,210
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	100,000
Payments on revolving credit facility	(250,000)	(240,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	0	100,000
Payments on revolving credit facility	$ (250,000)	$ (240,000)

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2019
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, developing, 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 March 31, 2019 , the Company held 52,923 single-family properties in 22 states, including 1,793 properties classified as held for sale, compared to 52,783 single-family properties in 22 states, including 1,945 properties classified as held for sale, as of December 31, 2018. AH4R is the general partner of, and as of March 31, 2019 , owned an approximate 84.4% common partnership interest in, the Operating Partnership with the remaining 15.6% 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	3 Months Ended
	Mar. 31, 2019
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, 2018 . 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 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 remains similar to lessor accounting under previous guidance while aligning with the FASB's revised revenue recognition guidance for non-lease components of lease agreements. The new guidance requires 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 also requires lessees and lessors to capitalize, as initial direct costs, only those costs incurred due to the execution of a lease. Other costs previously capitalized under ASC 840, including indirect leasing costs, are 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. In December 2018, the FASB issued ASU No. 2018-20, Narrow-Scope Improvements for Lessors , which allows lessors to make an accounting policy election to exclude sales taxes and other similar taxes on lease transactions from lease revenue and the associated expense and requires lessors to exclude costs paid directly by lessees to third parties on the lessor’s behalf from lease revenue. The guidance is 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 adopted this guidance (the “new lease accounting standard”) effective January 1, 2019. As part of our accounting policy for the new guidance, the Company elected the simplified transition requirements provided by ASU No. 2018-11 and applied the new lease accounting standard beginning January 1, 2019. Comparative periods are not restated. We also elected the package of practical expedients which permits the Company to not reevaluate whether existing contracts contain leases, to not reevaluate existing leases for lease classification and to not reassess initial direct costs previously capitalized prior to the adoption of the new guidance. As a result of our accounting policy elections, the Company did not recognize a cumulative effect adjustment on January 1, 2019. The new guidance affects our policy for capitalizing initial direct costs. Had the Company adopted new guidance during the three months ended March 31, 2018, the Company would have expensed an additional $1.6 million of indirect leasing costs that were capitalized under the previous guidance. The Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under the new lease accounting standard while certain tenant charge-backs are accounted for as variable payments under the revenue accounting guidance. As a result of the new guidance, the Company reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the consolidated statements of operations. Beginning January 1, 2019, the Company also reclassified bad debt expense from property operating expenses to rents and other single-family property revenues within the consolidated statements of operations; previously reported property operating expenses were not restated. As a lessee, the Company recognized $4.8 million of lease liabilities and corresponding right-of-use assets on January 1, 2019, for office space we lease at our corporate headquarters in Agoura Hills, CA and at our field offices. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. The guidance is effective for the Company in annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2019. 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	3 Months Ended
	Mar. 31, 2019
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): March 31, 2019 2018 Balance Sheet: Cash and cash equivalents $ 154,584 $ 203,883 Restricted cash 158,163 156,272 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 312,747 $ 360,155

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The net book value of real estate assets consisted of the following as of March 31, 2019 , and December 31, 2018 (in thousands, except property data): March 31, 2019 December 31, 2018 Occupied single-family properties $ 7,628,516 $ 7,448,330 Single-family properties recently acquired 99,899 212,870 Single-family properties in turnover process 231,861 294,093 Single-family properties leased, not yet occupied 80,301 65,304 Single-family properties in operation, net 8,040,577 8,020,597 Development land 140,583 97,207 Single-family properties under development 64,463 56,444 Single-family properties held for sale 297,317 318,327 Total real estate assets, net $ 8,542,940 $ 8,492,575 Single-family properties in operation, net as of March 31, 2019 , and December 31, 2018 , included $3.9 million and $5.9 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 $76.8 million and $75.4 million for the three months ended March 31, 2019 and 2018 , respectively. During the three months ended March 31, 2019 , the Company sold 180 homes, which generated total net proceeds of $32.6 million and resulted in a net gain on sale of $5.6 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 three months ended March 31, 2018 , the Company sold 103 homes which generated total net proceeds of $11.5 million and resulted in a net gain on sale of $2.1 million . Rents and other single-family property revenues consisted of the following for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Rents from single-family properties (1) $ 277,694 $ 218,023 Fees from single-family properties — 2,833 Tenant charge-backs — 35,807 Rents and other single-family property revenues $ 277,694 $ 256,663 (1) For the three months ended March 31, 2019 , rents from single-family properties included $40.0 million of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, as well as $3.0 million of variable lease payments for fees from single-family properties.

Rent and Other Receivables, Net

Rent and Other Receivables, Net	3 Months Ended
	Mar. 31, 2019
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 $9.8 million and $8.6 million as of March 31, 2019 , and December 31, 2018 , respectively. Also included in rent and other receivables, net, is $4.9 million of hurricane-related insurance claims receivable and $0.4 million of non-tenant receivables as of March 31, 2019 , compared to $4.9 million of hurricane-related insurance claims receivable as of December 31, 2018 . The Company generally rents our single-family properties under non-cancelable lease agreements with a term of one year. Future minimum rental revenues under existing leases on our properties as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 414,344 $ 446,745 2020 45,114 4,857 2021 1,235 251 2022 128 98 2023 19 19 Thereafter 5 — Total $ 460,845 $ 451,970

