American Homes 4 Rent 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001562401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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		300,599,584
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 Shares
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 Shares
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Single-family properties:
Land	$ 1,794,943	$ 1,756,504
Buildings and improvements	7,904,656	7,691,877
Single-family properties in operation	9,699,599	9,448,381
Less: accumulated depreciation	(1,603,376)	(1,462,105)
Single-family properties in operation, net	8,096,223	7,986,276
Single-family properties under development and development land	453,127	355,427
Single-family properties held for sale, net	171,622	209,828
Total real estate assets, net	8,720,972	8,551,531
Cash and cash equivalents	32,010	37,575
Restricted cash	129,235	126,544
Rent and other receivables	32,331	29,618
Escrow deposits, prepaid expenses and other assets	141,302	140,961
Investments in unconsolidated joint ventures	69,979	67,935
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,271,774	9,100,109
Liabilities
Asset-backed securitizations, net	1,935,800	1,945,044
Unsecured senior notes, net	889,129	888,453
Accounts payable and accrued expenses	287,036	243,193
Amounts payable to affiliates	0	4,629
Total liabilities	3,241,965	3,081,319
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at June 30, 2020 and December 31, 2019)	354	354
Additional paid-in capital	5,797,384	5,790,775
Accumulated deficit	(461,435)	(465,368)
Accumulated other comprehensive income	6,247	6,658
Total shareholders’ equity	5,345,561	5,335,426
Limited partner:
Accumulated other comprehensive income	6,247	6,658
Noncontrolling interest	684,248	683,364
Total equity	6,029,809	6,018,790
Total liabilities and equity/capital	9,271,774	9,100,109
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,794,943	1,756,504
Buildings and improvements	7,904,656	7,691,877
Single-family properties in operation	9,699,599	9,448,381
Less: accumulated depreciation	(1,603,376)	(1,462,105)
Single-family properties in operation, net	8,096,223	7,986,276
Single-family properties under development and development land	453,127	355,427
Single-family properties held for sale, net	171,622	209,828
Total real estate assets, net	8,720,972	8,551,531
Cash and cash equivalents	32,010	37,575
Restricted cash	129,235	126,544
Rent and other receivables	32,331	29,618
Escrow deposits, prepaid expenses and other assets	141,302	140,681
Investments in unconsolidated joint ventures	69,979	67,935
Amounts due from affiliates	25,666	25,946
Goodwill	120,279	120,279
Total assets	9,271,774	9,100,109
Liabilities
Asset-backed securitizations, net	1,935,800	1,945,044
Unsecured senior notes, net	889,129	888,453
Accounts payable and accrued expenses	287,036	243,193
Amounts payable to affiliates	0	4,629
Total liabilities	3,241,965	3,081,319
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Accumulated other comprehensive income	7,342	7,823
Limited partner:
Accumulated other comprehensive income	7,342	7,823
Total capital	6,029,809	6,018,790
Total liabilities and equity/capital	9,271,774	9,100,109
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,484,879	4,474,333
Limited partner:
Limited partners, capital account	683,153	682,199
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	854,435	854,435
Class A common shares/units
Shareholders’ equity:
Common stock issued	3,005	3,001
Class B common shares
Shareholders’ equity:
Common stock issued	6	6
Revolving Credit Facility
Liabilities
Credit facility	130,000	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 130,000	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	35,350,000	35,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
General Partner
Common units, shares/units issued (in shares)	301,148,018	300,742,674
Common units, shares/units outstanding (in shares)	301,148,018	300,742,674
Preferred units, shares/units issued (in shares)	35,350,000	35,350,000
Preferred units, shares/units outstanding (in shares)	35,350,000	35,350,000
Limited Partners
Common units, shares/units issued (in shares)	52,026,980	52,026,980
Common units, shares/units outstanding (in shares)	52,026,980	52,026,980
Class A common shares/units
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	300,512,943	300,107,599
Common stock, shares outstanding (in shares)	300,512,943	300,107,599
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Rents and other single-family property revenues	$ 280,689	$ 279,914	$ 568,031	$ 557,608
Other	2,409	1,946	4,661	3,456
Total revenues	283,098	281,860	572,692	561,064
Expenses:
General and administrative expense	11,493	10,486	22,759	19,921
Interest expense	29,558	32,571	59,273	64,486
Acquisition and other transaction costs	1,956	970	4,103	1,804
Depreciation and amortization	84,836	82,840	167,657	164,001
Other	1,403	1,514	7,513	2,538
Total expenses	261,942	254,622	524,774	506,384
Gain on sale of single-family properties and other, net	10,651	13,725	21,416	19,374
Loss on early extinguishment of debt	0	(659)	0	(659)
Net income	31,807	40,304	69,334	73,395
Noncontrolling interest	2,656	4,004	6,157	7,030
Dividends on preferred shares	13,782	13,782	27,564	27,564
Net income attributable to common shareholders	$ 15,369	$ 22,518	$ 35,613	$ 38,801
Weighted-average common shares outstanding:
Basic (in shares)	301,011,545	299,466,526	300,912,307	298,157,413
Diluted (in shares)	301,412,243	299,991,084	301,358,769	298,676,788
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.05	$ 0.08	$ 0.12	$ 0.13
Diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.12	$ 0.13
American Homes 4 Rent, L.P.
Revenues:
Rents and other single-family property revenues	$ 280,689	$ 279,914	$ 568,031	$ 557,608
Other	2,409	1,946	4,661	3,456
Total revenues	283,098	281,860	572,692	561,064
Expenses:
General and administrative expense	11,493	10,486	22,759	19,921
Interest expense	29,558	32,571	59,273	64,486
Acquisition and other transaction costs	1,956	970	4,103	1,804
Depreciation and amortization	84,836	82,840	167,657	164,001
Other	1,403	1,514	7,513	2,538
Total expenses	261,942	254,622	524,774	506,384
Gain on sale of single-family properties and other, net	10,651	13,725	21,416	19,374
Loss on early extinguishment of debt	0	(659)	0	(659)
Net income	31,807	40,304	69,334	73,395
Dividends on preferred shares	13,782	13,782	27,564	27,564
Net income attributable to common shareholders	$ 18,025	$ 26,522	$ 41,770	$ 45,831
Weighted-average common shares outstanding:
Basic (in shares)	353,038,525	352,363,754	352,939,287	352,183,171
Diluted (in shares)	353,439,223	352,888,312	353,385,749	352,702,546
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.05	$ 0.08	$ 0.12	$ 0.13
Diluted (in dollars per share)	$ 0.05	$ 0.08	$ 0.12	$ 0.13
Property operating expenses
Expenses:
Cost of goods and services sold	$ 110,436	$ 104,591	$ 217,933	$ 211,275
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	110,436	104,591	217,933	211,275
Property management expenses
Expenses:
Cost of goods and services sold	22,260	21,650	45,536	42,359
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 22,260	$ 21,650	$ 45,536	$ 42,359

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 31,807	$ 40,304	$ 69,334	$ 73,395
Gain on cash flow hedging instrument:
Reclassification adjustment for amortization of interest expense included in net income	(240)	(240)	(481)	(481)
Other comprehensive loss	(240)	(240)	(481)	(481)
Comprehensive income	31,567	40,064	68,853	72,914
Comprehensive income attributable to noncontrolling interests	2,621	3,967	6,087	6,955
Dividends on preferred shares	13,782	13,782	27,564	27,564
Comprehensive income attributable to common unitholders	15,164	22,315	35,202	38,395
American Homes 4 Rent, L.P.
Net income	31,807	40,304	69,334	73,395
Gain on cash flow hedging instrument:
Reclassification adjustment for amortization of interest expense included in net income	(240)	(240)	(481)	(481)
Other comprehensive loss	(240)	(240)	(481)	(481)
Comprehensive income	31,567	40,064	68,853	72,914
Dividends on preferred shares	13,782	13,782	27,564	27,564
Comprehensive income attributable to common unitholders	$ 17,785	$ 26,282	$ 41,289	$ 45,350

