Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | Q3 | |
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 | 333,760,558 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Single-family properties: | ||
Land | $ 2,001,598 | $ 1,836,798 |
Buildings and improvements | 8,947,009 | 8,163,023 |
Single-family properties in operation | 10,948,607 | 9,999,821 |
Less: accumulated depreciation | (1,993,507) | (1,754,433) |
Single-family properties in operation, net | 8,955,100 | 8,245,388 |
Single-family properties under development and development land | 733,260 | 510,365 |
Single-family properties held for sale, net | 106,232 | 129,026 |
Total real estate assets, net | 9,794,592 | 8,884,779 |
Cash and cash equivalents | 63,997 | 137,060 |
Restricted cash | 137,997 | 128,017 |
Rent and other receivables | 53,414 | 41,544 |
Escrow deposits, prepaid expenses and other assets | 198,836 | 163,171 |
Investments in unconsolidated joint ventures | 110,586 | 93,109 |
Asset-backed securitization certificates | 25,666 | 25,666 |
Goodwill | 120,279 | 120,279 |
Total assets | 10,505,367 | 9,593,625 |
Liabilities | ||
Asset-backed securitizations, net | 1,913,322 | 1,927,607 |
Unsecured senior notes, net | 1,621,342 | 889,805 |
Accounts payable and accrued expenses | 388,048 | 298,949 |
Amounts payable to affiliates | 0 | 4,834 |
Total liabilities | 3,922,712 | 3,121,195 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 and 35,350,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively) | 154 | 354 |
Additional paid-in capital | 6,353,611 | 6,223,256 |
Accumulated deficit | (452,949) | (443,522) |
Accumulated other comprehensive income | 1,933 | 5,840 |
Total shareholders’ equity | 5,906,093 | 5,789,094 |
Limited partner: | ||
Noncontrolling interest | 676,562 | 683,336 |
Total equity | 6,582,655 | 6,472,430 |
Total liabilities and equity | 10,505,367 | 9,593,625 |
American Homes 4 Rent, L.P. | ||
Single-family properties: | ||
Land | 2,001,598 | 1,836,798 |
Buildings and improvements | 8,947,009 | 8,163,023 |
Single-family properties in operation | 10,948,607 | 9,999,821 |
Less: accumulated depreciation | (1,993,507) | (1,754,433) |
Single-family properties in operation, net | 8,955,100 | 8,245,388 |
Single-family properties under development and development land | 733,260 | 510,365 |
Single-family properties held for sale, net | 106,232 | 129,026 |
Total real estate assets, net | 9,794,592 | 8,884,779 |
Cash and cash equivalents | 63,997 | 137,060 |
Restricted cash | 137,997 | 128,017 |
Rent and other receivables | 53,414 | 41,544 |
Escrow deposits, prepaid expenses and other assets | 198,836 | 163,171 |
Investments in unconsolidated joint ventures | 110,586 | 93,109 |
Amounts due from affiliates | 25,666 | 25,666 |
Goodwill | 120,279 | 120,279 |
Total assets | 10,505,367 | 9,593,625 |
Liabilities | ||
Asset-backed securitizations, net | 1,913,322 | 1,927,607 |
Unsecured senior notes, net | 1,621,342 | 889,805 |
Accounts payable and accrued expenses | 388,048 | 298,949 |
Amounts payable to affiliates | 0 | 4,834 |
Total liabilities | 3,922,712 | 3,121,195 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Accumulated other comprehensive income | 2,231 | 6,860 |
General partner: | ||
Common units (334,395,633 and 316,656,460 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively) | 5,532,596 | 4,928,819 |
Preferred units (15,400,000 and 35,350,000 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively) | 371,564 | 854,435 |
Limited partner: | ||
Common units (51,376,980 and 51,726,980 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively) | 676,264 | 682,316 |
Total capital | 6,582,655 | 6,472,430 |
Total liabilities and equity | 10,505,367 | 9,593,625 |
Class A common shares/units | ||
Shareholders’ equity: | ||
Common stock issued | 3,338 | 3,160 |
Class B common shares | ||
Shareholders’ equity: | ||
Common stock issued | 6 | 6 |
Revolving Credit Facility | ||
Liabilities | ||
Revolving credit facility | 0 | 0 |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Liabilities | ||
Revolving credit facility | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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) | 15,400,000 | 35,350,000 |
Preferred shares, shares outstanding (in shares) | 15,400,000 | 35,350,000 |
American Homes 4 Rent, L.P. | General Partner | ||
Common units, shares/units issued (in shares) | 334,395,633 | 316,656,460 |
Common units, shares/units outstanding (in shares) | 334,395,633 | 316,656,460 |
Preferred units, shares/units issued (in shares) | 15,400,000 | 35,350,000 |
Preferred units, shares/units outstanding (in shares) | 15,400,000 | 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) | 333,760,558 | 316,021,385 |
Common stock, shares outstanding (in shares) | 333,760,558 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues [Abstract] | ||||
Rents and other single-family property revenues | $ 339,563 | $ 307,932 | $ 965,790 | $ 875,963 |
Expenses: | ||||
General and administrative expense | 12,647 | 12,570 | 40,645 | 35,329 |
Interest expense | 31,097 | 29,267 | 86,630 | 88,540 |
Acquisition and other transaction costs | 3,279 | 1,616 | 11,093 | 5,719 |
Depreciation and amortization | 94,494 | 86,996 | 275,682 | 254,653 |
Total expenses | 300,773 | 278,599 | 854,693 | 795,860 |
Gain on sale and impairment of single-family properties and other, net | 9,572 | 12,206 | 36,401 | 28,522 |
Other income and expense, net | 139 | (1,386) | 1,738 | 862 |
Net income | 48,501 | 40,153 | 149,236 | 109,487 |
Noncontrolling interest | 5,869 | 3,819 | 14,012 | 9,976 |
Dividends on preferred shares | 5,763 | 13,782 | 32,160 | 41,346 |
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 |
Net income attributable to common shareholders | $ 36,869 | $ 22,552 | $ 87,185 | $ 58,165 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 324,002,538 | 308,080,226 | 320,267,903 | 303,319,053 |
Diluted (in shares) | 326,206,423 | 308,541,502 | 321,879,235 | 303,775,556 |
Net income attributable to common shareholders per share: | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 |
Diluted (in dollars per share) | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 |
American Homes 4 Rent, L.P. | ||||
Revenues [Abstract] | ||||
Rents and other single-family property revenues | $ 339,563 | $ 307,932 | $ 965,790 | $ 875,963 |
Expenses: | ||||
General and administrative expense | 12,647 | 12,570 | 40,645 | 35,329 |
Interest expense | 31,097 | 29,267 | 86,630 | 88,540 |
Acquisition and other transaction costs | 3,279 | 1,616 | 11,093 | 5,719 |
Depreciation and amortization | 94,494 | 86,996 | 275,682 | 254,653 |
Total expenses | 300,773 | 278,599 | 854,693 | 795,860 |
Gain on sale and impairment of single-family properties and other, net | 9,572 | 12,206 | 36,401 | 28,522 |
Other income and expense, net | 139 | (1,386) | 1,738 | 862 |
Net income | 48,501 | 40,153 | 149,236 | 109,487 |
Dividends on preferred shares | 5,763 | 13,782 | 32,160 | 41,346 |
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 |
Net income attributable to common shareholders | $ 42,738 | $ 26,371 | $ 101,197 | $ 68,141 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 375,379,518 | 360,107,206 | 371,739,755 | 355,346,033 |
Diluted (in shares) | 377,583,403 | 360,568,482 | 373,351,087 | 355,802,536 |
Net income attributable to common shareholders per share: | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 |
Diluted (in dollars per share) | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 |
Property operating expenses | ||||
Expenses: | ||||
Cost of goods and services sold | $ 134,694 | $ 126,174 | $ 369,966 | $ 344,107 |
Property operating expenses | American Homes 4 Rent, L.P. | ||||
Expenses: | ||||
Cost of goods and services sold | 134,694 | 126,174 | 369,966 | 344,107 |
Property management expenses | ||||
Expenses: | ||||
Cost of goods and services sold | 24,562 | 21,976 | 70,677 | 67,512 |
Property management expenses | American Homes 4 Rent, L.P. | ||||
Expenses: | ||||
Cost of goods and services sold | $ 24,562 | $ 21,976 | $ 70,677 | $ 67,512 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 48,501 | $ 40,153 | $ 149,236 | $ 109,487 |
Cash flow hedging instruments: | ||||
Loss on settlement of cash flow hedging instrument | 0 | 0 | (3,999) | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (149) | (241) | (630) | (722) |
Other comprehensive loss | (149) | (241) | (4,629) | (722) |
Comprehensive income | 48,352 | 39,912 | 144,607 | 108,765 |
Comprehensive income attributable to noncontrolling interests | 5,778 | 3,784 | 13,297 | 9,871 |
Dividends on preferred shares | 5,763 | 13,782 | 32,160 | 41,346 |
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 |
Comprehensive income attributable to common unitholders | 36,811 | 22,346 | 83,271 | 57,548 |
American Homes 4 Rent, L.P. | ||||
Net income | 48,501 | 40,153 | 149,236 | 109,487 |
Cash flow hedging instruments: | ||||
Loss on settlement of cash flow hedging instrument | 0 | 0 | (3,999) | 0 |
Reclassification adjustment for amortization of interest expense included in net income | (149) | (241) | (630) | (722) |
Other comprehensive loss | (149) | (241) | (4,629) | (722) |
Comprehensive income | 48,352 | 39,912 | 144,607 | 108,765 |
Dividends on preferred shares | 5,763 | 13,782 | 32,160 | 41,346 |
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 |
Comprehensive income attributable to common unitholders | $ 42,589 | $ 26,130 | $ 96,568 | $ 67,419 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative effect of adoption of ASU 2016-13 | Series D perpetual preferred shares | Series E perpetual preferred shares | Shareholders’ equity | Shareholders’ equityCumulative effect of adoption of ASU 2016-13 | Shareholders’ equitySeries D perpetual preferred shares | Shareholders’ equitySeries E perpetual preferred shares | Common StockClass A common shares/units | Common StockClass B common shares | Preferred shares | Preferred sharesSeries D perpetual preferred shares | Preferred sharesSeries E perpetual preferred shares | Additional paid-in capital | Additional paid-in capitalSeries D perpetual preferred shares | Additional paid-in capitalSeries E perpetual preferred shares | Accumulated deficit | Accumulated deficitCumulative effect of adoption of ASU 2016-13 | Accumulated deficitSeries D perpetual preferred shares | Accumulated deficitSeries E perpetual preferred shares | 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 | (15,088) | (15,088) | (15,088) | |||||||||||||||||||
Net income | 37,527 | 34,026 | 34,026 | 3,501 | ||||||||||||||||||
Other comprehensive 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, 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 | |||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (41,346) | |||||||||||||||||||||
