American Homes 4 Rent (AMH) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	23975 Park Sorrento, Suite 300
Entity Address, City or Town	Calabasas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91302
City Area Code	805
Local Phone Number	413-5300
Entity Current Reporting Status	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	2021
Document Fiscal Period Focus	Q1
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		316,617,810
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
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
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 Status	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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Single-family properties:
Land	$ 1,860,879	$ 1,836,798
Buildings and improvements	8,301,797	8,163,023
Single-family properties in operation	10,162,676	9,999,821
Less: accumulated depreciation	(1,832,510)	(1,754,433)
Single-family properties in operation, net	8,330,166	8,245,388
Single-family properties under development and development land	554,765	510,365
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Cash and cash equivalents	75,237	137,060
Restricted cash	136,867	128,017
Rent and other receivables	49,714	41,544
Escrow deposits, prepaid expenses and other assets	177,936	163,171
Investments in unconsolidated joint ventures	100,077	93,109
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,686,701	9,593,625
Liabilities
Asset-backed securitizations, net	1,922,734	1,927,607
Unsecured senior notes, net	890,143	889,805
Accounts payable and accrued expenses	307,644	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,200,521	3,121,195
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)	354	354
Additional paid-in capital	6,234,456	6,223,256
Accumulated deficit	(445,103)	(443,522)
Accumulated other comprehensive income	13,576	5,840
Total shareholders’ equity	5,806,455	5,789,094
Limited partner:
Accumulated other comprehensive income	13,576	5,840
Noncontrolling interest	679,725	683,336
Total equity	6,486,180	6,472,430
Total liabilities and equity/capital	9,686,701	9,593,625
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,860,879	1,836,798
Buildings and improvements	8,301,797	8,163,023
Single-family properties in operation	10,162,676	9,999,821
Less: accumulated depreciation	(1,832,510)	(1,754,433)
Single-family properties in operation, net	8,330,166	8,245,388
Single-family properties under development and development land	554,765	510,365
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Cash and cash equivalents	75,237	137,060
Restricted cash	136,867	128,017
Rent and other receivables	49,714	41,544
Escrow deposits, prepaid expenses and other assets	177,936	163,171
Investments in unconsolidated joint ventures	100,077	93,109
Amounts due from affiliates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,686,701	9,593,625
Liabilities
Asset-backed securitizations, net	1,922,734	1,927,607
Unsecured senior notes, net	890,143	889,805
Accounts payable and accrued expenses	307,644	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,200,521	3,121,195
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Accumulated other comprehensive income	15,849	6,860
Limited partner:
Accumulated other comprehensive income	15,849	6,860
Total capital	6,486,180	6,472,430
Total liabilities and equity/capital	$ 9,686,701	$ 9,593,625
American Homes 4 Rent, L.P. | Limited Partners
Limited partner:
Common Unit, Outstanding	51,376,980	51,726,980
Common units, shares/units issued (in shares)	51,376,980	51,726,980
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	$ 4,938,444	$ 4,928,819
Limited partner:
Limited partners, capital account	677,452	682,316
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 issued	3,166	3,160
Class B common shares
Shareholders’ equity:
Common stock issued	6	6
Revolving Credit Facility
Liabilities
Credit facility	80,000	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 80,000	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	317,252,885	316,656,460
Common units, shares/units outstanding (in shares)	317,252,885	316,656,460
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)	51,376,980	51,726,980
Common units, shares/units outstanding (in shares)	51,376,980	51,726,980
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)	316,617,810	316,021,385
Common stock, shares outstanding (in shares)	316,617,810	316,021,385
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues [Abstract]
Rents and other single-family property revenues	$ 312,573	$ 287,342
Expenses:
General and administrative expense	15,205	11,266
Interest expense	28,005	29,715
Acquisition and other transaction costs	4,846	2,147
Depreciation and amortization	90,071	82,821
Total expenses	280,520	256,722
Gain on sale and impairment of single-family properties and other, net	16,069	6,319
Other income and expense, net	799	588
Net income	48,921	37,527
Noncontrolling interest	4,925	3,501
Dividends on preferred shares	13,782	13,782
Net income attributable to common shareholders	$ 30,214	$ 20,244
Weighted-average common shares outstanding:
Basic (in shares)	316,982,460	300,813,069
Diluted (in shares)	317,441,397	301,305,068
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	$ 0.09	$ 0.07
American Homes 4 Rent, L.P.
Revenues [Abstract]
Rents and other single-family property revenues	$ 312,573	$ 287,342
Expenses:
General and administrative expense	15,205	11,266
Interest expense	28,005	29,715
Acquisition and other transaction costs	4,846	2,147
Depreciation and amortization	90,071	82,821
Total expenses	280,520	256,722
Gain on sale and impairment of single-family properties and other, net	16,069	6,319
Other income and expense, net	799	588
Net income	48,921	37,527
Dividends on preferred shares	13,782	13,782
Net income attributable to common shareholders	$ 35,139	$ 23,745
Weighted-average common shares outstanding:
Basic (in shares)	368,647,217	352,840,049
Diluted (in shares)	369,106,154	353,332,048
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	$ 0.09	$ 0.07
Property operating expenses
Expenses:
Cost of goods and services sold	$ 118,694	$ 107,497
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	118,694	107,497
Property management expenses
Expenses:
Cost of goods and services sold	23,699	23,276
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 23,699	$ 23,276

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 48,921	$ 37,527
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	(241)
Other comprehensive income (loss)	8,989	(241)
Comprehensive income	57,910	37,286
Comprehensive income attributable to noncontrolling interests	6,185	3,466
Dividends on preferred shares	13,782	13,782
Comprehensive income attributable to common unitholders	37,943	20,038
American Homes 4 Rent, L.P.
Net income	48,921	37,527
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	(241)
Other comprehensive income (loss)	8,989	(241)
Comprehensive income	57,910	37,286
Dividends on preferred shares	13,782	13,782
Comprehensive income attributable to common unitholders	$ 44,128	$ 23,504

