American Homes 4 Rent 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 24, 2021	Jun. 30, 2020
Document Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	23975 Park Sorrento
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Calabasas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91302
City Area Code	805
Local Phone Number	413-5300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 6.9
Documents Incorporated by Reference	Documents Incorporated by Reference Portions of the Definitive Proxy Statement for our 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2020.
Entity Central Index Key	0001562401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		316,118,533
Series D Perpetual Preferred Shares/Units
Document Information
Title of 12(b) Security	Series D perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-D
Security Exchange Name	NYSE
Series E Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series E perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-E
Security Exchange Name	NYSE
Series F Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Stock
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Central Index Key	0001716558
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Single-family properties:
Land	$ 1,836,798	$ 1,756,504
Buildings and improvements	8,163,023	7,691,877
Single-family properties in operation	9,999,821	9,448,381
Less: accumulated depreciation	(1,754,433)	(1,462,105)
Single-family properties in operation, net	8,245,388	7,986,276
Single-family properties under development and development land	510,365	355,427
Single-family properties held for sale, net	129,026	209,828
Total real estate assets, net	8,884,779	8,551,531
Cash and cash equivalents	137,060	37,575
Restricted cash	128,017	126,544
Rent and other receivables	41,544	29,618
Escrow deposits, prepaid expenses and other assets	163,171	140,961
Investments in unconsolidated joint ventures	93,109	67,935
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,593,625	9,100,109
Liabilities
Revolving credit facility and Term loan facility, net	0	0
Asset-backed securitizations, net	1,927,607	1,945,044
Unsecured senior notes, net	889,805	888,453
Accounts payable and accrued expenses	298,949	243,193
Amounts payable to affiliates	4,834	4,629
Total liabilities	3,121,195	3,081,319
Commitments and Contingencies
Shareholders' equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at December 31, 2020 and 2019)	354	354
Additional paid-in capital	6,223,256	5,790,775
Accumulated deficit	(443,522)	(465,368)
Accumulated other comprehensive income	5,840	6,658
Total shareholders' equity	5,789,094	5,335,426
Limited partner:
Accumulated other comprehensive income	5,840	6,658
Noncontrolling interest	683,336	683,364
Total equity	6,472,430	6,018,790
Total liabilities and equity/capital	9,593,625	9,100,109
Class A Common Shares/units
Shareholders' equity:
Common stock, value, issued	3,160	3,001
Class B common shares
Shareholders' equity:
Common stock, value, issued	6	6
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,836,798	1,756,504
Buildings and improvements	8,163,023	7,691,877
Single-family properties in operation	9,999,821	9,448,381
Less: accumulated depreciation	(1,754,433)	(1,462,105)
Single-family properties in operation, net	8,245,388	7,986,276
Single-family properties under development and development land	510,365	355,427
Single-family properties held for sale, net	129,026	209,828
Total real estate assets, net	8,884,779	8,551,531
Cash and cash equivalents	137,060	37,575
Restricted cash	128,017	126,544
Rent and other receivables	41,544	29,618
Escrow deposits, prepaid expenses and other assets	163,171	140,681
Investments in unconsolidated joint ventures	93,109	67,935
Amounts due from affiliates	25,666	25,946
Goodwill	120,279	120,279
Total assets	9,593,625	9,100,109
Liabilities
Revolving credit facility and Term loan facility, net	0	0
Asset-backed securitizations, net	1,927,607	1,945,044
Unsecured senior notes, net	889,805	888,453
Accounts payable and accrued expenses	298,949	243,193
Amounts payable to affiliates	4,834	4,629
Total liabilities	3,121,195	3,081,319
Commitments and Contingencies
Shareholders' equity:
Accumulated other comprehensive income	6,860	7,823
Limited partner:
Accumulated other comprehensive income	6,860	7,823
Total capital	6,472,430	6,018,790
Total liabilities and equity/capital	9,593,625	9,100,109
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	4,928,819	4,474,333
Limited partner:
Limited partners, capital account	682,316	682,199
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	$ 854,435	$ 854,435

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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 shares, shares issued (in shares)	35,350,000	35,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | General Partner
Common stock, shares outstanding (in shares)	316,656,460
Common units, shares/units issued (in shares)	316,656,460	300,742,674
Common units, shares/units outstanding (in shares)		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
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	51,726,980	52,026,980
Common units, shares/units outstanding (in shares)	51,726,980	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)	316,021,385	300,107,599
Common stock, shares outstanding (in shares)	316,021,385	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 1,182,836	$ 1,143,378	$ 1,072,855
Expenses:
General and administrative expense	48,517	43,206	36,575
Interest expense	117,038	127,114	122,900
Acquisition and other transaction costs	9,298	3,224	5,225
Depreciation and amortization	343,153	329,293	318,685
Other	14,036	6,733	7,265
Total expenses	1,072,201	1,030,332	978,128
Gain on sale of single-family properties and other, net	44,194	43,873	17,946
Loss on early extinguishment of debt	0	(659)	(1,447)
Remeasurement of participating preferred shares	0	0	1,212
Net income	154,829	156,260	112,438
Noncontrolling interest	14,455	15,221	4,165
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Net income attributable to common shareholders/unitholders	$ 85,246	$ 85,911	$ 23,472
Weighted-average common shares/units outstanding:
Basic (in shares)	306,613,197	299,415,397	293,640,500
Diluted (in shares)	307,074,747	299,918,966	294,268,330
Net income attributable to common stockholders/unitholders per share/unit:
Basic (in dollars per share)	$ 0.28	$ 0.29	$ 0.08
Diluted (in dollars per share)	$ 0.28	$ 0.29	$ 0.08
Rents and other single-family property revenues
Revenues:
Rents and other single-family property revenues	$ 1,172,514	$ 1,132,137	$ 1,066,675
Other
Revenues:
Other	10,322	11,241	6,180
Property operating expenses
Expenses:
Property operating and management expenses	450,267	433,854	412,905
Property management expenses
Expenses:
Property operating and management expenses	89,892	86,908	74,573
American Homes 4 Rent, L.P.
Revenues:
Total revenues	1,182,836	1,143,378	1,072,855
Expenses:
General and administrative expense	48,517	43,206	36,575
Interest expense	117,038	127,114	122,900
Acquisition and other transaction costs	9,298	3,224	5,225
Depreciation and amortization	343,153	329,293	318,685
Other	14,036	6,733	7,265
Total expenses	1,072,201	1,030,332	978,128
Gain on sale of single-family properties and other, net	44,194	43,873	17,946
Loss on early extinguishment of debt	0	(659)	(1,447)
Remeasurement of participating preferred shares	0	0	1,212
Net income	154,829	156,260	112,438
Noncontrolling interest	0	0	(259)
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Net income attributable to common shareholders/unitholders	$ 99,701	$ 101,132	$ 27,896
Weighted-average common shares/units outstanding:
Basic (in shares)	358,603,291	352,460,401	348,990,561
Diluted (in shares)	359,064,841	352,963,970	349,618,391
Net income attributable to common stockholders/unitholders per share/unit:
Basic (in dollars per share)	$ 0.28	$ 0.29	$ 0.08
Diluted (in dollars per share)	$ 0.28	$ 0.29	$ 0.08
American Homes 4 Rent, L.P. | Rents and other single-family property revenues
Revenues:
Rents and other single-family property revenues	$ 1,172,514	$ 1,132,137	$ 1,066,675
American Homes 4 Rent, L.P. | Other
Revenues:
Other	10,322	11,241	6,180
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Property operating and management expenses	450,267	433,854	412,905
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Property operating and management expenses	$ 89,892	$ 86,908	$ 74,573

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 154,829	$ 156,260	$ 112,438
Gain on cash flow hedging instrument:
Gain on settlement of cash flow hedging instrument	0	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(963)	(963)	(842)
Other comprehensive (loss) income	(963)	(963)	8,711
Comprehensive income	153,866	155,297	121,149
Comprehensive loss attributable to noncontrolling interests	14,315	15,073	5,547
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Comprehensive loss attributable to common shareholders/unitholders	84,423	85,096	30,801
American Homes 4 Rent, L.P.
Net income	154,829	156,260	112,438
Gain on cash flow hedging instrument:
Gain on settlement of cash flow hedging instrument	0	0	9,553
Reclassification adjustment for amortization of interest expense included in net income	(963)	(963)	(842)
Other comprehensive (loss) income	(963)	(963)	8,711
Comprehensive income	153,866	155,297	121,149
Comprehensive loss attributable to noncontrolling interests	0	0	(259)
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Comprehensive loss attributable to common shareholders/unitholders	$ 98,738	$ 100,169	$ 36,607

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A common shares	Common StockClass A common shares	Common StockClass B common shares	Preferred shares	Preferred sharesSeries C Preferred Stock	Additional paid-in capital	Additional paid-in capitalClass A common shares	Accumulated deficit	Accumulated deficitCumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income	Accumulated other comprehensive incomeClass A common shares	Shareholders’ equity	Shareholders’ equityCumulative Effect, Period of Adoption, Adjustment	Shareholders’ equityClass A common shares	Noncontrolling interest	Noncontrolling interestClass A common shares
Beginning balances (in shares) at Dec. 31, 2017				286,114,637	635,075	38,350,000
Beginning balances at Dec. 31, 2017	$ 5,875,824			$ 2,861	$ 6	$ 384		$ 5,600,256		$ (453,953)		$ 75		$ 5,149,629			$ 726,195
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,433							3,433						3,433
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				821,918
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	11,947			$ 8				11,939						11,947
Issuance of perpetual preferred shares, net of offering costs (in shares)						4,600,000
Issuance of perpetual preferred shares, net of offering costs	110,978					$ 46		110,932						110,978
Redemptions of shares/units (in shares)				33,327
Redemptions of shares/units			$ 0	$ 0					$ 515							$ 515		$ (515)
Redemption of series A and B participating preferred shares into class A common shares (in shares)				10,848,827			(7,600,000)
Redemption of Series C participating preferred shares into Class A common shares	28,258			$ 109			$ (76)	60,440		(32,215)				28,258
Reacquisition of equity component upon settlement of exchangeable senior notes	(20,098)							(20,098)						(20,098)
Repurchase of class A units (in shares)				(1,804,163)
Repurchase of Class A common shares	(34,969)			$ (18)				(34,951)						(34,969)
Liquidation of consolidated joint venture	(241)									(1,849)				(1,849)			1,608
Distributions to equity holders:
Preferred shares (Note 9)	(52,586)									(52,586)				(52,586)
Noncontrolling interests	(11,069)																(11,069)
Common shares ($0.20 per share)	(58,884)									(58,884)				(58,884)
Net income	112,438									108,273				108,273			4,165
Total other comprehensive income (loss)	8,711											7,318		7,318			1,393
Ending balances (in shares) at Dec. 31, 2018				296,014,546	635,075	35,350,000
Ending balances at Dec. 31, 2018	5,973,742			$ 2,960	$ 6	$ 354		5,732,466		(491,214)		7,393		5,251,965			721,777
Increase (Decrease) in Stockholders' Equity
Share-based compensation	4,808							4,808						4,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				803,207
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	$ 10,690			$ 8				10,682						10,690
Redemptions of shares/units (in shares)				3,289,846
Redemptions of shares/units			0	$ 33					42,819				$ 80			42,932		(42,932)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Distributions to equity holders:
Preferred shares (Note 9)	$ (55,128)									(55,128)				(55,128)
Noncontrolling interests	(10,554)																(10,554)
Common shares ($0.20 per share)	(60,065)									(60,065)				(60,065)
Net income	156,260									141,039				141,039			15,221
Total other comprehensive income (loss)	(963)											(815)		(815)			(148)
Ending balances (in shares) at Dec. 31, 2019				300,107,599	635,075	35,350,000
Ending balances at Dec. 31, 2019	6,018,790	$ (1,494)		$ 3,001	$ 6	$ 354		5,790,775		(465,368)	$ (1,494)	6,658		5,335,426	$ (1,494)		683,364
Increase (Decrease) in Stockholders' Equity
Share-based compensation	9,834							9,834						9,834
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)				577,656
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	5,360			$ 6				5,354						5,360
Issuance of Class A common shares and units (in shares)				15,036,130
Issuance of Class A common shares and units			413,500	$ 150					413,350							413,500
Redemptions of shares/units (in shares)				300,000
Redemptions of shares/units			$ 0	$ 3					$ 3,943				$ 5			$ 3,951		$ (3,951)
Distributions to equity holders:
Preferred shares (Note 9)	(55,128)									(55,128)				(55,128)
Noncontrolling interests	(10,392)																(10,392)
Common shares ($0.20 per share)	(61,906)									(61,906)				(61,906)
Net income	154,829									140,374				140,374			14,455
Total other comprehensive income (loss)	(963)											(823)		(823)			(140)
Ending balances (in shares) at Dec. 31, 2020				316,021,385	635,075	35,350,000
Ending balances at Dec. 31, 2020	$ 6,472,430			$ 3,160	$ 6	$ 354		$ 6,223,256		$ (443,522)		$ 5,840		$ 5,789,094			$ 683,336