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 45,532 $ 44,654 Investments in joint ventures 56,378 56,789 Commercial real estate, vehicles and FF&E, net 44,030 44,591 Total $ 145,940 $ 146,034 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. As of March 31, 2019 , and December 31, 2018 , the balance of the Company’s investment in the joint venture was $17.9 million and $18.0 million , respectively, 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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Deferred leasing costs $ 9,741 $ 11,912 Deferred financing costs 11,244 11,246 Intangible assets: Database 2,100 2,100 23,085 25,258 Less: accumulated amortization (12,432 ) (12,572 ) Total $ 10,653 $ 12,686 Amortization expense related to deferred leasing costs, the value of in-place leases, trademark and database was $2.5 million and $2.2 million for the three months ended March 31, 2019 and 2018 , respectively, and was 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 the three months ended March 31, 2019 and 2018 and was 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 March 31, 2019 , for future periods (in thousands): Year Deferred Deferred Database Total Remaining 2019 $ 3,836 $ 1,479 $ 225 $ 5,540 2020 80 1,969 132 2,181 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 3,916 $ 6,380 $ 357 $ 10,653

Debt

Debt	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 489,801 $ 491,195 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 505,439 506,760 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 530,816 532,197 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 460,897 462,358 Total asset-backed securitizations 1,986,953 1,992,510 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 — Revolving credit facility (5) 3.69% June 30, 2022 — 250,000 Term loan facility (6) 3.84% June 30, 2022 100,000 100,000 Total debt (7) 2,986,953 2,842,510 Unamortized discounts on unsecured senior notes (4,506 ) (2,546 ) Deferred financing costs, net (8) (38,522 ) (36,421 ) Total debt per balance sheet $ 2,943,925 $ 2,803,543 (1) Interest rates are as of March 31, 2019 . 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 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 March 31, 2019 , plus 1-month LIBOR. (6) 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 March 31, 2019 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility as of March 31, 2019 , and December 31, 2018 . (8) 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 March 31, 2019 and 2018 , respectively, which was included in gross interest, prior to interest capitalization. Debt Maturities The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of March 31, 2019 (in thousands): Remaining 2019 $ 15,536 2020 20,714 2021 20,714 2022 120,714 2023 20,714 Thereafter 2,788,561 Total debt 2,986,953 Unamortized discounts and loan costs (1) (43,028 ) Total debt per balance sheet $ 2,943,925 (1) Includes the unamortized discounts on the unsecured senior notes and deferred financing costs, net. Unsecured Senior Notes In January 2019, the Operating Partnership issued $400.0 million of 4.90% unsecured senior notes with a maturity date of February 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2019 . The Operating Partnership received net proceeds of $395.3 million from this issuance, after underwriting fees of approximately $2.6 million and a $2.1 million discount, and before estimated offering costs of $1.0 million . The Operating Partnership used the net proceeds from this issuance to repay amounts outstanding on our revolving credit facility and intends to use the remaining net proceeds for general corporate purposes, including, without limitation, acquisition of properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes. The 2029 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 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Interest Expense The following table displays our total gross interest, which includes fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes, and capitalized interest for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Gross interest $ 34,612 $ 31,737 Capitalized interest (2,697 ) (2,436 ) Interest expense $ 31,915 $ 29,301

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Accounts payable $ 1,805 $ 195 Accrued property taxes 69,846 40,566 Other accrued liabilities 47,912 41,376 Accrued distribution payable 26,633 12,809 Accrued construction and maintenance liabilities 10,006 18,371 Resident security deposits 85,854 83,406 Prepaid rent 24,741 22,506 Total $ 266,797 $ 219,229

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	3 Months Ended
	Mar. 31, 2019
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 The Company established an at-the-market common share offering program under which we can issue Class A common shares from time to time through various sales agents up to an aggregate of $500.0 million (the "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. As of March 31, 2019 , 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 three months ended March 31, 2019 , we did not repurchase and retire any of our shares. During the three months ended March 31, 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 . As of March 31, 2019 , 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 March 31, 2019 , and December 31, 2018 , the Company had the following series of preferred shares outstanding (in thousands, except share data): March 31, 2019 December 31, 2018 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value 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 4,600,000 115,000 Total preferred shares 35,350,000 $ 883,750 35,350,000 $ 883,750 Distributions During the quarter ended March 31, 2019 , 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, $0.37 on the Company's 5.875% Series G perpetual preferred shares and $0.39 on the Company's 6.25% Series H perpetual preferred shares. During the quarter ended March 31, 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, $0.34 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, $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 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 53,743,317 and 54,243,317 , or approximately 15.3% and 15.4% , of the total 352,044,277 and 351,966,447 Class A units in the Operating Partnership as of March 31, 2019 , and December 31, 2018 , 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 352,044,277 and 351,966,447 Class A units in the Operating Partnership as of March 31, 2019 , and December 31, 2018 , respectively. 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 months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Net income allocated to Class A units $ 3,026 $ 1,125 Net income (loss) allocated to noncontrolling interest in a consolidated subsidiary — (11 ) Total noncontrolling interest $ 3,026 $ 1,114 Noncontrolling interest as reflected in the Operating Partnership's condensed consolidated statements of capital 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 three months ended March 31, 2019 and 2018 , the Company granted stock options for 20,000 and 140,000 Class A common shares, respectively, and 317,950 and 304,400 restricted stock units, respectively, to certain employees of the Company under the Plan. The options and restricted stock units granted during the three months ended March 31, 2019 and 2018 , 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 three months ended March 31, 2019 and 2018 : Shares Weighted-Average Weighted-Average Aggregate Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (7,500 ) 16.62 22 Forfeited (10,000 ) 17.83 Options outstanding at March 31, 2018 3,174,950 $ 16.76 6.7 $ 11,748 Options exercisable at March 31, 2018 2,272,675 $ 16.16 6.1 $ 9,213 Options outstanding at January 1, 2019 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (5,000 ) 14.00 35 Forfeited (9,850 ) 22.53 Options outstanding at March 31, 2019 2,257,425 $ 16.93 5.9 $ 13,267 Options exercisable at March 31, 2019 1,867,025 $ 16.41 5.5 $ 11,872 (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 three months ended March 31, 2019 and 2018 : 2019 2018 Weighted-average fair value $ 2.85 $ 3.03 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 17.3 % 18.9 % Risk-free interest rate 2.6 % 2.8 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the three months ended March 31, 2019 and 2018 : 2019 2018 Restricted stock units at beginning of period 372,375 243,875 Units awarded 317,950 304,400 Units vested (110,650 ) (79,525 ) Units forfeited (5,400 ) (5,625 ) Restricted stock units at end of period 574,275 463,125 For the three months ended March 31, 2019 and 2018 , total non-cash share-based compensation expense related to stock options and restricted stock units was $1.0 million and $1.0 million , respectively, of which $0.7 million and $0.6 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.

