American Homes 4 Rent (AMH) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		347,657,888
Series G perpetual preferred shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H perpetual preferred shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Single-family properties:
Land	$ 2,122,442	$ 2,062,039
Buildings and improvements	9,583,889	9,258,387
Single-family properties in operation	11,706,331	11,320,426
Less: accumulated depreciation	(2,148,145)	(2,072,933)
Single-family properties in operation, net	9,558,186	9,247,493
Single-family properties under development and development land	972,034	882,159
Single-family properties held for sale, net	140,627	114,907
Total real estate assets, net	10,670,847	10,244,559
Cash and cash equivalents	56,626	48,198
Restricted cash	150,354	143,569
Rent and other receivables	43,869	41,587
Escrow deposits, prepaid expenses and other assets	263,883	216,625
Investments in unconsolidated joint ventures	109,861	121,950
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	11,441,385	10,962,433
Liabilities
Revolving credit facility	410,000	350,000
Asset-backed securitizations, net	1,903,715	1,908,346
Unsecured senior notes, net	1,622,806	1,622,132
Accounts payable and accrued expenses	394,085	343,526
Total liabilities	4,330,606	4,224,004
Commitments and contingencies
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 shares issued and outstanding at March 31, 2022 and December 31, 2021)	154	154
Additional paid-in capital	6,873,257	6,492,933
Accumulated deficit	(445,709)	(438,710)
Accumulated other comprehensive income	1,698	1,814
Total shareholders’ equity	6,432,882	6,059,571
Noncontrolling interest	677,897	678,858
Total equity	7,110,779	6,738,429
Total liabilities and equity	11,441,385	10,962,433
Class A common shares/units
Shareholders’ equity:
Common stock issued	3,476	3,374
Class B common shares
Shareholders’ equity:
Common stock issued	$ 6	$ 6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	15,400,000
Preferred shares, shares outstanding (in shares)	15,400,000	15,400,000
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)	347,642,888	337,362,716
Common stock, shares outstanding (in shares)	347,642,888	337,362,716
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Rents and other single-family property revenues	$ 356,105	$ 312,573
Expenses:
General and administrative expense	17,282	15,205
Interest expense	27,567	28,005
Acquisition and other transaction costs	5,974	4,846
Depreciation and amortization	99,954	90,071
Total expenses	310,454	280,520
Gain on sale and impairment of single-family properties and other, net	22,044	16,069
Other income and expense, net	2,319	799
Net income	70,014	48,921
Noncontrolling interest	8,312	4,925
Dividends on preferred shares	5,763	13,782
Net income attributable to common shareholders	$ 55,939	$ 30,214
Weighted-average common shares outstanding:
Basic (in shares)	345,742,526	316,982,460
Diluted (in shares)	346,480,823	317,441,397
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.16	$ 0.10
Diluted (in dollars per share)	$ 0.16	$ 0.09
Property operating expenses
Expenses:
Cost of goods and services sold	$ 133,643	$ 118,694
Property management expenses
Expenses:
Cost of goods and services sold	$ 26,034	$ 23,699

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 70,014	$ 48,921
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	0	9,230
Reclassification adjustment for amortization of interest expense included in net income	(141)	(241)
Other comprehensive (loss) income	(141)	8,989
Comprehensive income	69,873	57,910
Comprehensive income attributable to noncontrolling interests	8,287	6,185
Dividends on preferred shares	5,763	13,782
Comprehensive income attributable to common unitholders	$ 55,823	$ 37,943

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares/units	Shareholders’ equity	Shareholders’ equityClass A common shares/units	Common stockClass A common shares/units	Common stockClass B common shares	Preferred capital amount	Additional paid-in capital	Additional paid-in capitalClass A common shares/units	Accumulated deficit	Accumulated other comprehensive income	Accumulated other comprehensive incomeClass A common shares/units	Noncontrolling interest	Noncontrolling interestClass A common shares/units
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 Class A units		$ 0		$ 4,624	$ 4				$ 4,613			$ 7		$ (4,624)
Redemptions of Class A 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
Total other comprehensive income	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, 2021	6,738,429		6,059,571		$ 3,374	$ 6	$ 154	6,492,933		(438,710)	1,814		678,858
Beginning balance (in shares) at Dec. 31, 2021					337,362,716	635,075	15,400,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	7,405		7,405					7,405
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(2,619)		(2,619)		$ 2			(2,621)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					280,172
Issuance of Class A common shares, net of offering costs		$ 375,640		$ 375,640	$ 100				$ 375,540
Issuance of Class A common shares, net of offering costs (in shares)					10,000,000
Distributions to equity holders:
Preferred shares	(5,763)		(5,763)							(5,763)
Noncontrolling interests	(9,248)												(9,248)
Common shares	(62,938)		(62,938)							(62,938)
Net income	70,014		61,702							61,702			8,312
Total other comprehensive income	(141)		(116)								(116)		(25)
Ending balances at Mar. 31, 2022	$ 7,110,779		$ 6,432,882		$ 3,476	$ 6	$ 154	$ 6,873,257		$ (445,709)	$ 1,698		$ 677,897
Ending balance (in shares) at Mar. 31, 2022					347,642,888	635,075	15,400,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - Common stock - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock issuance cost	$ 200
Common share, dividends (in dollars per share)	$ 0.18	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 70,014	$ 48,921
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,954	90,071
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	2,453	1,829
Noncash share-based compensation	7,405	8,110
Equity in net income of unconsolidated joint ventures	(1,478)	(366)
Return on investment from unconsolidated joint ventures	2,598	0
Gain on sale and impairment of single-family properties and other, net	(22,044)	(16,069)
Other changes in operating assets and liabilities:
Rent and other receivables	(3,811)	(8,170)
Prepaid expenses and other assets	(6,530)	5,742
Deferred leasing costs	(535)	(975)
Accounts payable and accrued expenses	11,245	23,242
Amounts due from related parties	(529)	(338)
Net cash provided by operating activities	158,742	151,997
Investing activities
Cash paid for single-family properties	(288,719)	(82,118)
Change in escrow deposits for purchase of single-family properties	6,235	(5,341)
Net proceeds received from sales of single-family properties and other	51,407	46,304
Proceeds received from storm-related insurance claims	1,529	0
Payments received on notes for sale of properties	402	0
Investment in unconsolidated joint ventures	(5,294)	(7,990)
Distributions from joint ventures	22,587	25,893
Renovations to single-family properties	(21,721)	(9,069)
Recurring and other capital expenditures for single-family properties	(24,185)	(26,033)
Cash paid for development activity	(244,621)	(141,618)
Other purchases of productive assets	(10,384)	(8,258)
Net cash used for investing activities	(512,764)	(208,230)
Financing activities
Proceeds from issuances under share-based compensation plans	1,439	1,121
Payments related to tax withholding for share-based compensation	(4,058)	(2,642)
Payments on asset-backed securitizations	(5,876)	(6,118)
Proceeds from liabilities related to consolidated land not owned	19,794	0
Distributions to noncontrolling interests	(9,306)	(7,758)
Distributions to common shareholders	(62,635)	(47,561)
Distributions to preferred shareholders	(5,763)	(13,782)
Net cash provided by financing activities	369,235	3,260
Net increase (decrease) in cash, cash equivalents and restricted cash	15,213	(52,973)
Cash, cash equivalents and restricted cash, beginning of period	191,767	265,077
Cash, cash equivalents and restricted cash, end of period	206,980	212,104
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(40,871)	(36,388)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	57,500	31,854
Transfers of completed homebuilding deliveries to properties	112,911	72,862
Property and land contributions to unconsolidated joint ventures	(10,605)	(23,835)
Property and land distributions from unconsolidated joint ventures	8,397	0
Unrealized gain on cash flow hedging instrument	0	9,230
Noncash right-of-use assets obtained in exchange for operating lease liabilities	746	537
Accrued distributions to non-affiliates	303	105
Class A common shares/units
Financing activities
Proceeds from issuance of Class A common shares	375,840	0
Payments of Class A common share issuance costs	(200)	0
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	420,000	80,000
Payments on revolving credit facility	$ (360,000)	$ 0