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU 2016-13	Shareholders’ equity	Shareholders’ equityCumulative effect of adoption of ASU 2016-13	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated deficitCumulative effect of adoption of ASU 2016-13	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances at Dec. 31, 2019	$ 6,018,790	$ (1,494)	$ 5,335,426	$ (1,494)	$ 3,001	$ 6	$ 354	$ 5,790,775	$ (465,368)	$ (1,494)	$ 6,658	$ 683,364
Beginning balance (in shares) at Dec. 31, 2019					300,107,599	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,808		1,808					1,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(163)		(163)		$ 2			(165)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					208,010
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(2,602)											(2,602)
Common shares ($0.05 per share)	(15,088)		(15,088)						(15,088)
Net income	37,527		34,026						34,026			3,501
Other comprehensive income (loss)	(241)		(206)								(206)	(35)
Ending balances at Mar. 31, 2020	6,024,755		5,340,527		$ 3,003	$ 6	$ 354	5,792,418	(461,706)		6,452	684,228
Ending balance (in shares) at Mar. 31, 2020					300,315,609	635,075	35,350,000
Beginning balances at Dec. 31, 2020	6,472,430		5,789,094		$ 3,160	$ 6	$ 354	6,223,256	(443,522)		5,840	683,336
Beginning balance (in shares) at Dec. 31, 2020					316,021,385	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	8,110		8,110					8,110
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(1,521)		(1,521)		$ 2			(1,523)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					246,425
Redemptions of units	0		4,624		$ 4			4,613			7	(4,624)
Redemptions of units (in shares)					350,000
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(5,172)											(5,172)
Common shares ($0.05 per share)	(31,795)		(31,795)						(31,795)
Net income	48,921		43,996						43,996			4,925
Other comprehensive income (loss)	8,989		7,729								7,729	1,260
Ending balances at Mar. 31, 2021	$ 6,486,180		$ 5,806,455		$ 3,166	$ 6	$ 354	$ 6,234,456	$ (445,103)		$ 13,576	$ 679,725
Ending balance (in shares) at Mar. 31, 2021					316,617,810	635,075	35,350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.10	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 48,921	$ 37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071	82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829	1,849
Noncash share-based compensation	8,110	1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)	1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)	(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)	(3,746)
Prepaid expenses and other assets	5,742	(5,980)
Deferred leasing costs	(975)	(910)
Accounts payable and accrued expenses	23,242	18,397
Amounts due from related parties	(338)	(182)
Net cash provided by operating activities	151,997	126,496
Investing activities
Cash paid for single-family properties	(82,118)	(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)	2,259
Net proceeds received from sales of single-family properties and other	46,304	81,257
Proceeds received from hurricane-related insurance claims	0	3,408
Investment in unconsolidated joint ventures	(7,990)	(1,000)
Distributions from joint ventures	25,893	887
Renovations to single-family properties	(9,069)	(858)
Recurring and other capital expenditures for single-family properties	(26,033)	(21,224)
Cash paid for development activity	(141,618)	(138,957)
Other purchases of productive assets	(8,258)	(2,411)
Net cash provided by (used for) investing activities	(208,230)	(179,214)
Financing activities
Proceeds from exercise of stock options	1,121	1,449
Payments related to tax withholding for share-based compensation	(2,642)	(1,612)
Payments on asset-backed securitizations	(6,118)	(5,435)
Distributions to noncontrolling interests	(7,758)	(5,178)
Distributions to common shareholders/unitholders	(47,561)	(30,114)
Distributions to preferred shareholders/unitholders	(13,782)	(13,782)
Net cash provided by (used for) financing activities	3,260	50,328
Net increase in cash, cash equivalents and restricted cash	(52,973)	(2,390)
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	212,104	161,729
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(36,388)	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	31,854	9,618
Transfers of completed homebuilding deliveries to properties	72,862	75,498
Property and land contributions to unconsolidated joint ventures	(23,835)	(9,835)
Unrealized gain on cash flow hedging instrument	9,230	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537	1,603
Accrued distributions to non-affiliates	105	41
American Homes 4 Rent, L.P.
Operating activities
Net income	48,921	37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071	82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829	1,849
Noncash share-based compensation	8,110	1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)	1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)	(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)	(3,746)
Prepaid expenses and other assets	5,742	(5,980)
Deferred leasing costs	(975)	(910)
Accounts payable and accrued expenses	23,242	18,397
Amounts due from related parties	(338)	(182)
Net cash provided by operating activities	151,997	126,496
Investing activities
Cash paid for single-family properties	(82,118)	(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)	2,259
Net proceeds received from sales of single-family properties and other	46,304	81,257
Proceeds received from hurricane-related insurance claims	0	3,408
Investment in unconsolidated joint ventures	(7,990)	(1,000)
Distributions from joint ventures	25,893	887
Renovations to single-family properties	(9,069)	(858)
Recurring and other capital expenditures for single-family properties	(26,033)	(21,224)
Cash paid for development activity	(141,618)	(138,957)
Other purchases of productive assets	(8,258)	(2,411)
Net cash provided by (used for) investing activities	(208,230)	(179,214)
Financing activities
Proceeds from exercise of stock options	1,121	1,449
Payments related to tax withholding for share-based compensation	(2,642)	(1,612)
Payments on asset-backed securitizations	(6,118)	(5,435)
Distributions to common shareholders/unitholders	(55,319)	(35,292)
Distributions to preferred shareholders/unitholders	(13,782)	(13,782)
Net cash provided by (used for) financing activities	3,260	50,328
Net increase in cash, cash equivalents and restricted cash	(52,973)	(2,390)
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	212,104	161,729
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(36,388)	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	31,854	9,618
Transfers of completed homebuilding deliveries to properties	72,862	75,498
Property and land contributions to unconsolidated joint ventures	(23,835)	(9,835)
Unrealized gain on cash flow hedging instrument	9,230	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537	1,603
Accrued distributions to non-affiliates	105	41
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	80,000	105,000
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	$ 80,000	$ 105,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (1,521)	$ (163)
Distributions to equity holders:
Other comprehensive income (loss)	8,989	(241)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,472,430	6,018,790
Share-based compensation	8,110	1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(1,521)	(163)
Redemptions of Class A units	0
Distributions to equity holders:
Preferred units	(13,782)	(13,782)
Common units	(36,967)	(17,690)
Net income	48,921	37,527
Other comprehensive income (loss)	8,989	(241)
Total capital, ending balance	6,486,180	6,024,755	$ 6,018,790
American Homes 4 Rent, L.P. | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		(1,494)
Distributions to equity holders:
Total capital, ending balance			(1,494)
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,860	7,823
Distributions to equity holders:
Other comprehensive income (loss)	8,989	(241)
Total capital, ending balance	15,849	7,582	7,823
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 4,928,819	$ 4,474,333
Total capital, beginning balance (in shares)	316,656,460	300,742,674
Share-based compensation	$ 8,110	$ 1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (1,521)	$ (163)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	246,425	208,010
Redemptions of Class A units	$ 4,617
Redemption of units (in shares)	(350,000)
Distributions to equity holders:
Common units	$ (31,795)	$ (15,088)
Net income	30,214	20,244
Total capital, ending balance	$ 4,938,444	$ 4,479,640	$ 4,474,333
Total capital, ending balance (in shares)	317,252,885	300,950,684	300,742,674
American Homes 4 Rent, L.P. | General Partner | Common Units | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ (1,494)
Distributions to equity holders:
Total capital, ending balance			$ (1,494)
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
Distributions to equity holders:
Preferred units	(13,782)	(13,782)
Net income	13,782	13,782
Total capital, ending balance	854,435	854,435	854,435
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 682,316	$ 682,199
Total capital, beginning balance (in shares)	51,726,980	52,026,980
Redemptions of Class A units	$ (4,617)
Redemption of units (in shares)	(350,000)
Distributions to equity holders:
Common units	$ (5,172)	$ (2,602)
Net income	4,925	3,501
Total capital, ending balance	$ 677,452	$ 683,098	$ 682,199
Total capital, ending balance (in shares)	51,376,980	52,026,980	52,026,980