Earnings per Share _ Unit

Earnings per Share / Unit	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 (in thousands, except share and per share data): For the Three Months Ended 2019 2018 Numerator: Net income $ 33,091 $ 21,525 Less: Noncontrolling interest 3,026 1,114 Dividends on preferred shares 13,782 14,597 Allocation to participating securities (1) 31 23 Numerator for income per common share–basic and diluted $ 16,252 $ 5,791 Denominator: Weighted-average common shares outstanding–basic 296,833,755 286,183,429 Effect of dilutive securities: Share-based compensation plan (2) 611,186 544,434 Weighted-average common shares outstanding–diluted (3) 297,444,941 286,727,863 Net income per common share: Basic $ 0.05 $ 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 effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (3) The computation of diluted earnings per share for the three months ended March 31, 2019 and 2018 , excludes an aggregate of zero and 17,221,189 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 months ended March 31, 2019 and 2018 (in thousands, except unit and per unit data): For the Three Months Ended 2019 2018 Numerator: Net income $ 33,091 $ 21,525 Less: Noncontrolling interest — (11 ) Dividends on preferred units 13,782 14,597 Allocation to participating securities (1) 31 23 Numerator for basic income per common unit–basic and diluted $ 19,278 $ 6,916 Denominator: Weighted-average common units outstanding–basic 352,000,581 341,533,582 Effect of dilutive securities: Share-based compensation plan (2) 611,186 544,434 Weighted-average common units outstanding–diluted (3) 352,611,767 342,078,016 Net income per common unit: Basic $ 0.05 $ 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 effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (3) The computation of diluted earnings per unit for the three months ended March 31, 2019 and 2018 , excludes an aggregate of zero and 17,221,189 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	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2019 , the Company had commitments to acquire 47 single-family properties for an aggregate purchase price of $15.1 million , as well as $50.8 million in purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of December 31, 2018 , the Company had commitments to acquire 88 single-family properties for an aggregate purchase price of $25.3 million , as well as $58.1 million in purchase commitments that relate to both third party developer agreements and land for our internal construction program. As of March 31, 2019 , and December 31, 2018 , the Company had sales in escrow for approximately 279 and 78 of our single-family properties, respectively, for aggregate selling prices of $53.6 million and $13.6 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. 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	3 Months Ended
	Mar. 31, 2019
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 and asset-backed securitizations 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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 489,801 $ 492,993 $ 491,195 $ 494,820 AH4R 2014-SFR3 securitization 505,439 510,007 506,760 511,450 AH4R 2015-SFR1 securitization 530,816 533,069 532,197 534,666 AH4R 2015-SFR2 securitization 460,897 465,990 462,358 467,303 Total asset-backed securitizations (1) 1,986,953 2,002,059 1,992,510 2,008,239 2028 unsecured senior notes, net 497,524 493,835 497,454 479,730 2029 unsecured senior notes, net 397,970 414,408 — — Total unsecured senior notes, net (1) (2) 895,494 908,243 497,454 479,730 Revolving credit facility (1) (3) — — 250,000 250,000 Term loan facility (1) (4) 100,000 100,000 100,000 100,000 Total debt $ 2,982,447 $ 3,010,302 $ 2,839,964 $ 2,837,969 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $29.8 million , $8.1 million , $6.4 million and $0.7 million , respectively, of unamortized deferred financing costs as of March 31, 2019 , and exclude $31.0 million , $4.7 million , $6.9 million and $0.8 million , respectively, of unamortized deferred financing costs as of December 31, 2018 . (2) The carrying values of the unsecured senior notes, net are presented net of unamortized discounts. (3) 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. (4) 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. In October 2017, in anticipation of the issuance of the 2028 unsecured senior 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 was settled upon the issuance of the 2028 unsecured senior notes in February 2018, which resulted in a $9.6 million gain that was recorded in other comprehensive income and is being reclassified into earnings as a reduction of interest expense over the term of the 2028 unsecured senior notes. The following table sets forth the fair values of the participating preferred shares derivative liability as of March 31, 2019 , and December 31, 2018 (in thousands): Description Fair Value Hierarchy March 31, 2019 December 31, 2018 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ — 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 three months ended March 31, 2019 and 2018 (in thousands): Description January 1, 2019 Conversions Remeasurement included in earnings March 31, 2019 Liabilities: Participating preferred shares derivative liability $ — $ — $ — $ — Description January 1, 2018 Conversions Remeasurement included in earnings March 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ — $ (1,212 ) $ 28,258

