American Homes 4 Rent (AMH) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36013
Entity Registrant Name	AMERICAN HOMES 4 RENT
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-1229660
Entity Address, Address Line One	30601 Agoura Road, Suite 200
Entity Address, City or Town	Agoura Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91301
City Area Code	805
Local Phone Number	413-5300
Entity Current Reporting Statues	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001562401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		299,837,849
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
Series D Perpetual Preferred Shares/Units
Document Information
Title of 12(b) Security	Series D perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-D
Security Exchange Name	NYSE
Series E Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series E perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-E
Security Exchange Name	NYSE
Series F Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
American Homes 4 Rent, L.P.
Document Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Statues	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Single-family properties:
Land	$ 1,727,940	$ 1,713,496
Buildings and improvements	7,566,498	7,483,600
Single-family properties in operation	9,294,438	9,197,096
Less: accumulated depreciation	(1,316,920)	(1,176,499)
Single-family properties in operation, net	7,977,518	8,020,597
Single-family properties under development and development land	235,508	153,651
Single-family properties held for sale, net	276,581	318,327
Total real estate assets, net	8,489,607	8,492,575
Cash and cash equivalents	119,176	30,284
Restricted cash	165,734	144,930
Rent and other receivables, net	31,988	29,027
Escrow deposits, prepaid expenses and other assets	181,187	146,034
Deferred costs and other intangibles, net	8,986	12,686
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,142,623	9,001,481
Liabilities
Asset-backed securitizations, net	1,953,280	1,961,511
Unsecured senior notes, net	887,777	492,800
Accounts payable and accrued expenses	301,219	219,229
Amounts payable to affiliates	4,824	4,967
Total liabilities	3,147,100	3,027,739
Commitments and contingencies (see Note 12)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at June 30, 2019 and December 31, 2018)	354	354
Additional paid-in capital	5,784,398	5,732,466
Accumulated deficit	(482,354)	(491,214)
Accumulated other comprehensive income	7,062	7,393
Total shareholders’ equity	5,312,464	5,251,965
Limited partner:
Accumulated other comprehensive income	7,062	7,393
Noncontrolling interest	683,059	721,777
Total equity	5,995,523	5,973,742
Total liabilities and equity/capital	9,142,623	9,001,481
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,727,940	1,713,496
Buildings and improvements	7,566,498	7,483,600
Single-family properties in operation	9,294,438	9,197,096
Less: accumulated depreciation	(1,316,920)	(1,176,499)
Single-family properties in operation, net	7,977,518	8,020,597
Single-family properties under development and development land	235,508	153,651
Single-family properties held for sale, net	276,581	318,327
Total real estate assets, net	8,489,607	8,492,575
Cash and cash equivalents	119,176	30,284
Restricted cash	165,734	144,930
Rent and other receivables, net	31,988	29,027
Escrow deposits, prepaid expenses and other assets	181,010	145,807
Amounts due from affiliates	25,843	25,893
Deferred costs and other intangibles, net	8,986	12,686
Goodwill	120,279	120,279
Total assets	9,142,623	9,001,481
Liabilities
Asset-backed securitizations, net	1,953,280	1,961,511
Unsecured senior notes, net	887,777	492,800
Accounts payable and accrued expenses	301,219	219,229
Amounts payable to affiliates	4,824	4,967
Total liabilities	3,147,100	3,027,739
Commitments and contingencies (see Note 12)
Shareholders’ equity:
Accumulated other comprehensive income	8,305	8,786
Limited partner:
Accumulated other comprehensive income	8,305	8,786
Total capital	5,995,523	5,973,742
Total liabilities and equity/capital	9,142,623	9,001,481
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,450,967	4,390,137
Limited partner:
Limited partners, capital account	681,816	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	2,998	2,960
Class B common shares
Shareholders’ equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Credit facility	0	99,232
Term loan facility, net | American Homes 4 Rent, L.P.
Liabilities
Credit facility	0	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	Jun. 30, 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)	300,462,864	296,649,621
Common units, shares/units outstanding (in shares)	300,462,864	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)	52,226,980	55,316,826
Common units, shares/units outstanding (in shares)	52,226,980	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)	299,827,789	296,014,546
Common stock, shares outstanding (in shares)	299,827,789	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rents and other single-family property revenues	$ 279,914	$ 262,882	$ 557,608	$ 519,545
Other	1,946	1,601	3,456	2,942
Total revenues	281,860	264,483	561,064	522,487
Expenses:
General and administrative expense	10,486	9,677	19,921	18,908
Interest expense	32,571	31,978	64,486	61,279
Acquisition fees and costs expensed	970	1,321	1,804	2,632
Depreciation and amortization	82,840	78,319	164,001	157,622
Other	1,514	1,624	2,538	2,451
Total expenses	254,622	240,378	506,384	480,325
Gain on sale of single-family properties and other, net	13,725	3,240	19,374	5,496
Loss on early extinguishment of debt	(659)	(1,447)	(659)	(1,447)
Remeasurement of participating preferred units	0	0	0	1,212
Net income	40,304	25,898	73,395	47,423
Noncontrolling interest	4,004	(3,150)	7,030	(2,036)
Dividends on preferred shares/Preferred distributions	13,782	11,984	27,564	26,581
Redemption of participating preferred shares/units	0	32,215	0	32,215
Net income attributable to common shareholders/unitholders	$ 22,518	$ (15,151)	$ 38,801	$ (9,337)
Weighted-average shares/common units outstanding:
Basic (in shares)	299,466,526	295,462,572	298,157,413	290,848,633
Diluted (in shares)	299,991,084	295,462,572	298,676,788	290,848,633
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.08	$ (0.05)	$ 0.13	$ (0.03)
Diluted (in dollars per share)	$ 0.08	$ (0.05)	$ 0.13	$ (0.03)
American Homes 4 Rent, L.P.
Revenues:
Rents and other single-family property revenues	$ 279,914	$ 262,882	$ 557,608	$ 519,545
Other	1,946	1,601	3,456	2,942
Total revenues	281,860	264,483	561,064	522,487
Expenses:
General and administrative expense	10,486	9,677	19,921	18,908
Interest expense	32,571	31,978	64,486	61,279
Acquisition fees and costs expensed	970	1,321	1,804	2,632
Depreciation and amortization	82,840	78,319	164,001	157,622
Other	1,514	1,624	2,538	2,451
Total expenses	254,622	240,378	506,384	480,325
Gain on sale of single-family properties and other, net	13,725	3,240	19,374	5,496
Loss on early extinguishment of debt	(659)	(1,447)	(659)	(1,447)
Remeasurement of participating preferred units	0	0	0	1,212
Net income	40,304	25,898	73,395	47,423
Noncontrolling interest	0	(248)	0	(259)
Dividends on preferred shares/Preferred distributions	13,782	11,984	27,564	26,581
Redemption of participating preferred shares/units	0	32,215	0	32,215
Net income attributable to common shareholders/unitholders	$ 26,522	$ (18,053)	$ 45,831	$ (11,114)
Weighted-average shares/common units outstanding:
Basic (in shares)	352,363,754	350,812,725	352,183,171	346,198,786
Diluted (in shares)	352,888,312	350,812,725	352,702,546	346,198,786
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.08	$ (0.05)	$ 0.13	$ (0.03)
Diluted (in dollars per share)	$ 0.08	$ (0.05)	$ 0.13	$ (0.03)
Property operating expenses
Expenses:
Cost of goods and services sold	$ 104,591	$ 98,843	$ 211,275	$ 199,830
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	104,591	98,843	211,275	199,830
Property management expenses
Expenses:
Cost of goods and services sold	21,650	18,616	42,359	37,603
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 21,650	$ 18,616	$ 42,359	$ 37,603

