American Homes 4 Rent 10-K 28 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 26, 2020	Jun. 30, 2019
Document Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
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	30601 Agoura Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Agoura Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91301
City Area Code	805
Local Phone Number	413-5300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 6.3
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the Definitive Proxy Statement for our 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2019 .
Entity Central Index Key	0001562401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		300,166,813
Series D Perpetual Preferred Shares/Units
Document Information
Title of 12(b) Security	Series D perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-D
Security Exchange Name	NYSE
Series E Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series E perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-E
Security Exchange Name	NYSE
Series F Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Stock
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 Stock
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Single-family properties:
Land	$ 1,756,504	$ 1,713,496
Buildings and improvements	7,691,877	7,483,600
Single-family properties in operation	9,448,381	9,197,096
Less: accumulated depreciation	(1,462,105)	(1,176,499)
Single-family properties in operation, net	7,986,276	8,020,597
Single-family properties under development and development land	355,427	153,651
Single-family properties held for sale, net	209,828	318,327
Total real estate assets, net	8,551,531	8,492,575
Cash and cash equivalents	37,575	30,284
Restricted cash	126,544	144,930
Rent and other receivables, net	29,618	29,027
Total	202,056	146,034
Deferred costs and other intangibles, net	6,840	12,686
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,100,109	9,001,481
Liabilities
Asset-backed securitizations, net	1,945,044	1,961,511
Unsecured senior notes, net	888,453	492,800
Accounts payable and accrued expenses	243,193	219,229
Amounts payable to affiliates	4,629	4,967
Total liabilities	3,081,319	3,027,739
Commitments and contingencies (see Note 14)
Shareholders' equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at December 31, 2019 and 2018)	354	354
Additional paid-in capital	5,790,775	5,732,466
Accumulated deficit	(465,368)	(491,214)
Accumulated other comprehensive income	6,658	7,393
Total shareholders' equity	5,335,426	5,251,965
Limited partner:
Accumulated other comprehensive income	6,658	7,393
Noncontrolling interest	683,364	721,777
Total equity	6,018,790	5,973,742
Total liabilities and equity/capital	9,100,109	9,001,481
Class A common shares/units
Shareholders' equity:
Common stock, value, issued	3,001	2,960
Class B common shares
Shareholders' equity:
Common stock, value, issued	6	6
Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	99,232
Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	0	250,000
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,756,504	1,713,496
Buildings and improvements	7,691,877	7,483,600
Single-family properties in operation	9,448,381	9,197,096
Less: accumulated depreciation	(1,462,105)	(1,176,499)
Single-family properties in operation, net	7,986,276	8,020,597
Single-family properties under development and development land	355,427	153,651
Single-family properties held for sale, net	209,828	318,327
Total real estate assets, net	8,551,531	8,492,575
Cash and cash equivalents	37,575	30,284
Restricted cash	126,544	144,930
Rent and other receivables, net	29,618	29,027
Total	201,776	145,807
Amounts due from affiliates	25,946	25,893
Deferred costs and other intangibles, net	6,840	12,686
Goodwill	120,279	120,279
Total assets	9,100,109	9,001,481
Liabilities
Asset-backed securitizations, net	1,945,044	1,961,511
Unsecured senior notes, net	888,453	492,800
Accounts payable and accrued expenses	243,193	219,229
Amounts payable to affiliates	4,629	4,967
Total liabilities	3,081,319	3,027,739
Commitments and contingencies (see Note 14)
Shareholders' equity:
Accumulated other comprehensive income	7,823	8,786
Limited partner:
Accumulated other comprehensive income	7,823	8,786
Total capital	6,018,790	5,973,742
Total liabilities and equity/capital	9,100,109	9,001,481
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,474,333	4,390,137
Limited partner:
Limited partners, capital account	682,199	720,384
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	854,435	854,435
American Homes 4 Rent, L.P. | Term loan facility, net
Liabilities
Revolving credit facility and Term loan facility, net	0	99,232
American Homes 4 Rent, L.P. | Revolving Credit Facility
Liabilities
Revolving credit facility and Term loan facility, net	$ 0	$ 250,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	35,350,000	35,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	300,742,674	296,649,621
Common units, shares/units outstanding (in shares)	300,742,674	296,649,621
Preferred units, shares/units issued (in shares)	35,350,000	33,350,000
Preferred units, shares/units outstanding (in shares)	35,350,000	33,350,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	52,026,980	55,316,826
Common units, shares/units outstanding (in shares)	52,026,980	55,316,826
Class A common shares/units
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	300,107,599	296,014,546
Common stock, shares outstanding (in shares)	300,107,599	296,014,546
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total revenues	$ 1,143,378	$ 1,072,855	$ 960,399
Expenses:
General and administrative expense	43,206	36,575	34,732
Interest expense	127,114	122,900	112,620
Acquisition and other transaction costs	3,224	5,225	4,623
Depreciation and amortization	329,293	318,685	297,290
Hurricane-related charges, net	0	0	7,963
Other	6,733	7,265	5,005
Total expenses	1,030,332	978,128	887,019
Gain on sale of single-family properties and other, net	43,873	17,946	6,826
Loss on early extinguishment of debt	(659)	(1,447)	(6,555)
Remeasurement of participating preferred shares	0	1,212	2,841
Net income	156,260	112,438	76,492
Noncontrolling interest	15,221	4,165	(4,507)
Dividends on preferred shares/Preferred distributions	55,128	52,586	60,718
Redemption of participating preferred shares/units	0	32,215	42,416
Net income (loss) attributable to common shareholders/unitholders	$ 85,911	$ 23,472	$ (22,135)
Weighted-average common shares/units outstanding:
Basic (in shares)	299,415,397	293,640,500	264,254,718
Diluted (in shares)	299,918,966	294,268,330	264,254,718
Net income (loss) attributable to common stockholders/unitholders per share/unit:
Basic (in dollars per share)	$ 0.29	$ 0.08	$ (0.08)
Diluted (in dollars per share)	$ 0.29	$ 0.08	$ (0.08)
Rents and other single-family property revenues
Revenues:
Rents and other single-family property revenues	$ 1,132,137	$ 1,066,675	$ 954,831
Other
Revenues:
Other	11,241	6,180	5,568
Property operating expenses
Expenses:
Property operating and management expenses	433,854	412,905	355,074
Property management expenses
Expenses:
Property operating and management expenses	86,908	74,573	69,712
American Homes 4 Rent, L.P.
Revenues:
Total revenues	1,143,378	1,072,855	960,399
Expenses:
General and administrative expense	43,206	36,575	34,732
Interest expense	127,114	122,900	112,620
Acquisition and other transaction costs	3,224	5,225	4,623
Depreciation and amortization	329,293	318,685	297,290
Hurricane-related charges, net	0	0	7,963
Other	6,733	7,265	5,005
Total expenses	1,030,332	978,128	887,019
Gain on sale of single-family properties and other, net	43,873	17,946	6,826
Loss on early extinguishment of debt	(659)	(1,447)	(6,555)
Remeasurement of participating preferred shares	0	1,212	2,841
Net income	156,260	112,438	76,492
Noncontrolling interest	0	(259)	141
Dividends on preferred shares/Preferred distributions	55,128	52,586	60,718
Redemption of participating preferred shares/units	0	32,215	42,416
Net income (loss) attributable to common shareholders/unitholders	$ 101,132	$ 27,896	$ (26,783)
Weighted-average common shares/units outstanding:
Basic (in shares)	352,460,401	348,990,561	319,753,206
Diluted (in shares)	352,963,970	349,618,391	319,753,206
Net income (loss) attributable to common stockholders/unitholders per share/unit:
Basic (in dollars per share)	$ 0.29	$ 0.08	$ (0.08)
Diluted (in dollars per share)	$ 0.29	$ 0.08	$ (0.08)
American Homes 4 Rent, L.P. | Rents and other single-family property revenues
Revenues:
Rents and other single-family property revenues	$ 1,132,137	$ 1,066,675	$ 954,831
American Homes 4 Rent, L.P. | Other
Revenues:
Other	11,241	6,180	5,568
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Property operating and management expenses	433,854	412,905	355,074
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Property operating and management expenses	$ 86,908	$ 74,573	$ 69,712

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income (loss)	$ 156,260	$ 112,438	$ 76,492
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	9,553	75
Reclassification adjustment for amortization of interest expense included in net income	(963)	(842)	(28)
Gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income	0	0	(67)
Other comprehensive (loss) income	(963)	8,711	(20)
Comprehensive income (loss)	155,297	121,149	76,472
Comprehensive income (loss) attributable to noncontrolling interests	15,073	5,547	(4,504)
Dividends on preferred shares/Preferred distributions	55,128	52,586	60,718
Redemption of participating preferred shares/units	0	32,215	42,416
Comprehensive loss attributable to common shareholders/unitholders	85,096	30,801	(22,158)
American Homes 4 Rent, L.P.
Net income (loss)	156,260	112,438	76,492
Gain on cash flow hedging instruments:
Gain on settlement of cash flow hedging instrument	0	9,553	75
Reclassification adjustment for amortization of interest expense included in net income	(963)	(842)	(28)
Gain on investment in equity securities:
Reclassification adjustment for realized gain included in net income	0	0	(67)
Other comprehensive (loss) income	(963)	8,711	(20)
Comprehensive income (loss)	155,297	121,149	76,472
Comprehensive income (loss) attributable to noncontrolling interests	0	(259)	141
Dividends on preferred shares/Preferred distributions	55,128	52,586	60,718
Redemption of participating preferred shares/units	0	32,215	42,416
Comprehensive loss attributable to common shareholders/unitholders	$ 100,169	$ 36,607	$ (26,803)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares	Series C Preferred Stock	Common StockClass A common shares	Common StockSeries C Preferred Stock	Common StockClass B common shares	Preferred shares	Preferred sharesSeries C Preferred Stock	Additional paid-in capital	Additional paid-in capitalClass A common shares	Additional paid-in capitalSeries C Preferred Stock	Accumulated deficit	Accumulated deficitSeries C Preferred Stock	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)Class A common shares	Shareholders’ equity	Shareholders’ equityClass A common shares	Shareholders’ equitySeries C Preferred Stock	Noncontrolling interest	Noncontrolling interestClass A common shares
Beginning balances (in shares) at Dec. 31, 2016				242,740,482		635,075	37,010,000
Beginning balances at Dec. 31, 2016	$ 4,937,620			$ 2,427		$ 6	$ 370		$ 4,568,616			$ (378,578)		$ 95		$ 4,192,936			$ 744,684
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,212								4,212							4,212
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				101,174
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	800			$ 1					799							800
Issuance of Class A common shares and units (in shares)				30,676,080
Issuance of Class A common shares and units	683,861			$ 307					683,554							683,861
Issuance of perpetual preferred shares, net of offering costs (in shares)							10,800,000
Issuance of perpetual preferred shares, net of offering costs	260,645						$ 108		260,537							260,645
Redemptions of shares/units (in shares)				198,625
Redemptions of shares/units	(169)			$ 2					2,711							2,713			(2,882)
Redemption of series A and B participating preferred shares into class A common shares (in shares)				12,398,276			(9,460,000)
Redemption of Series A and B participating preferred shares into Class A common shares	37,441			$ 124			$ (94)		79,827			(42,416)				37,441
Distributions to equity holders:
Preferred shares	(60,718)											(60,718)				(60,718)
Noncontrolling interests	(11,100)																		(11,100)
Common shares	(53,240)											(53,240)				(53,240)
Net income	76,492											80,999				80,999			(4,507)
Total other comprehensive income (loss)	(20)													(20)		(20)
Ending balances (in shares) at Dec. 31, 2017				286,114,637		635,075	38,350,000
Ending balances at Dec. 31, 2017	5,875,824			$ 2,861		$ 6	$ 384		5,600,256			(453,953)		75		5,149,629			726,195
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,433								3,433							3,433
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				821,918
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	11,947			$ 8					11,939							11,947
Issuance of perpetual preferred shares, net of offering costs (in shares)							4,600,000
Issuance of perpetual preferred shares, net of offering costs	110,978						$ 46		110,932							110,978
Redemptions of shares/units (in shares)				33,327	10,848,827			(7,600,000)
Redemptions of shares/units		$ 0	$ 28,258	$ 0	$ 109			$ (76)		$ 515	$ 60,440		$ (32,215)				$ 515	$ 28,258		$ (515)
Reacquisition of equity component upon settlement of exchangeable senior notes	(20,098)								(20,098)							(20,098)
Repurchase of class A units (in shares)				(1,804,163)
Repurchase of Class A common shares	(34,969)			$ (18)					(34,951)							(34,969)
Purchase of outside interests in RJ joint ventures	(241)											(1,849)				(1,849)			1,608
Distributions to equity holders:
Preferred shares	(52,586)											(52,586)				(52,586)
Noncontrolling interests	(11,069)																		(11,069)
Common shares	(58,884)											(58,884)				(58,884)
Net income	112,438											108,273				108,273			4,165
Total other comprehensive income (loss)	8,711													7,318		7,318			1,393
Ending balances (in shares) at Dec. 31, 2018				296,014,546		635,075	35,350,000
Ending balances at Dec. 31, 2018	5,973,742			$ 2,960		$ 6	$ 354		5,732,466			(491,214)		7,393		5,251,965			721,777
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,808								4,808							4,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				803,207
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	10,690			$ 8					10,682							10,690
Redemptions of shares/units (in shares)				3,289,846
Redemptions of shares/units		$ 0		$ 33						$ 42,819					$ 80		$ 42,932			$ (42,932)
Distributions to equity holders:
Preferred shares	(55,128)											(55,128)				(55,128)
Noncontrolling interests	(10,554)																		(10,554)
Common shares	(60,065)											(60,065)				(60,065)
Net income	156,260											141,039				141,039			15,221
Total other comprehensive income (loss)	(963)													(815)		(815)			(148)
Ending balances (in shares) at Dec. 31, 2019				300,107,599		635,075	35,350,000
Ending balances at Dec. 31, 2019	$ 6,018,790			$ 3,001		$ 6	$ 354		$ 5,790,775			$ (465,368)		$ 6,658		$ 5,335,426			$ 683,364

Consolidated Statement of Equit

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class A common shares/units
Offering costs	$ 9,200	$ 400	$ 0	$ 0	$ 10,637
Common Stock
Dividends declared on common shares (in dollars per unit)			$ 0.2	$ 0.2	$ 0.20
Common Stock | Class A common shares/units
Offering costs					$ 10,904
Preferred shares
Offering costs				$ 4,022	$ 9,355

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes					$ 10,690	$ 11,947	$ 800
Repurchases of Class A units						(34,969)
Liquidation of consolidated joint venture						241
Distributions to equity holders:
Net income	$ 41,464	$ 33,091	$ 34,734	$ 21,525	156,260	112,438	76,492
Total other comprehensive income (loss)					(963)	8,711	(20)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		5,973,742		5,875,824	5,973,742	5,875,824	4,937,620
Share-based compensation					4,808	3,433	4,212
Common units issued under share-based compensation plans, net of units withheld for employee taxes					10,690	11,947	800
Issuance of Class A units							683,861
Issuance of perpetual preferred units, net of offering costs						110,978	260,645
Redemptions of units					0	0	(169)
Reacquisition of equity component upon settlement of exchangeable senior notes						(20,098)
Repurchases of Class A units						(34,969)
Liquidation of consolidated joint venture						241
Distributions to equity holders:
Preferred units					(55,128)	(52,586)	(60,718)
Common units					(70,619)	(69,953)	(64,340)
Net income	41,464	33,091	34,734	21,525	156,260	112,438	76,492
Total other comprehensive income (loss)					(963)	8,711	(20)
Total capital, ending balance	6,018,790		5,973,742		6,018,790	5,973,742	5,875,824
American Homes 4 Rent, L.P. | Series A and Series B Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units							37,441
American Homes 4 Rent, L.P. | Series C Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units						28,258
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		5,973,742		5,877,173	5,973,742	5,877,173	4,939,110
Share-based compensation						3,433	4,212
Common units issued under share-based compensation plans, net of units withheld for employee taxes						11,947	800
Issuance of Class A units							683,861
Issuance of perpetual preferred units, net of offering costs						110,978	260,645
Redemptions of units						0	(169)
Reacquisition of equity component upon settlement of exchangeable senior notes						(20,098)
Repurchases of Class A units						(34,969)
Liquidation of consolidated joint venture						1,849
Distributions to equity holders:
Preferred units						(52,586)	(60,718)
Common units						(69,953)	(64,340)
Net income						112,697	76,351
Total other comprehensive income (loss)						8,711	(20)
Total capital, ending balance			5,973,742			5,973,742	5,877,173
American Homes 4 Rent, L.P. | Total partners' capital | Series A and Series B Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units							37,441
American Homes 4 Rent, L.P. | Total partners' capital | Series C Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units						28,258
American Homes 4 Rent, L.P. | Accumulated other comprehensive income (loss)
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		8,786		75	8,786	75	95
Distributions to equity holders:
Total other comprehensive income (loss)					(963)	8,711	(20)
Total capital, ending balance	7,823		8,786		7,823	8,786	75
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 0		$ (1,349)	$ 0	(1,349)	(1,490)
Liquidation of consolidated joint venture						(1,608)
Distributions to equity holders:
Net income						(259)	141
Total capital, ending balance			0			$ 0	$ (1,349)
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Beginning balance (in shares)		296,649,621		286,749,712	296,649,621	286,749,712	243,375,557
Total capital, beginning balance		$ 4,390,137		$ 4,248,236	$ 4,390,137	$ 4,248,236	$ 3,357,992
Share-based compensation					$ 4,808	$ 3,433	$ 4,212
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					803,207	821,918	101,174
Common units issued under share-based compensation plans, net of units withheld for employee taxes					$ 10,690	$ 11,947	$ 800
Issuance of Class A units (in shares)							30,676,080
Issuance of Class A units							$ 683,861
Redemptions of units (in shares)					3,289,846	33,327	198,625
Redemptions of units					$ 42,852	$ 515	$ 2,713
Reacquisition of equity component upon settlement of exchangeable senior notes						$ (20,098)
Repurchases of Class A units (in shares)						(1,804,163)
Repurchases of Class A units						$ (34,969)
Liquidation of consolidated joint venture						1,849
Distributions to equity holders:
Common units					(60,065)	(58,884)	(53,240)
Net income					85,911	55,687	20,281
Total capital, ending balance	$ 4,474,333		$ 4,390,137		$ 4,474,333	$ 4,390,137	$ 4,248,236
Ending balance (in shares)	300,742,674		296,649,621		300,742,674	296,649,621	286,749,712
American Homes 4 Rent, L.P. | General Partner | Common Units | Series A and Series B Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units (in shares)							12,398,276
Redemptions of units							$ 231,617
American Homes 4 Rent, L.P. | General Partner | Common Units | Series C Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units (in shares)						10,848,827
Redemptions of units						$ 186,119
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ 854,435		$ 901,318	$ 854,435	901,318	834,849
Issuance of perpetual preferred units, net of offering costs						110,978	260,645
Distributions to equity holders:
Preferred units					(55,128)	(52,586)	(60,718)
Net income					55,128	52,586	60,718
Total capital, ending balance	$ 854,435		$ 854,435		$ 854,435	854,435	901,318
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series A and Series B Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units							$ (194,176)
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series C Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units						$ (157,861)
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Beginning balance (in shares)		55,316,826		55,350,153	55,316,826	55,350,153	55,555,960
Total capital, beginning balance		$ 720,384		$ 727,544	$ 720,384	$ 727,544	$ 746,174
Redemptions of units (in shares)					3,289,846	(33,327)	(205,807)
Redemptions of units					$ (42,852)	$ (515)	$ (2,882)
Distributions to equity holders:
Common units					(10,554)	(11,069)	(11,100)
Net income					15,221	4,424	(4,648)
Total capital, ending balance	$ 682,199		$ 720,384		$ 682,199	$ 720,384	$ 727,544
Ending balance (in shares)	52,026,980		55,316,826		52,026,980	55,316,826	55,350,153