Net income | 109,487 | |||||||||||||||||||||
Other comprehensive loss | (722) | |||||||||||||||||||||
Ending balances at Sep. 30, 2020 | 6,454,439 | 5,769,009 | $ 3,156 | $ 6 | $ 354 | 6,214,149 | (454,697) | 6,041 | 685,430 | |||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 315,628,067 | 635,075 | 35,350,000 | |||||||||||||||||||
Beginning balances at Mar. 31, 2020 | 6,024,755 | 5,340,527 | $ 3,003 | $ 6 | $ 354 | 5,792,418 | (461,706) | 6,452 | 684,228 | |||||||||||||
Beginning balance (in shares) at Mar. 31, 2020 | 300,315,609 | 635,075 | 35,350,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Share-based compensation | 2,090 | 2,090 | 2,090 | |||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 2,878 | 2,878 | $ 2 | 2,876 | ||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 197,334 | |||||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (13,782) | (13,782) | (13,782) | |||||||||||||||||||
Noncontrolling interests | (2,601) | (2,601) | ||||||||||||||||||||
Common shares | (15,098) | (15,098) | (15,098) | |||||||||||||||||||
Net income | 31,807 | 29,151 | 29,151 | 2,656 | ||||||||||||||||||
Other comprehensive loss | (240) | (205) | (205) | (35) | ||||||||||||||||||
Ending balances at Jun. 30, 2020 | 6,029,809 | 5,345,561 | $ 3,005 | $ 6 | $ 354 | 5,797,384 | (461,435) | 6,247 | 684,248 | |||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 300,512,943 | 635,075 | 35,350,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Share-based compensation | 2,170 | 2,170 | 2,170 | |||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 1,246 | 1,246 | $ 1 | 1,245 | ||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 78,994 | |||||||||||||||||||||
Shares issued | 413,500 | 413,500 | $ 150 | 413,350 | 0 | 0 | ||||||||||||||||
Shares issued (in shares) | 15,036,130 | |||||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (13,782) | (13,782) | (13,782) | |||||||||||||||||||
Noncontrolling interests | (2,602) | (2,602) | ||||||||||||||||||||
Common shares | (15,814) | (15,814) | (15,814) | |||||||||||||||||||
Net income | 40,153 | 36,334 | 36,334 | 3,819 | ||||||||||||||||||
Other comprehensive loss | (241) | (206) | (206) | (35) | ||||||||||||||||||
Ending balances at Sep. 30, 2020 | 6,454,439 | 5,769,009 | $ 3,156 | $ 6 | $ 354 | 6,214,149 | (454,697) | 6,041 | 685,430 | |||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 315,628,067 | 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 stock/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 | (31,795) | (31,795) | (31,795) | |||||||||||||||||||
Net income | 48,921 | 43,996 | 43,996 | 4,925 | ||||||||||||||||||
Other comprehensive 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 | |||||||||||||||||||
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 | |||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (32,160) | |||||||||||||||||||||
Net income | 149,236 | |||||||||||||||||||||
Other comprehensive loss | (4,629) | |||||||||||||||||||||
Ending balances at Sep. 30, 2021 | 6,582,655 | 5,906,093 | $ 3,338 | $ 6 | $ 154 | 6,353,611 | (452,949) | 1,933 | 676,562 | |||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 333,760,558 | 635,075 | 15,400,000 | |||||||||||||||||||
Beginning balances at Mar. 31, 2021 | 6,486,180 | 5,806,455 | $ 3,166 | $ 6 | $ 354 | 6,234,456 | (445,103) | 13,576 | 679,725 | |||||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 316,617,810 | 635,075 | 35,350,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Share-based compensation | 3,151 | 3,151 | 3,151 | |||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 895 | 895 | $ 1 | 894 | ||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 90,373 | |||||||||||||||||||||
Shares issued | 193,840 | 193,840 | $ 55 | 193,785 | ||||||||||||||||||
Shares issued (in shares) | 5,500,000 | |||||||||||||||||||||
Redemptions of stock/units | $ 268,750 | $ 230,000 | $ 268,750 | $ 230,000 | $ 108 | $ 92 | $ 260,133 | $ 222,538 | $ 8,509 | $ 7,370 | ||||||||||||
Redemptions of units (in shares) | 10,750,000 | 9,200,000 | ||||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (12,615) | (12,615) | (12,615) | |||||||||||||||||||
Noncontrolling interests | (5,138) | (5,138) | ||||||||||||||||||||
Common shares | (32,403) | (32,403) | (32,403) | |||||||||||||||||||
Net income | 51,814 | 48,596 | 48,596 | 3,218 | ||||||||||||||||||
Other comprehensive loss | (13,469) | (11,585) | (11,585) | (1,884) | ||||||||||||||||||
Ending balances at Jun. 30, 2021 | 6,173,505 | 5,497,584 | $ 3,222 | $ 6 | $ 154 | 5,949,615 | (457,404) | 1,991 | 675,921 | |||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 322,208,183 | 635,075 | 15,400,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||||
Share-based compensation | 3,058 | 3,058 | 3,058 | |||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 2,054 | 2,054 | $ 2 | 2,052 | ||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 152,375 | |||||||||||||||||||||
Shares issued | 399,000 | 399,000 | $ 114 | 398,886 | ||||||||||||||||||
Shares issued (in shares) | 11,400,000 | |||||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||
Preferred shares | (5,763) | (5,763) | (5,763) | |||||||||||||||||||
Noncontrolling interests | (5,137) | (5,137) | ||||||||||||||||||||
Common shares | (32,414) | (32,414) | (32,414) | |||||||||||||||||||
Net income | 48,501 | 42,632 | 42,632 | 5,869 | ||||||||||||||||||
Other comprehensive loss | (149) | (58) | (58) | (91) | ||||||||||||||||||
Ending balances at Sep. 30, 2021 | $ 6,582,655 | $ 5,906,093 | $ 3,338 | $ 6 | $ 154 | $ 6,353,611 | $ (452,949) | $ 1,933 | $ 676,562 | |||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 333,760,558 | 635,075 | 15,400,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common share, dividends (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.05 |
Stock issuance cost | $ 200 | $ 600 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income | $ 149,236 | $ 109,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 275,682 | 254,653 |
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument | 6,290 | 5,564 |
Noncash share-based compensation | 14,319 | 6,068 |
Equity in net (income) losses of unconsolidated joint ventures | (875) | 963 |
Gain on sale and impairment of single-family properties and other, net | (36,401) | (28,522) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (13,863) | (20,997) |
Prepaid expenses and other assets | 11,247 | 7,879 |
Deferred leasing costs | (2,672) | (3,059) |
Accounts payable and accrued expenses | 95,471 | 96,401 |
Amounts due from related parties | (241) | (1,026) |
Net cash provided by operating activities | 498,193 | 427,411 |
Investing activities | ||
Cash paid for single-family properties | (633,794) | (170,633) |
Change in escrow deposits for purchase of single-family properties | (26,818) | 2,604 |
Net proceeds received from sales of single-family properties and other | 101,411 | 185,033 |
Proceeds received from hurricane-related insurance claims | 1,993 | 3,705 |
Investment in unconsolidated joint ventures | (20,742) | (15,667) |
Distributions from joint ventures | 46,927 | 81,153 |
Renovations to single-family properties | (28,234) | (11,022) |
Recurring and other capital expenditures for single-family properties | (90,413) | (79,077) |
Cash paid for development activity | (524,884) | (420,496) |
Other purchases of productive assets | (16,907) | (12,692) |
Net cash used for investing activities | (1,191,461) | (437,092) |
Financing activities | ||
Proceeds from issuance of Class A common shares | 593,040 | 414,100 |
Payments of Class A common share issuance costs | (200) | (600) |
Redemption of perpetual preferred shares/units | (498,750) | 0 |
Proceeds from exercise of stock options | 4,094 | 5,599 |
Payments related to tax withholding for share-based compensation | (2,666) | (1,638) |
Payments on asset-backed securitizations | (18,061) | (17,110) |
Settlement of cash flow hedging instrument | (3,999) | 0 |
Distributions to noncontrolling interests | (18,033) | (10,381) |
Distributions to common shareholders/unitholders | (112,278) | (61,035) |
Distributions to preferred shareholders/unitholders | (32,160) | (41,346) |
Deferred financing costs paid | (17,997) | 0 |
Net cash provided by financing activities | 630,185 | 287,589 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (63,083) | 277,908 |
Cash, cash equivalents and restricted cash, beginning of period | 265,077 | 164,119 |
Cash, cash equivalents and restricted cash, end of period | 201,994 | 442,027 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (85,472) | (93,261) |
Supplemental schedule of noncash investing and financing activities | ||
Accrued property renovations and development expenditures | 37,877 | 14,861 |
Transfers of completed homebuilding deliveries to properties | 252,218 | 263,329 |
Property and land contributions to unconsolidated joint ventures | (43,814) | (79,370) |
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 989 | 3,254 |
Accrued distributions to non-affiliates | 166 | 32 |
Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from unsecured senior notes, net of discount | 737,195 | 0 |
American Homes 4 Rent, L.P. | ||
Operating activities | ||
Net income | 149,236 | 109,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 275,682 | 254,653 |
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument | 6,290 | 5,564 |
Noncash share-based compensation | 14,319 | 6,068 |
Equity in net (income) losses of unconsolidated joint ventures | (875) | 963 |
Gain on sale and impairment of single-family properties and other, net | (36,401) | (28,522) |
Other changes in operating assets and liabilities: | ||
Rent and other receivables | (13,863) | (20,997) |
Prepaid expenses and other assets | 11,247 | 7,879 |
Deferred leasing costs | (2,672) | (3,059) |
Accounts payable and accrued expenses | 95,471 | 96,401 |
Amounts due from related parties | (241) | (1,026) |
Net cash provided by operating activities | 498,193 | 427,411 |
Investing activities | ||
Cash paid for single-family properties | (633,794) | (170,633) |
Change in escrow deposits for purchase of single-family properties | (26,818) | 2,604 |
Net proceeds received from sales of single-family properties and other | 101,411 | 185,033 |
Proceeds received from hurricane-related insurance claims | 1,993 | 3,705 |
Investment in unconsolidated joint ventures | (20,742) | (15,667) |
Distributions from joint ventures | 46,927 | 81,153 |
Renovations to single-family properties | (28,234) | (11,022) |
Recurring and other capital expenditures for single-family properties | (90,413) | (79,077) |