Consolidated Statement of Equit

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class A Common Shares/units
Offering costs	$ 200	$ 600	$ 0	$ 0
Common Stock
Dividends declared on common shares (in dollars per unit)		$ 0.20	$ 0.20	$ 0.20
Common Stock | Class A Common Shares/units
Offering costs		$ 600
Preferred shares
Offering costs				$ 4,022

Consolidated Statements of Capi

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 5,360	$ 10,690	$ 11,947
Reacquisition of equity component upon settlement of exchangeable senior notes			20,098
Repurchases of Class A units			(34,969)
Liquidation of consolidated joint venture			(241)
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Distributions to capital holders:
Net income	154,829	$ 156,260	112,438
Total other comprehensive income (loss)	(963)	(963)	8,711
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,018,790	5,973,742	5,875,824
Share-based compensation	9,834	4,808	3,433
Common units issued under share-based compensation plans, net of units withheld for employee taxes	5,360	10,690	11,947
Issuance of Class A units	413,500
Issuance of perpetual preferred units, net of offering costs			110,978
Redemptions of units	0	$ 0	0
Reacquisition of equity component upon settlement of exchangeable senior notes			(20,098)
Liquidation of consolidated joint venture			(241)
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Distributions to capital holders:
Preferred units	(55,128)	$ (55,128)	(52,586)
Common units	(72,298)	(70,619)	(69,953)
Net income	154,829	156,260	112,438
Total other comprehensive income (loss)	(963)	(963)	8,711
Total capital, ending balance	6,472,430	6,018,790	5,973,742
American Homes 4 Rent, L.P. | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	(1,494)
Distributions to capital holders:
Total capital, ending balance		(1,494)
American Homes 4 Rent, L.P. | Class A Common Shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units			28,258
Repurchases of Class A units			(34,969)
American Homes 4 Rent, L.P. | Total partners' capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,018,790	5,973,742	5,877,173
Share-based compensation		4,808	3,433
Common units issued under share-based compensation plans, net of units withheld for employee taxes		10,690	11,947
Issuance of perpetual preferred units, net of offering costs			110,978
Redemptions of units		0	0
Reacquisition of equity component upon settlement of exchangeable senior notes			(20,098)
Liquidation of consolidated joint venture			(1,849)
Distributions to capital holders:
Preferred units		(55,128)	(52,586)
Common units		(70,619)	(69,953)
Net income		156,260	112,697
Total other comprehensive income (loss)		(963)	8,711
Total capital, ending balance		6,018,790	5,973,742
American Homes 4 Rent, L.P. | Total partners' capital | Class A Common Shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units			28,258
Repurchases of Class A units			(34,969)
American Homes 4 Rent, L.P. | Accumulated other comprehensive income (loss)
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	7,823	8,786	75
Distributions to capital holders:
Total other comprehensive income (loss)	(963)	(963)	8,711
Total capital, ending balance	6,860	7,823	8,786
American Homes 4 Rent, L.P. | Noncontrolling interest
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 0	0	(1,349)
Liquidation of consolidated joint venture			1,608
Distributions to capital holders:
Net income		0	(259)
Total capital, ending balance		$ 0	$ 0
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Beginning balance (in shares)	300,742,674	296,649,621	286,749,712
Total capital, beginning balance	$ 4,474,333	$ 4,390,137	$ 4,248,236
Share-based compensation	$ 9,834	$ 4,808	$ 3,433
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)	577,656	803,207	821,918
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 5,360	$ 10,690	$ 11,947
Issuance of Class A units (in shares)	15,036,130
Issuance of Class A units	$ 413,500
Redemptions of units (in shares)	(300,000)	3,289,846	33,327
Redemptions of units	$ 3,946	$ 42,852	$ 515
Reacquisition of equity component upon settlement of exchangeable senior notes			(20,098)
Liquidation of consolidated joint venture			(1,849)
Distributions to capital holders:
Common units	(61,906)	(60,065)	(58,884)
Net income	85,246	85,911	55,687
Total capital, ending balance	$ 4,928,819	$ 4,474,333	$ 4,390,137
Ending balance (in shares)	316,656,460	300,742,674	296,649,621
American Homes 4 Rent, L.P. | General Partner | Common Units | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ (1,494)
Distributions to capital holders:
Total capital, ending balance		$ (1,494)
American Homes 4 Rent, L.P. | General Partner | Common Units | Class A Common Shares/units
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units (in shares)			10,848,827
Redemptions of units			$ 186,119
Repurchases of Class A units (in shares)			(1,804,163)
Repurchases of Class A units			$ (34,969)
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	901,318
Issuance of perpetual preferred units, net of offering costs			110,978
Distributions to capital holders:
Preferred units	(55,128)	(55,128)	(52,586)
Net income	55,128	55,128	52,586
Total capital, ending balance	$ 854,435	$ 854,435	854,435
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series C Preferred Stock
Increase (Decrease) in Capital [Roll Forward]
Redemptions of units			$ (157,861)
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Beginning balance (in shares)	52,026,980	55,316,826	55,350,153
Total capital, beginning balance	$ 682,199	$ 720,384	$ 727,544
Redemptions of units (in shares)	(300,000)	(3,289,846)	(33,327)
Redemptions of units	$ (3,946)	$ (42,852)	$ (515)
Distributions to capital holders:
Common units	(10,392)	(10,554)	(11,069)
Net income	14,455	15,221	4,424
Total capital, ending balance	$ 682,316	$ 682,199	$ 720,384
Ending balance (in shares)	51,726,980	52,026,980	55,316,826

Consolidated Statements of Ca_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 154,829	$ 156,260	$ 112,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	343,153	329,293	318,685
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	7,431	7,457	10,493
Noncash share-based compensation	9,834	4,808	3,433
Provision for bad debt	0	0	8,732
Loss on early extinguishment of debt	0	659	1,447
Remeasurement of participating preferred shares	0	0	(1,212)
Equity in net losses (income) of unconsolidated joint ventures	774	(509)	(546)
Net gain on sale of single-family properties and other	(44,194)	(43,873)	(17,946)
Loss on impairment of single-family properties and other	5,421	3,663	5,858
Other changes in operating assets and liabilities:
Rent and other receivables	(15,633)	(2,784)	(12,172)
Prepaid expenses and other assets	2,652	(10,170)	(17,447)
Deferred leasing costs	(4,070)	(4,095)	(12,603)
Accounts payable and accrued expenses	14,193	17,408	11,772
Amounts due from related parties	(290)	(230)	(50)
Net cash provided by operating activities	474,100	457,887	410,882
Investing activities
Cash paid for single-family properties	(269,273)	(120,487)	(489,625)
Change in escrow deposits for purchase of single-family properties	(374)	(7,171)	1,818
Net proceeds received from sales of single-family properties and other	228,566	221,930	106,157
Proceeds received from hurricane-related insurance claims	3,705	2,171	4,522
Investment in unconsolidated joint ventures	(29,834)	(13,114)	(8,400)
Distributions from joint ventures	129,007	22,561	36,917
Renovations to single-family properties	(16,968)	(21,883)	(52,379)
Recurring and other capital expenditures for single-family properties	(104,819)	(71,481)	(54,465)
Cash paid for development activity	(564,241)	(383,271)	(215,797)
Other purchases of productive assets	(18,694)	(6,121)	(3,156)
Net cash used for investing activities	(642,925)	(376,866)	(674,408)
Financing activities
Proceeds from issuance of Class A common shares	414,100	0	0
Repurchase of Class A common shares	0	0	(34,969)
Proceeds from exercise of stock options	7,011	11,524	10,707
Payments related to tax withholding for share-based compensation	(1,651)	(834)	(546)
Payments on asset-backed securitizations	(22,501)	(21,517)	(20,847)
Proceeds from revolving credit facility	130,000	0	405,000
Payments on secured note payable	0	0	(49,427)
Proceeds from unsecured senior notes, net of discount	0	397,944	497,210
Settlement of cash flow hedging instrument	0	0	9,628
Payments on exchangeable senior notes	0	0	(135,093)
Distributions to noncontrolling interests	(10,381)	(10,701)	(11,071)
Distributions to common shareholders	(61,067)	(59,832)	(58,370)
Distributions to preferred shareholders	(55,128)	(55,128)	(67,183)
Deferred financing costs paid	0	(3,572)	(5,100)
Net cash provided by (used for) financing activities	269,783	(92,116)	255,917
Net increase (decrease) in cash, cash equivalents and restricted cash	100,958	(11,095)	(7,609)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2)	164,119	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 2)	265,077	164,119	175,214
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(109,679)	(112,980)	(105,056)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	36,544	18,276	1,921
Transfers of completed homebuilding deliveries to properties	322,024	167,652	94,212
Property and land contributions to unconsolidated joint ventures	(132,439)	(20,448)	(40,942)
Note receivable related to a bulk sale of properties, net of discount	0	29,474	0
Redemption of participating preferred shares	0	0	(28,258)
Noncash right-of-use assets obtained in exchange for operating lease liabilities	17,105	6,089	0
Accrued distributions to affiliates	4,834	4,629	71
Accrued distributions to non-affiliates	13,612	13,024	14,173
American Homes 4 Rent, L.P.
Operating activities
Net income	154,829	156,260	112,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	343,153	329,293	318,685
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	7,431	7,457	10,493
Noncash share-based compensation	9,834	4,808	3,433
Provision for bad debt	0	0	8,732
Loss on early extinguishment of debt	0	659	1,447
Remeasurement of participating preferred shares	0	0	(1,212)
Equity in net losses (income) of unconsolidated joint ventures	774	(509)	(546)
Net gain on sale of single-family properties and other	(44,194)	(43,873)	(17,946)
Loss on impairment of single-family properties and other	5,421	3,663	5,858
Other changes in operating assets and liabilities:
Rent and other receivables	(15,633)	(2,784)	(12,172)
Prepaid expenses and other assets	2,652	(10,170)	(17,447)
Deferred leasing costs	(4,070)	(4,095)	(12,603)
Accounts payable and accrued expenses	14,193	17,408	11,772
Amounts due from related parties	(290)	(230)	(50)
Net cash provided by operating activities	474,100	457,887	410,882
Investing activities
Cash paid for single-family properties	(269,273)	(120,487)	(489,625)
Change in escrow deposits for purchase of single-family properties	(374)	(7,171)	1,818
Net proceeds received from sales of single-family properties and other	228,566	221,930	106,157
Proceeds received from hurricane-related insurance claims	3,705	2,171	4,522
Investment in unconsolidated joint ventures	(29,834)	(13,114)	(8,400)
Distributions from joint ventures	129,007	22,561	36,917
Renovations to single-family properties	(16,968)	(21,883)	(52,379)
Recurring and other capital expenditures for single-family properties	(104,819)	(71,481)	(54,465)
Cash paid for development activity	(564,241)	(383,271)	(215,797)
Other purchases of productive assets	(18,694)	(6,121)	(3,156)
Net cash used for investing activities	(642,925)	(376,866)	(674,408)
Financing activities
Proceeds from issuance of Class A common shares	414,100	0	0
Proceeds from issuance of perpetual preferred shares	0	0	115,000
Repurchase of Class A common shares	0	0	(34,969)
Proceeds from exercise of stock options	7,011	11,524	10,707
Payments related to tax withholding for share-based compensation	(1,651)	(834)	(546)
Payments on asset-backed securitizations	(22,501)	(21,517)	(20,847)
Proceeds from revolving credit facility	130,000	0	405,000
Payments on secured note payable	0	0	(49,427)
Proceeds from unsecured senior notes, net of discount	0	397,944	497,210
Settlement of cash flow hedging instrument	0	0	9,628
Payments on exchangeable senior notes	0	0	(135,093)
Distributions to common shareholders	(71,448)	(70,533)	(69,441)
Distributions to preferred shareholders	(55,128)	(55,128)	(67,183)
Deferred financing costs paid	0	(3,572)	(5,100)
Net cash provided by (used for) financing activities	269,783	(92,116)	255,917
Net increase (decrease) in cash, cash equivalents and restricted cash	100,958	(11,095)	(7,609)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2)	164,119	175,214	182,823
Cash, cash equivalents and restricted cash, end of period (see Note 2)	265,077	164,119	175,214
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(109,679)	(112,980)	(105,056)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	36,544	18,276	1,921
Transfers of completed homebuilding deliveries to properties	322,024	167,652	94,212
Property and land contributions to unconsolidated joint ventures	(132,439)	(20,448)	(40,942)
Note receivable related to a bulk sale of properties, net of discount	0	29,474	0
Redemption of participating preferred shares	0	0	(28,258)
Noncash right-of-use assets obtained in exchange for operating lease liabilities	17,105	6,089	0
Accrued distributions to affiliates	4,834	4,629	71
Accrued distributions to non-affiliates	13,612	13,024	14,173
Term loan facility, net
Financing activities
Payments on credit facility	0	(100,000)	(100,000)
Term loan facility, net | American Homes 4 Rent, L.P.
Financing activities
Payments on credit facility	0	(100,000)	(100,000)
Revolving Credit Facility
Financing activities
Payments on credit facility	(130,000)	(250,000)	(295,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Payments on credit facility	(130,000)	(250,000)	(295,000)
Class A Common Shares/units
Financing activities
Stock issuance costs	(600)	0	0
Class A Common Shares/units | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	(600)	0	0
Preferred shares
Financing activities
Stock issuance costs	0	0	(4,022)
Proceeds from issuance of perpetual preferred shares	0	0	115,000
Preferred shares | American Homes 4 Rent, L.P.
Financing activities
Stock issuance costs	$ 0	$ 0	$ (4,022)

