American Homes 4 Rent (AMH) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	2024
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		368,872,212
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
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Single-family properties:
Land	$ 2,279,188	$ 2,234,301
Buildings and improvements	11,081,984	10,651,388
Single-family properties in operation	13,361,172	12,885,689
Less: accumulated depreciation	(2,962,482)	(2,719,970)
Single-family properties in operation, net	10,398,690	10,165,719
Single-family properties under development and development land	1,205,372	1,409,424
Single-family properties and land held for sale, net	218,969	182,082
Total real estate assets, net	11,823,031	11,757,225
Cash and cash equivalents	162,477	59,385
Restricted cash	155,372	162,476
Rent and other receivables	49,727	42,823
Escrow deposits, prepaid expenses and other assets	378,402	406,138
Investments in unconsolidated joint ventures	154,997	114,198
Asset-backed securitization certificates	0	25,666
Goodwill	120,279	120,279
Total assets	12,844,285	12,688,190
Liabilities
Revolving credit facility	0	90,000
Asset-backed securitizations, net	927,099	1,871,421
Unsecured senior notes, net	3,591,714	2,500,226
Accounts payable and accrued expenses	629,868	573,660
Total liabilities	5,148,681	5,035,307
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, 2024 and December 31, 2023)	92	92
Additional paid-in capital	7,412,232	7,357,848
Accumulated deficit	(407,251)	(394,908)
Accumulated other comprehensive income	2,756	843
Total shareholders’ equity	7,011,494	6,967,524
Noncontrolling interest	684,110	685,359
Total equity	7,695,604	7,652,883
Total liabilities and equity/capital	12,844,285	12,688,190
Class A common shares
Shareholders’ equity:
Common stock issued	3,659	3,643
Class B common shares
Shareholders’ equity:
Common stock issued	$ 6	$ 6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	365,885,188	364,296,431
Common stock outstanding (in shares)	365,885,188	364,296,431
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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Rents and other single-family property revenues	$ 445,055			$ 421,697			$ 1,292,104	$ 1,214,948
Expenses:
General and administrative expense	19,247			18,336			62,825	56,128
Interest expense	43,611			34,381			120,866	105,107
Acquisition and other transaction costs	2,605			3,399			8,866	12,650
Depreciation and amortization	119,691			114,863			353,020	340,779
Hurricane-related charges, net	3,904			0			3,904	0
Total expenses	393,062			368,805			1,122,666	1,063,577
Gain on sale and impairment of single-family properties and other, net	32,697			33,335			145,490	180,752
Loss on early extinguishment of debt	(5,306)			0			(6,323)	0
Other income and expense, net	8,256			1,865			15,664	9,082
Net income	87,640	$ 108,534	$ 128,095	88,092	$ 115,414	$ 137,699	324,269	341,205
Noncontrolling interest	10,333			10,493			38,559	41,140
Dividends on preferred shares	3,486	$ 3,486	$ 3,486	3,486	$ 3,486	$ 3,486	10,458	10,458
Net income attributable to common shareholders/unitholders	$ 73,821			$ 74,113			$ 275,252	$ 289,607
Weighted-average common shares outstanding:
Basic (in shares)	366,981,466			362,426,273			366,757,369	361,665,436
Diluted (in shares)	367,600,636			362,924,932			367,294,979	362,121,128
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.20			$ 0.20			$ 0.75	$ 0.80
Diluted (in dollars per share)	$ 0.20			$ 0.20			$ 0.75	$ 0.80
Property operating expenses
Expenses:
Cost of goods and services sold	$ 172,031			$ 167,041			$ 477,428	$ 456,662
Property management expenses
Expenses:
Cost of goods and services sold	$ 31,973			$ 30,785			$ 95,757	$ 92,251

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 87,640	$ 88,092	$ 324,269	$ 341,205
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instruments	2,603	0	2,603	0
Reclassification adjustment for amortization of interest expense included in net income	(141)	(142)	(423)	(423)
Other comprehensive income (loss)	2,462	(142)	2,180	(423)
Comprehensive income	90,102	87,950	326,449	340,782
Comprehensive income attributable to noncontrolling interests	10,636	10,476	38,826	41,084
Dividends on preferred shares	3,486	3,486	10,458	10,458
Comprehensive income attributable to common shareholders/unitholders	$ 75,980	$ 73,988	$ 277,165	$ 289,240

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Shareholders’ equity	Shareholders’ equity Class A common shares	Common shares Class A common shares	Common shares Class B common shares	Preferred shares	Additional paid-in capital	Additional paid-in capital Class A common shares	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances, common stock (in shares) at Dec. 31, 2022						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
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 income (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
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
Distributions to equity holders:
Preferred shares (Note 10)	(10,458)
Net income	341,205
Total other comprehensive income (loss)	(423)
Ending balances, common stock (in shares) at Sep. 30, 2023						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
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 income (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 income (loss)	(142)			(125)								(125)	(17)
Ending balances, common stock (in shares) at Sep. 30, 2023						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
Beginning balances, common stock (in shares) at Dec. 31, 2023		364,296,431	635,075			364,296,431	635,075
Beginning balances at Dec. 31, 2023	$ 7,652,883			6,967,524		$ 3,643	$ 6	$ 92	7,357,848		(394,908)	843	685,359
Beginning balances, preferred stock (in shares) at Dec. 31, 2023	9,200,000							9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	$ 9,925			9,925					9,925
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)						457,794
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(6,513)			(6,513)		$ 5			(6,518)
Issuance of Class A common shares, net of offering costs (in shares)						932,746
Issuance of Class A common shares, net of offering costs		$ 33,215			$ 33,215	$ 9				$ 33,206
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)			(3,486)							(3,486)
Noncontrolling interests	(13,358)												(13,358)
Common shares	(95,889)			(95,889)							(95,889)
Net income	128,095			112,775							112,775		15,320
Total other comprehensive income (loss)	(141)			(122)								(122)	(19)
Ending balances, common stock (in shares) at Mar. 31, 2024						365,686,971	635,075
Ending balances at Mar. 31, 2024	7,704,731			7,017,429		$ 3,657	$ 6	$ 92	7,394,461		(381,508)	721	687,302
Ending balances, preferred stock (in shares) at Mar. 31, 2024								9,200,000
Beginning balances, common stock (in shares) at Dec. 31, 2023		364,296,431	635,075			364,296,431	635,075
Beginning balances at Dec. 31, 2023	$ 7,652,883			6,967,524		$ 3,643	$ 6	$ 92	7,357,848		(394,908)	843	685,359
Beginning balances, preferred stock (in shares) at Dec. 31, 2023	9,200,000							9,200,000
Distributions to equity holders:
Preferred shares (Note 10)	$ (10,458)
Net income	324,269
Total other comprehensive income (loss)	2,180
Ending balances, common stock (in shares) at Sep. 30, 2024		365,885,188	635,075			365,885,188	635,075
Ending balances at Sep. 30, 2024	$ 7,695,604			7,011,494		$ 3,659	$ 6	$ 92	7,412,232		(407,251)	2,756	684,110
Ending balances, preferred stock (in shares) at Sep. 30, 2024	9,200,000							9,200,000
Beginning balances, common stock (in shares) at Mar. 31, 2024						365,686,971	635,075
Beginning balances at Mar. 31, 2024	$ 7,704,731			7,017,429		$ 3,657	$ 6	$ 92	7,394,461		(381,508)	721	687,302
Beginning balances, preferred stock (in shares) at Mar. 31, 2024								9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	10,484			10,484					10,484
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)						176,574
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	1,155			1,155		$ 2			1,153
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)			(3,486)							(3,486)
Noncontrolling interests	(13,358)												(13,358)
Common shares	(95,932)			(95,932)							(95,932)
Net income	108,534			95,628							95,628		12,906
Total other comprehensive income (loss)	(141)			(124)								(124)	(17)
Ending balances, common stock (in shares) at Jun. 30, 2024						365,863,545	635,075
Ending balances at Jun. 30, 2024	7,711,987			7,025,154		$ 3,659	$ 6	$ 92	7,406,098		(385,298)	597	686,833
Ending balances, preferred stock (in shares) at Jun. 30, 2024								9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	5,743			5,743					5,743
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)						21,643
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	391			391					391
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)			(3,486)							(3,486)
Noncontrolling interests	(13,359)												(13,359)
Common shares	(95,774)			(95,774)							(95,774)
Net income	87,640			77,307							77,307		10,333
Total other comprehensive income (loss)	2,462			2,159								2,159	303
Ending balances, common stock (in shares) at Sep. 30, 2024		365,885,188	635,075			365,885,188	635,075
Ending balances at Sep. 30, 2024	$ 7,695,604			$ 7,011,494		$ 3,659	$ 6	$ 92	$ 7,412,232		$ (407,251)	$ 2,756	$ 684,110
Ending balances, preferred stock (in shares) at Sep. 30, 2024	9,200,000							9,200,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares
Common shares, dividends declared (in dollars per share)	$ 0.26
Class A common shares
Common shares, dividends declared (in dollars per share)	$ 0.26
Common shares | Class A common shares
Stock issuance cost | $	$ 34

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 324,269	$ 341,205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	353,020	340,779
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	8,966	9,193
Noncash share-based compensation	26,152	20,748
Loss on early extinguishment of debt	6,323	0
Equity in net loss (income) of unconsolidated entities	454	(1,581)
Return on investment from unconsolidated joint ventures	1,946	1,788
Gain on sale and impairment of single-family properties and other, net	(145,490)	(180,752)
Other changes in operating assets and liabilities:
Rent and other receivables	(6,904)	(8,206)
Prepaid expenses and other assets	17,922	(3,606)
Deferred leasing costs	(2,832)	(2,368)
Accounts payable and accrued expenses	125,788	104,670
Amounts due from related parties	(266)	1,504
Net cash provided by operating activities	709,348	623,374
Investing activities
Cash paid for single-family properties	(12,013)	(5,862)
Change in escrow deposits for purchase of single-family properties	(5,870)	2,808
Net proceeds received from sales of single-family properties and other	382,921	384,343
Proceeds received from storm-related insurance claims	0	2,185
Proceeds from notes receivable related to the sale of properties	370	663
Investment in unconsolidated joint ventures	(15,538)	(12,519)
Distributions from joint ventures	115,409	34,352
Renovations to single-family properties	(29,771)	(23,886)
Recurring and other capital expenditures for single-family properties	(81,197)	(106,372)
Cash paid for development activity	(651,768)	(708,823)
Cash paid for deposits on land option contracts	(653)	(1,142)
Proceeds from asset-backed securitization certificates	25,666	0
Other investing activities	(20,604)	(31,063)
Net cash used for investing activities	(293,048)	(465,316)
Financing activities
Proceeds from issuances under share-based compensation plans	3,875	4,453
Payments related to tax withholding for share-based compensation	(8,842)	(3,842)
Payments on asset-backed securitizations	(948,812)	(18,533)
Proceeds from unsecured senior notes, net of discount	1,096,633	0
Payments related to liabilities to repurchase consolidated land not owned	(47,863)	0
Distributions to noncontrolling interests	(39,965)	(33,774)
Distributions to common shareholders	(287,126)	(239,589)
Distributions to preferred shareholders	(10,458)	(10,458)
Deferred financing costs paid	(20,969)	0
Net cash used for financing activities	(320,312)	(133,371)
Net increase in cash, cash equivalents and restricted cash	95,988	24,687
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	221,861	217,960
Cash, cash equivalents and restricted cash, end of period (see Note 3)	317,849	242,647
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(109,684)	(102,920)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	58,723	84,224
Transfers of completed homebuilding deliveries to properties	695,969	514,180
Property and land contributions to unconsolidated joint ventures	(156,934)	(33,385)
Unrealized gain on cash flow hedging instruments	2,603	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	440	551
Accrued distributions to affiliates	1,717	1,083
Accrued distributions to non-affiliates	162	138
Revolving Credit Facility
Financing activities
Payments on revolving credit facility	(90,000)	(130,000)
Class A common shares
Financing activities
Proceeds from issuance of Class A common shares	33,249	298,372
Payments of Class A common share issuance costs	$ (34)	$ 0