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common units, dividends (in dollars per share)	$ 0.10	$ 0.05
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.10	$ 0.05

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R” or “General Partner”) 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” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of March 31, 2021, the Company held 53,984 single-family properties in 22 states, including 636 properties classified as held for sale. AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% of the common partnership interest was 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 as 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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include 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 No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its 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 an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. 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, 2020. 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. Effective March 31, 2021, the Company reclassified certain impairment charges related to homes classified as held for sale from other expenses to gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The Company also reclassified other revenues and the remaining other expenses to other income and expense, net within the condensed consolidated statements of operations. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): March 31, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 75,237 $ 33,108 $ 137,060 $ 37,575 Restricted cash 136,867 128,621 128,017 126,544 Total cash, cash equivalents and restricted cash $ 212,104 $ 161,729 $ 265,077 $ 164,119

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Occupied single-family properties $ 8,100,087 $ 7,957,513 Single-family properties recently acquired or developed 43,333 66,857 Single-family properties in turnover process 111,806 149,684 Single-family properties leased, not yet occupied 74,940 71,334 Single-family properties in operation, net 8,330,166 8,245,388 Development land 303,653 270,767 Single-family properties under development 251,112 239,598 Single-family properties held for sale, net 115,994 129,026 Total real estate assets, net $ 9,000,925 $ 8,884,779 Depreciation expense related to single-family properties was $86.3 million and $79.8 million for the three months ended March 31, 2021 and 2020, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2021 and 2020 (in thousands, except property data): For the Three Months Ended 2021 2020 Single-family properties: Properties sold 180 410 Net proceeds (1) $ 46,040 $ 81,186 Net gain on sale $ 15,350 $ 13,758 Land: Net proceeds $ 264 $ 71 Net (loss) gain on sale $ (77) $ 7 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables

Rent and Other Receivables	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Rent and Other Receivables	Rent and Other Receivables Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $45.8 million and $40.0 million for the three months ended March 31, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $5.2 million and $4.0 million for the three months ended March 31, 2021 and 2020, respectively. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2021 (in thousands): March 31, 2021 Remaining 2021 $ 492,228 2022 85,142 2023 2,417 2024 13 Total $ 579,800 As of March 31, 2021 and December 31, 2020, rent and other receivables included $2.5 million and $0.8 million, respectively, of insurance claims receivables related to storm damages and other matters.

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2021
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 the components of escrow deposits, prepaid expenses and other assets as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 62,780 $ 51,886 Deferred costs and other intangibles, net 4,317 4,864 Notes receivable, net 34,745 35,519 Operating lease ROU assets 18,553 18,772 Commercial real estate, software, vehicles and FF&E, net 57,541 52,130 Total $ 177,936 $ 163,171 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.8 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Deferred leasing costs $ 3,889 $ 3,782 Deferred financing costs 11,244 11,244 15,133 15,026 Less: accumulated amortization (10,816) (10,162) Total $ 4,317 $ 4,864 Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and 2020 and was included in gross interest, prior to interest capitalization (see Note 8. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 1,797 $ 1,479 $ 3,276 2022 73 968 1,041 Total $ 1,870 $ 2,447 $ 4,317