Consolidated Statements of Ca_2

Consolidated Statements of Capital (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019$ / shares
American Homes 4 Rent, L.P. | Common Units
Dividends declared on common shares (in dollars per unit)	$ 0.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income (loss)	$ 156,260	$ 112,438	$ 76,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	329,293	318,685	297,290
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	7,457	10,493	11,712
Noncash share-based compensation	4,808	3,433	4,212
Provision for bad debt	0	8,732	7,328
Hurricane-related charges, net	0	0	3,718
Loss on early extinguishment of debt	659	1,447	6,555
Remeasurement of participating preferred shares	0	(1,212)	(2,841)
Equity in earnings of unconsolidated joint ventures	(509)	(546)	(1,642)
Net gain on sale of single-family properties and other	(43,873)	(17,946)	(6,826)
Loss on impairment of single-family properties	3,663	5,858	4,680
Net gain on resolutions of mortgage loans	0	0	(17)
Other changes in operating assets and liabilities:
Rent and other receivables	(2,784)	(12,172)	(11,020)
Prepaid expenses and other assets	(10,170)	(17,447)	(11,295)
Deferred leasing costs	(4,095)	(12,603)	(7,390)
Accounts payable and accrued expenses	17,408	11,772	9,814
Amounts payable to affiliates	(230)	(50)	5,191
Net cash provided by operating activities	457,887	410,882	385,961
Investing activities
Cash paid for single-family properties	(120,487)	(489,625)	(784,666)
Change in escrow deposits for purchase of single-family properties	(7,171)	1,818	(8,937)
Net proceeds received from sales of single-family properties and other	221,930	106,157	87,063
Proceeds received from hurricane-related insurance claims	2,171	4,522	0
Investment in unconsolidated joint ventures	(13,114)	(8,400)	0
Distributions from joint ventures	22,561	36,917	9,292
Collections from mortgage financing receivables	0	0	268
Renovations to single-family properties	(21,883)	(52,379)	(47,911)
Recurring and other capital expenditures for single-family properties	(71,481)	(54,465)	(37,540)
Cash paid for development activity	(383,271)	(215,797)	0
Other purchases of productive assets	(6,121)	(3,156)	(55,048)
Net cash used for investing activities	(376,866)	(674,408)	(837,479)
Financing activities
Proceeds from issuance of Class A common shares	0	0	694,765
Repurchase of Class A common shares	0	(34,969)	0
Proceeds from exercise of stock options	11,524	10,707	932
Payments related to tax withholding for share-based compensation	(834)	(546)	(384)
Redemptions of Class A common units	0	0	(169)
Payments on asset-backed securitizations	(21,517)	(20,847)	(477,879)
Payments on secured note payable	0	(49,427)	(969)
Proceeds from unsecured senior notes, net of discount	397,944	497,210	0
Settlement of cash flow hedging instrument	0	9,628	0
Payments on exchangeable senior notes	0	(135,093)	0
Distributions to noncontrolling interests	(10,701)	(11,071)	(8,333)
Distributions to common shareholders	(59,832)	(58,370)	(38,901)
Distributions to preferred shareholders	(55,128)	(67,183)	(46,122)
Deferred financing costs paid	(3,572)	(5,100)	(3,974)
Net cash (used for) provided by financing activities	(92,116)	255,917	384,100
Net decrease in cash, cash equivalents and restricted cash	(11,095)	(7,609)	(67,418)
Cash, cash equivalents and restricted cash, beginning of period	175,214	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 2)	164,119	175,214	182,823
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(112,980)	(105,056)	(100,908)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	18,276	1,921	7,964
Transfer of term loan borrowings to revolving credit facility	0	0	50,000
Transfer of deferred financing costs from term loan to revolving credit facility	0	0	1,524
Transfers of completed homebuilding deliveries to properties	167,652	94,212	4,536
Property and land contributions to an unconsolidated joint venture	(20,448)	(40,942)	0
Note receivable related to a bulk sale of properties, net of discount	29,474	0	5,710
Redemption of participating preferred shares	0	(28,258)	(37,499)
Accrued distributions to affiliates	4,629	71	4,720
Accrued distributions to non-affiliates	13,024	14,173	26,982
American Homes 4 Rent, L.P.
Operating activities
Net income (loss)	156,260	112,438	76,492
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	329,293	318,685	297,290
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	7,457	10,493	11,712
Noncash share-based compensation	4,808	3,433	4,212
Provision for bad debt	0	8,732	7,328
Hurricane-related charges, net	0	0	3,718
Loss on early extinguishment of debt	659	1,447	6,555
Remeasurement of participating preferred shares	0	(1,212)	(2,841)
Equity in earnings of unconsolidated joint ventures	(509)	(546)	(1,642)
Net gain on sale of single-family properties and other	(43,873)	(17,946)	(6,826)
Loss on impairment of single-family properties	3,663	5,858	4,680
Net gain on resolutions of mortgage loans	0	0	(17)
Other changes in operating assets and liabilities:
Rent and other receivables	(2,784)	(12,172)	(11,020)
Prepaid expenses and other assets	(10,170)	(17,447)	(11,295)
Deferred leasing costs	(4,095)	(12,603)	(7,390)
Accounts payable and accrued expenses	17,408	11,772	9,814
Amounts payable to affiliates	(230)	(50)	5,191
Net cash provided by operating activities	457,887	410,882	385,961
Investing activities
Cash paid for single-family properties	(120,487)	(489,625)	(784,666)
Change in escrow deposits for purchase of single-family properties	(7,171)	1,818	(8,937)
Net proceeds received from sales of single-family properties and other	221,930	106,157	87,063
Proceeds received from hurricane-related insurance claims	2,171	4,522	0
Investment in unconsolidated joint ventures	(13,114)	(8,400)	0
Distributions from joint ventures	22,561	36,917	9,292
Collections from mortgage financing receivables	0	0	268
Renovations to single-family properties	(21,883)	(52,379)	(47,911)
Recurring and other capital expenditures for single-family properties	(71,481)	(54,465)	(37,540)
Cash paid for development activity	(383,271)	(215,797)	0
Other purchases of productive assets	(6,121)	(3,156)	(55,048)
Net cash used for investing activities	(376,866)	(674,408)	(837,479)
Financing activities
Proceeds from issuance of Class A common shares	0	0	694,765
Proceeds from issuance of perpetual preferred shares	0	115,000	270,000
Repurchase of Class A common shares	0	(34,969)	0
Proceeds from exercise of stock options	11,524	10,707	932
Payments related to tax withholding for share-based compensation	(834)	(546)	(384)
Redemptions of Class A common units	0	0	(169)
Payments on asset-backed securitizations	(21,517)	(20,847)	(477,879)
Payments on secured note payable	0	(49,427)	(969)
Proceeds from unsecured senior notes, net of discount	397,944	497,210	0
Settlement of cash flow hedging instrument	0	9,628	0
Payments on exchangeable senior notes	0	(135,093)	0
Distributions to common shareholders	(70,533)	(69,441)	(47,234)
Distributions to preferred shareholders	(55,128)	(67,183)	(46,122)
Deferred financing costs paid	(3,572)	(5,100)	(3,974)
Net cash (used for) provided by financing activities	(92,116)	255,917	384,100
Net decrease in cash, cash equivalents and restricted cash	(11,095)	(7,609)	(67,418)
Cash, cash equivalents and restricted cash, beginning of period	175,214	182,823	250,241
Cash, cash equivalents and restricted cash, end of period (see Note 2)	164,119	175,214	182,823
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(112,980)	(105,056)	(100,908)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	18,276	1,921	7,964
Transfer of term loan borrowings to revolving credit facility	0	0	50,000
Transfer of deferred financing costs from term loan to revolving credit facility	0	0	1,524
Transfers of completed homebuilding deliveries to properties	167,652	94,212	4,536
Property and land contributions to an unconsolidated joint venture	(20,448)	(40,942)	0
Note receivable related to a bulk sale of properties, net of discount	29,474	0	5,710
Redemption of participating preferred shares	0	(28,258)	(37,499)
Accrued distributions to affiliates	4,629	71	4,720
Accrued distributions to non-affiliates	13,024	14,173	26,982
Term loan facility, net
Financing activities
Proceeds from credit facilities	0	0	25,000
Payments on credit facility	(100,000)	(100,000)	(100,000)
Term loan facility, net | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facilities	0	0	25,000
Payments on credit facility	(100,000)	(100,000)	(100,000)
Revolving Credit Facility
Financing activities
Proceeds from credit facilities	0	405,000	202,000
Payments on credit facility	(250,000)	(295,000)	(112,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from credit facilities	0	405,000	202,000
Payments on credit facility	(250,000)	(295,000)	(112,000)
Class A common shares/units
Financing activities
Stock issuance costs	0	0	(10,637)
Class A common shares/units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	0	0	(10,637)
Preferred shares
Financing activities
Stock issuance costs	0	(4,022)	(9,229)
Proceeds from issuance of perpetual preferred shares	0	115,000	270,000
Preferred shares | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	$ 0	$ (4,022)	$ (9,229)

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012, for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership,” our “operating partnership” or the “OP”) is the entity through which the Company conducts substantially all of our business and owns, directly or through subsidiaries, substantially all of our assets. References to the “Company,” “we,” “our,” and “us” mean collectively, AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of December 31, 2019 , the Company held 52,552 single-family properties in 22 states, including 1,187 properties classified as held for sale. AH4R is the general partner of, and as of December 31, 2019 , owned approximately 85.2% of the common partnership interest in the Operating Partnership with the remaining 14.8% of the common partnership interest owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is included in noncontrolling interest within the consolidated financial statements. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, 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. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit 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 presentation of the consolidated financial statements have been made. Use of Estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes AH4R has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gains), we generally will not be subject to U.S. federal income tax. Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Our taxable REIT subsidiaries (“TRS”) will be subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2015 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on our income. Instead, each of the Operating Partnership’s partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2019 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. As a REIT, we are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income. The Operating Partnership funds the payment of distributions. We expect to use our NOL to reduce our REIT taxable income in future years. AH4R had an NOL for U.S. federal income tax purposes of an estimated $188.8 million as of December 31, 2019 and approximately $275.0 million as of December 31, 2018 . Once our NOL is fully used, we may be required to increase AH4R’s distributions to comply with REIT distribution requirements and our current policy of distributing approximately all of our REIT taxable income (determined without regard to the deduction for dividends paid). Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. For the year ended December 31, 2019 , the Company completed the acquisition of 451 single-family properties for a total purchase price of $118.5 million , which was included in cash paid for single-family properties within the consolidated statement of cash flows. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year ). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred. Single-Family Properties Under Development and Development Land Land and construction in progress related to our internal construction program (AMH Development Program) are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General . Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met. Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2019 and 2018 , the Company had 1,187 and 1,945 single-family properties, respectively, classified as held for sale, and recorded $3.7 million , $5.9 million and $4.7 million of impairment on single-family properties held for sale for the years ended December 31, 2019 , 2018 and 2017 , respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations . During the years ended December 31, 2019 , 2018 and 2017 , none of the properties classified as held for sale met the criteria to be reported as a discontinued operation. Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No significant impairments on operating properties were recorded during the years ended December 31, 2019 , 2018 and 2017 , except for certain properties in our Houston, Florida and Southeast markets that were impacted by the hurricanes in the third quarter of 2017 (see Note 3 ). Leasing Costs As a result of the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , (“ASC 842”) on January 1, 2019, only direct costs incurred due to the execution of a lease are capitalized and amortized over the term of the leases, which generally have a term of one year . Prior to January 1, 2019, both direct and indirect incremental costs incurred to lease properties were capitalized and amortized over the term of the leases. See “Accounting Pronouncements Adopted January 1, 2019” below for additional information. Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over thirty years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to thirty years . We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets. Intangible Assets Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives, and the estimated economic life of our database intangible asset is seven years . The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2019 , 2018 and 2017 . Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results. Based on our assessment of qualitative factors on December 31, 2019 , we concluded it was more likely than not that the Company’s recorded goodwill balance of $120.3 million was not impaired and did not perform the quantitative test. No goodwill impairment was recorded during the years ended December 31, 2019 , 2018 and 2017 . Deferred Financing Costs Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and are included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company’s term loan credit facility, unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company’s and the Operating Partnership’s consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 37,575 $ 30,284 $ 46,156 Restricted cash 126,544 144,930 136,667 Total cash, cash equivalents and restricted cash $ 164,119 $ 175,214 $ 182,823 Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized. Investments in Unconsolidated Joint Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other revenues in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. Notes Receivable The Company has issued promissory notes in connection with two bulk dispositions of our single-family properties. Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other revenues within the consolidated statements of operations. The Company analyzes its notes receivables quarterly based on certain factors including, but not limited to, the borrower’s financial results and satisfying scheduled payments. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year . As a result of the adoption of ASC 842 on January 1, 2019, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred. Upon adoption of ASC 842, we no longer have an allowance for doubtful accounts. When collectability is not deemed probable, we write-off the tenant’s receivables and limit lease income to cash received. Prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses that may have resulted from the inability of tenants to make required rent or other payments. This allowance was estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company’s allowance for doubtful accounts was $8.6 million as of December 31, 2018 and was included in rent and other receivables, net within the consolidated balance sheets. See “Accounting Pronouncements Adopted January 1, 2019” below for additional information. We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Gains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income . Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation . If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606, Revenue from Contracts with Customers , and whether the buyer has obtained control of the asset that was sold. We recognize a full gain on sale, which is presented in gain on sale of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure. Share-Based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of the Company’s board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period. Forfeitures are recognized as they occur. Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. Our revolving credit facility, term loan facility and asset-backed securitizations are also financial instruments, whose fair values were estimated using unobservable inputs by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. Our unsecured senior notes are also financial instruments whose fair values were estimated using observable inputs, based on the market value of the last trade at the end of the period. The Company’s participating preferred shares derivative liability and treasury lock were the only financial instruments recorded at fair value on a recurring basis within our consolidated financial statements (see Note 12 ). Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, developing, leasing and operating single-family homes as rental properties. The Company’s properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing 10% or more of the total gross book value of single-family properties in operations as of December 31, 2019 . Accounting Pronouncements Adopted January 1, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessors and lessees). Lessor accounting remains similar to lessor accounting under previous guidance while aligning with the FASB’s revised revenue recognition guidance for non-lease components of lease agreements. The new guidance requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases. We have elected the short-term lease measurement and recognition exemption and do not establish right-of-use assets or lease liabilities for operating leases with terms of twelve months or less. The new guidance also requires lessees and lessors to capitalize, as initial direct costs, only those costs incurred due to the execution of a lease. Other costs previously capitalized under ASC 840, including indirect leasing costs, are expensed as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU No. 2018-20, Narrow-Scope Improvements for Lessors , which allows lessors to make an accounting policy election to exclude sales taxes and other similar taxes on lease transactions from lease revenue and the associated expense and requires lessors to exclude costs paid directly by lessees to third parties on the lessor’s behalf from lease revenue. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance (the “new lease accounting standard”) effective January 1, 2019. As part of our accounting policy for the new guidance, the Company elected the simplified transition requirements provided by ASU No. 2018-11 and applied the new lease accounting standard beginning January 1, 2019. Comparative periods are not restated. We also elected the package of practical expedients which permits th

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Occupied single-family properties $ 7,534,627 $ 7,448,330 Single-family properties recently acquired 88,181 212,870 Single-family properties in turnover process 308,008 294,093 Single-family properties leased, not yet occupied 55,460 65,304 Single-family properties in operation, net 7,986,276 8,020,597 Development land 224,041 97,207 Single-family properties under development 131,386 56,444 Single-family properties held for sale, net 209,828 318,327 Total real estate assets, net $ 8,551,531 $ 8,492,575 Depreciation expense related to single-family properties was $313.7 million , $300.7 million and $281.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except property data): For the Year Ended December 31, 2019 2018 2017 Single-family properties: Properties sold 1,330 691 923 Net proceeds (1) $ 248,199 $ 105,394 $ 72,611 Net gain on sale $ 43,507 $ 16,313 $ 3,573 Land: Net proceeds $ 3,205 $ 763 $ — Net gain on sale $ 366 $ 220 $ — (1) Total net proceeds for the years ended December 31, 2019 , 2018 and 2017 included $30.7 million , zero and $7.0 million , respectively, of notes receivable, before $1.2 million , zero and $1.5 million , respectively, of discounts, which are presented in escrow deposits, prepaid expenses and other assets (see Note 5 ). During the third quarter of 2017, Hurricanes Harvey and Irma impacted certain properties in our Houston, Florida and Southeast markets. Approximately 125 homes sustained major damage and nearly 3,400 homes incurred minor damage, consisting primarily of downed trees and damaged roofs and fences. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the year ended December 31, 2017 , the Company recognized an $11.0 million impairment charge to write down the net book values of the impacted properties, of which we believed it was probable that we would recover an estimated $8.9 million through insurance claims, and accrued $5.9 million of additional repair, remediation and other costs. The $8.0 million of net charges were included in hurricane-related charges, net within the consolidated statement of operations for the year ended December 31, 2017 . After the $11.0 million impairment charge, the impacted properties had an aggregate net book value of $7.1 million . The impairment charge represents the difference between management’s estimates of the fair values of the impacted properties and their carrying values. The fair values were based on current market prices of the components of the properties that did not sustain damage. As these fair value measurements were estimated using unobservable inputs, we classify them within Level 3 of the valuation hierarchy. During the year ended December 31, 2019 , we collected $3.5 million in proceeds from hurricane-related insurance claims, of which approximately $1.3 million related to business interruption recoveries, and during the year ended December 31, 2018 , we collected $4.5 million in proceeds from hurricane-related insurance claims.

Rent and Other Receivables, Net

Rent and Other Receivables, Net	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Rent and Other Receivables, Net	Rent and Other Receivables, Net Included in rent and other receivables, net is $2.7 million and $4.9 million of hurricane-related insurance claims receivable as of December 31, 2019 and 2018 , respectively. Rents and other single-family property revenues consisted of the following for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Rents from single-family properties (1) $ 1,132,137 $ 908,936 $ 824,023 Fees from single-family properties — 10,946 10,727 Tenant charge-backs — 146,793 120,081 Rents and other single-family property revenues $ 1,132,137 $ 1,066,675 $ 954,831 (1) For the year ended December 31, 2019 , rents from single-family properties included $159.9 million of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, and $13.8 million of variable lease payments for fees from single-family properties. The Company generally rents our single-family properties under non-cancelable lease agreements with a term of one year . The following table summarizes our future minimum rental revenues under existing leases on our properties as of December 31, 2019 (in thousands): Future Minimum Rental Revenues 2020 $ 479,793 2021 18,822 2022 299 2023 22 2024 22 Total $ 498,958

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 54,545 $ 38,642 Investments in joint ventures 67,935 56,789 Notes receivable 36,834 6,012 Commercial real estate, software, vehicles and FF&E, net 42,742 44,591 Total $ 202,056 $ 146,034 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $7.6 million , $7.0 million and $6.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Investments in Joint Ventures During the third quarter of 2018, the Operating Partnership entered into a joint venture with a leading institutional investor for the purpose of developing, leasing and operating newly constructed single-family rental homes located in select submarkets, which was subsequently amended and upsized to $312.5 million in July 2019. The initial term of the joint venture is five years from the effective date of the amended agreement, during which neither member may unilaterally market properties for sale. The Company is entitled to a proportionate share of the joint venture’s cash flows based on its 20% ownership interest along with an opportunity for a promoted interest. The Company also receives fees for services it provides to the joint venture. In evaluating the Company’s 20% ownership interest in the joint venture, we concluded that the joint venture is not a variable interest entity after applying the variable interest model and, therefore, we account for our interest in the joint venture as an investment in an unconsolidated subsidiary after applying the voting interest model using the equity method of accounting. During the years ended December 31, 2019 and 2018 , the Company contributed $20.4 million and $40.9 million , respectively, of single-family properties and single-family properties under development and development land, as well as $13.1 million and $8.4 million , respectively, of cash to the joint venture and received $17.5 million and $32.8 million , respectively, in distributions from the joint venture in respect of its contributions. The balance of the Company’s investment in the joint venture as of December 31, 2019 and 2018 was $33.8 million and $18.0 million , respectively, which are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. The Company provides property management and development services to certain unconsolidated joint ventures that are related parties. Management fee income from these joint ventures was $3.6 million , $1.9 million and $2.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which are included in other revenues within the consolidated statements of operations. Notes Receivable During the second quarter of 2019, as part of a bulk portfolio disposition of 215 homes, the Company issued a $30.7 million secured promissory note, which is secured by a first priority mortgage on the disposed homes, guaranteed by a parent of the borrower, matures on June 20, 2025, bears interest at 2.70% through October 31, 2019 and 4.50% thereafter to maturity, and contains certain required covenants. The secured promissory note requires quarterly interest payments with the full principal due at maturity. As of December 31, 2019 , the secured note receivable, net of a $0.9 million discount, had a balance of $29.8 million included in escrow deposits, prepaid expenses and other assets on the consolidated balance sheet.