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From April 1, 2019 , through April 30, 2019 , the Company acquired 59 properties for a total cost of approximately $16.4 million , which included 23 homes developed through our internal construction program. Subsequent Dispositions From April 1, 2019 , through April 30, 2019 , the Company disposed of 44 properties for aggregate net proceeds of approximately $8.7 million . Departure of Directors or Officers On April 30, 2019 , B. Wayne Hughes informed American Homes 4 Rent (the “Company”) that he will retire from the Board of Trustees of the Company effective May 9, 2019, immediately following the Company’s 2019 Annual Meeting of Shareholders. Mr. Hughes, age 85, is a founder of the Company and has served as a trustee and Chairman of the Board since October 2012.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 . 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 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 remains similar to lessor accounting under previous guidance while aligning with the FASB's revised revenue recognition guidance for non-lease components of lease agreements. The new guidance requires 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 also requires lessees and lessors to capitalize, as initial direct costs, only those costs incurred due to the execution of a lease. Other costs previously capitalized under ASC 840, including indirect leasing costs, are 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. In December 2018, the FASB issued ASU No. 2018-20, Narrow-Scope Improvements for Lessors , which allows lessors to make an accounting policy election to exclude sales taxes and other similar taxes on lease transactions from lease revenue and the associated expense and requires lessors to exclude costs paid directly by lessees to third parties on the lessor’s behalf from lease revenue. The guidance is 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 adopted this guidance (the “new lease accounting standard”) effective January 1, 2019. As part of our accounting policy for the new guidance, the Company elected the simplified transition requirements provided by ASU No. 2018-11 and applied the new lease accounting standard beginning January 1, 2019. Comparative periods are not restated. We also elected the package of practical expedients which permits the Company to not reevaluate whether existing contracts contain leases, to not reevaluate existing leases for lease classification and to not reassess initial direct costs previously capitalized prior to the adoption of the new guidance. As a result of our accounting policy elections, the Company did not recognize a cumulative effect adjustment on January 1, 2019. The new guidance affects our policy for capitalizing initial direct costs. Had the Company adopted new guidance during the three months ended March 31, 2018, the Company would have expensed an additional $1.6 million of indirect leasing costs that were capitalized under the previous guidance. The Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under the new lease accounting standard while certain tenant charge-backs are accounted for as variable payments under the revenue accounting guidance. As a result of the new guidance, the Company reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the consolidated statements of operations. Beginning January 1, 2019, the Company also reclassified bad debt expense from property operating expenses to rents and other single-family property revenues within the consolidated statements of operations; previously reported property operating expenses were not restated. As a lessee, the Company recognized $4.8 million of lease liabilities and corresponding right-of-use assets on January 1, 2019, for office space we lease at our corporate headquarters in Agoura Hills, CA and at our field offices. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. The guidance is effective for the Company in annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods. The Company adopted this guidance effective January 1, 2019. 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)	3 Months Ended
	Mar. 31, 2019
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): March 31, 2019 2018 Balance Sheet: Cash and cash equivalents $ 154,584 $ 203,883 Restricted cash 158,163 156,272 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 312,747 $ 360,155
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): March 31, 2019 2018 Balance Sheet: Cash and cash equivalents $ 154,584 $ 203,883 Restricted cash 158,163 156,272 Statement of Cash Flows: Cash, cash equivalents and restricted cash $ 312,747 $ 360,155

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Single-Family Properties, Net	The net book value of real estate assets consisted of the following as of March 31, 2019 , and December 31, 2018 (in thousands, except property data): March 31, 2019 December 31, 2018 Occupied single-family properties $ 7,628,516 $ 7,448,330 Single-family properties recently acquired 99,899 212,870 Single-family properties in turnover process 231,861 294,093 Single-family properties leased, not yet occupied 80,301 65,304 Single-family properties in operation, net 8,040,577 8,020,597 Development land 140,583 97,207 Single-family properties under development 64,463 56,444 Single-family properties held for sale 297,317 318,327 Total real estate assets, net $ 8,542,940 $ 8,492,575
Lease Income Derived from Single-family Properties	Rents and other single-family property revenues consisted of the following for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Rents from single-family properties (1) $ 277,694 $ 218,023 Fees from single-family properties — 2,833 Tenant charge-backs — 35,807 Rents and other single-family property revenues $ 277,694 $ 256,663 (1) For the three months ended March 31, 2019 , rents from single-family properties included $40.0 million of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, as well as $3.0 million of variable lease payments for fees from single-family properties.

Rent and Other Receivables, N_2

Rent and Other Receivables, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Future Minimum Rental Revenues Under Leases Existing on Properties	Future minimum rental revenues under existing leases on our properties as of March 31, 2019 and December 31, 2018 , were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 414,344 $ 446,745 2020 45,114 4,857 2021 1,235 251 2022 128 98 2023 19 19 Thereafter 5 — Total $ 460,845 $ 451,970

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 45,532 $ 44,654 Investments in joint ventures 56,378 56,789 Commercial real estate, vehicles and FF&E, net 44,030 44,591 Total $ 145,940 $ 146,034