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (L.P.) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Single-family properties:
Land	$ 2,122,442	$ 2,062,039
Buildings and improvements	9,583,889	9,258,387
Single-family properties in operation	11,706,331	11,320,426
Less: accumulated depreciation	(2,148,145)	(2,072,933)
Single-family properties in operation, net	9,558,186	9,247,493
Single-family properties under development and development land	972,034	882,159
Single-family properties held for sale, net	140,627	114,907
Total real estate assets, net	10,670,847	10,244,559
Cash and cash equivalents	56,626	48,198
Restricted cash	150,354	143,569
Rent and other receivables	43,869	41,587
Escrow deposits, prepaid expenses and other assets	263,883	216,625
Investments in unconsolidated joint ventures	109,861	121,950
Goodwill	120,279	120,279
Total assets	11,441,385	10,962,433
Liabilities
Revolving credit facility	410,000	350,000
Asset-backed securitizations, net	1,903,715	1,908,346
Unsecured senior notes, net	1,622,806	1,622,132
Accounts payable and accrued expenses	394,085	343,526
Total liabilities	4,330,606	4,224,004
Commitments and contingencies
Limited partner:
Accumulated other comprehensive income	1,698	1,814
Total liabilities and equity	11,441,385	10,962,433
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,122,442	2,062,039
Buildings and improvements	9,583,889	9,258,387
Single-family properties in operation	11,706,331	11,320,426
Less: accumulated depreciation	(2,148,145)	(2,072,933)
Single-family properties in operation, net	9,558,186	9,247,493
Single-family properties under development and development land	972,034	882,159
Single-family properties held for sale, net	140,627	114,907
Total real estate assets, net	10,670,847	10,244,559
Cash and cash equivalents	56,626	48,198
Restricted cash	150,354	143,569
Rent and other receivables	43,869	41,587
Escrow deposits, prepaid expenses and other assets	263,883	216,625
Investments in unconsolidated joint ventures	109,861	121,950
Amounts due from affiliates	25,666	25,666
Goodwill	120,279	120,279
Total assets	11,441,385	10,962,433
Liabilities
Revolving credit facility	410,000	350,000
Asset-backed securitizations, net	1,903,715	1,908,346
Unsecured senior notes, net	1,622,806	1,622,132
Accounts payable and accrued expenses	394,085	343,526
Total liabilities	4,330,606	4,224,004
Commitments and contingencies
General partner:
Common units (348,277,963 and 337,997,791 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively)	6,059,620	5,686,193
Preferred units (15,400,000 units issued and outstanding at March 31, 2022 and December 31, 2021)	371,564	371,564
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2022 and December 31, 2021)	677,646	678,582
Accumulated other comprehensive income	1,949	2,090
Total capital	7,110,779	6,738,429
Total liabilities and equity	$ 11,441,385	$ 10,962,433

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares	Mar. 31, 2022	Dec. 31, 2021
General Partner
Common units, shares/units issued (in shares)	348,277,963	337,997,791
Common units, shares/units outstanding (in shares)	348,277,963	337,997,791
Preferred units, shares/units outstanding (in shares)	15,400,000	15,400,000
Preferred units, shares/units issued (in shares)	15,400,000	15,400,000
Limited Partners
Common units, shares/units issued (in shares)	51,376,980	51,376,980
Common units, shares/units outstanding (in shares)	51,376,980	51,376,980

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Operations (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Rents and other single-family property revenues	$ 356,105	$ 312,573
Expenses:
General and administrative expense	17,282	15,205
Interest expense	27,567	28,005
Acquisition and other transaction costs	5,974	4,846
Depreciation and amortization	99,954	90,071
Total expenses	310,454	280,520
Gain on sale and impairment of single-family properties and other, net	22,044	16,069
Other income and expense, net	2,319	799
Net income	70,014	48,921
Preferred distributions	5,763	13,782
Net income attributable to common shareholders	55,939	30,214
Property operating expenses
Expenses:
Cost of goods and services sold	133,643	118,694
Property management expenses
Expenses:
Cost of goods and services sold	26,034	23,699
American Homes 4 Rent, L.P.
Rents and other single-family property revenues	356,105	312,573
Expenses:
General and administrative expense	17,282	15,205
Interest expense	27,567	28,005
Acquisition and other transaction costs	5,974	4,846
Depreciation and amortization	99,954	90,071
Total expenses	310,454	280,520
Gain on sale and impairment of single-family properties and other, net	22,044	16,069
Other income and expense, net	2,319	799
Net income	70,014	48,921
Preferred distributions	5,763	13,782
Net income attributable to common shareholders	$ 64,251	$ 35,139
Weighted-average common shares outstanding:
Basic (in shares)	397,119,506	368,647,217
Diluted (in shares)	397,857,803	369,106,154
Earnings Per Share, Basic [Abstract]
Basic (in dollars per share)	$ 0.16	$ 0.10
Diluted (in dollars per share)	$ 0.16	$ 0.09
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Cost of goods and services sold	$ 133,643	$ 118,694
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Cost of goods and services sold	$ 26,034	$ 23,699

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Comprehensive Income (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 70,014	$ 48,921
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	0	9,230
Reclassification adjustment for amortization of interest expense included in net income	(141)	(241)
Other comprehensive (loss) income	(141)	8,989
Comprehensive income	69,873	57,910
Preferred distributions	5,763	13,782
Comprehensive income attributable to common unitholders	55,823	37,943
American Homes 4 Rent, L.P.
Net income	70,014	48,921
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	0	9,230
Reclassification adjustment for amortization of interest expense included in net income	(141)	(241)
Other comprehensive (loss) income	(141)	8,989
Comprehensive income	69,873	57,910
Preferred distributions	5,763	13,782
Comprehensive income attributable to common unitholders	$ 64,110	$ 44,128

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (2,619)	$ (1,521)
Distributions to capital holders:
Net income	70,014	48,921
Total other comprehensive income	(141)	8,989
Class A common shares/units | Common capital
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 2	$ 2
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	280,172	246,425
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 6,738,429	$ 6,472,430
Share-based compensation	7,405	8,110
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(2,619)	(1,521)
Distributions to capital holders:
Preferred units	(5,763)	(13,782)
Common units	(72,186)	(36,967)
Net income	70,014	48,921
Total other comprehensive income	(141)	8,989
Total capital, ending balance	7,110,779	6,486,180
American Homes 4 Rent, L.P. | Class A common shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of Class A units		0
Issuance of Class A common units, net of offering costs	375,640
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	2,090	6,860
Distributions to capital holders:
Total other comprehensive income	(141)	8,989
Total capital, ending balance	1,949	15,849
American Homes 4 Rent, L.P. | General Partner | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 5,686,193	$ 4,928,819
Total capital, beginning balance (in shares)	337,997,791	316,656,460
Share-based compensation	$ 7,405	$ 8,110
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (2,619)	$ (1,521)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	280,172	246,425
Distributions to capital holders:
Common units	$ (62,938)	$ (31,795)
Net income	55,939	30,214
Total capital, ending balance	$ 6,059,620	$ 4,938,444
Total capital, ending balance (in shares)	348,277,963	317,252,885
American Homes 4 Rent, L.P. | General Partner | Common capital | Class A common shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of Class A units		$ 4,617
Redemption of Class A units (in shares)		350,000
Issuance of Class A common units, net of offering costs	$ 375,640
Issuance of Class A common units, net of offering costs (in shares)	10,000,000
American Homes 4 Rent, L.P. | General Partner | Preferred capital amount
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 371,564	$ 854,435
Distributions to capital holders:
Preferred units	(5,763)	(13,782)
Net income	5,763	13,782
Total capital, ending balance	371,564	854,435
American Homes 4 Rent, L.P. | Limited Partners | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 678,582	$ 682,316
Total capital, beginning balance (in shares)	51,376,980	51,726,980
Distributions to capital holders:
Common units	$ (9,248)	$ (5,172)
Net income	8,312	4,925
Total capital, ending balance	$ 677,646	$ 677,452
Total capital, ending balance (in shares)	51,376,980	51,376,980
American Homes 4 Rent, L.P. | Limited Partners | Common capital | Class A common shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of Class A units		$ (4,617)
Redemption of Class A units (in shares)		350,000