Deferred Costs and Other Intang

Deferred Costs and Other Intangibles, Net	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Deferred leasing costs $ 3,738 $ 11,912 Deferred financing costs 11,244 11,246 Intangible assets: Database 2,100 2,100 17,082 25,258 Less: accumulated amortization (10,242 ) (12,572 ) Total $ 6,840 $ 12,686 Amortization expense related to deferred leasing costs, the value of in-place leases, and database intangibles was $8.0 million , $11.0 million and $9.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and was included in depreciation and amortization within the consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $2.0 million , $2.0 million and $1.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, and was included in gross interest, prior to interest capitalization (see Note 7 ). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2019 for future periods (in thousands): Deferred Leasing Costs Deferred Financing Costs Database Total 2020 $ 1,807 $ 1,969 $ 132 $ 3,908 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 1,807 $ 4,901 $ 132 $ 6,840

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of December 31, 2019 and 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 485,828 $ 491,195 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 501,393 506,760 AH4R 2015-SFR1 securitization (2) 4.14 % April 9, 2045 526,560 532,197 AH4R 2015-SFR2 securitization (3) 4.36 % October 9, 2045 457,212 462,358 Total asset-backed securitizations 1,970,993 1,992,510 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 — Revolving credit facility (5) 2.96 % June 30, 2022 — 250,000 Term loan facility (6) N/A N/A — 100,000 Total debt 2,870,993 2,842,510 Unamortized discount on unsecured senior notes (4,143 ) (2,546 ) Deferred financing costs, net (7) (33,353 ) (36,421 ) Total debt per balance sheet $ 2,833,497 $ 2,803,543 (1) Interest rates are as of December 31, 2019 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the 2028 unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The revolving credit facility provides for a borrowing capacity of up to $800.0 million , and the Company had approximately $6.2 million and $1.1 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2019 and 2018 , respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2019 . LIBOR is expected to be discontinued after 2021 and the Company expects to replace the contractual reference rate with an appropriate alternative. The Company does not expect this modification to have a material impact on its financial statements. (6) The term loan was fully repaid in June 2019. (7) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of these deferred financing costs was $5.9 million , $5.8 million and $6.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the year ended December 31, 2019 , the Company paid off the $100.0 million remaining outstanding principal on our term loan facility, which resulted in $0.7 million of charges related to the write-off of unamortized deferred financing costs. During the year ended December 31, 2018 , the Company paid off the outstanding principal on the secured note payable of approximately $48.4 million , which resulted in $0.5 million of charges related to the early extinguishment of debt. The payoff of the secured note payable also resulted in the release of the 572 homes pledged as collateral and $2.1 million of restricted cash for lender requirements. Also during the year ended December 31, 2018 , the Company paid down $100.0 million on our term loan facility, which resulted in $0.9 million of charges related to the write-off of unamortized deferred financing costs. During the year ended December 31, 2017 , the Company paid off the outstanding principal on the AH4R 2014-SFR1 asset-backed securitization of approximately $455.4 million using proceeds from the Class A common share offering in the first quarter of 2017 and available cash, which resulted in $6.6 million of charges primarily related to the write-off of unamortized deferred financing costs. The payoff of the AH4R 2014-SFR1 asset-backed securitization also resulted in the release of the 3,799 homes pledged as collateral and $9.4 million of restricted cash for lender requirements. The charges resulting from early the extinguishment of debt and write-off of unamortized deferred financing costs were included in loss on early extinguishment of debt within the consolidated statements of operations. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2019 (in thousands): Debt Maturities 2020 $ 20,714 2021 20,714 2022 20,714 2023 20,714 2024 955,875 Thereafter 1,832,262 Total debt $ 2,870,993 Encumbered Properties The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2019 and 2018 (in thousands, except property data): December 31, 2019 December 31, 2018 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR2 securitization 4,543 $ 592,203 4,546 $ 611,279 AH4R 2014-SFR3 securitization 4,587 642,189 4,588 662,068 AH4R 2015-SFR1 securitization 4,696 641,595 4,697 662,202 AH4R 2015-SFR2 securitization 4,175 592,900 4,178 612,835 Total encumbered properties 18,001 $ 2,468,887 18,009 $ 2,548,384 Asset-backed Securitizations General Terms As of December 31, 2019 , the Company has completed multiple asset-backed securitizations, all of which have certain general characteristics in common. The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders. The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership. The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing all the beneficial ownership interests in the respective loans and trusts. Upon receipt of the certificates, the subsidiaries sold the certificates to investors. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loans require monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans. The loans are secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties. The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loans, the Borrowers’ properties may not generally be transferred, sold or otherwise securitized and the Company can substitute properties if a property owned by the Borrowers becomes a disqualified property under the terms of the loan or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements. The loans are also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings. The Company has accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the notes were both originated by the third-party lenders and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trusts. Accordingly, the Company consolidates, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes are included in asset-backed securitizations, net within the consolidated balance sheets. The loan agreements provide that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreements define the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination. AH4R 2014-SFR2 Securitization The AH4R 2014-SFR2 securitization, which was completed during the third quarter of 2014, is a fixed-rate loan for $513.3 million with a 10 -year term, maturity date of October 9, 2024, and a duration-adjusted weighted-average interest rate of 4.42% . The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties. Also, in addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7 million . The Company has evaluated the purchased Class F certificates as a variable interest in the trust and has concluded that the Class F certificates will not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns. Additionally, the Company has concluded that the Class F certificates do not provide the Company with any ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $25.7 million of purchased Class F certificates have been reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets. Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $487.7 million , before issuance costs of $12.9 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2014-SFR3 Securitization The AH4R 2014-SFR3 securitization, which was completed during the fourth quarter of 2014, is a fixed-rate loan for $528.4 million with a 10 -year term, maturity date of December 9, 2024, and a duration-adjusted weighted-average interest rate of 4.40% . The loan was originally secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $528.4 million , before issuance costs of $12.9 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR1 Securitization The AH4R 2015-SFR1 securitization, which was completed during the first quarter of 2015, is a fixed-rate loan for $552.8 million with a 30 -year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14% . The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025. Gross proceeds from the transaction were $552.8 million , before issuance costs of $13.3 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR2 Securitization The AH4R 2015-SFR2 securitization, which was completed during the third quarter of 2015, is a fixed-rate loan for $477.7 million with a 30 -year term, maturity date of October 9, 2045, and a duration-adjusted weighted-average interest rate of 4.36% . The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025. Gross proceeds from the transaction were $477.7 million , before issuance costs of $11.3 million , and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. Unsecured Senior Notes During the first quarter of 2019, the Operating Partnership issued $400.0 million of 4.90% unsecured senior notes with a maturity date of February 15, 2029 (the “2029 Notes”). Interest on the 2029 Notes, which commenced on August 15, 2019 , is payable semi-annually in arrears on February 15 and August 15 of each year. The Operating Partnership received net proceeds of $395.3 million from this issuance, after underwriting fees of approximately $2.6 million and a $2.1 million discount, and before offering costs of $1.0 million . The Operating Partnership used the net proceeds from this issuance to repay amounts outstanding on our revolving credit facility and for general corporate purposes. The 2029 Notes are the Operating Partnership’s unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. During the first quarter of 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the “2028 Notes”). Interest on the 2028 Notes, which commenced on August 15, 2018 , is payable semi-annually in arrears on February 15 and August 15 of each year. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before offering costs of $1.9 million . The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership’s unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the first quarter of 2018 (see Note 12 ), the 2028 Notes yield an effective interest rate of 4.08% . Credit Facilities During the second quarter of 2017, the Company amended our $1.0 billion credit agreement to expand our borrowing capacity on the revolving credit facility to $800.0 million and reduce the term loan facility to $200.0 million . The Company subsequently paid off the term loan facility during the second quarter of 2019. The interest rate on the revolving credit facility is, at the Company’s election, LIBOR plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55% . The actual margin is determined based on the Company’s credit ratings in effect from time to time. Based on current corporate ratings for LIBOR-based borrowings as of December 31, 2019 , the revolving credit facility bears interest at 1-month LIBOR plus 1.20% . In addition, the Company is required to pay a commitment fee in the amount of 0.25% of the principal amount of the commitments, which is also based on the Company’s credit rating. The credit agreement includes an accordion feature allowing the revolving credit facility or the term loan facility to be increased to an aggregate amount not to exceed $1.75 billion , subject to certain conditions. The revolving credit facility matures on June 30, 2021, with two six -month extension options at the Company’s election upon payment of an extension fee. The credit agreement requires that we maintain certain financial covenants. As of December 31, 2019 , the Company had no outstanding borrowings against the revolving credit facility . Interest Expense The following table displays our (i) total gross interest, which includes fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Gross interest cost $ 138,211 $ 129,571 $ 118,276 Capitalized interest (11,097 ) (6,671 ) (5,656 ) Interest expense $ 127,114 $ 122,900 $ 112,620

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Resident security deposits $ 84,832 $ 83,406 Accrued property taxes 44,280 40,566 Accrued interest 23,090 16,413 Accrued construction and maintenance liabilities 20,435 18,371 Prepaid rent 19,970 22,506 Accrued distribution payable 13,024 12,809 Accounts payable 5,037 195 Other accrued liabilities 32,525 24,963 Total $ 243,193 $ 219,229

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity / Partners' Capital	Shareholders’ Equity / Partners’ Capital When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances. Class A Common Shares / Units Class A units represent voting equity interests in the Operating Partnership. Holders of Class A units in the Operating Partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for AH4R’s Class A common shares on a one -for-one basis. AH4R owned 85.2% and 84.3% of the total 352,769,654 and 351,966,447 Class A units outstanding as of December 31, 2019 and 2018 , respectively. During the third quarter of 2017, the Company issued 13,800,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising gross proceeds of $312.0 million before offering costs of approximately $9.2 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. During the first quarter of 2017, the Company issued 14,842,982 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering and concurrent private placement, raising gross proceeds to the Company of $336.5 million after underwriter’s discount and before offering costs of approximately $0.4 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. At-the-Market Common Share Offering Program In 2016, the Company established an at-the-market common share offering program under which we were able to issue Class A common shares from time to time through various sales agents up to an aggregate of $400.0 million (the “Original At-the-Market Program”). During the year ended December 31, 2017 , the Company issued and sold 2.0 million Class A common shares under the Original At-the-Market Program for gross proceeds of $46.2 million , or $22.74 per share, and net proceeds of $45.6 million , after commissions and other expenses of approximately $0.6 million . The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the share issuances. The Original At-the-Market Program was replaced during the third quarter of 2017 with an at-the-market common share offering program with a $500.0 million capacity with the same terms (the “At-the-Market Program”). The programs were established in order to use the net proceeds from share issuances to repay borrowings against the Company’s revolving credit and term loan facilities, to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy, and for working capital and general corporate purposes. The program may be suspended or terminated by the Company at any time. As of December 31, 2019 , no shares have been issued under the At-the-Market Program and $500.0 million remained available for future share issuances. Share Repurchase Program During the first quarter of 2018, the Company’s board of trustees re-authorized our existing share repurchase program, authorizing 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 year ended December 31, 2019 , we did no t repurchase and retire any of our shares. During the year ended December 31, 2018 , the Company repurchased and retired 1.8 million of our Class A common shares on a settlement date basis, in accordance with the program, at a weighted-average price of $19.36 per share and a total price of $34.9 million . During the year ended December 31, 2017, we did not repurchase or retire any of our Class A common shares under the old share repurchase program. As of December 31, 2019 , 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 . Class B Common Shares Former American Homes 4 Rent, LLC (“AH LLC”) members received 635,075 Class B common shares in connection with their contributions of properties and funds to the Company. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the proceeds and properties contributed in the transaction. Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares. Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share. Perpetual Preferred Shares / Units As of December 31, 2019 and 2018 , the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): December 31, 2019 December 31, 2018 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 $ 268,750 10,750,000 $ 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 35,350,000 $ 883,750 35,350,000 $ 883,750 Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend, based on the respective dividend rate in the table above, which is applied to the liquidation preference at issuance of $25.00 per share. The Operating Partnership issues an equivalent number of corresponding perpetual preferred units for the given class to AH4R in exchange for the net proceeds from the share issuances. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after the earliest redemption date shown in the table above or within 120 days after the occurrence of a change in control at a redemption price equal to the $25.00 per share liquidation preference, plus any accumulated and unpaid dividends. During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.4 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. During the third quarter of 2017, the Company issued 4,600,000 5.875% Series G cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.1 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. During the second quarter of 2017, the Company issued 6,200,000 5.875% Series F cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $155.0 million before offering costs of approximately $5.3 million , with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. Participating Preferred Shares / Units Participating preferred shares represented non-voting preferred equity interests in the Company and entitled holders to a cumulative annual cash dividend equal to 5.0% for the Series A and B participating preferred shares and 5.5% for the Series C participating preferred shares of an initial liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of corresponding participating preferred units to AH4R in exchange for the net proceeds from the share issuance. Any time between March 31, 2018, and March 31, 2021 (the “initial redemption period”), the Company had the option to redeem the Series C participating preferred shares for cash or Class A common shares, at a redemption price equal to the initial liquidation preference, adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (the “HPA adjustment”). During the initial redemption period, the amount payable upon redemption was subject to a cap, such that the total internal rate of return, when considering the initial liquidation preference, the HPA adjustment and dividends up to, but excluding, the date of redemption, did not exceed 9.0% . Because the HPA adjustment meets the definition of a derivative under ASC 815, Derivatives and Hedging , and is not clearly and closely related to the economic characteristics and risks of the underlying preferred shares, the fair value of the HPA adjustment was reflected as a liability in the consolidated balance sheets and was adjusted to fair value each period and included in remeasurement of participating preferred shares in the consolidated statements of operations (see Note 12 ). On April 5, 2018 , the Company redeemed all 7,600,000 shares of the outstanding 5.5% Series C participating preferred shares through a conversion of those participating preferred shares into Class A common shares of beneficial interest, $0.01 par value, in accordance with the conversion terms in the Articles Supplementary. This resulted in 10,848,827 Class A common shares issued from the conversion, based on a conversion ratio of 1.4275 Class A common shares issued per Series C participating preferred share. The Operating Partnership also redeemed its corresponding Series C participating preferred units through a conversion into Class A units on April 5, 2018 . The conversion ratio was calculated by dividing (i) the initial liquidation preference on the Series C participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (adjusted for a maximum 9.0% internal rate of return), plus unaccrued dividends by (ii) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on March 29, 2018, the date the Company delivered the required notice of redemption. As a result of the redemption, the Company recorded a $32.2 million allocation of income to the Series C participating preferred shareholders in the second quarter of 2018, which represents the initial liquidation value of the Series C participating preferred shares in excess of the original equity carrying value of the Series C participating preferred shares as of the redemption date. The original equity carrying value of the Series C participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs. On October 3, 2017, the Company redeemed all 5,060,000 shares of the outstanding 5.0% Series A participating preferred shares and all 4,400,000 shares of the outstanding 5.0% Series B participating preferred shares through a conversion of those participating preferred shares into Class A common shares of beneficial interest, $0.01 par value, in accordance with the conversion terms in the Articles Supplementary. This resulted in 12,398,276 total Class A common shares issued from the conversion, based on a conversion ratio of 1.3106 Class A common shares issued per Series A and B participating preferred share. The Operating Partnership also redeemed its corresponding Series A and B participating preferred units through a conversion into Class A units on October 3, 2017. The conversion ratio was calculated by dividing (i) the initial liquidation preference on the Series A and B participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets, plus unaccrued dividends by (ii) the one-day VWAP of the Company’s Class A common shares on September 27, 2017, the date the Company delivered the required notice of conversion. As a result of the redemption, the Company recorded a $42.4 million allocation of income to the Series A and B participating preferred shareholders during the year ended December 31, 2017, which represents the initial liquidation value of the Series A and B participating preferred shares in excess of the original equity carrying value of the Series A and B participating preferred shares as of the redemption date. The original equity carrying value of the Series A and B participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs. Exchangeable Senior Notes In the fourth quarter of 2018, the Operating Partnership elected the cash settlement option for settlement of the previously held exchangeable senior notes, which resulted in an aggregate payment of $135.1 million to the holders of the notes at maturity on November 15, 2018. $115.0 million of the total $135.1 million settlement consideration was allocated to the extinguishment of the liability component based on the fair value of the liability component immediately prior to extinguishment, which was equal to the carrying amount of the liability component. The remaining $20.1 million of settlement consideration was allocated to the reacquisition of the equity component and recognized as a reduction to additional paid-in capital within the Company’s consolidated balance sheets and a reduction to general partner’s common capital within the Operating Partnership’s consolidated balance sheets. Distributions As a REIT, we are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income. The Operating Partnership funds the payment of distributions. We expect to use our NOL to reduce our REIT taxable income in future years. AH4R had an NOL for U.S. federal income tax purposes of an estimated $188.8 million as of December 31, 2019 and approximately $275.0 million as of December 31, 2018 . Once our NOL is fully used, we may be required to increase AH4R’s distributions to comply with REIT distribution requirements and our current policy of distributing approximately all of our REIT taxable income (determined without regard to the deduction for dividends paid). No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series D, Series E, Series F, Series G and Series H perpetual preferred shares. The distribution preference of our Series D, Series E, Series F, Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares. The Company’s board of trustees declared the following distributions during the years ended December 31, 2019 , 2018 and 2017 . The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Years Ended December 31, 2019 2018 2017 Class A and Class B common shares $ 0.20 $ 0.20 $ 0.20 5.000% Series A participating preferred shares — — 0.94 5.000% Series B participating preferred shares — — 0.94 5.500% Series C participating preferred shares — 0.34 1.38 6.500% Series D perpetual preferred shares 1.63 1.63 1.63 6.350% Series E perpetual preferred shares 1.59 1.59 1.59 5.875% Series F perpetual preferred shares 1.47 1.47 1.01 5.875% Series G perpetual preferred shares 1.47 1.47 0.67 6.250% Series H perpetual preferred shares 1.56 0.44 — Noncontrolling Interest Noncontrolling interest as reflected in the Company’s consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Operating Partnership. Former AH LLC members owned 51,429,990 and 54,243,317 , or approximately 14.6% and 15.4% , of the total 352,769,654 and 351,966,447 Class A units in the Operating Partnership as of December 31, 2019 and 2018 , 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 and 1,073,509 , or approximately 0.2% and 0.3% of the total 352,769,654 and 351,966,447 Class A units in the Operating Partnership as of December 31, 2019 and 2018 , respectively. The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Net income (loss) allocated to Class A units $ 15,221 $ 4,424 $ (4,648 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (259 ) 141 Total noncontrolling interest $ 15,221 $ 4,165 $ (4,507 ) Noncontrolling interest as reflected in the Operating Partnership’s consolidated balance sheets consisted solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. Income and loss allocated to the Operating Partnership’s noncontrolling interest is reflected in noncontrolling interest within the Operating Partnership’s consolidated statements of operations. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2012 Equity Incentive Plan In 2012, the Company adopted the 2012 Equity Incentive Plan (the “Plan”) to provide persons with an incentive to contribute to the success of the Company and to operate and manage our business in a manner that will provide for the Company’s long-term growth and profitability. The Plan provides for the issuance of up to 6,000,000 Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted stock, unrestricted shares, dividend equivalent rights and performance-based awards. The Plan terminates in November 2022, unless terminated earlier by the Company’s board of trustees. The Company’s employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. The options and restricted stock units granted during the years ended December 31, 2019 , 2018 and 2017 generally vest over a four-year service period and the options expire 10 years from the date of grant. Restricted stock units granted to non-management trustees during the year ended December 31, 2019 vest over a one-year service period. Noncash share-based compensation expense related to options and restricted stock units is based on the fair value on the date of grant and is recognized in expense over the service period. Forfeitures are recognized as they occur. The following table summarizes stock option activity under the Plan for the years ended December 31, 2019 , 2018 and 2017 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (74,000 ) 15.65 520 Forfeited (85,250 ) 16.24 Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (769,875 ) 16.07 4,754 Forfeited (170,300 ) 17.93 Options outstanding at December 31, 2018 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (730,125 ) 15.94 6,088 Forfeited (12,350 ) 20.80 Options outstanding at December 31, 2019 1,529,800 $ 17.40 5.3 $ 13,479 Options exercisable at December 31, 2019 1,163,150 $ 16.76 4.8 $ 10,993 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. The Company uses the Black-Scholes Option Pricing Model to calculate the fair value of stock options granted for Class A common shares. Because the Company’s stock has a limited trading history, the volatility assumption used in the model is based on the historical volatility of similar entities in our industry and the expected term assumption is based on the simplified method by using the average of the contractual term and vesting period. The weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019 , 2018 and 2017 were $2.85 , $3.03 and 3.82 , respectively, based on the following inputs used in the Black-Scholes Option Pricing Model: 2019 2018 2017 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 17.3 % 18.9 % 21.3 % Risk-free interest rate 2.6 % 2.8 % 2.2 % The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the years ended December 31, 2019 , 2018 and 2017 : Restricted Stock Units Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) Restricted stock units outstanding at December 31, 2016 130,150 $ 15.09 $ 2,731 Awarded 174,400 23.38 Vested (42,475 ) 15.42 990 Forfeited (18,200 ) 19.30 Restricted stock units outstanding at December 31, 2017 243,875 $ 20.65 $ 5,326 Awarded 304,400 19.40 Vested (80,125 ) 19.51 1,552 Forfeited (95,775 ) 20.15 Restricted stock units outstanding at December 31, 2018 372,375 $ 20.00 $ 7,392 Awarded 350,334 22.90 Vested (111,000 ) 19.75 2,431 Forfeited (12,600 ) 21.34 Restricted stock units outstanding at December 31, 2019 599,109 $ 21.71 $ 15,703 (1) Intrinsic value for outstanding restricted stock units is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested restricted stock units is defined as the market value of the underlying shares on the day the awards vested. 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 relating to centralized and field property management employees is included in property management expenses. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 3,466 $ 2,075 $ 2,563 Property management expenses 1,342 1,358 1,649 Total noncash share-based compensation expense $ 4,808 $ 3,433 $ 4,212 As of December 31, 2019 , the unrecognized compensation expense for unvested stock options and unvested restricted stock units were $0.6 million and $9.3 million , respectively. The unrecognized compensation expense for unvested stock options and restricted stock units is expected to be recognized over a weighted-average period of 1.2 years and 2.5 years, respectively.