Deferred Costs and Other Inta_2

Deferred Costs and Other Intangibles, Net (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Deferred leasing costs $ 9,741 $ 11,912 Deferred financing costs 11,244 11,246 Intangible assets: Database 2,100 2,100 23,085 25,258 Less: accumulated amortization (12,432 ) (12,572 ) Total $ 10,653 $ 12,686
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 March 31, 2019 , for future periods (in thousands): Year Deferred Deferred Database Total Remaining 2019 $ 3,836 $ 1,479 $ 225 $ 5,540 2020 80 1,969 132 2,181 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 3,916 $ 6,380 $ 357 $ 10,653

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of March 31, 2019 , and December 31, 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 489,801 $ 491,195 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 505,439 506,760 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 530,816 532,197 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 460,897 462,358 Total asset-backed securitizations 1,986,953 1,992,510 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 — Revolving credit facility (5) 3.69% June 30, 2022 — 250,000 Term loan facility (6) 3.84% June 30, 2022 100,000 100,000 Total debt (7) 2,986,953 2,842,510 Unamortized discounts on unsecured senior notes (4,506 ) (2,546 ) Deferred financing costs, net (8) (38,522 ) (36,421 ) Total debt per balance sheet $ 2,943,925 $ 2,803,543 (1) Interest rates are as of March 31, 2019 . 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 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 March 31, 2019 , plus 1-month LIBOR. (6) 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 March 31, 2019 , plus 1-month LIBOR. (7) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility as of March 31, 2019 , and December 31, 2018 . (8) 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 March 31, 2019 and 2018 , respectively, which was 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 March 31, 2019 (in thousands): Remaining 2019 $ 15,536 2020 20,714 2021 20,714 2022 120,714 2023 20,714 Thereafter 2,788,561 Total debt 2,986,953 Unamortized discounts and loan costs (1) (43,028 ) Total debt per balance sheet $ 2,943,925 (1) Includes the unamortized discounts on the unsecured 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 fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes, and capitalized interest for the three months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Gross interest $ 34,612 $ 31,737 Capitalized interest (2,697 ) (2,436 ) Interest expense $ 31,915 $ 29,301

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Accounts payable $ 1,805 $ 195 Accrued property taxes 69,846 40,566 Other accrued liabilities 47,912 41,376 Accrued distribution payable 26,633 12,809 Accrued construction and maintenance liabilities 10,006 18,371 Resident security deposits 85,854 83,406 Prepaid rent 24,741 22,506 Total $ 266,797 $ 219,229

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of March 31, 2019 , and December 31, 2018 , the Company had the following series of preferred shares outstanding (in thousands, except share data): March 31, 2019 December 31, 2018 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value 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 4,600,000 115,000 Total preferred shares 35,350,000 $ 883,750 35,350,000 $ 883,750
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 months ended March 31, 2019 and 2018 (in thousands): For the Three Months Ended March 31, 2019 March 31, 2018 Net income allocated to Class A units $ 3,026 $ 1,125 Net income (loss) allocated to noncontrolling interest in a consolidated subsidiary — (11 ) Total noncontrolling interest $ 3,026 $ 1,114
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the three months ended March 31, 2019 and 2018 : Shares Weighted-Average Weighted-Average Aggregate Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (7,500 ) 16.62 22 Forfeited (10,000 ) 17.83 Options outstanding at March 31, 2018 3,174,950 $ 16.76 6.7 $ 11,748 Options exercisable at March 31, 2018 2,272,675 $ 16.16 6.1 $ 9,213 Options outstanding at January 1, 2019 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (5,000 ) 14.00 35 Forfeited (9,850 ) 22.53 Options outstanding at March 31, 2019 2,257,425 $ 16.93 5.9 $ 13,267 Options exercisable at March 31, 2019 1,867,025 $ 16.41 5.5 $ 11,872 (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 three months ended March 31, 2019 and 2018 : 2019 2018 Weighted-average fair value $ 2.85 $ 3.03 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 17.3 % 18.9 % Risk-free interest rate 2.6 % 2.8 %
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 three months ended March 31, 2019 and 2018 : 2019 2018 Restricted stock units at beginning of period 372,375 243,875 Units awarded 317,950 304,400 Units vested (110,650 ) (79,525 ) Units forfeited (5,400 ) (5,625 ) Restricted stock units at end of period 574,275 463,125