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 40,304	$ 25,898	$ 73,395	$ 47,423
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(240)	(241)	(481)	(361)
Other comprehensive (loss) income	(240)	(241)	(481)	9,192
Comprehensive income	40,064	25,657	72,914	56,615
Comprehensive income (loss) attributable to noncontrolling interests	3,967	(3,209)	6,955	(566)
Dividends on preferred shares/Preferred distributions	13,782	11,984	27,564	26,581
Redemption of participating preferred shares/units	0	32,215	0	32,215
Comprehensive income (loss) attributable to common shareholders/unitholders	22,315	(15,333)	38,395	(1,615)
American Homes 4 Rent, L.P.
Net income	40,304	25,898	73,395	47,423
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	0	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(240)	(241)	(481)	(361)
Other comprehensive (loss) income	(240)	(241)	(481)	9,192
Comprehensive income	40,064	25,657	72,914	56,615
Comprehensive income (loss) attributable to noncontrolling interests	0	(248)	0	(259)
Dividends on preferred shares/Preferred distributions	13,782	11,984	27,564	26,581
Redemption of participating preferred shares/units	0	32,215	0	32,215
Comprehensive income (loss) attributable to common shareholders/unitholders	$ 26,282	$ (18,294)	$ 45,350	$ (1,922)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Shareholders’ equity	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances at Dec. 31, 2017	$ 5,875,824	$ 5,149,629	$ 2,861	$ 6	$ 384	$ 5,600,256	$ (453,953)	$ 75	$ 726,195
Beginning balance (in shares) at Dec. 31, 2017			286,114,637	635,075	38,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	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 common shares	(34,969)	(34,969)	$ (18)			(34,951)
Repurchase of 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, 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
Distributions to equity holders:
Preferred shares (Note 10)	(26,581)
Net income	47,423
Total other comprehensive income (loss)	9,192
Ending balances at Jun. 30, 2018	5,868,762	5,148,530	$ 2,954	$ 6	$ 308	5,630,321	(494,326)	9,267	720,232
Ending balance (in shares) at Jun. 30, 2018			295,383,159	635,075	30,750,000
Beginning balances at Mar. 31, 2018	5,840,650	5,116,109	$ 2,844	$ 6	$ 384	5,565,871	(462,504)	9,508	724,541
Beginning balance (in shares) at Mar. 31, 2018			284,369,661	635,075	38,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	943	943				943
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	3,068	3,068	$ 1			3,067
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			164,671
Redemptions of units	28,258	28,258	$ 109		$ (76)	60,440	(32,215)
Redemptions of units (in shares)			10,848,827		7,600,000
Liquidation of consolidated joint venture	(241)	(1,849)					(1,849)		1,608
Distributions to equity holders:
Preferred shares (Note 10)	(11,984)	(11,984)					(11,984)
Noncontrolling interests	(2,767)								(2,767)
Common shares ($0.05 per share)	(14,822)	(14,822)					(14,822)
Net income	25,898	29,048					29,048		(3,150)
Total other comprehensive income (loss)	(241)	(241)						(241)
Ending balances at Jun. 30, 2018	5,868,762	5,148,530	$ 2,954	$ 6	$ 308	5,630,321	(494,326)	9,267	720,232
Ending balance (in shares) at Jun. 30, 2018			295,383,159	635,075	30,750,000
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 units	0	6,522	$ 5			6,505		12	(6,522)
Redemptions of 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
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
Distributions to equity holders:
Preferred shares (Note 10)	(27,564)
Net income	73,395
Total other comprehensive income (loss)	(481)
Ending balances at Jun. 30, 2019	5,995,523	5,312,464	$ 2,998	$ 6	$ 354	5,784,398	(482,354)	7,062	683,059
Ending balance (in shares) at Jun. 30, 2019			299,827,789	635,075	35,350,000
Beginning balances at Mar. 31, 2019	5,975,372	5,259,870	$ 2,966	$ 6	$ 354	5,739,162	(489,820)	7,202	715,502
Beginning balance (in shares) at Mar. 31, 2019			296,592,376	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,269	1,269				1,269
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	10,263	10,263	$ 6			10,257
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			645,567
Redemptions of units	0	33,799	$ 26			33,710		63	(33,799)
Redemptions of units (in shares)			2,589,846
Distributions to equity holders:
Preferred shares (Note 10)	(13,782)	(13,782)					(13,782)
Noncontrolling interests	(2,611)								(2,611)
Common shares ($0.05 per share)	(15,052)	(15,052)					(15,052)
Net income	40,304	36,300					36,300		4,004
Total other comprehensive income (loss)	(240)	(203)						(203)	(37)
Ending balances at Jun. 30, 2019	$ 5,995,523	$ 5,312,464	$ 2,998	$ 6	$ 354	$ 5,784,398	$ (482,354)	$ 7,062	$ 683,059
Ending balance (in shares) at Jun. 30, 2019			299,827,789	635,075	35,350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 10,263	$ (760)	$ 3,068	$ (408)
Repurchases of Class A units				(34,969)
Distributions to equity holders:
Net income	40,304		25,898		$ 73,395	$ 47,423
Total other comprehensive income (loss)	(240)	(241)	(241)	9,433	(481)	9,192
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	5,975,372	5,973,742	5,840,650	5,875,824	5,973,742	5,875,824
Share-based compensation	1,269	952	943	975
Common units issued under share-based compensation plans, net of units withheld for employee taxes	10,263	(760)	3,068	(408)
Repurchases of Class A units				(34,969)
Redemption of units	0	0	28,258
Liquidation of consolidated joint venture			(241)
Distributions to equity holders:
Preferred units	(13,782)	(13,782)	(11,984)	(14,597)
Common units	(17,663)	(17,630)	(17,589)	(17,133)
Net income	40,304	33,091	25,898	21,525	73,395	47,423
Total other comprehensive income (loss)	(240)	(241)	(241)	9,433	(481)	9,192
Total capital, ending balance	5,995,523	5,975,372	5,868,762	5,840,650	5,995,523	5,868,762
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance			5,842,010	5,877,173		5,877,173
Share-based compensation			943	975
Common units issued under share-based compensation plans, net of units withheld for employee taxes			3,068	(408)
Repurchases of Class A units				(34,969)
Redemption of units			28,258
Liquidation of consolidated joint venture			(1,849)
Distributions to equity holders:
Preferred units			(11,984)	(14,597)
Common units			(17,589)	(17,133)
Net income			26,146	21,536
Total other comprehensive income (loss)			(241)	9,433
Total capital, ending balance			5,868,762	5,842,010		5,868,762
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	8,545	8,786	9,508	75	8,786	75
Distributions to equity holders:
Total other comprehensive income (loss)	(240)	(241)	(241)	9,433
Total capital, ending balance	8,305	8,545	9,267	9,508	8,305	9,267
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance			(1,360)	(1,349)		(1,349)
Liquidation of consolidated joint venture			1,608
Distributions to equity holders:
Net income			(248)	(11)
Total capital, ending balance			0	(1,360)		0
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 4,398,233	$ 4,390,137	$ 4,205,283	$ 4,248,236	$ 4,390,137	$ 4,248,236
Total capital, beginning balance (in shares)	297,227,451	296,649,621	285,004,736	286,749,712	296,649,621	286,749,712
Share-based compensation	$ 1,269	$ 952	$ 943	$ 975
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 10,263	$ (760)	$ 3,068	$ (408)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	645,567	77,830	164,671	59,187
Repurchases of Class A units				$ (34,969)
Repurchases of Class A units (in shares)				(1,804,163)
Redemption of units	$ 33,736	$ 6,510	$ 186,119
Redemption of units (in shares)	2,589,846	500,000	10,848,827
Liquidation of consolidated joint venture			$ (1,849)
Liquidation of consolidated joint venture (in units)			0
Distributions to equity holders:
Common units	$ (15,052)	$ (14,889)	$ (14,822)	$ (14,365)
Net income	22,518	16,283	17,064	5,814
Total capital, ending balance	$ 4,450,967	$ 4,398,233	$ 4,395,806	$ 4,205,283	$ 4,450,967	$ 4,395,806
Total capital, ending balance (in shares)	300,462,864	297,227,451	296,018,234	285,004,736	300,462,864	296,018,234
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 854,435	$ 854,435	$ 901,318	$ 901,318	$ 854,435	$ 901,318
Redemption of units			(157,861)
Distributions to equity holders:
Preferred units	(13,782)	(13,782)	(11,984)	(14,597)
Net income	13,782	13,782	11,984	14,597
Total capital, ending balance	854,435	854,435	743,457	901,318	854,435	743,457
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 714,159	$ 720,384	$ 725,901	$ 727,544	$ 720,384	$ 727,544
Total capital, beginning balance (in shares)	54,816,826	55,316,826	55,350,153	55,350,153	55,316,826	55,350,153
Redemption of units	$ (33,736)	$ (6,510)
Redemption of units (in shares)	2,589,846	500,000
Distributions to equity holders:
Common units	$ (2,611)	$ (2,741)	$ (2,767)	$ (2,768)
Net income	4,004	3,026	(2,902)	1,125
Total capital, ending balance	$ 681,816	$ 714,159	$ 720,232	$ 725,901	$ 681,816	$ 720,232
Total capital, ending balance (in shares)	52,226,980	54,816,826	55,350,153	55,350,153	52,226,980	55,350,153