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Capital (Parenthetical) - Common capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common share, dividends (in dollars per share)	$ 0.18	$ 0.10
Stock issuance cost	$ 200
American Homes 4 Rent, L.P.
Common share, dividends (in dollars per share)	$ 0.18	$ 0.10
Stock issuance cost	$ 200

Condensed Consolidated State_10

Condensed Consolidated Statements of Cash Flows (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income	$ 70,014	$ 48,921
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,954	90,071
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	2,453	1,829
Noncash share-based compensation	7,405	8,110
Equity in net income of unconsolidated joint ventures	(1,478)	(366)
Return on investment from unconsolidated joint ventures	2,598	0
Gain on sale and impairment of single-family properties and other, net	(22,044)	(16,069)
Other changes in operating assets and liabilities:
Rent and other receivables	(3,811)	(8,170)
Prepaid expenses and other assets	(6,530)	5,742
Deferred leasing costs	(535)	(975)
Accounts payable and accrued expenses	11,245	23,242
Amounts due from related parties	(529)	(338)
Net cash provided by operating activities	158,742	151,997
Investing activities
Cash paid for single-family properties	(288,719)	(82,118)
Change in escrow deposits for purchase of single-family properties	6,235	(5,341)
Net proceeds received from sales of single-family properties and other	51,407	46,304
Proceeds received from storm-related insurance claims	1,529	0
Payments received on notes for sale of properties	402	0
Investment in unconsolidated joint ventures	(5,294)	(7,990)
Distributions from joint ventures	22,587	25,893
Renovations to single-family properties	(21,721)	(9,069)
Recurring and other capital expenditures for single-family properties	(24,185)	(26,033)
Cash paid for development activity	(244,621)	(141,618)
Other purchases of productive assets	(10,384)	(8,258)
Net cash used for investing activities	(512,764)	(208,230)
Financing activities
Proceeds from issuances under share-based compensation plans	1,439	1,121
Payments related to tax withholding for share-based compensation	(4,058)	(2,642)
Payments on asset-backed securitizations	(5,876)	(6,118)
Proceeds from liabilities related to consolidated land not owned	19,794	0
Distributions to common shareholders	(62,635)	(47,561)
Distributions to preferred shareholders	(5,763)	(13,782)
Net cash provided by financing activities	369,235	3,260
Net increase (decrease) in cash, cash equivalents and restricted cash	15,213	(52,973)
Cash, cash equivalents and restricted cash, beginning of period	191,767	265,077
Cash, cash equivalents and restricted cash, end of period	206,980	212,104
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(40,871)	(36,388)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	57,500	31,854
Transfers of completed homebuilding deliveries to properties	112,911	72,862
Property and land contributions to unconsolidated joint ventures	(10,605)	(23,835)
Property and land distributions from unconsolidated joint ventures	8,397	0
Unrealized gain on cash flow hedging instrument	0	9,230
Noncash right-of-use assets obtained in exchange for operating lease liabilities	746	537
Accrued distributions to non-affiliates	303	105
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	420,000	80,000
Payments on revolving credit facility	(360,000)	0
American Homes 4 Rent, L.P.
Operating activities
Net income	70,014	48,921
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,954	90,071
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	2,453	1,829
Noncash share-based compensation	7,405	8,110
Equity in net income of unconsolidated joint ventures	(1,478)	(366)
Return on investment from unconsolidated joint ventures	2,598	0
Gain on sale and impairment of single-family properties and other, net	(22,044)	(16,069)
Other changes in operating assets and liabilities:
Rent and other receivables	(3,811)	(8,170)
Prepaid expenses and other assets	(6,530)	5,742
Deferred leasing costs	(535)	(975)
Accounts payable and accrued expenses	11,245	23,242
Amounts due from related parties	(529)	(338)
Net cash provided by operating activities	158,742	151,997
Investing activities
Cash paid for single-family properties	(288,719)	(82,118)
Change in escrow deposits for purchase of single-family properties	6,235	(5,341)
Net proceeds received from sales of single-family properties and other	51,407	46,304
Proceeds received from storm-related insurance claims	1,529	0
Payments received on notes for sale of properties	402	0
Investment in unconsolidated joint ventures	(5,294)	(7,990)
Distributions from joint ventures	22,587	25,893
Renovations to single-family properties	(21,721)	(9,069)
Recurring and other capital expenditures for single-family properties	(24,185)	(26,033)
Cash paid for development activity	(244,621)	(141,618)
Other purchases of productive assets	(10,384)	(8,258)
Net cash used for investing activities	(512,764)	(208,230)
Financing activities
Proceeds from issuances under share-based compensation plans	1,439	1,121
Payments related to tax withholding for share-based compensation	(4,058)	(2,642)
Payments on asset-backed securitizations	(5,876)	(6,118)
Proceeds from liabilities related to consolidated land not owned	19,794	0
Distributions to common shareholders	(71,941)	(55,319)
Distributions to preferred shareholders	(5,763)	(13,782)
Net cash provided by financing activities	369,235	3,260
Net increase (decrease) in cash, cash equivalents and restricted cash	15,213	(52,973)
Cash, cash equivalents and restricted cash, beginning of period	191,767	265,077
Cash, cash equivalents and restricted cash, end of period	206,980	212,104
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(40,871)	(36,388)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	57,500	31,854
Transfers of completed homebuilding deliveries to properties	112,911	72,862
Property and land contributions to unconsolidated joint ventures	(10,605)	(23,835)
Property and land distributions from unconsolidated joint ventures	8,397	0
Unrealized gain on cash flow hedging instrument	0	9,230
Noncash right-of-use assets obtained in exchange for operating lease liabilities	746	537
Accrued distributions to non-affiliates	303	105
American Homes 4 Rent, L.P. | Class A common shares/units
Financing activities
Proceeds from issuance of Class A common units	375,840	0
Payments of Class A common unit issuance costs	(200)	0
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	420,000	80,000
Payments on revolving credit facility	$ (360,000)	$ 0

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of March 31, 2022, the Company held 57,984 single-family properties in 22 states, including 855 properties classified as held for sale. AH4R is the general partner of, and as of March 31, 2022 owned approximately 87.1% of the common partnership interest in, the Operating Partnership. The remaining 12.9% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”) , when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and 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 Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds an investment in a limited partnership and a deposit with a land banking entity, both of which were determined to be VIEs for which the Company was deemed not to be the primary beneficiary. Because the Company does not have controlling financial interests, the investment in the limited partnership is accounted for under the equity method of accounting, and the deposit with the land banking entity is held at cost. The Company’s maximum exposure to loss is limited to the carrying values included in escrow deposits, prepaid expenses and other assets 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

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2022
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 (amounts in thousands): March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 56,626 $ 75,237 $ 48,198 $ 137,060 Restricted cash 150,354 136,867 143,569 128,017 Total cash, cash equivalents and restricted cash $ 206,980 $ 212,104 $ 191,767 $ 265,077

