American Homes 4 Rent (AMH) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	280 Pilot Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
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	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common shares
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		361,420,848
Series G perpetual preferred shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H perpetual preferred shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,225,477	$ 2,197,233
Buildings and improvements	10,545,835	10,127,891
Single-family properties in operation	12,771,312	12,325,124
Less: accumulated depreciation	(2,639,127)	(2,386,452)
Single-family properties in operation, net	10,132,185	9,938,672
Single-family properties under development and development land	1,334,992	1,187,221
Single-family properties and land held for sale, net	160,328	198,716
Total real estate assets, net	11,627,505	11,324,609
Cash and cash equivalents	69,514	69,155
Restricted cash	173,133	148,805
Rent and other receivables	53,773	47,752
Escrow deposits, prepaid expenses and other assets	372,157	331,446
Investments in unconsolidated joint ventures	117,350	107,347
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	12,559,377	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,876,087	1,890,842
Unsecured senior notes, net	2,498,959	2,495,156
Accounts payable and accrued expenses	633,795	484,403
Total liabilities	5,008,841	5,000,401
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2023 and December 31, 2022)	92	92
Additional paid-in capital	7,251,465	6,931,819
Accumulated deficit	(391,452)	(440,791)
Accumulated other comprehensive income	965	1,332
Total shareholders’ equity	6,864,690	6,495,987
Noncontrolling interest	685,846	678,671
Total equity	7,550,536	7,174,658
Total liabilities and equity/capital	12,559,377	12,175,059
Class A common shares
Shareholders’ equity:
Common stock issued	3,614	3,529
Class B common shares
Shareholders’ equity:
Common stock issued	$ 6	$ 6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	9,200,000	9,200,000
Preferred shares outstanding (in shares)	9,200,000	9,200,000
Class A common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	450,000,000	450,000,000
Common stock issued (in shares)	361,420,848	352,881,826
Common stock outstanding (in shares)	361,420,848	352,881,826
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	635,075	635,075
Common stock outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Rents and other single-family property revenues	$ 421,697			$ 391,627			$ 1,214,948	$ 1,109,608
Expenses:
General and administrative expense	18,336			16,986			56,128	53,115
Interest expense	34,381			36,254			105,107	98,622
Acquisition and other transaction costs	3,399			4,482			12,650	18,114
Depreciation and amortization	114,863			109,319			340,779	313,688
Hurricane-related charges, net	0			6,133			0	6,133
Total expenses	368,805			354,978			1,063,577	989,191
Gain on sale and impairment of single-family properties and other, net	33,335			24,197			180,752	79,052
Other income and expense, net	1,865			819			9,082	6,765
Net income	88,092	$ 115,414	$ 137,699	61,665	$ 74,555	$ 70,014	341,205	206,234
Noncontrolling interest	10,493			7,464			41,140	24,119
Dividends on preferred shares	3,486	$ 3,486	$ 3,486	3,486	$ 4,346	$ 5,763	10,458	13,595
Redemption of perpetual preferred shares	0			0			0	5,276
Net income attributable to common shareholders/unitholders	$ 74,113			$ 50,715			$ 289,607	$ 163,244
Weighted-average common shares outstanding:
Basic (in shares)	362,426,273			348,944,055			361,665,436	347,730,579
Diluted (in shares)	362,924,932			349,344,541			362,121,128	348,282,995
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.20			$ 0.14			$ 0.80	$ 0.47
Diluted (in dollars per share)	$ 0.20			$ 0.14			$ 0.80	$ 0.47
Property operating expenses
Expenses:
Cost of goods and services sold	$ 167,041			$ 152,065			$ 456,662	$ 414,978
Property management expenses
Expenses:
Cost of goods and services sold	$ 30,785			$ 29,739			$ 92,251	$ 84,541

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 88,092	$ 61,665	$ 341,205	$ 206,234
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(142)	(141)	(423)	(423)
Other comprehensive loss	(142)	(141)	(423)	(423)
Comprehensive income	87,950	61,524	340,782	205,811
Comprehensive income attributable to noncontrolling interests	10,476	7,443	41,084	24,055
Dividends on preferred shares	3,486	3,486	10,458	13,595
Redemption of perpetual preferred shares	0	0	0	5,276
Comprehensive income attributable to common shareholders/unitholders	$ 73,988	$ 50,595	$ 289,240	$ 162,885

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Series F perpetual preferred shares	Shareholders’ equity	Shareholders’ equity Class A common shares	Shareholders’ equity Series F perpetual preferred shares	Common shares Class A common shares	Common shares Class B common shares	Preferred shares	Preferred shares Series F perpetual preferred shares	Additional paid-in capital	Additional paid-in capital Class A common shares	Additional paid-in capital Series F perpetual preferred shares	Accumulated deficit	Accumulated deficit Series F perpetual preferred shares	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances, common stock (in shares) at Dec. 31, 2021								337,362,716	635,075
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 balances, preferred stock (in shares) at Dec. 31, 2021										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 (in shares)								280,172
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(2,619)				(2,619)			$ 2				(2,621)
Issuance of Class A common shares, net of offering costs (in shares)								10,000,000
Issuance of Class A common shares, net of offering costs		$ 375,640				$ 375,640		$ 100					$ 375,540
Distributions to equity holders:
Preferred shares (Note 10)	(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 loss	(141)				(116)												(116)	(25)
Ending balances, common stock (in shares) at Mar. 31, 2022								347,642,888	635,075
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 balances, preferred stock (in shares) at Mar. 31, 2022										15,400,000
Beginning balances, common stock (in shares) at Dec. 31, 2021								337,362,716	635,075
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 balances, preferred stock (in shares) at Dec. 31, 2021										15,400,000
Distributions to equity holders:
Preferred shares (Note 10)	(13,595)
Net income	206,234
Total other comprehensive loss	(423)
Ending balances, common stock (in shares) at Sep. 30, 2022								352,809,460	635,075
Ending balances at Sep. 30, 2022	7,142,435				6,467,266			$ 3,528	$ 6	$ 92		6,926,629			(464,444)		1,455	675,169
Ending balances, preferred stock (in shares) at Sep. 30, 2022										9,200,000
Beginning balances, common stock (in shares) at Mar. 31, 2022								347,642,888	635,075
Beginning balances at Mar. 31, 2022	7,110,779				6,432,882			$ 3,476	$ 6	$ 154		6,873,257			(445,709)		1,698	677,897
Beginning balances, preferred stock (in shares) at Mar. 31, 2022										15,400,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	10,643				10,643							10,643
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)								53,606
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	55				55			$ 1				54
Redemptions of Series F perpetual preferred shares (in shares)											(6,200,000)
Redemption of Series F perpetual preferred shares				$ (155,000)			$ (155,000)				$ (62)			$ (149,662)		$ (5,276)
Distributions to equity holders:
Preferred shares (Note 10)	(4,346)				(4,346)										(4,346)
Noncontrolling interests	(9,248)																	(9,248)
Common shares	(63,036)				(63,036)										(63,036)
Net income	74,555				66,212										66,212			8,343
Total other comprehensive loss	(141)				(123)												(123)	(18)
Ending balances, common stock (in shares) at Jun. 30, 2022								347,696,494	635,075
Ending balances at Jun. 30, 2022	6,964,261				6,287,287			$ 3,477	$ 6	$ 92		6,734,292			(452,155)		1,575	676,974
Ending balances, preferred stock (in shares) at Jun. 30, 2022										9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	5,680				5,680							5,680
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)								112,966
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	1,076				1,076			$ 1				1,075
Issuance of Class A common shares, net of offering costs (in shares)								5,000,000
Issuance of Class A common shares, net of offering costs		$ 185,632				185,632		$ 50					185,582
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)				(3,486)										(3,486)
Noncontrolling interests	(9,248)																	(9,248)
Common shares	(63,004)				(63,004)										(63,004)
Net income	61,665				54,201										54,201			7,464
Total other comprehensive loss	(141)				(120)												(120)	(21)
Ending balances, common stock (in shares) at Sep. 30, 2022								352,809,460	635,075
Ending balances at Sep. 30, 2022	7,142,435				6,467,266			$ 3,528	$ 6	$ 92		6,926,629			(464,444)		1,455	675,169
Ending balances, preferred stock (in shares) at Sep. 30, 2022										9,200,000
Beginning balances, common stock (in shares) at Dec. 31, 2022		352,881,826	635,075					352,881,826	635,075
Beginning balances at Dec. 31, 2022	$ 7,174,658				6,495,987			$ 3,529	$ 6	$ 92		6,931,819			(440,791)		1,332	678,671
Beginning balances, preferred stock (in shares) at Dec. 31, 2022	9,200,000									9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	$ 5,824				5,824							5,824
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)								264,466
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(3,742)				(3,742)			$ 2				(3,744)
Issuance of Class A common shares, net of offering costs (in shares)								8,000,000
Issuance of Class A common shares, net of offering costs		$ 298,372				$ 298,372		$ 80					$ 298,292
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)				(3,486)										(3,486)
Noncontrolling interests	(11,303)																	(11,303)
Common shares	(79,977)				(79,977)										(79,977)
Net income	137,699				120,951										120,951			16,748
Total other comprehensive loss	(141)				(120)												(120)	(21)
Ending balances, common stock (in shares) at Mar. 31, 2023								361,146,292	635,075
Ending balances at Mar. 31, 2023	7,517,904				6,833,809			$ 3,611	$ 6	$ 92		7,232,191			(403,303)		1,212	684,095
Ending balances, preferred stock (in shares) at Mar. 31, 2023										9,200,000
Beginning balances, common stock (in shares) at Dec. 31, 2022		352,881,826	635,075					352,881,826	635,075
Beginning balances at Dec. 31, 2022	$ 7,174,658				6,495,987			$ 3,529	$ 6	$ 92		6,931,819			(440,791)		1,332	678,671
Beginning balances, preferred stock (in shares) at Dec. 31, 2022	9,200,000									9,200,000
Distributions to equity holders:
Preferred shares (Note 10)	$ (10,458)
Net income	341,205
Total other comprehensive loss	(423)
Ending balances, common stock (in shares) at Sep. 30, 2023		361,420,848	635,075					361,420,848	635,075
Ending balances at Sep. 30, 2023	$ 7,550,536				6,864,690			$ 3,614	$ 6	$ 92		7,251,465			(391,452)		965	685,846
Ending balances, preferred stock (in shares) at Sep. 30, 2023	9,200,000									9,200,000
Beginning balances, common stock (in shares) at Mar. 31, 2023								361,146,292	635,075
Beginning balances at Mar. 31, 2023	$ 7,517,904				6,833,809			$ 3,611	$ 6	$ 92		7,232,191			(403,303)		1,212	684,095
Beginning balances, preferred stock (in shares) at Mar. 31, 2023										9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	8,508				8,508							8,508
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)								219,400
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	3,508				3,508			$ 3				3,505
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)				(3,486)										(3,486)
Noncontrolling interests	(11,303)																	(11,303)
Common shares	(80,160)				(80,160)										(80,160)
Net income	115,414				101,515										101,515			13,899
Total other comprehensive loss	(140)				(122)												(122)	(18)
Ending balances, common stock (in shares) at Jun. 30, 2023								361,365,692	635,075
Ending balances at Jun. 30, 2023	7,550,245				6,863,572			$ 3,614	$ 6	$ 92		7,244,204			(385,434)		1,090	686,673
Ending balances, preferred stock (in shares) at Jun. 30, 2023										9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	6,416				6,416							6,416
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)								55,156
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	845				845							845
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)				(3,486)										(3,486)
Noncontrolling interests	(11,303)																	(11,303)
Common shares	(80,131)				(80,131)										(80,131)
Net income	88,092				77,599										77,599			10,493
Total other comprehensive loss	(142)				(125)												(125)	(17)
Ending balances, common stock (in shares) at Sep. 30, 2023		361,420,848	635,075					361,420,848	635,075
Ending balances at Sep. 30, 2023	$ 7,550,536				$ 6,864,690			$ 3,614	$ 6	$ 92		$ 7,251,465			$ (391,452)		$ 965	$ 685,846
Ending balances, preferred stock (in shares) at Sep. 30, 2023	9,200,000									9,200,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares
Class A common shares
Common shares, dividends declared (in dollars per share)	$ 0.18
Common shares
Common shares, dividends declared (in dollars per share)	$ 0.18
Common shares | Class A common shares
Stock issuance cost | $	$ 200