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU 2016-13	Shareholders’ equity	Shareholders’ equityCumulative effect of adoption of ASU 2016-13	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated deficitCumulative effect of adoption of ASU 2016-13	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances at Dec. 31, 2018	$ 5,973,742		$ 5,251,965		$ 2,960	$ 6	$ 354	$ 5,732,466	$ (491,214)		$ 7,393	$ 721,777
Beginning balance (in shares) at Dec. 31, 2018					296,014,546	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	952		952					952
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(760)		(760)		$ 1			(761)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					77,830
Redemptions of units	0		6,522		$ 5			6,505			12	(6,522)
Redemptions of units (in shares)					500,000
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(2,741)											(2,741)
Common shares ($0.05 per share)	(14,889)		(14,889)						(14,889)
Net income	33,091		30,065						30,065			3,026
Total other comprehensive loss	(241)		(203)								(203)	(38)
Ending balances at Mar. 31, 2019	5,975,372		5,259,870		$ 2,966	$ 6	$ 354	5,739,162	(489,820)		7,202	715,502
Ending balance (in shares) at Mar. 31, 2019					296,592,376	635,075	35,350,000
Beginning balances at Dec. 31, 2018	5,973,742		5,251,965		$ 2,960	$ 6	$ 354	5,732,466	(491,214)		7,393	721,777
Beginning balance (in shares) at Dec. 31, 2018					296,014,546	635,075	35,350,000
Distributions to equity holders:
Preferred shares	(27,564)
Net income	73,395
Total other comprehensive loss	(481)
Ending balances at Jun. 30, 2019	5,995,523		5,312,464		$ 2,998	$ 6	$ 354	5,784,398	(482,354)		7,062	683,059
Ending balance (in shares) at Jun. 30, 2019					299,827,789	635,075	35,350,000
Beginning balances at Dec. 31, 2018	5,973,742		5,251,965		$ 2,960	$ 6	$ 354	5,732,466	(491,214)		7,393	721,777
Beginning balance (in shares) at Dec. 31, 2018					296,014,546	635,075	35,350,000
Ending balances at Dec. 31, 2019	$ 6,018,790	$ (1,494)	5,335,426	$ (1,494)	$ 3,001	$ 6	$ 354	5,790,775	(465,368)	$ (1,494)	6,658	683,364
Ending balance (in shares) at Dec. 31, 2019					300,107,599	635,075	35,350,000
Distributions to equity holders:
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balances at Mar. 31, 2019	$ 5,975,372		5,259,870		$ 2,966	$ 6	$ 354	5,739,162	(489,820)		7,202	715,502
Beginning balance (in shares) at Mar. 31, 2019					296,592,376	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,269		1,269					1,269
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	10,263		10,263		$ 6			10,257
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					645,567
Redemptions of units	0		33,799		$ 26			33,710			63	(33,799)
Redemptions of units (in shares)					2,589,846
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(2,611)											(2,611)
Common shares ($0.05 per share)	(15,052)		(15,052)						(15,052)
Net income	40,304		36,300						36,300			4,004
Total other comprehensive loss	(240)		(203)								(203)	(37)
Ending balances at Jun. 30, 2019	5,995,523		5,312,464		$ 2,998	$ 6	$ 354	5,784,398	(482,354)		7,062	683,059
Ending balance (in shares) at Jun. 30, 2019					299,827,789	635,075	35,350,000
Beginning balances at Dec. 31, 2019	6,018,790	(1,494)	5,335,426	(1,494)	$ 3,001	$ 6	$ 354	5,790,775	(465,368)	(1,494)	6,658	683,364
Beginning balance (in shares) at Dec. 31, 2019					300,107,599	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,808		1,808					1,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(163)		(163)		$ 2			(165)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					208,010
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(2,602)											(2,602)
Common shares ($0.05 per share)	(15,088)		(15,088)						(15,088)
Net income	37,527		34,026						34,026			3,501
Total other comprehensive loss	(241)		(206)								(206)	(35)
Ending balances at Mar. 31, 2020	6,024,755		5,340,527		$ 3,003	$ 6	$ 354	5,792,418	(461,706)		6,452	684,228
Ending balance (in shares) at Mar. 31, 2020					300,315,609	635,075	35,350,000
Beginning balances at Dec. 31, 2019	6,018,790	$ (1,494)	5,335,426	$ (1,494)	$ 3,001	$ 6	$ 354	5,790,775	(465,368)	$ (1,494)	6,658	683,364
Beginning balance (in shares) at Dec. 31, 2019					300,107,599	635,075	35,350,000
Distributions to equity holders:
Preferred shares	(27,564)
Net income	69,334
Total other comprehensive loss	(481)
Ending balances at Jun. 30, 2020	6,029,809		5,345,561		$ 3,005	$ 6	$ 354	5,797,384	(461,435)		6,247	684,248
Ending balance (in shares) at Jun. 30, 2020					300,512,943	635,075	35,350,000
Beginning balances at Mar. 31, 2020	6,024,755		5,340,527		$ 3,003	$ 6	$ 354	5,792,418	(461,706)		6,452	684,228
Beginning balance (in shares) at Mar. 31, 2020					300,315,609	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,090		2,090					2,090
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	2,878		2,878		$ 2			2,876
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)					197,334
Distributions to equity holders:
Preferred shares	(13,782)		(13,782)						(13,782)
Noncontrolling interests	(2,601)											(2,601)
Common shares ($0.05 per share)	(15,098)		(15,098)						(15,098)
Net income	31,807		29,151						29,151			2,656
Total other comprehensive loss	(240)		(205)								(205)	(35)
Ending balances at Jun. 30, 2020	$ 6,029,809		$ 5,345,561		$ 3,005	$ 6	$ 354	$ 5,797,384	$ (461,435)		$ 6,247	$ 684,248
Ending balance (in shares) at Jun. 30, 2020					300,512,943	635,075	35,350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 69,334	$ 73,395
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167,657	164,001
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	3,697	3,712
Noncash share-based compensation	3,898	2,221
Loss on early extinguishment of debt	0	659
Equity in net losses of unconsolidated joint ventures	1,090	147
Net gain on sale of single-family properties and other	(21,416)	(19,374)
Loss on impairment of single-family properties and other	5,100	1,433
Other changes in operating assets and liabilities:
Rent and other receivables	(6,420)	(2,976)
Prepaid expenses and other assets	(2,130)	(8,140)
Deferred leasing costs	(1,902)	(2,129)
Accounts payable and accrued expenses	60,777	74,493
Amounts due from related parties	(481)	50
Net cash provided by operating activities	279,204	287,492
Investing activities
Cash paid for single-family properties	(136,772)	(71,361)
Change in escrow deposits for purchase of single-family properties	3,344	(198)
Net proceeds received from sales of single-family properties and other	128,883	87,172
Proceeds received from hurricane-related insurance claims	3,705	0
Investment in unconsolidated joint ventures	(5,155)	(2,265)
Distributions from joint ventures	17,239	6,314
Renovations to single-family properties	(8,046)	(16,513)
Recurring and other capital expenditures for single-family properties	(46,435)	(33,331)
Cash paid for development activity	(271,670)	(139,722)
Other purchases of productive assets	(7,559)	(129)
Net cash provided by (used for) investing activities	(322,466)	(170,033)
Financing activities
Proceeds from exercise of stock options	4,341	10,336
Payments related to tax withholding for share-based compensation	(1,626)	(2,743)
Payments on asset-backed securitizations	(11,763)	(10,736)
Distributions to noncontrolling interests	(7,779)	(5,489)
Distributions to common shareholders/unitholders	(45,221)	(29,721)
Distributions to preferred shareholders/unitholders	(27,564)	(13,782)
Deferred financing costs paid	0	(3,572)
Net cash provided by (used for) financing activities	40,388	(7,763)
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,874)	109,696
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	164,119	175,214
Cash, cash equivalents and restricted cash, end of period (see Note 3)	161,245	284,910
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(55,392)	(52,980)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	12,614	9,837
Transfers of completed homebuilding deliveries to properties	156,367	51,946
Property and land contributions to unconsolidated joint ventures	(18,978)	(5,190)
Note receivable related to a bulk sale of properties, net of discount	0	29,474
Accrued distributions to affiliates	0	4,647
Accrued distributions to non-affiliates	32	26,780
American Homes 4 Rent, L.P.
Operating activities
Net income	69,334	73,395
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167,657	164,001
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	3,697	3,712
Noncash share-based compensation	3,898	2,221
Loss on early extinguishment of debt	0	659
Equity in net losses of unconsolidated joint ventures	1,090	147
Net gain on sale of single-family properties and other	(21,416)	(19,374)
Loss on impairment of single-family properties and other	5,100	1,433
Other changes in operating assets and liabilities:
Rent and other receivables	(6,420)	(2,976)
Prepaid expenses and other assets	(2,130)	(8,140)
Deferred leasing costs	(1,902)	(2,129)
Accounts payable and accrued expenses	60,777	74,493
Amounts due from related parties	(481)	50
Net cash provided by operating activities	279,204	287,492
Investing activities
Cash paid for single-family properties	(136,772)	(71,361)
Change in escrow deposits for purchase of single-family properties	3,344	(198)
Net proceeds received from sales of single-family properties and other	128,883	87,172
Proceeds received from hurricane-related insurance claims	3,705	0
Investment in unconsolidated joint ventures	(5,155)	(2,265)
Distributions from joint ventures	17,239	6,314
Renovations to single-family properties	(8,046)	(16,513)
Recurring and other capital expenditures for single-family properties	(46,435)	(33,331)
Cash paid for development activity	(271,670)	(139,722)
Other purchases of productive assets	(7,559)	(129)
Net cash provided by (used for) investing activities	(322,466)	(170,033)
Financing activities
Proceeds from exercise of stock options	4,341	10,336
Payments related to tax withholding for share-based compensation	(1,626)	(2,743)
Payments on asset-backed securitizations	(11,763)	(10,736)
Distributions to common shareholders/unitholders	(53,000)	(35,210)
Distributions to preferred shareholders/unitholders	(27,564)	(13,782)
Deferred financing costs paid	0	(3,572)
Net cash provided by (used for) financing activities	40,388	(7,763)
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,874)	109,696
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	164,119	175,214
Cash, cash equivalents and restricted cash, end of period (see Note 3)	161,245	284,910
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(55,392)	(52,980)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	12,614	9,837
Transfers of completed homebuilding deliveries to properties	156,367	51,946
Property and land contributions to unconsolidated joint ventures	(18,978)	(5,190)
Note receivable related to a bulk sale of properties, net of discount	0	29,474
Accrued distributions to affiliates	0	4,647
Accrued distributions to non-affiliates	32	26,780
Delayed Draw Term Loan Facility
Financing activities
Payments on revolving credit facility	0	(100,000)
Delayed Draw Term Loan Facility | American Homes 4 Rent, L.P.
Financing activities
Payments on revolving credit facility	0	(100,000)
Unsecured Senior Notes
Financing activities
Proceeds from unsecured senior notes, net of discount	0	397,944
Unsecured Senior Notes | American Homes 4 Rent, L.P.
Financing activities
Proceeds from unsecured senior notes, net of discount	0	397,944
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	130,000	0
Payments on revolving credit facility	0	(250,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	130,000	0
Payments on revolving credit facility	$ 0	$ (250,000)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes		$ 2,878	$ (163)	$ 10,263	$ (760)
Distributions to equity holders:
Net income		31,807		40,304		$ 69,334	$ 73,395
Total other comprehensive loss		(240)	(241)	(240)	(241)	(481)	(481)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member							us-gaap:AccountingStandardsUpdate201613Member
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 6,018,790	6,024,755	6,018,790	5,975,372	5,973,742	6,018,790	5,973,742	$ 5,973,742
Share-based compensation		2,090	1,808	1,269	952
Common units issued under share-based compensation plans, net of units withheld for employee taxes		2,878	(163)	10,263	(760)
Redemptions of Class A units				0	0
Distributions to equity holders:
Preferred units		(13,782)	(13,782)	(13,782)	(13,782)
Common units		(17,699)	(17,690)	(17,663)	(17,630)
Net income		31,807	37,527	40,304	33,091	69,334	73,395
Total other comprehensive loss		(240)	(241)	(240)	(241)	(481)	(481)
Total capital, ending balance		6,029,809	6,024,755	5,995,523	5,975,372	6,029,809	5,995,523	$ 6,018,790
Accounting Standards Update [Extensible List]								us-gaap:AccountingStandardsUpdate201613Member
American Homes 4 Rent, L.P. | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	(1,494)		(1,494)			(1,494)
Distributions to equity holders:
Total capital, ending balance								$ (1,494)
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	7,823	7,582	7,823	8,545	8,786	7,823	8,786	8,786
Distributions to equity holders:
Total other comprehensive loss		(240)	(241)	(240)	(241)
Total capital, ending balance		7,342	7,582	8,305	8,545	7,342	8,305	7,823
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 4,474,333	$ 4,479,640	$ 4,474,333	$ 4,398,233	$ 4,390,137	$ 4,474,333	$ 4,390,137	$ 4,390,137
Total capital, beginning balance (in shares)	300,742,674	300,950,684	300,742,674	297,227,451	296,649,621	300,742,674	296,649,621	296,649,621
Share-based compensation		$ 2,090	$ 1,808	$ 1,269	$ 952
Common units issued under share-based compensation plans, net of units withheld for employee taxes		$ 2,878	$ (163)	$ 10,263	$ (760)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)		197,334	208,010	645,567	77,830
Redemptions of Class A units				$ 33,736	$ 6,510
Redemption of units (in shares)				2,589,846	500,000
Distributions to equity holders:
Common units		$ (15,098)	$ (15,088)	$ (15,052)	$ (14,889)
Net income		15,369	20,244	22,518	16,283
Total capital, ending balance		$ 4,484,879	$ 4,479,640	$ 4,450,967	$ 4,398,233	$ 4,484,879	$ 4,450,967	$ 4,474,333
Total capital, ending balance (in shares)		301,148,018	300,950,684	300,462,864	297,227,451	301,148,018	300,462,864	300,742,674
American Homes 4 Rent, L.P. | General Partner | Common Units | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ (1,494)		$ (1,494)			$ (1,494)
Distributions to equity holders:
Total capital, ending balance								$ (1,494)
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	854,435	$ 854,435	854,435	$ 854,435	$ 854,435	854,435	$ 854,435	854,435
Distributions to equity holders:
Preferred units		(13,782)	(13,782)	(13,782)	(13,782)
Net income		13,782	13,782	13,782	13,782
Total capital, ending balance		854,435	854,435	854,435	854,435	854,435	854,435	854,435
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 682,199	$ 683,098	$ 682,199	$ 714,159	$ 720,384	$ 682,199	$ 720,384	$ 720,384
Total capital, beginning balance (in shares)	52,026,980	52,026,980	52,026,980	54,816,826	55,316,826	52,026,980	55,316,826	55,316,826
Redemptions of Class A units				$ (33,736)	$ (6,510)
Redemption of units (in shares)				(2,589,846)	(500,000)
Distributions to equity holders:
Common units		$ (2,601)	$ (2,602)	$ (2,611)	$ (2,741)
Net income		2,656	3,501	4,004	3,026
Total capital, ending balance		$ 683,153	$ 683,098	$ 681,816	$ 714,159	$ 683,153	$ 681,816	$ 682,199
Total capital, ending balance (in shares)		52,026,980	52,026,980	52,226,980	54,816,826	52,026,980	52,226,980	52,026,980