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 (in thousands, except share and per share data): For the Three Months Ended 2019 2018 Numerator: Net income $ 33,091 $ 21,525 Less: Noncontrolling interest 3,026 1,114 Dividends on preferred shares 13,782 14,597 Allocation to participating securities (1) 31 23 Numerator for income per common share–basic and diluted $ 16,252 $ 5,791 Denominator: Weighted-average common shares outstanding–basic 296,833,755 286,183,429 Effect of dilutive securities: Share-based compensation plan (2) 611,186 544,434 Weighted-average common shares outstanding–diluted (3) 297,444,941 286,727,863 Net income per common share: Basic $ 0.05 $ 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 effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (3) The computation of diluted earnings per share for the three months ended March 31, 2019 and 2018 , excludes an aggregate of zero and 17,221,189 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 months ended March 31, 2019 and 2018 (in thousands, except unit and per unit data): For the Three Months Ended 2019 2018 Numerator: Net income $ 33,091 $ 21,525 Less: Noncontrolling interest — (11 ) Dividends on preferred units 13,782 14,597 Allocation to participating securities (1) 31 23 Numerator for basic income per common unit–basic and diluted $ 19,278 $ 6,916 Denominator: Weighted-average common units outstanding–basic 352,000,581 341,533,582 Effect of dilutive securities: Share-based compensation plan (2) 611,186 544,434 Weighted-average common units outstanding–diluted (3) 352,611,767 342,078,016 Net income per common unit: Basic $ 0.05 $ 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 effect of potentially dilutive securities issuable upon the assumed vesting / exercise of restricted stock units and stock options. (3) The computation of diluted earnings per unit for the three months ended March 31, 2019 and 2018 , excludes an aggregate of zero and 17,221,189 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)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 489,801 $ 492,993 $ 491,195 $ 494,820 AH4R 2014-SFR3 securitization 505,439 510,007 506,760 511,450 AH4R 2015-SFR1 securitization 530,816 533,069 532,197 534,666 AH4R 2015-SFR2 securitization 460,897 465,990 462,358 467,303 Total asset-backed securitizations (1) 1,986,953 2,002,059 1,992,510 2,008,239 2028 unsecured senior notes, net 497,524 493,835 497,454 479,730 2029 unsecured senior notes, net 397,970 414,408 — — Total unsecured senior notes, net (1) (2) 895,494 908,243 497,454 479,730 Revolving credit facility (1) (3) — — 250,000 250,000 Term loan facility (1) (4) 100,000 100,000 100,000 100,000 Total debt $ 2,982,447 $ 3,010,302 $ 2,839,964 $ 2,837,969 (1) The carrying values of the asset-backed securitizations, unsecured senior notes, revolving credit facility and term loan facility exclude $29.8 million , $8.1 million , $6.4 million and $0.7 million , respectively, of unamortized deferred financing costs as of March 31, 2019 , and exclude $31.0 million , $4.7 million , $6.9 million and $0.8 million , respectively, of unamortized deferred financing costs as of December 31, 2018 . (2) The carrying values of the unsecured senior notes, net are presented net of unamortized discounts. (3) 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. (4) 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 as of March 31, 2019 , and December 31, 2018 (in thousands): Description Fair Value Hierarchy March 31, 2019 December 31, 2018 Liabilities: Participating preferred shares derivative liability Level 3 $ — $ —
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 three months ended March 31, 2019 and 2018 (in thousands): Description January 1, 2019 Conversions Remeasurement included in earnings March 31, 2019 Liabilities: Participating preferred shares derivative liability $ — $ — $ — $ — Description January 1, 2018 Conversions Remeasurement included in earnings March 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ — $ (1,212 ) $ 28,258

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)statesingle_family_propertyproperty	Dec. 31, 2018USD ($)statesingle_family_propertyproperty
Real Estate Properties [Line Items]
Number of states | state	22	22
General partner interest	84.40%
Limited partner interest	15.60%
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property	52,923	52,783
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	1,793	1,945

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2019
Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Office lease liabilities		$ 4.8
Office lease right-of-use assets		$ 4.8
Pro Forma | Accounting Standards Update 2018-11
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating lease, expense	$ 1.6

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Lease agreement term (in years)	1 year
Balance Sheet
Cash and cash equivalents	$ 154,584	$ 30,284	$ 203,883
Restricted cash	158,163	144,930	156,272
Statement of Cash Flows
Cash, cash equivalents and restricted cash	$ 312,747	$ 175,214	$ 360,155	$ 182,823

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 8,040,577		$ 8,020,597
Development land	140,583		97,207
Single-family properties under development	64,463		56,444
Single-family properties held for sale, net	297,317		318,327
Total real estate assets, net	8,542,940		8,492,575
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	8,542,940		8,492,575
Rents from single-family properties	277,694	$ 218,023
Fees from single-family properties	0	2,833
Tenant charge-backs	0	35,807
Rents and other single-family property revenues	277,694	$ 256,663
Single Family Homes | Single-family properties recently acquired
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	99,899		212,870
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	231,861		294,093
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	7,628,516		7,448,330
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 80,301		$ 65,304

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)property	Dec. 31, 2018USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties	$ 32,919	$ 11,967
Proceeds from sale of land	300
Gain (loss) on land sold	100
Tenant chargebacks	40,000
Late fees and application fees	3,000
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	3,900		$ 5,900
Depreciation expense	$ 76,800	$ 75,400
Number of real estate properties sold | property	180	103
Proceeds from the sale of real estate properties	$ 32,600	$ 11,500
Net gain (loss) on sale of single-family properties and other	$ 5,600	$ 2,100

Rent and Other Receivables, N_3

Rent and Other Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts	$ 9,800	$ 8,600
Hurricane-related insurance claims receivable	4,900	4,900
Non-tenant receivables	$ 400
Lease agreement term (in years)	1 year
Operating Lease Liabilities, Payments Due [Abstract]
Remaining 2019	$ 414,344	446,745
2020	45,114	4,857
2021	1,235	251
2022	128	98
2023	19	19
Thereafter	5	0
Total	$ 460,845	$ 451,970

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other		$ 45,532	$ 44,654
Investments in joint ventures		56,378	56,789
Commercial real estate, vehicles and FF&E, net		44,030	44,591
Total		145,940	146,034
American Homes 4 Rent, L.P.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total		145,641	145,807
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%
Investment in joint venture balance		$ 17,900	$ 18,000

Deferred Costs and Other Inta_3

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 9,741	$ 11,912
Deferred financing costs	11,244	11,246
Intangible assets:
Intangible assets	23,085	25,258
Less: accumulated amortization	(12,432)	(12,572)
Total	10,653	12,686
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
	Mar. 31, 2019	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2.5	$ 2.2
Amortization of deferred financing costs	$ 0.5	$ 0.5