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 341,205	$ 206,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	340,779	313,688
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	9,193	8,588
Noncash share-based compensation	20,748	23,728
Equity in net income of unconsolidated joint ventures	(1,581)	(3,135)
Return on investment from unconsolidated joint ventures	1,788	4,777
Gain on sale and impairment of single-family properties and other, net	(180,752)	(79,052)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,206)	(10,789)
Prepaid expenses and other assets	(3,606)	3,572
Deferred leasing costs	(2,368)	(1,868)
Accounts payable and accrued expenses	104,670	134,237
Amounts due from related parties	1,504	(3,192)
Net cash provided by operating activities	623,374	596,788
Investing activities
Cash paid for single-family properties	(5,862)	(582,442)
Change in escrow deposits for purchase of single-family properties	2,808	8,492
Net proceeds received from sales of single-family properties and other	384,343	163,295
Proceeds received from storm-related insurance claims	2,185	1,981
Proceeds from notes receivable related to the sale of properties	663	34,014
Investment in unconsolidated joint ventures	(12,519)	(17,308)
Distributions from joint ventures	34,352	58,160
Renovations to single-family properties	(23,886)	(80,612)
Recurring and other capital expenditures for single-family properties	(106,372)	(98,763)
Cash paid for development activity	(708,823)	(707,764)
Cash paid for deposits on land option contracts	(1,142)	(10,686)
Other investing activities	(31,063)	(36,021)
Net cash used for investing activities	(465,316)	(1,267,654)
Financing activities
Redemption of perpetual preferred shares	0	(155,000)
Proceeds from issuances under share-based compensation plans	4,453	3,323
Payments related to tax withholding for share-based compensation	(3,842)	(4,811)
Payments on asset-backed securitizations	(18,533)	(16,884)
Proceeds from unsecured senior notes, net of discount	0	876,813
Proceeds from liabilities related to consolidated land not owned	0	60,217
Distributions to noncontrolling interests	(33,774)	(27,612)
Distributions to common shareholders	(239,589)	(188,689)
Distributions to preferred shareholders	(10,458)	(13,595)
Deferred financing costs paid	0	(8,215)
Net cash (used for) provided by financing activities	(133,371)	736,819
Net increase in cash, cash equivalents and restricted cash	24,687	65,953
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	242,647	257,720
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(102,920)	(89,400)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	84,224	65,586
Transfers of completed homebuilding deliveries to properties	514,180	335,684
Property and land contributions to unconsolidated joint ventures	(33,385)	(35,849)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	551	3,885
Accrued distributions to affiliates	1,083	337
Accrued distributions to non-affiliates	138	114
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	490,000
Payments on revolving credit facility	(130,000)	(840,000)
Class A common shares
Financing activities
Proceeds from issuance of Class A common shares	298,372	561,472
Payments of Class A common share issuance costs	$ 0	$ (200)

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (L.P.) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,225,477	$ 2,197,233
Buildings and improvements	10,545,835	10,127,891
Single-family properties in operation	12,771,312	12,325,124
Less: accumulated depreciation	(2,639,127)	(2,386,452)
Single-family properties in operation, net	10,132,185	9,938,672
Single-family properties under development and development land	1,334,992	1,187,221
Single-family properties and land held for sale, net	160,328	198,716
Total real estate assets, net	11,627,505	11,324,609
Cash and cash equivalents	69,514	69,155
Restricted cash	173,133	148,805
Rent and other receivables	53,773	47,752
Escrow deposits, prepaid expenses and other assets	372,157	331,446
Investments in unconsolidated joint ventures	117,350	107,347
Goodwill	120,279	120,279
Total assets	12,559,377	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,876,087	1,890,842
Unsecured senior notes, net	2,498,959	2,495,156
Accounts payable and accrued expenses	633,795	484,403
Total liabilities	5,008,841	5,000,401
Commitments and contingencies (see Note 15)
Limited partner:
Accumulated other comprehensive income	965	1,332
Total liabilities and equity/capital	12,559,377	12,175,059
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,225,477	2,197,233
Buildings and improvements	10,545,835	10,127,891
Single-family properties in operation	12,771,312	12,325,124
Less: accumulated depreciation	(2,639,127)	(2,386,452)
Single-family properties in operation, net	10,132,185	9,938,672
Single-family properties under development and development land	1,334,992	1,187,221
Single-family properties and land held for sale, net	160,328	198,716
Total real estate assets, net	11,627,505	11,324,609
Cash and cash equivalents	69,514	69,155
Restricted cash	173,133	148,805
Rent and other receivables	53,773	47,752
Escrow deposits, prepaid expenses and other assets	372,157	331,446
Investments in unconsolidated joint ventures	117,350	107,347
Goodwill	120,279	120,279
Total assets	12,559,377	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,876,087	1,890,842
Unsecured senior notes, net	2,498,959	2,495,156
Accounts payable and accrued expenses	633,795	484,403
Total liabilities	5,008,841	5,000,401
Commitments and contingencies (see Note 15)
General partner:
Common units (362,055,923 and 353,516,901 units issued and outstanding at September 30, 2023 and December 31, 2022, respectively)	6,641,885	6,272,815
Preferred units (9,200,000 units issued and outstanding at September 30, 2023 and December 31, 2022)	221,840	221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at September 30, 2023 and December 31, 2022)	685,708	678,477
Accumulated other comprehensive income	1,103	1,526
Total capital	7,550,536	7,174,658
Total liabilities and equity/capital	12,559,377	12,175,059
American Homes 4 Rent, L.P. | Affiliated Entity
Single-family properties:
Amounts due from affiliates	$ 25,666	$ 25,666

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares	Sep. 30, 2023	Dec. 31, 2022
General Partner
Common units issued (in shares)	362,055,923	353,516,901
Common units outstanding (in shares)	362,055,923	353,516,901
Preferred units outstanding (in shares)	9,200,000	9,200,000
Preferred units issued (in shares)	9,200,000	9,200,000
Limited Partners
Common units issued (in shares)	51,376,980	51,376,980
Common 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Rents and other single-family property revenues	$ 421,697	$ 391,627	$ 1,214,948	$ 1,109,608
Expenses:
General and administrative expense	18,336	16,986	56,128	53,115
Interest expense	34,381	36,254	105,107	98,622
Acquisition and other transaction costs	3,399	4,482	12,650	18,114
Depreciation and amortization	114,863	109,319	340,779	313,688
Hurricane-related charges, net	0	6,133	0	6,133
Total expenses	368,805	354,978	1,063,577	989,191
Gain on sale and impairment of single-family properties and other, net	33,335	24,197	180,752	79,052
Other income and expense, net	1,865	819	9,082	6,765
Net income	88,092	61,665	341,205	206,234
Preferred distributions	3,486	3,486	10,458	13,595
Redemption of perpetual preferred units	0	0	0	5,276
Net income attributable to common shareholders/unitholders	74,113	50,715	289,607	163,244
Property operating expenses
Expenses:
Cost of goods and services sold	167,041	152,065	456,662	414,978
Property management expenses
Expenses:
Cost of goods and services sold	30,785	29,739	92,251	84,541
American Homes 4 Rent, L.P.
Rents and other single-family property revenues	421,697	391,627	1,214,948	1,109,608
Expenses:
General and administrative expense	18,336	16,986	56,128	53,115
Interest expense	34,381	36,254	105,107	98,622
Acquisition and other transaction costs	3,399	4,482	12,650	18,114
Depreciation and amortization	114,863	109,319	340,779	313,688
Hurricane-related charges, net	0	6,133	0	6,133
Total expenses	368,805	354,978	1,063,577	989,191
Gain on sale and impairment of single-family properties and other, net	33,335	24,197	180,752	79,052
Other income and expense, net	1,865	819	9,082	6,765
Net income	88,092	61,665	341,205	206,234
Preferred distributions	3,486	3,486	10,458	13,595
Redemption of perpetual preferred units	0	0	0	5,276
Net income attributable to common shareholders/unitholders	$ 84,606	$ 58,179	$ 330,747	$ 187,363
Weighted-average common units outstanding:
Basic (in shares)	413,803,253	400,321,035	413,042,416	399,107,559
Diluted (in shares)	414,301,912	400,721,521	413,498,108	399,659,975
Net income attributable to common unitholders per unit:
Basic (in dollars per share)	$ 0.20	$ 0.14	$ 0.80	$ 0.47
Diluted (in dollars per share)	$ 0.20	$ 0.14	$ 0.80	$ 0.47
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Cost of goods and services sold	$ 167,041	$ 152,065	$ 456,662	$ 414,978
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Cost of goods and services sold	$ 30,785	$ 29,739	$ 92,251	$ 84,541