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Common units, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of 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 June 30, 2020, the Company held 53,000 single-family properties in 22 states, including 948 properties classified as held for sale. AH4R is the general partner of, and as of June 30, 2020 owned approximately 85.2% of the common partnership interest in, the Operating Partnership. The remaining 14.8% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements are unaudited. The condensed consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries, and the condensed 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 Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its obligation to absorb its losses or the right to receive its benefits that 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 subsidiary and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective March 31, 2020, as a result of the expected growth in our joint venture activities, the investments in unconsolidated joint ventures balance has been reclassified into a separate balance sheet line item. This resulted in the reclassification of $67.9 million as of December 31, 2019, which was previously included in escrow deposits, prepaid expenses and other assets, into investments in unconsolidated joint ventures in the condensed consolidated balance sheets. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation. Accounting Pronouncements Adopted January 1, 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 is 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements (see Note 6. Escrow Deposits, Prepaid Expenses and Other Assets). 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU apply only to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform but do not apply to contract modifications made or hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU allow companies to (i) account for modifications to contracts within the scope of ASC 310, Receivables , and ASC 470, Debt , prospectively by adjusting the effective interest rate and (ii) account for modifications to contracts within the scope of ASC 842, Leases , as a continuation of existing lease agreements. The guidance also provides optional expedients for modifications to contracts within the scope of ASC 815, Derivatives and Hedging . The guidance is effective immediately, and entities may elect to apply the guidance as of January 1, 2020 or the beginning of a subsequent interim period, or prospectively from a date beginning January 1, 2020 or in a subsequent interim period up to the date the financial statements are available to be issued. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements. In April 2020, the FASB issued staff question and answer (“Q&A”) document Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic . Under ASC No. 842, Leases, lease concessions granted by lessors beyond the enforceable rights and obligations contained in the existing lease agreement would generally be accounted for as a lease modification. The staff Q&A document permits lessors to make an election, if certain criteria are met, to account for a lease concession related to the effects of the COVID-19 pandemic as though it were part of the enforceable rights and obligations of the existing lease agreement rather than account for the concession as a lease modification. The Company elects to not evaluate whether a COVID-19-related concession is a lease modification and elects to not apply the lease modification guidance in those circumstances. The effect of these elections did not have a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective 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.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): June 30, December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 32,010 $ 119,176 $ 37,575 $ 30,284 Restricted cash 129,235 165,734 126,544 144,930 Total cash, cash equivalents and restricted cash $ 161,245 $ 284,910 $ 164,119 $ 175,214