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018
Common units, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 73,395	$ 47,423
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	164,001	157,622
Noncash amortization of deferred financing costs	3,976	3,888
Noncash amortization of discounts on debt instruments	217	1,941
Noncash amortization of cash flow hedging instrument	(481)	(361)
Noncash share-based compensation	2,221	1,918
Provision for bad debt	3,508	3,616
Loss on early extinguishment of debt	659	1,447
Remeasurement of participating preferred shares	0	(1,212)
Equity in net losses (earnings) of unconsolidated joint ventures	147	(587)
Net gain on sale of single-family properties and other	(19,374)	(5,496)
Loss on impairment of single-family properties	1,433	2,236
Other changes in operating assets and liabilities:
Rent and other receivables	(6,484)	(5,522)
Prepaid expenses and other assets	(8,140)	(12,167)
Deferred leasing costs	(2,129)	(5,834)
Accounts payable and accrued expenses	74,493	61,061
Amounts payable to affiliates	50	(8)
Net cash provided by operating activities	287,492	249,965
Investing activities
Cash paid for single-family properties	(71,361)	(206,137)
Change in escrow deposits for purchase of single-family properties	(198)	(4,357)
Net proceeds received from sales of single-family properties and other	87,172	30,142
Proceeds received from hurricane-related insurance claims	0	4,000
Investment in unconsolidated joint ventures	(2,265)	0
Distributions from joint ventures	6,314	2,440
Initial renovations to single-family properties	(16,513)	(33,030)
Recurring and other capital expenditures for single-family properties	(33,331)	(23,331)
Cash paid for development activity	(139,722)	(95,354)
Other purchases of productive assets	(129)	0
Net cash provided by (used for) investing activities	(170,033)	(325,627)
Financing activities
Repurchase of Class A common shares/units	0	(34,969)
Proceeds from exercise of stock options	10,336	2,755
Payments related to tax withholding for share-based compensation	(2,743)	(822)
Payments on asset-backed securitizations	(10,736)	(10,490)
Payments on secured note payable	0	(49,427)
Settlement of cash flow hedging instrument	0	9,628
Distributions to noncontrolling interests	(5,489)	(5,536)
Distributions to common shareholders/unitholders	(29,721)	(28,702)
Distributions to preferred shareholders/unitholders	(13,782)	(29,194)
Deferred financing costs paid	(3,572)	(5,100)
Net cash provided by (used for) financing activities	(7,763)	105,353
Net increase (decrease) in cash, cash equivalents and restricted cash	109,696	29,691
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 3)	284,910	212,514
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(52,980)	(47,663)
Supplemental schedule of noncash investing and financing activities
Accrued property acquisitions, renovations and development expenditures	9,837	979
Transfers of completed homebuilding deliveries to properties	51,946	37,541
Property and land contributions to an unconsolidated joint venture	(5,190)	0
Note receivable related to a bulk sale of properties, net of discount	29,474	0
Redemption of participating preferred units	0	(28,258)
Accrued distributions to affiliates	4,647	(149)
Accrued distributions to non-affiliates	26,780	(1,995)
American Homes 4 Rent, L.P.
Operating activities
Net income	73,395	47,423
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	164,001	157,622
Noncash amortization of deferred financing costs	3,976	3,888
Noncash amortization of discounts on debt instruments	217	1,941
Noncash amortization of cash flow hedging instrument	(481)	(361)
Noncash share-based compensation	2,221	1,918
Provision for bad debt	3,508	3,616
Loss on early extinguishment of debt	659	1,447
Remeasurement of participating preferred shares	0	(1,212)
Equity in net losses (earnings) of unconsolidated joint ventures	147	(587)
Net gain on sale of single-family properties and other	(19,374)	(5,496)
Loss on impairment of single-family properties	1,433	2,236
Other changes in operating assets and liabilities:
Rent and other receivables	(6,484)	(5,522)
Prepaid expenses and other assets	(8,140)	(12,167)
Deferred leasing costs	(2,129)	(5,834)
Accounts payable and accrued expenses	74,493	61,061
Amounts payable to affiliates	50	(8)
Net cash provided by operating activities	287,492	249,965
Investing activities
Cash paid for single-family properties	(71,361)	(206,137)
Change in escrow deposits for purchase of single-family properties	(198)	(4,357)
Net proceeds received from sales of single-family properties and other	87,172	30,142
Proceeds received from hurricane-related insurance claims	0	4,000
Investment in unconsolidated joint ventures	(2,265)	0
Distributions from joint ventures	6,314	2,440
Initial renovations to single-family properties	(16,513)	(33,030)
Recurring and other capital expenditures for single-family properties	(33,331)	(23,331)
Cash paid for development activity	(139,722)	(95,354)
Other purchases of productive assets	(129)	0
Net cash provided by (used for) investing activities	(170,033)	(325,627)
Financing activities
Repurchase of Class A common shares/units	0	(34,969)
Proceeds from exercise of stock options	10,336	2,755
Payments related to tax withholding for share-based compensation	(2,743)	(822)
Payments on asset-backed securitizations	(10,736)	(10,490)
Payments on secured note payable	0	(49,427)
Settlement of cash flow hedging instrument	0	9,628
Distributions to common shareholders/unitholders	(35,210)	(34,238)
Distributions to preferred shareholders/unitholders	(13,782)	(29,194)
Deferred financing costs paid	(3,572)	(5,100)
Net cash provided by (used for) financing activities	(7,763)	105,353
Net increase (decrease) in cash, cash equivalents and restricted cash	109,696	29,691
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 3)	284,910	212,514
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(52,980)	(47,663)
Supplemental schedule of noncash investing and financing activities
Accrued property acquisitions, renovations and development expenditures	9,837	979
Transfers of completed homebuilding deliveries to properties	51,946	37,541
Property and land contributions to an unconsolidated joint venture	(5,190)	0
Note receivable related to a bulk sale of properties, net of discount	29,474	0
Redemption of participating preferred units	0	(28,258)
Accrued distributions to affiliates	4,647	(149)
Accrued distributions to non-affiliates	26,780	(1,995)
Term Loan facility
Financing activities
Payments on revolving credit facility	(100,000)	(100,000)
Term Loan facility | American Homes 4 Rent, L.P.
Financing activities
Payments on revolving credit facility	(100,000)	(100,000)
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	6 Months Ended
	Jun. 30, 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 June 30, 2019 , the Company held 52,634 single-family properties in 22 states, including 1,664 properties classified as held for sale. AH4R is the general partner of, and as of June 30, 2019 , owned an approximate 85.2% common partnership interest in, the Operating Partnership with the remaining 14.8% common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 statement 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. Accounting Pronouncements Adopted January 1, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 this guidance during the three and six months ended June 30, 2018 , the Company would have expensed an additional $1.8 million and $3.4 million , respectively, 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 condensed 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 condensed 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. An entity should only remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , 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. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which provides further clarification around some of the amendments in ASU 2016-13. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief , which provides entities that have certain instruments within the scope of Topic 326 with an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis upon adoption of Topic 326. 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. An entity will apply the amendments in these ASUs through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of the guidance. The Company is currently assessing the impact of the guidance 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 of significant unobservable inputs used to develop 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 amendments on the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 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 amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the impact of the guidance on our financial statements.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash 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): June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 119,176 $ 53,504 $ 30,284 $ 46,156 Restricted cash 165,734 159,010 144,930 136,667 Total cash, cash equivalents and restricted cash $ 284,910 $ 212,514 $ 175,214 $ 182,823

Real Estate Assets, Net

Real Estate Assets, Net	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Occupied single-family properties $ 7,674,364 $ 7,448,330 Single-family properties recently acquired 19,074 212,870 Single-family properties in turnover process 218,600 294,093 Single-family properties leased, not yet occupied 65,480 65,304 Single-family properties in operation, net (1) 7,977,518 8,020,597 Development land 144,052 97,207 Single-family properties under development 91,456 56,444 Single-family properties held for sale 276,581 318,327 Total real estate assets, net $ 8,489,607 $ 8,492,575 (1) Single-family properties in operation, net as of June 30, 2019 and December 31, 2018 included $0.2 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 $78.6 million and $74.1 million for the three months ended June 30, 2019 and 2018 , respectively, and $155.4 million and $149.5 million for the six months ended June 30, 2019 and 2018 , respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2019 and 2018 (in thousands, except property data): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Single-family properties: Properties sold 433 113 613 216 Net proceeds (1) $ 82,828 $ 18,175 $ 115,451 $ 29,642 Net gain on sale $ 13,569 $ 3,240 $ 19,149 $ 5,358 Land: Net proceeds $ 899 $ — $ 1,195 $ 500 Net gain on sale $ 156 $ — $ 225 $ 138 (1) Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6 ).