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Comprehensive Income (L.P.) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 88,092	$ 61,665	$ 341,205	$ 206,234
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(142)	(141)	(423)	(423)
Other comprehensive loss	(142)	(141)	(423)	(423)
Comprehensive income	87,950	61,524	340,782	205,811
Preferred distributions	3,486	3,486	10,458	13,595
Redemption of perpetual preferred units	0	0	0	5,276
Comprehensive income attributable to common shareholders/unitholders	73,988	50,595	289,240	162,885
American Homes 4 Rent, L.P.
Net income	88,092	61,665	341,205	206,234
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(142)	(141)	(423)	(423)
Other comprehensive loss	(142)	(141)	(423)	(423)
Comprehensive income	87,950	61,524	340,782	205,811
Preferred distributions	3,486	3,486	10,458	13,595
Redemption of perpetual preferred units	0	0	0	5,276
Comprehensive income attributable to common shareholders/unitholders	$ 84,464	$ 58,038	$ 330,324	$ 186,940

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 845	$ 3,508	$ (3,742)	$ 1,076	$ 55	$ (2,619)
Distributions to capital holders:
Net income	88,092	115,414	137,699	61,665	74,555	70,014	$ 341,205	$ 206,234
Total other comprehensive loss	(142)	(140)	(141)	(141)	(141)	(141)	(423)	(423)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	7,550,245	7,517,904	7,174,658	6,964,261	7,110,779	6,738,429	7,174,658	6,738,429
Share-based compensation	6,416	8,508	5,824	5,680	10,643	7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes	845	3,508	(3,742)	1,076	55	(2,619)
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(3,486)	(3,486)	(3,486)	(4,346)	(5,763)
Common units	(91,434)	(91,463)	(91,280)	(72,252)	(72,284)	(72,186)
Net income	88,092	115,414	137,699	61,665	74,555	70,014	341,205	206,234
Total other comprehensive loss	(142)	(140)	(141)	(141)	(141)	(141)	(423)	(423)
Total capital, ending balance	7,550,536	7,550,245	7,517,904	7,142,435	6,964,261	7,110,779	7,550,536	7,142,435
American Homes 4 Rent, L.P. | Class A Common Units
Increase (Decrease) in Capital [Roll Forward]
Issuance of Class A common units, net of offering costs			298,372	185,632		375,640
American Homes 4 Rent, L.P. | Series F perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of Series F perpetual preferred units					(155,000)
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	1,245	1,385	1,526	1,808	1,949	2,090	1,526	2,090
Distributions to capital holders:
Total other comprehensive loss	(142)	(140)	(141)	(141)	(141)	(141)
Total capital, ending balance	$ 1,103	$ 1,245	$ 1,385	$ 1,667	$ 1,808	$ 1,949	$ 1,103	$ 1,667
American Homes 4 Rent, L.P. | General Partner | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance (in shares)	362,000,767	361,781,367	353,516,901	348,331,569	348,277,963	337,997,791	353,516,901	337,997,791
Total capital, beginning balance	$ 6,640,642	$ 6,610,757	$ 6,272,815	$ 6,063,872	$ 6,059,620	$ 5,686,193	$ 6,272,815	$ 5,686,193
Share-based compensation	$ 6,416	$ 8,508	$ 5,824	$ 5,680	$ 10,643	$ 7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	55,156	219,400	264,466	112,966	53,606	280,172
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 845	$ 3,508	$ (3,742)	$ 1,076	$ 55	$ (2,619)
Distributions to capital holders:
Common units	(80,131)	(80,160)	(79,977)	(63,004)	(63,036)	(62,938)
Net income	$ 74,113	$ 98,029	$ 117,465	$ 50,715	$ 61,866	$ 55,939
Total capital, ending balance (in shares)	362,055,923	362,000,767	361,781,367	353,444,535	348,331,569	348,277,963	362,055,923	353,444,535
Total capital, ending balance	$ 6,641,885	$ 6,640,642	$ 6,610,757	$ 6,243,971	$ 6,063,872	$ 6,059,620	$ 6,641,885	$ 6,243,971
American Homes 4 Rent, L.P. | General Partner | Common capital | Class A Common Units
Increase (Decrease) in Capital [Roll Forward]
Issuance of Class A common units, net of offering costs (in shares)			8,000,000	5,000,000		10,000,000
Issuance of Class A common units, net of offering costs			$ 298,372	$ 185,632		$ 375,640
American Homes 4 Rent, L.P. | General Partner | Common capital | Series F perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of Series F perpetual preferred units					(5,276)
American Homes 4 Rent, L.P. | General Partner | Preferred capital amount
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	221,840	221,840	221,840	221,840	371,564	371,564	221,840	371,564
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(3,486)	(3,486)	(3,486)	(4,346)	(5,763)
Net income	3,486	3,486	3,486	3,486	4,346	5,763
Total capital, ending balance	$ 221,840	$ 221,840	$ 221,840	$ 221,840	221,840	$ 371,564	$ 221,840	$ 221,840
American Homes 4 Rent, L.P. | General Partner | Preferred capital amount | Series F perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of Series F perpetual preferred units					$ (149,724)
American Homes 4 Rent, L.P. | Limited Partners | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance (in shares)	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980
Total capital, beginning balance	$ 686,518	$ 683,922	$ 678,477	$ 676,741	$ 677,646	$ 678,582	$ 678,477	$ 678,582
Distributions to capital holders:
Common units	(11,303)	(11,303)	(11,303)	(9,248)	(9,248)	(9,248)
Net income	$ 10,493	$ 13,899	$ 16,748	$ 7,464	$ 8,343	$ 8,312
Total capital, ending balance (in shares)	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980	51,376,980
Total capital, ending balance	$ 685,708	$ 686,518	$ 683,922	$ 674,957	$ 676,741	$ 677,646	$ 685,708	$ 674,957

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Capital (Parenthetical) - American Homes 4 Rent, L.P. - Common capital - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Common units, dividends (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.18	$ 0.18	$ 0.18
Class A Common Units
Stock issuance cost						$ 200

Condensed Consolidated State_10

Condensed Consolidated Statements of Cash Flows (L.P.) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 341,205	$ 206,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	340,779	313,688
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	9,193	8,588
Noncash share-based compensation	20,748	23,728
Equity in net income of unconsolidated joint ventures	(1,581)	(3,135)
Return on investment from unconsolidated joint ventures	1,788	4,777
Gain on sale and impairment of single-family properties and other, net	(180,752)	(79,052)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,206)	(10,789)
Prepaid expenses and other assets	(3,606)	3,572
Deferred leasing costs	(2,368)	(1,868)
Accounts payable and accrued expenses	104,670	134,237
Amounts due from related parties	1,504	(3,192)
Net cash provided by operating activities	623,374	596,788
Investing activities
Cash paid for single-family properties	(5,862)	(582,442)
Change in escrow deposits for purchase of single-family properties	2,808	8,492
Net proceeds received from sales of single-family properties and other	384,343	163,295
Proceeds received from storm-related insurance claims	2,185	1,981
Proceeds from notes receivable related to the sale of properties	663	34,014
Investment in unconsolidated joint ventures	(12,519)	(17,308)
Distributions from joint ventures	34,352	58,160
Renovations to single-family properties	(23,886)	(80,612)
Recurring and other capital expenditures for single-family properties	(106,372)	(98,763)
Cash paid for development activity	(708,823)	(707,764)
Cash paid for deposits on land option contracts	(1,142)	(10,686)
Other investing activities	(31,063)	(36,021)
Net cash used for investing activities	(465,316)	(1,267,654)
Financing activities
Redemption of perpetual preferred units	0	(155,000)
Proceeds from issuances under share-based compensation plans	4,453	3,323
Payments related to tax withholding for share-based compensation	(3,842)	(4,811)
Payments on asset-backed securitizations	(18,533)	(16,884)
Proceeds from unsecured senior notes, net of discount	0	876,813
Proceeds from liabilities related to consolidated land not owned	0	60,217
Distributions to common unitholders	(239,589)	(188,689)
Distributions to preferred unitholders	(10,458)	(13,595)
Deferred financing costs paid	0	(8,215)
Net cash (used for) provided by financing activities	(133,371)	736,819
Net increase in cash, cash equivalents and restricted cash	24,687	65,953
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	242,647	257,720
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(102,920)	(89,400)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	84,224	65,586
Transfers of completed homebuilding deliveries to properties	514,180	335,684
Property and land contributions to unconsolidated joint ventures	(33,385)	(35,849)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	551	3,885
Accrued distributions to affiliates	1,083	337
Accrued distributions to non-affiliates	138	114
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	490,000
Payments on revolving credit facility	(130,000)	(840,000)
American Homes 4 Rent, L.P.
Operating activities
Net income	341,205	206,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	340,779	313,688
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	9,193	8,588
Noncash share-based compensation	20,748	23,728
Equity in net income of unconsolidated joint ventures	(1,581)	(3,135)
Return on investment from unconsolidated joint ventures	1,788	4,777
Gain on sale and impairment of single-family properties and other, net	(180,752)	(79,052)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,206)	(10,789)
Prepaid expenses and other assets	(3,606)	3,572
Deferred leasing costs	(2,368)	(1,868)
Accounts payable and accrued expenses	104,670	134,237
Amounts due from related parties	1,504	(3,192)
Net cash provided by operating activities	623,374	596,788
Investing activities
Cash paid for single-family properties	(5,862)	(582,442)
Change in escrow deposits for purchase of single-family properties	2,808	8,492
Net proceeds received from sales of single-family properties and other	384,343	163,295
Proceeds received from storm-related insurance claims	2,185	1,981
Proceeds from notes receivable related to the sale of properties	663	34,014
Investment in unconsolidated joint ventures	(12,519)	(17,308)
Distributions from joint ventures	34,352	58,160
Renovations to single-family properties	(23,886)	(80,612)
Recurring and other capital expenditures for single-family properties	(106,372)	(98,763)
Cash paid for development activity	(708,823)	(707,764)
Cash paid for deposits on land option contracts	(1,142)	(10,686)
Other investing activities	(31,063)	(36,021)
Net cash used for investing activities	(465,316)	(1,267,654)
Financing activities
Redemption of perpetual preferred units	0	(155,000)
Proceeds from issuances under share-based compensation plans	4,453	3,323
Payments related to tax withholding for share-based compensation	(3,842)	(4,811)
Payments on asset-backed securitizations	(18,533)	(16,884)
Proceeds from unsecured senior notes, net of discount	0	876,813
Proceeds from liabilities related to consolidated land not owned	0	60,217
Distributions to common unitholders	(273,363)	(216,301)
Distributions to preferred unitholders	(10,458)	(13,595)
Deferred financing costs paid	0	(8,215)
Net cash (used for) provided by financing activities	(133,371)	736,819
Net increase in cash, cash equivalents and restricted cash	24,687	65,953
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	242,647	257,720
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(102,920)	(89,400)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	84,224	65,586
Transfers of completed homebuilding deliveries to properties	514,180	335,684
Property and land contributions to unconsolidated joint ventures	(33,385)	(35,849)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	551	3,885
Accrued distributions to affiliates	1,083	337
Accrued distributions to non-affiliates	138	114
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	490,000
Payments on revolving credit facility	(130,000)	(840,000)
American Homes 4 Rent, L.P. | Class A Common Units
Financing activities
Proceeds from issuance of Class A common units	298,372	561,472
Payments of Class A common unit issuance costs	$ 0	$ (200)