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of March 31, 2021, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures was included in other income and expense, net within the condensed consolidated statements of operations. The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at March 31, 2021 Completed Homes at March 31, 2021 Balances at Balances at Alaska JV 20 % 350 $ 26,365 $ 26,020 Institutional Investor JV 20 % 816 30,638 34,112 J.P. Morgan JV 20 % 217 43,074 32,977 1,383 $ 100,077 $ 93,109 The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $2.1 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively, and was included in other income and expense, net within the condensed consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets. During the third quarter of 2020, Institutional Investor JV entered into a loan agreement to borrow up to a $201.0 million aggregate commitment. During the initial two-year term, the loan bears interest at LIBOR plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of March 31, 2021, the joint venture’s loan had a $116.7 million outstanding principal balance. The Company has provided a customary non-recourse guarantee that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantee has not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint venture and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 478,399 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 493,862 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 519,255 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 450,858 452,162 Total asset-backed securitizations 1,942,374 1,948,492 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 Revolving credit facility (5) 1.31% June 30, 2022 80,000 — Total debt 2,922,374 2,848,492 Unamortized discounts on unsecured senior notes (3,537) (3,658) Deferred financing costs, net (6) (25,960) (27,422) Total debt per balance sheet $ 2,892,877 $ 2,817,412 (1) Interest rates are as of March 31, 2021. 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 the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details. (6) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2021 and 2020, which was included in gross interest, prior to interest capitalization. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2021 (in thousands): Debt Maturities Remaining 2021 $ 15,536 2022 100,714 2023 20,714 2024 953,929 2025 10,302 Thereafter 1,821,179 Total debt $ 2,922,374 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended 2021 2020 Gross interest cost $ 33,883 $ 34,364 Capitalized interest (5,878) (4,649) Interest expense $ 28,005 $ 29,715

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Resident security deposits $ 93,713 $ 90,621 Accrued property taxes 78,343 48,689 Accrued construction and maintenance liabilities 41,159 42,483 Prepaid rent 24,921 24,421 Operating lease liabilities 19,289 19,166 Accrued interest 12,807 23,018 Accounts payable 194 432 Accrued distribution payable 105 13,612 Other accrued liabilities 37,113 36,507 Total $ 307,644 $ 298,949

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	3 Months Ended
	Mar. 31, 2021
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 During the second quarter of 2020, the Company extended its at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2021, no shares were issued under the At-the-Market Program. As of March 31, 2021, 86,130 shares have been issued under the At-the-Market Program and $497.6 million remained available for future share issuances. Share Repurchase Program The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2021 and 2020, we did not repurchase and retire any of our shares. As of March 31, 2021, 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. Perpetual Preferred Shares As of March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): March 31, 2021 December 31, 2020 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 OP units. For the Three Months Ended Security March 31, March 31, Class A and Class B common shares $ 0.10 $ 0.05 6.500% Series D perpetual preferred shares 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 5.875% Series G perpetual preferred shares 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 50,779,990 and 51,129,990, or approximately 13.8% and 13.9%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, 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, or approximately 0.2%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. 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.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Note 11. Share-Based Compensation 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 three months ended March 31, 2021 and 2020, the Human Capital and Compensation Committee granted restricted share units (“RSUs”) to employees that vest over a three-year service period. RSUs granted to non-management trustees vest over a one-year service period. During the three months ended March 31, 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain executives that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over a three-year performance period beginning January 1, 2021 and ending December 31, 2023. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (60,000) (83,600) Forfeited — (1,600) Options outstanding at end of period 1,030,300 1,444,600 Options exercisable at end of period 992,800 1,296,750 The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 453,560 422,285 Vested (164,203) (181,213) Forfeited (12,399) (19,010) RSUs outstanding at end of period 928,495 821,171 The following table summarizes PSU activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 PSUs outstanding at beginning of period — — Awarded 92,319 — Vested — — Forfeited — — PSUs outstanding at end of period 92,319 — 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 expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended 2021 2020 General and administrative expense $ 4,342 $ 1,369 Property management expenses 999 439 Acquisition and other transaction costs 2,769 — Total noncash share-based compensation expense $ 8,110 $ 1,808