Rent and Other Receivables, Net

Rent and Other Receivables, Net	6 Months Ended
	Jun. 30, 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 $10.7 million and $8.6 million as of June 30, 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 $1.4 million of non-tenant receivables as of June 30, 2019 , compared to $4.9 million of hurricane-related insurance claims receivable as of December 31, 2018 . Rents and other single-family property revenues consisted of the following for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Rents from single-family properties (1) $ 279,914 $ 227,211 $ 557,608 $ 445,234 Fees from single-family properties — 2,754 — 5,587 Tenant charge-backs — 32,917 — 68,724 Rents and other single-family property revenues $ 279,914 $ 262,882 $ 557,608 $ 519,545 (1) For the three and six months ended June 30, 2019 , rents from single-family properties included $35.3 million and $75.3 million , respectively, of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, as well as $3.5 million and $6.5 million , respectively, of variable lease payments for fees from single-family properties. 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 June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, 2019 December 31, 2018 2019 $ 355,553 $ 446,745 2020 163,123 4,857 2021 4,738 251 2022 196 98 2023 40 19 Thereafter 20 — Total $ 523,670 $ 451,970

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	6 Months Ended
	Jun. 30, 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 for the Company as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 43,432 $ 38,642 Investments in joint ventures 58,517 56,789 Notes receivable 35,638 6,012 Commercial real estate, vehicles and FF&E, net 43,600 44,591 Total $ 181,187 $ 146,034 Depreciation expense related to commercial real estate, vehicles and FF&E, net was $1.8 million and $1.7 million for the three months ended June 30, 2019 and 2018 , respectively, and $3.7 million and $3.4 million for the six months ended June 30, 2019 and 2018 , respectively. Investments in Joint Ventures 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 June 30, 2019 and December 31, 2018 , the balance of the Company’s investment in the joint venture was $20.7 million and $18.0 million , respectively, which is included in escrow deposits, prepaid expenses and other assets on the condensed consolidated balance sheets. In July 2019, the joint venture parties amended the agreement to increase the size of the partnership to $312.5 million and extend the term of the joint venture to five years from the date of the amendment. The other principal terms of the agreement remain the same. The changes to the agreement do not impact the accounting treatment of the joint venture. Notes Receivable In June 2019, as part of a bulk portfolio disposition of 215 homes, the Company issued a $30.7 million secured promissory note, which is secured by a first priority mortgage on the disposed homes, guaranteed by a parent of the borrower, matures on June 20, 2025, bears interest at 2.70% through October 31, 2019 and 4.50% thereafter to maturity, and contains certain required covenants. The secured promissory note requires quarterly interest payments with the full principal due at maturity. As of June 30, 2019 , the secured note receivable, net of a $1.2 million discount, had a balance of $29.5 million included in escrow deposits, prepaid expenses and other assets on the condensed consolidated balance sheet. The Company analyzes its notes receivables quarterly based on certain factors including, but not limited to, the borrower’s financial results and satisfying scheduled payments. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. As part of the monitoring process we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Deferred leasing costs $ 7,521 $ 11,912 Deferred financing costs 11,245 11,246 Intangible assets: Database 2,100 2,100 20,866 25,258 Less: accumulated amortization (11,880 ) (12,572 ) Total $ 8,986 $ 12,686 Amortization expense related to deferred leasing costs, the value of in-place leases, and database intangibles was $2.4 million and $2.5 million for the three months ended June 30, 2019 and 2018 , respectively, and $4.9 million and $4.7 million for the six months ended June 30, 2019 and 2018 , respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million for both the three months ended June 30, 2019 and 2018 and $1.0 million for both the six months ended June 30, 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 June 30, 2019 for future periods (in thousands): Deferred Deferred Database Total Remaining 2019 $ 2,360 $ 990 $ 150 $ 3,500 2020 453 1,969 132 2,554 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 2,813 $ 5,891 $ 282 $ 8,986

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 488,519 $ 491,195 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 504,119 506,760 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 529,433 532,197 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 459,703 462,358 Total asset-backed securitizations 1,981,774 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) 3.60% June 30, 2022 — 250,000 Term loan facility (6) N/A N/A — 100,000 Total debt 2,881,774 2,842,510 Unamortized discounts on unsecured senior notes (4,385 ) (2,546 ) Deferred financing costs, net (7) (36,332 ) (36,421 ) Total debt per balance sheet $ 2,841,057 $ 2,803,543 (1) Interest rates are as of June 30, 2019 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the 2028 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 and bears interest at a London Inter-Bank Offered Rate (“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% . (6) The term loan was fully repaid in June 2019. Prior to repayment, the term loan component of our credit facility bore 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% . (7) 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 for both the three months ended June 30, 2019 and 2018 and $3.0 million and $2.9 million for the six months ended June 30, 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 June 30, 2019 (in thousands): Remaining 2019 $ 10,358 2020 20,714 2021 20,714 2022 20,714 2023 20,714 Thereafter 2,788,560 Total debt $ 2,881,774 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 for general corporate 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 and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gross interest $ 35,221 $ 33,341 $ 69,833 $ 65,078 Capitalized interest (2,650 ) (1,363 ) (5,347 ) (3,799 ) Interest expense $ 32,571 $ 31,978 $ 64,486 $ 61,279

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 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 June 30, 2019 , and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Accrued property taxes $ 93,653 $ 40,566 Resident security deposits 86,220 83,406 Accrued distribution payable 26,780 12,809 Accrued interest 24,208 16,413 Prepaid rent 23,382 22,506 Accrued construction and maintenance liabilities 15,737 18,371 Accounts payable 1,750 195 Other accrued liabilities 29,489 24,963 Total $ 301,219 $ 219,229

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	6 Months Ended
	Jun. 30, 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 June 30, 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 six months ended June 30, 2019 , we did not repurchase and retire any of our shares. During the six months ended June 30, 2018 , the Company repurchased and retired 1.8 million of our Class A common shares on a settlement date basis, in accordance with the program, at a weighted-average price of $19.36 per share and a total price of $34.9 million . As of June 30, 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 June 30, 2019 and December 31, 2018 , the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 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 The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Three Months Ended Security June 30, 2019 March 31, 2019 June 30, 2018 March 31, 2018 Class A and Class B common shares $ 0.05 $ 0.05 $ 0.05 $ 0.05 5.500% Series C participating preferred shares — — — 0.34 6.500% Series D perpetual preferred shares 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 — — 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 51,629,990 and 54,243,317 , or approximately 14.6% and 15.4% , of the total 352,689,844 and 351,966,447 Class A units in the Operating Partnership as of June 30, 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 596,990 and 1,073,509 , or approximately 0.2% and 0.3% , of the total 352,689,844 and 351,966,447 Class A units in the Operating Partnership as of June 30, 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 and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net income (loss) allocated to Class A units $ 4,004 $ (2,902 ) $ 7,030 $ (1,777 ) Net loss allocated to noncontrolling interest in a consolidated subsidiary — (248 ) — (259 ) Total noncontrolling interest $ 4,004 $ (3,150 ) $ 7,030 $ (2,036 ) 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 and non-management members of our board of trustees. During the six months ended June 30, 2019 and 2018 , the Company granted stock options for 20,000 and 140,000 Class A common shares, respectively, and 343,334 and 304,400 restricted stock units, respectively, to certain employees of the Company and members of our board of trustees under the Plan. The options and restricted stock units granted during the six months ended June 30, 2019 and 2018 generally vest over a four -year service period and the options expire 10 years from the date of grant. Restricted stock units granted to non-management trustees during the six months ended June 30, 2019 vest over a one-year service period. The following table summarizes stock option activity under the Plan for the six months ended June 30, 2019 and 2018 : Shares Weighted-Average Weighted-Average Aggregate (1) (in thousands) Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (171,875 ) 16.04 787 Forfeited (66,250 ) 17.69 Options outstanding at June 30, 2018 2,954,325 $ 16.79 6.0 $ 16,347 Options exercisable at June 30, 2018 2,174,550 $ 16.20 5.3 $ 13,123 Options outstanding at January 1, 2019 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (650,375 ) 15.89 5,336 Forfeited (12,350 ) 20.80 Options outstanding at June 30, 2019 1,609,550 $ 17.35 5.8 $ 11,209 Options exercisable at June 30, 2019 1,240,400 $ 16.72 5.3 $ 9,413 (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 grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the six months ended June 30, 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 six months ended June 30, 2019 and 2018 : 2019 2018 Restricted stock units at beginning of period 372,375 243,875 Units awarded 343,334 304,400 Units vested (110,900 ) (80,025 ) Units forfeited (8,700 ) (48,375 ) Restricted stock units at end of period 596,109 419,875 The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation relating to centralized and field property management employees is included in property management expenses. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 General and administrative expense $ 923 $ 520 $ 1,582 $ 1,118 Property management expenses 346 423 639 800 Total noncash share-based compensation expense $ 1,269 $ 943 $ 2,221 $ 1,918