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of September 30, 2023, the Company held 59,092 single-family properties in 21 states, including 700 properties classified as held for sale. AMH is the general partner of, and as of September 30, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 AMH. 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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 and has the ability to exercise significant influence but does not control 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 investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2023, the carrying value of the investments in these venture capital funds was $13.3 million and the Company’s maximum exposure to loss was $16.1 million, which includes all future capital funding requirements. The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $15.7 million.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2023
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): September 30, December 31, 2023 2022 2022 2021 Cash and cash equivalents $ 69,514 $ 97,244 $ 69,155 $ 48,198 Restricted cash 173,133 160,476 148,805 143,569 Total cash, cash equivalents and restricted cash $ 242,647 $ 257,720 $ 217,960 $ 191,767

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The net book values of real estate assets consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Occupied single-family properties $ 9,627,171 $ 9,419,098 Single-family properties leased, not yet occupied 60,392 52,325 Single-family properties in turnover process 320,204 281,356 Single-family properties recently renovated or developed 121,775 182,336 Single-family properties newly acquired and under renovation 2,643 3,557 Single-family properties in operation, net 10,132,185 9,938,672 Development land 575,514 631,539 Single-family properties under development 759,478 555,682 Single-family properties and land held for sale, net 160,328 198,716 Total real estate assets, net $ 11,627,505 $ 11,324,609 Depreciation expense related to single-family properties was $109.6 million and $105.1 million for the three months ended September 30, 2023 and 2022, respectively, and $325.7 million and $301.9 million for the nine months ended September 30, 2023 and 2022, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except property data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Single-family properties: Properties sold 224 164 1,305 530 Net proceeds (1) $ 71,664 $ 49,096 $ 382,043 $ 160,156 Net gain on sale $ 35,453 $ 24,501 $ 183,778 $ 82,193 Land: Net proceeds $ 801 $ 1,197 $ 2,300 $ 3,139 Net gain on sale $ 195 $ 70 $ 364 $ 496 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables

Rent and Other Receivables	9 Months Ended
	Sep. 30, 2023
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 $65.8 million and $62.0 million for the three months ended September 30, 2023 and 2022, respectively, and $167.0 million and $157.4 million for the nine months ended September 30, 2023 and 2022, respectively. Variable lease payments for fees from single-family properties were $8.0 million and $7.0 million for the three months ended September 30, 2023 and 2022, respectively, and $22.9 million and $20.0 million for the nine months ended September 30, 2023 and 2022, respectively. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2023 (amounts in thousands): September 30, 2023 Remaining 2023 $ 310,113 2024 491,374 2025 12,764 2026 26 2027 26 Thereafter 19 Total $ 814,322

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits, Prepaid Expenses and Other Assets	Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Consolidated land not owned $ 132,892 $ 108,114 Escrow deposits, prepaid expenses and other 116,355 105,811 Commercial real estate, software, vehicles and FF&E, net 95,676 85,772 Operating lease right-of-use assets 17,145 19,129 Deferred costs and other intangibles, net 8,369 10,237 Notes receivable, net 1,720 2,383 Total $ 372,157 $ 331,446 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.5 million and $3.5 million for the three months ended September 30, 2023 and 2022, respectively, and $12.9 million and $9.6 million for the nine months ended September 30, 2023 and 2022, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Deferred leasing costs $ 3,072 $ 2,375 Deferred financing costs 22,491 22,491 25,563 24,866 Less: accumulated amortization (17,194) (14,629) Total $ 8,369 $ 10,237 Amortization expense related to deferred leasing costs was $0.8 million and $0.7 million for the three months ended September 30, 2023 and 2022, respectively, and $2.2 million for both the nine months ended September 30, 2023 and 2022, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million for both the three months ended September 30, 2023 and 2022, and $2.0 million and $2.1 million for the nine months ended September 30, 2023 and 2022, respectively, and is included in gross interest, prior to interest capitalization (see Note 8. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2023 for future periods (amounts in thousands): Deferred Deferred Total Remaining 2023 $ 583 $ 686 $ 1,269 2024 864 2,730 3,594 2025 — 2,722 2,722 2026 — 784 784 Total $ 1,447 $ 6,922 $ 8,369

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint VenturesAs of September 30, 2023, the Company held 20% ownership interests in four 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 (“J.P. Morgan JV I”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. During the first quarter of 2023, the parties to J.P. Morgan JV I agreed to reinvest proceeds from debt financing obtained in the first quarter of 2022 (see below) to increase the size of the joint venture up to approximately $900.0 million. The changes do not impact the accounting treatment of the joint venture. In July 2023, the Company entered into a $625 million second strategic joint venture with institutional investors advised by J.P. Morgan Asset Management (“J.P. Morgan JV II”) focused on constructing and operating newly built rental homes. The Company holds a 20% ownership interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the joint venture and have an opportunity to earn a promoted interest after construction and initial operation of the joint venture’s properties. The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2023 and December 31, 2022 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at Completed Homes at Balances at Balances at Alaska JV 20 % 223 $ 17,683 $ 18,890 Institutional Investor JV 20 % 1,015 15,655 16,567 J.P. Morgan JV I 20 % 1,698 75,776 71,890 J.P. Morgan JV II 20 % — 8,236 — 2,936 $ 117,350 $ 107,347 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 $1.5 million and $3.8 million for the three months ended September 30, 2023 and 2022, respectively, and $7.7 million and $10.2 million for the nine months ended September 30, 2023 and 2022, respectively, and is 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 the 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 the 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 I 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 (“SOFR”) plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of September 30, 2023, the joint venture’s loan had a $324.0 million outstanding principal balance. During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $250.0 million. During the initial two-year term, the loan bears interest at SOFR plus a 2.4% margin and matures on July 1, 2024. The loan agreement provides for two one-year extension options that include additional fees and interest. As of September 30, 2023, the joint venture’s loan had a $232.7 million outstanding principal balance. The Company has provided customary non-recourse guarantees for the J.P. Morgan JV I and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures. 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	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2023 and December 31, 2022 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2023 December 31, 2022 AMH 2014-SFR2 securitization 4.42% October 9, 2024 $ 463,199 $ 468,138 AMH 2014-SFR3 securitization 4.40% December 9, 2024 478,612 482,964 AMH 2015-SFR1 securitization (2) 4.14% April 9, 2045 503,681 508,672 AMH 2015-SFR2 securitization (3) 4.36% October 9, 2045 437,603 441,854 Total asset-backed securitizations 1,883,095 1,901,628 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 2032 unsecured senior notes 3.63% April 15, 2032 600,000 600,000 2051 unsecured senior notes 3.38% July 15, 2051 300,000 300,000 2052 unsecured senior notes 4.30% April 15, 2052 300,000 300,000 Revolving credit facility (6) 6.31% April 15, 2026 — 130,000 Total debt 4,433,095 4,581,628 Unamortized discounts on unsecured senior notes (33,759) (36,099) Deferred financing costs, net (7) (24,290) (29,531) Total debt per balance sheet $ 4,375,046 $ 4,515,998 (1) Interest rates are rounded and as of September 30, 2023. Unless otherwise stated, interest rates are fixed percentages. (2) The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%. (3) The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%. (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 $2.7 million and $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2023 and December 31, 2022, respectively. During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate to the SOFR. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of September 30, 2023. (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 $1.7 million and $1.8 million for the three months ended September 30, 2023 and 2022, respectively, and $5.2 million and $5.1 million for the nine months ended September 30, 2023 and 2022, respectively, and is 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 September 30, 2023 (amounts in thousands): Debt Maturities Remaining 2023 $ 5,179 2024 949,510 2025 10,302 2026 10,302 2027 10,302 Thereafter 3,447,500 Total debt $ 4,433,095 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Gross interest cost $ 48,551 $ 49,115 $ 146,098 $ 138,037 Capitalized interest (14,170) (12,861) (40,991) (39,415) Interest expense $ 34,381 $ 36,254 $ 105,107 $ 98,622