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (L.P.) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Single-family properties:
Land	$ 2,279,188	$ 2,234,301
Buildings and improvements	11,081,984	10,651,388
Single-family properties in operation	13,361,172	12,885,689
Less: accumulated depreciation	(2,962,482)	(2,719,970)
Single-family properties in operation, net	10,398,690	10,165,719
Single-family properties under development and development land	1,205,372	1,409,424
Single-family properties and land held for sale, net	218,969	182,082
Total real estate assets, net	11,823,031	11,757,225
Cash and cash equivalents	162,477	59,385
Restricted cash	155,372	162,476
Rent and other receivables	49,727	42,823
Escrow deposits, prepaid expenses and other assets	378,402	406,138
Investments in unconsolidated joint ventures	154,997	114,198
Goodwill	120,279	120,279
Total assets	12,844,285	12,688,190
Liabilities
Revolving credit facility	0	90,000
Asset-backed securitizations, net	927,099	1,871,421
Unsecured senior notes, net	3,591,714	2,500,226
Accounts payable and accrued expenses	629,868	573,660
Total liabilities	5,148,681	5,035,307
Commitments and contingencies (see Note 15)
Limited partner:
Accumulated other comprehensive income	2,756	843
Total liabilities and equity/capital	12,844,285	12,688,190
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,279,188	2,234,301
Buildings and improvements	11,081,984	10,651,388
Single-family properties in operation	13,361,172	12,885,689
Less: accumulated depreciation	(2,962,482)	(2,719,970)
Single-family properties in operation, net	10,398,690	10,165,719
Single-family properties under development and development land	1,205,372	1,409,424
Single-family properties and land held for sale, net	218,969	182,082
Total real estate assets, net	11,823,031	11,757,225
Cash and cash equivalents	162,477	59,385
Restricted cash	155,372	162,476
Rent and other receivables	49,727	42,823
Escrow deposits, prepaid expenses and other assets	378,402	406,138
Investments in unconsolidated joint ventures	154,997	114,198
Amounts due from affiliates	0	25,666
Goodwill	120,279	120,279
Total assets	12,844,285	12,688,190
Liabilities
Revolving credit facility	0	90,000
Asset-backed securitizations, net	927,099	1,871,421
Unsecured senior notes, net	3,591,714	2,500,226
Accounts payable and accrued expenses	629,868	573,660
Total liabilities	5,148,681	5,035,307
Commitments and contingencies (see Note 15)
General partner:
Common units (366,520,263 and 364,931,506 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	6,786,898	6,744,841
Preferred units (9,200,000 units issued and outstanding at September 30, 2024 and December 31, 2023)	221,840	221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at September 30, 2024 and December 31, 2023)	683,724	685,240
Accumulated other comprehensive income	3,142	962
Total capital	7,695,604	7,652,883
Total liabilities and equity/capital	$ 12,844,285	$ 12,688,190

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares	Sep. 30, 2024	Dec. 31, 2023
General Partner
Common units issued (in shares)	366,520,263	364,931,506
Common units outstanding (in shares)	366,520,263	364,931,506
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Rents and other single-family property revenues	$ 445,055	$ 421,697	$ 1,292,104	$ 1,214,948
Expenses:
General and administrative expense	19,247	18,336	62,825	56,128
Interest expense	43,611	34,381	120,866	105,107
Acquisition and other transaction costs	2,605	3,399	8,866	12,650
Depreciation and amortization	119,691	114,863	353,020	340,779
Hurricane-related charges, net	3,904	0	3,904	0
Total expenses	393,062	368,805	1,122,666	1,063,577
Gain on sale and impairment of single-family properties and other, net	32,697	33,335	145,490	180,752
Loss on early extinguishment of debt	(5,306)	0	(6,323)	0
Other income and expense, net	8,256	1,865	15,664	9,082
Net income	87,640	88,092	324,269	341,205
Preferred distributions	3,486	3,486	10,458	10,458
Net income attributable to common shareholders/unitholders	73,821	74,113	275,252	289,607
Property operating expenses
Expenses:
Cost of goods and services sold	172,031	167,041	477,428	456,662
Property management expenses
Expenses:
Cost of goods and services sold	31,973	30,785	95,757	92,251
American Homes 4 Rent, L.P.
Rents and other single-family property revenues	445,055	421,697	1,292,104	1,214,948
Expenses:
General and administrative expense	19,247	18,336	62,825	56,128
Interest expense	43,611	34,381	120,866	105,107
Acquisition and other transaction costs	2,605	3,399	8,866	12,650
Depreciation and amortization	119,691	114,863	353,020	340,779
Hurricane-related charges, net	3,904	0	3,904	0
Total expenses	393,062	368,805	1,122,666	1,063,577
Gain on sale and impairment of single-family properties and other, net	32,697	33,335	145,490	180,752
Loss on early extinguishment of debt	(5,306)	0	(6,323)	0
Other income and expense, net	8,256	1,865	15,664	9,082
Net income	87,640	88,092	324,269	341,205
Preferred distributions	3,486	3,486	10,458	10,458
Net income attributable to common shareholders/unitholders	$ 84,154	$ 84,606	$ 313,811	$ 330,747
Weighted-average common units outstanding:
Basic (in shares)	418,358,446	413,803,253	418,134,349	413,042,416
Diluted (in shares)	418,977,616	414,301,912	418,671,959	413,498,108
Net income attributable to common unitholders per unit:
Basic (in dollars per share)	$ 0.20	$ 0.20	$ 0.75	$ 0.80
Diluted (in dollars per share)	$ 0.20	$ 0.20	$ 0.75	$ 0.80
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Cost of goods and services sold	$ 172,031	$ 167,041	$ 477,428	$ 456,662
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Cost of goods and services sold	$ 31,973	$ 30,785	$ 95,757	$ 92,251

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Comprehensive Income (L.P.) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 87,640	$ 88,092	$ 324,269	$ 341,205
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instruments	2,603	0	2,603	0
Reclassification adjustment for amortization of interest expense included in net income	(141)	(142)	(423)	(423)
Other comprehensive income (loss)	2,462	(142)	2,180	(423)
Comprehensive income	90,102	87,950	326,449	340,782
Preferred distributions	3,486	3,486	10,458	10,458
Comprehensive income attributable to common shareholders/unitholders	75,980	73,988	277,165	289,240
American Homes 4 Rent, L.P.
Net income	87,640	88,092	324,269	341,205
Cash flow hedging instruments:
Unrealized gain on cash flow hedging instruments	2,603	0	2,603	0
Reclassification adjustment for amortization of interest expense included in net income	(141)	(142)	(423)	(423)
Other comprehensive income (loss)	2,462	(142)	2,180	(423)
Comprehensive income	90,102	87,950	326,449	340,782
Preferred distributions	3,486	3,486	10,458	10,458
Comprehensive income attributable to common shareholders/unitholders	$ 86,616	$ 84,464	$ 315,991	$ 330,324

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 391	$ 1,155	$ (6,513)	$ 845	$ 3,508	$ (3,742)
Distributions to capital holders:
Net income	87,640	108,534	128,095	88,092	115,414	137,699	$ 324,269	$ 341,205
Total other comprehensive income (loss)	2,462	(141)	(141)	(142)	(140)	(141)	2,180	(423)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	7,711,987	7,704,731	7,652,883	7,550,245	7,517,904	7,174,658	7,652,883	7,174,658
Share-based compensation	5,743	10,484	9,925	6,416	8,508	5,824
Common units issued under share-based compensation plans, net of units withheld for employee taxes	391	1,155	(6,513)	845	3,508	(3,742)
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(3,486)	(3,486)	(3,486)	(3,486)	(3,486)
Common units	(109,133)	(109,290)	(109,247)	(91,434)	(91,463)	(91,280)
Net income	87,640	108,534	128,095	88,092	115,414	137,699	324,269	341,205
Total other comprehensive income (loss)	2,462	(141)	(141)	(142)	(140)	(141)	2,180	(423)
Total capital, ending balance	7,695,604	7,711,987	7,704,731	7,550,536	7,550,245	7,517,904	7,695,604	7,550,536
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			33,215			298,372
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	680	821	962	1,245	1,385	1,526	962	1,526
Distributions to capital holders:
Total other comprehensive income (loss)	2,462	(141)	(141)	(142)	(140)	(141)
Total capital, ending balance	$ 3,142	$ 680	$ 821	$ 1,103	$ 1,245	$ 1,385	$ 3,142	$ 1,103
American Homes 4 Rent, L.P. | General Partner | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance (in shares)	366,498,620	366,322,046	364,931,506	362,000,767	361,781,367	353,516,901	364,931,506	353,516,901
Total capital, beginning balance	$ 6,802,717	$ 6,794,868	$ 6,744,841	$ 6,640,642	$ 6,610,757	$ 6,272,815	$ 6,744,841	$ 6,272,815
Share-based compensation	$ 5,743	$ 10,484	$ 9,925	$ 6,416	$ 8,508	$ 5,824
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	21,643	176,574	457,794	55,156	219,400	264,466
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 391	$ 1,155	$ (6,513)	$ 845	$ 3,508	$ (3,742)
Distributions to capital holders:
Common units	(95,774)	(95,932)	(95,889)	(80,131)	(80,160)	(79,977)
Net income	$ 73,821	$ 92,142	$ 109,289	$ 74,113	$ 98,029	$ 117,465
Total capital, ending balance (in shares)	366,520,263	366,498,620	366,322,046	362,055,923	362,000,767	361,781,367	366,520,263	362,055,923
Total capital, ending balance	$ 6,786,898	$ 6,802,717	$ 6,794,868	$ 6,641,885	$ 6,640,642	$ 6,610,757	$ 6,786,898	$ 6,641,885
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)			932,746			8,000,000
Issuance of Class A common units, net of offering costs			$ 33,215			$ 298,372
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	221,840	221,840	221,840	221,840
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(3,486)	(3,486)	(3,486)	(3,486)	(3,486)
Net income	3,486	3,486	3,486	3,486	3,486	3,486
Total capital, ending balance	$ 221,840	$ 221,840	$ 221,840	$ 221,840	$ 221,840	$ 221,840	$ 221,840	$ 221,840
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	$ 686,750	$ 687,202	$ 685,240	$ 686,518	$ 683,922	$ 678,477	$ 685,240	$ 678,477
Distributions to capital holders:
Common units	(13,359)	(13,358)	(13,358)	(11,303)	(11,303)	(11,303)
Net income	$ 10,333	$ 12,906	$ 15,320	$ 10,493	$ 13,899	$ 16,748
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	$ 683,724	$ 686,750	$ 687,202	$ 685,708	$ 686,518	$ 683,922	$ 683,724	$ 685,708