Earnings per Share _ Unit

Earnings per Share / Unit	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Numerator: Net income $ 40,304 $ 25,898 $ 73,395 $ 47,423 Less: Noncontrolling interest 4,004 (3,150 ) 7,030 (2,036 ) Dividends on preferred shares 13,782 11,984 27,564 26,581 Redemption of participating preferred shares — 32,215 — 32,215 Allocation to participating securities (1) 45 — 75 — Numerator for income (loss) per common share–basic and diluted $ 22,473 $ (15,151 ) $ 38,726 $ (9,337 ) Denominator: Weighted-average common shares outstanding–basic 299,466,526 295,462,572 298,157,413 290,848,633 Effect of dilutive securities: Share-based compensation plan (2) 524,558 — 519,375 — Weighted-average common shares outstanding–diluted (3) 299,991,084 295,462,572 298,676,788 290,848,633 Net income (loss) per common share: Basic $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) Diluted $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) (1) Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (3) The computation of diluted earnings per share for the three months ended June 30, 2019 and 2018 excludes an aggregate of 94,840 and 6,974,868 potentially dilutive securities, respectively, and for the six months ended June 30, 2019 and 2018 excludes an aggregate of 128,520 and 6,971,928 potentially dilutive securities, respectively, which include 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 anti-dilutive 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 condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income or loss per common unit on a basic and diluted basis for the three and six months ended June 30, 2019 and 2018 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Numerator: Net income $ 40,304 $ 25,898 $ 73,395 $ 47,423 Less: Noncontrolling interest — (248 ) — (259 ) Preferred distributions 13,782 11,984 27,564 26,581 Redemption of participating preferred units — 32,215 — 32,215 Allocation to participating securities (1) 45 — 75 — Numerator for income (loss) per common unit–basic and diluted $ 26,477 $ (18,053 ) $ 45,756 $ (11,114 ) Denominator: Weighted-average common units outstanding–basic 352,363,754 350,812,725 352,183,171 346,198,786 Effect of dilutive securities: Share-based compensation plan (2) 524,558 — 519,375 — Weighted-average common units outstanding–diluted (3) 352,888,312 350,812,725 352,702,546 346,198,786 Net income (loss) per common unit: Basic $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) Diluted $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) (1) Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (3) The computation of diluted earnings per unit for the three months ended June 30, 2019 and 2018 excludes an aggregate of 94,840 and 6,974,868 potentially dilutive securities, respectively, and for the six months ended June 30, 2019 and 2018 excludes an aggregate of 128,520 and 6,971,928 potentially dilutive securities, which include 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 anti-dilutive to the respective periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2019 , the Company had commitments to acquire 10 single-family properties for an aggregate purchase price of $3.3 million , as well as $56.2 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 June 30, 2019 and December 31, 2018 , the Company had sales in escrow for approximately 190 and 78 of our single-family properties, respectively, for aggregate selling prices of $36.8 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	6 Months Ended
	Jun. 30, 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 are also financial instruments which are classified as Level 2 in the fair value hierarchy as their fair values are estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value (1) Fair Value AH4R 2014-SFR2 securitization $ 481,749 $ 493,762 $ 483,790 $ 494,820 AH4R 2014-SFR3 securitization 497,106 512,386 499,108 511,450 AH4R 2015-SFR1 securitization 521,771 535,892 523,865 534,666 AH4R 2015-SFR2 securitization 452,654 467,750 454,748 467,303 Total asset-backed securitizations (1) 1,953,280 2,009,790 1,961,511 2,008,239 2028 unsecured senior notes, net 493,195 517,880 492,800 479,730 2029 unsecured senior notes, net 394,582 434,488 — — Total unsecured senior notes, net (1) 887,777 952,368 492,800 479,730 Revolving credit facility (2) — — 250,000 250,000 Term loan facility (1) (2) — — 99,232 100,000 Total debt $ 2,841,057 $ 2,962,158 $ 2,803,543 $ 2,837,969 (1) To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility have been presented net of unamortized deferred financing costs of $31.0 million , $4.7 million and $0.8 million , respectively, as of December 31, 2018 . The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts. (2) As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 8 ), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value. 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 estimated amount of existing gains that are reported in accumulated other comprehensive income at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $1.0 million . 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. On April 5, 2018, the Company redeemed all outstanding participating preferred shares through a conversion of those participating preferred shares into Class A common shares. As a result of the redemption, the Company recorded a $32.2 million allocation of income to the Series C participating preferred shareholders in the second quarter of 2018, which represents the initial liquidation value of the Series C participating preferred shares in excess of the original equity carrying value of the Series C participating preferred shares as of the redemption date. The following table presents changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the six months ended June 30, 2018 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings June 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ —

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From July 1, 2019 through July 31, 2019, the Company added 53 properties to its portfolio for a total cost of approximately $13.6 million , which included 34 homes developed through our internal construction program. Subsequent Dispositions From July 1, 2019 through July 31, 2019, the Company disposed of 110 properties for aggregate net proceeds of approximately $21.9 million .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 statement 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 this guidance during the three and six months ended June 30, 2018 , the Company would have expensed an additional $1.8 million and $3.4 million , respectively, 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 condensed 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 condensed 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. An entity should only remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , 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. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which provides further clarification around some of the amendments in ASU 2016-13. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief , which provides entities that have certain instruments within the scope of Topic 326 with an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis upon adoption of Topic 326. 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. An entity will apply the amendments in these ASUs through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of the guidance. The Company is currently assessing the impact of the guidance 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 of significant unobservable inputs used to develop 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 amendments on the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 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 amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. 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)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 119,176 $ 53,504 $ 30,284 $ 46,156 Restricted cash 165,734 159,010 144,930 136,667 Total cash, cash equivalents and restricted cash $ 284,910 $ 212,514 $ 175,214 $ 182,823
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): June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 119,176 $ 53,504 $ 30,284 $ 46,156 Restricted cash 165,734 159,010 144,930 136,667 Total cash, cash equivalents and restricted cash $ 284,910 $ 212,514 $ 175,214 $ 182,823

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Single-Family Properties, Net	The net book value of real estate assets consisted of the following as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Occupied single-family properties $ 7,674,364 $ 7,448,330 Single-family properties recently acquired 19,074 212,870 Single-family properties in turnover process 218,600 294,093 Single-family properties leased, not yet occupied 65,480 65,304 Single-family properties in operation, net (1) 7,977,518 8,020,597 Development land 144,052 97,207 Single-family properties under development 91,456 56,444 Single-family properties held for sale 276,581 318,327 Total real estate assets, net $ 8,489,607 $ 8,492,575 (1) Single-family properties in operation, net as of June 30, 2019 and December 31, 2018 included $0.2 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. The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2019 and 2018 (in thousands, except property data): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Single-family properties: Properties sold 433 113 613 216 Net proceeds (1) $ 82,828 $ 18,175 $ 115,451 $ 29,642 Net gain on sale $ 13,569 $ 3,240 $ 19,149 $ 5,358 Land: Net proceeds $ 899 $ — $ 1,195 $ 500 Net gain on sale $ 156 $ — $ 225 $ 138 (1) Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6 ).

Rent and Other Receivables, N_2

Rent and Other Receivables, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Lease Income Derived from Single-family Properties	Rents and other single-family property revenues consisted of the following for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Rents from single-family properties (1) $ 279,914 $ 227,211 $ 557,608 $ 445,234 Fees from single-family properties — 2,754 — 5,587 Tenant charge-backs — 32,917 — 68,724 Rents and other single-family property revenues $ 279,914 $ 262,882 $ 557,608 $ 519,545 (1) For the three and six months ended June 30, 2019 , rents from single-family properties included $35.3 million and $75.3 million , respectively, of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, as well as $3.5 million and $6.5 million , respectively, of variable lease payments for fees from single-family properties.
Future Minimum Rental Revenues Under Leases Existing on Properties - 842	Future minimum rental revenues under existing leases on our properties as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, 2019 December 31, 2018 2019 $ 355,553 $ 446,745 2020 163,123 4,857 2021 4,738 251 2022 196 98 2023 40 19 Thereafter 20 — Total $ 523,670 $ 451,970
Future Minimum Rental Revenues Under Leases Existing on Properties - 840	Future minimum rental revenues under existing leases on our properties as of June 30, 2019 and December 31, 2018 were as follows (in thousands): June 30, 2019 December 31, 2018 2019 $ 355,553 $ 446,745 2020 163,123 4,857 2021 4,738 251 2022 196 98 2023 40 19 Thereafter 20 — Total $ 523,670 $ 451,970