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations     American Homes 4 Rent (“AH4R” or the “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 December 31, 2020, the Company held 53,584 single-family properties in 22 states, including 711 properties classified as held for sale.    AH4R is the general partner of, and as of December 31, 2020 owned approximately 85.9% of the common partnership interest in, the Operating Partnership. The remaining 14.1% 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	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is included in noncontrolling interest within the consolidated financial statements. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the consolidated balance sheets. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made. 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 on the consolidated balance sheets. Certain other amounts in the consolidated financial statements for the prior periods have also been reclassified or presented to conform to the current year presentation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes AH4R has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains), we generally will not be subject to U.S. federal income tax. Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Certain of our subsidiaries are subject to taxation by U.S. federal, state and local authorities for the periods presented. We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2016 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on our income. Instead, each of the Operating Partnership’s partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2020, there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. AH4R had a net operating loss (“NOL”) for U.S. federal income tax purposes of an estimated $60.2 million as of December 31, 2020 and approximately $189.1 million as of December 31, 2019. We intend to use our NOL (to the extent available) to reduce our REIT taxable income and will distribute approximately all of our remaining REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. For the year ended December 31, 2020, the Company purchased 1,019 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $266.4 million, which was included in cash paid for single-family properties within the consolidated statement of cash flows. The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare properties acquired through our traditional acquisition channels for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred. Single-Family Properties Under Development and Development Land Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General . Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met. Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2020 and 2019, the Company had 711 and 1,187 single-family properties, respectively, classified as held for sale, and recorded $2.0 million, $3.7 million and $5.9 million of impairment on single-family properties held for sale for the years ended December 31, 2020, 2019 and 2018, respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations . During the years ended December 31, 2020, 2019 and 2018, none of the properties classified as held for sale met the criteria to be reported as a discontinued operation. Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. No significant impairments on operating properties were recorded during the years ended December 31, 2020, 2019 and 2018. Commercial Office Leases We lease commercial office space from third parties for use in our corporate and property management operations. Commercial office leases are accounted for as operating leases in accordance with ASC 842 which requires us to recognize right-of-use (“ROU”) assets and lease liabilities within the consolidated balance sheets for the rights and obligations created from these leases. Operating lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is generally not determinable, the ROU assets and lease liabilities are measured using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term in general and administrative expense within the consolidated statements of operations. We elected the short-term lease measurement and recognition exemption and do not establish ROU assets or lease liabilities for operating leases with terms of twelve months or less. We also elected the practical expedient allowing us to avoid separating non-lease components from the associated lease component for our commercial office leases. The ROU assets and lease liabilities are presented in escrow deposits, prepaid expenses and other assets and accounts payable and accrued expenses, respectively, within the consolidated balance sheets. Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over thirty years and improvements and other assets are depreciated over their estimated economic useful lives, generally three Intangible Assets Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives, and the estimated economic life of our database intangible asset is seven years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2020, 2019 and 2018. Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results. Based on our assessment of qualitative factors on December 31, 2020, we concluded it was more likely than not that the Company’s recorded goodwill balance of $120.3 million was not impaired and did not perform the quantitative test. No goodwill impairment was recorded during the years ended December 31, 2020, 2019 and 2018. Deferred Financing Costs Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense under the effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Financing costs related to the origination of the Company’s unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets. Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company’s and the Operating Partnership’s consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (in thousands): December 31, 2020 2019 2018 Cash and cash equivalents $ 137,060 $ 37,575 $ 30,284 Restricted cash 128,017 126,544 144,930 Total cash, cash equivalents and restricted cash $ 265,077 $ 164,119 $ 175,214 Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized. Investments in Unconsolidated Joint Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in investments in unconsolidated joint ventures within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other revenues in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. During the year ended December 31, 2020, the Company recognized a $4.9 million impairment charge in other expenses within the consolidated statements of operations associated with the liquidation of legacy joint ventures, which were acquired as part of the American Residential Properties, Inc. (“ARPI”) merger in February 2016. Notes Receivable, Net The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties. The promissory note obtained during the second quarter of 2019 matures in the second quarter of 2025 and the promissory note obtained during the first quarter of 2017 matures in the first quarter of 2022. 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 in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other revenues within the consolidated statements of operations. Upon adoption of ASU 2016-13 on January 1, 2020, we are required to estimate and recognize lifetime expected losses, rather than incurred losses, on these notes receivable, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. Beginning January 1, 2020, notes receivable are also presented net of the allowance for 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, including macroeconomic conditions and other conditions affecting the borrower, and (iii) other reasonable and supportable forecasts about the future. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. Changes to the allowance for expected credit losses are recognized in other expenses within the consolidated statements of operations. Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. As a result of the adoption of ASC 842 on January 1, 2019, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under the new lease accounting standard while certain tenant charge-backs are accounted for as variable payments under the revenue accounting guidance. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred. Upon adoption of ASC 842, we no longer have an allowance for doubtful accounts. When collectability is not deemed probable, we write-off the tenant’s receivables and limit lease income to cash received. Prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses that may have resulted from the inability of tenants to make required rent or other payments. This allowance was estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income . Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation . If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606, Revenue from Contracts with Customers , and whether the buyer has obtained control of the asset that was sold. We recognize a full gain or loss on sale, which is presented in gain on sale of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met. Leasing Costs As a result of the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , (“ASC 842”) on January 1, 2019, only direct costs incurred due to the execution of a lease are capitalized and amortized over the term of the leases, which generally have a term of one year. Prior to January 1, 2019, both direct and indirect incremental costs incurred to lease properties were capitalized and amortized over the term of the leases. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure. Share-Based Compensation Our 2012 Equity Incentive Plan (the “Plan”) is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation costs related to options to purchase our Class A common shares and restricted stock units (“RSUs”) issued to members of the Company’s board of trustees and employees is based on the fair value of the options and RSUs on the grant date and generally amortized over the service period. Forfeitures are recognized as they occur. In February 2020, the Plan was modified to allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants issued in 2020 upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. For the 2020 share-based grants, retirement eligible employees on the date of grant became fully vested and employees who will become retirement eligible prior to the end of their grant’s contractual life will become fully vested on the date they meet the criteria for retirement. Full compensation cost is recognized immediately at the date of grant to the extent a participant is retirement eligible and compensation cost is accelerated to the extent that a participant will become retirement eligible prior to the end of the contractual life of their 2020 share-based grants. Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement. See Note 12. Fair Value for our consideration of the fair value of our financial instruments. Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings. Segment Reporting Under the provision of ASC 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to acquiring, renovating, developing, leasing and operating single-family homes as rental properties. The Company’s properties are geographically dispersed and management evaluates operating performance at the market level. The Company did not have any geographic market concentrations representing 10% or more of the total gross book value of single-family properties in operations as of December 31, 2020. Accounting Pronouncements Adopted January 1, 2020 In June

Real Estate Assets, Net

Real Estate Assets, Net	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Occupied single-family properties $ 7,957,513 $ 7,534,627 Single-family properties recently acquired or developed 66,857 88,181 Single-family properties in turnover process 149,684 308,008 Single-family properties leased, not yet occupied 71,334 55,460 Single-family properties in operation, net 8,245,388 7,986,276 Development land 270,767 224,041 Single-family properties under development 239,598 131,386 Single-family properties held for sale, net 129,026 209,828 Total real estate assets, net $ 8,884,779 $ 8,551,531 Depreciation expense related to single-family properties was $330.2 million, $313.7 million and $300.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2020, 2019 and 2018 (in thousands, except property data): For the Years Ended December 31, 2020 2019 2018 Single-family properties: Properties sold 1,047 1,330 691 Net proceeds (1)(2) $ 228,495 $ 248,199 $ 105,394 Net gain on sale (3) $ 47,187 $ 43,507 $ 16,313 Land: Net proceeds $ 71 $ 3,205 $ 763 Net gain on sale $ 7 $ 366 $ 220 (1) Total net proceeds for the year ended December 31, 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 5. Escrow Deposits, Prepaid Expenses and Other Assets). (2) Net proceeds are net of deductions for working capital prorations. (3) Includes gain or loss on transfers to unconsolidated joint ventures.

Rent and Other Receivables

Rent and Other Receivables	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Rent and Other Receivables	Rent and Other Receivables Rents and other single-family property revenues consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Rents from single-family properties (1) $ 1,172,514 $ 1,132,137 $ 908,936 Fees from single-family properties — — 10,946 Tenant charge-backs — — 146,793 Rents and other single-family property revenues $ 1,172,514 $ 1,132,137 $ 1,066,675 (1) For the years ended December 31, 2020 and 2019, rents from single-family properties included $160.8 million and $159.9 million, respectively, of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, and $16.4 million and $13.8 million of variable lease payments for fees from single-family properties. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes our future minimum rental revenues under existing leases on our properties as of December 31, 2020 (in thousands): December 31, 2020 2021 $ 550,012 2022 32,238 2023 130 Total $ 582,380

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Escrow deposits, prepaid expenses and other $ 51,886 $ 50,709 Deferred costs and other intangibles, net 4,864 6,840 Notes receivable, net 35,519 36,834 Operating lease ROU assets 18,772 3,836 Commercial real estate, software, vehicles and FF&E, net 52,130 42,742 Total $ 163,171 $ 140,961 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $8.9 million, $7.6 million and $7.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Deferred leasing costs $ 3,782 $ 3,738 Deferred financing costs 11,244 11,244 Database intangible asset — 2,100 15,026 17,082 Less: accumulated amortization (10,162) (10,242) Total $ 4,864 $ 6,840 Amortization expense related to deferred leasing costs, the value of in-place leases, and database intangibles was $4.1 million, $8.0 million and $11.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, and was included in depreciation and amortization within the consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $2.0 million for each of the years ended December 31, 2020, 2019 and 2018 and was included in gross interest, prior to interest capitalization (see Note 7. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2020 for future periods (in thousands): Deferred Leasing Costs Deferred Financing Costs Total 2021 $ 1,932 $ 1,964 $ 3,896 2022 — 968 968 Total $ 1,932 $ 2,932 $ 4,864

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of December 31, 2020, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. 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. 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, which was subsequently amended and upsized to $312.5 million during the third quarter of 2019. The initial term of the joint venture with Institutional Investor JV is five years from the effective date of the amended agreement, during which neither member may unilaterally market properties for sale. During the first quarter of 2020, the Company entered into a $253.1 million strategic joint venture, which has an evergreen term, 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 following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at December 31, 2020 Completed Homes at December 31, 2020 Balances at Balances at Alaska JV 20 % 363 $ 26,020 $ 29,326 Institutional Investor JV 20 % 743 34,112 33,757 J.P. Morgan JV 20 % 187 32,977 — Other (1) N/A N/A — 4,852 1,293 $ 93,109 $ 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 $5.8 million, $3.6 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, and was included in other revenues within the consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the consolidated balance sheets. During the third quarter of 2020, Institutional Investor JV entered into a loan agreement to borrow up to a $201.0 million aggregate commitment. During the initial two-year term, the loan bears interest at LIBOR plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of December 31, 2020, the joint venture’s loan had an $85.2 million outstanding principal balance. The Company provided a customary non-recourse guarantee that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantee has not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint venture and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