Deferred Costs and Other Inta_5

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands	Mar. 31, 2019USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2019	$ 5,540
2020	2,181
2021	1,964
2022	968
Total	10,653
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2019	3,836
2020	80
2021	0
2022	0
Total	3,916
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2019	1,479
2020	1,969
2021	1,964
2022	968
Total	6,380
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2019	225
2020	132
2021	0
2022	0
Total	$ 357

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, gross	$ 2,986,953,000			$ 2,842,510,000
Unamortized discounts on unsecured senior notes	(4,506,000)			(2,546,000)
Deferred financing costs, net	(38,522,000)			(36,421,000)
Total debt per balance sheet	2,943,925,000			2,803,543,000
Amortization of financing costs	1,956,000	$ 1,900,000
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs, net	(6,400,000)			(6,900,000)
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,500,000	$ 1,400,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,986,953,000			1,992,510,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%
Debt, gross	$ 489,801,000			491,195,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%
Debt, gross	$ 505,439,000			506,760,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%
Debt, gross	$ 530,816,000			532,197,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%
Debt, gross	$ 460,897,000			462,358,000
Senior Notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Interest Rate	4.25%
Effective interest rate	4.08%
Debt, gross	$ 500,000,000			500,000,000
Senior Notes | 4.90% Senior Notes Due 2029
Debt Instrument [Line Items]
Interest Rate			4.90%
Effective interest rate	4.90%
Debt, gross	$ 400,000,000			0
Deferred financing costs, net			$ (1,000,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate	3.69%
Debt, gross	$ 0			250,000,000
Maximum borrowing capacity	$ 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	3.84%
Debt, gross	$ 100,000,000			100,000,000
Deferred financing costs, net	$ (700,000)			$ (800,000)
Line of Credit | Term Loan facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.90%
Line of Credit | Term Loan facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Line of Credit | Term Loan facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Line of Credit | Term Loan facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.75%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Remaining 2019	$ 15,536
2020	20,714
2021	20,714
2022	120,714
2023	20,714
Thereafter	2,788,561
Total debt	2,986,953	$ 2,842,510
Unamortized discounts and loan costs	(43,028)
Total debt per balance sheet	$ 2,943,925	$ 2,803,543

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Deferred financing costs, net		$ 38,522,000	$ 36,421,000
4.90% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount	$ 400,000,000
Interest Rate	4.90%
Net proceeds from debt issuance	$ 395,300,000
Underwriting fees	2,600,000
Unamortized discount	2,100,000
Deferred financing costs, net	$ 1,000,000

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Disclosure [Abstract]
Gross interest	$ 34,612	$ 31,737
Capitalized interest	(2,697)	(2,436)
Interest expense	$ 31,915	$ 29,301

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable	$ 1,805	$ 195
Accrued property taxes	69,846	40,566
Other accrued liabilities	47,912	41,376
Accrued distribution payable	26,633	12,809
Accrued construction and maintenance liabilities	10,006	18,371
Resident security deposits	85,854	83,406
Prepaid rent	24,741	22,506
Total	$ 266,797	$ 219,229

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - At the Market - Common Share Offering Program - Class A common shares/units	Mar. 31, 2019USD ($)
Class of Stock [Line Items]
Shares available for future issuance, value	$ 500,000,000
Shares authorized for future issuance, value	$ 500,000,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	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)	1,800,000	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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	35,350,000		35,350,000
Liquidation Value	$ 883,750		$ 883,750
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.50%	6.50%
Preferred shares, shares outstanding (in shares)	10,750,000		10,750,000
Liquidation Value	$ 268,750		$ 268,750
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.35%	6.35%
Preferred shares, shares outstanding (in shares)	9,200,000		9,200,000
Liquidation Value	$ 230,000		$ 230,000
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.875%	5.875%
Preferred shares, shares outstanding (in shares)	6,200,000		6,200,000
Liquidation Value	$ 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)	4,600,000		4,600,000
Liquidation Value	$ 115,000		$ 115,000
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	6.25%
Preferred shares, shares outstanding (in shares)	4,600,000		4,600,000
Liquidation Value	$ 115,000		$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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%
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%
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%
Series G 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%
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.39
Preferred stock, dividend rate, percentage	6.25%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.34
Preferred stock, dividend rate, percentage		5.50%

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Mar. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Operating partnership units (in shares)	352,044,277	351,966,447
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)	53,743,317	54,243,317
Percentage of units outstanding	15.30%	15.40%

Shareholders' Equity _ Partne_8

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 3,026	$ 1,114
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	(11)
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 3,026	$ 1,125

Shareholders' Equity _ Partne_9

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock options and Restricted stock units
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 1	$ 1
Stock options and Restricted stock units | General and Administrative Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	0.7	0.6
Stock options and Restricted stock units | Property Management Expense
Class of Stock [Line Items]
Allocated share-based compensation expense	$ 0.3	$ 0.4
Restricted stock units
Class of Stock [Line Items]
Restricted stock unit grants in period (in shares)	317,950	304,400
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)	20,000	140,000
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	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Stock Options
Outstanding at beginning of the period (in shares)	2,252,275	3,052,450	3,052,450
Granted (in shares)	20,000	140,000
Exercised (in shares)	(5,000)	(7,500)
Forfeited (in shares)	(9,850)	(10,000)
Outstanding at end of the period (in shares)	2,257,425	3,174,950	2,252,275	3,052,450
Exercisable at end of the period (in shares)	1,867,025	2,272,675
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share)	$ 16.92	$ 16.65	$ 16.65
Granted (in dollars per share)	20.48	19.40
Exercised (in dollars per share)	14	16.62
Forfeited (in dollars per share)	22.53	17.83
Outstanding at end of the period (in dollars per share)	16.93	16.76	$ 16.92	$ 16.65
Exercisable at end of the period (in dollars per share)	$ 16.41	$ 16.16
Aggregate intrinsic value
Weighted average remaining life (in years)	5 years 10 months 21 days	6 years 8 months 12 days	6 years 1 month 6 days	6 years 10 months 24 days
Weighted average exercisable (in years)	5 years 5 months 16 days	6 years 1 month 6 days
Aggregate intrinsic value	$ 13,267	$ 11,748	$ 7,713	$ 16,421
Aggregate intrinsic value exercised	35	22
Aggregate intrinsic value exercisable	$ 11,872	$ 9,213