Earnings per Share _ Unit

Earnings per Share / Unit	3 Months Ended
	Mar. 31, 2021
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 per common share on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended 2021 2020 Numerator: Net income $ 48,921 $ 37,527 Less: Noncontrolling interest 4,925 3,501 Dividends on preferred shares 13,782 13,782 Allocation to participating securities (1) 93 54 Numerator for income per common share–basic and diluted $ 30,121 $ 20,190 Denominator: Weighted-average common shares outstanding–basic 316,982,460 300,813,069 Effect of dilutive securities: Share-based compensation plan (2) 458,937 491,999 Weighted-average common shares outstanding–diluted (3) 317,441,397 301,305,068 Net income per common share: Basic $ 0.10 $ 0.07 Diluted $ 0.09 $ 0.07 (1) Unvested RSUs 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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period. (3) 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 per common unit on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended 2021 2020 Numerator: Net income $ 48,921 $ 37,527 Less: Preferred distributions 13,782 13,782 Allocation to participating securities (1) 93 54 Numerator for income per common unit–basic and diluted $ 35,046 $ 23,691 Denominator: Weighted-average common units outstanding–basic 368,647,217 352,840,049 Effect of dilutive securities: Share-based compensation plan (2) 458,937 491,999 Weighted-average common units outstanding–diluted 369,106,154 353,332,048 Net income per common unit: Basic $ 0.10 $ 0.07 Diluted $ 0.09 $ 0.07 (1) Unvested RSUs 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 unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
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 generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 473,879 $ 485,779 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 489,107 502,724 490,319 504,364 AH4R 2015-SFR1 securitization 513,956 527,535 515,326 529,542 AH4R 2015-SFR2 securitization 445,792 460,132 446,818 461,037 Total asset-backed securitizations 1,922,734 1,976,170 1,927,607 1,983,083 2028 unsecured senior notes, net 494,576 549,755 494,378 575,220 2029 unsecured senior notes, net 395,567 456,188 395,427 482,276 Total unsecured senior notes, net 890,143 1,005,943 889,805 1,057,496 Revolving credit facility 80,000 80,000 — — Total debt $ 2,892,877 $ 3,062,113 $ 2,817,412 $ 3,040,579 During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $9.2 million as of March 31, 2021, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt. The treasury lock is the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and is classified as Level 2 within the fair value hierarchy as its fair value is estimated using observable inputs based on the 10-year treasury note rate.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2021 and December 31, 2020, affiliates owned approximately 14.3% of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 and 50,972,165 Class A units as of March 31, 2021 and December 31, 2020, respectively) an approximate 26.2% and 26.3% interest as of March 31, 2021 and December 31, 2020, respectively. American Homes 4 Rent As of December 31, 2020, the Company had a $4.8 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Company’s condensed consolidated balance sheets. American Homes 4 Rent, L.P. As of March 31, 2021, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. As of December 31, 2020, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets, and had a $4.8 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2021, the Company had commitments to acquire 547 single-family properties for an aggregate purchase price of $146.9 million, as well as $90.1 million in purchase commitments for land relating to our AMH Development Program. As of December 31, 2020, the Company had commitments to acquire 323 single-family properties for an aggregate purchase price of $81.7 million, as well as $72.3 million in purchase commitments for land relating to our AMH Development Program. As of March 31, 2021 and December 31, 2020, the Company had sales in escrow for approximately 64 and 97, respectively, of our single-family properties for aggregate selling prices of $20.0 million and $24.0 million, respectively. As of March 31, 2021 and December 31, 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $47.5 million and $36.7 million, respectively. Captive Insurance Company In January 2021, the Company formed a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy. The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The captive insurance company’s impact on the Company’s condensed consolidated financial statements is immaterial. Legal Matters During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We are cooperating with the Georgia Attorney General’s Office on this matter. We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. COVID-19 Pandemic The global economy has continued to be severely impacted by the COVID-19 pandemic. We are actively monitoring the impact of the COVID-19 pandemic, which we anticipate will negatively impact our business and results of operations for our second fiscal quarter and likely beyond. The extent to which our operations will be impacted will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the pandemic, including with respect to new variants or strains, the speed and effectiveness of vaccine distribution, vaccine adoption rates and actions by government authorities to contain the pandemic or treat its impact, among other things.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From April 1, 2021 through April 30, 2021, the Company added 214 properties to its portfolio for a total cost of approximately $64.5 million, which included 87 newly constructed properties delivered through our AMH Development Program and 9 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From April 1, 2021 through April 30, 2021, the Company disposed of 37 properties for aggregate net proceeds of approximately $10.7 million. Revolving Credit Facility From April 1, 2021 through April 30, 2021, the Company borrowed an additional $20.0 million under its revolving credit facility, resulting in $100.0 million of outstanding borrowings under its revolving credit facility as of April 30, 2021. Amendment of Revolving Credit Facility On April 15, 2021, the Company closed a $1.25 billion revolving credit facility, amending its existing $800 million revolving credit facility. The amended revolving credit facility provides for expanded borrowing capacity to continue to support the Company’s growth initiatives, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the amended revolving credit facility is at either LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The amended revolving credit facility matures on April 15, 2025, with two six-month extension options at the Company’s election if certain conditions are met. Redemption of Perpetual Preferred Shares On May 6, 2021, the Company announced its intent to redeem (i) all outstanding shares of its 6.500% Series D perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 7, 2021, and (ii) all outstanding shares of its 6.350% Series E perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 30, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include 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 No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its 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 an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. 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. Effective March 31, 2021, the Company reclassified certain impairment charges related to homes classified as held for sale from other expenses to gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The Company also reclassified other revenues and the remaining other expenses to other income and expense, net within the condensed consolidated statements of operations. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): March 31, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 75,237 $ 33,108 $ 137,060 $ 37,575 Restricted cash 136,867 128,621 128,017 126,544 Total cash, cash equivalents and restricted cash $ 212,104 $ 161,729 $ 265,077 $ 164,119
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): March 31, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 75,237 $ 33,108 $ 137,060 $ 37,575 Restricted cash 136,867 128,621 128,017 126,544 Total cash, cash equivalents and restricted cash $ 212,104 $ 161,729 $ 265,077 $ 164,119

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Single-Family Properties, Net	The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Occupied single-family properties $ 8,100,087 $ 7,957,513 Single-family properties recently acquired or developed 43,333 66,857 Single-family properties in turnover process 111,806 149,684 Single-family properties leased, not yet occupied 74,940 71,334 Single-family properties in operation, net 8,330,166 8,245,388 Development land 303,653 270,767 Single-family properties under development 251,112 239,598 Single-family properties held for sale, net 115,994 129,026 Total real estate assets, net $ 9,000,925 $ 8,884,779 For the Three Months Ended 2021 2020 Single-family properties: Properties sold 180 410 Net proceeds (1) $ 46,040 $ 81,186 Net gain on sale $ 15,350 $ 13,758 Land: Net proceeds $ 264 $ 71 Net (loss) gain on sale $ (77) $ 7 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2021 (in thousands): March 31, 2021 Remaining 2021 $ 492,228 2022 85,142 2023 2,417 2024 13 Total $ 579,800

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of escrow deposits, prepaid expenses and other assets	The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 62,780 $ 51,886 Deferred costs and other intangibles, net 4,317 4,864 Notes receivable, net 34,745 35,519 Operating lease ROU assets 18,553 18,772 Commercial real estate, software, vehicles and FF&E, net 57,541 52,130 Total $ 177,936 $ 163,171
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Deferred leasing costs $ 3,889 $ 3,782 Deferred financing costs 11,244 11,244 15,133 15,026 Less: accumulated amortization (10,816) (10,162) Total $ 4,317 $ 4,864
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 1,797 $ 1,479 $ 3,276 2022 73 968 1,041 Total $ 1,870 $ 2,447 $ 4,317

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of joint venture arrangements accounting for under equity method	The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at March 31, 2021 Completed Homes at March 31, 2021 Balances at Balances at Alaska JV 20 % 350 $ 26,365 $ 26,020 Institutional Investor JV 20 % 816 30,638 34,112 J.P. Morgan JV 20 % 217 43,074 32,977 1,383 $ 100,077 $ 93,109