Earnings per Share _ Unit

Earnings per Share / Unit	12 Months Ended
	Dec. 31, 2019
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 or loss per common share on a basic and diluted basis for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except share and per share data): For the Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 156,260 $ 112,438 $ 76,492 Less: Noncontrolling interest 15,221 4,165 (4,507 ) Dividends on preferred shares 55,128 52,586 60,718 Redemption of participating preferred shares — 32,215 42,416 Allocation to participating securities (1) 166 85 — Numerator for income (loss) per common share–basic and diluted $ 85,745 $ 23,387 $ (22,135 ) Denominator: Weighted-average common shares outstanding–basic 299,415,397 293,640,500 264,254,718 Effect of dilutive securities: Share-based compensation plan (2) 503,569 627,830 — Weighted-average common shares outstanding–diluted (3) 299,918,966 294,268,330 264,254,718 Net income (loss) per common share: Basic $ 0.29 $ 0.08 $ (0.08 ) Diluted $ 0.29 $ 0.08 $ (0.08 ) (1) Unvested restricted stock units 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. (3) The computation of diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 excludes an aggregate of 182,481 , zero and 17,084,135 potentially dilutive securities, respectively, which include a combination of participating preferred shares, exchangeable senior notes and common shares issuable for unvested restricted stock units, because their effect would have been antidilutive to the respective periods. 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 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 or loss per common unit on a basic and diluted basis for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except unit and per unit data): For the Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 156,260 $ 112,438 $ 76,492 Less: Noncontrolling interest — (259 ) 141 Preferred distributions 55,128 52,586 60,718 Redemption of participating preferred units — 32,215 42,416 Allocation to participating securities (1) 166 85 — Numerator for income (loss) per common unit–basic and diluted $ 100,966 $ 27,811 $ (26,783 ) Denominator: Weighted-average common units outstanding–basic 352,460,401 348,990,561 319,753,206 Effect of dilutive securities: Share-based compensation plan (2) 503,569 627,830 — Weighted-average common units outstanding–diluted (3) 352,963,970 349,618,391 319,753,206 Net income (loss) per common unit: Basic $ 0.29 $ 0.08 $ (0.08 ) Diluted $ 0.29 $ 0.08 $ (0.08 ) (1) Unvested restricted stock units 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. (3) The computation of diluted earnings per unit for the years ended December 31, 2019 , 2018 and 2017 excludes an aggregate of 182,481 , zero and 17,084,135 potentially dilutive securities, respectively, which include a combination of participating preferred units, exchangeable senior notes and common units issuable for unvested restricted stock units, because their effect would have been antidilutive to the respective periods.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2019
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 approximate fair value because of the short maturity of these amounts. The Company’s participating preferred shares derivative liability and treasury lock were the only financial instruments recorded at fair value on a recurring basis in the consolidated financial statements. Our revolving credit facility, term loan facility and asset-backed securitizations are financial instruments classified as Level 3 in the fair value hierarchy as they were estimated using unobservable inputs. We estimated their fair values by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. Our unsecured senior notes are financial instruments which are 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 December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value (1) Fair Value AH4R 2014-SFR2 securitization $ 479,706 $ 491,302 $ 483,790 $ 494,820 AH4R 2014-SFR3 securitization 495,029 510,486 499,108 511,450 AH4R 2015-SFR1 securitization 519,576 534,531 523,865 534,666 AH4R 2015-SFR2 securitization 450,733 466,558 454,748 467,303 Total asset-backed securitizations (1) 1,945,044 2,002,877 1,961,511 2,008,239 2028 unsecured senior notes, net 493,589 531,870 492,800 479,730 2029 unsecured senior notes, net 394,864 446,728 — — Total unsecured senior notes, net (1) 888,453 978,598 492,800 479,730 Revolving credit facility (2) — — 250,000 250,000 Term loan facility (1) (2) — — 99,232 100,000 Total debt $ 2,833,497 $ 2,981,475 $ 2,803,543 $ 2,837,969 (1) To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility are presented net of unamortized deferred financing costs of $31.0 million , $4.7 million and $0.8 million , respectively, as of December 31, 2018 . The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts. (2) As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 7 ), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value. During the fourth quarter of 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million , based on the 10 -year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and was settled upon the issuance of the 2028 Notes during the first quarter of 2018, which resulted in a $9.6 million gain that was recorded in other comprehensive income and is being reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. The estimated amount of existing gains that are reported in accumulated other comprehensive income at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $1.0 million . The treasury lock was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate. Valuation of the participating preferred shares derivative liability was classified as Level 3 within the fair value hierarchy and considered scenarios in which the participating preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considered certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan statistical areas, or MSAs, as outlined in the agreement. The Series C participating preferred shares were redeemed through a conversion into Class A common shares on April 5, 2018 and the Series A and B participating preferred shares were redeemed through a conversion into Class A common shares on October 3, 2017 (see Note 9 ). The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the years ended December 31, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement Included in Earnings December 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement Included in Earnings December 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ (37,499 ) $ (2,841 ) $ 29,470

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2019 and 2018 , affiliates owned approximately 13.6% and 14.0% , respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 51,272,165 and 53,985,492 Class A units as of December 31, 2019 and 2018 , respectively) an approximate 26.3% and 27.3% interest at December 31, 2019 and 2018 , respectively. Concurrently with the Company’s public offering of Class A common shares in the first quarter of 2017, the Chairman of the Company’s Board of Trustees at that time, B. Wayne Hughes, purchased $50.0 million of the Company’s Class A common shares in a private placement at the public offering price. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. American Homes 4 Rent As of December 31, 2019 , the Company had a $4.6 million payable related to accrued common distributions to affiliates, compared to a $5.0 million payable related to accrued common distributions to affiliates and an unconsolidated joint venture as of December 31, 2018 , which are included in amounts payable to affiliates on the Company’s consolidated balance sheets. American Homes 4 Rent, L.P. As of December 31, 2019 , the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which is included in amounts due from affiliates in the Operating Partnership’s consolidated balance sheets, and had a $4.6 million payable related to accrued common distributions to affiliates, which is included in amounts payable to affiliates in the Operating Partnership’s consolidated balance sheets. As of December 31, 2018 , the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which is included in amounts due from affiliates in the Operating Partnership’s consolidated balance sheets, and had a $5.0 million payable related to accrued common distributions to affiliates and an unconsolidated joint venture, which is included in amounts payable to affiliates in the Operating Partnership’s consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. For the years ended December 31, 2019 , 2018 and 2017 , operating lease costs, which are recognized on a straight-line basis over the lease term and net of amounts capitalized, were as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 Lease costs $ 2,612 $ 2,829 $ 2,614 Less: income from subleases — (347 ) (418 ) Net lease costs $ 2,612 $ 2,482 $ 2,196 Our operating leases have remaining lease terms of one to five years of which some include options for extension. Future lease obligations under our operating leases as of December 31, 2019 were as follows (in thousands): Operating Lease Obligations 2020 $ 1,792 2021 970 2022 749 2023 367 2024 223 Thereafter 9 Total lease payments 4,110 Less: imputed interest (194 ) Operating lease liability $ 3,916 As of December 31, 2019 , the Company had commitments to acquire 289 single-family properties for an aggregate purchase price of $75.1 million , as well as $44.3 million in purchase commitments that relate to both third-party developer agreements and land for our internal construction program. As of December 31, 2018 , the Company had commitments to acquire 88 single-family properties for an aggregate purchase price of $25.3 million , as well as $58.1 million in purchase commitments that relate to both third-party developer agreements and land for our internal construction program. As of December 31, 2019 and 2018 , the Company had sales in escrow for approximately 305 and 78 , respectively, of our single-family properties for aggregate selling prices of $57.5 million and $13.6 million , respectively. As of December 31, 2019 and 2018 , the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $14.5 million and $5.1 million , respectively. We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $1.6 million , $1.3 million and $0.9 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. 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. On January 16, 2018, we received a letter from the staff of the SEC stating that it is conducting an investigation captioned “Trading in Silver Bay Realty Trust Corp.” On February 4, 2020, we were advised by the SEC that it had concluded its investigation and no further action would be taken.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (unaudited)	Quarterly Financial Information (unaudited) American Homes 4 Rent The following table presents the Company’s summarized quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per share data): Quarter First Second Third Fourth 2019 Rents and other single-family property revenues $ 277,694 $ 279,914 $ 293,064 $ 281,465 Net income 33,091 40,304 41,401 41,464 Net income attributable to common shareholders 16,283 22,518 23,520 23,590 Net income attributable to common shareholders per share–basic 0.05 0.08 0.08 0.08 Net income attributable to common shareholders per share–diluted 0.05 0.08 0.08 0.08 Quarter First Second (2) Third Fourth 2018 Rents and other single-family property revenues (1) $ 256,663 $ 262,882 $ 278,187 $ 268,943 Net income 21,525 25,898 30,281 34,734 Net income (loss) attributable to common shareholders 5,814 (15,151 ) 15,177 17,632 Net income (loss) attributable to common shareholders per share–basic 0.02 (0.05 ) 0.05 0.06 Net income (loss) attributable to common shareholders per share–diluted 0.02 (0.05 ) 0.05 0.06 (1) As a result of the adoption of the new lease accounting standard, the Company reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the condensed consolidated statements of operations in the interim periods in 2018. See Note 2 for additional information. (2) During the second quarter of 2018, the Company incurred a net loss attributable to common shareholders primarily due to a $32.2 million allocation of income to the Series C participating preferred shareholders as a result of the redemption of all outstanding participating preferred shares through a conversion of those participating preferred shares into Class A common shares. See Note 9 for additional information. American Homes 4 Rent, L.P. The following table presents the Operating Partnership’s summarized quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per unit data): Quarter First Second Third Fourth 2019 Rents and other single-family property revenues $ 277,694 $ 279,914 $ 293,064 $ 281,465 Net income 33,091 40,304 41,401 41,464 Net income attributable to common unitholders 19,309 26,522 27,619 27,682 Net income attributable to common unitholders per unit–basic 0.05 0.08 0.08 0.08 Net income attributable to common unitholders per unit–diluted 0.05 0.08 0.08 0.08 Quarter First Second (2) Third Fourth 2018 Rents and other single-family property revenues (1) $ 256,663 $ 262,882 $ 278,187 $ 268,943 Net income 21,525 25,898 30,281 34,734 Net income (loss) attributable to common unitholders 6,939 (18,053 ) 18,058 20,952 Net income (loss) attributable to common unitholders per unit–basic 0.02 (0.05 ) 0.05 0.06 Net income (loss) attributable to common unitholders per unit–diluted 0.02 (0.05 ) 0.05 0.06 (1) As a result of the adoption of the new lease accounting standard, the Operating Partnership reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the condensed consolidated statements of operations in the interim periods in 2018. See Note 2 for additional information. (2) During the second quarter of 2018, the Operating Partnership incurred a net loss attributable to common unitholders primarily due to a $32.2 million allocation of income to the Series C participating preferred unitholders as a result of the redemption of all outstanding participating preferred units through a conversion of those participating preferred units into Class A common units. See Note 9 for additional information.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Revolving Credit Facility From January 1, 2020 through February 21, 2020, the Company borrowed an additional $55.0 million under its revolving credit facility, resulting in $55.0 million of outstanding borrowings under the revolving credit facility as of February 21, 2020. Subsequent Acquisitions From January 1, 2020 through February 21, 2020, the Company added 318 properties to its portfolio for a total cost of approximately $84.1 million , which included 191 homes developed through our new construction channel. Subsequent Dispositions From January 1, 2020 through February 21, 2020, the Company disposed of 297 properties for aggregate net proceeds of approximately $55.8 million . Investment in Joint Venture In February 2020, the Company entered into a $253.1 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management focused on constructing and operating newly built rental homes by the Company. The Company holds a 20% unconsolidated interest in the joint venture, which has an evergreen term. Additionally, the Company will earn fees for development and management services provided to the venture and have an opportunity to earn a promoted interest after construction and initial operation of the venture’s properties.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2019 (Amounts in thousands, except number of single-family homes) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Total Cost (1) Market Number of Single-Family Homes Gross Book Value of Encumbered Assets Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation Net Cost Basis Date of Acquisition Single-family properties in operation Albuquerque 212 $ — $ 6,481 $ 24,088 $ — $ 3,898 $ 6,481 $ 27,986 $ 34,467 $ (6,832 ) $ 27,635 2013-2015 Atlanta 4,779 187,948 149,605 596,259 — 109,350 149,605 705,609 855,214 (120,865 ) 734,349 2012-2019 Austin 752 35,168 27,404 103,786 — 14,619 27,404 118,405 145,809 (20,006 ) 125,803 2012-2019 Boise 488 7,748 19,277 62,664 — 8,426 19,277 71,090 90,367 (9,690 ) 80,677 2013-2019 Charleston 1,129 82,292 45,306 155,807 — 22,603 45,306 178,410 223,716 (28,028 ) 195,688 2012-2019 Charlotte 3,681 283,765 137,465 511,928 — 61,503 137,465 573,431 710,896 (94,715 ) 616,181 2012-2019 Cincinnati 1,973 234,411 61,147 243,041 — 41,202 61,147 284,243 345,390 (65,787 ) 279,603 2012-2017 Colorado Springs 22 — 903 2,953 — 745 903 3,698 4,601 (933 ) 3,668 2013 Columbus 2,030 140,662 58,758 245,575 — 45,201 58,758 290,776 349,534 (53,516 ) 296,018 2012-2019 Dallas-Fort Worth 4,314 286,018 110,494 511,033 — 91,055 110,494 602,088 712,582 (126,394 ) 586,188 2012-2019 Denver 818 — 44,820 175,049 — 21,681 44,820 196,730 241,550 (34,500 ) 207,050 2012-2019 Greater Chicago area, IL and IN 1,751 182,754 54,814 216,787 — 47,908 54,814 264,695 319,509 (65,149 ) 254,360 2012-2015 Greensboro 704 52,939 20,088 91,000 — 11,105 20,088 102,105 122,193 (20,584 ) 101,609 2013-2018 Greenville 663 72,135 16,540 87,056 — 11,836 16,540 98,892 115,432 (21,483 ) 93,949 2013-2018 Houston 3,053 172,330 62,664 377,934 — 61,206 62,664 439,140 501,804 (88,265 ) 413,539 2012-2017 Indianapolis 2,807 294,514 74,467 299,548 — 56,824 74,467 356,372 430,839 (87,428 ) 343,411 2012-2016 Inland Empire 213 — 21,653 25,725 — 3,814 21,653 29,539 51,192 (4,955 ) 46,237 2012-2016 Jacksonville 2,233 60,874 67,482 275,213 — 50,605 67,482 325,818 393,300 (57,661 ) 335,639 2012-2019 Knoxville 391 17,339 12,868 61,975 — 6,320 12,868 68,295 81,163 (13,337 ) 67,826 2013-2017 Las Vegas 1,041 21,811 32,701 130,357 — 23,734 32,701 154,091 186,792 (35,978 ) 150,814 2011-2018 Memphis 656 16,961 21,069 75,735 — 12,969 21,069 88,704 109,773 (16,798 ) 92,975 2013-2018 Miami 193 3,581 2,318 22,156 — 5,082 2,318 27,238 29,556 (6,462 ) 23,094 2013-2015 Milwaukee 112 — 6,656 19,685 — 2,142 6,656 21,827 28,483 (5,415 ) 23,068 2013 Nashville 2,741 182,965 110,984 418,100 — 50,719 110,984 468,819 579,803 (83,158 ) 496,645 2012-2019 Orlando 1,693 46,422 61,270 209,732 — 34,622 61,270 244,354 305,624 (45,865 ) 259,759 2011-2019 Phoenix 3,088 55,867 132,646 355,021 — 52,192 132,646 407,213 539,859 (71,872 ) 467,987 2011-2019 Portland 269 24,340 19,757 39,575 — 2,821 19,757 42,396 62,153 (7,093 ) 55,060 2013-2019 Raleigh 2,062 211,957 70,699 275,097 — 33,484 70,699 308,581 379,280 (60,149 ) 319,131 2012-2019 Salt Lake City 1,423 157,333 85,629 228,651 — 35,135 85,629 263,786 349,415 (46,617 ) 302,798 2012-2019 San Antonio 1,012 59,252 30,561 111,773 — 20,446 30,561 132,219 162,780 (27,507 ) 135,273 2012-2019 Savannah/Hilton Head 878 41,823 28,718 114,908 — 14,577 28,718 129,485 158,203 (18,823 ) 139,380 2013-2018 Seattle 751 28,198 51,220 142,807 — 11,479 51,220 154,286 205,506 (18,656 ) 186,850 2012-2019 Tampa 2,243 45,903 83,434 313,145 — 46,896 83,434 360,041 443,475 (65,104 ) 378,371 2012-2019 Tucson 377 11,962 7,499 36,753 — 7,926 7,499 44,679 52,178 (12,056 ) 40,122 2011-2019 Winston Salem 813 42,843 19,107 95,961 — 10,875 19,107 106,836 125,943 (20,424 ) 105,519 2013-2018 Total Single-family properties in operation 51,365 3,062,115 1,756,504 6,656,877 — 1,035,000 1,756,504 7,691,877 9,448,381 (1,462,105 ) 7,986,276 2011-2019 Properties under development & development land — — 186,464 — 37,577 131,386 224,041 131,386 355,427 — 355,427 Total Single-family properties held for sale 1,187 — 44,750 164,742 — 32,221 44,750 196,963 241,713 (31,885 ) 209,828 2011-2018 Total real estate assets 52,552 $ 3,062,115 $ 1,987,718 $ 6,821,619 $ 37,577 $ 1,198,607 $ 2,025,295 $ 8,020,226 $ 10,045,521 $ (1,493,990 ) $ 8,551,531 2011-2019 (1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $9.8 billion as of December 31, 2019 . American Homes 4 Rent American Homes 4 Rent, L.P. Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2019 (Continued) Change in Total Real Estate Assets for Single-Family Properties in Operation For the Years Ended December 31, (Amounts in thousands) 2019 2018 2017 Balance, beginning of period $ 9,197,096 $ 8,968,901 $ 8,127,136 Acquisitions and building improvements 379,466 628,118 870,350 Dispositions (233,094 ) (59,308 ) (69,311 ) Write-offs (12,353 ) (9,572 ) (6,773 ) Impairment (3,663 ) (5,858 ) (4,680 ) Reclassifications to single-family properties held for sale, net of dispositions 120,929 (325,185 ) 52,179 Balance, end of period $ 9,448,381 $ 9,197,096 $ 8,968,901 Change in Accumulated Depreciation for Single-Family Properties in Operation For the Years Ended December 31, (Amounts in thousands) 2019 2018 2017 Balance, beginning of period $ (1,176,499 ) $ (939,724 ) $ (666,710 ) Depreciation (1) (313,683 ) (300,746 ) (281,195 ) Dispositions 28,154 11,738 1,960 Write-offs 12,353 9,572 6,773 Reclassifications to single-family properties held for sale, net of dispositions (12,430 ) 42,661 (552 ) Balance, end of period $ (1,462,105 ) $ (1,176,499 ) $ (939,724 ) (1) Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from three to thirty years .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is included in noncontrolling interest within the consolidated financial statements. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, 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. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit 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 presentation of the consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes AH4R has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and excluding any net capital gains), we generally will not be subject to U.S. federal income tax. Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Our taxable REIT subsidiaries (“TRS”) will be subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2015 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on our income. Instead, each of the Operating Partnership’s partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full authority of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2019 , there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.
Investments in Real Estate	Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. For the year ended December 31, 2019 , the Company completed the acquisition of 451 single-family properties for a total purchase price of $118.5 million , which was included in cash paid for single-family properties within the consolidated statement of cash flows. The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year ). The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare our acquired properties for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred.
Single Family Properties Under Development and Development Land	Single-Family Properties Under Development and Development Land Land and construction in progress related to our internal construction program (AMH Development Program) are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General . Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met.
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2019 and 2018 , the Company had 1,187 and 1,945 single-family properties, respectively, classified as held for sale, and recorded $3.7 million , $5.9 million and $4.7 million of impairment on single-family properties held for sale for the years ended December 31, 2019 , 2018 and 2017 , respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations
Impairment of Long-lived Assets	Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Leases	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year . As a result of the adoption of ASC 842 on January 1, 2019, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred. Upon adoption of ASC 842, we no longer have an allowance for doubtful accounts. When collectability is not deemed probable, we write-off the tenant’s receivables and limit lease income to cash received. Prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses that may have resulted from the inability of tenants to make required rent or other payments. This allowance was estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. The Company’s allowance for doubtful accounts was $8.6 million as of December 31, 2018 and was included in rent and other receivables, net within the consolidated balance sheets. See “Accounting Pronouncements Adopted January 1, 2019” below for additional information. We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Gains on sales of properties are recognized pursuant to the provisions included in ASC 610-20, Other Income . Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation . If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606, Revenue from Contracts with Customers , and whether the buyer has obtained control of the asset that was sold. We recognize a full gain on sale, which is presented in gain on sale of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met. Leasing Costs As a result of the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , (“ASC 842”) on January 1, 2019, only direct costs incurred due to the execution of a lease are capitalized and amortized over the term of the leases, which generally have a term of one year
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over thirty years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to thirty years . We consider the value of in-place leases in the allocation of the purchase price, and amortize such amounts on a straight-line basis over the remaining terms of the leases. The unamortized portion of the value of in-place leases is included in deferred costs and other intangibles, net within the consolidated balance sheets.
Intangible Assets	Intangible Assets Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives, and the estimated economic life of our database intangible asset is seven years . The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset.
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense on an effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and are included in deferred costs and other intangibles, net within the consolidated balance sheets. Financing costs related to the origination of the Company’s term loan credit facility, unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other revenues in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.
Notes Receivable	Notes Receivable The Company has issued promissory notes in connection with two bulk dispositions of our single-family properties. Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other revenues within the consolidated statements of operations. The Company analyzes its notes receivables quarterly based on certain factors including, but not limited to, the borrower’s financial results and satisfying scheduled payments. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-based Compensation	Share-Based Compensation Our 2012 Equity Incentive Plan is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation expense related to options to purchase our Class A common shares and restricted stock units issued to members of the Company’s board of trustees and employees is based on the fair value of the options and restricted stock units on the grant date and amortized over the service period. Forfeitures are recognized as they occur.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying amount of rent and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses approximate fair value because of the short maturity of these amounts. Our revolving credit facility, term loan facility and asset-backed securitizations are also financial instruments, whose fair values were estimated using unobservable inputs by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. Our unsecured senior notes are also financial instruments whose fair values were estimated using observable inputs, based on the market value of the last trade at the end of the period. The Company’s participating preferred shares derivative liability and treasury lock were the only financial instruments recorded at fair value on a recurring basis within our consolidated financial statements (see Note 12 ).
Derivatives	Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings.
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one
Recent Accounting Pronouncements	Accounting Pronouncements Adopted January 1, 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) , which sets forth principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessors and lessees). Lessor accounting remains similar to lessor accounting under previous guidance while aligning with the FASB’s revised revenue recognition guidance for non-lease components of lease agreements. The new guidance requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases. We have elected the short-term lease measurement and recognition exemption and do not establish right-of-use assets or lease liabilities for operating leases with terms of twelve months or less. The new guidance also requires lessees and lessors to capitalize, as initial direct costs, only those costs incurred due to the execution of a lease. Other costs previously capitalized under ASC 840, including indirect leasing costs, are expensed as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842) Targeted Improvements , which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component if the non-lease components would otherwise be accounted for under the new revenue recognition standard and both the timing and pattern of transfer are the same for the non-lease components and associated lease component and, if accounted for separately, the lease component would be classified as an operating lease. As issued, ASU No. 2016-02 required modified retrospective application for all leases existing as of, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements, with certain practical expedients available. ASU No. 2018-11 simplifies the transition requirements by providing companies an option to initially apply the new lease requirements as of the date of adoption and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU No. 2018-20, Narrow-Scope Improvements for Lessors , which allows lessors to make an accounting policy election to exclude sales taxes and other similar taxes on lease transactions from lease revenue and the associated expense and requires lessors to exclude costs paid directly by lessees to third parties on the lessor’s behalf from lease revenue. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods, with early adoption permitted. The Company adopted this guidance (the “new lease accounting standard”) effective January 1, 2019. As part of our accounting policy for the new guidance, the Company elected the simplified transition requirements provided by ASU No. 2018-11 and applied the new lease accounting standard beginning January 1, 2019. Comparative periods are not restated. We also elected the package of practical expedients which permits the Company to not reevaluate whether existing contracts contain leases, to not reevaluate existing leases for lease classification and to not reassess initial direct costs previously capitalized prior to the adoption of the new guidance. As a result of our accounting policy elections, the Company did not recognize a cumulative effect adjustment on January 1, 2019. The new guidance affects our policy for capitalizing initial direct costs. Had we adopted this guidance on January 1, 2017, the Company would have expensed an additional $8.0 million and $3.6 million of indirect leasing costs that were capitalized under the previous guidance during the years ended December 31, 2018 and 2017 , respectively. The Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under the new lease accounting standard while certain tenant charge-backs are accounted for as variable payments under the revenue accounting guidance. As a result of the new guidance, the Company reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the consolidated statements of operations. Additionally, when collectability is not deemed probable, we write-off the tenant’s receivables and limit lease income to cash received. Prior to the adoption of the new lease accounting standard, the Company classified bad debt expense as property operating expenses within the consolidated statements of operations; previously reported property operating expenses were not restated. As a lessee, the Company recognized $4.8 million of lease liabilities and corresponding right-of-use assets on January 1, 2019 for office space we lease at our corporate headquarters in Agoura Hills, CA and at our field offices. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. The guidance is effective for the Company in annual reporting periods beginning after December 15, 2018, and for interim periods within those annual periods. An entity should only remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company adopted this guidance effective January 1, 2019. The adoption of this guidance did not have a material impact on our financial statements. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , to amend the accounting for credit losses for certain financial instruments by requiring companies to recognize an estimate of expected credit losses as an allowance in order to recognize such losses more timely than under previous guidance that had allowed companies to wait until it was probable such losses had been incurred. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases . In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which provides further clarification around some of the amendments in ASU 2016-13. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief , which provides entities that have certain instruments within the scope of Topic 326 with an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis upon adoption of Topic 326. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which provides further clarification around some of the amendments in ASU 2016-13. The guidance will be effective for the Company for annual reporting periods beginning after December 15, 2019, and for interim periods within those annual periods. Early adoption is permitted for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. An entity will apply the amendments in these ASUs through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The effect of a prospective transition approach is to maintain the same amortized cost basis before and after the effective date of the guidance. The Company plans to adopt this guidance on January 1, 2020. The adoption of this guidance will not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates, adds and modifies certain disclosure requirements for fair value measurements. Companies will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. Companies will also be required to disclose the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The amendments on the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company plans to adopt this guidance on January 1, 2020. The adoption of this guidance will not have a material impact on our financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those annual periods with early adoption permitted. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company plans to adopt this guidance on January 1, 2020. The adoption of this guidance will not have a material impact on our financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) , which clarifies the interaction between ASC Topics 321, 323 and 815. ASC 321, Investments—Equity Securities , provides a company with a measurement alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment, if any. If the company then identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, it should measure the equity security at fair value as of the date that the observable transaction occurred. The amendments in this ASU clarify that a company should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with ASC 321 immediately before applying or upon discontinuing the equity method. The amendments in this ASU also clarify the accounting treatment of forward contracts and purchased options for securities that will be accounted for under the equity method of accounting upon settlement or exercise. The guidance is effective for fiscal years beginning after December 15, 2020, and for interim periods within those annual periods with early adoption permitted. The amendments in this ASU should be applied prospectively by applying the amendments at the beginning of the interim period that includes the adoption date. The Company is currently assessing the impact of the guidance on its financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company’s and the Operating Partnership’s consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (in thousands): December 31, 2019 2018 2017 Cash and cash equivalents $ 37,575 $ 30,284 $ 46,156 Restricted cash 126,544 144,930 136,667 Total cash, cash equivalents and restricted cash $ 164,119 $ 175,214 $ 182,823