Shareholders' Equity _ Partn_11

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value (in dollars per share)	$ 2.85	$ 3.03
Expected term	7 years	7 years
Dividend yield	3.00%	3.00%
Volatility	17.30%	18.90%
Risk-free interest rate	2.60%	2.80%

Shareholders' Equity _ Partn_12

Shareholders' Equity / Partners' Capital - Restricted Stock Units (Details) - Restricted stock units - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Number of Restricted Stock Units
Restricted stock units at beginning of period (in shares)	372,375	243,875
Units awarded (in shares)	317,950	304,400
Units vested (in shares)	(110,650)	(79,525)
Units forfeited (in shares)	(5,400)	(5,625)
Restricted stock units at end of the period (in shares)	574,275	463,125

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income	$ 33,091	$ 21,525
Less:
Noncontrolling interest	3,026	1,114
Dividends on preferred shares/Preferred distributions	13,782	14,597
Allocation to participating securities	31	23
Numerator for basic income per common share/units - basic and diluted	$ 16,252	$ 5,791
Denominator
Weighted-average common shares outstanding - basic (in shares)	296,833,755	286,183,429
Effect of dilutive securities:
Share-based compensation plan (in shares)	611,186	544,434
Weighted-average common shares outstanding - diluted (in shares)	297,444,941	286,727,863
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.02
Diluted (in dollars per share)	$ 0.05	$ 0.02
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 33,091	$ 21,525
Less:
Noncontrolling interest	0	(11)
Dividends on preferred shares/Preferred distributions	13,782	14,597
Allocation to participating securities	31	23
Numerator for basic income per common share/units - basic and diluted	$ 19,278	$ 6,916
Denominator
Weighted-average common units outstanding - basic (in shares)	352,000,581	341,533,582
Effect of dilutive securities:
Share-based compensation plan (in shares)	611,186	544,434
Weighted-average common units outstanding - diluted (in shares)	352,611,767	342,078,016
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.05	$ 0.02
Diluted (in dollars per share)	$ 0.05	$ 0.02

Earnings per Share _ Unit - Nar

Earnings per Share / Unit - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	0	17,221,189
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	17,221,189

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	279	78
Single-family properties sales in escrow, selling price	$ 53.6	$ 13.6
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	15.1	25.3
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 50.8	$ 58.1
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	47	88

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Oct. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 38,522,000	$ 36,421,000
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	$ 6,400,000	6,900,000
Revolving Credit 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	0.825%
Revolving Credit 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	1.55%
Revolving Credit 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%
Revolving Credit 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	0.55%
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 29,800,000	31,000,000
Term Loan facility | Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 700,000	800,000
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	$ 8,100,000	4,700,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,986,953,000	1,992,510,000
Unsecured senior notes, net	895,494,000	497,454,000
Revolving credit facility	0	250,000,000
Term loan facility	100,000,000	100,000,000
Total debt	2,982,447,000	2,839,964,000
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	489,801,000	491,195,000
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	505,439,000	506,760,000
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	530,816,000	532,197,000
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	460,897,000	462,358,000
Carrying Value | 4.25% Senior Notes Due 2028
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	497,524,000	497,454,000
Carrying Value | 4.90% Senior Notes Due 2029
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	397,970,000	0
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,002,059,000	2,008,239,000
Unsecured senior notes, net	908,243,000	479,730,000
Revolving credit facility	0	250,000,000
Term loan facility	100,000,000	100,000,000
Total debt	3,010,302,000	2,837,969,000
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	492,993,000	494,820,000
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	510,007,000	511,450,000
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	533,069,000	534,666,000
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	465,990,000	467,303,000
Fair Value | 4.25% Senior Notes Due 2028 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	493,835,000	479,730,000
Fair Value | 4.90% Senior Notes Due 2029 | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	$ 414,408,000	$ 0

Fair Value - Fair Value Hierarc

Fair Value - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Liabilities:
Participating preferred shares/units derivative liability	$ 0	$ 0	$ 28,258	$ 29,470
Recurring | Significant Unobservable Inputs (Level 3)
Liabilities:
Participating preferred shares/units derivative liability	$ 0	$ 0

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred shares, derivative liability, Beginning Balance	$ 0	$ 29,470
Preferred shares, derivative liability, Conversions	0	0
Preferred shares, derivative liability, Remeasurement included in earnings	0	(1,212)
Preferred shares, derivative liability, Ending Balance	$ 0	$ 28,258

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2019USD ($)property	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Subsequent Event [Line Items]
Proceeds from the sale of real estate properties | $		$ 32,919	$ 11,967
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property	59
Purchase price to acquire real estate | $	$ 16,400
Number of internally developed properties developed | property	23
Number of real estate properties sold | property	44
Proceeds from the sale of real estate properties | $	$ 8,700