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	6 Months Ended
	Jun. 30, 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 for the Company as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 43,432 $ 38,642 Investments in joint ventures 58,517 56,789 Notes receivable 35,638 6,012 Commercial real estate, vehicles and FF&E, net 43,600 44,591 Total $ 181,187 $ 146,034

Deferred Costs and Other Inta_2

Deferred Costs and Other Intangibles, Net (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Deferred leasing costs $ 7,521 $ 11,912 Deferred financing costs 11,245 11,246 Intangible assets: Database 2,100 2,100 20,866 25,258 Less: accumulated amortization (11,880 ) (12,572 ) Total $ 8,986 $ 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 June 30, 2019 for future periods (in thousands): Deferred Deferred Database Total Remaining 2019 $ 2,360 $ 990 $ 150 $ 3,500 2020 453 1,969 132 2,554 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 2,813 $ 5,891 $ 282 $ 8,986

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of June 30, 2019 and December 31, 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 488,519 $ 491,195 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 504,119 506,760 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 529,433 532,197 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 459,703 462,358 Total asset-backed securitizations 1,981,774 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) 3.60% June 30, 2022 — 250,000 Term loan facility (6) N/A N/A — 100,000 Total debt 2,881,774 2,842,510 Unamortized discounts on unsecured senior notes (4,385 ) (2,546 ) Deferred financing costs, net (7) (36,332 ) (36,421 ) Total debt per balance sheet $ 2,841,057 $ 2,803,543 (1) Interest rates are as of June 30, 2019 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the 2028 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 and bears interest at a London Inter-Bank Offered Rate (“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% . (6) The term loan was fully repaid in June 2019. Prior to repayment, the term loan component of our credit facility bore 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% . (7) 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 for both the three months ended June 30, 2019 and 2018 and $3.0 million and $2.9 million for the six months ended June 30, 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 June 30, 2019 (in thousands): Remaining 2019 $ 10,358 2020 20,714 2021 20,714 2022 20,714 2023 20,714 Thereafter 2,788,560 Total debt $ 2,881,774
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 and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Gross interest $ 35,221 $ 33,341 $ 69,833 $ 65,078 Capitalized interest (2,650 ) (1,363 ) (5,347 ) (3,799 ) Interest expense $ 32,571 $ 31,978 $ 64,486 $ 61,279

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of June 30, 2019 , and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Accrued property taxes $ 93,653 $ 40,566 Resident security deposits 86,220 83,406 Accrued distribution payable 26,780 12,809 Accrued interest 24,208 16,413 Prepaid rent 23,382 22,506 Accrued construction and maintenance liabilities 15,737 18,371 Accounts payable 1,750 195 Other accrued liabilities 29,489 24,963 Total $ 301,219 $ 219,229

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of June 30, 2019 and December 31, 2018 , the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 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
Schedule of Distributions Made During Period	The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Three Months Ended Security June 30, 2019 March 31, 2019 June 30, 2018 March 31, 2018 Class A and Class B common shares $ 0.05 $ 0.05 $ 0.05 $ 0.05 5.500% Series C participating preferred shares — — — 0.34 6.500% Series D perpetual preferred shares 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 — —
Noncontrolling Interest Activity in Condensed Consolidated Statements of Operations	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net income (loss) allocated to Class A units $ 4,004 $ (2,902 ) $ 7,030 $ (1,777 ) Net loss allocated to noncontrolling interest in a consolidated subsidiary — (248 ) — (259 ) Total noncontrolling interest $ 4,004 $ (3,150 ) $ 7,030 $ (2,036 )
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the six months ended June 30, 2019 and 2018 : Shares Weighted-Average Weighted-Average Aggregate (1) (in thousands) Options outstanding at January 1, 2018 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (171,875 ) 16.04 787 Forfeited (66,250 ) 17.69 Options outstanding at June 30, 2018 2,954,325 $ 16.79 6.0 $ 16,347 Options exercisable at June 30, 2018 2,174,550 $ 16.20 5.3 $ 13,123 Options outstanding at January 1, 2019 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (650,375 ) 15.89 5,336 Forfeited (12,350 ) 20.80 Options outstanding at June 30, 2019 1,609,550 $ 17.35 5.8 $ 11,209 Options exercisable at June 30, 2019 1,240,400 $ 16.72 5.3 $ 9,413 (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 grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs used for Valuation of Stock Options Outstanding	The following table summarizes the Black-Scholes Option Pricing Model inputs used for valuation of the stock options for Class A common shares granted during the six months ended June 30, 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 six months ended June 30, 2019 and 2018 : 2019 2018 Restricted stock units at beginning of period 372,375 243,875 Units awarded 343,334 304,400 Units vested (110,900 ) (80,025 ) Units forfeited (8,700 ) (48,375 ) Restricted stock units at end of period 596,109 419,875
Summary of Activity in Noncash Share-Based Compensation Expense	The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 General and administrative expense $ 923 $ 520 $ 1,582 $ 1,118 Property management expenses 346 423 639 800 Total noncash share-based compensation expense $ 1,269 $ 943 $ 2,221 $ 1,918

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Numerator: Net income $ 40,304 $ 25,898 $ 73,395 $ 47,423 Less: Noncontrolling interest 4,004 (3,150 ) 7,030 (2,036 ) Dividends on preferred shares 13,782 11,984 27,564 26,581 Redemption of participating preferred shares — 32,215 — 32,215 Allocation to participating securities (1) 45 — 75 — Numerator for income (loss) per common share–basic and diluted $ 22,473 $ (15,151 ) $ 38,726 $ (9,337 ) Denominator: Weighted-average common shares outstanding–basic 299,466,526 295,462,572 298,157,413 290,848,633 Effect of dilutive securities: Share-based compensation plan (2) 524,558 — 519,375 — Weighted-average common shares outstanding–diluted (3) 299,991,084 295,462,572 298,676,788 290,848,633 Net income (loss) per common share: Basic $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) Diluted $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) (1) Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (3) The computation of diluted earnings per share for the three months ended June 30, 2019 and 2018 excludes an aggregate of 94,840 and 6,974,868 potentially dilutive securities, respectively, and for the six months ended June 30, 2019 and 2018 excludes an aggregate of 128,520 and 6,971,928 potentially dilutive securities, respectively, which include 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 anti-dilutive 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 condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income or loss per common unit on a basic and diluted basis for the three and six months ended June 30, 2019 and 2018 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Numerator: Net income $ 40,304 $ 25,898 $ 73,395 $ 47,423 Less: Noncontrolling interest — (248 ) — (259 ) Preferred distributions 13,782 11,984 27,564 26,581 Redemption of participating preferred units — 32,215 — 32,215 Allocation to participating securities (1) 45 — 75 — Numerator for income (loss) per common unit–basic and diluted $ 26,477 $ (18,053 ) $ 45,756 $ (11,114 ) Denominator: Weighted-average common units outstanding–basic 352,363,754 350,812,725 352,183,171 346,198,786 Effect of dilutive securities: Share-based compensation plan (2) 524,558 — 519,375 — Weighted-average common units outstanding–diluted (3) 352,888,312 350,812,725 352,702,546 346,198,786 Net income (loss) per common unit: Basic $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) Diluted $ 0.08 $ (0.05 ) $ 0.13 $ (0.03 ) (1) Unvested restricted stock units that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (3) The computation of diluted earnings per unit for the three months ended June 30, 2019 and 2018 excludes an aggregate of 94,840 and 6,974,868 potentially dilutive securities, respectively, and for the six months ended June 30, 2019 and 2018 excludes an aggregate of 128,520 and 6,971,928 potentially dilutive securities, which include 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 anti-dilutive to the respective periods.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value (1) Fair Value AH4R 2014-SFR2 securitization $ 481,749 $ 493,762 $ 483,790 $ 494,820 AH4R 2014-SFR3 securitization 497,106 512,386 499,108 511,450 AH4R 2015-SFR1 securitization 521,771 535,892 523,865 534,666 AH4R 2015-SFR2 securitization 452,654 467,750 454,748 467,303 Total asset-backed securitizations (1) 1,953,280 2,009,790 1,961,511 2,008,239 2028 unsecured senior notes, net 493,195 517,880 492,800 479,730 2029 unsecured senior notes, net 394,582 434,488 — — Total unsecured senior notes, net (1) 887,777 952,368 492,800 479,730 Revolving credit facility (2) — — 250,000 250,000 Term loan facility (1) (2) — — 99,232 100,000 Total debt $ 2,841,057 $ 2,962,158 $ 2,803,543 $ 2,837,969 (1) To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility have been presented net of unamortized deferred financing costs of $31.0 million , $4.7 million and $0.8 million , respectively, as of December 31, 2018 . The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts. (2) As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 8 ), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value.
Changes in Fair Value of Level 3 Financial Instruments	The following table presents changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the condensed consolidated statements of operations for the six months ended June 30, 2018 (in thousands): Description January 1, 2018 Conversions Remeasurement included in earnings June 30, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ —

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)propertystatesingle_family_property	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Number of states | state	22
General partner interest	85.20%
Limited partner interest	14.80%
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property	52,634
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	1,664

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 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	$ 1.8	$ 3.4

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 119,176	$ 30,284	$ 53,504	$ 46,156
Restricted cash	165,734	144,930	159,010	136,667
Total cash, cash equivalents and restricted cash	$ 284,910	$ 175,214	$ 212,514	$ 182,823

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 7,977,518	$ 8,020,597
Development land	144,052	97,207
Single-family properties under development	91,456	56,444
Single-family properties held for sale, net	276,581	318,327
Total real estate assets, net	8,489,607	8,492,575
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	8,489,607	8,492,575
Single Family Homes | Single-family properties recently acquired
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	19,074	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	218,600	294,093
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	7,674,364	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	$ 65,480	$ 65,304

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2018USD ($)
Property Subject to or Available for Operating Lease
Proceeds from the sale of real estate properties				$ 87,172	$ 30,142
Secured Promissory Note Maturing June 2025 | Disposal Group, Not Discontinued Operations | Bulk Portfolio Disposition
Property Subject to or Available for Operating Lease
Note receivable, gross	$ 30,700	$ 30,700		30,700
Unamortized discount	1,200	1,200		1,200
Single Family Homes
Property Subject to or Available for Operating Lease
Real estate investment properties unrecorded deed	$ 200	200		200		$ 5,900
Depreciation expense		$ 78,600	$ 74,100	$ 155,400	$ 149,500
Number of real estate properties sold | property		433	113	613	216
Proceeds from the sale of real estate properties		$ 82,828	$ 18,175	$ 115,451	$ 29,642
Net gain (loss) on sale of single-family properties and other		13,569	3,240	19,149	5,358
Proceeds from sale of land		899	0	1,195	500
Gain (loss) on land sold		$ 156	$ 0	$ 225	$ 138
Single Family Homes | Disposal Group, Not Discontinued Operations | Bulk Portfolio Disposition
Property Subject to or Available for Operating Lease
Number of real estate properties sold | property	215

Rent and Other Receivables, N_3

Rent and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Allowance for doubtful accounts	$ 10,700	$ 8,600
Hurricane-related insurance claims receivable	4,900	4,900
Non-tenant receivables	$ 1,400
Lease agreement term (in years)	1 year
Future Minimum Rental Revenues under ASC 842
2019	$ 355,553
2020	163,123
2021	4,738
2022	196
2023	40
Thereafter	20
Total	$ 523,670
Future Minimum Rental Revenues under ASC 840
2019		446,745
2020		4,857
2021		251
2022		98
2023		19
Thereafter		0
Total		$ 451,970

Rent and Other Receivables, N_4

Rent and Other Receivables, Net - Summary of Single-Family Properties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rents and other single-family property revenues	$ 279,914	$ 262,882	$ 557,608	$ 519,545
Single Family Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rents from single-family properties	279,914	227,211	557,608	445,234
Fees from single-family properties	0	2,754	0	5,587
Tenant charge-backs	0	32,917	0	68,724
Rents and other single-family property revenues	279,914	$ 262,882	557,608	$ 519,545
Tenant chargebacks	35,300		75,300
Late fees and application fees	$ 3,500		$ 6,500

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary and Investments in Joint Ventures (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2019	Aug. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other			$ 43,432		$ 43,432		$ 38,642
Investments in joint ventures			58,517		58,517		56,789
Notes receivable			35,638		35,638		6,012
Commercial real estate, vehicles and FF&E, net			43,600		43,600		44,591
Total			181,187		181,187		146,034
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Schedule of Equity Method Investments [Line Items]
Depreciation expense			1,800	$ 1,700	3,700	$ 3,400
American Homes 4 Rent, L.P.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total			181,010		181,010		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			$ 20,700		$ 20,700		$ 18,000
American Homes 4 Rent, L.P. | Joint Venture, Single-Family Rental Homes, Southeast | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Aggregate cost	$ 312,500
Joint venture, initial term	5 years

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Notes Receivable (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2018property	Jun. 30, 2019USD ($)property	Jun. 30, 2018property	Dec. 31, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes receivable	$ 35,638	$ 35,638		$ 35,638		$ 6,012
Secured Promissory Note Maturing June 2025 | Disposal Group, Not Discontinued Operations | Bulk Portfolio Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Note receivable, gross	$ 30,700	30,700		30,700
Interest rate through October 31, 2019	2.70%
Interest rate thereafter through maturity	4.50%
Unamortized discount	$ 1,200	1,200		1,200
Notes receivable	$ 29,500	$ 29,500		$ 29,500
Single Family Homes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property		433	113	613	216
Single Family Homes | Disposal Group, Not Discontinued Operations | Bulk Portfolio Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	215

Deferred Costs and Other Inta_3

Deferred Costs and Other Intangibles, Net - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 7,521	$ 11,912
Deferred financing costs	11,245	11,246
Intangible assets:
Intangible assets	20,866	25,258
Less: accumulated amortization	(11,880)	(12,572)
Total	8,986	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 2.4	$ 2.5	$ 4.9	$ 4.7
Amortization of deferred financing costs	$ 0.5	$ 0.5	$ 1	$ 1

Deferred Costs and Other Inta_5

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands	Jun. 30, 2019USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2019	$ 3,500
2020	2,554
2021	1,964
2022	968
Total	8,986
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2019	2,360
2020	453
2021	0
2022	0
Total	2,813
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2019	990
2020	1,969
2021	1,964
2022	968
Total	5,891
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2019	150
2020	132
2021	0
2022	0
Total	$ 282

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, gross	$ 2,881,774,000		$ 2,881,774,000			$ 2,842,510,000
Unamortized discounts on unsecured senior notes	(4,385,000)		(4,385,000)			(2,546,000)
Deferred financing costs, net	(36,332,000)		(36,332,000)			(36,421,000)
Total debt per balance sheet	2,841,057,000		2,841,057,000			2,803,543,000
Amortization of financing costs			3,976,000	$ 3,888,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,500,000	$ 1,500,000	3,000,000	$ 2,900,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,981,774,000		$ 1,981,774,000			1,992,510,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%		4.42%
Debt, gross	$ 488,519,000		$ 488,519,000			491,195,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%		4.40%
Debt, gross	$ 504,119,000		$ 504,119,000			506,760,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%		4.14%
Debt, gross	$ 529,433,000		$ 529,433,000			532,197,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%		4.36%
Debt, gross	$ 459,703,000		$ 459,703,000			462,358,000
Senior Notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Interest Rate	4.25%		4.25%
Effective interest rate	4.08%		4.08%
Debt, gross	$ 500,000,000		$ 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%		4.90%
Debt, gross	$ 400,000,000		$ 400,000,000			0
Deferred financing costs, net					$ (1,000,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate	3.60%		3.60%
Debt, gross	$ 0		$ 0			250,000,000
Maximum borrowing capacity	800,000,000		$ 800,000,000
Line of Credit | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.825%
Line of Credit | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.55%
Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.00%
Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.55%
Line of Credit | Term Loan facility
Debt Instrument [Line Items]
Debt, gross	$ 0		$ 0			100,000,000
Deferred financing costs, net						$ (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	Jun. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Remaining 2019	$ 10,358
2020	20,714
2021	20,714
2022	20,714
2023	20,714
Thereafter	2,788,560
Total debt	$ 2,881,774	$ 2,842,510

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended
	Jan. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Deferred financing costs, net		$ 36,332,000	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Disclosure [Abstract]
Gross interest	$ 35,221	$ 33,341	$ 69,833	$ 65,078
Capitalized interest	(2,650)	(1,363)	(5,347)	(3,799)
Interest expense	$ 32,571	$ 31,978	$ 64,486	$ 61,279