Debt

Debt	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2020 December 31, 2019 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 479,981 $ 485,828 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 495,392 501,393 AH4R 2015-SFR1 securitization (2) 4.14 % April 9, 2045 520,957 526,560 AH4R 2015-SFR2 securitization (3) 4.36 % October 9, 2045 452,162 457,212 Total asset-backed securitizations 1,948,492 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) 1.34 % June 30, 2022 — — Total debt 2,848,492 2,870,993 Unamortized discount on unsecured senior notes (3,658) (4,143) Deferred financing costs, net (6) (27,422) (33,353) Total debt per balance sheet $ 2,817,412 $ 2,833,497 (1) Interest rates are as of December 31, 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 $1.5 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2020 and 2019, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2020. (6) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of these deferred financing costs related to our asset-backed securitizations, term loan facility and unsecured senior notes was $5.9 million, $5.9 million and $5.8 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in gross interest, prior to interest capitalization. Early Extinguishment of Debt During the year ended December 31, 2019, the Company paid off the $100.0 million remaining outstanding principal on our term loan facility, which resulted in $0.7 million of charges related to the write-off of unamortized deferred financing costs. During the year ended December 31, 2018, the Company paid off the outstanding principal on the secured note payable of approximately $48.4 million, which resulted in $0.5 million of charges related to the early extinguishment of debt. The payoff of the secured note payable also resulted in the release of the 572 homes pledged as collateral and $2.1 million of restricted cash for lender requirements. Also during the year ended December 31, 2018, the Company paid down $100.0 million on our term loan facility, which resulted in $0.9 million of charges related to the write-off of unamortized deferred financing costs. The charges resulting from the early extinguishment of debt and write-off of unamortized deferred financing costs were included in loss on early extinguishment of debt within the consolidated statements of operations. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2020 (in thousands): Debt Maturities 2021 $ 20,714 2022 20,714 2023 20,714 2024 954,439 2025 10,302 Thereafter 1,821,609 Total debt $ 2,848,492 Encumbered Properties The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2020 and 2019 (in thousands, except property data): December 31, 2020 December 31, 2019 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR2 securitization 4,537 $ 575,634 4,543 $ 592,203 AH4R 2014-SFR3 securitization 4,581 624,279 4,587 642,189 AH4R 2015-SFR1 securitization 4,695 624,269 4,696 641,595 AH4R 2015-SFR2 securitization 4,172 576,999 4,175 592,900 Total encumbered properties 17,985 $ 2,401,181 18,001 $ 2,468,887 Asset-backed Securitizations General Terms As of December 31, 2020, the Company has completed multiple asset-backed securitizations, all of which have certain general characteristics in common. The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders. The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership. The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing all the beneficial ownership interests in the respective loans and trusts. Upon receipt of the certificates, the subsidiaries sold the certificates to investors. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loans require monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans. The loans are secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties. The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loans, the Borrowers’ properties may not generally be transferred, sold or otherwise securitized and the Company can substitute properties if a property owned by the Borrowers becomes a disqualified property under the terms of the loan or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements. The loans are also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings. The Company has accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the notes were both originated by the third-party lenders and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trusts. Accordingly, the Company consolidates, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes are included in asset-backed securitizations, net within the consolidated balance sheets. The loan agreements provide that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreements define the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination. AH4R 2014-SFR2 Securitization The AH4R 2014-SFR2 securitization, which was completed during the third quarter of 2014, is a fixed-rate loan for $513.3 million with a 10-year term, maturity date of October 9, 2024, and a duration-adjusted weighted-average interest rate of 4.42%. The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties. Also, in addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7 million. The Company has evaluated the purchased Class F certificates as a variable interest in the trust and has concluded that the Class F certificates will not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns. Additionally, the Company has concluded that the Class F certificates do not provide the Company with any ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $25.7 million of purchased Class F certificates have been reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets. Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $487.7 million, before issuance costs of $12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2014-SFR3 Securitization The AH4R 2014-SFR3 securitization, which was completed during the fourth quarter of 2014, is a fixed-rate loan for $528.4 million with a 10-year term, maturity date of December 9, 2024, and a duration-adjusted weighted-average interest rate of 4.40%. The loan was originally secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $528.4 million, before issuance costs of $12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR1 Securitization The AH4R 2015-SFR1 securitization, which was completed during the first quarter of 2015, is a fixed-rate loan for $552.8 million with a 30-year term, maturity date of April 9, 2045, and a duration-adjusted weighted-average interest rate of 4.14%. The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025. Gross proceeds from the transaction were $552.8 million, before issuance costs of $13.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. AH4R 2015-SFR2 Securitization The AH4R 2015-SFR2 securitization, which was completed during the third quarter of 2015, is a fixed-rate loan for $477.7 million with a 30-year term, maturity date of October 9, 2045, and a duration-adjusted weighted-average interest rate of 4.36%. The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025. Gross proceeds from the transaction were $477.7 million, before issuance costs of $11.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes. Unsecured Senior Notes During the first quarter of 2019, the Operating Partnership issued $400.0 million of 4.90% unsecured senior notes with a maturity date of February 15, 2029 (the “2029 Notes”). Interest on the 2029 Notes, which commenced on August 15, 2019, is payable semi-annually in arrears on February 15 and August 15 of each year. The Operating Partnership received net proceeds of $395.3 million from this issuance, after underwriting fees of approximately $2.6 million and a $2.1 million discount, and before offering costs of $1.0 million. The Operating Partnership used the net proceeds from this issuance to repay amounts outstanding on our revolving credit facility and for general corporate purposes. The 2029 Notes are the Operating Partnership’s unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. During the first quarter of 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the “2028 Notes”). Interest on the 2028 Notes, which commenced on August 15, 2018, is payable semi-annually in arrears on February 15 and August 15 of each year. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before offering costs of $1.9 million. The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The 2028 Notes are the Operating Partnership’s unsecured and unsubordinated obligation and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the first quarter of 2018 (see Note 12. Fair Value), the 2028 Notes yield an effective interest rate of 4.08%. Credit Facilities During the second quarter of 2017, the Company amended our $1.0 billion credit agreement to expand our borrowing capacity on the revolving credit facility to $800.0 million and reduce the term loan facility to $200.0 million. The Company subsequently paid off the term loan facility during the second quarter of 2019. The interest rate on the revolving credit facility is, at the Company’s election, LIBOR plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55%. The actual margin is determined based on the Company’s credit ratings in effect from time to time. Based on current corporate ratings for LIBOR-based borrowings as of December 31, 2020, the revolving credit facility bears interest at 1-month LIBOR plus 1.20%. In addition, the Company is required to pay a commitment fee in the amount of 0.25% of the principal amount of the commitments, which is also based on the Company’s credit rating. The credit agreement includes an accordion feature allowing the revolving credit facility or the term loan facility to be increased to an aggregate amount not to exceed $1.75 billion, subject to certain conditions. The revolving credit facility matures on June 30, 2021, with two six Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Gross interest cost $ 137,034 $ 138,211 $ 129,571 Capitalized interest (19,996) (11,097) (6,671) Interest expense $ 117,038 $ 127,114 $ 122,900

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Resident security deposits $ 90,621 $ 84,832 Accrued property taxes 48,689 44,280 Accrued construction and maintenance liabilities 42,483 20,435 Prepaid rent 24,421 19,970 Accrued interest 23,018 23,090 Operating lease liabilities 19,166 3,916 Accrued distribution payable 13,612 13,024 Accounts payable 432 5,037 Other accrued liabilities 36,507 28,609 Total $ 298,949 $ 243,193

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	12 Months Ended
	Dec. 31, 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. Class A Common Shares / Units Class A units represent voting equity interests in the Operating Partnership. Holders of Class A units in the Operating Partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for AH4R’s Class A common shares on a one-for-one basis. AH4R owned 85.9% and 85.2% of the total 368,383,440 and 352,769,654 Class A units outstanding as of December 31, 2020 and 2019, respectively. During the third quarter of 2020, the Company issued 14,950,000 Class A common shares of beneficial interest, $0.01 par value per share, in an underwritten public offering, raising net proceeds of $411.7 million after deducting underwriting discounts and before offering costs of approximately $0.2 million. The Company used the net proceeds from this offering (i) to repay indebtedness the Company had incurred under its revolving credit facility (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with its business strategy and (iv) for general corporate purposes. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. At-the-Market Common Share Offering Program During the second quarter of 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 Company may suspend or terminate the At-the-Market Program at any time. During the year ended December 31, 2020, the Company issued 86,130 Class A common shares under the At-the-Market Program, raising $2.4 million in gross proceeds before commissions and other expenses of approximately $0.4 million. As of December 31, 2020, 86,130 shares have been issued under the At-the-Market Program and $497.6 million remained available for future share issuances. Share Repurchase Program During the first quarter of 2018, the Company’s board of trustees re-authorized our existing share repurchase program, authorizing the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the years ended December 31, 2020 and 2019, we did not repurchase and retire any of our shares. During the year ended December 31, 2018, the Company repurchased and retired 1.8 million of our Class A common shares on a settlement date basis, in accordance with the program, at a weighted-average price of $19.36 per share and a total price of $34.9 million. As of December 31, 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. Class B Common Shares Former American Homes 4 Rent, LLC (“AH LLC”) members received 635,075 Class B common shares in connection with their contributions of properties and funds to the Company. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the proceeds and properties contributed in the transaction. Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares. Additionally, when the voting interest from Class A common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share. Perpetual Preferred Shares / Units As of December 31, 2020 and 2019, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): December 31, 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 Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend, based on the respective dividend rate in the table above, which is applied to the liquidation preference at issuance of $25.00 per share. The Operating Partnership issues an equivalent number of corresponding perpetual preferred units for the given class to AH4R in exchange for the net proceeds from the share issuances. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after the earliest redemption date shown in the table above or within 120 days after the occurrence of a change in control at a redemption price equal to the $25.00 per share liquidation preference, plus any accumulated and unpaid dividends. During the third quarter of 2018, the Company issued 4,600,000 6.25% Series H cumulative redeemable perpetual preferred shares in an underwritten public offering, raising gross proceeds of $115.0 million before offering costs of approximately $4.4 million, with a liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of the same class of perpetual preferred units to AH4R in exchange for the net proceeds from the share issuance. Participating Preferred Shares / Units The Series C participating preferred shares represented non-voting preferred equity interests in the Company and entitled holders to a cumulative annual cash dividend equal to 5.5% of an initial liquidation preference of $25.00 per share. The Operating Partnership issued an equivalent number of corresponding participating preferred units to AH4R in exchange for the net proceeds from the share issuance. On April 5, 2018, the Company redeemed all 7,600,000 shares of the outstanding 5.5% Series C participating preferred shares through a conversion of those participating preferred shares into Class A common shares of beneficial interest, $0.01 par value, in accordance with the conversion terms in the Articles Supplementary. This resulted in 10,848,827 Class A common shares issued from the conversion, based on a conversion ratio of 1.4275 Class A common shares issued per Series C participating preferred share. The Operating Partnership also redeemed its corresponding Series C participating preferred units through a conversion into Class A units on April 5, 2018. The conversion ratio was calculated by dividing (i) the initial liquidation preference on the Series C participating preferred shares, as adjusted by an amount equal to 50% of the cumulative change in value of an index based on the purchase prices of single-family properties located in our top 20 markets (adjusted for a maximum 9.0% internal rate of return), plus unaccrued dividends by (ii) the one-day volume weighted-average price (“VWAP”) of the Company’s Class A common shares on March 29, 2018, the date the Company delivered the required notice of redemption. As a result of the redemption, the Company recorded a $32.2 million allocation of income to the Series C participating preferred shareholders in the second quarter of 2018, which represents the initial liquidation value of the Series C participating preferred shares in excess of the original equity carrying value of the Series C participating preferred shares as of the redemption date. The original equity carrying value of the Series C participating preferred shares was net of the initial bifurcated home price appreciation derivative liability and offering costs. Exchangeable Senior Notes In the fourth quarter of 2018, the Operating Partnership elected the cash settlement option for settlement of the previously held exchangeable senior notes, which resulted in an aggregate payment of $135.1 million to the holders of the notes at maturity on November 15, 2018. $115.0 million of the total $135.1 million settlement consideration was allocated to the extinguishment of the liability component based on the fair value of the liability component immediately prior to extinguishment, which was equal to the carrying amount of the liability component. The remaining $20.1 million of settlement consideration was allocated to the reacquisition of the equity component and recognized as a reduction to additional paid-in capital within the Company’s consolidated balance sheets and a reduction to general partner’s common capital within the Operating Partnership’s consolidated balance sheets. Distributions As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. AH4R had an NOL for U.S. federal income tax purposes of an estimated $60.2 million as of December 31, 2020 and approximately $189.1 million as of December 31, 2019. We intend to use our NOL (to the extent available) to reduce our REIT taxable income and will distribute approximately all of our remaining REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series D, Series E, Series F, Series G and Series H perpetual preferred shares. The distribution preference of our Series D, Series E, Series F, Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares. The Company’s board of trustees declared the following distributions during the years ended December 31, 2020, 2019 and 2018. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding Operating Partnership units. For the Years Ended December 31, 2020 2019 2018 Class A and Class B common shares $ 0.20 $ 0.20 $ 0.20 5.500% Series C participating preferred shares — — 0.34 6.500% Series D perpetual preferred shares 1.63 1.63 1.63 6.350% Series E perpetual preferred shares 1.59 1.59 1.59 5.875% Series F perpetual preferred shares 1.47 1.47 1.47 5.875% Series G perpetual preferred shares 1.47 1.47 1.47 6.250% Series H perpetual preferred shares 1.56 1.56 0.44 Noncontrolling Interest Noncontrolling interest as reflected in the Company’s consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Operating Partnership. Former AH LLC members owned 51,129,990 and 51,429,990, or approximately 13.9% and 14.6%, of the total 368,383,440 and 352,769,654 Class A units in the Operating Partnership as of December 31, 2020 and 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 368,383,440 and 352,769,654 Class A units in the Operating Partnership as of December 31, 2020 and 2019, respectively. The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Net income allocated to Class A units $ 14,455 $ 15,221 $ 4,424 Net loss allocated to noncontrolling interest in a consolidated subsidiary — — (259) Total noncontrolling interest $ 14,455 $ 15,221 $ 4,165 Noncontrolling interest as reflected in the Operating Partnership’s consolidated statements of capital consisted solely of the outside ownership interest in a consolidated subsidiary of the Operating Partnership, which was liquidated during the second quarter of 2018. Income and loss allocated to the Operating Partnership’s noncontrolling interest is reflected in noncontrolling interest within the Operating Partnership’s consolidated statements of operations. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2012 Equity Incentive Plan In 2012, the Company adopted the 2012 Equity Incentive Plan to provide persons with an incentive to contribute to the success of the Company and to operate and manage our business in a manner that will provide for the Company’s long-term growth and profitability. The Plan provides for the issuance of up to 6,000,000 Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, RSUs, unrestricted shares, dividend equivalent rights and performance-based awards. The Plan terminates in November 2022, unless terminated earlier by the Company’s board of trustees. When the Company issues Class A common shares under the Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. RSUs granted to employees during the year ended December 31, 2020 generally vest over a three-year service period, and stock options and RSUs granted during the years ended December 31, 2019 and 2018 generally vest over a four-year service period. RSUs granted to non-management trustees during the years ended December 31, 2020 and 2019 vest over a one 10 years from the date of grant. In February 2020, the Plan was modified to allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants issued in 2020 upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. For the 2020 share-based grants, retirement eligible employees on the date of grant became fully vested and employees who will become retirement eligible prior to the end of their grant’s contractual life will become fully vested on the date they meet the criteria for retirement. The following table summarizes stock option activity under the Plan for the years ended December 31, 2020, 2019 and 2018: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (769,875) 16.07 4,754 Forfeited (170,300) 17.93 Options outstanding at December 31, 2018 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (730,125) 15.94 6,088 Forfeited (12,350) 20.80 Options outstanding at December 31, 2019 1,529,800 $ 17.40 5.3 $ 13,479 Granted — — Exercised (426,150) 16.55 4,911 Forfeited (13,350) 21.89 Options outstanding at December 31, 2020 1,090,300 $ 17.68 4.5 $ 13,436 Options exercisable at December 31, 2020 956,700 $ 17.15 4.2 $ 12,289 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise. The Company uses the Black-Scholes Option Pricing Model to calculate the fair value of stock options granted for Class A common shares. Because the Company’s stock has a limited trading history, the volatility assumption used in the model is based on the historical volatility of similar entities in our industry and the expected term assumption is based on the simplified method by using the average of the contractual term and vesting period. There were no stock options granted during the year ended December 31, 2020. The weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019 and 2018 were $2.85 and 3.03, respectively, based on the following inputs used in the Black-Scholes Option Pricing Model: 2019 2018 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 17.3 % 18.9 % Risk-free interest rate 2.6 % 2.8 % The following table summarizes RSU activity under the Plan for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Units Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) RSUs outstanding at December 31, 2017 243,875 $ 20.65 $ 5,326 Awarded 304,400 19.40 Vested (80,125) 19.51 1,552 Forfeited (95,775) 20.15 RSUs outstanding at December 31, 2018 372,375 $ 20.00 $ 7,392 Awarded 350,334 22.90 Vested (111,000) 19.75 2,431 Forfeited (12,600) 21.34 RSUs outstanding at December 31, 2019 599,109 $ 21.71 $ 15,703 Awarded 470,147 27.38 Vested (316,186) 23.61 8,835 Forfeited (101,533) 23.93 RSUs outstanding at December 31, 2020 651,537 $ 24.53 $ 19,546 (1) Intrinsic value for outstanding RSUs is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested RSUs is defined as the market value of the underlying shares on the day the awards vested. The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, or the disposal of certain properties is included in acquisition and other transaction costs. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 General and administrative expense $ 6,573 $ 3,466 $ 2,075 Property management expenses 1,745 1,342 1,358 Acquisition and other transaction costs 1,516 — — Total noncash share-based compensation expense $ 9,834 $ 4,808 $ 3,433 As of December 31, 2020, the unrecognized compensation expense for unvested stock options and unvested RSUs were $0.2 million and $10.3 million, respectively. The unrecognized compensation expense for unvested stock options and RSUs is expected to be recognized over a weighted-average period of 0.8 years and 1.8 years, respectively.