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Common units, dividends (in dollars per share)	$ 0.26	$ 0.26	$ 0.26	$ 0.22	$ 0.22	$ 0.22
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.26	$ 0.26	$ 0.26	$ 0.22	$ 0.22	$ 0.22
American Homes 4 Rent, L.P. | Class A Common Units
Stock issuance cost			$ 34

Condensed Consolidated State_10

Condensed Consolidated Statements of Cash Flows (L.P.) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 324,269	$ 341,205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	353,020	340,779
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	8,966	9,193
Noncash share-based compensation	26,152	20,748
Loss on early extinguishment of debt	6,323	0
Equity in net loss (income) of unconsolidated entities	454	(1,581)
Return on investment from unconsolidated joint ventures	1,946	1,788
Gain on sale and impairment of single-family properties and other, net	(145,490)	(180,752)
Other changes in operating assets and liabilities:
Rent and other receivables	(6,904)	(8,206)
Prepaid expenses and other assets	17,922	(3,606)
Deferred leasing costs	(2,832)	(2,368)
Accounts payable and accrued expenses	125,788	104,670
Amounts due from related parties	(266)	1,504
Net cash provided by operating activities	709,348	623,374
Investing activities
Cash paid for single-family properties	(12,013)	(5,862)
Change in escrow deposits for purchase of single-family properties	(5,870)	2,808
Net proceeds received from sales of single-family properties and other	382,921	384,343
Proceeds received from storm-related insurance claims	0	2,185
Proceeds from notes receivable related to the sale of properties	370	663
Investment in unconsolidated joint ventures	(15,538)	(12,519)
Distributions from joint ventures	115,409	34,352
Renovations to single-family properties	(29,771)	(23,886)
Recurring and other capital expenditures for single-family properties	(81,197)	(106,372)
Cash paid for development activity	(651,768)	(708,823)
Cash paid for deposits on land option contracts	(653)	(1,142)
Other investing activities	(20,604)	(31,063)
Net cash used for investing activities	(293,048)	(465,316)
Financing activities
Proceeds from issuances under share-based compensation plans	3,875	4,453
Payments related to tax withholding for share-based compensation	(8,842)	(3,842)
Payments on asset-backed securitizations	(948,812)	(18,533)
Proceeds from unsecured senior notes, net of discount	1,096,633	0
Payments related to liabilities to repurchase consolidated land not owned	(47,863)	0
Distributions to common unitholders	(287,126)	(239,589)
Distributions to preferred unitholders	(10,458)	(10,458)
Deferred financing costs paid	(20,969)	0
Net cash used for financing activities	(320,312)	(133,371)
Net increase in cash, cash equivalents and restricted cash	95,988	24,687
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	221,861	217,960
Cash, cash equivalents and restricted cash, end of period (see Note 3)	317,849	242,647
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(109,684)	(102,920)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	58,723	84,224
Transfers of completed homebuilding deliveries to properties	695,969	514,180
Property and land contributions to unconsolidated joint ventures	(156,934)	(33,385)
Unrealized gain on cash flow hedging instruments	2,603	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	440	551
Accrued distributions to affiliates	1,717	1,083
Accrued distributions to non-affiliates	162	138
Revolving Credit Facility
Financing activities
Payments on revolving credit facility	(90,000)	(130,000)
American Homes 4 Rent, L.P.
Operating activities
Net income	324,269	341,205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	353,020	340,779
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	8,966	9,193
Noncash share-based compensation	26,152	20,748
Loss on early extinguishment of debt	6,323	0
Equity in net loss (income) of unconsolidated entities	454	(1,581)
Return on investment from unconsolidated joint ventures	1,946	1,788
Gain on sale and impairment of single-family properties and other, net	(145,490)	(180,752)
Other changes in operating assets and liabilities:
Rent and other receivables	(6,904)	(8,206)
Prepaid expenses and other assets	17,922	(3,606)
Deferred leasing costs	(2,832)	(2,368)
Accounts payable and accrued expenses	125,788	104,670
Amounts due from related parties	(266)	1,504
Net cash provided by operating activities	709,348	623,374
Investing activities
Cash paid for single-family properties	(12,013)	(5,862)
Change in escrow deposits for purchase of single-family properties	(5,870)	2,808
Net proceeds received from sales of single-family properties and other	382,921	384,343
Proceeds received from storm-related insurance claims	0	2,185
Proceeds from notes receivable related to the sale of properties	370	663
Investment in unconsolidated joint ventures	(15,538)	(12,519)
Distributions from joint ventures	115,409	34,352
Renovations to single-family properties	(29,771)	(23,886)
Recurring and other capital expenditures for single-family properties	(81,197)	(106,372)
Cash paid for development activity	(651,768)	(708,823)
Cash paid for deposits on land option contracts	(653)	(1,142)
Proceeds from repayment of loan from affiliate	25,666	0
Other investing activities	(20,604)	(31,063)
Net cash used for investing activities	(293,048)	(465,316)
Financing activities
Proceeds from issuances under share-based compensation plans	3,875	4,453
Payments related to tax withholding for share-based compensation	(8,842)	(3,842)
Payments on asset-backed securitizations	(948,812)	(18,533)
Proceeds from unsecured senior notes, net of discount	1,096,633	0
Payments related to liabilities to repurchase consolidated land not owned	(47,863)	0
Distributions to common unitholders	(327,091)	(273,363)
Distributions to preferred unitholders	(10,458)	(10,458)
Deferred financing costs paid	(20,969)	0
Net cash used for financing activities	(320,312)	(133,371)
Net increase in cash, cash equivalents and restricted cash	95,988	24,687
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	221,861	217,960
Cash, cash equivalents and restricted cash, end of period (see Note 3)	317,849	242,647
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(109,684)	(102,920)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	58,723	84,224
Transfers of completed homebuilding deliveries to properties	695,969	514,180
Property and land contributions to unconsolidated joint ventures	(156,934)	(33,385)
Unrealized gain on cash flow hedging instruments	2,603	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	440	551
Accrued distributions to affiliates	1,717	1,083
Accrued distributions to non-affiliates	162	138
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Payments on revolving credit facility	(90,000)	(130,000)
American Homes 4 Rent, L.P. | Class A Common Units
Financing activities
Proceeds from issuance of Class A common units	33,249	298,372
Payments of Class A common unit issuance costs	$ (34)	$ 0

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2024
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, 2024, the Company held 59,902 single-family properties in 21 states, including 1,003 properties classified as held for sale. AMH is the general partner of, and as of September 30, 2024 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% 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 was $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH in connection with the Operating Partnership’s AMH 2014-SFR2 securitization debt offering. The asset-backed securitization certificates were recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the Operating Partnership’s payoff of the AMH 2014-SFR2 securitization during the first quarter of 2024 (see Note 8. Debt). 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, 2024
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, 2023. 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. In Note 5. Rent and Other Receivables, the Company has reclassified certain immaterial tenant charge-backs for the three and nine months ended September 30, 2023, respectively, from variable lease payments to fixed lease payments to conform with the current year presentation. 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. As of September 30, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”). Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete. The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code. To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company. The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements. The Company also 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, 2024 and December 31, 2023, the carrying value of the investments in these venture capital funds was $13.3 million and $13.0 million, respectively, and the Company’s maximum exposure to loss was $15.4 million and $15.6 million, respectively, 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, 2024 and December 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $9.0 million and $15.7 million, respectively. Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable to do so. The Company is currently assessing the impact of the guidance on its financial statements.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2024
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, funds held in the custody of our transfer agent for the payment of distributions and funds held for the purpose of facilitating 1031 Exchange transactions. 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, 2024 2023 2023 2022 Cash and cash equivalents $ 162,477 $ 69,514 $ 59,385 $ 69,155 Restricted cash 155,372 173,133 162,476 148,805 Total cash, cash equivalents and restricted cash $ 317,849 $ 242,647 $ 221,861 $ 217,960

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Occupied single-family properties $ 9,699,688 $ 9,595,421 Single-family properties leased, not yet occupied 67,379 54,481 Single-family properties in turnover process 410,252 370,856 Single-family properties recently renovated or developed 217,509 140,962 Single-family properties newly acquired and under renovation 3,862 3,999 Single-family properties in operation, net 10,398,690 10,165,719 Development land 573,566 563,718 Single-family properties under development 631,806 845,706 Single-family properties and land held for sale, net 218,969 182,082 Total real estate assets, net $ 11,823,031 $ 11,757,225 Depreciation expense related to single-family properties was $113.9 million and $109.6 million for the three months ended September 30, 2024 and 2023, respectively, and $336.2 million and $325.7 million for the nine months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024, Hurricanes Beryl, Debby and Helene impacted certain properties in our Texas, Florida, Georgia and Carolinas markets for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company recognized $3.9 million in hurricane related charges primarily related to actual and estimated accruals for minor repair and remediation costs which was included in hurricane-related charges, net within the condensed consolidated statement of operations for the three and nine months ended September 30, 2024. Our properties and land are identified for disposition primarily based on individual asset-level review, as well as submarket analysis. During the three months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $103.1 million and $72.4 million, respectively, which resulted in an aggregate net gain on sale of $35.8 million and $35.6 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company disposed of single-family properties and land for aggregate net proceeds of $382.9 million and $384.3 million, respectively, which resulted in an aggregate net gain on sale of $165.6 million and $184.1 million, respectively.