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued property taxes	$ 93,653	$ 40,566
Resident security deposits	86,220	83,406
Accrued distribution payable	26,780	12,809
Accrued interest	24,208	16,413
Prepaid rent	23,382	22,506
Accrued construction and maintenance liabilities	15,737	18,371
Accounts payable	1,750	195
Other accrued liabilities	29,489	24,963
Total	$ 301,219	$ 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	Jun. 30, 2019USD ($)
Class of Stock [Line Items]
Shares authorized for future issuance, value	$ 500,000,000
Shares available for future issuance, value	$ 500,000,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	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 and retired during period	$ 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)	1.8
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	6 Months Ended
	Jun. 30, 2019	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%
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%
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%
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%
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				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
Class A common shares/units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05	$ 0.05	$ 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	0.05	0.05
Series C Preferred Stock
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	0	0	0	0.34
Preferred stock, dividend rate, percentage					5.50%
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	0.41	0.41	0.41	0.41
Preferred stock, dividend rate, percentage					6.50%
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	0.40	0.40	0.40	0.40
Preferred stock, dividend rate, percentage					6.35%
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	0.37	0.37	0.37	0.37
Preferred stock, dividend rate, percentage					5.875%
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	0.37	0.37	0.37	0.37
Preferred stock, dividend rate, percentage					5.875%
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred shares, dividends declared (in dollars per share)	$ 0.39	$ 0.39	$ 0	$ 0
Preferred stock, dividend rate, percentage					6.25%

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Operating partnership units (in shares)	352,689,844	351,966,447
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.30%
Operating partnership units (in shares)	596,990	1,073,509
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	51,629,990	54,243,317
Percentage of units outstanding	14.60%	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 4,004	$ (3,150)	$ 7,030	$ (2,036)
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	0	(248)	0	(259)
Class A Units
Class of Stock [Line Items]
Income (loss) allocated to noncontrolling interest	$ 4,004	$ (2,902)	$ 7,030	$ (1,777)

Shareholders' Equity _ Partne_9

Shareholders' Equity / Partners' Capital - 2012 Equity Incentive Plan Narrative (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Restricted stock units
Class of Stock [Line Items]
Restricted stock unit grants in period (in shares)	343,334	304,400
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	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 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)	(650,375)	(171,875)
Forfeited (in shares)	(12,350)	(66,250)
Outstanding at end of the period (in shares)	1,609,550	2,954,325	2,252,275	3,052,450
Exercisable at end of the period (in shares)	1,240,400	2,174,550
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)	15.89	16.04
Forfeited (in dollars per share)	20.80	17.69
Outstanding at end of the period (in dollars per share)	17.35	16.79	$ 16.92	$ 16.65
Exercisable at end of the period (in dollars per share)	$ 16.72	$ 16.20
Aggregate intrinsic value
Weighted average remaining life (in years)	5 years 9 months 18 days	6 years	6 years 1 month 6 days	6 years 10 months 24 days
Weighted average exercisable (in years)	5 years 3 months 18 days	5 years 3 months 18 days
Aggregate intrinsic value	$ 11,209	$ 16,347	$ 7,713	$ 16,421
Aggregate intrinsic value exercised	5,336	787
Aggregate intrinsic value exercisable	$ 9,413	$ 13,123

Shareholders' Equity _ Partn_11

Shareholders' Equity / Partners' Capital - Valuation Inputs (Details) - Class A common shares/units - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Number of Restricted Stock Units
Restricted stock units at beginning of period (in shares)	372,375	243,875
Units awarded (in shares)	343,334	304,400
Units vested (in shares)	(110,900)	(80,025)
Units forfeited (in shares)	(8,700)	(48,375)
Restricted stock units at end of the period (in shares)	596,109	419,875

Shareholders' Equity _ Partn_13

Shareholders' Equity / Partners' Capital Shareholders' Equity / Partners' Capital - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Allocated share-based compensation expense	$ 1,269	$ 943	$ 2,221	$ 1,918
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award
Allocated share-based compensation expense	923	520	1,582	1,118
Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award
Allocated share-based compensation expense	$ 346	$ 423	$ 639	$ 800

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 40,304	$ 33,091	$ 25,898	$ 21,525	$ 73,395	$ 47,423
Less:
Noncontrolling interest	4,004		(3,150)		7,030	(2,036)
Dividends on preferred shares/Preferred distributions	13,782	$ 13,782	11,984	$ 14,597	27,564	26,581
Redemption of participating preferred shares/units	0		32,215		0	32,215
Allocation to participating securities	45		0		75	0
Numerator for basic income per common share/units - basic and diluted	$ 22,473		$ (15,151)		$ 38,726	$ (9,337)
Denominator
Weighted-average common shares outstanding - basic (in shares)	299,466,526		295,462,572		298,157,413	290,848,633
Effect of dilutive securities:
Share-based compensation plan (in shares)	524,558		0		519,375	0
Weighted-average common shares outstanding - diluted (in shares)	299,991,084		295,462,572		298,676,788	290,848,633
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.08		$ (0.05)		$ 0.13	$ (0.03)
Diluted (in dollars per share)	$ 0.08		$ (0.05)		$ 0.13	$ (0.03)
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 40,304		$ 25,898		$ 73,395	$ 47,423
Less:
Noncontrolling interest	0		(248)		0	(259)
Dividends on preferred shares/Preferred distributions	13,782		11,984		27,564	26,581
Redemption of participating preferred shares/units	0		32,215		0	32,215
Allocation to participating securities	45		0		75	0
Numerator for basic income per common share/units - basic and diluted	$ 26,477		$ (18,053)		$ 45,756	$ (11,114)
Denominator
Weighted-average common units outstanding - basic (in shares)	352,363,754		350,812,725		352,183,171	346,198,786
Effect of dilutive securities:
Share-based compensation plan (in shares)	524,558		0		519,375	0
Weighted-average common units outstanding - diluted (in shares)	352,888,312		350,812,725		352,702,546	346,198,786
Net income (loss) attributable to common shareholders/unitholders per share/unit
Basic (in dollars per share)	$ 0.08		$ (0.05)		$ 0.13	$ (0.03)
Diluted (in dollars per share)	$ 0.08		$ (0.05)		$ 0.13	$ (0.03)

Earnings per Share _ Unit - Nar

Earnings per Share / Unit - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of EPS (in shares)	94,840	6,974,868	128,520	6,971,928
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)	94,840	6,974,868	128,520	6,971,928

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	190	78
Single-family properties sales in escrow, selling price	$ 36.8	$ 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	3.3	25.3
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 56.2	$ 58.1
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	10	88

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Oct. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net	$ 36,332,000			$ 36,332,000	$ 36,421,000
Gain on derivative recorded in other comprehensive income				9,600,000
Estimated amount of existing gains to be reclassified in the next 12 months	1,000,000			1,000,000
Redemptions of Class A units	0	$ 0	$ (28,258,000)
Treasury Lock | Designated as Hedging Instrument
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount						$ 350,000,000
Accumulated deficit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Redemptions of Class A units			$ 32,215,000
Asset-backed securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net					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					800,000
Unsecured Senior Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred financing costs, net					4,700,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,953,280,000			1,953,280,000	1,961,511,000
Unsecured senior notes, net	887,777,000			887,777,000	492,800,000
Revolving credit facility	0			0	250,000,000
Term loan facility	0			0	99,232,000
Total debt	2,841,057,000			2,841,057,000	2,803,543,000
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	481,749,000			481,749,000	483,790,000
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	497,106,000			497,106,000	499,108,000
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	521,771,000			521,771,000	523,865,000
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	452,654,000			452,654,000	454,748,000
Carrying Value | 4.25% Senior Notes Due 2028
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	493,195,000			493,195,000	492,800,000
Carrying Value | 4.90% Senior Notes Due 2029
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	394,582,000			394,582,000	0
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	2,009,790,000			2,009,790,000	2,008,239,000
Unsecured senior notes, net	952,368,000			952,368,000	479,730,000
Revolving credit facility	0			0	250,000,000
Term loan facility	0			0	100,000,000
Total debt	2,962,158,000			2,962,158,000	2,837,969,000
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	493,762,000			493,762,000	494,820,000
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	512,386,000			512,386,000	511,450,000
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	535,892,000			535,892,000	534,666,000
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	467,750,000			467,750,000	467,303,000
Fair Value | 4.25% Senior Notes Due 2028
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	517,880,000			517,880,000	479,730,000
Fair Value | 4.90% Senior Notes Due 2029
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	$ 434,488,000			$ 434,488,000	$ 0

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred shares, derivative liability, Beginning Balance				$ 29,470
Preferred shares, derivative liability, Conversions				(28,258)
Remeasurement of participating preferred shares	$ 0	$ 0	$ 0	(1,212)
Preferred shares, derivative liability, Ending Balance		$ 0		$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2019USD ($)property	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Subsequent Event [Line Items]
Proceeds from the sale of real estate properties | $		$ 87,172	$ 30,142
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property	53
Purchase price to acquire real estate | $	$ 13,600
Number of internally developed properties developed | property	34
Number of real estate properties sold | property	110
Proceeds from the sale of real estate properties | $	$ 21,900