Cash paid for development activity | (524,884) | (420,496) |
Other purchases of productive assets | (16,907) | (12,692) |
Net cash used for investing activities | (1,191,461) | (437,092) |
Financing activities | ||
Proceeds from issuance of Class A common units | 593,040 | 414,100 |
Payments of Class A common unit issuance costs | (200) | (600) |
Redemption of perpetual preferred shares/units | (498,750) | 0 |
Proceeds from exercise of stock options | 4,094 | 5,599 |
Payments related to tax withholding for share-based compensation | (2,666) | (1,638) |
Payments on asset-backed securitizations | (18,061) | (17,110) |
Settlement of cash flow hedging instrument | (3,999) | 0 |
Distributions to common shareholders/unitholders | (130,311) | (71,416) |
Distributions to preferred shareholders/unitholders | (32,160) | (41,346) |
Deferred financing costs paid | (17,997) | 0 |
Net cash provided by financing activities | 630,185 | 287,589 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (63,083) | 277,908 |
Cash, cash equivalents and restricted cash, beginning of period | 265,077 | 164,119 |
Cash, cash equivalents and restricted cash, end of period | 201,994 | 442,027 |
Supplemental cash flow information | ||
Cash payments for interest, net of amounts capitalized | (85,472) | (93,261) |
Supplemental schedule of noncash investing and financing activities | ||
Accrued property renovations and development expenditures | 37,877 | 14,861 |
Transfers of completed homebuilding deliveries to properties | 252,218 | 263,329 |
Property and land contributions to unconsolidated joint ventures | (43,814) | (79,370) |
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 989 | 3,254 |
Accrued distributions to non-affiliates | 166 | 32 |
American Homes 4 Rent, L.P. | Unsecured Senior Notes | ||
Financing activities | ||
Proceeds from unsecured senior notes, net of discount | 737,195 | 0 |
Revolving Credit Facility | ||
Financing activities | ||
Proceeds from revolving credit facility | 1,060,000 | 130,000 |
Payments on revolving credit facility | (1,060,000) | (130,000) |
Revolving Credit Facility | American Homes 4 Rent, L.P. | ||
Financing activities | ||
Proceeds from revolving credit facility | 1,060,000 | 130,000 |
Payments on revolving credit facility | $ (1,060,000) | $ (130,000) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Capital - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 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 | $ 2,054 | $ 895 | $ (1,521) | $ 1,246 | $ 2,878 | $ (163) | |||
Distributions to equity holders: | |||||||||
Other comprehensive loss | (149) | (13,469) | 8,989 | (241) | (240) | (241) | $ (4,629) | $ (722) | |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||
American Homes 4 Rent, L.P. | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Total capital, beginning balance | 6,173,505 | 6,486,180 | 6,472,430 | 6,029,809 | 6,024,755 | 6,018,790 | 6,472,430 | 6,018,790 | |
Share-based compensation | 3,058 | 3,151 | 8,110 | 2,170 | 2,090 | 1,808 | |||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 2,054 | 895 | (1,521) | 1,246 | 2,878 | (163) | |||
Issuance of Class A common units, net of offering costs of $200 | 399,000 | 193,840 | 413,500 | ||||||
Redemption of units | 0 | ||||||||
Distributions to equity holders: | |||||||||
Preferred units | (5,763) | (12,615) | (13,782) | (13,782) | (13,782) | (13,782) | |||
Common units | (37,551) | (37,541) | (36,967) | (18,416) | (17,699) | (17,690) | |||
Net income | 48,501 | 51,814 | 48,921 | 40,153 | 31,807 | 37,527 | |||
Other comprehensive loss | (149) | (13,469) | 8,989 | (241) | (240) | (241) | (4,629) | (722) | |
Total capital, ending balance | 6,582,655 | 6,173,505 | 6,486,180 | 6,454,439 | 6,029,809 | 6,024,755 | 6,582,655 | 6,454,439 | $ 6,018,790 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||
American Homes 4 Rent, L.P. | Series D perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | 268,750 | ||||||||
American Homes 4 Rent, L.P. | Series E perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | 230,000 | ||||||||
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) | (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 | 2,380 | 15,849 | 6,860 | 7,342 | 7,582 | 7,823 | 6,860 | 7,823 | |
Distributions to equity holders: | |||||||||
Other comprehensive loss | (149) | (13,469) | 8,989 | (241) | (240) | (241) | |||
Total capital, ending balance | 2,231 | 2,380 | 15,849 | 7,101 | 7,342 | 7,582 | 2,231 | 7,101 | 7,823 |
American Homes 4 Rent, L.P. | General Partner | Common Units | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Total capital, beginning balance | $ 5,124,029 | $ 4,938,444 | $ 4,928,819 | $ 4,484,879 | $ 4,479,640 | $ 4,474,333 | $ 4,928,819 | $ 4,474,333 | |
Total capital, beginning balance (in shares) | 322,843,258 | 317,252,885 | 316,656,460 | 301,148,018 | 300,950,684 | 300,742,674 | 316,656,460 | 300,742,674 | |
Share-based compensation | $ 3,058 | $ 3,151 | $ 8,110 | $ 2,170 | $ 2,090 | $ 1,808 | |||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | $ 2,054 | $ 895 | $ (1,521) | $ 1,246 | $ 2,878 | $ (163) | |||
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares) | 152,375 | 90,373 | 246,425 | 78,994 | 197,334 | 208,010 | |||
Issuance of Class A common units, net of offering costs of $200 | $ 399,000 | $ 193,840 | $ 413,500 | ||||||
Issuance of Class A common units, net of offering costs of $999.0M (in shares) | 11,400,000 | 5,500,000 | 15,036,130 | ||||||
Redemption of units | $ (4,617) | ||||||||
Redemption of units (in shares) | 350,000 | ||||||||
Distributions to equity holders: | |||||||||
Common units | $ (32,414) | $ (32,403) | $ (31,795) | $ (15,814) | $ (15,098) | $ (15,088) | |||
Net income | 36,869 | 35,981 | 30,214 | 22,552 | 15,369 | 20,244 | |||
Total capital, ending balance | $ 5,532,596 | $ 5,124,029 | $ 4,938,444 | $ 4,908,533 | $ 4,484,879 | $ 4,479,640 | $ 5,532,596 | $ 4,908,533 | $ 4,474,333 |
Total capital, ending balance (in shares) | 334,395,633 | 322,843,258 | 317,252,885 | 316,263,142 | 301,148,018 | 300,950,684 | 334,395,633 | 316,263,142 | 300,742,674 |
American Homes 4 Rent, L.P. | General Partner | Common Units | Series D perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | $ 8,509 | ||||||||
American Homes 4 Rent, L.P. | General Partner | Common Units | Series E perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | 7,370 | ||||||||
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) | $ (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 | $ 371,564 | 854,435 | $ 854,435 | $ 854,435 | $ 854,435 | 854,435 | $ 854,435 | 854,435 | |
Distributions to equity holders: | |||||||||
Preferred units | (5,763) | (12,615) | (13,782) | (13,782) | (13,782) | (13,782) | |||
Net income | 5,763 | 12,615 | 13,782 | 13,782 | 13,782 | 13,782 | |||
Total capital, ending balance | 371,564 | 371,564 | 854,435 | 854,435 | 854,435 | 854,435 | 371,564 | 854,435 | 854,435 |
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series D perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | 260,241 | ||||||||
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series E perpetual preferred shares | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Redemption of units | 222,630 | ||||||||
American Homes 4 Rent, L.P. | Limited Partners | Common Units | |||||||||
Increase (Decrease) in Capital [Roll Forward] | |||||||||
Total capital, beginning balance | $ 675,532 | $ 677,452 | $ 682,316 | $ 683,153 | $ 683,098 | $ 682,199 | $ 682,316 | $ 682,199 | |
Total capital, beginning balance (in shares) | 51,376,980 | 51,376,980 | 51,726,980 | 52,026,980 | 52,026,980 | 52,026,980 | 51,726,980 | 52,026,980 | |
Redemption of units | $ 4,617 | ||||||||
Redemption of units (in shares) | 350,000 | ||||||||
Distributions to equity holders: | |||||||||
Common units | $ (5,137) | $ (5,138) | $ (5,172) | $ (2,602) | $ (2,601) | $ (2,602) | |||
Net income | 5,869 | 3,218 | 4,925 | 3,819 | 2,656 | 3,501 | |||
Total capital, ending balance | $ 676,264 | $ 675,532 | $ 677,452 | $ 684,370 | $ 683,153 | $ 683,098 | $ 676,264 | $ 684,370 | $ 682,199 |
Total capital, ending balance (in shares) | 51,376,980 | 51,376,980 | 51,376,980 | 52,026,980 | 52,026,980 | 52,026,980 | 51,376,980 | 52,026,980 | 52,026,980 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Common units, dividends (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.05 | |
Stock issuance cost | $ 200 | $ 600 | ||||
American Homes 4 Rent, L.P. | ||||||
Common units, dividends (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.05 |
Stock issuance cost | $ 200 | $ 600 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 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 September 30, 2021, the Company held 56,077 single-family properties in 22 states, including 604 properties classified as held for sale. AH4R is the general partner of, and as of September 30, 2021 owned approximately 86.7% of the common partnership interest in, the Operating Partnership. The remaining 13.3% 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 | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 265,077 $ 164,119 |
Real Estate Assets, Net
Real Estate Assets, Net | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Occupied single-family properties $ 8,369,911 $ 7,957,513 Single-family properties recently acquired or developed 360,595 66,857 Single-family properties in turnover process 127,221 149,684 Single-family properties leased, not yet occupied 97,373 71,334 Single-family properties in operation, net 8,955,100 8,245,388 Development land 395,385 270,767 Single-family properties under development 337,875 239,598 Single-family properties held for sale, net 106,232 129,026 Total real estate assets, net $ 9,794,592 $ 8,884,779 Depreciation expense related to single-family properties was $90.6 million and $83.7 million for the three months ended September 30, 2021 and 2020, respectively, and $264.3 million and $245.1 million for the nine months ended September 30, 2021 and 2020, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2021 and 2020 (in thousands, except property data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Single-family properties: Properties sold 90 233 367 859 Net proceeds (1) $ 26,683 $ 56,150 $ 100,815 $ 184,962 Net gain on sale $ 10,073 $ 12,422 $ 36,845 $ 36,831 Land: Net proceeds $ 277 $ — $ 596 $ 71 Net gain (loss) on sale $ 42 $ — $ (97) $ 7 (1) Net proceeds are net of deductions for working capital prorations. |
Rent and Other Receivables
Rent and Other Receivables | 9 Months Ended |