Rent and Other Receivables

Rent and Other Receivables	9 Months Ended
	Sep. 30, 2024
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 $66.0 million and $64.3 million for the three months ended September 30, 2024 and 2023, respectively, and $168.1 million and $162.6 million for the nine months ended September 30, 2024 and 2023, respectively. Variable lease payments for fees from single-family properties were $8.1 million and $8.0 million for the three months ended September 30, 2024 and 2023, respectively, and $24.2 million and $22.9 million for the nine months ended September 30, 2024 and 2023, 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, 2024 (amounts in thousands): September 30, 2024 Remaining 2024 $ 328,310 2025 526,163 2026 32,131 Total $ 886,604

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Escrow deposits, prepaid expenses and other $ 124,804 $ 136,640 Consolidated land not owned 124,487 147,330 Commercial real estate, software, vehicles and FF&E, net 101,384 96,862 Operating lease right-of-use assets 14,428 16,623 Deferred costs and other intangibles, net 12,616 7,630 Notes receivable, net 683 1,053 Total $ 378,402 $ 406,138 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.9 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $14.3 million and $12.9 million for the nine months ended September 30, 2024 and 2023, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Deferred leasing costs $ 3,297 $ 2,865 Deferred financing costs (1) 11,452 22,491 14,749 25,356 Less: accumulated amortization (1) (2,133) (17,726) Total $ 12,616 $ 7,630 (1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. As of September 30, 2024, deferred financing costs and accumulated amortization reflect costs and related amortization incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 8. Debt). Amortization expense related to deferred leasing costs was $0.9 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and $2.5 million and $2.2 million for the nine months ended September 30, 2024 and 2023, respectively, 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, 2024 and 2023 and $2.1 million and $2.0 million for the nine months ended September 30, 2024 and 2023, 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, 2024 for future periods (amounts in thousands): Deferred Deferred Financing Costs (1) Total Remaining 2024 $ 670 $ 456 $ 1,126 2025 1,102 2,288 3,390 2026 — 2,288 2,288 2027 — 2,288 2,288 2028 — 2,297 2,297 Thereafter — 1,227 1,227 Total $ 1,772 $ 10,844 $ 12,616 (1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. Estimated annual amortization expense related to deferred financing costs as of September 30, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility (see Note 8. Debt).

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of September 30, 2024, 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 focused on constructing and operating newly built rental homes during the first quarter of 2020 (“J.P. Morgan JV I”) and third quarter of 2023 (“J.P. Morgan JV II”). The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at Completed Homes at Balances at Balances at Alaska JV 20% 195 $ 14,275 $ 14,973 Institutional Investor JV 20% 1,015 13,599 15,163 J.P. Morgan JV I 20% 1,977 101,579 75,735 J.P. Morgan JV II 20% 84 25,544 8,327 3,271 $ 154,997 $ 114,198 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 $4.0 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $10.6 million and $7.7 million for the nine months ended September 30, 2024 and 2023, 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. The Company also transfers single-family properties or land to the joint ventures in the ordinary course of business and any gains or losses on transfers are included in gain on sale and impairment of single-family properties and other, net in the condensed consolidated statements of operations. 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 1.50% 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, 2024, J.P. Morgan JV I’s loan had a $324.0 million outstanding principal balance. During the second quarter of 2024, the Institutional Investor JV amended its existing loan agreement. During the three-year term, the loan, which has an aggregate commitment of $232.7 million, bears interest at SOFR plus a 1.90% margin and matures on July 1, 2027. As of September 30, 2024, the Institutional Investor JV’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, 2024
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, 2024 and December 31, 2023 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2024 December 31, 2023 AMH 2014-SFR2 securitization 4.42% N/A $ — $ 461,498 AMH 2014-SFR3 securitization 4.40% N/A — 477,064 AMH 2015-SFR1 securitization (2) 4.14% April 9, 2045 496,732 502,299 AMH 2015-SFR2 securitization (3) 4.36% October 9, 2045 432,040 436,297 Total asset-backed securitizations 928,772 1,877,158 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 2034 unsecured senior notes I 5.50% February 1, 2034 600,000 — 2034 unsecured senior notes II 5.50% July 15, 2034 500,000 — 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) 5.91% July 16, 2029 — 90,000 Total debt 4,578,772 4,517,158 Unamortized discounts on unsecured senior notes (33,893) (32,981) Deferred financing costs, net (7) (26,066) (22,530) Total debt per balance sheet $ 4,518,813 $ 4,461,647 (1) Interest rates are rounded and as of September 30, 2024. 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 maturity date includes two six-month extension periods. The Company had approximately $2.3 million and $2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2024 and December 31, 2023, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of September 30, 2024. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.6 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $4.9 million and $5.2 million for the nine months ended September 30, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the first quarter of 2024, the Operating Partnership paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization, which resulted in $1.0 million of charges related to the write-off of unamortized deferred financing costs and related legal fees and included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2014-SFR2 securitization also resulted in the release of the 4,516 homes pledged as collateral and $10.3 million of cash restricted for lender requirements. The Company received $25.7 million from the payoff for its investment in the AMH 2014-SFR2 Class F asset-backed securitization certificates that were issued by the Operating Partnership and acquired by the Company in 2014 as part of the AMH 2014-SFR2 securitization debt offering. The Class F certificates were recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership prior to the payoff. See Note 14. Related Party Transactions. During the third quarter of 2024, the Company terminated its previous revolving credit facility, which resulted in $4.8 million of charges related to the write-off of unamortized deferred financing costs and included in loss on early extinguishment of debt within the condensed consolidated statements of operations. During the third quarter of 2024, the Operating Partnership paid off the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $0.5 million of charges related to the write-off of unamortized deferred financing costs and related legal fees and included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2014-SFR3 securitization also resulted in the release of the 4,541 homes pledged as collateral and $10.9 million of cash restricted for lender requirements. Unsecured Senior Notes During the first quarter of 2024, the Operating Partnership issued $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes I”), which carry a green bond designation and were issued under the Company’s green finance framework. Interest on the 2034 Notes I is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024. The Operating Partnership received aggregate net proceeds of $595.5 million from this offering, after underwriting fees of $3.9 million and a $0.6 million discount, and before offering costs of $1.3 million. Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus supplement related to the offering, the Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization. The Operating Partnership may redeem the 2034 Notes I in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2034 Notes I are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2034 Notes I being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. During the second quarter of 2024, the Operating Partnership issued $500.0 million of 5.500% unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”). Interest on the 2034 Notes II is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2025. The Operating Partnership received aggregate net proceeds of $494.0 million from this offering, after underwriting fees of $3.3 million and a $2.7 million discount, and before offering costs of $1.1 million. The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR3 securitization, as well as general corporate purposes. The Operating Partnership may redeem the 2034 Notes II in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2034 Notes II are redeemed on or after April 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2034 Notes II being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The 2034 Notes I and 2034 Notes II are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indentures require that we maintain certain financial covenants. Revolving Credit Facility During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility. The interest rate on the new revolving credit facility is at either a daily or Term SOFR plus a 0.10% spread adjustment and a margin ranging from 0.725% to 1.40% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.10%) plus a margin ranging from 0.00% to 0.40%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2024 (amounts in thousands): Debt Maturities Remaining 2024 $ 2,576 2025 10,302 2026 10,302 2027 10,302 2028 510,302 Thereafter 4,034,988 Total debt $ 4,578,772 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, 2024 and 2023 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Gross interest cost $ 56,505 $ 48,551 $ 161,113 $ 146,098 Capitalized interest (12,894) (14,170) (40,247) (40,991) Interest expense $ 43,611 $ 34,381 $ 120,866 $ 105,107

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accrued property taxes $ 183,670 $ 59,015 Resident security deposits 122,054 119,577 Liability for consolidated land not owned 96,316 108,688 Accrued construction and maintenance liabilities 73,458 94,004 Accrued interest 42,234 40,017 Prepaid rent 28,529 30,320 Operating lease liabilities 16,029 18,288 Accounts payable 1,022 36,056 Other accrued liabilities 66,556 67,695 Total $ 629,868 $ 573,660

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	9 Months Ended
	Sep. 30, 2024
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. 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 “2023 At-the-Market Program”). The 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 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 2023 At-the-Market Program may be suspended or terminated by the Company at any time. During the first quarter of 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of approximately $0.5 million. As of September 30, 2024, 3,732,429 shares have been issued under the 2023 At-the-Market Program and $864.3 million remained available for future share issuances. During the first quarter of 2024, the Company entered into a forward sale agreement with the forward purchaser (the “March 2024 Forward Sale Agreement”), which is accounted for in equity, to offer 2,987,024 Class A common shares on a forward basis under its 2023 At-the-Market Program at the request of the Company by the forward seller. In October 2024, the Company issued and physically settled the 2,987,024 Class A common shares, receiving net proceeds of $109.8 million. 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, 2024 and 2023, we did not repurchase and retire any of our Class A common shares or preferred shares. As of September 30, 2024, 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, 2024 and December 31, 2023, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): September 30, 2024 December 31, 2023 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 $ 0.26 $ 0.26 $ 0.26 $ 0.22 $ 0.22 $ 0.22 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 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 12.2%, of the total 417,897,243 and 416,308,486 Class A units in the Operating Partnership as of September 30, 2024 and December 31, 2023, 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%, of the total 417,897,243 and 416,308,486 Class A units in the Operating Partnership as of September 30, 2024 and December 31, 2023, 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, 2024
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, 2024 and 2023 generally vest over a three-year service period. RSUs granted to non-management trustees during the nine months ended September 30, 2024 and 2023 vest over a one-year service period. During the first quarter of 2024, the Company announced that David P. Singelyn, the Company’s Chief Executive Officer, will retire effective December 31, 2024. In connection with Mr. Singelyn’s retirement, the Company and Mr. Singelyn entered into a Retirement and Award Agreement (the “Retirement Agreement”), which became effective February 21, 2024, pursuant to which Mr. Singelyn agreed to provide transition advisory services from his retirement until June 30, 2025 and the Company granted him 46,070 RSUs on February 21, 2024 which cliff vest on June 30, 2025 upon satisfaction of certain vesting conditions, including performance of his obligations under the Retirement Agreement. In addition, the Company granted Christopher C. Lau, the Company’s Chief Financial Officer, 143,968 RSUs on February 21, 2024 which cliff vest five years from the date of grant in connection with his appointment to the elevated role of Senior Executive Vice President. Performance-based restricted share units (“PSUs”) granted to certain senior employees during the nine months ended September 30, 2024 and 2023 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 from January 1, 2024 through December 31, 2026 for PSUs granted during the nine months ended September 30, 2024 and from January 1, 2023 through December 31, 2025 for PSUs granted during the nine months ended September 30, 2023. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended 2024 2023 Options outstanding at beginning of period 522,675 730,550 Granted — — Exercised (132,675) (182,875) Forfeited — — Options outstanding at end of period 390,000 547,675 Options exercisable at end of period 390,000 547,675 The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended 2024 2023 RSUs outstanding at beginning of period 1,090,522 1,024,722 Granted 694,324 509,730 Vested (553,517) (417,616) Forfeited (37,444) (23,998) RSUs outstanding at end of period 1,193,885 1,092,838 The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2024 and 2023: For the Nine Months Ended 2024 2023 PSUs outstanding at beginning of period (1) 520,219 294,423 Granted (1) 254,157 227,033 Adjustment for performance achievement (2) 75,109 — Vested (167,428) — Forfeited (1) (4,759) (1,237) PSUs outstanding at end of period (1) 677,298 520,219 (1) Represents target shares at grant date. (2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and settled during the first quarter of 2024. 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 2024 2023 Expected term (years) 3.0 3.0 Dividend yield 2.44% 2.09% Estimated volatility (1) 23.83% 27.45% Risk-free interest rate 4.19% 4.16% (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, 2024 and 2023 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 General and administrative expense $ 3,601 $ 4,160 $ 17,999 $ 13,885 Property management expenses 1,043 953 3,827 3,151 Acquisition and other transaction costs 1,099 1,303 4,326 3,712 Total noncash share-based compensation expense $ 5,743 $ 6,416 $ 26,152 $ 20,748