Earnings per Share _ Unit

Earnings per Share / Unit	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except share and per share data): For the Years Ended December 31, 2020 2019 2018 Numerator: Net income $ 154,829 $ 156,260 $ 112,438 Less: Noncontrolling interest 14,455 15,221 4,165 Dividends on preferred shares 55,128 55,128 52,586 Redemption of participating preferred shares — — 32,215 Allocation to participating securities (1) 217 166 85 Numerator for income per common share–basic and diluted $ 85,029 $ 85,745 $ 23,387 Denominator: Weighted-average common shares outstanding–basic 306,613,197 299,415,397 293,640,500 Effect of dilutive securities: Share-based compensation plan (2) 461,550 503,569 627,830 Weighted-average common shares outstanding–diluted (3) 307,074,747 299,918,966 294,268,330 Net income per common share: Basic $ 0.28 $ 0.29 $ 0.08 Diluted $ 0.28 $ 0.29 $ 0.08 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (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 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except unit and per unit data): For the Years Ended December 31, 2020 2019 2018 Numerator: Net income $ 154,829 $ 156,260 $ 112,438 Less: Noncontrolling interest — — (259) Preferred distributions 55,128 55,128 52,586 Redemption of participating preferred units — — 32,215 Allocation to participating securities (1) 217 166 85 Numerator for income per common unit–basic and diluted $ 99,484 $ 100,966 $ 27,811 Denominator: Weighted-average common units outstanding–basic 358,603,291 352,460,401 348,990,561 Effect of dilutive securities: Share-based compensation plan (2) 461,550 503,569 627,830 Weighted-average common units outstanding–diluted 359,064,841 352,963,970 349,618,391 Net income per common unit: Basic $ 0.28 $ 0.29 $ 0.08 Diluted $ 0.28 $ 0.29 $ 0.08 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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. The Company’s participating preferred shares derivative liability and treasury lock were the only financial instruments recorded at fair value on a recurring basis in the consolidated financial statements. Our 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 7. 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 475,144 $ 488,140 $ 479,706 $ 491,302 AH4R 2014-SFR3 securitization 490,319 504,364 495,029 510,486 AH4R 2015-SFR1 securitization 515,326 529,542 519,576 534,531 AH4R 2015-SFR2 securitization 446,818 461,037 450,733 466,558 Total asset-backed securitizations 1,927,607 1,983,083 1,945,044 2,002,877 2028 unsecured senior notes, net 494,378 575,220 493,589 531,870 2029 unsecured senior notes, net 395,427 482,276 394,864 446,728 Total unsecured senior notes, net 889,805 1,057,496 888,453 978,598 Revolving credit facility — — — — Total debt $ 2,817,412 $ 3,040,579 $ 2,833,497 $ 2,981,475 During the fourth quarter of 2017, in anticipation of the issuance of the 2028 Notes and in order to hedge interest rate risk, the Operating Partnership entered into a treasury lock agreement on a notional amount of $350.0 million, based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument and was settled upon the issuance of the 2028 Notes during the first quarter of 2018, which resulted in a $9.6 million gain that was recorded in other comprehensive income and is being reclassified into earnings as a reduction of interest expense over the term of the 2028 Notes. The estimated amount of existing gains that are reported in accumulated other comprehensive income at the reporting date that are expected to be reclassified into earnings within the next 12 months is approximately $1.0 million. The treasury lock was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate. Valuation of the Series C participating preferred shares derivative liability was classified as Level 3 within the fair value hierarchy and considered scenarios in which the participating preferred shares would be redeemed or converted into Class A common shares by the Company and the subsequent payoffs under those scenarios. The valuation also considered certain variables such as the risk-free rate matching the assumed timing of either redemption or conversion, volatility of the underlying home price appreciation index, dividend payments, conversion rates, the assumed timing of either redemption or conversion and an assumed drift factor in home price appreciation across certain metropolitan statistical areas, or MSAs, as outlined in the agreement. The Series C participating preferred shares were redeemed through a conversion into Class A common shares on April 5, 2018 (see Note 9 Shareholders’ Equity / Partners’ Capital). The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the year ended December 31, 2018 (in thousands): Description January 1, 2018 Conversions Remeasurement Included in Earnings December 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258) $ (1,212) $ —