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Accrued property taxes $ 165,391 $ 51,586 Resident security deposits 121,796 119,386 Accrued construction and maintenance liabilities 109,413 86,775 Liability for consolidated land not owned 94,251 69,434 Accrued interest 33,120 40,126 Prepaid rent 24,050 26,922 Operating lease liabilities 18,815 20,755 Accounts payable 6,068 5,719 Other accrued liabilities 60,891 63,700 Total $ 633,795 $ 484,403

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	9 Months Ended
	Sep. 30, 2023
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 AMH, 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 were accounted for in equity. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. During the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million, which it used to repay indebtedness under its revolving credit facility and for general corporate purposes. At-the-Market Common Share Offering Program During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring 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 $1.0 billion (the “June 2023 At-the-Market Program”). The June 2023 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 June 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The June 2023 At-the-Market Program may be suspended or terminated by the Company at any time. As of September 30, 2023, no shares have been issued under the June 2023 At-the-Market Program and $1.0 billion remained available for future share issuances. Share Repurchase Program The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2023 and 2022, we did not repurchase and retire any of our Class A common shares or preferred shares. As of September 30, 2023, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Perpetual Preferred Shares As of September 30, 2023 and December 31, 2022, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): September 30, 2023 December 31, 2022 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series G perpetual preferred shares July 17, 2017 July 17, 2022 5.875 % 4,600,000 $ 115,000 4,600,000 $ 115,000 Series H perpetual preferred shares September 19, 2018 September 19, 2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 9,200,000 $ 230,000 9,200,000 $ 230,000 Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security September 30, June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.22 $ 0.22 $ 0.22 $ 0.18 $ 0.18 $ 0.18 5.875% Series F perpetual preferred shares (1) — — — — 0.14 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the three months ended June 30, 2022 represent the accrued and unpaid dividends paid to shareholders as part of the redemption. 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 12.3% and 12.5%, of the total 413,432,903 and 404,893,881 Class A units in the Operating Partnership as of September 30, 2023 and December 31, 2022, 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 0.1% and 0.2%, of the total 413,432,903 and 404,893,881 Class A units in the Operating Partnership as of September 30, 2023 and December 31, 2022, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
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 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH. RSUs granted to employees during the nine months ended September 30, 2023 and 2022 generally vest over a three-year service period. RSUs granted to non-management trustees during the nine months ended September 30, 2023 and 2022 vest over a one-year service period. Performance-based restricted share units (“PSUs”) granted to certain senior employees during the nine months ended September 30, 2023 and 2022 cliff vest at the end of a three-year service period based on satisfaction of performance conditions. The performance conditions of the PSUs are measured over the three-year performance period January 1, 2023 through December 31, 2025 for PSUs granted during the nine months ended September 30, 2023 and January 1, 2022 through December 31, 2024 for PSUs granted during the nine months ended September 30, 2022. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 Options outstanding at beginning of period 730,550 824,300 Granted — — Exercised (182,875) (63,750) Forfeited — — Options outstanding at end of period 547,675 760,550 Options exercisable at end of period 547,675 755,550 The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 RSUs outstanding at beginning of period 1,024,722 1,050,599 Awarded 509,730 465,171 Vested (417,616) (439,331) Forfeited (23,998) (37,045) RSUs outstanding at end of period 1,092,838 1,039,394 The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 PSUs outstanding at beginning of period 294,423 92,319 Awarded 227,033 202,104 Vested — — Forfeited (1,237) — PSUs outstanding at end of period 520,219 294,423 For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model: For the Nine Months Ended 2023 2022 Expected term (years) 3.0 3.0 Dividend yield 2.09% 1.03% Estimated volatility (1) 27.45% 27.62% Risk-free interest rate 4.16% 1.39% (1) Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH. 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 and nine months ended September 30, 2023 and 2022 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 General and administrative expense $ 4,160 $ 3,390 $ 13,885 $ 13,352 Property management expenses 953 1,015 3,151 3,146 Acquisition and other transaction costs 1,303 1,275 3,712 7,230 Total noncash share-based compensation expense $ 6,416 $ 5,680 $ 20,748 $ 23,728

Earnings per Share _ Unit

Earnings per Share / Unit	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Numerator: Net income $ 88,092 $ 61,665 $ 341,205 $ 206,234 Less: Noncontrolling interest 10,493 7,464 41,140 24,119 Dividends on preferred shares 3,486 3,486 10,458 13,595 Redemption of perpetual preferred shares — — — 5,276 Allocation to participating securities (1) 238 188 854 583 Numerator for income per common share–basic and diluted $ 73,875 $ 50,527 $ 288,753 $ 162,661 Denominator: Weighted-average common shares outstanding–basic 362,426,273 348,944,055 361,665,436 347,730,579 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 498,659 400,486 455,692 552,416 Weighted-average common shares outstanding–diluted (3) 362,924,932 349,344,541 362,121,128 348,282,995 Net income per common share: Basic $ 0.20 $ 0.14 $ 0.80 $ 0.47 Diluted $ 0.20 $ 0.14 $ 0.80 $ 0.47 (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 vesting of PSUs for the three and nine months ended September 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the nine months ended September 30, 2022 (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 and nine months ended September 30, 2023 and 2022 (amounts in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Numerator: Net income $ 88,092 $ 61,665 $ 341,205 $ 206,234 Less: Preferred distributions 3,486 3,486 10,458 13,595 Redemption of perpetual preferred units — — — 5,276 Allocation to participating securities (1) 238 188 854 583 Numerator for income per common unit–basic and diluted $ 84,368 $ 57,991 $ 329,893 $ 186,780 Denominator: Weighted-average common units outstanding–basic 413,803,253 400,321,035 413,042,416 399,107,559 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 498,659 400,486 455,692 552,416 Weighted-average common units outstanding–diluted 414,301,912 400,721,521 413,498,108 399,659,975 Net income per common unit: Basic $ 0.20 $ 0.14 $ 0.80 $ 0.47 Diluted $ 0.20 $ 0.14 $ 0.80 $ 0.47 (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 vesting of PSUs for the three and nine months ended September 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the nine months ended September 30, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value AMH 2014-SFR2 securitization $ 461,885 $ 464,745 $ 465,864 $ 469,192 AMH 2014-SFR3 securitization 477,078 480,236 480,467 484,350 AMH 2015-SFR1 securitization 501,756 505,005 505,738 509,714 AMH 2015-SFR2 securitization 435,368 438,785 438,773 442,286 Total asset-backed securitizations 1,876,087 1,888,771 1,890,842 1,905,542 2028 unsecured senior notes, net 496,548 465,010 495,956 463,920 2029 unsecured senior notes, net 396,966 377,688 396,543 377,680 2031 unsecured senior notes, net 441,912 343,737 441,133 347,243 2032 unsecured senior notes, net 583,024 495,720 581,533 504,294 2051 unsecured senior notes, net 291,421 180,378 291,189 189,750 2052 unsecured senior notes, net 289,088 217,014 288,802 221,922 Total unsecured senior notes, net 2,498,959 2,079,547 2,495,156 2,104,809 Revolving credit facility — — 130,000 130,000 Total debt $ 4,375,046 $ 3,968,318 $ 4,515,998 $ 4,140,351

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2023 and December 31, 2022, affiliates owned approximately 12.6% and 12.9%, 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 September 30, 2023 and December 31, 2022) an approximate 23.5% and 23.9% interest as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AMH, which is included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2023, the Company had commitments to acquire 43 single-family properties through our National Builder Program and traditional acquisition channel for an aggregate purchase price of $10.5 million, as well as $112.3 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 September 30, 2023, the Company had sales in escrow for approximately 86 of our single-family properties and 188 of our land lots for aggregate selling prices of $57.9 million. As of September 30, 2023, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $218.2 million. Legal Matters During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG. We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From October 1, 2023 through October 27, 2023, the Company added 214 properties to its portfolio for a total cost of approximately $74.4 million, which included 205 newly constructed properties delivered through our AMH Development Program and nine properties acquired through our traditional acquisition channel. Subsequent Dispositions From October 1, 2023 through October 27, 2023, the Company disposed of 63 properties for aggregate net proceeds of approximately $18.4 million. Revolving Credit Facility From October 1, 2023 through October 31, 2023, the Company borrowed an additional $50.0 million under its revolving credit facility, resulting in $50.0 million of outstanding borrowings under its revolving credit facility as of October 31, 2023.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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 and has the ability to exercise significant influence but does not control 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 investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities. The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2023, the carrying value of the investments in these venture capital funds was $13.3 million and the Company’s maximum exposure to loss was $16.1 million, which includes all future capital funding requirements. The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of September 30, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $15.7 million.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, December 31, 2023 2022 2022 2021 Cash and cash equivalents $ 69,514 $ 97,244 $ 69,155 $ 48,198 Restricted cash 173,133 160,476 148,805 143,569 Total cash, cash equivalents and restricted cash $ 242,647 $ 257,720 $ 217,960 $ 191,767
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): September 30, December 31, 2023 2022 2022 2021 Cash and cash equivalents $ 69,514 $ 97,244 $ 69,155 $ 48,198 Restricted cash 173,133 160,476 148,805 143,569 Total cash, cash equivalents and restricted cash $ 242,647 $ 257,720 $ 217,960 $ 191,767