Sep. 30, 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 $52.7 million and $49.9 million for the three months ended September 30, 2021 and 2020, respectively, and $136.5 million and $125.4 million for the nine months ended September 30, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $6.0 million and $4.3 million for the three months ended September 30, 2021 and 2020, respectively, and $16.7 million and $11.7 million for the nine months ended September 30, 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 September 30, 2021 (in thousands): September 30, 2021 Remaining 2021 $ 254,285 2022 423,791 2023 27,305 2024 61 Total $ 705,442 As of September 30, 2021 and December 31, 2020, rent and other receivables included $4.5 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 72,716 $ 51,886 Commercial real estate, software, vehicles and FF&E, net 59,886 52,130 Notes receivable, net 34,677 35,519 Operating lease ROU assets 17,611 18,772 Deferred costs and other intangibles, net 13,946 4,864 Total $ 198,836 $ 163,171 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.9 million and $2.3 million for the three months ended September 30, 2021 and 2020, respectively, and $8.3 million and $6.4 million for the nine months ended September 30, 2021 and 2020, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Deferred leasing costs $ 3,341 $ 3,782 Deferred financing costs 22,488 11,244 25,829 15,026 Less: accumulated amortization (11,883) (10,162) Total $ 13,946 $ 4,864 Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended September 30, 2021 and 2020 and $3.1 million for both the nine months ended September 30, 2021 and 2020 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 $0.7 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively, and $1.8 million and $1.5 million for the nine months ended September 30, 2021 and 2020, respectively, 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 September 30, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 748 $ 687 $ 1,435 2022 832 2,722 3,554 2023 — 2,722 2,722 2024 — 2,730 2,730 2025 — 2,722 2,722 Thereafter — 783 783 Total $ 1,580 $ 12,366 $ 13,946 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures As of September 30, 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 is 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 September 30, 2021 Completed Homes at September 30, 2021 Balances at Balances at Alaska JV 20 % 335 $ 21,970 $ 26,020 Institutional Investor JV 20 % 966 28,774 34,112 J.P. Morgan JV 20 % 428 59,842 32,977 1,729 $ 110,586 $ 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 $2.8 million and $1.7 million for the three months ended September 30, 2021 and 2020, respectively, and $7.4 million and $3.9 million for the nine months ended September 30, 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 one |
Debt
Debt | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 475,336 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 490,585 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 516,249 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 448,261 452,162 Total asset-backed securitizations 1,930,431 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 2031 unsecured senior notes (5) 2.46% July 15, 2031 450,000 — 2051 unsecured senior notes 3.38% July 15, 2051 300,000 — Revolving credit facility (6) 1.18% April 15, 2026 — — Total debt 3,580,431 2,848,492 Unamortized discounts on unsecured senior notes (15,900) (3,658) Deferred financing costs, net (7) (29,867) (27,422) Total debt per balance sheet $ 3,534,664 $ 2,817,412 (1) Interest rates are rounded and as of September 30, 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 hedged to yield an interest rate of 4.08%. (5) The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6) The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $1.2 million and $1.5 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of September 30, 2021. (7) 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 September 30, 2021 and 2020 and $4.5 million for both the nine months ended September 30, 2021 and 2020, which was included in gross interest, prior to interest capitalization. Unsecured Senior Notes In July 2021, the Operating Partnership issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 (the “2031 Notes”) and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051 (the “2051 Notes” and, together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a $12.8 million discount, and before offering costs of $1.4 million. The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes. If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Revolving Credit Facility During the second quarter of 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, 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. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2021 (in thousands): Debt Maturities Remaining 2021 $ 5,179 2022 20,714 2023 20,714 2024 952,795 2025 10,302 Thereafter 2,570,727 Total debt $ 3,580,431 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 and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Gross interest cost $ 40,161 $ 34,075 $ 108,459 $ 103,069 Capitalized interest (9,064) (4,808) (21,829) (14,529) Interest expense $ 31,097 $ 29,267 $ 86,630 $ 88,540 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued property taxes $ 134,920 $ 48,689 Resident security deposits 103,202 90,621 Accrued construction and maintenance liabilities 47,876 42,483 Prepaid rent 24,316 24,421 Operating lease liabilities 19,026 19,166 Accrued interest 17,886 23,018 Accounts payable 1,003 432 Accrued distribution payable 205 13,612 Other accrued liabilities 39,614 36,507 Total $ 388,048 $ 298,949 |
Shareholders' Equity _ Partners
Shareholders' Equity / Partners' Capital | 9 Months Ended |
Sep. 30, 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. Class A Common Share / Unit Offering During the second quarter of 2021, the Company completed an underwritten public offering for 18,745,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 5,500,000 shares were issued directly by the Company and 13,245,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “May 2021 Forward Sale Agreements”) for these 13,245,000 shares which are accounted for in equity. The Company received net proceeds of $194.0 million from the 5,500,000 Class A common shares issued directly by the Company after deducting underwriting discounts and before offering costs of approximately $0.2 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. The Company used the net proceeds to repay indebtedness under its revolving credit facility, to partially fund the redemption of its Series D and Series E perpetual preferred shares discussed below and for general corporate purposes. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. In September 2021, the Company issued and physically settled 11,400,000 Class A common shares under the May 2021 Forward Sale Agreements, receiving net proceeds of $399.0 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. As of September 30, 2021, 1,845,000 Class A common shares remained available for future settlement under the May 2021 Forward Sale Agreements. The Company expects to physically settle the remaining shares by May 21, 2022 through the delivery of the Class A common shares and expects that net proceeds will be approximately $64.6 million. The Company expects to use these net proceeds for general corporate purposes including, without limitation, property acquisitions and developments. Although the Company expects to physically settle the remaining shares, the May 2021 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations. If the Company elects to cash or net share settle the May 2021 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchasers in certain circumstances. The May 2021 Forward Sale Agreements are subject to early termination or settlement under certain circumstances. 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 and nine months ended September 30, 2020, 86,130 shares were issued under the At-the-Market Program, raising $2.4 million in gross proceeds before commissions and other expenses of approximately $0.4 million. As of September 30, 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 nine months ended September 30, 2021 and 2020, we did not repurchase and retire any of our shares. As of September 30, 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 September 30, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): September 30, 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 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % — — 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 15,400,000 $ 385,000 35,350,000 $ 883,750 During the second quarter of 2021, the Company redeemed all 10,750,000 shares of the outstanding 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 in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series D perpetual preferred units. As a result of the redemption, the Company recorded an $8.5 million allocation of income to the Series D perpetual preferred shareholders within the condensed consolidated statements of operations in the second quarter of 2021, which represents the initial liquidation value of the Series D perpetual preferred shares in excess of its carrying value as of the redemption date. During the second quarter of 2021, the Company redeemed all 9,200,000 shares of the outstanding 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 accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series E perpetual preferred units. As a result of the redemption, the Company recorded a $7.4 million allocation of income to the Series E perpetual preferred shareholders within the condensed consolidated statements of operations in the second quarter of 2021, which represents the initial liquidation value of the Series E perpetual preferred shares in excess of its carrying value as of the redemption date. 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 September 30, 2021 June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.10 $ 0.10 $ 0.10 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares (1) — 0.30 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. 