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2020 and 2019, affiliates owned approximately 14.3% 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 50,972,165 and 51,272,165 Class A units as of December 31, 2020 and 2019, respectively) an approximate 26.3% interest at December 31, 2020 and 2019. In November 2020, we entered into a settlement and release agreement with a former employee, pursuant to which the parties agreed to settle any and all claims arising out of the employee’s relationship with the company. We paid $2.9 million, net of insurance proceeds, related to this matter, which was included in other expenses within the consolidated statements of operations. American Homes 4 Rent As of December 31, 2020 and 2019, the Company had a $4.8 million and $4.6 million payable, respectively, related to accrued common distributions to affiliates, which were included in amounts payable to affiliates on the Company’s consolidated balance sheets. American Homes 4 Rent, L.P. As of December 31, 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 consolidated balance sheets, and had a $4.8 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates in the Operating Partnership’s 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 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 consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. Our operating leases have remaining lease terms of one For the Years Ended December 31, 2020 2019 2018 Lease costs $ 3,447 $ 2,612 $ 2,829 Less: income from subleases — — (347) Net lease costs $ 3,447 $ 2,612 $ 2,482 Other information related to our operating lease terms and discount rates were as follows: December 31, 2020 December 31, 2019 Weighted-Average Remaining Lease Term 8.7 years 3.0 years Weighted-Average Discount Rate 2.9 % 3.3 % Future lease obligations under our operating leases as of December 31, 2020 were as follows (in thousands): Operating Lease Obligations 2021 $ 2,104 2022 2,862 2023 2,533 2024 2,452 2025 2,100 Thereafter 9,889 Total lease payments 21,940 Less: imputed interest (2,774) Operating lease liabilities $ 19,166 As of December 31, 2020, the Company had commitments to acquire 323 single-family properties for an aggregate purchase price of $81.7 million, as well as $72.3 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 December 31, 2020 and 2019, the Company had sales in escrow for approximately 97 and 305, respectively, of our single-family properties for aggregate selling prices of $24.0 million and $57.5 million, respectively. As of December 31, 2020 and 2019, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $36.7 million and $14.5 million, respectively. We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $2.0 million, $1.6 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We are cooperating with the Georgia Attorney General’s Office on this matter. We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution. COVID-19 Pandemic The global economy has continued to be severely impacted by the COVID-19 pandemic. We are actively monitoring the impact of the COVID-19 pandemic, which we anticipate will negatively impact our business and results of operations for the first quarter of 2021 and likely beyond. The extent to which our operations will be impacted will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the pandemic, the speed and effectiveness of vaccine distribution and actions by government authorities to contain the pandemic or treat its impact, among other things.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions On February 24, 2021, the Company’s board of trustees approved an increase in quarterly dividends to $0.10 per Class A and Class B common share for the first quarter of 2021. The quarterly dividends are payable on March 31, 2021 to shareholders of record on March 15, 2021. Subsequent Acquisitions From January 1, 2021 through February 19, 2021, the Company added 330 properties to its portfolio for a total cost of approximately $89.3 million, which included 175 newly constructed properties delivered through our AMH Development Program and 34 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From January 1, 2021 through February 19, 2021, the Company disposed of 102 properties for aggregate net proceeds of approximately $25.9 million.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2020 (Amounts in thousands, except number of single-family homes) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Total Cost as of December 31, 2020 (1) Market Number of Single-Family Homes Gross Book Value of Encumbered Assets Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation Net Cost Basis Date of Acquisition Single-family properties in operation Albuquerque 212 $ — $ 6,481 $ 24,088 $ — $ 4,196 $ 6,481 $ 28,285 $ 34,766 $ (7,918) $ 26,848 2013-2015 Atlanta 4,977 191,270 158,809 639,258 — 124,566 158,809 763,823 922,632 (148,028) 774,604 2012-2020 Austin 930 41,150 30,793 129,206 — 23,430 30,793 152,636 183,429 (27,318) 156,111 2012-2020 Boise 479 7,824 18,460 62,598 — 8,266 18,460 70,864 89,324 (12,427) 76,897 2013-2020 Charleston 1,238 82,876 51,243 177,451 — 24,313 51,243 201,764 253,007 (35,464) 217,543 2012-2020 Charlotte 3,811 286,061 146,554 540,729 — 69,679 146,554 610,408 756,962 (116,918) 640,044 2012-2020 Cincinnati 1,982 236,807 61,743 245,214 — 44,883 61,743 290,097 351,840 (77,002) 274,838 2012-2020 Colorado Springs 22 — 903 2,953 — 757 903 3,710 4,613 (1,087) 3,526 2013 Columbus 2,062 142,459 60,399 252,308 — 49,203 60,399 301,511 361,910 (65,312) 296,598 2012-2020 Dallas-Fort Worth 4,312 289,042 110,788 512,321 — 97,832 110,788 610,153 720,941 (149,253) 571,688 2012-2020 Denver 831 — 46,227 180,657 — 22,990 46,227 203,647 249,874 (41,595) 208,279 2012-2020 Greater Chicago area, IL and IN 1,730 184,002 54,307 214,382 — 50,045 54,307 264,427 318,734 (74,990) 243,744 2012-2015 Greensboro 701 53,289 20,044 90,681 — 11,811 20,044 102,492 122,536 (24,164) 98,372 2013-2020 Greenville 667 72,815 16,927 87,887 — 12,757 16,927 100,644 117,571 (24,617) 92,954 2013-2020 Houston 2,979 174,376 61,646 368,369 — 65,439 61,646 433,808 495,454 (103,197) 392,257 2012-2017 Indianapolis 2,813 297,698 74,865 300,845 — 62,217 74,865 363,062 437,927 (101,632) 336,295 2012-2020 Inland Empire 106 — 11,143 13,708 — 2,189 11,143 15,897 27,040 (3,340) 23,700 2012-2016 Jacksonville 2,424 61,410 75,437 309,965 — 60,338 75,437 370,303 445,740 (71,274) 374,466 2012-2020 Knoxville 386 17,551 12,667 61,009 — 7,104 12,667 68,113 80,780 (15,635) 65,145 2013-2017 Las Vegas 1,127 22,020 38,724 144,400 — 32,043 38,724 176,443 215,167 (42,118) 173,049 2011-2020 Memphis 652 17,178 21,016 75,392 — 14,003 21,016 89,395 110,411 (20,212) 90,199 2013-2018 Miami 185 3,602 2,210 21,363 — 5,075 2,210 26,438 28,648 (7,293) 21,355 2013-2015 Milwaukee 109 — 6,459 19,135 — 2,246 6,459 21,381 27,840 (6,053) 21,787 2013 Nashville 2,907 184,511 122,810 450,035 — 61,609 122,810 511,644 634,454 (100,818) 533,636 2012-2020 Orlando 1,743 46,901 63,440 222,416 — 38,828 63,440 261,244 324,684 (54,903) 269,781 2011-2020 Phoenix 3,147 56,370 135,953 370,814 — 59,616 135,953 430,430 566,383 (88,168) 478,215 2011-2020 Portland 298 24,537 22,403 47,039 — 3,394 22,403 50,433 72,836 (8,718) 64,118 2013-2020 Raleigh 2,118 213,127 74,154 285,713 — 36,979 74,154 322,692 396,846 (71,230) 325,616 2012-2020 Salt Lake City 1,595 158,899 94,546 270,926 — 50,916 94,546 321,842 416,388 (58,005) 358,383 2012-2020 San Antonio 938 54,450 29,018 103,868 — 20,572 29,018 124,440 153,458 (29,888) 123,570 2012-2020 Savannah/Hilton Head 917 42,191 30,658 122,130 — 15,981 30,658 138,111 168,769 (23,967) 144,802 2013-2019 Seattle 773 28,177 53,493 149,019 — 12,401 53,493 161,420 214,913 (24,524) 190,389 2012-2020 Tampa 2,464 46,234 93,944 353,805 — 54,255 93,944 408,060 502,004 (79,113) 422,891 2012-2020 Tucson 425 12,102 9,359 45,855 — 9,681 9,359 55,536 64,895 (14,157) 50,738 2011-2020 Winston Salem 813 43,181 19,175 96,073 — 11,797 19,175 107,870 127,045 (24,095) 102,950 2013-2020 Total Single-family properties in operation 52,873 3,092,110 1,836,798 6,991,612 — 1,171,411 1,836,798 8,163,023 9,999,821 (1,754,433) 8,245,388 2011-2020 Properties under development & development land — — 226,204 — 44,563 239,598 270,767 239,598 510,365 — 510,365 Total Single-family properties held for sale 711 — 34,457 95,541 — 18,501 34,457 114,042 148,499 (19,473) 129,026 2011-2018 Total real estate assets 53,584 $ 3,092,110 $ 2,097,459 $ 7,087,153 $ 44,563 $ 1,429,510 $ 2,142,022 $ 8,516,663 $ 10,658,685 $ (1,773,906) $ 8,884,779 2011-2020 (1) The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $10.7 billion as of December 31, 2020. American Homes 4 Rent American Homes 4 Rent, L.P. Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2020 (Continued) Change in Total Real Estate Assets for Single-Family Properties in Operation For the Years Ended December 31, (Amounts in thousands) 2020 2019 2018 Balance, beginning of period $ 9,448,381 $ 9,197,096 $ 8,968,901 Acquisitions and building improvements 689,566 379,466 628,118 Dispositions (208,540) (233,094) (59,308) Write-offs (20,843) (12,353) (9,572) Impairment (1,957) (3,663) (5,858) Reclassifications to single-family properties held for sale, net of dispositions 93,214 120,929 (325,185) Balance, end of period $ 9,999,821 $ 9,448,381 $ 9,197,096 Change in Accumulated Depreciation for Single-Family Properties in Operation For the Years Ended December 31, (Amounts in thousands) 2020 2019 2018 Balance, beginning of period $ (1,462,105) $ (1,176,499) $ (939,724) Depreciation (1) (330,192) (313,683) (300,746) Dispositions 29,433 28,154 11,738 Write-offs 20,843 12,353 9,572 Reclassifications to single-family properties held for sale, net of dispositions (12,412) (12,430) 42,661 Balance, end of period $ (1,754,433) $ (1,462,105) $ (1,176,499) (1) Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from three

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company include the accounts of AH4R, the Operating Partnership and their consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include the accounts of the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The ownership interest in a consolidated subsidiary of the Company held by outside parties, which was liquidated during the second quarter of 2018, is included in noncontrolling interest within the consolidated financial statements. The Company consolidates VIEs in accordance with Accounting Standards Codification (“ASC”) No. 810, Consolidation, if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the consolidated balance sheets. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes AH4R has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains), we generally will not be subject to U.S. federal income tax. Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Certain of our subsidiaries are subject to taxation by U.S. federal, state and local authorities for the periods presented. We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2016 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on our income. Instead, each of the Operating Partnership’s partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2020, there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. AH4R had a net
Investments in Real Estate	Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures , and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. For the year ended December 31, 2020, the Company purchased 1,019 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $266.4 million, which was included in cash paid for single-family properties within the consolidated statement of cash flows. The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property.
Single Family Properties Under Development and Development Land	Single-Family Properties Under Development and Development Land Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest , and ASC 970, Real Estate-General . Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met.
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall , including, but not limited to, the availability of the home for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the home within one year. Single-family properties classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties held for sale, net within the consolidated balance sheets. As of December 31, 2020 and 2019, the Company had 711 and 1,187 single-family properties, respectively, classified as held for sale, and recorded $2.0 million, $3.7 million and $5.9 million of impairment on single-family properties held for sale for the years ended December 31, 2020, 2019 and 2018, respectively, which was included in other expenses within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations
Impairment of Long-lived Assets	Impairment of Long-lived Assets    We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Commercial Office Leases	Commercial Office Leases We lease commercial office space from third parties for use in our corporate and property management operations. Commercial office leases are accounted for as operating leases in accordance with ASC 842 which requires us to recognize right-of-use (“ROU”) assets and lease liabilities within the consolidated balance sheets for the rights and obligations created from these leases. Operating lease ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is generally not determinable, the ROU assets and lease liabilities are measured using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term in general and administrative expense within the consolidated statements of operations.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over thirty years and improvements and other assets are depreciated over their estimated economic useful lives, generally three
Intangible Assets	Intangible Assets    Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives, and the estimated economic life of our database intangible asset is seven years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset.
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other , which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The
Leases, Revenue and Expense Recognition	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. As a result of the adoption of ASC 842 on January 1, 2019, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under the new lease accounting standard while certain tenant charge-backs are accounted for as variable payments under the revenue accounting guidance. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred. Upon adoption of ASC 842, we no longer have an allowance for doubtful accounts. When collectability is not deemed probable, we write-off the tenant’s receivables and limit lease income to cash received. Prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses that may have resulted from the inability of tenants to make required rent or other payments. This allowance was estimated based on, among other considerations, payment histories, overall delinquencies and available security deposits. We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income . Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation . If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606, Revenue from Contracts with Customers , and whether the buyer has obtained control of the asset that was sold. We recognize a full gain or loss on sale, which is presented in gain on sale of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met. Leasing Costs As a result of the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , (“ASC 842”) on January 1, 2019, only direct costs incurred due to the execution of a lease are capitalized and amortized over the term of the leases, which generally have a term of one year. Prior to January 1, 2019, both direct and indirect incremental costs incurred to lease properties were capitalized and amortized over the term of the leases.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense under the effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Financing costs related to the origination of the Company’s unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties. In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures    Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in investments in unconsolidated joint ventures within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other revenues in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.
Notes Receivable	Notes Receivable, Net The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties. The promissory note obtained during the second quarter of 2019 matures in the second quarter of 2025 and the promissory note obtained during the first quarter of 2017 matures in the first quarter of 2022. 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 in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other revenues within the consolidated statements of operations. Upon adoption of ASU 2016-13 on January 1, 2020, we are required to estimate and recognize lifetime expected losses, rather than incurred losses, on these notes receivable, which results in the earlier recognition of credit losses even if the expected risk of credit loss is remote. Beginning January 1, 2020, notes receivable are also presented net of the allowance for 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, including macroeconomic conditions and other conditions affecting the borrower, and (iii) other reasonable and supportable forecasts about the future. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. Changes to the allowance for expected credit losses are recognized in other expenses within the consolidated statements of operations.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees and property tax accruals as of the end of the respective period presented. It also consists of contingent loss accruals, if any. Such losses are accrued when they are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-based Compensation	Share-Based Compensation Our 2012 Equity Incentive Plan (the “Plan”) is accounted for under the provisions of ASC 718, Compensation—Stock Compensation . Noncash share-based compensation costs related to options to purchase our Class A common shares and restricted stock units (“RSUs”) issued to members of the Company’s board of trustees and employees is based on the fair value of the options and RSUs on the grant date and generally amortized over the service period. Forfeitures are recognized as they occur. In February 2020, the Plan was modified to allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants issued in 2020 upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. For the 2020 share-based grants, retirement eligible employees on the date of grant became fully vested and employees who will become retirement eligible prior to the end of their grant’s contractual life will become fully vested on the date they meet the criteria for retirement. Full compensation cost is recognized immediately at the date of grant to the extent a participant is retirement eligible and compensation cost is accelerated to the extent that a participant will become retirement eligible prior to the end of the contractual life of their 2020 share-based grants.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: • Level 1 —Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; • Level 2 —Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and • Level 3 —Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Derivatives	Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as
Segment Reporting	Segment Reporting Under the provision of ASC 280, Segment Reporting
Recent Accounting Pronouncements	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. An allowance for expected credit losses of $1.5 million was established with a cumulative-effect adjustment to accumulated deficit in the consolidated statements of equity. 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. Accounting Pronouncements Adopted July 1, 2020 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 adopted this guidance effective July 1, 2020. The adoption of this guidance did not have a material impact on our financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the Company’s and the Operating Partnership’s consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (in thousands): December 31, 2020 2019 2018 Cash and cash equivalents $ 137,060 $ 37,575 $ 30,284 Restricted cash 128,017 126,544 144,930 Total cash, cash equivalents and restricted cash $ 265,077 $ 164,119 $ 175,214

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Single-Family Properties	The net book values of real estate assets consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Occupied single-family properties $ 7,957,513 $ 7,534,627 Single-family properties recently acquired or developed 66,857 88,181 Single-family properties in turnover process 149,684 308,008 Single-family properties leased, not yet occupied 71,334 55,460 Single-family properties in operation, net 8,245,388 7,986,276 Development land 270,767 224,041 Single-family properties under development 239,598 131,386 Single-family properties held for sale, net 129,026 209,828 Total real estate assets, net $ 8,884,779 $ 8,551,531 For the Years Ended December 31, 2020 2019 2018 Single-family properties: Properties sold 1,047 1,330 691 Net proceeds (1)(2) $ 228,495 $ 248,199 $ 105,394 Net gain on sale (3) $ 47,187 $ 43,507 $ 16,313 Land: Net proceeds $ 71 $ 3,205 $ 763 Net gain on sale $ 7 $ 366 $ 220 (1) Total net proceeds for the year ended December 31, 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 5. Escrow Deposits, Prepaid Expenses and Other Assets). (2) Net proceeds are net of deductions for working capital prorations. (3) Includes gain or loss on transfers to unconsolidated joint ventures.