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Single-Family Properties, Net	The net book values of real estate assets consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Occupied single-family properties $ 9,627,171 $ 9,419,098 Single-family properties leased, not yet occupied 60,392 52,325 Single-family properties in turnover process 320,204 281,356 Single-family properties recently renovated or developed 121,775 182,336 Single-family properties newly acquired and under renovation 2,643 3,557 Single-family properties in operation, net 10,132,185 9,938,672 Development land 575,514 631,539 Single-family properties under development 759,478 555,682 Single-family properties and land held for sale, net 160,328 198,716 Total real estate assets, net $ 11,627,505 $ 11,324,609 The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except property data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Single-family properties: Properties sold 224 164 1,305 530 Net proceeds (1) $ 71,664 $ 49,096 $ 382,043 $ 160,156 Net gain on sale $ 35,453 $ 24,501 $ 183,778 $ 82,193 Land: Net proceeds $ 801 $ 1,197 $ 2,300 $ 3,139 Net gain on sale $ 195 $ 70 $ 364 $ 496 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2023 (amounts in thousands): September 30, 2023 Remaining 2023 $ 310,113 2024 491,374 2025 12,764 2026 26 2027 26 Thereafter 19 Total $ 814,322

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Escrow Deposits, Prepaid Expenses and Other Assets	The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Consolidated land not owned $ 132,892 $ 108,114 Escrow deposits, prepaid expenses and other 116,355 105,811 Commercial real estate, software, vehicles and FF&E, net 95,676 85,772 Operating lease right-of-use assets 17,145 19,129 Deferred costs and other intangibles, net 8,369 10,237 Notes receivable, net 1,720 2,383 Total $ 372,157 $ 331,446
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net consisted of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Deferred leasing costs $ 3,072 $ 2,375 Deferred financing costs 22,491 22,491 25,563 24,866 Less: accumulated amortization (17,194) (14,629) Total $ 8,369 $ 10,237
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2023 for future periods (amounts in thousands): Deferred Deferred Total Remaining 2023 $ 583 $ 686 $ 1,269 2024 864 2,730 3,594 2025 — 2,722 2,722 2026 — 784 784 Total $ 1,447 $ 6,922 $ 8,369

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2023
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 as of September 30, 2023 and December 31, 2022 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at Completed Homes at Balances at Balances at Alaska JV 20 % 223 $ 17,683 $ 18,890 Institutional Investor JV 20 % 1,015 15,655 16,567 J.P. Morgan JV I 20 % 1,698 75,776 71,890 J.P. Morgan JV II 20 % — 8,236 — 2,936 $ 117,350 $ 107,347

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2023 and December 31, 2022 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2023 December 31, 2022 AMH 2014-SFR2 securitization 4.42% October 9, 2024 $ 463,199 $ 468,138 AMH 2014-SFR3 securitization 4.40% December 9, 2024 478,612 482,964 AMH 2015-SFR1 securitization (2) 4.14% April 9, 2045 503,681 508,672 AMH 2015-SFR2 securitization (3) 4.36% October 9, 2045 437,603 441,854 Total asset-backed securitizations 1,883,095 1,901,628 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 2032 unsecured senior notes 3.63% April 15, 2032 600,000 600,000 2051 unsecured senior notes 3.38% July 15, 2051 300,000 300,000 2052 unsecured senior notes 4.30% April 15, 2052 300,000 300,000 Revolving credit facility (6) 6.31% April 15, 2026 — 130,000 Total debt 4,433,095 4,581,628 Unamortized discounts on unsecured senior notes (33,759) (36,099) Deferred financing costs, net (7) (24,290) (29,531) Total debt per balance sheet $ 4,375,046 $ 4,515,998 (1) Interest rates are rounded and as of September 30, 2023. Unless otherwise stated, interest rates are fixed percentages. (2) The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%. (3) The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%. (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 $2.7 million and $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2023 and December 31, 2022, respectively. During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate to the SOFR. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of September 30, 2023. (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 $1.7 million and $1.8 million for the three months ended September 30, 2023 and 2022, respectively, and $5.2 million and $5.1 million for the nine months ended September 30, 2023 and 2022, respectively, and is included in gross interest, prior to interest capitalization.
Summary of Debt Maturities	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2023 (amounts in thousands): Debt Maturities Remaining 2023 $ 5,179 2024 949,510 2025 10,302 2026 10,302 2027 10,302 Thereafter 3,447,500 Total debt $ 4,433,095
Summary of Interest Expense	The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Gross interest cost $ 48,551 $ 49,115 $ 146,098 $ 138,037 Capitalized interest (14,170) (12,861) (40,991) (39,415) Interest expense $ 34,381 $ 36,254 $ 105,107 $ 98,622

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Accrued property taxes $ 165,391 $ 51,586 Resident security deposits 121,796 119,386 Accrued construction and maintenance liabilities 109,413 86,775 Liability for consolidated land not owned 94,251 69,434 Accrued interest 33,120 40,126 Prepaid rent 24,050 26,922 Operating lease liabilities 18,815 20,755 Accounts payable 6,068 5,719 Other accrued liabilities 60,891 63,700 Total $ 633,795 $ 484,403

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of September 30, 2023 and December 31, 2022, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): September 30, 2023 December 31, 2022 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series G perpetual preferred shares July 17, 2017 July 17, 2022 5.875 % 4,600,000 $ 115,000 4,600,000 $ 115,000 Series H perpetual preferred shares September 19, 2018 September 19, 2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 9,200,000 $ 230,000 9,200,000 $ 230,000
Schedule of Distributions Made During Period	The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security September 30, June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.22 $ 0.22 $ 0.22 $ 0.18 $ 0.18 $ 0.18 5.875% Series F perpetual preferred shares (1) — — — — 0.14 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the three months ended June 30, 2022 represent the accrued and unpaid dividends paid to shareholders as part of the redemption.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity Under Plan	The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 Options outstanding at beginning of period 730,550 824,300 Granted — — Exercised (182,875) (63,750) Forfeited — — Options outstanding at end of period 547,675 760,550 Options exercisable at end of period 547,675 755,550
Summary of Restricted Share Units Activity Under Plan	The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 RSUs outstanding at beginning of period 1,024,722 1,050,599 Awarded 509,730 465,171 Vested (417,616) (439,331) Forfeited (23,998) (37,045) RSUs outstanding at end of period 1,092,838 1,039,394
Summary of Performance Share Units Activity Under Plan	The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2023 and 2022: For the Nine Months Ended 2023 2022 PSUs outstanding at beginning of period 294,423 92,319 Awarded 227,033 202,104 Vested — — Forfeited (1,237) — PSUs outstanding at end of period 520,219 294,423
Schedule of PSU TSR Valuation Assumptions	For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model: For the Nine Months Ended 2023 2022 Expected term (years) 3.0 3.0 Dividend yield 2.09% 1.03% Estimated volatility (1) 27.45% 27.62% Risk-free interest rate 4.16% 1.39% (1) Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.
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 and nine months ended September 30, 2023 and 2022 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 General and administrative expense $ 4,160 $ 3,390 $ 13,885 $ 13,352 Property management expenses 953 1,015 3,151 3,146 Acquisition and other transaction costs 1,303 1,275 3,712 7,230 Total noncash share-based compensation expense $ 6,416 $ 5,680 $ 20,748 $ 23,728

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Computation of Net Income per Share on Basic and Diluted Basis	The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Numerator: Net income $ 88,092 $ 61,665 $ 341,205 $ 206,234 Less: Noncontrolling interest 10,493 7,464 41,140 24,119 Dividends on preferred shares 3,486 3,486 10,458 13,595 Redemption of perpetual preferred shares — — — 5,276 Allocation to participating securities (1) 238 188 854 583 Numerator for income per common share–basic and diluted $ 73,875 $ 50,527 $ 288,753 $ 162,661 Denominator: Weighted-average common shares outstanding–basic 362,426,273 348,944,055 361,665,436 347,730,579 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 498,659 400,486 455,692 552,416 Weighted-average common shares outstanding–diluted (3) 362,924,932 349,344,541 362,121,128 348,282,995 Net income per common share: Basic $ 0.20 $ 0.14 $ 0.80 $ 0.47 Diluted $ 0.20 $ 0.14 $ 0.80 $ 0.47 (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 vesting of PSUs for the three and nine months ended September 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the nine months ended September 30, 2022 (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. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Numerator: Net income $ 88,092 $ 61,665 $ 341,205 $ 206,234 Less: Preferred distributions 3,486 3,486 10,458 13,595 Redemption of perpetual preferred units — — — 5,276 Allocation to participating securities (1) 238 188 854 583 Numerator for income per common unit–basic and diluted $ 84,368 $ 57,991 $ 329,893 $ 186,780 Denominator: Weighted-average common units outstanding–basic 413,803,253 400,321,035 413,042,416 399,107,559 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 498,659 400,486 455,692 552,416 Weighted-average common units outstanding–diluted 414,301,912 400,721,521 413,498,108 399,659,975 Net income per common unit: Basic $ 0.20 $ 0.14 $ 0.80 $ 0.47 Diluted $ 0.20 $ 0.14 $ 0.80 $ 0.47 (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 vesting of PSUs for the three and nine months ended September 30, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the nine months ended September 30, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of September 30, 2023 and December 31, 2022 (amounts in thousands): September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value AMH 2014-SFR2 securitization $ 461,885 $ 464,745 $ 465,864 $ 469,192 AMH 2014-SFR3 securitization 477,078 480,236 480,467 484,350 AMH 2015-SFR1 securitization 501,756 505,005 505,738 509,714 AMH 2015-SFR2 securitization 435,368 438,785 438,773 442,286 Total asset-backed securitizations 1,876,087 1,888,771 1,890,842 1,905,542 2028 unsecured senior notes, net 496,548 465,010 495,956 463,920 2029 unsecured senior notes, net 396,966 377,688 396,543 377,680 2031 unsecured senior notes, net 441,912 343,737 441,133 347,243 2032 unsecured senior notes, net 583,024 495,720 581,533 504,294 2051 unsecured senior notes, net 291,421 180,378 291,189 189,750 2052 unsecured senior notes, net 289,088 217,014 288,802 221,922 Total unsecured senior notes, net 2,498,959 2,079,547 2,495,156 2,104,809 Revolving credit facility — — 130,000 130,000 Total debt $ 4,375,046 $ 3,968,318 $ 4,515,998 $ 4,140,351