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of March 31, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 478,399 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 493,862 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 519,255 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 450,858 452,162 Total asset-backed securitizations 1,942,374 1,948,492 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 Revolving credit facility (5) 1.31% June 30, 2022 80,000 — Total debt 2,922,374 2,848,492 Unamortized discounts on unsecured senior notes (3,537) (3,658) Deferred financing costs, net (6) (25,960) (27,422) Total debt per balance sheet $ 2,892,877 $ 2,817,412 (1) Interest rates are as of March 31, 2021. 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 the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details. (6) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2021 and 2020, 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 principal debt balances on a fully extended basis as of March 31, 2021 (in thousands): Debt Maturities Remaining 2021 $ 15,536 2022 100,714 2023 20,714 2024 953,929 2025 10,302 Thereafter 1,821,179 Total debt $ 2,922,374
Summary of Activity that Relates to Capitalized Interest	The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended 2021 2020 Gross interest cost $ 33,883 $ 34,364 Capitalized interest (5,878) (4,649) Interest expense $ 28,005 $ 29,715

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Resident security deposits $ 93,713 $ 90,621 Accrued property taxes 78,343 48,689 Accrued construction and maintenance liabilities 41,159 42,483 Prepaid rent 24,921 24,421 Operating lease liabilities 19,289 19,166 Accrued interest 12,807 23,018 Accounts payable 194 432 Accrued distribution payable 105 13,612 Other accrued liabilities 37,113 36,507 Total $ 307,644 $ 298,949

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): March 31, 2021 December 31, 2020 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 OP units. For the Three Months Ended Security March 31, March 31, Class A and Class B common shares $ 0.10 $ 0.05 6.500% Series D perpetual preferred shares 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (60,000) (83,600) Forfeited — (1,600) Options outstanding at end of period 1,030,300 1,444,600 Options exercisable at end of period 992,800 1,296,750
Summary of Restricted Share Units Activity Under Plan	The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 453,560 422,285 Vested (164,203) (181,213) Forfeited (12,399) (19,010) RSUs outstanding at end of period 928,495 821,171
Summary of Performance Share Units Activity Under Plan	The following table summarizes PSU activity under the Plan for the three months ended March 31, 2021 and 2020: For the Three Months Ended 2021 2020 PSUs outstanding at beginning of period — — Awarded 92,319 — Vested — — Forfeited — — PSUs outstanding at end of period 92,319 —
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 months ended March 31, 2021 and 2020 (in thousands): For the Three Months Ended 2021 2020 General and administrative expense $ 4,342 $ 1,369 Property management expenses 999 439 Acquisition and other transaction costs 2,769 — Total noncash share-based compensation expense $ 8,110 $ 1,808

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Net Income per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended 2021 2020 Numerator: Net income $ 48,921 $ 37,527 Less: Noncontrolling interest 4,925 3,501 Dividends on preferred shares 13,782 13,782 Allocation to participating securities (1) 93 54 Numerator for income per common share–basic and diluted $ 30,121 $ 20,190 Denominator: Weighted-average common shares outstanding–basic 316,982,460 300,813,069 Effect of dilutive securities: Share-based compensation plan (2) 458,937 491,999 Weighted-average common shares outstanding–diluted (3) 317,441,397 301,305,068 Net income per common share: Basic $ 0.10 $ 0.07 Diluted $ 0.09 $ 0.07 (1) Unvested RSUs 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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period. (3) 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 per common unit on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended 2021 2020 Numerator: Net income $ 48,921 $ 37,527 Less: Preferred distributions 13,782 13,782 Allocation to participating securities (1) 93 54 Numerator for income per common unit–basic and diluted $ 35,046 $ 23,691 Denominator: Weighted-average common units outstanding–basic 368,647,217 352,840,049 Effect of dilutive securities: Share-based compensation plan (2) 458,937 491,999 Weighted-average common units outstanding–diluted 369,106,154 353,332,048 Net income per common unit: Basic $ 0.10 $ 0.07 Diluted $ 0.09 $ 0.07 (1) Unvested RSUs 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 unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 473,879 $ 485,779 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 489,107 502,724 490,319 504,364 AH4R 2015-SFR1 securitization 513,956 527,535 515,326 529,542 AH4R 2015-SFR2 securitization 445,792 460,132 446,818 461,037 Total asset-backed securitizations 1,922,734 1,976,170 1,927,607 1,983,083 2028 unsecured senior notes, net 494,576 549,755 494,378 575,220 2029 unsecured senior notes, net 395,567 456,188 395,427 482,276 Total unsecured senior notes, net 890,143 1,005,943 889,805 1,057,496 Revolving credit facility 80,000 80,000 — — Total debt $ 2,892,877 $ 3,062,113 $ 2,817,412 $ 3,040,579

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)propertystatesingleFamilyProperty	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Number of states | state	22
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest	86.00%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	14.00%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	53,984
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	636

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 75,237	$ 137,060	$ 33,108	$ 37,575
Restricted cash	136,867	128,017	128,621	126,544
Total cash, cash equivalents and restricted cash	$ 212,104	$ 265,077	$ 161,729	$ 164,119

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 8,330,166	$ 8,245,388
Development land	303,653	270,767
Single-family properties under development	251,112	239,598
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	9,000,925	8,884,779
Single Family Homes | Single-family properties recently acquired or developed
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	43,333	66,857
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	111,806	149,684
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	8,100,087	7,957,513
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 74,940	$ 71,334

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Mar. 31, 2020USD ($)property
Property Subject to or Available for Operating Lease
Depreciation expense	$ 86,300	$ 79,800
Single Family Homes
Property Subject to or Available for Operating Lease
Single-family properties: Properties sold | property	180	410
Single-family properties: Net proceeds	$ 46,040	$ 81,186
Single-family properties: Net gain on sale	15,350	13,758
Land: Net proceeds	264	71
Land: Net gain on sale	$ (77)	$ 7