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Rents And Other Single Property Revenue	Rents and other single-family property revenues consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Rents from single-family properties (1) $ 1,172,514 $ 1,132,137 $ 908,936 Fees from single-family properties — — 10,946 Tenant charge-backs — — 146,793 Rents and other single-family property revenues $ 1,172,514 $ 1,132,137 $ 1,066,675 (1) For the years ended December 31, 2020 and 2019, rents from single-family properties included $160.8 million and $159.9 million, respectively, of variable lease payments for tenant charge-backs, which are primarily related to cost recoveries on utilities, and $16.4 million and $13.8 million of variable lease payments for fees from single-family properties.
Summary of Future Minimum Rental Revenues	The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes our future minimum rental revenues under existing leases on our properties as of December 31, 2020 (in thousands): December 31, 2020 2021 $ 550,012 2022 32,238 2023 130 Total $ 582,380

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Escrow deposits, prepaid expenses and other $ 51,886 $ 50,709 Deferred costs and other intangibles, net 4,864 6,840 Notes receivable, net 35,519 36,834 Operating lease ROU assets 18,772 3,836 Commercial real estate, software, vehicles and FF&E, net 52,130 42,742 Total $ 163,171 $ 140,961
Deferred Costs and Other Intangibles, Net	Deferred costs and other intangibles, net, consisted of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Deferred leasing costs $ 3,782 $ 3,738 Deferred financing costs 11,244 11,244 Database intangible asset — 2,100 15,026 17,082 Less: accumulated amortization (10,162) (10,242) Total $ 4,864 $ 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 December 31, 2020 for future periods (in thousands): Deferred Leasing Costs Deferred Financing Costs Total 2021 $ 1,932 $ 1,964 $ 3,896 2022 — 968 968 Total $ 1,932 $ 2,932 $ 4,864

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 Completed Homes at December 31, 2020 Balances at Balances at Alaska JV 20 % 363 $ 26,020 $ 29,326 Institutional Investor JV 20 % 743 34,112 33,757 J.P. Morgan JV 20 % 187 32,977 — Other (1) N/A N/A — 4,852 1,293 $ 93,109 $ 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)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of December 31, 2020 and 2019 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date December 31, 2020 December 31, 2019 AH4R 2014-SFR2 securitization 4.42 % October 9, 2024 $ 479,981 $ 485,828 AH4R 2014-SFR3 securitization 4.40 % December 9, 2024 495,392 501,393 AH4R 2015-SFR1 securitization (2) 4.14 % April 9, 2045 520,957 526,560 AH4R 2015-SFR2 securitization (3) 4.36 % October 9, 2045 452,162 457,212 Total asset-backed securitizations 1,948,492 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) 1.34 % June 30, 2022 — — Total debt 2,848,492 2,870,993 Unamortized discount on unsecured senior notes (3,658) (4,143) Deferred financing costs, net (6) (27,422) (33,353) Total debt per balance sheet $ 2,817,412 $ 2,833,497 (1) Interest rates are as of December 31, 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 $1.5 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2020 and 2019, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2020. (6) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of these deferred financing costs related to our asset-backed securitizations, term loan facility and unsecured senior notes was $5.9 million, $5.9 million and $5.8 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in gross interest, prior to interest capitalization.
Schedule of Debt Maturities	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2020 (in thousands): Debt Maturities 2021 $ 20,714 2022 20,714 2023 20,714 2024 954,439 2025 10,302 Thereafter 1,821,609 Total debt $ 2,848,492
Schedule of Encumbered Properties	The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2020 and 2019 (in thousands, except property data): December 31, 2020 December 31, 2019 Number of Properties Net Book Value Number of Properties Net Book Value AH4R 2014-SFR2 securitization 4,537 $ 575,634 4,543 $ 592,203 AH4R 2014-SFR3 securitization 4,581 624,279 4,587 642,189 AH4R 2015-SFR1 securitization 4,695 624,269 4,696 641,595 AH4R 2015-SFR2 securitization 4,172 576,999 4,175 592,900 Total encumbered properties 17,985 $ 2,401,181 18,001 $ 2,468,887
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, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Gross interest cost $ 137,034 $ 138,211 $ 129,571 Capitalized interest (19,996) (11,097) (6,671) Interest expense $ 117,038 $ 127,114 $ 122,900

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Resident security deposits $ 90,621 $ 84,832 Accrued property taxes 48,689 44,280 Accrued construction and maintenance liabilities 42,483 20,435 Prepaid rent 24,421 19,970 Accrued interest 23,018 23,090 Operating lease liabilities 19,166 3,916 Accrued distribution payable 13,612 13,024 Accounts payable 432 5,037 Other accrued liabilities 36,507 28,609 Total $ 298,949 $ 243,193

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Preferred Shares	As of December 31, 2020 and 2019, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): December 31, 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 Years Ended December 31, 2020 2019 2018 Class A and Class B common shares $ 0.20 $ 0.20 $ 0.20 5.500% Series C participating preferred shares — — 0.34 6.500% Series D perpetual preferred shares 1.63 1.63 1.63 6.350% Series E perpetual preferred shares 1.59 1.59 1.59 5.875% Series F perpetual preferred shares 1.47 1.47 1.47 5.875% Series G perpetual preferred shares 1.47 1.47 1.47 6.250% Series H perpetual preferred shares 1.56 1.56 0.44
Noncontrolling Interest	The following table summarizes the income or loss allocated to noncontrolling interests as reflected in the Company’s consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Net income allocated to Class A units $ 14,455 $ 15,221 $ 4,424 Net loss allocated to noncontrolling interest in a consolidated subsidiary — — (259) Total noncontrolling interest $ 14,455 $ 15,221 $ 4,165

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (1) (in thousands) Options outstanding at December 31, 2017 3,052,450 $ 16.65 6.9 $ 16,421 Granted 140,000 19.40 Exercised (769,875) 16.07 4,754 Forfeited (170,300) 17.93 Options outstanding at December 31, 2018 2,252,275 $ 16.92 6.1 $ 7,713 Granted 20,000 20.48 Exercised (730,125) 15.94 6,088 Forfeited (12,350) 20.80 Options outstanding at December 31, 2019 1,529,800 $ 17.40 5.3 $ 13,479 Granted — — Exercised (426,150) 16.55 4,911 Forfeited (13,350) 21.89 Options outstanding at December 31, 2020 1,090,300 $ 17.68 4.5 $ 13,436 Options exercisable at December 31, 2020 956,700 $ 17.15 4.2 $ 12,289 (1) Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.
Summary of Black-Scholes Option Pricing Model Inputs Used for Valuation of Stock Options Outstanding	The weighted-average fair value of stock options for Class A common shares granted during the years ended December 31, 2019 and 2018 were $2.85 and 3.03, respectively, based on the following inputs used in the Black-Scholes Option Pricing Model: 2019 2018 Expected term (years) 7.0 7.0 Dividend yield 3.0 % 3.0 % Volatility 17.3 % 18.9 % Risk-free interest rate 2.6 % 2.8 %
Summary of Restricted Stock Units Activity Under Plan	The following table summarizes RSU activity under the Plan for the years ended December 31, 2020, 2019 and 2018: Restricted Stock Units Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (1) (in thousands) RSUs outstanding at December 31, 2017 243,875 $ 20.65 $ 5,326 Awarded 304,400 19.40 Vested (80,125) 19.51 1,552 Forfeited (95,775) 20.15 RSUs outstanding at December 31, 2018 372,375 $ 20.00 $ 7,392 Awarded 350,334 22.90 Vested (111,000) 19.75 2,431 Forfeited (12,600) 21.34 RSUs outstanding at December 31, 2019 599,109 $ 21.71 $ 15,703 Awarded 470,147 27.38 Vested (316,186) 23.61 8,835 Forfeited (101,533) 23.93 RSUs outstanding at December 31, 2020 651,537 $ 24.53 $ 19,546 (1) Intrinsic value for outstanding RSUs is defined as the market value of the underlying Class A common shares on the last trading day of the period. Intrinsic value for vested RSUs is defined as the market value of the underlying shares on the day the awards vested.
Summary of Noncash Share-Based Compensation Expense	The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 General and administrative expense $ 6,573 $ 3,466 $ 2,075 Property management expenses 1,745 1,342 1,358 Acquisition and other transaction costs 1,516 — — Total noncash share-based compensation expense $ 9,834 $ 4,808 $ 3,433

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Computation of Net Loss per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the years ended December 31, 2020, 2019 and 2018 (in thousands, except share and per share data): For the Years Ended December 31, 2020 2019 2018 Numerator: Net income $ 154,829 $ 156,260 $ 112,438 Less: Noncontrolling interest 14,455 15,221 4,165 Dividends on preferred shares 55,128 55,128 52,586 Redemption of participating preferred shares — — 32,215 Allocation to participating securities (1) 217 166 85 Numerator for income per common share–basic and diluted $ 85,029 $ 85,745 $ 23,387 Denominator: Weighted-average common shares outstanding–basic 306,613,197 299,415,397 293,640,500 Effect of dilutive securities: Share-based compensation plan (2) 461,550 503,569 627,830 Weighted-average common shares outstanding–diluted (3) 307,074,747 299,918,966 294,268,330 Net income per common share: Basic $ 0.28 $ 0.29 $ 0.08 Diluted $ 0.28 $ 0.29 $ 0.08 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. (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 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except unit and per unit data): For the Years Ended December 31, 2020 2019 2018 Numerator: Net income $ 154,829 $ 156,260 $ 112,438 Less: Noncontrolling interest — — (259) Preferred distributions 55,128 55,128 52,586 Redemption of participating preferred units — — 32,215 Allocation to participating securities (1) 217 166 85 Numerator for income per common unit–basic and diluted $ 99,484 $ 100,966 $ 27,811 Denominator: Weighted-average common units outstanding–basic 358,603,291 352,460,401 348,990,561 Effect of dilutive securities: Share-based compensation plan (2) 461,550 503,569 627,830 Weighted-average common units outstanding–diluted 359,064,841 352,963,970 349,618,391 Net income per common unit: Basic $ 0.28 $ 0.29 $ 0.08 Diluted $ 0.28 $ 0.29 $ 0.08 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 475,144 $ 488,140 $ 479,706 $ 491,302 AH4R 2014-SFR3 securitization 490,319 504,364 495,029 510,486 AH4R 2015-SFR1 securitization 515,326 529,542 519,576 534,531 AH4R 2015-SFR2 securitization 446,818 461,037 450,733 466,558 Total asset-backed securitizations 1,927,607 1,983,083 1,945,044 2,002,877 2028 unsecured senior notes, net 494,378 575,220 493,589 531,870 2029 unsecured senior notes, net 395,427 482,276 394,864 446,728 Total unsecured senior notes, net 889,805 1,057,496 888,453 978,598 Revolving credit facility — — — — Total debt $ 2,817,412 $ 3,040,579 $ 2,833,497 $ 2,981,475
Changes in Fair Value of Level 3 Financial Instruments	The following tables present changes in the fair values of our Level 3 financial instruments that were measured on a recurring basis with changes in fair value recognized in remeasurement of participating preferred shares within the consolidated statements of operations for the year ended December 31, 2018 (in thousands): Description January 1, 2018 Conversions Remeasurement Included in Earnings December 31, 2018 Liabilities: Participating preferred shares derivative liability $ 29,470 $ (28,258) $ (1,212) $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost	For the years ended December 31, 2020, 2019 and 2018, operating lease costs were as follows (in thousands): For the Years Ended December 31, 2020 2019 2018 Lease costs $ 3,447 $ 2,612 $ 2,829 Less: income from subleases — — (347) Net lease costs $ 3,447 $ 2,612 $ 2,482 Other information related to our operating lease terms and discount rates were as follows: December 31, 2020 December 31, 2019 Weighted-Average Remaining Lease Term 8.7 years 3.0 years Weighted-Average Discount Rate 2.9 % 3.3 %
Schedule of Future Lease Obligations	Future lease obligations under our operating leases as of December 31, 2020 were as follows (in thousands): Operating Lease Obligations 2021 $ 2,104 2022 2,862 2023 2,533 2024 2,452 2025 2,100 Thereafter 9,889 Total lease payments 21,940 Less: imputed interest (2,774) Operating lease liabilities $ 19,166