Earnings per Share _ Unit

Earnings per Share / Unit	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023 (amounts in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205 Less: Noncontrolling interest 10,333 10,493 38,559 41,140 Dividends on preferred shares 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 313 238 963 854 Numerator for income per common share–basic and diluted $ 73,508 $ 73,875 $ 274,289 $ 288,753 Denominator: Weighted-average common shares outstanding–basic 366,981,466 362,426,273 366,757,369 361,665,436 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 619,170 498,659 537,610 455,692 Weighted-average common shares outstanding–diluted (3) 367,600,636 362,924,932 367,294,979 362,121,128 Net income per common share: Basic $ 0.20 $ 0.20 $ 0.75 $ 0.80 Diluted $ 0.20 $ 0.20 $ 0.75 $ 0.80 (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 under the treasury stock method for the three and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (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, 2024 and 2023 (amounts in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205 Less: Preferred distributions 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 313 238 963 854 Numerator for income per common unit–basic and diluted $ 83,841 $ 84,368 $ 312,848 $ 329,893 Denominator: Weighted-average common units outstanding–basic 418,358,446 413,803,253 418,134,349 413,042,416 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 619,170 498,659 537,610 455,692 Weighted-average common units outstanding–diluted 418,977,616 414,301,912 418,671,959 413,498,108 Net income per common unit: Basic $ 0.20 $ 0.20 $ 0.75 $ 0.80 Diluted $ 0.20 $ 0.20 $ 0.75 $ 0.80 (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 under the treasury stock method for the three and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value AMH 2014-SFR2 securitization, net $ — $ — $ 460,507 $ 463,237 AMH 2014-SFR3 securitization, net — — 475,854 478,833 AMH 2015-SFR1 securitization, net 496,159 498,603 500,713 503,668 AMH 2015-SFR2 securitization, net 430,940 433,815 434,347 437,508 Total asset-backed securitizations, net 927,099 932,418 1,871,421 1,883,246 2028 unsecured senior notes, net 497,337 495,595 496,745 486,875 2029 unsecured senior notes, net 397,524 404,312 397,107 396,956 2031 unsecured senior notes, net 442,951 387,122 442,172 371,817 2032 unsecured senior notes, net 585,012 554,910 583,521 539,304 2034 unsecured senior notes I, net 594,529 620,004 — — 2034 unsecured senior notes II, net 493,162 517,470 — — 2051 unsecured senior notes, net 291,729 211,587 291,498 207,264 2052 unsecured senior notes, net 289,470 248,697 289,183 244,275 Total unsecured senior notes, net 3,591,714 3,439,697 2,500,226 2,246,491 Revolving credit facility — — 90,000 90,000 Total debt $ 4,518,813 $ 4,372,115 $ 4,461,647 $ 4,219,737 During the third quarter of 2024, in anticipation of a potential debt issuance and in order to hedge interest rate risk, the Company entered into two treasury lock agreements with an aggregate notional amount of $200.0 million based on the 10-year treasury note rates at the time. The treasury locks were designated as cash flow hedging instruments and had an aggregate fair value of $2.6 million as of September 30, 2024, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury locks will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt. The treasury locks are the only financial instruments recorded at fair value on a recurring basis in the condensed consolidated financial statements and are classified as Level 2 within the fair value hierarchy as their fair values are estimated using observable inputs based on the 10-year treasury note rate.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of both September 30, 2024 and December 31, 2023, affiliates owned approximately 12.5%, 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, 2024 and December 31, 2023) an approximate 23.2% and 23.3% interest as of September 30, 2024 and December 31, 2023, respectively. As of December 31, 2023, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AMH, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. During the first quarter of 2024, the Operating Partnership paid off the outstanding principal on the AMH 2014-SFR2 securitization which resulted in the settlement of the receivable from affiliates. See Note 8. Debt. 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, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2024, the Company had commitments to acquire 2 single-family properties through our traditional acquisition channel for an aggregate purchase price of $0.7 million, as well as $80.5 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. 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, 2024, the Company also had a commitment to acquire 1,673 single-family properties in a bulk acquisition for a purchase price of $479.8 million which closed in October 2024. See Note 16. Subsequent Events. As of September 30, 2024, the Company had sales in escrow for approximately 188 of our single-family properties and 767 of our land lots for an aggregate selling price of $149.7 million. As of September 30, 2024, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $235.6 million. Legal Matters We are involved in various 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, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions In October 2024, the Company acquired a portfolio of 1,673 single-family properties located in 13 markets across the United States for $479.8 million. The Company funded the transaction through a combination of cash on hand and its previously undrawn revolving credit facility. The Company also added 158 properties to its portfolio, which included 156 newly constructed properties delivered through our AMH Development Program and two properties acquired through our traditional acquisition channel, for a total cost of approximately $61.3 million during the period October 1, 2024 through October 23, 2024. Subsequent Dispositions From October 1, 2024 through October 23, 2024, the Company disposed of 97 properties for aggregate net proceeds of approximately $28.5 million. Revolving Credit Facility From October 1, 2024 through October 25, 2024, the Company borrowed $400.0 million and paid down $100.0 million under its revolving credit facility, resulting in $300.0 million of outstanding borrowings under its revolving credit facility as of October 25, 2024. March 2024 Forward Sale Agreement Settlement In October 2024, the Company issued and physically settled 2,987,024 Class A common shares under its March 2024 Forward Sale Agreement, receiving net proceeds of $109.8 million. See Note 10. Shareholders’ Equity / Partners’ Capital. Hurricane Milton In October 2024, Hurricane Milton impacted certain properties in our Florida market for minor repair and remediation costs that were not subject to the Company’s property and casualty insurance policies. The Company is still assessing damages but preliminarily we expect to record a hurricane-related charge in the range of $3 million to $4 million in the fourth quarter of 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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, 2024
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, 2023. 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. In Note 5. Rent and Other Receivables, the Company has reclassified certain immaterial tenant charge-backs for the three and nine months ended September 30, 2023, respectively, from variable lease payments to fixed lease payments to conform with the current year presentation.
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. As of September 30, 2024, the Company entered into real estate exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to defer taxable gains on the exchange of like-kind property (“1031 Exchange”). Our 1031 Exchange transactions are facilitated by a qualified intermediary (the “QI”), which holds the proceeds from the Company’s disposition of real properties until such transactions are complete. The QI established a special purpose entity, which was determined to be a VIE (the “1031 VIE”), to hold the disposition proceeds in an escrow account and the 1031 VIE must use the proceeds to acquire replacement real property for the Company in a manner consistent with the requirements of Section 1031 of the Code. To the extent the proceeds are not used to acquire replacement real property, the 1031 VIE pays the proceeds to the Company. The Company is the primary beneficiary of the 1031 VIE as it retains essentially all economic benefits related to the 1031 VIE and directs the activities that most significantly impact the 1031 VIE’s economic performance and therefore the 1031 VIE and the related disposition proceeds are consolidated within the condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable to do so. The Company is currently assessing the impact of the guidance on its financial statements.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2023 2022 Cash and cash equivalents $ 162,477 $ 69,514 $ 59,385 $ 69,155 Restricted cash 155,372 173,133 162,476 148,805 Total cash, cash equivalents and restricted cash $ 317,849 $ 242,647 $ 221,861 $ 217,960
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, 2024 2023 2023 2022 Cash and cash equivalents $ 162,477 $ 69,514 $ 59,385 $ 69,155 Restricted cash 155,372 173,133 162,476 148,805 Total cash, cash equivalents and restricted cash $ 317,849 $ 242,647 $ 221,861 $ 217,960

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary of Single-Family Properties	The net book values of real estate assets consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Occupied single-family properties $ 9,699,688 $ 9,595,421 Single-family properties leased, not yet occupied 67,379 54,481 Single-family properties in turnover process 410,252 370,856 Single-family properties recently renovated or developed 217,509 140,962 Single-family properties newly acquired and under renovation 3,862 3,999 Single-family properties in operation, net 10,398,690 10,165,719 Development land 573,566 563,718 Single-family properties under development 631,806 845,706 Single-family properties and land held for sale, net 218,969 182,082 Total real estate assets, net $ 11,823,031 $ 11,757,225

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2024 (amounts in thousands): September 30, 2024 Remaining 2024 $ 328,310 2025 526,163 2026 32,131 Total $ 886,604

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Escrow deposits, prepaid expenses and other $ 124,804 $ 136,640 Consolidated land not owned 124,487 147,330 Commercial real estate, software, vehicles and FF&E, net 101,384 96,862 Operating lease right-of-use assets 14,428 16,623 Deferred costs and other intangibles, net 12,616 7,630 Notes receivable, net 683 1,053 Total $ 378,402 $ 406,138
Summary of Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net consisted of the following as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Deferred leasing costs $ 3,297 $ 2,865 Deferred financing costs (1) 11,452 22,491 14,749 25,356 Less: accumulated amortization (1) (2,133) (17,726) Total $ 12,616 $ 7,630 (1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. As of September 30, 2024, deferred financing costs and accumulated amortization reflect costs and related amortization incurred as a result of the Company entering into its current revolving credit facility in July 2024 (see Note 8. Debt).
Summary of 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, 2024 for future periods (amounts in thousands): Deferred Deferred Financing Costs (1) Total Remaining 2024 $ 670 $ 456 $ 1,126 2025 1,102 2,288 3,390 2026 — 2,288 2,288 2027 — 2,288 2,288 2028 — 2,297 2,297 Thereafter — 1,227 1,227 Total $ 1,772 $ 10,844 $ 12,616 (1) Unamortized deferred financing costs associated with the Company’s previous revolving credit facility were written off in July 2024 as a result of the termination of that facility. Estimated annual amortization expense related to deferred financing costs as of September 30, 2024 reflect costs incurred as a result of the Company entering into its current revolving credit facility (see Note 8. Debt).