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Lease agreement term (in years)	1 year
Future Minimum Rental Revenues
Remaining 2021	$ 492,228
2022	85,142
2023	2,417
2024	13
Total	579,800
Storm damage related insurance claims receivable	2,500		$ 800
Single Family Homes
Loans and Leases Receivable Disclosure [Line Items]
Tenant chargebacks	45,800	$ 40,000
Late fees and application fees	$ 5,200	$ 4,000

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 62,780		$ 51,886
Deferred costs and other intangibles, net	4,317		4,864
Notes receivable, net	34,745		35,519
Operating lease ROU assets	18,553		18,772
Commercial real estate, software, vehicles and FF&E, net	57,541		52,130
Total	177,936		$ 163,171
Schedule of Equity Method Investments [Line Items]
Depreciation expense	86,300	$ 79,800
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	1,000	1,000
Amortization of deferred financing costs	500	500
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Schedule of Equity Method Investments [Line Items]
Depreciation expense	$ 2,800	$ 2,000

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 3,889	$ 3,782
Deferred financing costs	11,244	11,244
Deferred cost and intangible assets	15,133	15,026
Less: accumulated amortization	(10,816)	(10,162)
Total	$ 4,317	$ 4,864

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands	Mar. 31, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2021	$ 3,276
2022	1,041
Database Intangible Asset	4,317
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2021	1,797
2022	73
Deferred Leasing Costs	1,870
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2021	1,479
2022	968
Deferred Financing Costs	$ 2,447

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)joint_venture	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Number of joint ventures | joint_venture	3
Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit		$ 201
Non-recourse guarantee, term		two-year
Maximum exposure	$ 116.7
Joint Venture | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		3.50%
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 2.1		$ 0.9

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Mar. 31, 2021USD ($)bulk_disposition	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	1,383
Balances | $	$ 100,077	$ 93,109
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	350
Balances | $	$ 26,365	26,020
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	816
Balances | $	$ 30,638	34,112
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	217
Balances | $	$ 43,074	$ 32,977

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Apr. 15, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross		$ 2,922,374,000		$ 2,848,492,000
Unamortized discounts on unsecured senior notes		(3,537,000)		(3,658,000)
Deferred financing costs, net		(25,960,000)		(27,422,000)
Total debt per balance sheet		2,892,877,000		2,817,412,000
Amortization of financing costs		1,829,000	$ 1,849,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs		1,500,000	$ 1,500,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross		$ 1,942,374,000		1,948,492,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate		4.42%
Debt, gross		$ 478,399,000		479,981,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate		4.40%
Debt, gross		$ 493,862,000		495,392,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate		4.14%
Debt, gross		$ 519,255,000		520,957,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate		4.36%
Debt, gross		$ 450,858,000		452,162,000
Senior Notes | 2028 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate		4.25%
Effective interest rate		4.08%
Debt, gross		$ 500,000,000		500,000,000
Senior Notes | 2029 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate		4.90%
Debt, gross		$ 400,000,000		400,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		1.31%
Debt, gross		$ 80,000,000		0
Maximum borrowing capacity		800,000,000
Outstanding letters of credit		$ 1,500,000		$ 1,500,000
Line of Credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.20%
Line of Credit | Revolving Credit Facility | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Remaining 2021	$ 15,536
2022	100,714
2023	20,714
2024	953,929
2025	10,302
Thereafter	1,821,179
Total debt	$ 2,922,374	$ 2,848,492

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Gross interest cost	$ 33,883	$ 34,364
Capitalized interest	(5,878)	(4,649)
Interest expense	$ 28,005	$ 29,715

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued property taxes	$ 78,343	$ 48,689
Resident security deposits	93,713	90,621
Prepaid rent	24,921	24,421
Operating lease liabilities	19,289	19,166
Accrued construction and maintenance liabilities	41,159	42,483
Accrued interest	12,807	23,018
Accounts payable	194	432
Accrued distribution payable	105	13,612
Other accrued liabilities	37,113	36,507
Total	$ 307,644	$ 298,949
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - At the Market - Common Share Offering Program - Class A common shares/units - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Shares authorized for future issuance, value			$ 500,000,000
Shares issued (in shares)	0	86,130,000,000
Shares available for future issuance, value	$ 497,600,000	$ 497,600,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details)	Mar. 31, 2021USD ($)
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300,000,000
Remaining repurchase authorization	265,100,000
Preferred Shares/Units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	250,000,000
Remaining repurchase authorization	$ 250,000,000

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
Current Liquidation Value	$ 883,750	$ 883,750
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%
Preferred shares, shares outstanding (in shares)	10,750,000	10,750,000
Current Liquidation Value	$ 268,750	$ 268,750
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%
Preferred shares, shares outstanding (in shares)	9,200,000	9,200,000
Current Liquidation Value	$ 230,000	$ 230,000
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	6,200,000	6,200,000
Current Liquidation Value	$ 155,000	$ 155,000
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Current Liquidation Value	$ 115,000	$ 115,000
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.25%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Current Liquidation Value	$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A common shares/units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.10	$ 0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.10	0.05
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%
Preferred shares, dividends declared (in dollars per share)	$ 0.41	0.41
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%
Preferred shares, dividends declared (in dollars per share)	$ 0.40	0.40
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, dividends declared (in dollars per share)	$ 0.37	0.37
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, dividends declared (in dollars per share)	$ 0.37	0.37
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.25%
Preferred shares, dividends declared (in dollars per share)	$ 0.39	$ 0.39

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Operating partnership units (in shares)	368,629,865	368,383,440
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.20%
Operating partnership units (in shares)	596,990	596,990
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	50,779,990	51,129,990
Percentage of units outstanding	13.80%	13.90%