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of Single-Family Properties	The net book values of real estate assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Occupied single-family properties $ 7,534,627 $ 7,448,330 Single-family properties recently acquired 88,181 212,870 Single-family properties in turnover process 308,008 294,093 Single-family properties leased, not yet occupied 55,460 65,304 Single-family properties in operation, net 7,986,276 8,020,597 Development land 224,041 97,207 Single-family properties under development 131,386 56,444 Single-family properties held for sale, net 209,828 318,327 Total real estate assets, net $ 8,551,531 $ 8,492,575 The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except property data): For the Year Ended December 31, 2019 2018 2017 Single-family properties: Properties sold 1,330 691 923 Net proceeds (1) $ 248,199 $ 105,394 $ 72,611 Net gain on sale $ 43,507 $ 16,313 $ 3,573 Land: Net proceeds $ 3,205 $ 763 $ — Net gain on sale $ 366 $ 220 $ — (1) Total net proceeds for the years ended December 31, 2019 , 2018 and 2017 included $30.7 million , zero and $7.0 million , respectively, of notes receivable, before $1.2 million , zero and $1.5 million , respectively, of discounts, which are presented in escrow deposits, prepaid expenses and other assets (see Note 5 ).

Rent and Other Receivables, N_2

Rent and Other Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Operating Lease, Lease Income	Rents and other single-family property revenues consisted of the following for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Rents from single-family properties (1) $ 1,132,137 $ 908,936 $ 824,023 Fees from single-family properties — 10,946 10,727 Tenant charge-backs — 146,793 120,081 Rents and other single-family property revenues $ 1,132,137 $ 1,066,675 $ 954,831 (1) For the year ended December 31, 2019 , rents from single-family properties included $159.9 million of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, and $13.8 million of variable lease payments for fees from single-family properties.
Summary of Future Minimum Rental Revenues	The Company generally rents our single-family properties under non-cancelable lease agreements with a term of one year . The following table summarizes our future minimum rental revenues under existing leases on our properties as of December 31, 2019 (in thousands): Future Minimum Rental Revenues 2020 $ 479,793 2021 18,822 2022 299 2023 22 2024 22 Total $ 498,958

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2019
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 December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Escrow deposits, prepaid expenses and other $ 54,545 $ 38,642 Investments in joint ventures 67,935 56,789 Notes receivable 36,834 6,012 Commercial real estate, software, vehicles and FF&E, net 42,742 44,591 Total $ 202,056 $ 146,034

Deferred Costs and Other Inta_2

Deferred Costs and Other Intangibles, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Intangibles, Net	Deferred costs and other intangibles, net, consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Deferred leasing costs $ 3,738 $ 11,912 Deferred financing costs 11,244 11,246 Intangible assets: Database 2,100 2,100 17,082 25,258 Less: accumulated amortization (10,242 ) (12,572 ) Total $ 6,840 $ 12,686
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 December 31, 2019 for future periods (in thousands): Deferred Leasing Costs Deferred Financing Costs Database Total 2020 $ 1,807 $ 1,969 $ 132 $ 3,908 2021 — 1,964 — 1,964 2022 — 968 — 968 Total $ 1,807 $ 4,901 $ 132 $ 6,840

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of December 31, 2019 and 2018 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2019 December 31, 2018 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 485,828 $ 491,195 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 501,393 506,760 AH4R 2015-SFR1 securitization (2) 4.14 % April 9, 2045 526,560 532,197 AH4R 2015-SFR2 securitization (3) 4.36 % October 9, 2045 457,212 462,358 Total asset-backed securitizations 1,970,993 1,992,510 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 — Revolving credit facility (5) 2.96 % June 30, 2022 — 250,000 Term loan facility (6) N/A N/A — 100,000 Total debt 2,870,993 2,842,510 Unamortized discount on unsecured senior notes (4,143 ) (2,546 ) Deferred financing costs, net (7) (33,353 ) (36,421 ) Total debt per balance sheet $ 2,833,497 $ 2,803,543 (1) Interest rates are as of December 31, 2019 . Unless otherwise stated, interest rates are fixed percentages. (2) The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. (3) The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. (4) The stated interest rate on the 2028 unsecured senior notes is 4.25% , which was effectively hedged to yield an interest rate of 4.08% . (5) The revolving credit facility provides for a borrowing capacity of up to $800.0 million , and the Company had approximately $6.2 million and $1.1 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2019 and 2018 , respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2019 . LIBOR is expected to be discontinued after 2021 and the Company expects to replace the contractual reference rate with an appropriate alternative. The Company does not expect this modification to have a material impact on its financial statements. (6) The term loan was fully repaid in June 2019. (7) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of these deferred financing costs was $5.9 million , $5.8 million and $6.4 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included in gross interest, prior to interest capitalization.
Schedule of Debt Maturities	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2019 (in thousands): Debt Maturities 2020 $ 20,714 2021 20,714 2022 20,714 2023 20,714 2024 955,875 Thereafter 1,832,262 Total debt $ 2,870,993
Schedule of Encumbered Properties	The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2019 and 2018 (in thousands, except property data): December 31, 2019 December 31, 2018 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR2 securitization 4,543 $ 592,203 4,546 $ 611,279 AH4R 2014-SFR3 securitization 4,587 642,189 4,588 662,068 AH4R 2015-SFR1 securitization 4,696 641,595 4,697 662,202 AH4R 2015-SFR2 securitization 4,175 592,900 4,178 612,835 Total encumbered properties 18,001 $ 2,468,887 18,009 $ 2,548,384
Summary of Activity that Relates to Capitalized Interest	The following table displays our (i) total gross interest, which includes fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Gross interest cost $ 138,211 $ 129,571 $ 118,276 Capitalized interest (11,097 ) (6,671 ) (5,656 ) Interest expense $ 127,114 $ 122,900 $ 112,620

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Resident security deposits $ 84,832 $ 83,406 Accrued property taxes 44,280 40,566 Accrued interest 23,090 16,413 Accrued construction and maintenance liabilities 20,435 18,371 Prepaid rent 19,970 22,506 Accrued distribution payable 13,024 12,809 Accounts payable 5,037 195 Other accrued liabilities 32,525 24,963 Total $ 243,193 $ 219,229

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Preferred Shares	As of December 31, 2019 and 2018 , the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): December 31, 2019 December 31, 2018 Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500 % 10,750,000 $ 268,750 10,750,000 $ 268,750 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % 9,200,000 230,000 9,200,000 230,000 Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875 % 6,200,000 155,000 6,200,000 155,000 Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875 % 4,600,000 115,000 4,600,000 115,000 Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250 % 4,600,000 115,000 4,600,000 115,000 Total preferred shares 35,350,000 $ 883,750 35,350,000 $ 883,750
Schedule Of Distributions Made During Period	The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Years Ended December 31, 2019 2018 2017 Class A and Class B common shares $ 0.20 $ 0.20 $ 0.20 5.000% Series A participating preferred shares — — 0.94 5.000% Series B participating preferred shares — — 0.94 5.500% Series C participating preferred shares — 0.34 1.38 6.500% Series D perpetual preferred shares 1.63 1.63 1.63 6.350% Series E perpetual preferred shares 1.59 1.59 1.59 5.875% Series F perpetual preferred shares 1.47 1.47 1.01 5.875% Series G perpetual preferred shares 1.47 1.47 0.67 6.250% Series H perpetual preferred shares 1.56 0.44 —
Noncontrolling Interest	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s consolidated statements of operations for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Net income (loss) allocated to Class A units $ 15,221 $ 4,424 $ (4,648 ) Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary — (259 ) 141 Total noncontrolling interest $ 15,221 $ 4,165 $ (4,507 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity Under Plan	The following table summarizes stock option activity under the Plan for the years ended December 31, 2019 , 2018 and 2017 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2016 2,826,500 $ 15.69 7.6 $ 14,956 Granted 385,200 23.38 Exercised (74,000 ) 15.65 520 Forfeited (85,250 ) 16.24 Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (769,875 ) 16.07 4,754 Forfeited (170,300 ) 17.93 Options outstanding at December 31, 2018 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (730,125 ) 15.94 6,088 Forfeited (12,350 ) 20.80 Options outstanding at December 31, 2019 1,529,800 $ 17.40 5.3 $ 13,479 Options exercisable at December 31, 2019 1,163,150 $ 16.76 4.8 $ 10,993 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs Used for Valuation of Stock Options Outstanding	The weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019 , 2018 and 2017 were $2.85 , $3.03 and 3.82 , respectively, based on the following inputs used in the Black-Scholes Option Pricing Model: 2019 2018 2017 Expected term (years) 7.0 7.0 7.0 Dividend yield 3.0 % 3.0 % 3.0 % Volatility 17.3 % 18.9 % 21.3 % Risk-free interest rate 2.6 % 2.8 % 2.2 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes the activity that relates to the Company’s restricted stock units under the Plan for the years ended December 31, 2019 , 2018 and 2017 : Restricted Stock Units Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) Restricted stock units outstanding at December 31, 2016 130,150 $ 15.09 $ 2,731 Awarded 174,400 23.38 Vested (42,475 ) 15.42 990 Forfeited (18,200 ) 19.30 Restricted stock units outstanding at December 31, 2017 243,875 $ 20.65 $ 5,326 Awarded 304,400 19.40 Vested (80,125 ) 19.51 1,552 Forfeited (95,775 ) 20.15 Restricted stock units outstanding at December 31, 2018 372,375 $ 20.00 $ 7,392 Awarded 350,334 22.90 Vested (111,000 ) 19.75 2,431 Forfeited (12,600 ) 21.34 Restricted stock units outstanding at December 31, 2019 599,109 $ 21.71 $ 15,703 (1) Intrinsic value for outstanding restricted stock units is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested restricted stock units is defined as the market value of the underlying shares on the day the awards vested.
Summary of Noncash Share-Based Compensation Expense	The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2019 , 2018 and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 General and administrative expenses $ 3,466 $ 2,075 $ 2,563 Property management expenses 1,342 1,358 1,649 Total noncash share-based compensation expense $ 4,808 $ 3,433 $ 4,212