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 13.1% and 13.9%, of the total 385,772,613 and 368,383,440 Class A units in the Operating Partnership as of September 30, 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 385,772,613 and 368,383,440 Class A units in the Operating Partnership as of September 30, 2021 and December 31, 2020, respectively. The OP 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 | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation 2021 Equity Incentive Plan During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan replaced the 2012 Equity Incentive Plan (the “2012 Plan”) and provides for the issuance of up to 9,544,095 Class A common shares (including shares that remained available for future awards under the 2012 Plan as of the effective date of the 2021 Plan and shares related to outstanding awards under the 2012 Plan that may become available after expiration, forfeiture or cancellation of such awards). The 2021 Plan provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. The 2021 Plan terminates in May 2031, unless terminated earlier by the Company’s board of trustees. When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. During the nine months ended September 30, 2021 and 2020, the Human Capital and Compensation Committee granted RSUs to employees that vest over a one During the nine months ended September 30, 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 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (259,000) (333,650) Forfeited — (2,850) Options outstanding at end of period 831,300 1,193,300 Options exercisable at end of period 793,800 1,049,200 The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 645,955 470,147 Vested (208,574) (207,947) Forfeited (28,239) (42,565) RSUs outstanding at end of period 1,060,679 818,744 The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 PSUs outstanding at beginning of period — — Awarded 92,319 — Vested — — Forfeited — — PSUs outstanding at end of period 92,319 — 2021 Employee Stock Purchase Plan During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which provides for the issuance of 3,000,000 Class A common shares. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. The 2021 ESPP allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The first purchase period commenced on July 1, 2021. The purchase price for Class A common shares will be 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AH4R. Share-Based Compensation Expense 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 and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 General and administrative expense $ 1,557 $ 1,723 $ 7,722 $ 4,741 Property management expenses 680 447 2,278 1,327 Acquisition and other transaction costs 821 — 4,319 — Total noncash share-based compensation expense $ 3,058 $ 2,170 $ 14,319 $ 6,068 |
Earnings per Share _ Unit
Earnings per Share / Unit | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Noncontrolling interest 5,869 3,819 14,012 9,976 Dividends on preferred shares 5,763 13,782 32,160 41,346 Redemption of perpetual preferred shares — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common share–basic and diluted $ 36,751 $ 22,496 $ 86,885 $ 58,013 Denominator: Weighted-average common shares outstanding–basic 324,002,538 308,080,226 320,267,903 303,319,053 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common shares outstanding–diluted (3) 326,206,423 308,541,502 321,879,235 303,775,556 Net income per common share: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (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 and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). (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 and nine months ended September 30, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Preferred distributions 5,763 13,782 32,160 41,346 Redemption of perpetual preferred units — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common unit–basic and diluted $ 42,620 $ 26,315 $ 100,897 $ 67,989 Denominator: Weighted-average common units outstanding–basic 375,379,518 360,107,206 371,739,755 355,346,033 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common units outstanding–diluted 377,583,403 360,568,482 373,351,087 355,802,536 Net income per common unit: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (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 and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 471,457 $ 481,550 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 486,475 498,225 490,319 504,364 AH4R 2015-SFR1 securitization 511,627 523,360 515,326 529,542 AH4R 2015-SFR2 securitization 443,763 457,049 446,818 461,037 Total asset-backed securitizations 1,913,322 1,960,184 1,927,607 1,983,083 2028 unsecured senior notes, net 494,970 566,865 494,378 575,220 2029 unsecured senior notes, net 395,849 468,684 395,427 482,276 2031 unsecured senior notes, net 439,764 447,008 — — 2051 unsecured senior notes, net 290,759 306,492 — — Total unsecured senior notes, net 1,621,342 1,789,049 889,805 1,057,496 Revolving credit facility — — — — Total debt $ 3,534,664 $ 3,749,233 $ 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. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 Notes (see Note 8. Debt), which resulted in a $4.0 million loss recorded in other comprehensive loss for the nine months ended September 30, 2021 and is being reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes. The treasury lock was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs, based on the 10-year treasury note rate. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of September 30, 2021 and December 31, 2020, affiliates owned approximately 13.6% and 14.3%, respectively, 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 September 30, 2021 and December 31, 2020, respectively) an approximate 25.1% and 26.3% interest as of September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2021, the Company had commitments to acquire 564 single-family properties for an aggregate purchase price of $172.7 million, as well as $425.5 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. 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 September 30, 2021 and December 31, 2020, the Company had sales in escrow for approximately 53 and 97, respectively, of our single-family properties for aggregate selling prices of $14.9 million and $24.0 million, respectively. As of September 30, 2021 and December 31, 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $79.9 million and $36.7 million, respectively. Captive Insurance Company During the first quarter of 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 continuing to cooperate 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 may continue to negatively impact our business and results of operations for our fourth 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 resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent Acquisitions From October 1, 2021 through October 31, 2021, the Company added 392 properties to its portfolio for a total cost of approximately $138.4 million, which included 110 newly constructed properties delivered through our AMH Development Program and 44 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From October 1, 2021 through October 31, 2021, the Company disposed of 48 properties for aggregate net proceeds of approximately $12.0 million. Revolving Credit Facility From October 1, 2021 through October 31, 2021, the Company borrowed an additional $130.0 million under its revolving credit facility, resulting in $130.0 million of outstanding borrowings under its revolving credit facility as of October 31, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 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): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 265,077 $ 164,119 |
Real Estate Assets, Net (Tables
Real Estate Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Single-Family Properties, Net | The net book values of real estate assets consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Occupied single-family properties $ 8,369,911 $ 7,957,513 Single-family properties recently acquired or developed 360,595 66,857 Single-family properties in turnover process 127,221 149,684 Single-family properties leased, not yet occupied 97,373 71,334 Single-family properties in operation, net 8,955,100 8,245,388 Development land 395,385 270,767 Single-family properties under development 337,875 239,598 Single-family properties held for sale, net 106,232 129,026 Total real estate assets, net $ 9,794,592 $ 8,884,779 For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Single-family properties: Properties sold 90 233 367 859 Net proceeds (1) $ 26,683 $ 56,150 $ 100,815 $ 184,962 Net gain on sale $ 10,073 $ 12,422 $ 36,845 $ 36,831 Land: Net proceeds $ 277 $ — $ 596 $ 71 Net gain (loss) on sale $ 42 $ — $ (97) $ 7 (1) Net proceeds are net of deductions for working capital prorations. |
Rent and Other Receivables (Tab
Rent and Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Future Minimum Rental Revenues | The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2021 (in thousands): September 30, 2021 Remaining 2021 $ 254,285 2022 423,791 2023 27,305 2024 61 Total $ 705,442 |
Escrow Deposits, Prepaid Expe_2
Escrow Deposits, Prepaid Expenses and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 72,716 $ 51,886 Commercial real estate, software, vehicles and FF&E, net 59,886 52,130 Notes receivable, net 34,677 35,519 Operating lease ROU assets 17,611 18,772 Deferred costs and other intangibles, net 13,946 4,864 Total $ 198,836 $ 163,171 |
Deferred Costs and Other Intangibles | Deferred costs and other intangibles, net, consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Deferred leasing costs $ 3,341 $ 3,782 Deferred financing costs 22,488 11,244 25,829 15,026 Less: accumulated amortization (11,883) (10,162) Total $ 13,946 $ 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 September 30, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 748 $ 687 $ 1,435 2022 832 2,722 3,554 2023 — 2,722 2,722 2024 — 2,730 2,730 2025 — 2,722 2,722 Thereafter — 783 783 Total $ 1,580 $ 12,366 $ 13,946 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 Completed Homes at September 30, 2021 Balances at Balances at Alaska JV 20 % 335 $ 21,970 $ 26,020 Institutional Investor JV 20 % 966 28,774 34,112 J.P. Morgan JV 20 % 428 59,842 32,977 1,729 $ 110,586 $ 93,109 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 475,336 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 490,585 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 516,249 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 448,261 452,162 Total asset-backed securitizations 1,930,431 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 2031 unsecured senior notes (5) 2.46% July 15, 2031 450,000 — 2051 unsecured senior notes 3.38% July 15, 2051 300,000 — Revolving credit facility (6) 1.18% April 15, 2026 — — Total debt 3,580,431 2,848,492 Unamortized discounts on unsecured senior notes (15,900) (3,658) Deferred financing costs, net (7) (29,867) (27,422) Total debt per balance sheet $ 3,534,664 $ 2,817,412 (1) Interest rates are rounded and as of September 30, 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 hedged to yield an interest rate of 4.08%. (5) The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6) The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $1.2 million and $1.5 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of September 30, 2021. (7) 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 September 30, 2021 and 2020 and $4.5 million for both the nine months ended September 30, 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 September 30, 2021 (in thousands): Debt Maturities Remaining 2021 $ 5,179 2022 20,714 2023 20,714 2024 952,795 2025 10,302 Thereafter 2,570,727 Total debt $ 3,580,431 |