Real Estate Assets, Net

Real Estate Assets, Net	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The net book values of real estate assets consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Occupied single-family properties $ 8,814,850 $ 8,522,080 Single-family properties leased, not yet occupied 110,242 77,221 Single-family properties in turnover process 180,864 184,170 Single-family properties recently renovated or developed 137,759 126,379 Single-family properties newly acquired and under renovation 314,471 337,643 Single-family properties in operation, net 9,558,186 9,247,493 Development land 612,237 549,653 Single-family properties under development 359,797 332,506 Single-family properties held for sale, net 140,627 114,907 Total real estate assets, net $ 10,670,847 $ 10,244,559 Depreciation expense related to single-family properties was $96.2 million and $86.3 million for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2022 and 2021 (amounts in thousands, except property data): For the Three Months Ended 2022 2021 Single-family properties: Properties sold 169 180 Net proceeds (1) $ 50,259 $ 46,040 Net gain on sale $ 24,545 $ 15,350 Land: Net proceeds $ 1,148 $ 264 Net gain (loss) on sale $ 278 $ (77) (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables

Rent and Other Receivables	3 Months Ended
	Mar. 31, 2022
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 $52.3 million and $45.8 million for the three months ended March 31, 2022 and 2021, respectively. Variable lease payments for fees from single-family properties were $6.1 million and $5.2 million for the three months ended March 31, 2022 and 2021. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2022 (amounts in thousands): March 31, 2022 Remaining 2022 $ 570,546 2023 123,025 2024 5,274 2025 2 Total $ 698,847 As of March 31, 2022 and December 31, 2021, rent and other receivables included $0.3 million and $1.9 million, respectively, of insurance claims receivables related to storm damages.

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits, Prepaid Expenses and Other Assets	Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Escrow deposits, prepaid expenses and other $ 96,145 $ 88,414 Commercial real estate, software, vehicles and FF&E, net 63,438 62,462 Consolidated land not owned 39,714 — Notes receivable, net 35,062 35,346 Operating lease ROU assets 17,300 17,269 Deferred costs and other intangibles, net 12,224 13,134 Total $ 263,883 $ 216,625 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $3.0 million and $2.8 million for the three months ended March 31, 2022 and 2021, respectively. Consolidated Land Not Owned During the first quarter of 2022, the Company entered into a land option contract whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our option to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for this transaction as a financing arrangement rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposit on the optioned land, is included in accounts payable and accrued expenses in the condensed consolidated balance sheets (see Note 9. Accounts Payable and Accrued Expenses). Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Deferred leasing costs $ 2,690 $ 3,090 Deferred financing costs 22,491 22,491 25,181 25,581 Less: accumulated amortization (12,957) (12,447) Total $ 12,224 $ 13,134 Amortization expense related to deferred leasing costs was $0.8 million and $1.0 million for the three months ended March 31, 2022 and 2021, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.7 million and $0.5 million for the three months ended March 31, 2022 and 2021, 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 March 31, 2022 for future periods (amounts in thousands): Deferred Deferred Total Remaining 2022 $ 1,171 $ 2,051 $ 3,222 2023 44 2,722 2,766 2024 — 2,730 2,730 2025 — 2,722 2,722 2026 — 784 784 Total $ 1,215 $ 11,009 $ 12,224

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of March 31, 2022, 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 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at March 31, 2022 Completed Homes at March 31, 2022 Balances at Balances at Alaska JV 20 % 304 $ 22,051 $ 22,658 Institutional Investor JV 20 % 855 29,058 28,695 J.P. Morgan JV 20 % 690 58,752 70,597 1,849 $ 109,861 $ 121,950 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 $2.1 million for the three months ended March 31, 2022 and 2021, 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 first quarter of 2022, the Company acquired 200 properties in a bulk transaction from Institutional Investor JV for total consideration of $74.6 million, of which (i) $66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment. The transaction was accounted for as an asset acquisition and resulted in a gain on sale at Institutional Investor JV. Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets. During the first quarter of 2022, J.P. Morgan JV entered into a loan agreement to borrow up to a $375.0 million aggregate commitment. During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one During the third quarter of 2020, Institutional Investor JV entered into a loan agreement to borrow up to a $201.0 million aggregate commitment. During the initial two-year term, the loan bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one The Company has provided customary non-recourse guarantees for the J.P. Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantees have not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2022 and December 31, 2021 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2022 December 31, 2021 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 471,981 $ 473,594 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 487,356 488,790 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 513,233 514,868 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 445,735 446,929 Total asset-backed securitizations 1,918,305 1,924,181 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 450,000 450,000 2051 unsecured senior notes 3.38% July 15, 2051 300,000 300,000 Revolving credit facility (6) 1.55% April 15, 2026 410,000 350,000 Total debt 3,978,305 3,924,181 Unamortized discounts on unsecured senior notes (15,222) (15,561) Deferred financing costs, net (7) (26,562) (28,142) Total debt per balance sheet $ 3,936,521 $ 3,880,478 (1) Interest rates are rounded and as of March 31, 2022. 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 $2.2 million and $1.6 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2022 and December 31, 2021. The revolving credit facility bears interest at LIBOR plus 1.10% as of March 31, 2022. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.6 million and $1.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in gross interest, prior to interest capitalization. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2022 (amounts in thousands): Debt Maturities Remaining 2022 $ 15,536 2023 20,714 2024 951,418 2025 10,302 2026 420,302 Thereafter 2,560,033 Total debt $ 3,978,305 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2022 and 2021 (amounts in thousands): For the Three Months Ended 2022 2021 Gross interest cost $ 40,461 $ 33,883 Capitalized interest (12,894) (5,878) Interest expense $ 27,567 $ 28,005

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Resident security deposits $ 110,275 $ 105,809 Accrued property taxes 85,915 52,545 Accrued construction and maintenance liabilities 67,053 50,655 Prepaid rent 29,237 31,190 Liability for consolidated land not owned (see Note 6) 19,794 — Operating lease liabilities 18,797 18,723 Accrued interest 17,575 33,332 Accounts payable 3,522 1,113 Other accrued liabilities 41,917 50,159 Total $ 394,085 $ 343,526