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Computation of Net Loss per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income or loss per common share on a basic and diluted basis for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except share and per share data): For the Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 156,260 $ 112,438 $ 76,492 Less: Noncontrolling interest 15,221 4,165 (4,507 ) Dividends on preferred shares 55,128 52,586 60,718 Redemption of participating preferred shares — 32,215 42,416 Allocation to participating securities (1) 166 85 — Numerator for income (loss) per common share–basic and diluted $ 85,745 $ 23,387 $ (22,135 ) Denominator: Weighted-average common shares outstanding–basic 299,415,397 293,640,500 264,254,718 Effect of dilutive securities: Share-based compensation plan (2) 503,569 627,830 — Weighted-average common shares outstanding–diluted (3) 299,918,966 294,268,330 264,254,718 Net income (loss) per common share: Basic $ 0.29 $ 0.08 $ (0.08 ) Diluted $ 0.29 $ 0.08 $ (0.08 ) (1) Unvested restricted stock units 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. (3) The computation of diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 excludes an aggregate of 182,481 , zero and 17,084,135 potentially dilutive securities, respectively, which include a combination of participating preferred shares, exchangeable senior notes and common shares issuable for unvested restricted stock units, because their effect would have been antidilutive to the respective periods. 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 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 or loss per common unit on a basic and diluted basis for the years ended December 31, 2019 , 2018 and 2017 (in thousands, except unit and per unit data): For the Years Ended December 31, 2019 2018 2017 Numerator: Net income $ 156,260 $ 112,438 $ 76,492 Less: Noncontrolling interest — (259 ) 141 Preferred distributions 55,128 52,586 60,718 Redemption of participating preferred units — 32,215 42,416 Allocation to participating securities (1) 166 85 — Numerator for income (loss) per common unit–basic and diluted $ 100,966 $ 27,811 $ (26,783 ) Denominator: Weighted-average common units outstanding–basic 352,460,401 348,990,561 319,753,206 Effect of dilutive securities: Share-based compensation plan (2) 503,569 627,830 — Weighted-average common units outstanding–diluted (3) 352,963,970 349,618,391 319,753,206 Net income (loss) per common unit: Basic $ 0.29 $ 0.08 $ (0.08 ) Diluted $ 0.29 $ 0.08 $ (0.08 ) (1) Unvested restricted stock units 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. (3) The computation of diluted earnings per unit for the years ended December 31, 2019 , 2018 and 2017 excludes an aggregate of 182,481 , zero and 17,084,135 potentially dilutive securities, respectively, which include a combination of participating preferred units, exchangeable senior notes and common units issuable for unvested restricted stock units, because their effect would have been antidilutive to the respective periods.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value (1) Fair Value AH4R 2014-SFR2 securitization $ 479,706 $ 491,302 $ 483,790 $ 494,820 AH4R 2014-SFR3 securitization 495,029 510,486 499,108 511,450 AH4R 2015-SFR1 securitization 519,576 534,531 523,865 534,666 AH4R 2015-SFR2 securitization 450,733 466,558 454,748 467,303 Total asset-backed securitizations (1) 1,945,044 2,002,877 1,961,511 2,008,239 2028 unsecured senior notes, net 493,589 531,870 492,800 479,730 2029 unsecured senior notes, net 394,864 446,728 — — Total unsecured senior notes, net (1) 888,453 978,598 492,800 479,730 Revolving credit facility (2) — — 250,000 250,000 Term loan facility (1) (2) — — 99,232 100,000 Total debt $ 2,833,497 $ 2,981,475 $ 2,803,543 $ 2,837,969 (1) To conform with current year presentation, the carrying values of the asset-backed securitizations, unsecured senior notes and term loan facility are presented net of unamortized deferred financing costs of $31.0 million , $4.7 million and $0.8 million , respectively, as of December 31, 2018 . The carrying values of the unsecured senior notes, net remain presented net of unamortized discounts. (2) As our revolving credit facility and term loan facility bear interest at a floating rate based on an index plus a spread (see Note 7 ), management believes that the carrying values (excluding deferred financing costs) of the revolving credit facility and term loan facility reasonably approximate fair value.
Changes in Fair Value of Level 3 Financial Instruments	The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the years ended December 31, 2018 and 2017 (in thousands): Description January 1, 2018 Conversions Remeasurement Included in Earnings December 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258 ) $ (1,212 ) $ — Description January 1, 2017 Conversions Remeasurement Included in Earnings December 31, 2017 Liabilities: Participating preferred shares derivative liability $ 69,810 $ (37,499 ) $ (2,841 ) $ 29,470

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Summary of Rental Expense Under Operating Leases	For the years ended December 31, 2019 , 2018 and 2017 , operating lease costs, which are recognized on a straight-line basis over the lease term and net of amounts capitalized, were as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 Lease costs $ 2,612 $ 2,829 $ 2,614 Less: income from subleases — (347 ) (418 ) Net lease costs $ 2,612 $ 2,482 $ 2,196
Schedule of Future Lease Obligations Under Operating Leases	Future lease obligations under our operating leases as of December 31, 2019 were as follows (in thousands): Operating Lease Obligations 2020 $ 1,792 2021 970 2022 749 2023 367 2024 223 Thereafter 9 Total lease payments 4,110 Less: imputed interest (194 ) Operating lease liability $ 3,916

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Summarized Quarterly Financial Data	American Homes 4 Rent The following table presents the Company’s summarized quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per share data): Quarter First Second Third Fourth 2019 Rents and other single-family property revenues $ 277,694 $ 279,914 $ 293,064 $ 281,465 Net income 33,091 40,304 41,401 41,464 Net income attributable to common shareholders 16,283 22,518 23,520 23,590 Net income attributable to common shareholders per share–basic 0.05 0.08 0.08 0.08 Net income attributable to common shareholders per share–diluted 0.05 0.08 0.08 0.08 Quarter First Second (2) Third Fourth 2018 Rents and other single-family property revenues (1) $ 256,663 $ 262,882 $ 278,187 $ 268,943 Net income 21,525 25,898 30,281 34,734 Net income (loss) attributable to common shareholders 5,814 (15,151 ) 15,177 17,632 Net income (loss) attributable to common shareholders per share–basic 0.02 (0.05 ) 0.05 0.06 Net income (loss) attributable to common shareholders per share–diluted 0.02 (0.05 ) 0.05 0.06 (1) As a result of the adoption of the new lease accounting standard, the Company reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the condensed consolidated statements of operations in the interim periods in 2018. See Note 2 for additional information. (2) During the second quarter of 2018, the Company incurred a net loss attributable to common shareholders primarily due to a $32.2 million allocation of income to the Series C participating preferred shareholders as a result of the redemption of all outstanding participating preferred shares through a conversion of those participating preferred shares into Class A common shares. See Note 9 for additional information. American Homes 4 Rent, L.P. The following table presents the Operating Partnership’s summarized quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except per unit data): Quarter First Second Third Fourth 2019 Rents and other single-family property revenues $ 277,694 $ 279,914 $ 293,064 $ 281,465 Net income 33,091 40,304 41,401 41,464 Net income attributable to common unitholders 19,309 26,522 27,619 27,682 Net income attributable to common unitholders per unit–basic 0.05 0.08 0.08 0.08 Net income attributable to common unitholders per unit–diluted 0.05 0.08 0.08 0.08 Quarter First Second (2) Third Fourth 2018 Rents and other single-family property revenues (1) $ 256,663 $ 262,882 $ 278,187 $ 268,943 Net income 21,525 25,898 30,281 34,734 Net income (loss) attributable to common unitholders 6,939 (18,053 ) 18,058 20,952 Net income (loss) attributable to common unitholders per unit–basic 0.02 (0.05 ) 0.05 0.06 Net income (loss) attributable to common unitholders per unit–diluted 0.02 (0.05 ) 0.05 0.06 (1) As a result of the adoption of the new lease accounting standard, the Operating Partnership reclassified previously reported rents from single-family properties, fees from single-family properties and tenant charge-backs to rents and other single-family property revenues within the condensed consolidated statements of operations in the interim periods in 2018. See Note 2 for additional information. (2) During the second quarter of 2018, the Operating Partnership incurred a net loss attributable to common unitholders primarily due to a $32.2 million allocation of income to the Series C participating preferred unitholders as a result of the redemption of all outstanding participating preferred units through a conversion of those participating preferred units into Class A common units. See Note 9 for additional information.

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)statesingle_family_propertyproperty	Dec. 31, 2018USD ($)
Organization and operations
Number of states | state	22
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Stock exchange ratio	1
Single family homes
Organization and operations
Number of properties | single_family_property	52,552
Single family homes | Single-family properties identified as part of disposal group
Organization and operations
Number of properties | property	1,187
American Homes 4 Rent
Organization and operations
General partner ownership interest	85.20%	84.30%
Limited Partners
Organization and operations
Limited partnership interest	14.80%

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2019USD ($)single_family_propertyreportable_segmentproperty	Dec. 31, 2018USD ($)single_family_property	Dec. 31, 2017USD ($)
Property Subject to or Available for Operating Lease
Deferred tax assets and liabilities	$ 0
Net operating loss carryforward	188,800,000	$ 275,000,000
Single-family properties:
Loss on impairment of single-family properties	3,663,000	5,858,000	$ 4,680,000
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of long-lived assets held-for-use	$ 0	0	0
Leasing Costs
Lease amortization period	1 year
Depreciation and Amortization
Impairment of intangible assets	$ 0	0	0
Goodwill
Goodwill	120,279,000	120,279,000
Goodwill impairments	$ 0	0	0
Allowance for Doubtful Accounts
Allowance for doubtful accounts		$ 8,600,000
Revenue and Expense Recognition
Revenue recognition period of operating lease	1 year
Segment Reporting
Number of reportable segments | reportable_segment	1
Leases, Acquired-in-Place [Member]
Investments in Real Estate
Acquired leases, useful life	1 year
Database
Investments in Real Estate
Acquired leases, useful life	7 years
Building and building improvements
Depreciation and Amortization
Estimated useful life of asset	30 years
Building and building improvements | Maximum
Depreciation and Amortization
Estimated useful life of asset	30 years
Building and building improvements | Minimum
Depreciation and Amortization
Estimated useful life of asset	3 years
Single family homes
Investments in Real Estate
Number of properties acquired | property	451
Total cost of property acquired	$ 118,500,000
Single-family properties:
Number of properties | single_family_property	52,552
Single-family properties identified for future sale | Single family homes
Single-family properties:
Number of properties | single_family_property	1,187	1,945
Loss on impairment of single-family properties	$ 3,700,000	$ 5,900,000	$ 4,700,000

Significant Accounting Polici_5

Significant Accounting Policies - Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Jan. 01, 2019
Leases
Operating lease liability			$ 3,916
ASU 2016-02
Leases
Right-of-use assets				$ 4,800
Operating lease liability				$ 4,800
Pro Forma | ASU 2016-02
Leases
Operating lease, expense	$ 8,000	$ 3,600

Significant Accounting Polici_6

Significant Accounting Policies - Cash, Cash Equivalent, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37,575	$ 30,284	$ 46,156
Restricted cash	126,544	144,930	136,667
Total cash, cash equivalents and restricted cash	$ 164,119	$ 175,214	$ 182,823	$ 250,241

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease
Net book value	$ 7,986,276	$ 8,020,597
Development land	224,041	97,207
Single-family properties under development	131,386	56,444
Single-family properties held for sale, net	209,828	318,327
Total real estate assets, net	8,551,531	8,492,575
Single family homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	8,551,531	8,492,575
Single family homes | Single-family properties recently acquired
Property Subject to or Available for Operating Lease
Net book value	88,181	212,870
Single family homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Net book value	308,008	294,093
Single family homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Net book value	7,534,627	7,448,330
Single family homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Net book value	$ 55,460	$ 65,304

Real Estate Assets, Net - Singl

Real Estate Assets, Net - Single-Family Properties and Land (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Land:
Financing receivable, before allowance for credit loss, noncurrent	$ 30,700	$ 0	$ 7,000
Premiums and other receivables	$ 1,200	$ 0	$ 1,500
Single family homes
Single-family properties:
Properties sold | property	1,330	691	923
Net proceeds	$ 248,199	$ 105,394	$ 72,611
Net gain on sale	43,507	16,313	3,573
Land:
Net proceeds	3,205	763	0
Net gain on sale	$ 366	$ 220	$ 0

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Property Subject to or Available for Operating Lease
Insurance settlements receivable		$ 2,700	$ 4,900
Hurricane-related charges, net		0	0	$ 7,963
Proceeds received from hurricane-related insurance claims		2,171	4,522	0
Natural Disasters and Other Casualty Events
Property Subject to or Available for Operating Lease
Number of homes with major damage | property	125
Number of homes with minor damage | property	3,400
Impairment charge to write down the net book values of the impacted properties				11,000
Insurance settlements receivable				8,900
Additional repair, remediation and other costs				5,900
Aggregate net book value of the impacted properties				7,100
Proceeds received from hurricane-related insurance claims		3,500	4,500
Business interruption recoveries		1,300
Single family homes
Property Subject to or Available for Operating Lease
Depreciation		$ 313,700	$ 300,700	$ 281,200

Rent and Other Receivables, N_3

Rent and Other Receivables, Net - Rent (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Insurance settlements receivable	$ 2,700	$ 4,900
Future minimum rental revenues
2020	479,793
2021	18,822
2022	299
2023	22
2024	22
Total	$ 498,958

Rent and Other Receivables, N_4

Rent and Other Receivables, Net - Summary of Single-Family Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease term	1 year
Single family homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rents from single-family properties		$ 908,936	$ 824,023
Fees from single-family properties		10,946	10,727
Tenant charge-backs		146,793	120,081
Rents and other single-family property revenues	$ 1,132,137	$ 1,066,675	$ 954,831
Tenant chargebacks	159,900
Variable lease payments	$ 13,800

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Schedule of Expenses and Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other		$ 54,545	$ 38,642
Investments in joint ventures		67,935	56,789
Notes receivable		36,834	6,012
Commercial real estate, software, vehicles and FF&E, net		42,742	44,591
Total		202,056	146,034
Schedule of Equity Method Investments [Line Items]
Property and land contributions to an unconsolidated joint venture		20,448	40,942	$ 0
Cash payments to acquire interest in joint venture		13,114	8,400	0
American Homes 4 Rent, L.P.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total		201,776	145,807
Schedule of Equity Method Investments [Line Items]
Property and land contributions to an unconsolidated joint venture		20,448	40,942	0
Cash payments to acquire interest in joint venture		13,114	8,400	0
American Homes 4 Rent, L.P. | Joint Venture, Single-Family Rental Homes, Southeast
Schedule of Equity Method Investments [Line Items]
Aggregate cost					$ 312,500
Joint venture, initial term	5 years
Ownership percentage	20.00%
Property and land contributions to an unconsolidated joint venture		20,400	40,900
Cash payments to acquire interest in joint venture		13,100	8,400
Distributions received from the joint venture		17,500	32,800
Equity method investments		33,800	18,000
Commercial real estate, software, vehicles and furniture, fixtures and equipment
Schedule of Equity Method Investments [Line Items]
Depreciation		7,600	7,000	6,900
Corporate Joint Venture [Member] | Property management expenses
Schedule of Equity Method Investments [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 3,600	$ 1,900	$ 2,400

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Notes Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Schedule of Equity Method Investments [Line Items]
Note receivable, gross		$ 30,700	$ 0	$ 7,000
Unamortized discount		1,200	0	$ 1,500
Notes receivable		$ 36,834	$ 6,012
Single family homes
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property		1,330	691	923
Bulk Portfolio Disposition | Single family homes | Disposal group, not discontinued operations
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	215
Bulk Portfolio Disposition | Secured promissory note maturing june 2025 | Disposal group, not discontinued operations
Schedule of Equity Method Investments [Line Items]
Note receivable, gross	$ 30,700
Interest rate through October 31, 2019	2.70%
Interest rate thereafter through maturity	4.50%
Unamortized discount		$ 900
Notes receivable		$ 29,800

Deferred Costs and Other Inta_3

Deferred Costs and Other Intangibles, Net - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 3,738	$ 11,912
Deferred financing costs	11,244	11,246
Intangible assets:
Intangible assets	17,082	25,258
Less: accumulated amortization	(10,242)	(12,572)
Total	6,840	12,686
Database
Intangible assets:
Intangible assets	$ 2,100	$ 2,100

Deferred Costs and Other Inta_4

Deferred Costs and Other Intangibles, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization expense	$ 8	$ 11	$ 9.2
Amortization of deferred financing costs	$ 2	$ 2	$ 1.8

Deferred Costs and Other Inta_5

Deferred Costs and Other Intangibles, Net - Amortization Expense (Details) $ in Thousands	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	$ 3,908
2021	1,964
2022	968
Total	6,840
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
2020	1,807
2021	0
2022	0
Total	1,807
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
2020	1,969
2021	1,964
2022	968
Total	4,901
Database
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	132
2021	0
2022	0
Total	$ 132

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 2,870,993,000	$ 2,842,510,000
Unamortized discount on unsecured senior notes	(4,143,000)	(2,546,000)
Deferred financing costs, net	(33,353,000)	(36,421,000)
Total debt per balance sheet	2,833,497,000	2,803,543,000
Amortization of debt issuance costs	7,457,000	10,493,000	$ 11,712,000
Asset-Backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs	5,900,000	5,800,000	$ 6,400,000
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 1,970,993,000	1,992,510,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest rate	4.42%
Total debt	$ 485,828,000	491,195,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate	4.40%
Total debt	$ 501,393,000	506,760,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate	4.14%
Total debt	$ 526,560,000	532,197,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate	4.36%
Total debt	$ 457,212,000	462,358,000
Exchangeable senior notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Interest rate	4.25%				4.25%
Effective interest rate	4.08%
Total debt	$ 500,000,000	500,000,000
Deferred financing costs, net					$ (1,900,000)
Exchangeable senior notes | 4.90 Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Interest rate				4.90%
Effective interest rate	4.90%
Total debt	$ 400,000,000	0
Deferred financing costs, net				$ (1,000,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate	2.96%
Total debt	$ 0	250,000,000
Credit facility maximum borrowing capacity	800,000,000
Letters of credit outstanding	$ 6,200,000	1,100,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Line of Credit | Term loan facility, net
Debt Instrument [Line Items]
Total debt	$ 0	100,000,000
Deferred financing costs, net		$ (800,000)
Line of Credit | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended							12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2015USD ($)single_family_property	Mar. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property	Sep. 30, 2014USD ($)property	Dec. 31, 2019USD ($)extension_optionsingle_family_property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Loan payoff amount								$ 21,517,000	$ 20,847,000	$ 477,879,000
Gain (loss) on extinguishment of debt								$ (659,000)	(1,447,000)	(6,555,000)
Minimum coverage ratio								1.20
Proceeds from unsecured senior notes, net of discount								$ 397,944,000	497,210,000	0
Deferred financing costs, net								33,353,000	36,421,000
Debt outstanding								2,870,993,000	2,842,510,000
Designated as Hedging Instrument | Treasury Lock
Debt Instrument [Line Items]
Derivative interest rate		4.08%
Revolving Credit Facility
Debt Instrument [Line Items]
Payments on credit facility								$ 250,000,000	295,000,000	112,000,000
Single family homes
Debt Instrument [Line Items]
Number of properties | single_family_property								52,552
Asset Backed Securitizations May 2014 Securitization
Debt Instrument [Line Items]
Loan payoff amount										$ 455,400,000
Asset Backed Securitizations May 2014 Securitization | Property disqualified from collateral pool | Single family homes
Debt Instrument [Line Items]
Number of homes pledged as collateral and released | property										3,799
Release of restricted cash collateral for borrowed securities										$ (9,400,000)
Asset Backed Securitizations September 2014 Securitization | Single family homes
Debt Instrument [Line Items]
Loan payoff amount							$ 25,700,000
Number of properties | property							4,487
Debt instrument, face amount							$ 513,300,000
Debt instrument term							10 years
Weighted-average interest rate							4.42%
Proceeds from asset-backed securitizations							$ 487,700,000
Debt issuance cost							$ 12,900,000
Asset Backed Securitizations November 2014 Securitization | Single family homes
Debt Instrument [Line Items]
Number of properties | property						4,503
Debt instrument, face amount						$ 528,400,000
Debt instrument term						10 years
Weighted-average interest rate						4.40%
Debt issuance cost						$ 12,900,000
Asset Backed Securitizations March 2015 Securitization | Single family homes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 552,800,000
Debt instrument term					30 years
Weighted-average interest rate					4.14%
Proceeds from asset-backed securitizations					$ 552,800,000
Debt issuance cost					$ 13,300,000
Asset Backed Securitizations September 2015 Securitization | Single family homes
Debt Instrument [Line Items]
Number of properties | single_family_property				4,125
Debt instrument, face amount				$ 477,700,000
Debt instrument term				30 years
Weighted-average interest rate				4.36%
Proceeds from asset-backed securitizations				$ 477,700,000
Debt issuance cost				$ 11,300,000
Notes Payable | Asset Backed Securitizations March 2015 Securitization | Single family homes
Debt Instrument [Line Items]
Number of properties | property					4,661
Term loan facility, net
Debt Instrument [Line Items]
Payments on credit facility								$ 100,000,000	100,000,000	$ 100,000,000
Credit Agreement
Debt Instrument [Line Items]
Debt instrument, accordion feature, higher borrowing capacity option								1,750,000,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount											$ 1,000,000,000
Secured Debt
Debt Instrument [Line Items]
Debt outstanding								1,970,993,000	1,992,510,000
Secured Debt | Asset Backed Securitizations May 2014 Securitization | Special Purpose Entity
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (6,600,000)
Secured Debt | Notes Payable
Debt Instrument [Line Items]
Loan payoff amount									48,400,000
Gain (loss) on extinguishment of debt									$ (500,000)
Number of homes pledged as collateral and released | property									572
Release of restricted cash collateral for borrowed securities									$ (2,100,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity								$ 800,000,000
Commitment fee								0.25%
Number of debt instrument extension options | extension_option								2
Line of credit extension period								6 months
Debt outstanding								$ 0	250,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Line of Credit | Minimum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								0.825%
Line of Credit | Minimum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate								0.00%
Line of Credit | Maximum | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								1.55%
Line of Credit | Maximum | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate								0.55%
Line of Credit | Term loan facility, net
Debt Instrument [Line Items]
Payments on credit facility								$ 100,000,000	100,000,000
Write off of deferred debt issuance costs								700,000	900,000
Deferred financing costs, net									800,000
Debt outstanding								$ 0	100,000,000
Line of Credit | Term loan facility, net | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount											$ 200,000,000
Senior notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Proceeds from unsecured senior notes, net of discount		494,000,000
Underwriting fees		3,200,000
Unamortized discount on debt		2,800,000
Deferred financing costs, net		$ 1,900,000
Redeemable percentage of debt								100.00%
Interest rate		4.25%						4.25%
Debt outstanding								$ 500,000,000	500,000,000
Senior notes | 4.90 Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Proceeds from unsecured senior notes, net of discount	395,300,000
Underwriting fees	2,600,000
Unamortized discount on debt	2,100,000
Deferred financing costs, net	$ 1,000,000
Redeemable percentage of debt								100.00%
Interest rate	4.90%
Debt outstanding								$ 400,000,000	$ 0