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 and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Gross interest cost $ 40,161 $ 34,075 $ 108,459 $ 103,069 Capitalized interest (9,064) (4,808) (21,829) (14,529) Interest expense $ 31,097 $ 29,267 $ 86,630 $ 88,540 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | The following table summarizes accounts payable and accrued expenses as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued property taxes $ 134,920 $ 48,689 Resident security deposits 103,202 90,621 Accrued construction and maintenance liabilities 47,876 42,483 Prepaid rent 24,316 24,421 Operating lease liabilities 19,026 19,166 Accrued interest 17,886 23,018 Accounts payable 1,003 432 Accrued distribution payable 205 13,612 Other accrued liabilities 39,614 36,507 Total $ 388,048 $ 298,949 |
Shareholders' Equity _ Partne_2
Shareholders' Equity / Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Preferred Shares Outstanding | As of September 30, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): September 30, 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 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % — — 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 15,400,000 $ 385,000 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 September 30, 2021 June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.10 $ 0.10 $ 0.10 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares (1) — 0.30 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity under Plan | The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (259,000) (333,650) Forfeited — (2,850) Options outstanding at end of period 831,300 1,193,300 Options exercisable at end of period 793,800 1,049,200 |
Summary of Restricted Share Units Activity Under Plan | The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 645,955 470,147 Vested (208,574) (207,947) Forfeited (28,239) (42,565) RSUs outstanding at end of period 1,060,679 818,744 |
Summary of Performance Share Units Activity Under Plan | The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine 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 and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 General and administrative expense $ 1,557 $ 1,723 $ 7,722 $ 4,741 Property management expenses 680 447 2,278 1,327 Acquisition and other transaction costs 821 — 4,319 — Total noncash share-based compensation expense $ 3,058 $ 2,170 $ 14,319 $ 6,068 |
Earnings per Share _ Unit (Tabl
Earnings per Share / Unit (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Noncontrolling interest 5,869 3,819 14,012 9,976 Dividends on preferred shares 5,763 13,782 32,160 41,346 Redemption of perpetual preferred shares — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common share–basic and diluted $ 36,751 $ 22,496 $ 86,885 $ 58,013 Denominator: Weighted-average common shares outstanding–basic 324,002,538 308,080,226 320,267,903 303,319,053 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common shares outstanding–diluted (3) 326,206,423 308,541,502 321,879,235 303,775,556 Net income per common share: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (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 and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). (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 and nine months ended September 30, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Preferred distributions 5,763 13,782 32,160 41,346 Redemption of perpetual preferred units — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common unit–basic and diluted $ 42,620 $ 26,315 $ 100,897 $ 67,989 Denominator: Weighted-average common units outstanding–basic 375,379,518 360,107,206 371,739,755 355,346,033 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common units outstanding–diluted 377,583,403 360,568,482 373,351,087 355,802,536 Net income per common unit: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (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 and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 471,457 $ 481,550 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 486,475 498,225 490,319 504,364 AH4R 2015-SFR1 securitization 511,627 523,360 515,326 529,542 AH4R 2015-SFR2 securitization 443,763 457,049 446,818 461,037 Total asset-backed securitizations 1,913,322 1,960,184 1,927,607 1,983,083 2028 unsecured senior notes, net 494,970 566,865 494,378 575,220 2029 unsecured senior notes, net 395,849 468,684 395,427 482,276 2031 unsecured senior notes, net 439,764 447,008 — — 2051 unsecured senior notes, net 290,759 306,492 — — Total unsecured senior notes, net 1,621,342 1,789,049 889,805 1,057,496 Revolving credit facility — — — — Total debt $ 3,534,664 $ 3,749,233 $ 2,817,412 $ 3,040,579 |
Organization and Operations (De
Organization and Operations (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)singleFamilyPropertypropertystate | Dec. 31, 2020USD ($) | |
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 | 86.70% | |
Limited Partners | ||
Real Estate Properties [Line Items] | ||
Limited partner interest | 13.30% | |
Single Family Homes | ||
Real Estate Properties [Line Items] | ||
Number of properties | singleFamilyProperty | 56,077 | |
Single Family Homes | Single-family properties identified as part of the disposition program | ||
Real Estate Properties [Line Items] | ||
Number of properties | property | 604 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||||
Term of restriction | 1 year | |||
Cash and cash equivalents | $ 63,997 | $ 137,060 | $ 315,808 | $ 37,575 |
Restricted cash | 137,997 | 128,017 | 126,219 | 126,544 |
Total cash, cash equivalents and restricted cash | $ 201,994 | $ 265,077 | $ 442,027 | $ 164,119 |
Real Estate Assets, Net - Compo
Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Subject to or Available for Operating Lease | ||
Single-family properties in operation, net | $ 8,955,100 | $ 8,245,388 |
Development land | 395,385 | 270,767 |
Single-family properties under development | 337,875 | 239,598 |
Single-family properties held for sale, net | 106,232 | 129,026 |
Total real estate assets, net | 9,794,592 | 8,884,779 |
Single Family Homes | ||
Property Subject to or Available for Operating Lease | ||
Total real estate assets, net | 9,794,592 | 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 | 360,595 | 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 | 127,221 | 149,684 |
Single Family Homes | Occupied single-family properties | ||
Property Subject to or Available for Operating Lease | ||
Single-family properties in operation, net | 8,369,911 | 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 | $ 97,373 | $ 71,334 |
Real Estate Assets, Net - Addit
Real Estate Assets, Net - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)property | Sep. 30, 2020USD ($)property | Sep. 30, 2021USD ($)property | Sep. 30, 2020USD ($)property | |
Property Subject to or Available for Operating Lease | ||||
Depreciation expense | $ 90,600 | $ 83,700 | $ 264,300 | $ 245,100 |
Single Family Homes | ||||
Single-family properties: | ||||
Properties sold | property | 90 | 233 | 367 | 859 |
Net proceeds | $ 26,683 | $ 56,150 | $ 100,815 | $ 184,962 |
Net gain on sale | 10,073 | 12,422 | 36,845 | 36,831 |
Land: | ||||
Net proceeds | 277 | 0 | 596 | 71 |
Net gain (loss) on sale | $ 42 | $ 0 | $ (97) | $ 7 |
Rent and Other Receivables (Det
Rent and Other Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Lease agreement term (in years) | 1 year | 1 year | |||
Future Minimum Rental Revenues | |||||
Remaining 2021 | $ 254,285 | $ 254,285 | |||
2022 | 423,791 | 423,791 | |||
2023 | 27,305 | 27,305 | |||
2024 | 61 | 61 | |||
Total | 705,442 | 705,442 | |||
Storm damage related insurance claims receivable | 4,500 | 4,500 | $ 800 | ||
Single Family Homes | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Tenant chargebacks | 52,700 | $ 49,900 | 136,500 | $ 125,400 | |
Late fees and application fees | $ 6,000 | $ 4,300 | $ 16,700 | $ 11,700 |
Escrow Deposits, Prepaid Expe_3
Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Escrow deposits, prepaid expenses and other | $ 72,716 | $ 72,716 | $ 51,886 | ||
Deferred costs and other intangibles, net | 13,946 | 13,946 | 4,864 | ||
Notes receivable, net | 34,677 | 34,677 | 35,519 | ||
Operating lease ROU assets | 17,611 | 17,611 | 18,772 | ||
Commercial real estate, software, vehicles and FF&E, net | 59,886 | 59,886 | 52,130 | ||
Total | 198,836 | 198,836 | $ 163,171 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Depreciation expense | 90,600 | $ 83,700 | 264,300 | $ 245,100 | |
Amortization expense related to deferred leasing costs, in-place leases, trademark and database | 1,000 | 1,000 | 3,100 | 3,100 | |
Amortization of deferred financing costs | 700 | 500 | 1,800 | 1,500 | |
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Depreciation expense | $ 2,900 | $ 2,300 | $ 8,300 | $ 6,400 |
Escrow Deposits, Prepaid Expe_4
Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs | $ 3,341 | $ 3,782 |
Deferred financing costs | 22,488 | 11,244 |
Deferred cost and intangible assets | 25,829 | 15,026 |
Less: accumulated amortization | (11,883) | (10,162) |
Total | $ 13,946 | $ 4,864 |
Escrow Deposits, Prepaid Expe_5
Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining 2021 | $ 1,435 |
2022 | 3,554 |
2023 | 2,722 |
2024 | 2,730 |
2025 | 2,722 |
Thereafter | 783 |
Database Intangible Asset | 13,946 |
Deferred Leasing Costs | |
Deferred Leasing Costs, Future Amortization Expenses [Abstract] | |
Remaining 2021 | 748 |
2022 | 832 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Deferred Leasing Costs | 1,580 |
Deferred Financing Costs | |
Debt Issuance Costs, Future Amortization Expenses [Abstract] | |
Remaining 2021 | 687 |
2022 | 2,722 |
2023 | 2,722 |
2024 | 2,730 |
2025 | 2,722 |
Thereafter | 783 |
Deferred Financing Costs | $ 12,366 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)joint_venture | Sep. 30, 2020USD ($)extension | Sep. 30, 2021USD ($)joint_venture | Sep. 30, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 20.00% | 20.00% | ||