Real Estate Assets, Net

Real Estate Assets, Net	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Occupied single-family properties $ 7,775,254 $ 7,534,627 Single-family properties recently acquired 31,669 88,181 Single-family properties in turnover process 188,299 308,008 Single-family properties leased, not yet occupied 101,001 55,460 Single-family properties in operation, net 8,096,223 7,986,276 Development land 237,169 224,041 Single-family properties under development 215,958 131,386 Single-family properties held for sale, net 171,622 209,828 Total real estate assets, net $ 8,720,972 $ 8,551,531 Depreciation expense related to single-family properties was $81.6 million and $78.6 million for the three months ended June 30, 2020 and 2019, respectively, and $161.4 million and $155.4 million for the six months ended June 30, 2020 and 2019, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and six months ended June 30, 2020 and 2019 (in thousands, except property data): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Single-family properties: Properties sold 216 433 626 613 Net proceeds (1) $ 47,626 $ 82,828 $ 128,812 $ 115,451 Net gain on sale $ 10,651 $ 13,569 $ 24,409 $ 19,149 Land: Net proceeds $ — $ 899 $ 71 $ 1,195 Net gain on sale $ — $ 156 $ 7 $ 225 (1) Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6. Escrow Deposits, Prepaid Expenses and Other Assets).

Rent and Other Receivables

Rent and Other Receivables	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Rent and Other Receivables	Rent and Other Receivables Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $35.4 million and $35.3 million for the three months ended June 30, 2020 and 2019, respectively, and $75.4 million and $75.3 million for the six months ended June 30, 2020 and 2019, respectively. Variable lease payments for fees from single-family properties were $3.3 million and $3.5 million for the three months ended June 30, 2020 and 2019, respectively, and $7.3 million and $6.5 million for the six months ended June 30, 2020 and 2019, respectively. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2020 (in thousands): June 30, 2020 Remaining 2020 $ 382,221 2021 202,327 2022 8,637 2023 34 Total $ 593,219 As of December 31, 2019, rent and other receivables also included $2.7 million of hurricane-related insurance claims receivable, which was fully collected during the three months ended March 31, 2020.

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Escrow deposits, prepaid expenses and other $ 54,129 $ 54,545 Deferred costs and other intangibles, net 5,662 6,840 Notes receivable, net 35,397 36,834 Commercial real estate, software, vehicles and FF&E, net 46,114 42,742 Total $ 141,302 $ 140,961 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.1 million and $1.8 million for the three months ended June 30, 2020 and 2019, respectively, and $4.1 million and $3.7 million for the six months ended June 30, 2020 and 2019, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Deferred leasing costs $ 3,506 $ 3,738 Deferred financing costs 11,244 11,244 Database intangible asset 2,100 2,100 16,850 17,082 Less: accumulated amortization (11,188) (10,242) Total $ 5,662 $ 6,840 Amortization expense related to deferred leasing costs, the value of in-place leases, and database intangibles was $1.1 million and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, and $2.1 million and $4.9 million for the six months ended June 30, 2020 and 2019, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million for both the three months ended June 30, 2020 and 2019 and $1.0 million for both the six months ended June 30, 2020 and 2019 and was included in gross interest, prior to interest capitalization (see Note 8. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of June 30, 2020 for future periods (in thousands): Deferred Deferred Total Remaining 2020 $ 1,321 $ 991 $ 2,312 2021 418 1,964 2,382 2022 — 968 968 Total $ 1,739 $ 3,923 $ 5,662 Notes Receivable, Net The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties. The promissory notes are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity. Notes receivable are presented net of discounts, and interest income from the notes, including amortization of discounts, is presented in other revenues within the condensed consolidated statements of operations. Upon adoption of ASU 2016-13 expected credit losses, which the Company estimates on a quarterly basis based on (i) credit quality indicators such as the borrower’s historical performance, including the borrower’s financial results and satisfaction of scheduled payments, (ii) current conditions,

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of June 30, 2020, the Company held 20% ownership interests in three unconsolidated joint ventures. During the second quarter of 2014, the Company entered into a joint venture with the Alaska Permanent Fund Corporation (the “Alaska JV”) to invest in homes acquired through traditional acquisition channels and during the third quarter of 2018, the Company entered into a joint venture with another leading institutional investor (the “Institutional Investor JV”) to invest in newly constructed single-family rental homes. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. During the first quarter of 2020, the Company entered into a $253.1 million strategic joint venture with institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) focused on constructing and operating newly built rental homes, which was subsequently upsized to $625.0 million during the second quarter of 2020. The Company holds a 20% ownership interest in the joint venture, which has an evergreen term. In evaluating the Company’s 20% ownership interest in the joint venture, we concluded that the Company does not have a controlling financial interest and, therefore, we account for our interest in the joint venture as an investment in an unconsolidated subsidiary using the equity method of accounting. The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at June 30, 2020 Completed Homes at June 30, 2020 Balances at Balances at Alaska JV 20 % 380 $ 27,528 $ 29,326 Institutional Investor JV 20 % 542 39,712 33,757 J.P. Morgan JV 20 % 14 2,739 — Other (1) N/A N/A — 4,852 936 $ 69,979 $ 67,935 (1) Includes legacy joint ventures, which the Company acquired as part of the American Residential Properties, Inc. merger in February 2016, that were liquidated during the first quarter of 2020. The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $1.3 million and $0.7 million for the three months ended June 30, 2020 and 2019, respectively, and $2.2 million and $1.4 million for the six months ended June 30, 2020 and 2019, respectively, and was included in other revenues within the condensed consolidated statements of operations.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2020 December 31, 2019 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 482,812 $ 485,828 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 497,897 501,393 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 523,797 526,560 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 454,724 457,212 Total asset-backed securitizations 1,959,230 1,970,993 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 Revolving credit facility (5) 1.36% June 30, 2022 130,000 — Total debt 2,989,230 2,870,993 Unamortized discounts on unsecured senior notes (3,900) (4,143) Deferred financing costs, net (6) (30,401) (33,353) Total debt per balance sheet $ 2,954,929 $ 2,833,497 (1) Interest rates are as of June 30, 2020. 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 $3.7 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2020 and December 31, 2019, respectively. The revolving credit facility bears interest at LIBOR plus 1.20% as of June 30, 2020. 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) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended June 30, 2020 and 2019 and $3.0 million for both the six months ended June 30, 2020 and 2019, respectively, which was included in gross interest, prior to interest capitalization. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2020 (in thousands): Debt Maturities Remaining 2020 $ 10,358 2021 20,714 2022 150,714 2023 20,714 2024 954,568 Thereafter 1,832,162 Total debt $ 2,989,230 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Gross interest cost $ 34,630 $ 35,221 $ 68,994 $ 69,833 Capitalized interest (5,072) (2,650) (9,721) (5,347) Interest expense $ 29,558 $ 32,571 $ 59,273 $ 64,486