Debt Debt - Maturities (Details

Debt Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 20,714
2021	20,714
2022	20,714
2024	20,714
2024	955,875
Thereafter	1,832,262
Total debt	$ 2,870,993	$ 2,842,510

Debt Debt - Encumbered Properti

Debt Debt - Encumbered Properties (Details) $ in Thousands	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Debt Instrument [Line Items]
Net Book Value	$ 7,986,276	$ 8,020,597
Encumbered Properties
Debt Instrument [Line Items]
Number of Properties | property	18,001	18,009
Net Book Value	$ 2,468,887	$ 2,548,384
Encumbered Properties | AH4R 2014-SFR2 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,543	4,546
Net Book Value	$ 592,203	$ 611,279
Encumbered Properties | AH4R 2014-SFR3 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,587	4,588
Net Book Value	$ 642,189	$ 662,068
Encumbered Properties | AH4R 2015-SFR1 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,696	4,697
Net Book Value	$ 641,595	$ 662,202
Encumbered Properties | AH4R 2015-SFR2 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,175	4,178
Net Book Value	$ 592,900	$ 612,835

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Gross interest cost	$ 138,211	$ 129,571	$ 118,276
Capitalized interest	(11,097)	(6,671)	(5,656)
Interest expense	$ 127,114	$ 122,900	$ 112,620

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Resident security deposits	$ 84,832	$ 83,406
Accrued property taxes	44,280	40,566
Accrued interest	23,090	16,413
Accrued construction and maintenance liabilities	20,435	18,371
Prepaid rent	19,970	22,506
Accrued distribution payable	13,024	12,809
Accounts payable	5,037	195
Other accrued liabilities	32,525	24,963
Total	$ 243,193	$ 219,229

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Class A Common Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018$ / shares	Oct. 03, 2017$ / shares	Sep. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
Class of Stock [Line Items]
Proceeds from issuance of class A common shares					$ 0	$ 0	$ 694,765
Class A common shares/units
Class of Stock [Line Items]
Stock exchange ratio	1.4275	1.3106
Issuance of class A common shares, net of offering costs (in shares) | shares			13,800,000	14,842,982
Common shares, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of class A common shares			$ 312,000	$ 336,500
Stock issuance costs			$ 9,200	$ 400	$ 0	$ 0	$ 10,637
Operating Partnership | Class A Units
Class of Stock [Line Items]
Stock exchange ratio					1
American Homes 4 Rent
Class of Stock [Line Items]
General partner ownership interest					85.20%	84.30%
Operating Partnership | Class A Units
Class of Stock [Line Items]
Units outstanding (in shares) | shares					352,769,654	351,966,447

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of class A common shares			$ 0	$ 0	$ 694,765
Class A common shares/units
Class of Stock [Line Items]
Common stock, shares issued (in shares)	13,800,000	14,842,982
Proceeds from issuance of class A common shares	$ 312,000	$ 336,500
Stock issuance costs	9,200	$ 400	$ 0	$ 0	$ 10,637
At the Market - Common Share Offering Program | Class A common shares/units
Class of Stock [Line Items]
Shares reserved for future issuance						$ 400,000
Common stock, shares issued (in shares)			0		2,000,000
Proceeds from issuance of class A common shares					$ 46,200
Sale of stock, price per share (in dollars per share)					$ 22.74
Proceeds from sale of stock, net of issuance costs					$ 45,600
Stock issuance costs					$ 600
Capital shares amount authorized for future issuance	$ 500,000
Remaining available for future shares			$ 500,000

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Mar. 31, 2018
Class A common shares/units
Class of Stock [Line Items]
Repurchase of class A common stock, authorized amount			$ 300,000,000
Weighted-average price of shares (in dollars per share)	$ 19.36
Total cost of class A common shares	$ 34,900,000
Remaining repurchase authorization amount		$ 265,100,000
Class A common shares/units | Common Stock
Class of Stock [Line Items]
Repurchases and retire of class A common shares (in shares)	1.8
Preferred shares
Class of Stock [Line Items]
Repurchase of class A common stock, authorized amount		$ 250,000,000	$ 250,000,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Class B Common Shares (Details) - Class B common shares	12 Months Ended
	Dec. 31, 2019Voteshares
Class of Stock [Line Items]
Common shares entitled to vote | Vote	50
2012 Offering | AH LLC | 2,770 Property Contribution
Class of Stock [Line Items]
Common stock issued in connection with investment (in shares) | shares	635,075
Maximum
Class of Stock [Line Items]
Voting interest percent	30.00%

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018market$ / sharesshares	Oct. 03, 2017market$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2019USD ($)market$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares) | shares								35,350,000	35,350,000
Current Liquidation Value								$ 883,750	$ 883,750
Number of top markets used for purchase price index | market								20
Dividend rate, percentage cap								9.00%
Convertible preferred stock converted to other securities								$ 0	$ 32,215	$ 42,416
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Dividend Rate								6.50%
Preferred shares, shares outstanding (in shares) | shares								10,750,000	10,750,000
Current Liquidation Value								$ 268,750	$ 268,750
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate								6.35%
Preferred shares, shares outstanding (in shares) | shares								9,200,000	9,200,000
Current Liquidation Value								$ 230,000	$ 230,000
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate						5.875%		5.875%
Preferred shares, shares outstanding (in shares) | shares								6,200,000	6,200,000
Current Liquidation Value								$ 155,000	$ 155,000
Liquidation preference per share (in dollars per share) | $ / shares						$ 25
Gross proceeds under issuance of preferred shares						$ 155,000
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares						6,200,000
Offering costs						$ 5,300
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate					5.875%			5.875%
Preferred shares, shares outstanding (in shares) | shares								4,600,000	4,600,000
Current Liquidation Value								$ 115,000	$ 115,000
Liquidation preference per share (in dollars per share) | $ / shares					$ 25
Gross proceeds under issuance of preferred shares					$ 115,000
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares					4,600,000
Offering costs					$ 4,100
Series H Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate			6.25%					6.25%
Preferred shares, shares outstanding (in shares) | shares								4,600,000	4,600,000
Current Liquidation Value								$ 115,000	$ 115,000
Liquidation preference per share (in dollars per share) | $ / shares			$ 25					$ 25
Gross proceeds under issuance of preferred shares			$ 115,000
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares			4,600,000
Offering costs			$ 4,400
Class A common shares/units
Class of Stock [Line Items]
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares					13,800,000		14,842,982
Offering costs					$ 9,200		$ 400	$ 0	$ 0	10,637
Percent of cumulative change in value of an index	50.00%	50.00%						50.00%
Stated value per share | $ / shares	$ 0.01	$ 0.01			$ 0.01		$ 0.01	$ 0.01	$ 0.01
Repurchase of class A units (in shares) | shares	10,848,827	12,398,276
Stock exchange ratio	1.4275	1.3106
Number of markets used in calculation | market	20	20
Maximum internal rate of return	9.00%
Convertible preferred stock converted to other securities				$ 32,200
Preferred stock redemption premium										$ 42,400
Series C Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.50%							5.50%	5.50%
Liquidation preference per share (in dollars per share) | $ / shares								$ 25
Stock issued during period, shares, conversion of convertible securities | shares	7,600,000
Series A Participating Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.00%						5.00%		5.00%
Liquidation preference per share (in dollars per share) | $ / shares								$ 25
Stock issued during period, shares, conversion of convertible securities | shares		5,060,000
Series B Participating Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.00%						5.00%		5.00%
Liquidation preference per share (in dollars per share) | $ / shares								$ 25
Stock issued during period, shares, conversion of convertible securities | shares		4,400,000

Shareholders' Equity _ Partne_8

Shareholders' Equity / Partners' Capital - Exchangeable Senior Notes and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 05, 2018	Oct. 03, 2017	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Reacquisition of equity component upon settlement of exchangeable senior notes								$ (20,098)
Net operating loss carryforward			$ 275,000				$ 188,800	$ 275,000
Class A and B common shares/units
Class of Stock [Line Items]
Dividends declared on common shares (in dollars per unit)							$ 0.20	$ 0.20	$ 0.20
Series A Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate		5.00%					5.00%		5.00%
Preferred stock, dividends per share, declared (in dollars per share)							$ 0	0	$ 0.94
Series B Participating Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate		5.00%					5.00%		5.00%
Preferred stock, dividends per share, declared (in dollars per share)							$ 0	$ 0	$ 0.94
Series C Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate	5.50%						5.50%	5.50%
Preferred stock, dividends per share, declared (in dollars per share)							$ 0	$ 0.34	1.38
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Cumulative annual cash dividend rate							6.50%
Preferred stock, dividends per share, declared (in dollars per share)							$ 1.63	1.63	1.63
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate							6.35%
Preferred stock, dividends per share, declared (in dollars per share)							$ 1.59	1.59	1.59
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate						5.875%	5.875%
Preferred stock, dividends per share, declared (in dollars per share)							$ 1.47	1.47	1.01
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate					5.875%		5.875%
Preferred stock, dividends per share, declared (in dollars per share)							$ 1.47	1.47	0.67
Series H Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate				6.25%			6.25%
Preferred stock, dividends per share, declared (in dollars per share)							$ 1.56	$ 0.44	$ 0
Exchangeable senior notes
Class of Stock [Line Items]
Repayments of debt			135,100
Reacquisition of equity component upon settlement of exchangeable senior notes								$ 20,100
Extinguishment of debt			$ 115,000

Shareholders' Equity _ Partne_9

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Narrative (Details) - Operating Partnership - Class A Units - shares	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Units outstanding (in shares)	352,769,654	351,966,447
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.30%
Units outstanding (in shares)	596,990	1,073,509
AH LLC
Class of Stock [Line Items]
Units owned (in shares)	51,429,990	54,243,317
Percentage of units outstanding	14.60%	15.40%

Shareholders' Equity _ Partn_10

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Reflected in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Noncontrolling interest	$ 15,221	$ 4,165	$ (4,507)
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Noncontrolling interest	0	(259)	141
Class A Units
Class of Stock [Line Items]
Noncontrolling interest	$ 15,221	$ 4,424	$ (4,648)

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2012
Stock options
Class of Stock [Line Items]
Vesting period	4 years
Total unrecognized compensation cost	$ 0.6
Weighted-average period of unvested cost	1 year 2 months 12 days
Restricted stock units
Class of Stock [Line Items]
Vesting period	4 years
Total unrecognized compensation cost	$ 9.3
Weighted-average period of unvested cost	2 years 6 months
Restricted stock units | Non-Management Trustees
Class of Stock [Line Items]
Vesting period	1 year
2012 Equity Incentive Plan | Stock options
Class of Stock [Line Items]
Expiration period	10 years
2012 Equity Incentive Plan | Class A common shares/units
Class of Stock [Line Items]
Shares available for issuance (in shares)		6,000,000

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - Stock options - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shares
Options outstanding, beginning of period (in shares)	2,252,275	3,052,450	2,826,500
Granted (in shares)	20,000	140,000	385,200
Exercised (in shares)	(730,125)	(769,875)	(74,000)
Forfeited (in shares)	(12,350)	(170,300)	(85,250)
Options outstanding, end of period (in shares)	1,529,800	2,252,275	3,052,450	2,826,500
Options exercisable at period end (in shares)	1,163,150
Weighted- Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 16.92	$ 16.65	$ 15.69
Granted (in dollars per share)	20.48	19.40	23.38
Exercised (in dollars per share)	15.94	16.07	15.65
Forfeited (in dollars per share)	20.80	17.93	16.24
Options outstanding, ending balance (in dollars per share)	17.40	$ 16.92	$ 16.65	$ 15.69
Options exercisable at period end (in dollars per share)	$ 16.76
Options outstanding, weighted average contractual life	5 years 3 months 18 days	6 years 1 month 6 days	6 years 10 months 24 days	7 years 7 months 6 days
Options exercisable at period end, weighted average contractual life	4 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Intrinsic Value [Roll Forward]
Options outstanding, intrinsic value	$ 13,479	$ 7,713	$ 16,421	$ 14,956
Exercised, intrinsic value	6,088	$ 4,754	$ 520
Options exercisable at period end, intrinsic value	$ 10,993

Share-Based Compensation - Valu

Share-Based Compensation - Valuation Inputs (Details) - Class A common shares/units - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value (in dollars per share)	$ 2.85	$ 3.03	$ 3.82
Expected term (years)	7 years	7 years	7 years
Dividend yield	3.00%	3.00%	3.00%
Volatility	17.30%	18.90%	21.30%
Risk-free interest rate	2.60%	2.80%	2.20%

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock Units
Restricted stock units at beginning of period (in shares)	372,375	243,875	130,150
Units awarded (in shares)	350,334	304,400	174,400
Units vested (in shares)	(111,000)	(80,125)	(42,475)
Units forfeited (in shares)	(12,600)	(95,775)	(18,200)
Restricted stock units at end of period (in shares)	599,109	372,375	243,875
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Beginning balance (in dollars per share)	$ 20	$ 20.65	$ 15.09
Weighted- Average Grant Date Fair Value, Awarded (in dollars per share)	22.90	19.40	23.38
Weighted- Average Grant Date Fair Value, Vested (in dollars per share)	19.75	19.51	15.42
Weighted- Average Grant Date Fair Value, Forfeited (in dollars per share)	21.34	20.15	19.30
Weighted- Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 21.71	$ 20	$ 20.65
Aggregate Intrinsic Value	$ 15,703	$ 7,392	$ 5,326	$ 2,731
Aggregate Intrinsic Value, Vested	$ 2,431	$ 1,552	$ 990

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	$ 4,808	$ 3,433	$ 4,212
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	3,466	2,075	2,563
Property management expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	$ 1,342	$ 1,358	$ 1,649

Earnings per Share _ Unit (Deta

Earnings per Share / Unit (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019$ / shares	Sep. 30, 2019$ / shares	Jun. 30, 2019$ / shares	Mar. 31, 2019$ / shares	Dec. 31, 2018$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2018$ / shares	Mar. 31, 2018$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Numerator:
Net income (loss)									$ 156,260	$ 112,438	$ 76,492
Less:
Noncontrolling interest									15,221	4,165	(4,507)
Dividends on preferred shares/units									55,128	52,586	60,718
Redemption of participating preferred shares/units									0	32,215	42,416
Allocation to participating securities									166	85	0
Numerator for income (loss) per common share–basic and diluted									$ 85,745	$ 23,387	$ (22,135)
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares									299,415,397	293,640,500	264,254,718
Effect of dilutive securities: Share-based compensation plan (in shares) | shares									503,569	627,830	0
Weighted-average common shares outstanding - diluted (in shares) | shares									299,918,966	294,268,330	264,254,718
Net income (loss) per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Diluted (in dollars per share) | $ / shares	0.08	0.08	0.08	0.05	0.06	0.05	(0.05)	0.02	$ 0.29	$ 0.08	$ (0.08)
Potentially dilutive securities (in shares) | shares									182,481	0	17,084,135
Operating Partnership | Class A Units
Net income (loss) per common share/unit
Stock exchange ratio									1
American Homes 4 Rent, L.P.
Numerator:
Net income (loss)									$ 156,260	$ 112,438	$ 76,492
Less:
Noncontrolling interest									0	(259)	141
Dividends on preferred shares/units									55,128	52,586	60,718
Redemption of participating preferred shares/units									0	32,215	42,416
Allocation to participating securities									166	85	0
Numerator for income (loss) per common share–basic and diluted									$ 100,966	$ 27,811	$ (26,783)
Denominator:
Weighted-average common units outstanding - basic (in shares) | shares									352,460,401	348,990,561	319,753,206
Effect of dilutive securities: Share-based compensation plan (in shares) | shares									503,569	627,830	0
Weighted-average common units outstanding - diluted (in shares) | shares									352,963,970	349,618,391	319,753,206
Net income (loss) per common share/unit
Basic (in dollars per share) | $ / shares	0.08	0.08	0.08	0.05	0.06	0.05	(0.05)	0.02	$ 0.29	$ 0.08	$ (0.08)
Diluted (in dollars per share) | $ / shares	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Potentially dilutive securities (in shares) | shares									182,481	0	17,084,135

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net		$ 33,353	$ 36,421
Reclassification adjustment for amortization of interest expense included in net income	$ 9,600
Reclassified during next 12 months, net		1,000
Designated as Hedging Instrument | Treasury Lock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount				$ 350,000
Asset-backed securitization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			31,000
Unsecured Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			4,700
Term loan facility, net | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred financing costs, net			800
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		1,945,044	1,961,511
Unsecured senior notes		888,453	492,800
Revolving credit facility		0	250,000
Term loan facility		0	99,232
Total debt		2,833,497	2,803,543
Carrying Value | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		479,706	483,790
Carrying Value | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		495,029	499,108
Carrying Value | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		519,576	523,865
Carrying Value | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		450,733	454,748
Carrying Value | Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		493,589	492,800
Carrying Value | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		394,864	0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		2,002,877	2,008,239
Unsecured senior notes		978,598	479,730
Revolving credit facility		0	250,000
Term loan facility		0	100,000
Total debt		2,981,475	2,837,969
Fair Value | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		491,302	494,820
Fair Value | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		510,486	511,450
Fair Value | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		534,531	534,666
Fair Value | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		466,558	467,303
Fair Value | Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		531,870	479,730
Fair Value | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		$ 446,728	$ 0

Fair Value - Level 3 Liabilitie

Fair Value - Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Participating preferred shares derivative liability
Preferred shares derivative liability beginning balance	$ 0	$ 29,470	$ 69,810
Conversions		(28,258)	(37,499)
Remeasurement included in earnings	$ 0	(1,212)	(2,841)
Preferred shares derivative liability ending balance		$ 0	$ 29,470

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Amounts payable to affiliates		$ 4,629	$ 4,967
American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		$ 4,629	$ 4,967
Class A common shares/units
Related Party Transaction
Common stock, shares outstanding (in shares)		300,107,599	296,014,546
Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Affiliates
Related Party Transaction
Percent of shares held		26.30%	27.30%
Amounts payable to affiliates		$ 4,600	$ 5,000
Affiliates | American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		4,600
Due from affiliates		$ 25,700	$ 25,700
Affiliates | Class A common shares/units
Related Party Transaction
Percent of shares held		13.60%	14.00%
Common stock, shares outstanding (in shares)		51,272,165	53,985,492
Affiliates | Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Board of Directors Chairman | Class A common shares/units | Private Placement
Related Party Transaction
Consideration received for stock	$ 50,000
Affiliates | American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates			$ 5,000