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Summary of Joint Venture Arrangements Accounting for Under Equity Method	The following table summarizes our investments in unconsolidated joint ventures as of September 30, 2024 and December 31, 2023 (amounts in thousands, except percentages and property data): Joint Venture Description % Ownership at Completed Homes at Balances at Balances at Alaska JV 20% 195 $ 14,275 $ 14,973 Institutional Investor JV 20% 1,015 13,599 15,163 J.P. Morgan JV I 20% 1,977 101,579 75,735 J.P. Morgan JV II 20% 84 25,544 8,327 3,271 $ 154,997 $ 114,198

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Debt	The following table presents the Company’s debt as of September 30, 2024 and December 31, 2023 (amounts in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2024 December 31, 2023 AMH 2014-SFR2 securitization 4.42% N/A $ — $ 461,498 AMH 2014-SFR3 securitization 4.40% N/A — 477,064 AMH 2015-SFR1 securitization (2) 4.14% April 9, 2045 496,732 502,299 AMH 2015-SFR2 securitization (3) 4.36% October 9, 2045 432,040 436,297 Total asset-backed securitizations 928,772 1,877,158 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 2034 unsecured senior notes I 5.50% February 1, 2034 600,000 — 2034 unsecured senior notes II 5.50% July 15, 2034 500,000 — 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) 5.91% July 16, 2029 — 90,000 Total debt 4,578,772 4,517,158 Unamortized discounts on unsecured senior notes (33,893) (32,981) Deferred financing costs, net (7) (26,066) (22,530) Total debt per balance sheet $ 4,518,813 $ 4,461,647 (1) Interest rates are rounded and as of September 30, 2024. 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 maturity date includes two six-month extension periods. The Company had approximately $2.3 million and $2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2024 and December 31, 2023, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of September 30, 2024. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.6 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $4.9 million and $5.2 million for the nine months ended September 30, 2024 and 2023, 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, 2024 (amounts in thousands): Debt Maturities Remaining 2024 $ 2,576 2025 10,302 2026 10,302 2027 10,302 2028 510,302 Thereafter 4,034,988 Total debt $ 4,578,772
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, 2024 and 2023 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Gross interest cost $ 56,505 $ 48,551 $ 161,113 $ 146,098 Capitalized interest (12,894) (14,170) (40,247) (40,991) Interest expense $ 43,611 $ 34,381 $ 120,866 $ 105,107

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Accrued property taxes $ 183,670 $ 59,015 Resident security deposits 122,054 119,577 Liability for consolidated land not owned 96,316 108,688 Accrued construction and maintenance liabilities 73,458 94,004 Accrued interest 42,234 40,017 Prepaid rent 28,529 30,320 Operating lease liabilities 16,029 18,288 Accounts payable 1,022 36,056 Other accrued liabilities 66,556 67,695 Total $ 629,868 $ 573,660

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of September 30, 2024 and December 31, 2023, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data): September 30, 2024 December 31, 2023 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 $ 0.26 $ 0.26 $ 0.26 $ 0.22 $ 0.22 $ 0.22 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

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023: For the Nine Months Ended 2024 2023 Options outstanding at beginning of period 522,675 730,550 Granted — — Exercised (132,675) (182,875) Forfeited — — Options outstanding at end of period 390,000 547,675 Options exercisable at end of period 390,000 547,675
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, 2024 and 2023: For the Nine Months Ended 2024 2023 RSUs outstanding at beginning of period 1,090,522 1,024,722 Granted 694,324 509,730 Vested (553,517) (417,616) Forfeited (37,444) (23,998) RSUs outstanding at end of period 1,193,885 1,092,838
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, 2024 and 2023: For the Nine Months Ended 2024 2023 PSUs outstanding at beginning of period (1) 520,219 294,423 Granted (1) 254,157 227,033 Adjustment for performance achievement (2) 75,109 — Vested (167,428) — Forfeited (1) (4,759) (1,237) PSUs outstanding at end of period (1) 677,298 520,219 (1) Represents target shares at grant date. (2) Represents the difference between the number of target shares at grant date and the number of actual shares earned for the three-year performance period ended December 31, 2023, which was determined and settled during the first quarter of 2024.
Summary 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 2024 2023 Expected term (years) 3.0 3.0 Dividend yield 2.44% 2.09% Estimated volatility (1) 23.83% 27.45% Risk-free interest rate 4.19% 4.16% (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, 2024 and 2023 (amounts in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 General and administrative expense $ 3,601 $ 4,160 $ 17,999 $ 13,885 Property management expenses 1,043 953 3,827 3,151 Acquisition and other transaction costs 1,099 1,303 4,326 3,712 Total noncash share-based compensation expense $ 5,743 $ 6,416 $ 26,152 $ 20,748

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of 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, 2024 and 2023 (amounts in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205 Less: Noncontrolling interest 10,333 10,493 38,559 41,140 Dividends on preferred shares 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 313 238 963 854 Numerator for income per common share–basic and diluted $ 73,508 $ 73,875 $ 274,289 $ 288,753 Denominator: Weighted-average common shares outstanding–basic 366,981,466 362,426,273 366,757,369 361,665,436 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 619,170 498,659 537,610 455,692 Weighted-average common shares outstanding–diluted (3) 367,600,636 362,924,932 367,294,979 362,121,128 Net income per common share: Basic $ 0.20 $ 0.20 $ 0.75 $ 0.80 Diluted $ 0.20 $ 0.20 $ 0.75 $ 0.80 (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 under the treasury stock method for the three and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (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, 2024 and 2023 (amounts in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 87,640 $ 88,092 $ 324,269 $ 341,205 Less: Preferred distributions 3,486 3,486 10,458 10,458 Allocation to participating securities (1) 313 238 963 854 Numerator for income per common unit–basic and diluted $ 83,841 $ 84,368 $ 312,848 $ 329,893 Denominator: Weighted-average common units outstanding–basic 418,358,446 413,803,253 418,134,349 413,042,416 Effect of dilutive securities: Share-based compensation plan and forward sale equity contract (2) 619,170 498,659 537,610 455,692 Weighted-average common units outstanding–diluted 418,977,616 414,301,912 418,671,959 413,498,108 Net income per common unit: Basic $ 0.20 $ 0.20 $ 0.75 $ 0.80 Diluted $ 0.20 $ 0.20 $ 0.75 $ 0.80 (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 under the treasury stock method for the three and nine months ended September 30, 2024 and 2023 and the dilutive effect of a forward sale equity contract under the treasury stock method for the three and nine months ended September 30, 2024 (see Note 10. Shareholders’ Equity / Partners’ Capital).

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023 (amounts in thousands): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value AMH 2014-SFR2 securitization, net $ — $ — $ 460,507 $ 463,237 AMH 2014-SFR3 securitization, net — — 475,854 478,833 AMH 2015-SFR1 securitization, net 496,159 498,603 500,713 503,668 AMH 2015-SFR2 securitization, net 430,940 433,815 434,347 437,508 Total asset-backed securitizations, net 927,099 932,418 1,871,421 1,883,246 2028 unsecured senior notes, net 497,337 495,595 496,745 486,875 2029 unsecured senior notes, net 397,524 404,312 397,107 396,956 2031 unsecured senior notes, net 442,951 387,122 442,172 371,817 2032 unsecured senior notes, net 585,012 554,910 583,521 539,304 2034 unsecured senior notes I, net 594,529 620,004 — — 2034 unsecured senior notes II, net 493,162 517,470 — — 2051 unsecured senior notes, net 291,729 211,587 291,498 207,264 2052 unsecured senior notes, net 289,470 248,697 289,183 244,275 Total unsecured senior notes, net 3,591,714 3,439,697 2,500,226 2,246,491 Revolving credit facility — — 90,000 90,000 Total debt $ 4,518,813 $ 4,372,115 $ 4,461,647 $ 4,219,737

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property state singleFamilyProperty	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Number of states | state	21
Asset-backed securitization certificates | $	$ 0	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest (percent)	87.70%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest (percent)	12.30%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	59,902
Single Family Homes | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties | property	1,003

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	$ 154,997	$ 114,198
Variable Interest Entity, Not Primary Beneficiary | Venture Capital Funds
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	13,300	13,000
Maximum exposure to loss	15,400	15,600
Variable Interest Entity, Not Primary Beneficiary | Land Banking Deposits
Variable Interest Entity [Line Items]
Maximum exposure to loss	9,000	15,700
Carrying value of deposits with land banking entities	$ 9,000	$ 15,700

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Term of restriction	1 year
Cash and cash equivalents	$ 162,477	$ 59,385	$ 69,514	$ 69,155
Restricted cash	155,372	162,476	173,133	148,805
Total cash, cash equivalents and restricted cash	$ 317,849	$ 221,861	$ 242,647	$ 217,960

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Single-family properties in operation, net	$ 10,398,690	$ 10,165,719
Development land	573,566	563,718
Single-family properties under development	631,806	845,706
Single-family properties and land held for sale, net	218,969	182,082
Total real estate assets, net	11,823,031	11,757,225
Occupied single-family properties
Real Estate [Line Items]
Single-family properties in operation, net	9,699,688	9,595,421
Single-family properties leased, not yet occupied
Real Estate [Line Items]
Single-family properties in operation, net	67,379	54,481
Single-family properties in turnover process
Real Estate [Line Items]
Single-family properties in operation, net	410,252	370,856
Single-family properties recently renovated or developed
Real Estate [Line Items]
Single-family properties in operation, net	217,509	140,962
Single-family properties newly acquired and under renovation
Real Estate [Line Items]
Single-family properties in operation, net	3,862	3,999
Single Family Homes
Real Estate [Line Items]
Total real estate assets, net	$ 11,823,031	$ 11,757,225