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Accrued property taxes $ 100,839 $ 44,280 Resident security deposits 88,147 84,832 Prepaid rent 23,310 19,970 Accrued interest 23,274 23,090 Accrued construction and maintenance liabilities 16,431 20,435 Accounts payable 1,484 5,037 Accrued distribution payable — 13,024 Other accrued liabilities 33,551 32,525 Total $ 287,036 $ 243,193

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	6 Months Ended
	Jun. 30, 2020
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. At-the-Market Common Share Offering Program In June 2020, the Company extended its at-the-market common share offering program under which we can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. As of June 30, 2020, no shares have been issued under the At-the-Market Program and $500.0 million remained available for future share issuances. Share Repurchase Program The Company’s board of trustees authorized the establishment of our 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 six months ended June 30, 2020 and 2019, we did not repurchase and retire any of our shares. As of June 30, 2020, 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. Preferred Shares As of June 30, 2020 and December 31, 2019, the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 2020 December 31, 2019 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 Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Three Months Ended Security June 30, 2020 March 31, 2020 June 30, 2019 March 31, 2019 Class A and Class B common shares $ 0.05 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 51,429,990, or approximately 14.6%, of the total 353,174,998 and 352,769,654 Class A units in the Operating Partnership as of June 30, 2020 and December 31, 2019, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 596,990, or approximately 0.2%, of the total 353,174,998 and 352,769,654 Class A units in the Operating Partnership as of June 30, 2020 and December 31, 2019, respectively. The Operating Partnership units owned by former AH LLC members and non-affiliates reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Note 11. Share-Based Compensation 2012 Equity Incentive Plan The Company’s employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the “Plan”), the Operating Partnership issues an equivalent number of Class A units to AH4R and non-management members of our board of trustees. Restricted stock units (“RSUs”) granted to employees during the six months ended June 30, 2020 vest over a three-year service period, and stock options and RSUs granted to employees during the six months ended June 30, 2019 vest over a four-year service period. RSUs granted to non-management trustees vest over a one-year service period. Stock options granted during the six months ended June 30, 2019 expire 10 years from the date of grant. The following table summarizes stock option activity under the Plan for the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, 2020 June 30, 2019 Options outstanding at beginning of period 1,529,800 2,252,275 Granted — 20,000 Exercised (255,550) (650,375) Forfeited (2,850) (12,350) Options outstanding at end of period 1,271,400 1,609,550 Options exercisable at end of period 1,124,800 1,240,400 The following table summarizes RSU activity under the Plan for the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, 2020 June 30, 2019 RSUs outstanding at beginning of period 599,109 372,375 Units awarded 461,279 343,334 Units vested (206,597) (110,900) Units forfeited (39,995) (8,700) RSUs outstanding at end of period 813,796 596,109 The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 General and administrative expense $ 1,649 $ 923 $ 3,018 $ 1,582 Property management expenses 441 346 880 639 Total noncash share-based compensation expense $ 2,090 $ 1,269 $ 3,898 $ 2,221

Earnings per Share _ Unit

Earnings per Share / Unit	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income $ 31,807 $ 40,304 $ 69,334 $ 73,395 Less: Noncontrolling interest 2,656 4,004 6,157 7,030 Dividends on preferred shares 13,782 13,782 27,564 27,564 Allocation to participating securities (1) 42 45 96 75 Numerator for income per common share–basic and diluted $ 15,327 $ 22,473 $ 35,517 $ 38,726 Denominator: Weighted-average common shares outstanding–basic 301,011,545 299,466,526 300,912,307 298,157,413 Effect of dilutive securities: Share-based compensation plan (2) 400,698 524,558 446,462 519,375 Weighted-average common shares outstanding–diluted (3) 301,412,243 299,991,084 301,358,769 298,676,788 Net income per common share: Basic $ 0.05 $ 0.08 $ 0.12 $ 0.13 Diluted $ 0.05 $ 0.08 $ 0.12 $ 0.13 (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 effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2020 and 2019 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income $ 31,807 $ 40,304 $ 69,334 $ 73,395 Less: Preferred distributions 13,782 13,782 27,564 27,564 Allocation to participating securities (1) 42 45 96 75 Numerator for income per common unit–basic and diluted $ 17,983 $ 26,477 $ 41,674 $ 45,756 Denominator: Weighted-average common units outstanding–basic 353,038,525 352,363,754 352,939,287 352,183,171 Effect of dilutive securities: Share-based compensation plan (2) 400,698 524,558 446,462 519,375 Weighted-average common units outstanding–diluted 353,439,223 352,888,312 353,385,749 352,702,546 Net income per common unit: Basic $ 0.05 $ 0.08 $ 0.12 $ 0.13 Diluted $ 0.05 $ 0.08 $ 0.12 $ 0.13 (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.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
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. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 477,329 $ 491,262 $ 479,706 $ 491,302 AH4R 2014-SFR3 securitization 492,175 507,435 495,029 510,486 AH4R 2015-SFR1 securitization 517,486 532,246 519,576 534,531 AH4R 2015-SFR2 securitization 448,810 464,351 450,733 466,558 Total asset-backed securitizations 1,935,800 1,995,294 1,945,044 2,002,877 2028 unsecured senior notes, net 493,984 534,910 493,589 531,870 2029 unsecured senior notes, net 395,145 452,532 394,864 446,728 Total unsecured senior notes, net 889,129 987,442 888,453 978,598 Revolving credit facility 130,000 130,000 — — Total debt $ 2,954,929 $ 3,112,736 $ 2,833,497 $ 2,981,475

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of June 30, 2020 and December 31, 2019, affiliates owned approximately 14.9% and 13.6%, 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 Class A units as of June 30, 2020 and December 31, 2019) an approximate 27.4% and 26.3% interest as of June 30, 2020 and December 31, 2019, respectively. American Homes 4 Rent As of December 31, 2019, the Company had a $4.6 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Company’s condensed consolidated balance sheets. American Homes 4 Rent, L.P. As of June 30, 2020, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. 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 was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets, and had a $4.6 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2020, the Company had commitments to acquire 72 single-family properties for an aggregate purchase price of $20.8 million, as well as $55.6 million in purchase commitments that relate to both third-party developer agreements and land for our AMH Development Program. 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 AMH Development Program. As of June 30, 2020 and December 31, 2019, the Company had sales in escrow for approximately 112 and 305 of our single-family properties, respectively, for aggregate selling prices of $28.4 million and $57.5 million, respectively. As of June 30, 2020 and December 31, 2019, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $34.0 million and $14.5 million, 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Revolving Credit Facility From July 1, 2020 through July 31, 2020, the Company paid down $25.0 million under its revolving credit facility, resulting in $105.0 million of outstanding borrowings under its revolving credit facility as of July 31, 2020. Subsequent Acquisitions From July 1, 2020 through July 31, 2020, the Company added 157 properties to its portfolio for a total cost of approximately $38.8 million, which included 128 newly constructed properties delivered through our AMH Development Program and 29 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From July 1, 2020 through July 31, 2020, the Company disposed of 91 properties for aggregate net proceeds of approximately $20.1 million. Subsequent Joint Venture Activity From July 1, 2020 through July 31, 2020, the Company contributed $57.8 million of land and in-process development projects to unconsolidated joint ventures and received $46.2 million in cash distributions from unconsolidated joint ventures in respect of its contributions.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated financial statements are unaudited. The condensed consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries, and the condensed 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 Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its obligation to absorb its losses or the right to receive its benefits that 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 subsidiary and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets. accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective March 31, 2020, as a result of the expected growth in our joint venture activities, the investments in unconsolidated joint ventures balance has been reclassified into a separate balance sheet line item. This resulted in the reclassification of $67.9 million as of December 31, 2019, which was previously included in escrow deposits, prepaid expenses and other assets, into investments in unconsolidated joint ventures in the condensed consolidated balance sheets. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements	In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 is 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements (see Note 6. Escrow Deposits, Prepaid Expenses and Other Assets). 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did 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 adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU apply only to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform but do not apply to contract modifications made or hedging relationships entered into or evaluated after December 31, 2022. The amendments in this ASU allow companies to (i) account for modifications to contracts within the scope of ASC 310, Receivables , and ASC 470, Debt , prospectively by adjusting the effective interest rate and (ii) account for modifications to contracts within the scope of ASC 842, Leases , as a continuation of existing lease agreements. The guidance also provides optional expedients for modifications to contracts within the scope of ASC 815, Derivatives and Hedging . The guidance is effective immediately, and entities may elect to apply the guidance as of January 1, 2020 or the beginning of a subsequent interim period, or prospectively from a date beginning January 1, 2020 or in a subsequent interim period up to the date the financial statements are available to be issued. The Company adopted this guidance effective January 1, 2020. The adoption of this guidance did not have a material impact on our financial statements. In April 2020, the FASB issued staff question and answer (“Q&A”) document Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic . Under ASC No. 842, Leases, lease concessions granted by lessors beyond the enforceable rights and obligations contained in the existing lease agreement would generally be accounted for as a lease modification. The staff Q&A document permits lessors to make an election, if certain criteria are met, to account for a lease concession related to the effects of the COVID-19 pandemic as though it were part of the enforceable rights and obligations of the existing lease agreement rather than account for the concession as a lease modification. The Company elects to not evaluate whether a COVID-19-related concession is a lease modification and elects to not apply the lease modification guidance in those circumstances. The effect of these elections did not have a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Effective 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.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): June 30, December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 32,010 $ 119,176 $ 37,575 $ 30,284 Restricted cash 129,235 165,734 126,544 144,930 Total cash, cash equivalents and restricted cash $ 161,245 $ 284,910 $ 164,119 $ 175,214
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): June 30, December 31, 2020 2019 2019 2018 Cash and cash equivalents $ 32,010 $ 119,176 $ 37,575 $ 30,284 Restricted cash 129,235 165,734 126,544 144,930 Total cash, cash equivalents and restricted cash $ 161,245 $ 284,910 $ 164,119 $ 175,214