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	3 Months Ended
	Mar. 31, 2022
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 Offering During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company, and 13,000,000 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 “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which are accounted for in equity. The Company expects to physically settle the January 2022 Forward Sale Agreements by the delivery of the Class A common shares and receive proceeds by January 20, 2023, although the Company has the right to elect settlement prior to that time subject to certain conditions. Although the Company expects to physically settle, the January 2022 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 January 2022 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 January 2022 Forward Sale Agreements are subject to early termination or settlement under certain circumstances. The Company received net proceeds of $375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees 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 from the offering to repay indebtedness under its revolving credit facility 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 but estimates that net proceeds will be approximately $488.6 million after deducting underwriting fees. The Company expects to use these net proceeds (i) to repay indebtedness it 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 its business strategy and (iv) for general corporate purposes. As of March 31, 2022, the Company has estimated net proceeds of $488.6 million available from future settlement under the January 2022 Forward Sale Agreements. At-the-Market Common Share Offering Program The Company maintains an 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 its business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2022 and 2021, no shares were issued under the At-the-Market Program. As of March 31, 2022, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 million remained available for future share issuances. Share Repurchase Program The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2022, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Perpetual Preferred Shares As of March 31, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): March 31, 2022 December 31, 2021 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series F perpetual preferred shares (1) 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 15,400,000 $ 385,000 (1) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022. See Note 16. Subsequent Events. Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security March 31, March 31, Class A and Class B common shares $ 0.18 $ 0.10 6.500% Series D perpetual preferred shares (1) — 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 5.875% Series F perpetual preferred shares (3) 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. (3) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022. See Note 16. Subsequent Events. 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, or approximately 12.7% and 13.0%, of the total 399,654,943 and 389,374,771 Class A units in the Operating Partnership as of March 31, 2022 and December 31, 2021, 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 399,654,943 and 389,374,771 Class A units in the Operating Partnership as of March 31, 2022 and December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2021 Equity Incentive Plan The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 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. 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 three months ended March 31, 2022 and 2021, the Human Capital and Compensation Committee granted RSUs to employees that vest over a three During the three months ended March 31, 2022 and 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain senior employees that cliff vest at the end of a three three The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 Options outstanding at beginning of period 824,300 1,090,300 Granted — — Exercised (18,750) (60,000) Forfeited — — Options outstanding at end of period 805,550 1,030,300 Options exercisable at end of period 800,550 992,800 The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 RSUs outstanding at beginning of period 1,050,599 651,537 Awarded 395,759 453,560 Vested (335,826) (164,203) Forfeited (19,523) (12,399) RSUs outstanding at end of period 1,091,009 928,495 The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 PSUs outstanding at beginning of period 92,319 — Awarded 202,104 92,319 Vested — — Forfeited — — PSUs outstanding at end of period 294,423 92,319 2021 Employee Stock Purchase Plan In 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 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 related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2022 and 2021 (amounts in thousands): For the Three Months Ended 2022 2021 General and administrative expense $ 4,030 $ 4,342 Property management expenses 999 999 Acquisition and other transaction costs 2,376 2,769 Total noncash share-based compensation expense $ 7,405 $ 8,110

Earnings per Share _ Unit

Earnings per Share / Unit	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except share and per share data): For the Three Months Ended 2022 2021 Numerator: Net income $ 70,014 $ 48,921 Less: Noncontrolling interest 8,312 4,925 Dividends on preferred shares 5,763 13,782 Allocation to participating securities (1) 197 93 Numerator for income per common share–basic and diluted $ 55,742 $ 30,121 Denominator: Weighted-average common shares outstanding–basic 345,742,526 316,982,460 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 738,297 458,937 Weighted-average common shares outstanding–diluted (3) 346,480,823 317,441,397 Net income per common share: Basic $ 0.16 $ 0.10 Diluted $ 0.16 $ 0.09 (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. Shareholders’ Equity / Partners’ Capital). (3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except unit and per unit data): For the Three Months Ended 2022 2021 Numerator: Net income $ 70,014 $ 48,921 Less: Preferred distributions 5,763 13,782 Allocation to participating securities (1) 197 93 Numerator for income per common unit–basic and diluted $ 64,054 $ 35,046 Denominator: Weighted-average common units outstanding–basic 397,119,506 368,647,217 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 738,297 458,937 Weighted-average common units outstanding–diluted 397,857,803 369,106,154 Net income per common unit: Basic $ 0.16 $ 0.10 Diluted $ 0.16 $ 0.09 (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. Shareholders’ Equity / Partners’ Capital).

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 468,743 $ 475,379 $ 470,039 $ 479,464 AH4R 2014-SFR3 securitization 483,887 491,209 485,005 495,659 AH4R 2015-SFR1 securitization 509,283 517,777 510,585 521,639 AH4R 2015-SFR2 securitization 441,802 450,543 442,717 455,264 Total asset-backed securitizations 1,903,715 1,934,908 1,908,346 1,952,026 2028 unsecured senior notes, net 495,364 508,265 495,166 554,895 2029 unsecured senior notes, net 396,130 424,764 395,990 463,840 2031 unsecured senior notes, net 440,354 398,624 440,095 442,953 2051 unsecured senior notes, net 290,958 251,940 290,881 304,461 Total unsecured senior notes, net 1,622,806 1,583,593 1,622,132 1,766,149 Revolving credit facility 410,000 410,000 350,000 350,000 Total debt $ 3,936,521 $ 3,928,501 $ 3,880,478 $ 4,068,175 During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and had a fair value of $9.2 million as of March 31, 2021, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 unsecured senior notes which resulted in a $4.0 million loss recorded in other comprehensive (loss) income at the time that will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 unsecured senior notes. The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and 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	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of March 31, 2022 and December 31, 2021, affiliates owned approximately 12.8% and 13.5%, 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 Class A units as of March 31, 2022 and December 31, 2021) an approximate 24.0% and 24.8% interest as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2022, the Company had commitments to acquire 343 single-family properties for an aggregate purchase price of $116.3 million, as well as $446.1 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. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance. As of March 31, 2022, the Company had sales in escrow for approximately 154 of our single-family properties for aggregate selling prices of $48.6 million. As of March 31, 2022, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $130.0 million. 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From April 1, 2022 through April 30, 2022, the Company added 352 properties to its portfolio for a total cost of approximately $139.1 million, which included 97 newly constructed properties delivered through our AMH Development Program and two newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From April 1, 2022 through April 30, 2022, the Company disposed of 54 properties for aggregate net proceeds of approximately $17.3 million. Revolving Credit Facility From April 1, 2022 through April 30, 2022, the Company paid down $410.0 million under its revolving credit facility, resulting in no outstanding borrowings under its revolving credit facility as of April 30, 2022. Unsecured Senior Notes In April 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before estimated offering costs of $1.6 million. The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility and in connection with the redemption of its Series F preferred shares and intends to use the remaining net proceeds 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 other 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 indentures require that we maintain certain financial covenants. 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 2032 Notes are redeemed on or after January 15, 2032 (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 2052 Notes are redeemed on or after October 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. Redemption of Perpetual Preferred Shares On May 5, 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875% Series F perpetual preferred shares, $0.01 par value per share, for cash at the 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 F perpetual preferred units.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”) , when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and 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 Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds an investment in a limited partnership and a deposit with a land banking entity, both of which were determined to be VIEs for which the Company was deemed not to be the primary beneficiary. Because the Company does not have controlling financial interests, the investment in the limited partnership is accounted for under the equity method of accounting, and the deposit with the land banking entity is held at cost. The Company’s maximum exposure to loss is limited to the carrying values included in escrow deposits, prepaid expenses and other assets 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

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
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 (amounts in thousands): March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 56,626 $ 75,237 $ 48,198 $ 137,060 Restricted cash 150,354 136,867 143,569 128,017 Total cash, cash equivalents and restricted cash $ 206,980 $ 212,104 $ 191,767 $ 265,077
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 (amounts in thousands): March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 56,626 $ 75,237 $ 48,198 $ 137,060 Restricted cash 150,354 136,867 143,569 128,017 Total cash, cash equivalents and restricted cash $ 206,980 $ 212,104 $ 191,767 $ 265,077

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Single-Family Properties, Net	The net book values of real estate assets consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Occupied single-family properties $ 8,814,850 $ 8,522,080 Single-family properties leased, not yet occupied 110,242 77,221 Single-family properties in turnover process 180,864 184,170 Single-family properties recently renovated or developed 137,759 126,379 Single-family properties newly acquired and under renovation 314,471 337,643 Single-family properties in operation, net 9,558,186 9,247,493 Development land 612,237 549,653 Single-family properties under development 359,797 332,506 Single-family properties held for sale, net 140,627 114,907 Total real estate assets, net $ 10,670,847 $ 10,244,559 The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2022 and 2021 (amounts in thousands, except property data): For the Three Months Ended 2022 2021 Single-family properties: Properties sold 169 180 Net proceeds (1) $ 50,259 $ 46,040 Net gain on sale $ 24,545 $ 15,350 Land: Net proceeds $ 1,148 $ 264 Net gain (loss) on sale $ 278 $ (77) (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2022 (amounts in thousands): March 31, 2022 Remaining 2022 $ 570,546 2023 123,025 2024 5,274 2025 2 Total $ 698,847