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating leases rental expenses, after adoption of Topic 842
Lease costs	$ 2,612
Less: income from subleases	0
Net lease costs	2,612
Operating leases rental expenses, before adoption of Topic 842
Lease costs		$ 2,829	$ 2,614
Less: income from subleases		(347)	(418)
Net lease costs		$ 2,482	$ 2,196
Future lease obligations under our operating leases
2020	1,792
2021	970
2022	749
2023	367
2024	223
Thereafter	9
Total lease payments	4,110
Less: imputed interest	(194)
Operating lease liability	$ 3,916

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)single_family_property	Dec. 31, 2018USD ($)single_family_property	Dec. 31, 2017USD ($)
Commitments and contingencies
Number of real estate properties held-for-sale in escrow | single_family_property	305	78
Expected proceeds from sale of property held-for-sale	$ 57.5	$ 13.6
Company contributions	1.6	1.3	$ 0.9
Single Family
Commitments and contingencies
Third party development agreements and land	75.1	25.3
Land
Commitments and contingencies
Third party development agreements and land	$ 44.3	$ 58.1
Commitment to acquire properties
Commitments and contingencies
Number of properties | single_family_property	289	88
Surety Bond
Commitments and contingencies
Current carrying value	$ 14.5	$ 5.1
Minimum
Commitments and contingencies
Remaining Term of Contract	1 year
Maximum
Commitments and contingencies
Remaining Term of Contract	5 years

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in Accounting Estimate [Line Items]
Rents from single-family properties	$ 281,465	$ 293,064	$ 279,914	$ 277,694	$ 268,943	$ 278,187	$ 262,882	$ 256,663
Net income (loss)	41,464	41,401	40,304	33,091	34,734	30,281	25,898	21,525	$ 156,260	$ 112,438	$ 76,492
Net (loss) income attributable to common shareholders/unitholders	$ 23,590	$ 23,520	$ 22,518	$ 16,283	$ 17,632	$ 15,177	$ (15,151)	$ 5,814	$ 85,911	$ 23,472	$ (22,135)
Net income (loss) attributable to common shareholders per share—basic (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Net income (loss) attributable to common shareholders per share - diluted (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Redemption of participating preferred shares									$ 0	$ 32,215	$ 42,416
Class A common shares/units
Change in Accounting Estimate [Line Items]
Redemption of participating preferred shares							$ 32,200
American Homes 4 Rent, L.P.
Change in Accounting Estimate [Line Items]
Rents from single-family properties	$ 281,465	$ 293,064	$ 279,914	$ 277,694	$ 268,943	$ 278,187	262,882	$ 256,663
Net income (loss)	41,464	41,401	40,304	33,091	34,734	30,281	25,898	21,525	156,260	112,438	76,492
Net (loss) income attributable to common shareholders/unitholders	$ 27,682	$ 27,619	$ 26,522	$ 19,309	$ 20,952	$ 18,058	$ (18,053)	$ 6,939	$ 101,132	$ 27,896	$ (26,783)
Net income (loss) attributable to common unitholders per unit - basic (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Net income (loss) attributable to common unitholders per unit - diluted (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.05	$ 0.06	$ 0.05	$ (0.05)	$ 0.02	$ 0.29	$ 0.08	$ (0.08)
Redemption of participating preferred shares									$ 0	$ 32,215	$ 42,416

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 28, 2020USD ($)	Feb. 21, 2020USD ($)property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Subsequent Event
Net proceeds received from sales of single-family properties and other			$ 221,930	$ 106,157	$ 87,063
Cash payments to acquire interest in joint venture			13,114	8,400	0
Subsequent Events
Subsequent Event
Number of properties acquired | property		318
Total cost of property acquired		$ 84,100
Number of internally developed properties developed | property		191
Number of properties sold | property		297
Net proceeds received from sales of single-family properties and other		$ 55,800
Subsequent Events | Institutional Investors Advised by J.P. Morgan Asset Management [Member]
Subsequent Event
Cash payments to acquire interest in joint venture	$ 253,100
Ownership percentage	20.00%
Revolving Credit Facility
Subsequent Event
Additional borrowings			$ 0	$ 405,000	$ 202,000
Line of Credit | Revolving Credit Facility | Subsequent Events
Subsequent Event
Additional borrowings		55,000
Line of Credit Facility, Fair Value of Amount Outstanding		$ 55,000

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)single_family_property	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	52,552
Gross Book Value of Encumbered Assets	$ 3,062,115
Initial Cost to Company, Land	1,987,718
Initial Cost to Company, Buildings and Improvements	6,821,619
Cost Capitalized Subsequent to Acquisition, Land	37,577
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,198,607
Total Cost, Land	2,025,295
Total Cost, Buildings and Improvements	8,020,226
Total	10,045,521
Accumulated Depreciation	(1,493,990)
Net Cost Basis	8,551,531
Aggregate cost of consolidated real estate for federal income tax purposes	$ 9,800,000
Single family homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	51,365
Gross Book Value of Encumbered Assets	$ 3,062,115
Initial Cost to Company, Land	1,756,504
Initial Cost to Company, Buildings and Improvements	6,656,877
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,035,000
Total Cost, Land	1,756,504
Total Cost, Buildings and Improvements	7,691,877
Total	9,448,381	$ 9,197,096	$ 8,968,901	$ 8,127,136
Accumulated Depreciation	(1,462,105)	$ (1,176,499)	$ (939,724)	$ (666,710)
Net Cost Basis	$ 7,986,276
Single family homes | Albuquerque
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	212
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,481
Initial Cost to Company, Buildings and Improvements	24,088
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,898
Total Cost, Land	6,481
Total Cost, Buildings and Improvements	27,986
Total	34,467
Accumulated Depreciation	(6,832)
Net Cost Basis	$ 27,635
Single family homes | Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,779
Gross Book Value of Encumbered Assets	$ 187,948
Initial Cost to Company, Land	149,605
Initial Cost to Company, Buildings and Improvements	596,259
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	109,350
Total Cost, Land	149,605
Total Cost, Buildings and Improvements	705,609
Total	855,214
Accumulated Depreciation	(120,865)
Net Cost Basis	$ 734,349
Single family homes | Austin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	752
Gross Book Value of Encumbered Assets	$ 35,168
Initial Cost to Company, Land	27,404
Initial Cost to Company, Buildings and Improvements	103,786
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,619
Total Cost, Land	27,404
Total Cost, Buildings and Improvements	118,405
Total	145,809
Accumulated Depreciation	(20,006)
Net Cost Basis	$ 125,803
Single family homes | Boise
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	488
Gross Book Value of Encumbered Assets	$ 7,748
Initial Cost to Company, Land	19,277
Initial Cost to Company, Buildings and Improvements	62,664
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,426
Total Cost, Land	19,277
Total Cost, Buildings and Improvements	71,090
Total	90,367
Accumulated Depreciation	(9,690)
Net Cost Basis	$ 80,677
Single family homes | Charleston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,129
Gross Book Value of Encumbered Assets	$ 82,292
Initial Cost to Company, Land	45,306
Initial Cost to Company, Buildings and Improvements	155,807
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,603
Total Cost, Land	45,306
Total Cost, Buildings and Improvements	178,410
Total	223,716
Accumulated Depreciation	(28,028)
Net Cost Basis	$ 195,688
Single family homes | Charlotte
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,681
Gross Book Value of Encumbered Assets	$ 283,765
Initial Cost to Company, Land	137,465
Initial Cost to Company, Buildings and Improvements	511,928
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	61,503
Total Cost, Land	137,465
Total Cost, Buildings and Improvements	573,431
Total	710,896
Accumulated Depreciation	(94,715)
Net Cost Basis	$ 616,181
Single family homes | Cincinnati
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,973
Gross Book Value of Encumbered Assets	$ 234,411
Initial Cost to Company, Land	61,147
Initial Cost to Company, Buildings and Improvements	243,041
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	41,202
Total Cost, Land	61,147
Total Cost, Buildings and Improvements	284,243
Total	345,390
Accumulated Depreciation	(65,787)
Net Cost Basis	$ 279,603
Single family homes | Colorado Springs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	22
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	903
Initial Cost to Company, Buildings and Improvements	2,953
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	745
Total Cost, Land	903
Total Cost, Buildings and Improvements	3,698
Total	4,601
Accumulated Depreciation	(933)
Net Cost Basis	$ 3,668
Single family homes | Columbus
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,030
Gross Book Value of Encumbered Assets	$ 140,662
Initial Cost to Company, Land	58,758
Initial Cost to Company, Buildings and Improvements	245,575
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	45,201
Total Cost, Land	58,758
Total Cost, Buildings and Improvements	290,776
Total	349,534
Accumulated Depreciation	(53,516)
Net Cost Basis	$ 296,018
Single family homes | Dallas-Fort Worth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	4,314
Gross Book Value of Encumbered Assets	$ 286,018
Initial Cost to Company, Land	110,494
Initial Cost to Company, Buildings and Improvements	511,033
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	91,055
Total Cost, Land	110,494
Total Cost, Buildings and Improvements	602,088
Total	712,582
Accumulated Depreciation	(126,394)
Net Cost Basis	$ 586,188
Single family homes | Denver
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	818
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	44,820
Initial Cost to Company, Buildings and Improvements	175,049
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	21,681
Total Cost, Land	44,820
Total Cost, Buildings and Improvements	196,730
Total	241,550
Accumulated Depreciation	(34,500)
Net Cost Basis	$ 207,050
Single family homes | Greater Chicago area, IL and IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,751
Gross Book Value of Encumbered Assets	$ 182,754
Initial Cost to Company, Land	54,814
Initial Cost to Company, Buildings and Improvements	216,787
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	47,908
Total Cost, Land	54,814
Total Cost, Buildings and Improvements	264,695
Total	319,509
Accumulated Depreciation	(65,149)
Net Cost Basis	$ 254,360
Single family homes | Greensboro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	704
Gross Book Value of Encumbered Assets	$ 52,939
Initial Cost to Company, Land	20,088
Initial Cost to Company, Buildings and Improvements	91,000
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,105
Total Cost, Land	20,088
Total Cost, Buildings and Improvements	102,105
Total	122,193
Accumulated Depreciation	(20,584)
Net Cost Basis	$ 101,609
Single family homes | Greenville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	663
Gross Book Value of Encumbered Assets	$ 72,135
Initial Cost to Company, Land	16,540
Initial Cost to Company, Buildings and Improvements	87,056
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,836
Total Cost, Land	16,540
Total Cost, Buildings and Improvements	98,892
Total	115,432
Accumulated Depreciation	(21,483)
Net Cost Basis	$ 93,949
Single family homes | Houston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,053
Gross Book Value of Encumbered Assets	$ 172,330
Initial Cost to Company, Land	62,664
Initial Cost to Company, Buildings and Improvements	377,934
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	61,206
Total Cost, Land	62,664
Total Cost, Buildings and Improvements	439,140
Total	501,804
Accumulated Depreciation	(88,265)
Net Cost Basis	$ 413,539
Single family homes | Indianapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,807
Gross Book Value of Encumbered Assets	$ 294,514
Initial Cost to Company, Land	74,467
Initial Cost to Company, Buildings and Improvements	299,548
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	56,824
Total Cost, Land	74,467
Total Cost, Buildings and Improvements	356,372
Total	430,839
Accumulated Depreciation	(87,428)
Net Cost Basis	$ 343,411
Single family homes | Inland Empire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	213
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	21,653
Initial Cost to Company, Buildings and Improvements	25,725
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,814
Total Cost, Land	21,653
Total Cost, Buildings and Improvements	29,539
Total	51,192
Accumulated Depreciation	(4,955)
Net Cost Basis	$ 46,237
Single family homes | Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,233
Gross Book Value of Encumbered Assets	$ 60,874
Initial Cost to Company, Land	67,482
Initial Cost to Company, Buildings and Improvements	275,213
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,605
Total Cost, Land	67,482
Total Cost, Buildings and Improvements	325,818
Total	393,300
Accumulated Depreciation	(57,661)
Net Cost Basis	$ 335,639
Single family homes | Knoxville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	391
Gross Book Value of Encumbered Assets	$ 17,339
Initial Cost to Company, Land	12,868
Initial Cost to Company, Buildings and Improvements	61,975
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,320
Total Cost, Land	12,868
Total Cost, Buildings and Improvements	68,295
Total	81,163
Accumulated Depreciation	(13,337)
Net Cost Basis	$ 67,826
Single family homes | Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,041
Gross Book Value of Encumbered Assets	$ 21,811
Initial Cost to Company, Land	32,701
Initial Cost to Company, Buildings and Improvements	130,357
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	23,734
Total Cost, Land	32,701
Total Cost, Buildings and Improvements	154,091
Total	186,792
Accumulated Depreciation	(35,978)
Net Cost Basis	$ 150,814
Single family homes | Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	656
Gross Book Value of Encumbered Assets	$ 16,961
Initial Cost to Company, Land	21,069
Initial Cost to Company, Buildings and Improvements	75,735
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	12,969
Total Cost, Land	21,069
Total Cost, Buildings and Improvements	88,704
Total	109,773
Accumulated Depreciation	(16,798)
Net Cost Basis	$ 92,975
Single family homes | Miami
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	193
Gross Book Value of Encumbered Assets	$ 3,581
Initial Cost to Company, Land	2,318
Initial Cost to Company, Buildings and Improvements	22,156
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,082
Total Cost, Land	2,318
Total Cost, Buildings and Improvements	27,238
Total	29,556
Accumulated Depreciation	(6,462)
Net Cost Basis	$ 23,094
Single family homes | Milwaukee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	112
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,656
Initial Cost to Company, Buildings and Improvements	19,685
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,142
Total Cost, Land	6,656
Total Cost, Buildings and Improvements	21,827
Total	28,483
Accumulated Depreciation	(5,415)
Net Cost Basis	$ 23,068
Single family homes | Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,741
Gross Book Value of Encumbered Assets	$ 182,965
Initial Cost to Company, Land	110,984
Initial Cost to Company, Buildings and Improvements	418,100
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,719
Total Cost, Land	110,984
Total Cost, Buildings and Improvements	468,819
Total	579,803
Accumulated Depreciation	(83,158)
Net Cost Basis	$ 496,645
Single family homes | Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,693
Gross Book Value of Encumbered Assets	$ 46,422
Initial Cost to Company, Land	61,270
Initial Cost to Company, Buildings and Improvements	209,732
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	34,622
Total Cost, Land	61,270
Total Cost, Buildings and Improvements	244,354
Total	305,624
Accumulated Depreciation	(45,865)
Net Cost Basis	$ 259,759
Single family homes | Phoenix
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	3,088
Gross Book Value of Encumbered Assets	$ 55,867
Initial Cost to Company, Land	132,646
Initial Cost to Company, Buildings and Improvements	355,021
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	52,192
Total Cost, Land	132,646
Total Cost, Buildings and Improvements	407,213
Total	539,859
Accumulated Depreciation	(71,872)
Net Cost Basis	$ 467,987
Single family homes | Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	269
Gross Book Value of Encumbered Assets	$ 24,340
Initial Cost to Company, Land	19,757
Initial Cost to Company, Buildings and Improvements	39,575
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,821
Total Cost, Land	19,757
Total Cost, Buildings and Improvements	42,396
Total	62,153
Accumulated Depreciation	(7,093)
Net Cost Basis	$ 55,060
Single family homes | Raleigh
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,062
Gross Book Value of Encumbered Assets	$ 211,957
Initial Cost to Company, Land	70,699
Initial Cost to Company, Buildings and Improvements	275,097
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	33,484
Total Cost, Land	70,699
Total Cost, Buildings and Improvements	308,581
Total	379,280
Accumulated Depreciation	(60,149)
Net Cost Basis	$ 319,131
Single family homes | Salt Lake City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,423
Gross Book Value of Encumbered Assets	$ 157,333
Initial Cost to Company, Land	85,629
Initial Cost to Company, Buildings and Improvements	228,651
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	35,135
Total Cost, Land	85,629
Total Cost, Buildings and Improvements	263,786
Total	349,415
Accumulated Depreciation	(46,617)
Net Cost Basis	$ 302,798
Single family homes | San Antonio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,012
Gross Book Value of Encumbered Assets	$ 59,252
Initial Cost to Company, Land	30,561
Initial Cost to Company, Buildings and Improvements	111,773
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	20,446
Total Cost, Land	30,561
Total Cost, Buildings and Improvements	132,219
Total	162,780
Accumulated Depreciation	(27,507)
Net Cost Basis	$ 135,273
Single family homes | Savannah/Hilton Head
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	878
Gross Book Value of Encumbered Assets	$ 41,823
Initial Cost to Company, Land	28,718
Initial Cost to Company, Buildings and Improvements	114,908
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,577
Total Cost, Land	28,718
Total Cost, Buildings and Improvements	129,485
Total	158,203
Accumulated Depreciation	(18,823)
Net Cost Basis	$ 139,380
Single family homes | Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	751
Gross Book Value of Encumbered Assets	$ 28,198
Initial Cost to Company, Land	51,220
Initial Cost to Company, Buildings and Improvements	142,807
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,479
Total Cost, Land	51,220
Total Cost, Buildings and Improvements	154,286
Total	205,506
Accumulated Depreciation	(18,656)
Net Cost Basis	$ 186,850
Single family homes | Tampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	2,243
Gross Book Value of Encumbered Assets	$ 45,903
Initial Cost to Company, Land	83,434
Initial Cost to Company, Buildings and Improvements	313,145
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	46,896
Total Cost, Land	83,434
Total Cost, Buildings and Improvements	360,041
Total	443,475
Accumulated Depreciation	(65,104)
Net Cost Basis	$ 378,371
Single family homes | Tucson
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	377
Gross Book Value of Encumbered Assets	$ 11,962
Initial Cost to Company, Land	7,499
Initial Cost to Company, Buildings and Improvements	36,753
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,926
Total Cost, Land	7,499
Total Cost, Buildings and Improvements	44,679
Total	52,178
Accumulated Depreciation	(12,056)
Net Cost Basis	$ 40,122
Single family homes | Winston Salem
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	813
Gross Book Value of Encumbered Assets	$ 42,843
Initial Cost to Company, Land	19,107
Initial Cost to Company, Buildings and Improvements	95,961
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,875
Total Cost, Land	19,107
Total Cost, Buildings and Improvements	106,836
Total	125,943
Accumulated Depreciation	(20,424)
Net Cost Basis	$ 105,519
Properties under development & development land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	0
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	186,464
Initial Cost to Company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition, Land	37,577
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	131,386
Total Cost, Land	224,041
Total Cost, Buildings and Improvements	131,386
Total	355,427
Accumulated Depreciation	0
Net Cost Basis	$ 355,427
Single-family properties held for sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | single_family_property	1,187
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	44,750
Initial Cost to Company, Buildings and Improvements	164,742
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	32,221
Total Cost, Land	44,750
Total Cost, Buildings and Improvements	196,963
Total	241,713
Accumulated Depreciation	(31,885)
Net Cost Basis	$ 209,828

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Change in Total Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in total real estate assets
Balance, end of period	$ 10,045,521
Single family homes
Change in total real estate assets
Balance, beginning of period	9,197,096	$ 8,968,901	$ 8,127,136
Acquisitions and building improvements	379,466	628,118	870,350
Dispositions	(233,094)	(59,308)	(69,311)
Write-offs	(12,353)	(9,572)	(6,773)
Impairment	(3,663)	(5,858)	(4,680)
Reclassifications to single-family properties held for sale, net of dispositions	120,929	(325,185)	52,179
Balance, end of period	$ 9,448,381	$ 9,197,096	$ 8,968,901

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Change in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in accumulated depreciation
Balance, end of period	$ (1,493,990)
Building and building improvements
Change in accumulated depreciation
Estimated useful life of asset	30 years
Building and building improvements | Minimum
Change in accumulated depreciation
Estimated useful life of asset	3 years
Building and building improvements | Maximum
Change in accumulated depreciation
Estimated useful life of asset	30 years
Single family homes
Change in accumulated depreciation
Balance, beginning of period	$ (1,176,499)	$ (939,724)	$ (666,710)
Depreciation	(313,683)	(300,746)	(281,195)
Dispositions	28,154	11,738	1,960
Write-offs	12,353	9,572	6,773
Reclassifications to single-family properties held for sale, net of dispositions	(12,430)	42,661	(552)
Balance, end of period	$ (1,462,105)	$ (1,176,499)	$ (939,724)