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Single-Family Properties, Net	The net book values of real estate assets consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Occupied single-family properties $ 7,775,254 $ 7,534,627 Single-family properties recently acquired 31,669 88,181 Single-family properties in turnover process 188,299 308,008 Single-family properties leased, not yet occupied 101,001 55,460 Single-family properties in operation, net 8,096,223 7,986,276 Development land 237,169 224,041 Single-family properties under development 215,958 131,386 Single-family properties held for sale, net 171,622 209,828 Total real estate assets, net $ 8,720,972 $ 8,551,531 For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Single-family properties: Properties sold 216 433 626 613 Net proceeds (1) $ 47,626 $ 82,828 $ 128,812 $ 115,451 Net gain on sale $ 10,651 $ 13,569 $ 24,409 $ 19,149 Land: Net proceeds $ — $ 899 $ 71 $ 1,195 Net gain on sale $ — $ 156 $ 7 $ 225 (1) Total net proceeds for the three and six months ended June 30, 2019 included a $30.7 million note receivable, before a $1.2 million discount, which is presented in escrow deposits, prepaid expenses and other assets (see Note 6. Escrow Deposits, Prepaid Expenses and Other Assets).

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of June 30, 2020 (in thousands): June 30, 2020 Remaining 2020 $ 382,221 2021 202,327 2022 8,637 2023 34 Total $ 593,219

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Escrow deposits, prepaid expenses and other $ 54,129 $ 54,545 Deferred costs and other intangibles, net 5,662 6,840 Notes receivable, net 35,397 36,834 Commercial real estate, software, vehicles and FF&E, net 46,114 42,742 Total $ 141,302 $ 140,961
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Deferred leasing costs $ 3,506 $ 3,738 Deferred financing costs 11,244 11,244 Database intangible asset 2,100 2,100 16,850 17,082 Less: accumulated amortization (11,188) (10,242) Total $ 5,662 $ 6,840
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 June 30, 2020 for future periods (in thousands): Deferred Deferred Total Remaining 2020 $ 1,321 $ 991 $ 2,312 2021 418 1,964 2,382 2022 — 968 968 Total $ 1,739 $ 3,923 $ 5,662

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of joint venture arrangements accounting for under equity method	The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at June 30, 2020 Completed Homes at June 30, 2020 Balances at Balances at Alaska JV 20 % 380 $ 27,528 $ 29,326 Institutional Investor JV 20 % 542 39,712 33,757 J.P. Morgan JV 20 % 14 2,739 — Other (1) N/A N/A — 4,852 936 $ 69,979 $ 67,935 (1) Includes legacy joint ventures, which the Company acquired as part of the American Residential Properties, Inc. merger in February 2016, that were liquidated during the first quarter of 2020.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of June 30, 2020 and December 31, 2019 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date June 30, 2020 December 31, 2019 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 482,812 $ 485,828 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 497,897 501,393 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 523,797 526,560 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 454,724 457,212 Total asset-backed securitizations 1,959,230 1,970,993 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 Revolving credit facility (5) 1.36% June 30, 2022 130,000 — Total debt 2,989,230 2,870,993 Unamortized discounts on unsecured senior notes (3,900) (4,143) Deferred financing costs, net (6) (30,401) (33,353) Total debt per balance sheet $ 2,954,929 $ 2,833,497 (1) Interest rates are as of June 30, 2020. 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 $3.7 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2020 and December 31, 2019, respectively. The revolving credit facility bears interest at LIBOR plus 1.20% as of June 30, 2020. 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) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended June 30, 2020 and 2019 and $3.0 million for both the six months ended June 30, 2020 and 2019, respectively, which was included in gross interest, prior to interest capitalization.
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2020 (in thousands): Debt Maturities Remaining 2020 $ 10,358 2021 20,714 2022 150,714 2023 20,714 2024 954,568 Thereafter 1,832,162 Total debt $ 2,989,230
Summary of Activity that Relates to Capitalized Interest	The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Gross interest cost $ 34,630 $ 35,221 $ 68,994 $ 69,833 Capitalized interest (5,072) (2,650) (9,721) (5,347) Interest expense $ 29,558 $ 32,571 $ 59,273 $ 64,486

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Accrued property taxes $ 100,839 $ 44,280 Resident security deposits 88,147 84,832 Prepaid rent 23,310 19,970 Accrued interest 23,274 23,090 Accrued construction and maintenance liabilities 16,431 20,435 Accounts payable 1,484 5,037 Accrued distribution payable — 13,024 Other accrued liabilities 33,551 32,525 Total $ 287,036 $ 243,193

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of June 30, 2020 and December 31, 2019, the Company had the following series of preferred shares outstanding (in thousands, except share data): June 30, 2020 December 31, 2019 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 Three Months Ended Security June 30, 2020 March 31, 2020 June 30, 2019 March 31, 2019 Class A and Class B common shares $ 0.05 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the Plan for the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, 2020 June 30, 2019 Options outstanding at beginning of period 1,529,800 2,252,275 Granted — 20,000 Exercised (255,550) (650,375) Forfeited (2,850) (12,350) Options outstanding at end of period 1,271,400 1,609,550 Options exercisable at end of period 1,124,800 1,240,400
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes RSU activity under the Plan for the six months ended June 30, 2020 and 2019: For the Six Months Ended June 30, 2020 June 30, 2019 RSUs outstanding at beginning of period 599,109 372,375 Units awarded 461,279 343,334 Units vested (206,597) (110,900) Units forfeited (39,995) (8,700) RSUs outstanding at end of period 813,796 596,109
Summary of Activity in Noncash Share-Based Compensation Expense	The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and six months ended June 30, 2020 and 2019 (in thousands): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 General and administrative expense $ 1,649 $ 923 $ 3,018 $ 1,582 Property management expenses 441 346 880 639 Total noncash share-based compensation expense $ 2,090 $ 1,269 $ 3,898 $ 2,221