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Escrow Deposits, Prepaid Expenses and Other Assets	The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Escrow deposits, prepaid expenses and other $ 96,145 $ 88,414 Commercial real estate, software, vehicles and FF&E, net 63,438 62,462 Consolidated land not owned 39,714 — Notes receivable, net 35,062 35,346 Operating lease ROU assets 17,300 17,269 Deferred costs and other intangibles, net 12,224 13,134 Total $ 263,883 $ 216,625
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Deferred leasing costs $ 2,690 $ 3,090 Deferred financing costs 22,491 22,491 25,181 25,581 Less: accumulated amortization (12,957) (12,447) Total $ 12,224 $ 13,134
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2022 for future periods (amounts in thousands): Deferred Deferred Total Remaining 2022 $ 1,171 $ 2,051 $ 3,222 2023 44 2,722 2,766 2024 — 2,730 2,730 2025 — 2,722 2,722 2026 — 784 784 Total $ 1,215 $ 11,009 $ 12,224

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
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 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at March 31, 2022 Completed Homes at March 31, 2022 Balances at Balances at Alaska JV 20 % 304 $ 22,051 $ 22,658 Institutional Investor JV 20 % 855 29,058 28,695 J.P. Morgan JV 20 % 690 58,752 70,597 1,849 $ 109,861 $ 121,950

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of March 31, 2022 and December 31, 2021 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date March 31, 2022 December 31, 2021 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 471,981 $ 473,594 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 487,356 488,790 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 513,233 514,868 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 445,735 446,929 Total asset-backed securitizations 1,918,305 1,924,181 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 450,000 450,000 2051 unsecured senior notes 3.38% July 15, 2051 300,000 300,000 Revolving credit facility (6) 1.55% April 15, 2026 410,000 350,000 Total debt 3,978,305 3,924,181 Unamortized discounts on unsecured senior notes (15,222) (15,561) Deferred financing costs, net (7) (26,562) (28,142) Total debt per balance sheet $ 3,936,521 $ 3,880,478 (1) Interest rates are rounded and as of March 31, 2022. 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 $2.2 million and $1.6 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2022 and December 31, 2021. The revolving credit facility bears interest at LIBOR plus 1.10% as of March 31, 2022. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.6 million and $1.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in gross interest, prior to interest capitalization.
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2022 (amounts in thousands): Debt Maturities Remaining 2022 $ 15,536 2023 20,714 2024 951,418 2025 10,302 2026 420,302 Thereafter 2,560,033 Total debt $ 3,978,305
Summary of Activity that Relates to Capitalized Interest	The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2022 and 2021 (amounts in thousands): For the Three Months Ended 2022 2021 Gross interest cost $ 40,461 $ 33,883 Capitalized interest (12,894) (5,878) Interest expense $ 27,567 $ 28,005

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Resident security deposits $ 110,275 $ 105,809 Accrued property taxes 85,915 52,545 Accrued construction and maintenance liabilities 67,053 50,655 Prepaid rent 29,237 31,190 Liability for consolidated land not owned (see Note 6) 19,794 — Operating lease liabilities 18,797 18,723 Accrued interest 17,575 33,332 Accounts payable 3,522 1,113 Other accrued liabilities 41,917 50,159 Total $ 394,085 $ 343,526

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of March 31, 2022 and December 31, 2021, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): March 31, 2022 December 31, 2021 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series F perpetual preferred shares (1) 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 15,400,000 $ 385,000 (1) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022. See Note 16. Subsequent Events.
Schedule of Distributions Made During Period	The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security March 31, March 31, Class A and Class B common shares $ 0.18 $ 0.10 6.500% Series D perpetual preferred shares (1) — 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 5.875% Series F perpetual preferred shares (3) 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. (3) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022. See Note 16. Subsequent Events.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 Options outstanding at beginning of period 824,300 1,090,300 Granted — — Exercised (18,750) (60,000) Forfeited — — Options outstanding at end of period 805,550 1,030,300 Options exercisable at end of period 800,550 992,800
Summary of Restricted Share Units Activity Under Plan	The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 RSUs outstanding at beginning of period 1,050,599 651,537 Awarded 395,759 453,560 Vested (335,826) (164,203) Forfeited (19,523) (12,399) RSUs outstanding at end of period 1,091,009 928,495
Summary of Performance Share Units Activity Under Plan	The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2022 and 2021: For the Three Months Ended 2022 2021 PSUs outstanding at beginning of period 92,319 — Awarded 202,104 92,319 Vested — — Forfeited — — PSUs outstanding at end of period 294,423 92,319
Summary of Activity in Noncash Share-Based Compensation Expense	The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2022 and 2021 (amounts in thousands): For the Three Months Ended 2022 2021 General and administrative expense $ 4,030 $ 4,342 Property management expenses 999 999 Acquisition and other transaction costs 2,376 2,769 Total noncash share-based compensation expense $ 7,405 $ 8,110

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Net Income per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except share and per share data): For the Three Months Ended 2022 2021 Numerator: Net income $ 70,014 $ 48,921 Less: Noncontrolling interest 8,312 4,925 Dividends on preferred shares 5,763 13,782 Allocation to participating securities (1) 197 93 Numerator for income per common share–basic and diluted $ 55,742 $ 30,121 Denominator: Weighted-average common shares outstanding–basic 345,742,526 316,982,460 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 738,297 458,937 Weighted-average common shares outstanding–diluted (3) 346,480,823 317,441,397 Net income per common share: Basic $ 0.16 $ 0.10 Diluted $ 0.16 $ 0.09 (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. Shareholders’ Equity / Partners’ Capital). (3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2022 and 2021 (amounts in thousands, except unit and per unit data): For the Three Months Ended 2022 2021 Numerator: Net income $ 70,014 $ 48,921 Less: Preferred distributions 5,763 13,782 Allocation to participating securities (1) 197 93 Numerator for income per common unit–basic and diluted $ 64,054 $ 35,046 Denominator: Weighted-average common units outstanding–basic 397,119,506 368,647,217 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 738,297 458,937 Weighted-average common units outstanding–diluted 397,857,803 369,106,154 Net income per common unit: Basic $ 0.16 $ 0.10 Diluted $ 0.16 $ 0.09 (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. Shareholders’ Equity / Partners’ Capital).

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 468,743 $ 475,379 $ 470,039 $ 479,464 AH4R 2014-SFR3 securitization 483,887 491,209 485,005 495,659 AH4R 2015-SFR1 securitization 509,283 517,777 510,585 521,639 AH4R 2015-SFR2 securitization 441,802 450,543 442,717 455,264 Total asset-backed securitizations 1,903,715 1,934,908 1,908,346 1,952,026 2028 unsecured senior notes, net 495,364 508,265 495,166 554,895 2029 unsecured senior notes, net 396,130 424,764 395,990 463,840 2031 unsecured senior notes, net 440,354 398,624 440,095 442,953 2051 unsecured senior notes, net 290,958 251,940 290,881 304,461 Total unsecured senior notes, net 1,622,806 1,583,593 1,622,132 1,766,149 Revolving credit facility 410,000 410,000 350,000 350,000 Total debt $ 3,936,521 $ 3,928,501 $ 3,880,478 $ 4,068,175

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)singleFamilyPropertypropertystate	Dec. 31, 2021USD ($)
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	87.10%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	12.90%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	57,984
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	855

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Term of restriction	1 year
Cash and cash equivalents	$ 56,626	$ 48,198	$ 75,237	$ 137,060
Restricted cash	150,354	143,569	136,867	128,017
Total cash, cash equivalents and restricted cash	$ 206,980	$ 191,767	$ 212,104	$ 265,077