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Line Items]
Hurricane-related charges, net	$ 3,904	$ 0	$ 3,904	$ 0
Single Family Homes
Real Estate [Line Items]
Depreciation expense	113,900	109,600	336,200	325,700
Single Family Homes And Land
Real Estate [Line Items]
Proceeds from sale of properties and land	103,100	72,400	382,900	384,300
Net gain on sale of property and land	$ 35,800	$ 35,600	$ 165,600	$ 184,100

Rent and Other Receivables - Na

Rent and Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessor, Lease, Description [Line Items]
Lease agreement term (in years)	1 year		1 year
Single Family Homes
Lessor, Lease, Description [Line Items]
Variable lease payments for tenant chargebacks	$ 66	$ 64.3	$ 168.1	$ 162.6
Variable lease payments for fees from single-family properties	$ 8.1	$ 8	$ 24.2	$ 22.9

Rent and Other Receivables - Fu

Rent and Other Receivables - Future Minimum Rental Revenues (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Receivables [Abstract]
Remaining 2024	$ 328,310
2025	526,163
2026	32,131
Total	$ 886,604

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 124,804	$ 136,640
Consolidated land not owned	124,487	147,330
Commercial real estate, software, vehicles and FF&E, net	101,384	96,862
Operating lease right-of-use assets	14,428	16,623
Deferred costs and other intangibles, net	12,616	7,630
Notes receivable, net	683	1,053
Total	$ 378,402	$ 406,138

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Amortization expense related to deferred leasing costs	$ 0.9	$ 0.8	$ 2.5	$ 2.2
Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Amortization of deferred financing costs	0.7	0.7	2.1	2
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.9	$ 4.5	$ 14.3	$ 12.9

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 3,297	$ 2,865
Deferred financing costs	11,452	22,491
Deferred cost and intangible assets	14,749	25,356
Less: accumulated amortization	(2,133)	(17,726)
Total	$ 12,616	$ 7,630

Escrow Deposits, Prepaid Expe_6

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total
Remaining 2024	$ 1,126
2025	3,390
2026	2,288
2027	2,288
2028	2,297
Thereafter	1,227
Total	12,616	$ 7,630
Deferred Leasing Costs
Deferred Leasing Costs
Remaining 2024	670
2025	1,102
2026	0
2027	0
2028	0
Thereafter	0
Deferred Leasing Costs	1,772
Deferred Financing Costs
Deferred Financing Costs
Remaining 2024	456
2025	2,288
2026	2,288
2027	2,288
2028	2,297
Thereafter	1,227
Deferred Financing Costs	$ 10,844

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) jointVenture	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2022 USD ($) extensionOption	Sep. 30, 2024 USD ($) jointVenture	Sep. 30, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | jointVenture	4				4
Extension period	6 months
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee and development fee income	$ 4		$ 1.5		$ 10.6	$ 7.7
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%
J.P. Morgan JV I | Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit				$ 375
Guarantor obligation term				3 years
Basis spread on variable rate				1.50%
Number of extension options | extensionOption				1
Extension period				1 year
Maximum exposure	$ 324				$ 324
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20%				20%
Institutional Investor JV | Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit		$ 232.7
Guarantor obligation term		3 years
Basis spread on variable rate		1.90%
Maximum exposure	$ 232.7				$ 232.7

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Sep. 30, 2024 USD ($) home	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Completed homes | home	3,271
Balances | $	$ 154,997	$ 114,198
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	195
Balances | $	$ 14,275	14,973
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	1,015
Balances | $	$ 13,599	15,163
J.P. Morgan JV I
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	1,977
Balances | $	$ 101,579	75,735
J.P. Morgan JV II
Schedule of Equity Method Investments [Line Items]
Percent ownership	20%
Completed homes | home	84
Balances | $	$ 25,544	$ 8,327

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) extensionOption	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) extensionOption	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt	$ 4,578,772		$ 4,578,772				$ 4,517,158
Unamortized discounts on unsecured senior notes	(33,893)		(33,893)				(32,981)
Deferred financing costs, net	(26,066)		(26,066)				(22,530)
Total debt per balance sheet	$ 4,518,813		4,518,813				4,461,647
Extension period	6 months
Amortization of financing costs			8,966	$ 9,193
Asset-backed securitizations, unsecured senior notes and term loan facility
Debt Instrument [Line Items]
Amortization of financing costs	$ 1,600	$ 1,700	4,900	$ 5,200
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 928,772		$ 928,772				1,877,158
Secured Debt | AMH 2014-SFR2 securitization, net
Debt Instrument [Line Items]
Interest rate	4.42%		4.42%
Total debt	$ 0		$ 0				461,498
Secured Debt | AMH 2014-SFR3 securitization, net
Debt Instrument [Line Items]
Interest rate	4.40%		4.40%
Total debt	$ 0		$ 0				477,064
Secured Debt | AMH 2015-SFR1 securitization, net
Debt Instrument [Line Items]
Interest rate	4.14%		4.14%
Total debt	$ 496,732		$ 496,732				502,299
Potential weighted-average interest rate increase contingent upon repayment			3%
Secured Debt | AMH 2015-SFR2 securitization, net
Debt Instrument [Line Items]
Interest rate	4.36%		4.36%
Total debt	$ 432,040		$ 432,040				436,297
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 | 2034 unsecured senior notes I
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%			5.50%
Total debt	$ 600,000		$ 600,000				0
Deferred financing costs, net						$ (1,300)
Senior Notes | 2034 unsecured senior notes II
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%		5.50%
Total debt	$ 500,000		$ 500,000				0
Deferred financing costs, net					$ (1,100)
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	5.91%		5.91%
Total debt	$ 0		$ 0				90,000
Maximum borrowing capacity	$ 1,250,000		$ 1,250,000
Number of extension options | extensionOption	2		2
Extension period			6 months
Outstanding letters of credit	$ 2,300		$ 2,300				$ 2,700
Line of Credit | Revolving Credit Facility | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate			0.85%

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($) extensionOption home	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) home	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) extensionOption	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 5,306			$ 0	$ 6,323	$ 0
Proceeds from unsecured senior notes, net of discount					1,096,633	$ 0
Deferred financing costs, net	$ 26,066				$ 26,066		$ 22,530
Extension period	6 months
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Loss on early extinguishment of debt	$ 4,800
Interest rate	5.91%				5.91%
Maximum borrowing capacity	$ 1,250,000				$ 1,250,000
Number of extension options | extensionOption	2				2
Extension period					6 months
Line of Credit | Revolving Credit Facility | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate					0.10%
Line of Credit | Revolving Credit Facility | Variable Rate Component One | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Line of Credit | Revolving Credit Facility | Variable Rate Component One | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
Line of Credit | Revolving Credit Facility | Variable Rate Component One | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate					0.85%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Line of Credit | Revolving Credit Facility | Variable Rate Component Two | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.40%
AMH 2014-SFR2 securitization, net | Secured Debt
Debt Instrument [Line Items]
Outstanding principal paid			$ 460,600
Loss on early extinguishment of debt			$ 1,000
Interest rate	4.42%				4.42%
AMH 2014-SFR2 securitization, net | Secured Debt | Single Family Homes
Debt Instrument [Line Items]
Number of collateralized homes released | home			4,516
Restricted cash released			$ 10,300
Proceeds from asset-backed securitization certificates in investment payoff			$ 25,700
AMH 2014-SFR3 securitization, net | Secured Debt
Debt Instrument [Line Items]
Outstanding principal paid	$ 471,800
Loss on early extinguishment of debt	$ 500
Interest rate	4.40%				4.40%
AMH 2014-SFR3 securitization, net | Secured Debt | Single Family Homes
Debt Instrument [Line Items]
Number of collateralized homes released | home	4,541
Restricted cash released	$ 10,900
2034 unsecured senior notes I
Debt Instrument [Line Items]
Redemption price (in percent)			100%
2034 unsecured senior notes I | Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 600,000
Interest rate	5.50%		5.50%		5.50%
Proceeds from unsecured senior notes, net of discount			$ 595,500
Underwriting fees			3,900
Unamortized discount			600
Deferred financing costs, net			$ 1,300
2034 unsecured senior notes II
Debt Instrument [Line Items]
Redemption price (in percent)		100%
2034 unsecured senior notes II | Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 500,000
Interest rate	5.50%	5.50%			5.50%
Proceeds from unsecured senior notes, net of discount		$ 494,000
Underwriting fees		3,300
Unamortized discount		2,700
Deferred financing costs, net		$ 1,100

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remaining 2024	$ 2,576
2025	10,302
2026	10,302
2027	10,302
2028	510,302
Thereafter	4,034,988
Total debt	$ 4,578,772	$ 4,517,158

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Gross interest cost	$ 56,505	$ 48,551	$ 161,113	$ 146,098
Capitalized interest	(12,894)	(14,170)	(40,247)	(40,991)
Interest expense	$ 43,611	$ 34,381	$ 120,866	$ 105,107

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued property taxes	$ 183,670	$ 59,015
Resident security deposits	122,054	119,577
Liability for consolidated land not owned	96,316	108,688
Accrued construction and maintenance liabilities	73,458	94,004
Accrued interest	42,234	40,017
Prepaid rent	28,529	30,320
Operating lease liabilities	16,029	18,288
Accounts payable	1,022	36,056
Other accrued liabilities	66,556	67,695
Total	$ 629,868	$ 573,660

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - At-the-Market Common Share Offering Program (Details) - Class A common shares - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended		16 Months Ended
	Oct. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares			$ 33,249	$ 298,372
Offering cost			34	$ 0
At the Market - Common Share Offering Program
Class of Stock [Line Items]
Shares authorized for future issuance, value						$ 1,000,000
Shares issued (in shares)		932,746			3,732,429
Proceeds from issuance of Class A common shares		$ 33,700
Offering cost		$ 500
Shares available for future issuance, value			$ 864,300		$ 864,300
Public Stock Offering - Forward Sales Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)		2,987,024
Public Stock Offering - Forward Sales Agreement | Subsequent Event
Class of Stock [Line Items]
Number of shares sold (in shares)	2,987,024
Proceeds from sale of stock	$ 109,800

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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
Repurchased and retired (in shares)	0	0
Remaining repurchase authorization	$ 250