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - 2012 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted share units
Class of Stock [Line Items]
Award vesting period	3 years	3 years
Restricted share units | Non-Management Trustees
Class of Stock [Line Items]
Award vesting period	1 year
Performance Share Units (PSU's)
Class of Stock [Line Items]
Award vesting period	3 years
Service period	3 years
Performance Share Units (PSU's) | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	0.00%
Performance Share Units (PSU's) | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	200.00%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Options
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	0	0
Exercised	(60,000)	(83,600)
Forfeited	0	(1,600)
Options outstanding at end of period	1,030,300	1,444,600
Options exercisable at end of period	992,800	1,296,750

Share-Based Compensation - RSU

Share-Based Compensation - RSU and PSU Activity (Details) - 2012 Equity Incentive Plan - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted share units
Number of Restricted Stock Units
Outstanding at beginning of period	651,537	599,109
Awarded	453,560	422,285
Vested	(164,203)	(181,213)
Forfeited	(12,399)	(19,010)
Outstanding at end of period	928,495	821,171
Performance Share Units (PSU's)
Number of Restricted Stock Units
Outstanding at beginning of period	0	0
Awarded	92,319	0
Vested	0	0
Forfeited	0	0
Outstanding at end of period	92,319	0

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class of Stock
Total noncash share-based compensation expense	$ 8,110	$ 1,808
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	4,342	1,369
Property management expenses
Class of Stock
Total noncash share-based compensation expense	999	439
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 2,769	$ 0

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares
Numerator:
Net income	$ 48,921	$ 37,527
Less:
Noncontrolling interest	4,925	3,501
Dividends on preferred shares	13,782	13,782
Allocation to participating securities	93	54
Numerator for income per common share–basic and diluted	$ 30,121	$ 20,190
Denominator
Weighted-average common shares outstanding - basic (in shares) | shares	316,982,460	300,813,069
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	458,937	491,999
Weighted-average common shares outstanding - diluted (in shares) | shares	317,441,397	301,305,068
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.10	$ 0.07
Diluted (in dollars per share) | $ / shares	$ 0.09	$ 0.07
Exchange rate	1
Performance Share Units (PSU's)
Net income attributable to common shareholders per share:
Antidilutive securities excluded from calculation of EPS (in shares) | shares	10,071
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 48,921	$ 37,527
Less:
Dividends on preferred shares	13,782	13,782
Allocation to participating securities	93	54
Numerator for income per common share–basic and diluted	$ 35,046	$ 23,691
Denominator
Weighted-average common units outstanding - basic (in shares) | shares	368,647,217	352,840,049
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	458,937	491,999
Weighted-average common units outstanding - diluted (in shares) | shares	369,106,154	353,332,048
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.10	$ 0.07
Diluted (in dollars per share) | $ / shares	$ 0.09	$ 0.07
American Homes 4 Rent, L.P. | Performance Share Units (PSU's)
Net income attributable to common shareholders per share:
Antidilutive securities excluded from calculation of EPS (in shares) | shares	10,071

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument | Treasury Lock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount	$ 400,000
Derivative, fair value	9,200
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,922,734	$ 1,927,607
Unsecured senior notes, net	890,143	889,805
Revolving credit facility	80,000	0
Total debt	2,892,877	2,817,412
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	473,879	475,144
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	489,107	490,319
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	513,956	515,326
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	445,792	446,818
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	494,576	494,378
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	395,567	395,427
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,976,170	1,983,083
Unsecured senior notes, net	1,005,943	1,057,496
Revolving credit facility	80,000	0
Total debt	3,062,113	3,040,579
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	485,779	488,140
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	502,724	504,364
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	527,535	529,542
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	460,132	461,037
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	549,755	575,220
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	$ 456,188	$ 482,276

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Amounts payable to affiliates	$ 0	$ 4,834
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts payable to affiliates	0	4,834
Amounts due from affiliates	$ 25,666	$ 25,666
Class A common shares/units
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	316,617,810	316,021,385
Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075
Affiliated Entity
Related Party Transaction [Line Items]
Percent of shares held	26.20%	26.30%
Affiliated Entity | American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,700	$ 25,700
Affiliated Entity | Class A common shares/units
Related Party Transaction [Line Items]
Percent of shares held	14.30%	14.30%
Common stock, shares outstanding (in shares)	50,622,165	50,972,165
Affiliated Entity | Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	64	97
Single-family properties sales in escrow, selling price	$ 20	$ 24
Surety bond
Purchase Commitment [Line Items]
Surety bonds related to development contracts	47.5	36.7
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	146.9	81.7
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 90.1	$ 72.3
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	547	323

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 15, 2021USD ($)debtInstrumentExtensionOption	Apr. 30, 2021USD ($)property	Mar. 31, 2021USD ($)$ / shares	Mar. 31, 2020USD ($)	May 06, 2021$ / shares	Dec. 31, 2020USD ($)$ / shares
Subsequent Event [Line Items]
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01			$ 0.01
Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Preferred stock, dividend rate (in percent)			6.50%
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01
Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate (in percent)			6.35%
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility			$ 80,000,000	$ 105,000,000
Outstanding borrowings			80,000,000			$ 0
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 800,000,000
Revolving Credit Facility | Line of Credit | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate			1.20%
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property		214
Purchase price to acquire real estate		$ 64,500,000
Number of internally developed properties developed | property		87
Number of properties acquired from third party developers | property		9
Number of real estate properties sold | property		37
Proceeds from the sale of real estate properties		$ 10,700,000
Subsequent Event | Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Liquidation preference (in dollars per share) | $ / shares					$ 25
Subsequent Event | Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Liquidation preference (in dollars per share) | $ / shares					$ 25
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility		20,000,000
Outstanding borrowings		$ 100,000,000
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Number of extension options | debtInstrumentExtensionOption	2
Extension period	6 months
Subsequent Event | Revolving Credit Facility | Line of Credit | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Subsequent Event | Revolving Credit Facility | Line of Credit | Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Subsequent Event | Revolving Credit Facility | Line of Credit | Minimum | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.725%
Subsequent Event | Revolving Credit Facility | Line of Credit | Minimum | Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Subsequent Event | Revolving Credit Facility | Line of Credit | Maximum | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.45%
Subsequent Event | Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.45%