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) singleFamilyProperty property state	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of states | state	21
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest (percent)	87.60%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest (percent)	12.40%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	59,092
Single Family Homes | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties | property	700

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	$ 117,350	$ 107,347
Variable Interest Entity, Not Primary Beneficiary | Land Banking Deposits
Variable Interest Entity [Line Items]
Maximum exposure to loss	15,700
Carrying value of deposits with land banking entities	15,700
Variable Interest Entity, Not Primary Beneficiary | Venture Capital Funds
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	13,300
Maximum exposure to loss	$ 16,100

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Term of restriction	1 year
Cash and cash equivalents	$ 69,514	$ 69,155	$ 97,244	$ 48,198
Restricted cash	173,133	148,805	160,476	143,569
Total cash, cash equivalents and restricted cash	$ 242,647	$ 217,960	$ 257,720	$ 191,767

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Single-family properties in operation, net	$ 10,132,185	$ 9,938,672
Development land	575,514	631,539
Single-family properties under development	759,478	555,682
Single-family properties and land held for sale, net	160,328	198,716
Total real estate assets, net	11,627,505	11,324,609
Occupied single-family properties
Real Estate [Line Items]
Single-family properties in operation, net	9,627,171	9,419,098
Single-family properties leased, not yet occupied
Real Estate [Line Items]
Single-family properties in operation, net	60,392	52,325
Single-family properties in turnover process
Real Estate [Line Items]
Single-family properties in operation, net	320,204	281,356
Single-family properties recently renovated or developed
Real Estate [Line Items]
Single-family properties in operation, net	121,775	182,336
Single-family properties newly acquired and under renovation
Real Estate [Line Items]
Single-family properties in operation, net	2,643	3,557
Single Family Homes
Real Estate [Line Items]
Total real estate assets, net	$ 11,627,505	$ 11,324,609

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Single Family Homes
Real Estate [Line Items]
Depreciation expense	$ 109.6	$ 105.1	$ 325.7	$ 301.9

Real Estate Assets, Net - Dispo

Real Estate Assets, Net - Dispositions of Single-Family Properties and Land (Details) - Single Family Homes $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Single-family properties:
Properties sold | property	224	164	1,305	530
Net proceeds	$ 71,664	$ 49,096	$ 382,043	$ 160,156
Net gain on sale	35,453	24,501	183,778	82,193
Land:
Net proceeds	801	1,197	2,300	3,139
Net gain on sale	$ 195	$ 70	$ 364	$ 496

Rent and Other Receivables - Na

Rent and Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Lease agreement term (in years)	1 year		1 year
Insurance claim receivables related to storm damage	$ 1.9		$ 1.9		$ 5
Single Family Homes
Lessor, Lease, Description [Line Items]
Variable lease payments for tenant chargebacks	65.8	$ 62	167	$ 157.4
Variable lease payments for fees from single-family properties	$ 8	$ 7	$ 22.9	$ 20

Rent and Other Receivables - Fu

Rent and Other Receivables - Future Minimum Rental Revenues (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Receivables [Abstract]
Remaining 2023	$ 310,113
2024	491,374
2025	12,764
2026	26
2027	26
Thereafter	19
Total	$ 814,322

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Consolidated land not owned	$ 132,892	$ 108,114
Escrow deposits, prepaid expenses and other	116,355	105,811
Commercial real estate, software, vehicles and FF&E, net	95,676	85,772
Operating lease right-of-use assets	17,145	19,129
Deferred costs and other intangibles, net	8,369	10,237
Notes receivable, net	1,720	2,383
Total	$ 372,157	$ 331,446

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Amortization expense related to deferred leasing costs	$ 0.8	$ 0.7	$ 2.2	$ 2.2
Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Amortization of deferred financing costs	0.7	0.7	2	2.1
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.5	$ 3.5	$ 12.9	$ 9.6

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 3,072	$ 2,375
Deferred financing costs	22,491	22,491
Deferred cost and intangible assets	25,563	24,866
Less: accumulated amortization	(17,194)	(14,629)
Total	$ 8,369	$ 10,237

Escrow Deposits, Prepaid Expe_6

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total
Remaining 2023	$ 1,269
2024	3,594
2025	2,722
2026	784
Total	8,369	$ 10,237
Deferred Leasing Costs
Deferred Leasing Costs
Remaining 2023	583
2024	864
2025	0
2026	0
Deferred Leasing Costs	1,447
Deferred Financing Costs
Deferred Financing Costs
Remaining 2023	686
2024	2,730
2025	2,722
2026	784
Deferred Financing Costs	$ 6,922

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Jul. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) joint_venture	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) extension	Mar. 31, 2022 USD ($) extension property	Sep. 30, 2023 USD ($) joint_venture	Sep. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture		4				4
Management fee and development fee income		$ 1,865		$ 819		$ 9,082	$ 6,765
Four Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage		20%				20%
J.P. Morgan JV I
Schedule of Equity Method Investments [Line Items]
Ownership percentage		20%				20%
Total contract amount			$ 900,000
J.P. Morgan JV II
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20%	20%				20%
Total contract amount	$ 625,000
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage		20%				20%
Institutional Investor JV Property Acquisition
Schedule of Equity Method Investments [Line Items]
Number of properties acquired | property					200
Total consideration					$ 74,600
Cash paid for asset acquisitions					66,200
Asset acquisition, consideration transferred, other assets					8,400
Joint Venture | J.P. Morgan JV I
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit					$ 375,000
Non-recourse guarantee, term					three-year
Number of extension options | extension					1
Extension period					1 year
Maximum exposure		$ 324,000				$ 324,000
Joint Venture | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit				$ 250,000			250,000
Non-recourse guarantee, term				two-year
Number of extension options | extension				2
Extension period				1 year
Maximum exposure		232,700				232,700
Joint Venture | SOFR | J.P. Morgan JV I
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate					1.50%
Joint Venture | SOFR | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate				2.40%
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee and development fee income		$ 1,500		$ 3,800		$ 7,700	$ 10,200

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Sep. 30, 2023 USD ($) home	Jul. 31, 2023	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Completed homes | home	2,936
Balances | $	$ 117,350		$ 107,347
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	223
Balances | $	$ 17,683		18,890
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	1,015
Balances | $	$ 15,655		16,567
J.P. Morgan JV I
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	1,698
Balances | $	$ 75,776		71,890
J.P. Morgan JV II
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%	20%
Completed homes | home	0
Balances | $	$ 8,236		$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 4,433,095		$ 4,433,095		$ 4,581,628
Unamortized discounts on unsecured senior notes	(33,759)		(33,759)		(36,099)
Deferred financing costs, net	(24,290)		(24,290)		(29,531)
Total debt per balance sheet	4,375,046		4,375,046		4,515,998
Amortization of financing costs			9,193	$ 8,588
Asset-backed securitizations, unsecured senior notes and term loan facility
Debt Instrument [Line Items]
Amortization of financing costs	1,700	$ 1,800	5,200	$ 5,100
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 1,883,095		$ 1,883,095		1,901,628
Secured Debt | AMH 2014-SFR2 securitization
Debt Instrument [Line Items]
Interest rate	4.42%		4.42%
Total debt	$ 463,199		$ 463,199		468,138
Secured Debt | AMH 2014-SFR3 securitization
Debt Instrument [Line Items]
Interest rate	4.40%		4.40%
Total debt	$ 478,612		$ 478,612		482,964
Secured Debt | AMH 2015-SFR1 securitization
Debt Instrument [Line Items]
Interest rate	4.14%		4.14%
Total debt	$ 503,681		$ 503,681		508,672
Potential weighted-average interest rate increase contingent upon repayment			3%
Secured Debt | AMH 2015-SFR2 securitization
Debt Instrument [Line Items]
Interest rate	4.36%		4.36%
Total debt	$ 437,603		$ 437,603		441,854
Potential weighted-average interest rate increase contingent upon repayment			3%
Senior Notes | 2028 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.25%		4.25%
Effective interest rate	4.08%		4.08%
Total debt	$ 500,000		$ 500,000		500,000
Senior Notes | 2029 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.90%		4.90%
Total debt	$ 400,000		$ 400,000		400,000
Senior Notes | 2031 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	2.38%		2.38%
Effective interest rate	2.46%		2.46%
Total debt	$ 450,000		$ 450,000		450,000
Senior Notes | 2032 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.63%		3.63%
Total debt	$ 600,000		$ 600,000		600,000
Senior Notes | 2051 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.38%		3.38%
Total debt	$ 300,000		$ 300,000		300,000
Senior Notes | 2052 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.30%		4.30%
Total debt	$ 300,000		$ 300,000		300,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.31%		6.31%
Total debt	$ 0		$ 0		130,000
Maximum borrowing capacity	1,250,000		1,250,000
Outstanding letters of credit	$ 2,700		$ 2,700		$ 4,000
Line of Credit | Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.90%

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remaining 2023	$ 5,179
2024	949,510
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,447,500
Total debt	$ 4,433,095	$ 4,581,628

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Gross interest cost	$ 48,551	$ 49,115	$ 146,098	$ 138,037
Capitalized interest	(14,170)	(12,861)	(40,991)	(39,415)
Interest expense	$ 34,381	$ 36,254	$ 105,107	$ 98,622

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued property taxes	$ 165,391	$ 51,586
Resident security deposits	121,796	119,386
Accrued construction and maintenance liabilities	109,413	86,775
Liability for consolidated land not owned	94,251	69,434
Accrued interest	33,120	40,126
Prepaid rent	24,050	26,922
Operating lease liabilities	18,815	20,755
Accounts payable	6,068	5,719
Other accrued liabilities	60,891	63,700
Total	$ 633,795	$ 484,403