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 9,558,186	$ 9,247,493
Development land	612,237	549,653
Single-family properties under development	359,797	332,506
Single-family properties held for sale, net	140,627	114,907
Total real estate assets, net	10,670,847	10,244,559
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	10,670,847	10,244,559
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	180,864	184,170
Single Family Homes | Single-family properties recently renovated or developed
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	137,759	126,379
Single Family Homes | Single-family properties newly acquired and under renovation
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	314,471	337,643
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	8,814,850	8,522,080
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 110,242	$ 77,221

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) - Single Family Homes $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property
Property Subject to or Available for Operating Lease
Depreciation expense	$ 96,200	$ 86,300
Single-family properties:
Properties sold | property	169	180
Net proceeds	$ 50,259	$ 46,040
Net gain on sale	24,545	15,350
Land:
Net proceeds	1,148	264
Net gain (loss) on sale	$ 278	$ (77)

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Lease agreement term (in years)	1 year
Future Minimum Rental Revenues
Remaining 2022	$ 570,546
2023	123,025
2024	5,274
2025	2
Total	698,847
Storm damage related insurance claims receivable	300		$ 1,900
Single Family Homes
Loans and Leases Receivable Disclosure [Line Items]
Tenant chargebacks	52,300	$ 45,800
Late fees and application fees	$ 6,100	$ 5,200

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 96,145	$ 88,414
Commercial real estate, software, vehicles and FF&E, net	63,438	62,462
Consolidated land not owned	39,714	0
Notes receivable, net	35,062	35,346
Operating lease ROU assets	17,300	17,269
Deferred costs and other intangibles, net	12,224	13,134
Total	$ 263,883	$ 216,625

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 0.8	$ 1
Amortization of deferred financing costs	0.7	0.5
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3	$ 2.8

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 2,690	$ 3,090
Deferred financing costs	22,491	22,491
Deferred cost and intangible assets	25,181	25,581
Less: accumulated amortization	(12,957)	(12,447)
Deferred costs and other intangibles, net	$ 12,224	$ 13,134

Escrow Deposits, Prepaid Expe_6

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total
Remaining 2022	$ 3,222
2023	2,766
2024	2,730
2025	2,722
2026	784
Deferred costs and other intangibles, net	12,224	$ 13,134
Deferred Leasing Costs
Deferred Leasing Costs
Remaining 2022	1,171
2023	44
2024	0
2025	0
2026	0
Deferred Leasing Costs	1,215
Deferred Financing Costs
Deferred Financing Costs
Remaining 2022	2,051
2023	2,722
2024	2,730
2025	2,722
2026	784
Deferred Financing Costs	$ 11,009

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)propertyextensionjoint_venture	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)extension
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Number of joint ventures | joint_venture	3
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Joint Venture | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit			$ 201
Non-recourse guarantee, term			two
Number of extension options | extension			3
Extension period			1 year
Maximum exposure	$ 159.2
Joint Venture | J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit	$ 375
Non-recourse guarantee, term	three
Number of extension options | extension	1
Extension period	1 year
Maximum exposure	$ 99
Joint Venture | SOFR | J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	1.50%
Joint Venture | LIBOR | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate			3.50%
Institutional Investor JV Property Acquisition
Schedule of Equity Method Investments [Line Items]
Number of properties acquired | property	200
Total consideration	$ 74.6
Cash paid for asset acquisitions	66.2
Asset acquisition, consideration transferred, other assets	8.4
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 2.8	$ 2.1

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Mar. 31, 2022USD ($)home	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	1,849
Balances | $	$ 109,861	$ 121,950
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	304
Balances | $	$ 22,051	22,658
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	855
Balances | $	$ 29,058	28,695
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	690
Balances | $	$ 58,752	$ 70,597

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Debt, gross	$ 3,978,305,000		$ 3,924,181,000
Unamortized discounts on unsecured senior notes	(15,222,000)		(15,561,000)
Deferred financing costs, net	(26,562,000)		(28,142,000)
Total debt per balance sheet	3,936,521,000		3,880,478,000
Amortization of financing costs	2,453,000	$ 1,829,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,600,000	$ 1,500,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,918,305,000		1,924,181,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest rate	4.42%
Debt, gross	$ 471,981,000		473,594,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate	4.40%
Debt, gross	$ 487,356,000		488,790,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate	4.14%
Debt, gross	$ 513,233,000		514,868,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate	4.36%
Debt, gross	$ 445,735,000		446,929,000
Senior Notes | 2028 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.25%
Effective interest rate	4.08%
Debt, gross	$ 500,000,000		500,000,000
Senior Notes | 2029 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.90%
Debt, gross	$ 400,000,000		400,000,000
Senior Notes | 2031 unsecured senior notes, net
Debt Instrument [Line Items]
Interest rate	2.38%
Effective interest rate	2.46%
Debt, gross	$ 450,000,000		450,000,000
Senior Notes | 2051 unsecured senior notes, net
Debt Instrument [Line Items]
Interest rate	3.38%
Debt, gross	$ 300,000,000		300,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	1.55%
Debt, gross	$ 410,000,000		350,000,000
Maximum borrowing capacity	1,250,000,000
Outstanding letters of credit	$ 2,200,000		$ 1,600,000
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	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remaining 2022	$ 15,536
2023	20,714
2024	951,418
2025	10,302
2026	420,302
Thereafter	2,560,033
Total debt	$ 3,978,305	$ 3,924,181

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Gross interest cost	$ 40,461	$ 33,883
Capitalized interest	(12,894)	(5,878)
Interest expense	$ 27,567	$ 28,005

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Resident security deposits	$ 110,275	$ 105,809
Accrued property taxes	85,915	52,545
Accrued construction and maintenance liabilities	67,053	50,655
Prepaid rent	29,237	31,190
Liability for consolidated land not owned	19,794	0
Operating lease liabilities	18,797	18,723
Accrued interest	17,575	33,332
Accounts payable	3,522	1,113
Other accrued liabilities	41,917	50,159
Total	$ 394,085	$ 343,526

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - Class A common shares/units - USD ($)	3 Months Ended		10 Months Ended	13 Months Ended	18 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jan. 20, 2023	Jan. 20, 2023	Dec. 31, 2021
Class of Stock [Line Items]
Offering cost	$ 200,000	$ 0
Public Stock Offering
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Public Stock Offering | Forecast
Class of Stock [Line Items]
Number of shares sold (in shares)				23,000,000
Public Stock Offering - Issued Directly By The Company
Class of Stock [Line Items]
Number of shares sold (in shares)	10,000,000
Proceeds from sale of stock	$ 375,800,000
Offering cost	200,000
Public Stock Offering - Forward Sales Agreement
Class of Stock [Line Items]
Sale of stock, consideration receivable on transaction	488,600,000
Public Stock Offering - Forward Sales Agreement | Forecast
Class of Stock [Line Items]
Number of shares sold (in shares)			13,000,000
Proceeds from sale of stock			$ 488,600,000
At the Market - Common Share Offering Program
Class of Stock [Line Items]
Shares authorized for future issuance, value	$ 500,000,000
Shares issued (in shares)	0	0			1,835,416,000,000
Shares available for future issuance, value	$ 425,200,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300
Remaining repurchase authorization	$ 265.1
Class A common shares/units | Common capital
Class of Stock [Line Items]
Repurchases of Class A common shares (in shares)	0	0
Preferred capital amount
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 ($) $ in Thousands	May 05, 2022	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)		15,400,000	15,400,000
Current Liquidation Value		$ 385,000	$ 385,000
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)		5.875%
Preferred shares, shares outstanding (in shares)		6,200,000	6,200,000
Current Liquidation Value		$ 155,000	$ 155,000
Series F perpetual preferred shares | Subsequent Event
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)		5.875%
Preferred shares, shares outstanding (in shares)		4,600,000	4,600,000
Current Liquidation Value		$ 115,000	$ 115,000
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)		6.25%
Preferred shares, shares outstanding (in shares)		4,600,000	4,600,000
Current Liquidation Value		$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	May 05, 2022	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Common Class A and B
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)			$ 0.18	$ 0.10
Series D perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			6.50%
Preferred shares, dividends declared (in dollars per share)			$ 0	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
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			5.875%
Preferred shares, dividends declared (in dollars per share)			$ 0.37	0.37
Series F perpetual preferred shares | Subsequent Event
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			5.875%
Preferred shares, dividends declared (in dollars per share)			$ 0.37	0.37
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			6.25%
Preferred shares, dividends declared (in dollars per share)			$ 0.39	$ 0.39