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Net Income (Loss) per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share data): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income $ 31,807 $ 40,304 $ 69,334 $ 73,395 Less: Noncontrolling interest 2,656 4,004 6,157 7,030 Dividends on preferred shares 13,782 13,782 27,564 27,564 Allocation to participating securities (1) 42 45 96 75 Numerator for income per common share–basic and diluted $ 15,327 $ 22,473 $ 35,517 $ 38,726 Denominator: Weighted-average common shares outstanding–basic 301,011,545 299,466,526 300,912,307 298,157,413 Effect of dilutive securities: Share-based compensation plan (2) 400,698 524,558 446,462 519,375 Weighted-average common shares outstanding–diluted (3) 301,412,243 299,991,084 301,358,769 298,676,788 Net income per common share: Basic $ 0.05 $ 0.08 $ 0.12 $ 0.13 Diluted $ 0.05 $ 0.08 $ 0.12 $ 0.13 (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 effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and six months ended June 30, 2020 and 2019 (in thousands, except unit and per unit data): For the Three Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income $ 31,807 $ 40,304 $ 69,334 $ 73,395 Less: Preferred distributions 13,782 13,782 27,564 27,564 Allocation to participating securities (1) 42 45 96 75 Numerator for income per common unit–basic and diluted $ 17,983 $ 26,477 $ 41,674 $ 45,756 Denominator: Weighted-average common units outstanding–basic 353,038,525 352,363,754 352,939,287 352,183,171 Effect of dilutive securities: Share-based compensation plan (2) 400,698 524,558 446,462 519,375 Weighted-average common units outstanding–diluted 353,439,223 352,888,312 353,385,749 352,702,546 Net income per common unit: Basic $ 0.05 $ 0.08 $ 0.12 $ 0.13 Diluted $ 0.05 $ 0.08 $ 0.12 $ 0.13 (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.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 477,329 $ 491,262 $ 479,706 $ 491,302 AH4R 2014-SFR3 securitization 492,175 507,435 495,029 510,486 AH4R 2015-SFR1 securitization 517,486 532,246 519,576 534,531 AH4R 2015-SFR2 securitization 448,810 464,351 450,733 466,558 Total asset-backed securitizations 1,935,800 1,995,294 1,945,044 2,002,877 2028 unsecured senior notes, net 493,984 534,910 493,589 531,870 2029 unsecured senior notes, net 395,145 452,532 394,864 446,728 Total unsecured senior notes, net 889,129 987,442 888,453 978,598 Revolving credit facility 130,000 130,000 — — Total debt $ 2,954,929 $ 3,112,736 $ 2,833,497 $ 2,981,475

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)single_family_propertypropertystate	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of states | state	22
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest	85.20%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	14.80%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | single_family_property	53,000
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	948

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Investments in unconsolidated joint ventures	$ 69,979	$ 67,935

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 32,010	$ 37,575	$ 119,176	$ 30,284
Restricted cash	129,235	126,544	165,734	144,930
Total cash, cash equivalents and restricted cash	$ 161,245	$ 164,119	$ 284,910	$ 175,214

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 8,096,223	$ 7,986,276
Development land	237,169	224,041
Single-family properties under development	215,958	131,386
Single-family properties held for sale, net	171,622	209,828
Total real estate assets, net	8,720,972	8,551,531
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	8,720,972	8,551,531
Single Family Homes | Single-family properties recently acquired
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	31,669	88,181
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	188,299	308,008
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	7,775,254	7,534,627
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 101,001	$ 55,460

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)property
Property Subject to or Available for Operating Lease
Depreciation expense	$ 81,600	$ 78,600	$ 161,400	$ 155,400
Secured Promissory Note Maturing June 2025 | Disposal Group, Not Discontinued Operations | Bulk portfolio disposition
Property Subject to or Available for Operating Lease
Note receivables		30,700		30,700
Discount		$ 1,200		$ 1,200
Single Family Homes
Property Subject to or Available for Operating Lease
Single-family properties: Properties sold | property	216	433	626	613
Single-family properties: Net proceeds	$ 47,626	$ 82,828	$ 128,812	$ 115,451
Single-family properties: Net gain on sale	10,651	13,569	24,409	19,149
Land: Net proceeds	0	899	71	1,195
Land: Net gain on sale	$ 0	$ 156	$ 7	$ 225

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Lease agreement term (in years)	1 year		1 year
Future Minimum Rental Revenues
Remaining 2020	$ 382,221		$ 382,221
2021	202,327		202,327
2022	8,637		8,637
2023	34		34
Total	593,219		593,219
Hurricane-related insurance claims receivable					$ 2,700
Single Family Homes
Loans and Leases Receivable Disclosure [Line Items]
Tenant chargebacks	35,400	$ 35,300	75,400	$ 75,300
Late fees and application fees	$ 3,300	$ 3,500	$ 7,300	$ 6,500

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) $ in Thousands	Jan. 01, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)bulk_disposition	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other		$ 54,129		$ 54,129		$ 54,545
Deferred costs and other intangibles, net		5,662		5,662		6,840
Notes receivable, net		35,397		35,397		36,834
Commercial real estate, software, vehicles and FF&E, net		46,114		46,114		42,742
Total		141,302		141,302		$ 140,961
Schedule of Equity Method Investments [Line Items]
Depreciation expense		81,600	$ 78,600	161,400	$ 155,400
Amortization expense related to deferred leasing costs, in-place leases, trademark and database		1,100	2,400	2,100	4,900
Amortization of deferred financing costs		500	500	$ 1,000	1,000
Number Of Bulk Dispositions | bulk_disposition				2
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member					us-gaap:AccountingStandardsUpdate201613Member
Allowance for credit losses	$ 1,500
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Schedule of Equity Method Investments [Line Items]
Depreciation expense		$ 2,100	$ 1,800	$ 4,100	$ 3,700

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 3,506	$ 3,738
Deferred financing costs	11,244	11,244
Deferred cost and intangible assets	16,850	17,082
Less: accumulated amortization	(11,188)	(10,242)
Total	5,662	6,840
Database intangible asset
Acquired Indefinite-lived Intangible Assets
Database intangible asset	$ 2,100	$ 2,100

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands	Jun. 30, 2020USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2020	$ 2,312
2021	2,382
2022	968
Database Intangible Asset	5,662
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2020	1,321
2021	418
2022	0
Deferred Leasing Costs	1,739
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2020	991
2021	1,964
2022	968
Deferred Financing Costs	$ 3,923

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)joint_venture	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)joint_venture	Jun. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%			20.00%
Number of joint ventures | joint_venture	3			3
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 1.3		$ 0.7	$ 2.2	$ 1.4
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%			20.00%
Size of partnership	$ 625	$ 253.1

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Jun. 30, 2020USD ($)bulk_disposition	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	936
Balances	$ 69,979	$ 67,935
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	380
Balances	$ 27,528	29,326
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	542
Balances	$ 39,712	33,757
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	14
Balances	$ 2,739	0
Other
Schedule of Equity Method Investments [Line Items]
Balances	$ 0	$ 4,852

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Debt, gross	$ 2,989,230,000		$ 2,989,230,000		$ 2,870,993,000
Unamortized discounts on unsecured senior notes	(3,900,000)		(3,900,000)		(4,143,000)
Deferred financing costs, net	(30,401,000)		(30,401,000)		(33,353,000)
Total debt per balance sheet	2,954,929,000		2,954,929,000		2,833,497,000
Amortization of financing costs			3,697,000	$ 3,712,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,500,000	$ 1,500,000	3,000,000	$ 3,000,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,959,230,000		$ 1,959,230,000		1,970,993,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%		4.42%
Debt, gross	$ 482,812,000		$ 482,812,000		485,828,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%		4.40%
Debt, gross	$ 497,897,000		$ 497,897,000		501,393,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%		4.14%
Debt, gross	$ 523,797,000		$ 523,797,000		526,560,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%		4.36%
Debt, gross	$ 454,724,000		$ 454,724,000		457,212,000
Senior Notes | 2028 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate	4.25%		4.25%
Effective interest rate	4.08%		4.08%
Debt, gross	$ 500,000,000		$ 500,000,000		500,000,000
Senior Notes | 2029 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate	4.90%		4.90%
Debt, gross	$ 400,000,000		$ 400,000,000		400,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.36%		1.36%
Debt, gross	$ 130,000,000		$ 130,000,000		0
Maximum borrowing capacity	800,000,000		800,000,000
Outstanding letters of credit	$ 3,700,000		$ 3,700,000		$ 6,200,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.20%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Remaining 2020	$ 10,358
2021	20,714
2022	150,714
2023	20,714
2024	954,568
Thereafter	1,832,162
Total debt	$ 2,989,230	$ 2,870,993