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Outstanding shares (in shares)	9,200,000						9,200,000	9,200,000
Current Liquidation Value	$ 230,000						$ 230,000	$ 230,000
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)	5.875%	5.875%	5.875%	5.875%	5.875%	5.875%	5.875%	5.875%
Outstanding shares (in shares)	4,600,000						4,600,000	4,600,000
Current Liquidation Value	$ 115,000						$ 115,000	$ 115,000
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%
Outstanding shares (in shares)	4,600,000						4,600,000	4,600,000
Current Liquidation Value	$ 115,000						$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common shares, dividends declared (in dollars per share)	$ 0.26	$ 0.26	$ 0.26	$ 0.22	$ 0.22	$ 0.22
Class A common shares
Class of Stock [Line Items]
Common shares, dividends declared (in dollars per share)	0.26	0.26	0.26	0.22	0.22	0.22
Class B common shares
Class of Stock [Line Items]
Common shares, dividends declared (in dollars per share)	$ 0.26	$ 0.26	$ 0.26	$ 0.22	$ 0.22	$ 0.22
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred shares, dividend rate (in percent)	5.875%	5.875%	5.875%	5.875%	5.875%	5.875%	5.875%	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%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	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, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Operating partnership units (in shares)	417,897,243	416,308,486
AH LLC
Class of Stock [Line Items]
Operating partnership units (in shares)	50,779,990	50,779,990
Percentage of units outstanding	12.20%	12.20%
Non-affiliates
Class of Stock [Line Items]
Operating partnership units (in shares)	596,990	596,990
Percentage of units outstanding	0.10%	0.10%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - shares		9 Months Ended		36 Months Ended
	Feb. 21, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
2021 Equity Incentive Plan | RSUs
Class of Stock [Line Items]
Granted (in shares)		694,324	509,730
2021 Equity Incentive Plan | RSUs | Employee | Chief Executive Officer
Class of Stock [Line Items]
Granted (in shares)	46,070
2021 Equity Incentive Plan | RSUs | Employee | Chief Financial Officer
Class of Stock [Line Items]
Award vesting period	5 years
Granted (in shares)	143,968
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	3 years
Granted (in shares)		254,157	227,033
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, 2024	Sep. 30, 2023
Stock Options
Options outstanding at beginning of period (in shares)	522,675	730,550
Granted (in shares)	0	0
Exercised (in shares)	(132,675)	(182,875)
Forfeited (in shares)	0	0
Options outstanding at end of period (in shares)	390,000	547,675
Options exercisable at end of period (in shares)	390,000	547,675

Share-Based Compensation - RSU

Share-Based Compensation - RSU and PSU Activity (Details) - 2021 Equity Incentive Plan - shares	9 Months Ended		36 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
RSUs
Number of Units
Outstanding at beginning of period (in shares)	1,090,522	1,024,722
Granted (in shares)	694,324	509,730
Vested (in shares)	(553,517)	(417,616)
Forfeited (in shares)	(37,444)	(23,998)
Outstanding at end of period (in shares)	1,193,885	1,092,838	1,090,522
PSUs
Number of Units
Outstanding at beginning of period (in shares)	520,219	294,423
Granted (in shares)	254,157	227,033
Adjustment for performance achievement (in shares)	75,109	0
Vested (in shares)	(167,428)	0
Forfeited (in shares)	(4,759)	(1,237)
Outstanding at end of period (in shares)	677,298	520,219	520,219
Performance period	3 years	3 years	3 years

Share-Based Compensation - PSU

Share-Based Compensation - PSU TSR Valuation Inputs (Details) - PSU TSR Awards - Class A common shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Class of Stock
Expected term (years)	3 years	3 years
Dividend yield	2.44%	2.09%
Estimated volatility	23.83%	27.45%
Risk-free interest rate	4.19%	4.16%
Historical Volatility Rate	50%	50%
Implied volatility rate	50%	50%

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock
Total noncash share-based compensation expense	$ 5,743	$ 6,416	$ 26,152	$ 20,748
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	3,601	4,160	17,999	13,885
Property management expenses
Class of Stock
Total noncash share-based compensation expense	1,043	953	3,827	3,151
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 1,099	$ 1,303	$ 4,326	$ 3,712

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, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares
Numerator:
Net income	$ 87,640	$ 108,534	$ 128,095	$ 88,092	$ 115,414	$ 137,699	$ 324,269	$ 341,205
Less:
Noncontrolling interest	10,333			10,493			38,559	41,140
Dividends on preferred shares	3,486	$ 3,486	$ 3,486	3,486	$ 3,486	$ 3,486	10,458	10,458
Allocation to participating securities	313			238			963	854
Numerator for income per common share/unit–basic	73,508			73,875			274,289	288,753
Numerator for income per common share/unit–diluted	$ 73,508			$ 73,875			$ 274,289	$ 288,753
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	366,981,466			362,426,273			366,757,369	361,665,436
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contract | shares	619,170			498,659			537,610	455,692
Weighted-average common shares outstanding - diluted (in shares) | shares	367,600,636			362,924,932			367,294,979	362,121,128
Net income per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.20			$ 0.20			$ 0.75	$ 0.80
Diluted (in dollars per share) | $ / shares	$ 0.20			$ 0.20			$ 0.75	$ 0.80
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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 87,640	$ 108,534	$ 128,095	$ 88,092	$ 115,414	$ 137,699	$ 324,269	$ 341,205
Less:
Preferred distributions	3,486	3,486	3,486	3,486	3,486	3,486	10,458	10,458
Allocation to participating securities	313			238			963	854
Numerator for income per common share/unit–basic	73,508			73,875			274,289	288,753
Numerator for income per common share/unit–diluted	$ 73,508			$ 73,875			$ 274,289	$ 288,753
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contract	619,170			498,659			537,610	455,692
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 87,640	$ 108,534	$ 128,095	$ 88,092	$ 115,414	$ 137,699	$ 324,269	$ 341,205
Less:
Preferred distributions	3,486			3,486			10,458	10,458
Allocation to participating securities	313			238			963	854
Numerator for income per common share/unit–basic	83,841			84,368			312,848	329,893
Numerator for income per common share/unit–diluted	$ 83,841			$ 84,368			$ 312,848	$ 329,893
Denominator:
Weighted-average common units outstanding - basic (in shares)	418,358,446			413,803,253			418,134,349	413,042,416
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contract	619,170			498,659			537,610	455,692
Weighted-average common units outstanding-diluted (in shares)	418,977,616			414,301,912			418,671,959	413,498,108
Net income per common share/unit
Basic (in dollars per share)	$ 0.20			$ 0.20			$ 0.75	$ 0.80
Diluted (in dollars per share)	$ 0.20			$ 0.20			$ 0.75	$ 0.80

Fair Value - Schedule of Carryi

Fair Value - Schedule of Carrying Values and Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	$ 0	$ 90,000
Total debt	4,518,813	4,461,647
Carrying Value | Total asset-backed securitizations, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	927,099	1,871,421
Carrying Value | AMH 2014-SFR2 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	0	460,507
Carrying Value | AMH 2014-SFR3 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	0	475,854
Carrying Value | AMH 2015-SFR1 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	496,159	500,713
Carrying Value | AMH 2015-SFR2 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	430,940	434,347
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	3,591,714	2,500,226
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	497,337	496,745
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	397,524	397,107
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	442,951	442,172
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	585,012	583,521
Carrying Value | 2034 unsecured senior notes I, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	594,529	0
Carrying Value | 2034 unsecured senior notes II, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	493,162	0
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	291,729	291,498
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	289,470	289,183
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	0	90,000
Total debt	4,372,115	4,219,737
Fair Value | Total asset-backed securitizations, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	932,418	1,883,246
Fair Value | AMH 2014-SFR2 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	0	463,237
Fair Value | AMH 2014-SFR3 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	0	478,833
Fair Value | AMH 2015-SFR1 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	498,603	503,668
Fair Value | AMH 2015-SFR2 securitization, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	433,815	437,508
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	3,439,697	2,246,491
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	495,595	486,875
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	404,312	396,956
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	387,122	371,817
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	554,910	539,304
Fair Value | 2034 unsecured senior notes I, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	620,004	0
Fair Value | 2034 unsecured senior notes II, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	517,470	0
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	211,587	207,264
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	$ 248,697	$ 244,275

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - Treasury Lock - Designated as Hedging Instrument $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) treasuryLockAgreement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of treasury lock agreements | treasuryLockAgreement	2
Derivative, notional amount	$ 200
Term of contract	10 years
Treasury locks aggregate fair value	$ 2.6

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 0	$ 25,666
Class A common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	365,885,188	364,296,431
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	23.20%	23.30%
Affiliated Entity | American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates		$ 25,700
Affiliated Entity | Class A common shares
Related Party Transaction [Line Items]
Percent of shares held	12.50%	12.50%
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, 2024 USD ($) lot property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	188
Land lot sales in escrow | lot	767
Single-family properties sales in escrow, selling price	$ 149.7
Surety bond
Purchase Commitment [Line Items]
Outstanding principal on non-recourse guarantee	$ 235.6
Traditional Acquisition | Single Family Properties
Purchase Commitment [Line Items]
Number of properties | property	2
Purchase price of commitment to acquire single-family properties	$ 0.7
Traditional Acquisition | Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 80.5
Bulk Acquisition | Single Family Properties
Purchase Commitment [Line Items]
Number of properties | property	1,673
Purchase price of commitment to acquire single-family properties	$ 479.8

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended			3 Months Ended				9 Months Ended
	Oct. 30, 2024 USD ($) market singleFamilyProperty shares	Oct. 25, 2024 USD ($)	Oct. 23, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Outstanding borrowings					$ 4,578,772			$ 4,578,772		$ 4,517,158
Hurricane-related charge					3,904		$ 0	3,904	$ 0
Minimum | Forecast
Subsequent Event [Line Items]
Hurricane-related charge				$ 3,000
Maximum | Forecast
Subsequent Event [Line Items]
Hurricane-related charge				$ 4,000
Class A common shares | Public Stock Offering - Forward Sales Agreement
Subsequent Event [Line Items]
Number of shares sold (in shares) | shares						2,987,024
Revolving Credit Facility
Subsequent Event [Line Items]
Payments on revolving credit facility								90,000	$ 130,000
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Outstanding borrowings					$ 0			$ 0		$ 90,000
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property			158
Cost of acquiring properties			$ 61,300
Number of newly constructed properties acquired | property			156
Number of newly constructed properties acquired from third-party developers | property			2
Number of real estate properties sold | property			97
Proceeds from sale of properties and land			$ 28,500
Subsequent Event | Class A common shares | Public Stock Offering - Forward Sales Agreement
Subsequent Event [Line Items]
Number of shares sold (in shares) | shares	2,987,024
Proceeds from sale of stock	$ 109,800
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Proceeds from revolving credit facility		$ 400,000
Payments on revolving credit facility		100,000
Outstanding borrowings		$ 300,000
Subsequent Event | Bulk Acquisition
Subsequent Event [Line Items]
Number of properties acquired | singleFamilyProperty	1,673
Subsequent Event | Bulk Acquisition | Single Family Properties
Subsequent Event [Line Items]
Number of markets owned | market	13
Cost of acquiring properties	$ 479,800