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Operating partnership units (in shares)	399,654,943	389,374,771
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	50,779,990
Percentage of units outstanding	12.70%	13.00%

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
2021 Equity Incentive Plan | Restricted share units
Class of Stock [Line Items]
Award vesting period	3 years	3 years
2021 Equity Incentive Plan | Performance Share Units (PSU's)
Class of Stock [Line Items]
Award vesting period	3 years	3 years
Service period	3 years	3 years
2021 Equity Incentive Plan | Performance Share Units (PSU's) | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	0.00%
2021 Equity Incentive Plan | Performance Share Units (PSU's) | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	200.00%
2021 Employee Stock Purchase Plan
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

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - Stock options - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Options
Options outstanding at beginning of period (in shares)	824,300	1,090,300
Granted (in shares)	0	0
Exercised (in shares)	(18,750)	(60,000)
Forfeited (in shares)	0	0
Options outstanding at end of period (in shares)	805,550	1,030,300
Options exercisable at end of period (in shares)	800,550	992,800

Share-Based Compensation - RSU

Share-Based Compensation - RSU and PSU Activity (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted share units
Number of Restricted Stock Units
Outstanding at beginning of period (in shares)	1,050,599	651,537
Awarded (in shares)	395,759	453,560
Vested (in shares)	(335,826)	(164,203)
Forfeited (in shares)	(19,523)	(12,399)
Outstanding at end of period (in shares)	1,091,009	928,495
Performance Share Units (PSU's)
Number of Restricted Stock Units
Outstanding at beginning of period (in shares)	92,319	0
Awarded (in shares)	202,104	92,319
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Outstanding at end of period (in shares)	294,423	92,319

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock
Total noncash share-based compensation expense	$ 7,405	$ 8,110
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	4,030	4,342
Property management expenses
Class of Stock
Total noncash share-based compensation expense	999	999
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 2,376	$ 2,769

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares
Numerator:
Net income	$ 70,014	$ 48,921
Less:
Noncontrolling interest	8,312	4,925
Dividends on preferred shares	5,763	13,782
Allocation to participating securities	197	93
Numerator for income per common share–basic and diluted	$ 55,742	$ 30,121
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	345,742,526	316,982,460
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	738,297	458,937
Weighted-average common shares outstanding - diluted (in shares) | shares	346,480,823	317,441,397
Net income per common share:
Basic (in dollars per share) | $ / shares	$ 0.16	$ 0.10
Diluted (in dollars per share) | $ / shares	$ 0.16	$ 0.09
Exchange rate	1
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 70,014	$ 48,921
Less:
Dividends on preferred shares	5,763	13,782
Allocation to participating securities	197	93
Numerator for income per common share–basic and diluted	$ 64,054	$ 35,046
Denominator:
Weighted-average common units outstanding - basic (in shares) | shares	397,119,506	368,647,217
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	738,297	458,937
Weighted-average common units outstanding - diluted (in shares) | shares	397,857,803	369,106,154
Net income per common share:
Basic (in dollars per share) | $ / shares	$ 0.16	$ 0.10
Diluted (in dollars per share) | $ / shares	$ 0.16	$ 0.09

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loss on settlement of cash flow hedging instrument	$ 0		$ (9,230)
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			$ 9,200
Loss on settlement of cash flow hedging instrument		$ 4,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,903,715			$ 1,908,346
Unsecured senior notes, net	1,622,806			1,622,132
Revolving credit facility	410,000			350,000
Total debt	3,936,521			3,880,478
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	468,743			470,039
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	483,887			485,005
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	509,283			510,585
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	441,802			442,717
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	495,364			495,166
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	396,130			395,990
Carrying Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	440,354			440,095
Carrying Value | 2051 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	290,958			290,881
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,934,908			1,952,026
Unsecured senior notes, net	1,583,593			1,766,149
Revolving credit facility	410,000			350,000
Total debt	3,928,501			4,068,175
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	475,379			479,464
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	491,209			495,659
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	517,777			521,639
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	450,543			455,264
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	508,265			554,895
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	424,764			463,840
Fair Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	398,624			442,953
Fair Value | 2051 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	$ 251,940			$ 304,461

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,666	$ 25,666
Class A common shares/units
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	347,642,888	337,362,716
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	24.00%	24.80%
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	12.80%	13.50%
Common stock, shares outstanding (in shares)	50,622,165	50,622,165
Affiliated Entity | Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	154
Single-family properties sales in escrow, selling price	$ 48.6
Surety bond
Purchase Commitment [Line Items]
Outstanding principal on non-recourse guarantee	130
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	116.3
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 446.1
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	343

Subsequent Events (Details)

Subsequent Events (Details)	May 05, 2022$ / sharesshares	Apr. 30, 2022USD ($)property	Mar. 31, 2022USD ($)$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / shares
Subsequent Event [Line Items]
Revolving credit facility			$ 410,000,000		$ 350,000,000
Debt, gross			3,978,305,000		3,924,181,000
Deferred financing costs, net			$ 26,562,000		$ 28,142,000
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Series F perpetual preferred shares
Subsequent Event [Line Items]
Preferred stock, dividend rate (in percent)			5.875%
Revolving Credit Facility
Subsequent Event [Line Items]
Payments on revolving credit facility			$ 360,000,000	$ 0
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Debt, gross			$ 410,000,000		$ 350,000,000
Interest rate			1.55%
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property		352
Purchase price to acquire real estate		$ 139,100,000
Number of internally developed properties developed | property		97
Number of properties acquired from third party developers | property		2
Number of real estate properties sold | property		54
Proceeds from the sale of real estate properties		$ 17,300,000
Subsequent Event | Series F perpetual preferred shares
Subsequent Event [Line Items]
Preferred stock redeemed (in shares) | shares	6,200,000
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, par value (in dollars per share) | $ / shares	$ 0.01
Liquidation preference (in dollars per share) | $ / shares	$ 25
Subsequent Event | 3.63 Percent Senior Notes Due 2032
Subsequent Event [Line Items]
Redemption price (in percent)		100.00%
Subsequent Event | 4.30 Percent Senior Notes Due 2052
Subsequent Event [Line Items]
Redemption price (in percent)		100.00%
Subsequent Event | Senior Notes | 3.63 Percent Senior Notes Due 2032
Subsequent Event [Line Items]
Debt, gross		$ 600,000,000
Interest rate		3.625%
Subsequent Event | Senior Notes | 4.30 Percent Senior Notes Due 2052
Subsequent Event [Line Items]
Debt, gross		$ 300,000,000
Interest rate		4.30%
Subsequent Event | Senior Notes | The Notes
Subsequent Event [Line Items]
Proceeds from unsecured senior notes, net of discount		$ 870,300,000
Underwriting fees		6,500,000
Unamortized discount		23,200,000
Deferred financing costs, net		1,600,000
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Payments on revolving credit facility		410,000,000
Revolving credit facility		$ 0