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - Class A common shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			4 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Jun. 30, 2023
Public Stock Offering
Class of Stock [Line Items]
Number of shares sold (in shares)			23,000,000
Par value (in dollars per share)			$ 0.01
Public Stock Offering - Issued Directly By The Company
Class of Stock [Line Items]
Number of shares sold (in shares)			10,000,000
Public Stock Offering - Forward Sales Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)	8,000,000	5,000,000	13,000,000
Proceeds from sale of stock	$ 298.4	$ 185.6
At the Market - Common Share Offering Program
Class of Stock [Line Items]
Shares authorized for future issuance, value					$ 1,000
Shares issued (in shares)				0
Shares available for future issuance, value				$ 1,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class A common shares
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300
Remaining repurchase authorization	$ 265.1
Class A common shares | Common capital
Class of Stock [Line Items]
Repurchased and retired (in shares)	0	0
Preferred capital amount
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 250
Remaining repurchase authorization	$ 250
Preferred capital amount | Common capital
Class of Stock [Line Items]
Repurchased and retired (in shares)	0	0

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Outstanding Shares (in shares)	9,200,000	9,200,000
Current Liquidation Value	$ 230,000	$ 230,000
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)	5.875%
Outstanding Shares (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 shares, dividend rate (in percent)	6.25%
Outstanding Shares (in shares)	4,600,000	4,600,000
Current Liquidation Value	$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares		3 Months Ended						9 Months Ended
	May 05, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Class A common shares
Class of Stock [Line Items]
Common shares, dividends declared (in dollars per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.18	$ 0.18	$ 0.18
Class B common shares
Class of Stock [Line Items]
Common shares, dividends declared (in dollars per share)		0.22	0.22	0.22	0.18	0.18	0.18
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)	5.875%							5.875%
Preferred shares, dividends declared (in dollars per share)		0	0	0	0	0.14	0.37
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)								5.875%
Preferred shares, dividends declared (in dollars per share)		0.37	0.37	0.37	0.37	0.37	0.37
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)								6.25%
Preferred shares, dividends declared (in dollars per share)		$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Common Units - Operating Partnership - shares	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Operating partnership units (in shares)	413,432,903	404,893,881
AH LLC
Class of Stock [Line Items]
Operating partnership units (in shares)	50,779,990	50,779,990
Percentage of units outstanding	12.30%	12.50%
Non-affiliates
Class of Stock [Line Items]
Operating partnership units (in shares)	596,990	596,990
Percentage of units outstanding	0.10%	0.20%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
2021 Equity Incentive Plan | RSUs | Maximum | Employee
Class of Stock [Line Items]
Award vesting period	3 years	3 years
2021 Equity Incentive Plan | RSUs | Maximum | Non-Management Trustees
Class of Stock [Line Items]
Award vesting period	1 year	1 year
2021 Equity Incentive Plan | PSUs
Class of Stock [Line Items]
Award vesting period	3 years	3 years
Service period	3 years	3 years
2021 Equity Incentive Plan | PSUs | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (percent)	0%
2021 Equity Incentive Plan | PSUs | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (percent)	200%
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Purchase period	6 months
Purchase price of common stock (percent)	85%
2021 Employee Stock Purchase Plan | Class A common shares
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 - 2021 Equity Incentive Plan - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Options
Options outstanding at beginning of period (in shares)	730,550	824,300
Granted (in shares)	0	0
Exercised (in shares)	(182,875)	(63,750)
Forfeited (in shares)	0	0
Options outstanding at end of period (in shares)	547,675	760,550
Options exercisable at end of period (in shares)	547,675	755,550

Share-Based Compensation - RSU

Share-Based Compensation - RSU and PSU Activity (Details) - 2021 Equity Incentive Plan - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
RSUs
Number of Units
Outstanding at beginning of period (in shares)	1,024,722	1,050,599
Awarded (in shares)	509,730	465,171
Vested (in shares)	(417,616)	(439,331)
Forfeited (in shares)	(23,998)	(37,045)
Outstanding at end of period (in shares)	1,092,838	1,039,394
PSUs
Number of Units
Outstanding at beginning of period (in shares)	294,423	92,319
Awarded (in shares)	227,033	202,104
Vested (in shares)	0	0
Forfeited (in shares)	(1,237)	0
Outstanding at end of period (in shares)	520,219	294,423

Share-Based Compensation - PSU

Share-Based Compensation - PSU TSR Valuation Inputs (Details) - PSU TSR Awards - Class A common shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class of Stock
Expected term (years)	3 years	3 years
Dividend yield	2.09%	1.03%
Estimated volatility	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock
Total noncash share-based compensation expense	$ 6,416	$ 5,680	$ 20,748	$ 23,728
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	4,160	3,390	13,885	13,352
Property management expenses
Class of Stock
Total noncash share-based compensation expense	953	1,015	3,151	3,146
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 1,303	$ 1,275	$ 3,712	$ 7,230

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Net Income per Common Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Numerator:
Net income	$ 88,092	$ 115,414	$ 137,699	$ 61,665	$ 74,555	$ 70,014	$ 341,205	$ 206,234
Less:
Noncontrolling interest	10,493			7,464			41,140	24,119
Dividends on preferred shares	3,486	$ 3,486	$ 3,486	3,486	$ 4,346	$ 5,763	10,458	13,595
Redemption of perpetual preferred shares	0			0			0	5,276
Allocation to participating securities	238			188			854	583
Numerator for income per common share/unit–basic	73,875			50,527			288,753	162,661
Numerator for income per common share/unit–diluted	$ 73,875			$ 50,527			$ 288,753	$ 162,661
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	362,426,273			348,944,055			361,665,436	347,730,579
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	498,659			400,486			455,692	552,416
Weighted-average common shares outstanding - diluted (in shares) | shares	362,924,932			349,344,541			362,121,128	348,282,995
Net income per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.20			$ 0.14			$ 0.80	$ 0.47
Diluted (in dollars per share) | $ / shares	$ 0.20			$ 0.14			$ 0.80	$ 0.47
Exchange rate							1

Earnings per Share _ Unit - Ope

Earnings per Share / Unit - Operating Partnership's Computation of Net Income per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 88,092	$ 115,414	$ 137,699	$ 61,665	$ 74,555	$ 70,014	$ 341,205	$ 206,234
Less:
Preferred distributions	3,486	3,486	3,486	3,486	4,346	5,763	10,458	13,595
Redemption of perpetual preferred units	0			0			0	5,276
Allocation to participating securities	238			188			854	583
Numerator for income per common share/unit–basic	73,875			50,527			288,753	162,661
Numerator for income per common share/unit–diluted	$ 73,875			$ 50,527			$ 288,753	$ 162,661
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts	498,659			400,486			455,692	552,416
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 88,092	$ 115,414	$ 137,699	$ 61,665	$ 74,555	$ 70,014	$ 341,205	$ 206,234
Less:
Preferred distributions	3,486			3,486			10,458	13,595
Redemption of perpetual preferred units	0			0			0	5,276
Allocation to participating securities	238			188			854	583
Numerator for income per common share/unit–basic	84,368			57,991			329,893	186,780
Numerator for income per common share/unit–diluted	$ 84,368			$ 57,991			$ 329,893	$ 186,780
Denominator:
Weighted-average common units outstanding - basic (in shares)	413,803,253			400,321,035			413,042,416	399,107,559
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts	498,659			400,486			455,692	552,416
Weighted-average common units outstanding-diluted (in shares)	414,301,912			400,721,521			413,498,108	399,659,975
Net income per common share/unit
Basic (in dollars per share)	$ 0.20			$ 0.14			$ 0.80	$ 0.47
Diluted (in dollars per share)	$ 0.20			$ 0.14			$ 0.80	$ 0.47

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	$ 0	$ 130,000
Total debt	4,375,046	4,515,998
Carrying Value | Total asset-backed securitizations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	1,876,087	1,890,842
Carrying Value | AMH 2014-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	461,885	465,864
Carrying Value | AMH 2014-SFR3 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	477,078	480,467
Carrying Value | AMH 2015-SFR1 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	501,756	505,738
Carrying Value | AMH 2015-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	435,368	438,773
Carrying Value | Total unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	2,498,959	2,495,156
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	496,548	495,956
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	396,966	396,543
Carrying Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	441,912	441,133
Carrying Value | 2032 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	583,024	581,533
Carrying Value | 2051 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	291,421	291,189
Carrying Value | 2052 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	289,088	288,802
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	0	130,000
Total debt	3,968,318	4,140,351
Fair Value | Total asset-backed securitizations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	1,888,771	1,905,542
Fair Value | AMH 2014-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	464,745	469,192
Fair Value | AMH 2014-SFR3 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	480,236	484,350
Fair Value | AMH 2015-SFR1 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	505,005	509,714
Fair Value | AMH 2015-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	438,785	442,286
Fair Value | Total unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	2,079,547	2,104,809
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	465,010	463,920
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	377,688	377,680
Fair Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	343,737	347,243
Fair Value | 2032 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	495,720	504,294
Fair Value | 2051 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	180,378	189,750
Fair Value | 2052 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	$ 217,014	$ 221,922

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Class A common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	361,420,848	352,881,826
Class B common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	635,075	635,075
Affiliated Entity
Related Party Transaction [Line Items]
Percent of shares held	23.50%	23.90%
Affiliated Entity | American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,666	$ 25,666
Affiliated Entity | Class A common shares
Related Party Transaction [Line Items]
Percent of shares held	12.60%	12.90%
Affiliated Entity | Class B common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	635,075	635,075
Affiliated Entity | Class A Common Units
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	50,622,165	50,622,165

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) property lot
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	86
Land lot sales in escrow | lot	188
Single-family properties sales in escrow, selling price	$ 57.9
Surety bond
Purchase Commitment [Line Items]
Outstanding principal on non-recourse guarantee	218.2
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	10.5
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 112.3
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	43

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($)	Oct. 27, 2023 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Outstanding borrowings			$ 4,433,095		$ 4,581,628
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility			0	$ 490,000
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Outstanding borrowings			$ 0		$ 130,000
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property		214
Cost of acquiring newly constructed properties		$ 74,400
Number of newly constructed properties acquired | property		205
Number of properties acquired through traditional acquisition channel | property		9
Number of real estate properties sold | property		63
Proceeds from sale of real estate		$ 18,400
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Proceeds from revolving credit facility	$ 50,000
Outstanding borrowings	$ 50,000