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Gross interest cost	$ 34,630	$ 35,221	$ 68,994	$ 69,833
Capitalized interest	(5,072)	(2,650)	(9,721)	(5,347)
Interest expense	$ 29,558	$ 32,571	$ 59,273	$ 64,486

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued property taxes	$ 100,839	$ 44,280
Resident security deposits	88,147	84,832
Prepaid rent	23,310	19,970
Accrued interest	23,274	23,090
Accrued construction and maintenance liabilities	16,431	20,435
Accounts payable	1,484	5,037
Accrued distribution payable	0	13,024
Other accrued liabilities	33,551	32,525
Total	$ 287,036	$ 243,193

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - At the Market - Common Share Offering Program - Class A common shares/units	Jun. 30, 2020USD ($)
Class of Stock [Line Items]
Shares authorized for future issuance, value	$ 500,000,000
Shares available for future issuance, value	$ 500,000,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details)	Jun. 30, 2020USD ($)
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300,000,000
Remaining repurchase authorization	265,100,000
Preferred Shares/Units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	250,000,000
Remaining repurchase authorization	$ 250,000,000

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
Liquidation Value	$ 883,750	$ 883,750
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%
Preferred shares, shares outstanding (in shares)	10,750,000	10,750,000
Liquidation Value	$ 268,750	$ 268,750
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%
Preferred shares, shares outstanding (in shares)	9,200,000	9,200,000
Liquidation Value	$ 230,000	$ 230,000
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	6,200,000	6,200,000
Liquidation Value	$ 155,000	$ 155,000
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Liquidation Value	$ 115,000	$ 115,000
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.25%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Liquidation Value	$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020
Class A common shares/units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)		0.05		0.05
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)					6.50%
Preferred shares, dividends declared (in dollars per share)	0.41	0.41	0.41	0.41
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)					6.35%
Preferred shares, dividends declared (in dollars per share)	0.40	0.40	0.40	0.40
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)					5.875%
Preferred shares, dividends declared (in dollars per share)	0.37	0.37	0.37	0.37
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)					5.875%
Preferred shares, dividends declared (in dollars per share)	0.37	0.37	0.37	0.37
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)					6.25%
Preferred shares, dividends declared (in dollars per share)	$ 0.39	$ 0.39	$ 0.39	$ 0.39

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Operating partnership units (in shares)	353,174,998	352,769,654
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.20%
Operating partnership units (in shares)	596,990	596,990
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	51,429,990	51,429,990
Percentage of units outstanding	14.60%	14.60%

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - 2012 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restricted stock units
Class of Stock [Line Items]
Award vesting period	3 years
Restricted stock units | Non-Management Trustees
Class of Stock [Line Items]
Award vesting period	1 year	1 year
Stock options and Restricted stock units
Class of Stock [Line Items]
Award vesting period		4 years
Stock options
Class of Stock [Line Items]
Expiration period for stock options		10 years

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Options
Options outstanding at beginning of period	1,529,800	2,252,275
Granted	0	20,000
Exercised	(255,550)	(650,375)
Forfeited	(2,850)	(12,350)
Options outstanding at end of period	1,271,400	1,609,550
Options exercisable at end of period	1,124,800	1,240,400

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units (Details) - 2012 Equity Incentive Plan - Restricted stock units - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Number of Restricted Stock Units
RSUs outstanding at beginning of period	599,109	372,375
Units awarded	461,279	343,334
Units vested	(206,597)	(110,900)
Units forfeited	(39,995)	(8,700)
RSUs outstanding at end of period	813,796	596,109

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock
Total noncash share-based compensation expense	$ 2,090	$ 1,269	$ 3,898	$ 2,221
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	1,649	923	3,018	1,582
Property management expenses
Class of Stock
Total noncash share-based compensation expense	$ 441	$ 346	$ 880	$ 639

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares
Numerator:
Net income	$ 31,807	$ 37,527	$ 40,304	$ 33,091	$ 69,334	$ 73,395
Less:
Noncontrolling interest	2,656		4,004		6,157	7,030
Dividends on preferred shares	13,782	$ 13,782	13,782	$ 13,782	27,564	27,564
Allocation to participating securities	42		45		96	75
Numerator for income per common share–basic and diluted	$ 15,327		$ 22,473		$ 35,517	$ 38,726
Denominator
Weighted-average common shares outstanding - basic (in shares) | shares	301,011,545		299,466,526		300,912,307	298,157,413
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	400,698		524,558		446,462	519,375
Weighted-average common shares outstanding - diluted (in shares) | shares	301,412,243		299,991,084		301,358,769	298,676,788
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.05		$ 0.08		$ 0.12	$ 0.13
Diluted (in dollars per share) | $ / shares	$ 0.05		$ 0.08		$ 0.12	$ 0.13
Exchange rate					1
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 31,807		$ 40,304		$ 69,334	$ 73,395
Less:
Dividends on preferred shares	13,782		13,782		27,564	27,564
Allocation to participating securities	42		45		96	75
Numerator for income per common share–basic and diluted	$ 17,983		$ 26,477		$ 41,674	$ 45,756
Denominator
Weighted-average common units outstanding - basic (in shares) | shares	353,038,525		352,363,754		352,939,287	352,183,171
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	400,698		524,558		446,462	519,375
Weighted-average common units outstanding - diluted (in shares) | shares	353,439,223		352,888,312		353,385,749	352,702,546
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.05		$ 0.08		$ 0.12	$ 0.13
Diluted (in dollars per share) | $ / shares	$ 0.05		$ 0.08		$ 0.12	$ 0.13

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	$ 1,935,800	$ 1,945,044
Unsecured senior notes, net	889,129	888,453
Revolving credit facility	130,000	0
Total debt	2,954,929	2,833,497
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	477,329	479,706
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	492,175	495,029
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	517,486	519,576
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	448,810	450,733
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	493,984	493,589
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	395,145	394,864
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,995,294	2,002,877
Unsecured senior notes, net	987,442	978,598
Revolving credit facility	130,000	0
Total debt	3,112,736	2,981,475
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	491,262	491,302
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	507,435	510,486
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	532,246	534,531
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	464,351	466,558
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	534,910	531,870
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net	$ 452,532	$ 446,728

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Amounts payable to affiliates	$ 0	$ 4,629
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts payable to affiliates	0	4,629
Amounts due from affiliates	$ 25,666	$ 25,946
Class A common shares/units
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	300,512,943	300,107,599
Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Percent of shares held	27.40%	26.30%
Unconsolidated Joint Ventures | American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,700	$ 25,700
Unconsolidated Joint Ventures | Class A common shares/units
Related Party Transaction [Line Items]
Percent of shares held	14.90%	13.60%
Common stock, shares outstanding (in shares)	51,272,165	51,272,165
Unconsolidated Joint Ventures | Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	112	305
Single-family properties sales in escrow, selling price	$ 28.4	$ 57.5
Surety bond
Purchase Commitment [Line Items]
Surety bonds related to development contracts	34	14.5
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	20.8	75.1
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 55.6	$ 44.3
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	72	289

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2020USD ($)property	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Subsequent Event [Line Items]
Debt, gross		$ 2,989,230		$ 2,870,993
Distributions from joint ventures		17,239	$ 6,314
Revolving Credit Facility
Subsequent Event [Line Items]
Repayments of Lines of Credit		0	$ 250,000
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Debt, gross		$ 130,000		$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property	157
Purchase price to acquire real estate	$ 38,800
Number of internally developed properties developed | property	128
Number of properties acquired from third party developers | property	29
Number of real estate properties sold | property	91
Proceeds from the sale of real estate properties	$ 20,100
Contribution to joint ventures	57,800
Distributions from joint ventures	46,200
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Repayments of Lines of Credit	25,000
Debt, gross	$ 105,000