Number of joint ventures | joint_venture | 3 | 3 | ||
Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum borrowing limit | $ 201 | $ 201 | ||
Non-recourse loan term | 2 years | 2 years | ||
Number of extension options | extension | 3 | |||
Extension period | 1 year | |||
Maximum exposure | $ 161.3 | $ 161.3 | ||
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 | $ 2.8 | $ 1.7 | $ 7.4 | $ 3.9 |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands | Sep. 30, 2021USD ($)home | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Percent Ownership | 20.00% | |
Completed Homes | home | 1,729 | |
Balances | $ | $ 110,586 | $ 93,109 |
Alaska JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent Ownership | 20.00% | |
Completed Homes | home | 335 | |
Balances | $ | $ 21,970 | 26,020 |
Institutional Investor JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent Ownership | 20.00% | |
Completed Homes | home | 966 | |
Balances | $ | $ 28,774 | 34,112 |
J.P. Morgan JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Percent Ownership | 20.00% | |
Completed Homes | home | 428 | |
Balances | $ | $ 59,842 | $ 32,977 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||||
Debt, gross | $ 3,580,431,000 | $ 3,580,431,000 | $ 2,848,492,000 | |||||
Unamortized discounts on unsecured senior notes | (15,900,000) | (15,900,000) | (3,658,000) | |||||
Deferred financing costs, net | (29,867,000) | (29,867,000) | (27,422,000) | |||||
Total debt per balance sheet | 3,534,664,000 | 3,534,664,000 | 2,817,412,000 | |||||
Amortization of financing costs | 6,290,000 | $ 5,564,000 | ||||||
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of financing costs | 1,500,000 | $ 1,500,000 | 4,500,000 | $ 4,500,000 | ||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, gross | $ 1,930,431,000 | $ 1,930,431,000 | 1,948,492,000 | |||||
Secured Debt | 2014-SFR 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.42% | 4.42% | ||||||
Debt, gross | $ 475,336,000 | $ 475,336,000 | 479,981,000 | |||||
Secured Debt | 2014-SFR 3 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.40% | 4.40% | ||||||
Debt, gross | $ 490,585,000 | $ 490,585,000 | 495,392,000 | |||||
Secured Debt | 2015-SFR 1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.14% | 4.14% | ||||||
Debt, gross | $ 516,249,000 | $ 516,249,000 | 520,957,000 | |||||
Secured Debt | 2015-SFR 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.36% | 4.36% | ||||||
Debt, gross | $ 448,261,000 | $ 448,261,000 | 452,162,000 | |||||
Senior Notes | 2028 unsecured senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.25% | 4.25% | ||||||
Effective interest rate | 4.08% | 4.08% | ||||||
Debt, gross | $ 500,000,000 | $ 500,000,000 | 500,000,000 | |||||
Senior Notes | 2029 unsecured senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.90% | 4.90% | ||||||
Debt, gross | $ 400,000,000 | $ 400,000,000 | 400,000,000 | |||||
Senior Notes | 2031 unsecured senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.38% | 2.38% | 2.375% | |||||
Effective interest rate | 2.46% | 2.46% | ||||||
Debt, gross | $ 450,000,000 | $ 450,000,000 | 0 | |||||
Senior Notes | 2051 unsecured senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 3.38% | 3.38% | 3.375% | |||||
Debt, gross | $ 300,000,000 | $ 300,000,000 | 0 | |||||
Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.18% | 1.18% | ||||||
Debt, gross | $ 0 | $ 0 | 0 | |||||
Maximum borrowing capacity | 1,250,000,000 | 1,250,000,000 | $ 1,250,000,000 | $ 800,000,000 | ||||
Outstanding letters of credit | $ 1,200,000 | $ 1,200,000 | $ 1,500,000 | |||||
Line of Credit | Revolving Credit Facility | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.10% |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Remaining 2021 | $ 5,179 | |
2022 | 20,714 | |
2023 | 20,714 | |
2024 | 952,795 | |
2025 | 10,302 | |
Thereafter | 2,570,727 | |
Total debt | $ 3,580,431 | $ 2,848,492 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Disclosure [Abstract] | ||||
Gross interest cost | $ 40,161 | $ 34,075 | $ 108,459 | $ 103,069 |
Capitalized interest | (9,064) | (4,808) | (21,829) | (14,529) |
Interest expense | $ 31,097 | $ 29,267 | $ 86,630 | $ 88,540 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 9 Months Ended | ||||
Jul. 31, 2021USD ($) | Apr. 30, 2021debtInstrumentExtensionOption | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Deferred financing costs, net | $ 29,867,000 | $ 27,422,000 | ||||
Senior Notes | 2031 unsecured senior notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument face amount | $ 450,000,000 | |||||
Interest Rate | 2.375% | 2.38% | ||||
Redemption price (in percent) | 100.00% | |||||
Senior Notes | 2051 unsecured senior notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument face amount | $ 300,000,000 | |||||
Interest Rate | 3.375% | 3.38% | ||||
Redemption price (in percent) | 100.00% | |||||
Senior Notes | The Notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Proceeds from unsecured senior notes, net of discount | $ 731,600,000 | |||||
Underwriting fees | 5,600,000 | |||||
Unamortized discount | 12,800,000 | |||||
Deferred financing costs, net | $ 1,400,000 | |||||
Revolving Credit Facility | Line of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest Rate | 1.18% | |||||
Maximum borrowing capacity | $ 1,250,000,000 | $ 1,250,000,000 | $ 800,000,000 | |||
Number of extension options | debtInstrumentExtensionOption | 2 | |||||
Extension period | 6 months | |||||
Revolving Credit Facility | Line of Credit | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.10% | |||||
Basis spread on base rate | 1.00% | |||||
Revolving Credit Facility | Line of Credit | Federal Funds Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on base rate | 0.50% | |||||
Minimum | Revolving Credit Facility | Line of Credit | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.725% | |||||
Minimum | Revolving Credit Facility | Line of Credit | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.00% | |||||
Maximum | Revolving Credit Facility | Line of Credit | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.45% | |||||
Maximum | Revolving Credit Facility | Line of Credit | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.45% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued property taxes | $ 134,920 | $ 48,689 |
Resident security deposits | 103,202 | 90,621 |
Accrued construction and maintenance liabilities | 47,876 | 42,483 |
Prepaid rent | 24,316 | 24,421 |
Operating lease liabilities | 19,026 | 19,166 |
Accrued interest | 17,886 | 23,018 |
Accounts payable | 1,003 | 432 |
Accrued distribution payable | 205 | 13,612 |
Other accrued liabilities | 39,614 | 36,507 |
Total | $ 388,048 | $ 298,949 |
Shareholders' Equity _ Partne_3
Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
May 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | May 21, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Class of Stock [Line Items] | |||||||
Proceeds from issuance of Class A common shares | $ 593,040,000 | $ 414,100,000 | |||||
Offering cost | $ 200,000 | $ 600,000 | |||||
Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | 11,400,000 | ||||||
Proceeds from sale of stock | $ 399,000,000 | ||||||
Remaining shares available (in shares) | 1,845,000 | 1,845,000 | |||||
Public Stock Offering | Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | 18,745,000 | ||||||
Par value (in dollars per share) | $ 0.01 | ||||||
Public Stock Offering - Issued Directly By The Company | Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | 5,500,000 | ||||||
Proceeds from sale of stock | $ 194,000,000 | ||||||
Offering cost | $ 200,000 | ||||||
Public Stock Offering - Forward Sales Agreement | Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Number of shares sold (in shares) | 13,245,000 | ||||||
Public Stock Offering - Forward Sales Agreement | Class A common shares/units | Forecast | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from sale of stock | $ 64,600,000 | ||||||
At the Market - Common Share Offering Program | Class A common shares/units | |||||||
Class of Stock [Line Items] | |||||||
Shares authorized for future issuance, value | $ 500,000,000 | ||||||
Shares issued (in shares) | 86,130,000,000 | 86,130 | 86,130,000,000 | 86,130 | |||
Proceeds from issuance of Class A common shares | $ 2,400,000 | $ 2,400,000 | |||||
Offering cost | $ 400,000 | $ 400,000 | |||||
Shares available for future issuance, value | $ 497,600,000 | $ 497,600,000 |
Shareholders' Equity _ Partne_4
Shareholders' Equity / Partners' Capital - Share Repurchase (Details) $ in Millions | Sep. 30, 2021USD ($) |
Class A common shares/units | |
Class of Stock [Line Items] | |
Repurchase of shares, authorized amount | $ 300 |
Remaining repurchase authorization | 265.1 |
Preferred Shares/Units | |
Class of Stock [Line Items] | |
Repurchase of shares, authorized amount | 250 |
Remaining repurchase authorization | $ 250 |
Shareholders' Equity _ Partne_5
Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Preferred shares, shares outstanding (in shares) | 15,400,000 | 15,400,000 | 35,350,000 | |
Current Liquidation Value | $ 385,000 | $ 385,000 | $ 883,750 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Series D perpetual preferred shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate (in percent) | 6.50% | 6.50% | ||
Preferred shares, shares outstanding (in shares) | 0 | 0 | 10,750,000 | |
Current Liquidation Value | $ 0 | $ 0 | $ 268,750 | |
Preferred stock redeemed (in shares) | 10,750,000 | |||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | ||
Liquidation value in excess of carrying value | $ 8,500 | |||
Series E perpetual preferred shares | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate (in percent) | 6.35% | 6.35% | ||
Preferred shares, shares outstanding (in shares) | 0 | 0 | 9,200,000 | |
Current Liquidation Value | $ 0 | $ 0 | $ 230,000 | |
Preferred stock redeemed (in shares) | 9,200,000 | |||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | ||
Liquidation value in excess of carrying value | $ 7,400 | |||
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 | 6,200,000 | |
Current Liquidation Value | $ 155,000 | $ 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 | 4,600,000 | |
Current Liquidation Value | $ 115,000 | $ 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 | 4,600,000 | |
Current Liquidation Value | $ 115,000 | $ 115,000 | $ 115,000 |
Shareholders' Equity _ Partne_6
Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jun. 30, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | |
Class A common shares | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock dividend declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.05 | ||
Class B common shares | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock dividend declared (in dollars per share) | 0.10 | 0.10 | 0.10 | 0.05 | 0.05 | 0.05 | ||
Series D perpetual preferred shares | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, dividend rate (in percent) | 6.50% | 6.50% | ||||||
Preferred shares, dividends declared (in dollars per share) | 0 | 0.30 | 0.41 | 0.41 | 0.41 | 0.41 | ||
Series E perpetual preferred shares | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, dividend rate (in percent) | 6.35% | 6.35% | ||||||
Preferred shares, dividends declared (in dollars per share) | 0 | 0.40 | 0.40 | 0.40 | 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 | 0.37 | 0.37 | 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 | 0.37 | 0.37 | 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 | $ 0.39 | $ 0.39 | $ 0.39 | $ 0.39 |
Shareholders' Equity _ Partne_7
Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Operating partnership units (in shares) | 385,772,613 | 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 | 13.10% | 13.90% |
Share-Based Compensation - 2012
Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - shares | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | May 31, 2021 | |
Class of Stock [Line Items] | ||||
Purchase period | 6 months | |||
Purchase price of common stock | 85.00% | |||
2021 Employee Stock Purchase Plan | Class A common shares/units | ||||
Class of Stock [Line Items] | ||||
Number of shares available to grant (in shares) | 3,000,000 | 9,544,095 | ||
2021 Employee Stock Purchase Plan | Restricted share units | Minimum | ||||
Class of Stock [Line Items] | ||||
Award vesting period | 1 year | 1 year | ||
2021 Employee Stock Purchase Plan | Restricted share units | Maximum | ||||
Class of Stock [Line Items] | ||||
Award vesting period | 3 years | 3 years | ||
2021 Employee Stock Purchase Plan | Restricted share units | Non-Management Trustees | ||||
Class of Stock [Line Items] | ||||
Award vesting period | 1 year | 1 year | ||
2021 Employee Stock Purchase Plan | Performance Share Units (PSU's) | ||||
Class of Stock [Line Items] | ||||
Award vesting period | 3 years | |||
Service period | 3 years | |||
2021 Employee Stock Purchase Plan | Performance Share Units (PSU's) | Minimum | ||||
Class of Stock [Line Items] | ||||
Percentage of units expected to vest (in percent) | 0.00% | |||
2021 Employee Stock Purchase Plan | 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) - 2021 Employee Stock Purchase Plan - Stock options - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options | ||
Options outstanding at beginning of period | 1,090,300 | 1,529,800 |
Granted | 0 | 0 |
Exercised | (259,000) | (333,650) |
Forfeited | 0 | (2,850) |
Options outstanding at end of period | 831,300 | 1,193,300 |
Options exercisable at end of period | 793,800 | 1,049,200 |
Share-Based Compensation - RSU
Share-Based Compensation - RSU and PSU Activity (Details) - 2021 Employee Stock Purchase Plan - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted share units | ||
Number of Restricted Stock Units | ||
Outstanding at beginning of period | 651,537 | 599,109 |
Awarded | 645,955 | 470,147 |
Vested | (208,574) | (207,947) |
Forfeited | (28,239) | (42,565) |
Outstanding at end of period | 1,060,679 | 818,744 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock | ||||
Total noncash share-based compensation expense | $ 3,058 | $ 2,170 | $ 14,319 | $ 6,068 |
General and administrative expense | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | 1,557 | 1,723 | 7,722 | 4,741 |
Property management expenses | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | 680 | 447 | 2,278 | 1,327 |
Acquisition and other transaction costs | ||||
Class of Stock | ||||
Total noncash share-based compensation expense | $ 821 | $ 0 | $ 4,319 | $ 0 |
Earnings per Share _ Unit - Com
Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | |
Numerator: | ||||||||
Net income | $ 48,501 | $ 51,814 | $ 48,921 | $ 40,153 | $ 31,807 | $ 37,527 | $ 149,236 | $ 109,487 |
Less: | ||||||||
Noncontrolling interest | 5,869 | 3,819 | 14,012 | 9,976 | ||||
Dividends on preferred shares | 5,763 | $ 12,615 | $ 13,782 | 13,782 | $ 13,782 | $ 13,782 | 32,160 | 41,346 |
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 | ||||
Allocation to participating securities | 118 | 56 | 300 | 152 | ||||
Numerator for income per common share–basic and diluted | $ 36,751 | $ 22,496 | $ 86,885 | $ 58,013 | ||||
Denominator: | ||||||||
Weighted-average common shares outstanding - basic (in shares) | shares | 324,002,538 | 308,080,226 | 320,267,903 | 303,319,053 | ||||
Effect of dilutive securities: | ||||||||
Share-based compensation plan and forward sale equity contracts | shares | 2,203,885 | 461,276 | 1,611,332 | 456,503 | ||||
Weighted-average common shares outstanding - diluted (in shares) | shares | 326,206,423 | 308,541,502 | 321,879,235 | 303,775,556 | ||||
Net income attributable to common shareholders per share: | ||||||||
Basic (in dollars per share) | $ / shares | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 | ||||
Diluted (in dollars per share) | $ / shares | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 | ||||
Exchange rate | 1 | |||||||
American Homes 4 Rent, L.P. | ||||||||
Numerator: | ||||||||
Net income | $ 48,501 | $ 40,153 | $ 149,236 | $ 109,487 | ||||
Less: | ||||||||
Dividends on preferred shares | 5,763 | 13,782 | 32,160 | 41,346 | ||||
Redemption of perpetual preferred shares | 0 | 0 | 15,879 | 0 | ||||
Allocation to participating securities | 118 | 56 | 300 | 152 | ||||
Numerator for income per common share–basic and diluted | $ 42,620 | $ 26,315 | $ 100,897 | $ 67,989 | ||||
Denominator: | ||||||||
Weighted-average common units outstanding - basic (in shares) | shares | 375,379,518 | 360,107,206 | 371,739,755 | 355,346,033 | ||||
Effect of dilutive securities: | ||||||||
Share-based compensation plan and forward sale equity contracts | shares | 2,203,885 | 461,276 | 1,611,332 | 456,503 | ||||
Weighted-average common units outstanding - diluted (in shares) | shares | 377,583,403 | 360,568,482 | 373,351,087 | 355,802,536 | ||||
Net income attributable to common shareholders per share: | ||||||||
Basic (in dollars per share) | $ / shares | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 | ||||
Diluted (in dollars per share) | $ / shares | $ 0.11 | $ 0.07 | $ 0.27 | $ 0.19 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 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 | ||
Term of contract | 10 years | ||
Derivative, fair value | $ 4,000 | ||
Carrying Value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 1,913,322 | $ 1,927,607 | |
Unsecured senior notes, net | 1,621,342 | 889,805 | |
Revolving credit facility | 0 | 0 | |
Total debt | 3,534,664 | 2,817,412 | |
Carrying Value | 2014-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 471,457 | 475,144 | |
Carrying Value | 2014-SFR 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 486,475 | 490,319 | |
Carrying Value | 2015-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 511,627 | 515,326 | |
Carrying Value | 2015-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 443,763 | 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 | 494,970 | 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 | 395,849 | 395,427 | |
Carrying Value | 2031 unsecured senior notes | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unsecured senior notes, net | 439,764 | 0 | |
Carrying Value | 2051 unsecured senior notes | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unsecured senior notes, net | 290,759 | 0 | |
Fair Value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 1,960,184 | 1,983,083 | |
Unsecured senior notes, net | 1,789,049 | 1,057,496 | |
Revolving credit facility | 0 | 0 | |
Total debt | 3,749,233 | 3,040,579 | |
Fair Value | 2014-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 481,550 | 488,140 | |
Fair Value | 2014-SFR 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 498,225 | 504,364 | |
Fair Value | 2015-SFR 1 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 523,360 | 529,542 | |
Fair Value | 2015-SFR 2 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Asset-backed securitization | 457,049 | 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 | 566,865 | 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 | 468,684 | 482,276 | |
Fair Value | 2031 unsecured senior notes | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unsecured senior notes, net | 447,008 | 0 | |
Fair Value | 2051 unsecured senior notes | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Unsecured senior notes, net | $ 306,492 | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 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) | 333,760,558 | 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 | 25.10% | 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 | 13.60% | 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)property | Dec. 31, 2020USD ($)property | |
Purchase Commitment [Line Items] | ||
Single-family properties sales in escrow | property | 53 | 97 |
Single-family properties sales in escrow, selling price | $ 14.9 | $ 24 |
Surety bond | ||
Purchase Commitment [Line Items] | ||
Surety bonds related to development contracts | 79.9 | 36.7 |
Single Family Properties | ||
Purchase Commitment [Line Items] | ||
Purchase price of commitment to acquire single-family properties | 172.7 | 81.7 |
Land | ||
Purchase Commitment [Line Items] | ||
Purchase price of commitment to acquire single-family properties | $ 425.5 | $ 72.3 |
Commitment To Acquire Properties | ||
Purchase Commitment [Line Items] | ||
Number of properties | property | 564 | 323 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2021USD ($)property | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Proceeds from revolving credit facility | $ 1,060,000 | $ 130,000 | ||
Revolving credit facility | $ 0 | $ 0 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of properties acquired | property | 392 | |||
Purchase price to acquire real estate | $ 138,400 | |||
Number of internally developed properties developed | property | 110 | |||
Number of properties acquired from third party developers | property | 44 | |||
Number of real estate properties sold | property | 48 | |||
Proceeds from the sale of real estate properties | $ 12,000 | |||
Subsequent Event | Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Proceeds from revolving credit facility | 130,000 | |||
Revolving credit facility | $ 130,000 |