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)singleFamilyPropertystateproperty	Dec. 31, 2019USD ($)
Organization and operations
Number of states | state	22
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
American Homes 4 Rent
Organization and operations
General partner ownership interest	85.90%	85.20%
Limited Partners
Organization and operations
Limited partnership interest	14.10%
Single Family Homes
Organization and operations
Number of properties | singleFamilyProperty	53,584
Single Family Homes | Single-family Properties Identified as Part of Disposal Group
Organization and operations
Number of properties | property	711

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)singleFamilyPropertypropertystate	Dec. 31, 2019USD ($)bulk_dispositionsingleFamilyProperty	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Property Subject to or Available for Operating Lease
Investments in unconsolidated joint ventures	$ 93,109,000	$ 67,935,000
Deferred tax asset and liability, net	0
Net operating loss carryforward	60,200,000	189,100,000
Investments in Real Estate
Purchase price	269,273,000	120,487,000	$ 489,625,000
Single-family Properties Held for Sale and Discontinued Operations
Loss on impairment of single-family properties and other	5,421,000	3,663,000	5,858,000
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of long-lived assets held-for-use	$ 0	0	0
Leasing Costs
Lease amortization period	1 year
Depreciation and Amortization
Impairment of intangible assets	$ 0	0	0
Goodwill
Goodwill	120,279,000	120,279,000
Goodwill impairments	0	$ 0	0
Impairment charge on joint ventures	$ 4,900,000
Number of bulk disposals | bulk_disposition		2
Revenue and Expense Recognition
Revenue recognition period of operating lease	1 year
Segment Reporting
Number of reportable segments | state	1
Cumulative effect adjustment	$ (6,472,430,000)	$ (6,018,790,000)	(5,973,742,000)	$ (5,875,824,000)
American Homes 4 Rent, L.P.
Property Subject to or Available for Operating Lease
Investments in unconsolidated joint ventures	93,109,000	67,935,000
Investments in Real Estate
Purchase price	269,273,000	120,487,000	489,625,000
Single-family Properties Held for Sale and Discontinued Operations
Loss on impairment of single-family properties and other	5,421,000	3,663,000	5,858,000
Goodwill
Goodwill	120,279,000	120,279,000
Accumulated deficit
Segment Reporting
Cumulative effect adjustment	$ 443,522,000	465,368,000	491,214,000	$ 453,953,000
Cumulative Effect, Period of Adoption, Adjustment
Segment Reporting
Cumulative effect adjustment		1,494,000
Cumulative Effect, Period of Adoption, Adjustment | Accumulated deficit
Segment Reporting
Cumulative effect adjustment		$ 1,494,000
Building and Building Improvements
Depreciation and Amortization
Estimated useful life of asset	30 years
Building and Building Improvements | Minimum
Depreciation and Amortization
Estimated useful life of asset	3 years
Building and Building Improvements | Maximum
Depreciation and Amortization
Estimated useful life of asset	30 years
Database intangible asset
Depreciation and Amortization
Useful life of intangible assets	7 years
Single Family Homes
Investments in Real Estate
Number of properties acquired | property	1,019
Purchase price	$ 266,400,000
Single-family Properties Held for Sale and Discontinued Operations
Number of properties | singleFamilyProperty	53,584
Single Family Homes | Single-family Properties Identified for Future Sale
Single-family Properties Held for Sale and Discontinued Operations
Number of properties | singleFamilyProperty	711	1,187
Loss on impairment of single-family properties and other	$ 2,000,000	$ 3,700,000	$ 5,900,000

Significant Accounting Polici_5

Significant Accounting Policies - Cash, Cash Equivalent, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 137,060	$ 37,575	$ 30,284
Restricted cash	128,017	126,544	144,930
Total cash, cash equivalents and restricted cash	$ 265,077	$ 164,119	$ 175,214	$ 182,823

Real Estate Assets, Net - Sched

Real Estate Assets, Net - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Subject to or Available for Operating Lease
Net book value	$ 8,245,388	$ 7,986,276
Development land	270,767	224,041
Single-family properties under development	239,598	131,386
Single-family properties held for sale, net	129,026	209,828
Total real estate assets, net	8,884,779	8,551,531
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	8,884,779	8,551,531
Single Family Homes | Single-family properties recently acquired or developed
Property Subject to or Available for Operating Lease
Net book value	66,857	88,181
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Net book value	149,684	308,008
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Net book value	7,957,513	7,534,627
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Net book value	$ 71,334	$ 55,460

Real Estate Assets, Net - Singl

Real Estate Assets, Net - Single-Family Properties and Land (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property
Land:
Financing receivable, before allowance for credit loss, noncurrent		$ 30,700
Premiums and other receivables		$ 1,200
Single Family Homes
Single-family properties:
Properties sold | property	1,047	1,330	691
Net proceeds	$ 228,495	$ 248,199	$ 105,394
Gain (Loss) On Properties Sold, Excluding Joint Venture Properties	47,187	43,507	16,313
Land:
Net proceeds	71	3,205	763
Net gain on sale	$ 7	$ 366	$ 220

Real Estate Assets, Net - Narra

Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Single Family Homes
Property Subject to or Available for Operating Lease
Depreciation	$ 330.2	$ 313.7	$ 300.7

Rent and Other Receivables - Na

Rent and Other Receivables - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance settlements receivable	$ 800	$ 2,700
Proceeds received from hurricane-related insurance claims	3,705	2,171	$ 4,522
Legal Recoveries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds collected for insurance claims	4,000
Hurricane Related Insurance Claims
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds received from hurricane-related insurance claims	$ 3,700	3,500	$ 4,500
Business Interruption Recoveries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds collected for insurance claims		$ 1,300

Rent and Other Receivables - Su

Rent and Other Receivables - Summary of Single-Family Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease term	1 year
Single Family Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rents from single-family properties	$ 1,172,514	$ 1,132,137	$ 908,936
Fees from single-family properties	0	0	10,946
Tenant charge-backs	0	0	146,793
Rents and other single-family property revenues	1,172,514	1,132,137	$ 1,066,675
Tenant chargebacks	160,800	159,900
Variable lease payments	$ 16,400	$ 13,800

Rent and Other Receivables - Re

Rent and Other Receivables - Rent (Details) $ in Thousands	Dec. 31, 2020USD ($)
Future minimum rental revenues
2021	$ 550,012
2022	32,238
2023	130
Total	$ 582,380

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Schedule of Expenses and Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 51,886	$ 50,709
Deferred costs and other intangibles, net	4,864	6,840
Notes receivable, net	35,519	36,834
Operating lease ROU assets	18,772	3,836
Commercial real estate, software, vehicles and FF&E, net	52,130	42,742
Total	$ 163,171	$ 140,961

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Acquired Indefinite-lived Intangible Assets
Deferred leasing costs	$ 3,782	$ 3,738
Deferred financing costs	11,244	11,244
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets	15,026	17,082
Less: accumulated amortization	(10,162)	(10,242)
Total	4,864	6,840
Database intangible asset
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets	$ 0	$ 2,100

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Amortization expense	$ 4.1	$ 8	$ 11
Amortization of deferred financing costs	2	2	2
Commercial Real Estate, Software, Vehicles and Furniture, Fixtures and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 8.9	$ 7.6	$ 7

Escrow Deposits, Prepaid Expe_6

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands	Dec. 31, 2020USD ($)
Total
2021	$ 3,896
2022	968
Total	4,864
Deferred Leasing Costs
Deferred Leasing Costs
2021	1,932
2022	0
Total	1,932
Deferred Financing Costs
Deferred Financing Costs
2021	1,964
2022	968
Total	$ 2,932

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended				12 Months Ended
	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)joint_venture	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percentage					20.00%
Number of joint ventures | joint_venture					3
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Joint venture, initial term				5 years
Size of partnership				$ 312.5
Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit	$ 201
Non-recourse guarantee, term	two
Maximum exposure					$ 85.2
Joint Venture | LIBOR
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate	3.50%
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee income					$ 5.8	$ 3.6	$ 1.9
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage					20.00%
Size of partnership		$ 625	$ 253.1

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Dec. 31, 2020USD ($)bulk_disposition	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	1,293
Balances	$ 93,109,000	$ 67,935,000
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	363
Balances	$ 26,020,000	29,326,000
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	743
Balances	$ 34,112,000	33,757,000
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	187
Balances	$ 32,977,000	0
Other
Schedule of Equity Method Investments [Line Items]
Balances	$ 0	$ 4,852,000

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Total debt	$ 2,848,492,000	$ 2,870,993,000
Unamortized discount on unsecured senior notes	(3,658,000)	(4,143,000)
Deferred financing costs, net	(27,422,000)	(33,353,000)
Total debt per balance sheet	2,817,412,000	2,833,497,000
Amortization of debt issuance costs	7,431,000	7,457,000	$ 10,493,000
Asset-Backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs	5,900,000	5,900,000	$ 5,800,000
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 1,948,492,000	1,970,993,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest rate	4.42%
Total debt	$ 479,981,000	485,828,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest rate	4.40%
Total debt	$ 495,392,000	501,393,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest rate	4.14%
Total debt	$ 520,957,000	526,560,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest rate	4.36%
Total debt	$ 452,162,000	457,212,000
Exchangeable Senior Notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Interest rate	4.25%				4.25%
Effective interest rate	4.08%
Total debt	$ 500,000,000	500,000,000
Deferred financing costs, net					$ (1,900,000)
Exchangeable Senior Notes | 4.90 Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Interest rate	4.90%			4.90%
Total debt	$ 400,000,000	400,000,000
Deferred financing costs, net				$ (1,000,000)
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	1.34%
Total debt	$ 0	0
Credit facility maximum borrowing capacity						$ 800,000,000
Letters of credit outstanding	$ 1,500,000	$ 6,200,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended							12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2015USD ($)singleFamilyProperty	Mar. 31, 2015USD ($)property	Dec. 31, 2014USD ($)property	Sep. 30, 2014USD ($)property	Dec. 31, 2020USD ($)debtInstrumentExtensionOptionssingleFamilyProperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)property
Debt Instrument [Line Items]
Loan payoff amount								$ 22,501,000	$ 21,517,000	$ 20,847,000
Gain (loss) on extinguishment of debt								$ 0	(659,000)	(1,447,000)
Minimum coverage ratio								1.20
Proceeds from unsecured senior notes, net of discount								$ 0	397,944,000	497,210,000
Deferred financing costs, net								27,422,000	33,353,000
Debt outstanding								2,848,492,000	2,870,993,000
Revolving Credit Facility
Debt Instrument [Line Items]
Payments on credit facility								$ 130,000,000	250,000,000	295,000,000
Designated as Hedging Instrument | Treasury Lock
Debt Instrument [Line Items]
Derivative interest rate		4.08%
Single Family Homes
Debt Instrument [Line Items]
Number of properties | singleFamilyProperty								53,584
Asset Backed Securitizations September 2014 Securitization | Single Family Homes
Debt Instrument [Line Items]
Loan payoff amount							$ 25,700,000
Debt instrument, face amount							$ 513,300,000
Debt instrument term							10 years
Weighted-average interest rate							4.42%
Number of properties | property							4,487
Proceeds from asset-backed securitizations							$ 487,700,000
Debt issuance cost							$ 12,900,000
Asset Backed Securitizations November 2014 Securitization | Single Family Homes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 528,400,000
Debt instrument term						10 years
Weighted-average interest rate						4.40%
Number of properties | property						4,503
Proceeds from asset-backed securitizations						$ 528,400,000
Debt issuance cost						$ 12,900,000
Asset Backed Securitizations March 2015 Securitization | Single Family Homes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 552,800,000
Debt instrument term					30 years
Weighted-average interest rate					4.14%
Number of properties | property					4,661
Proceeds from asset-backed securitizations					$ 552,800,000
Debt issuance cost					$ 13,300,000
Asset Backed Securitizations September 2015 Securitization | Single Family Homes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 477,700,000
Debt instrument term				30 years
Weighted-average interest rate				4.36%
Number of properties | singleFamilyProperty				4,125
Proceeds from asset-backed securitizations				$ 477,700,000
Debt issuance cost				$ 11,300,000
Term loan facility, net
Debt Instrument [Line Items]
Payments on credit facility								$ 0	100,000,000	100,000,000
Credit Agreement
Debt Instrument [Line Items]
Debt instrument, accordion feature, higher borrowing capacity option								1,750,000,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,000,000,000
Secured Debt
Debt Instrument [Line Items]
Debt outstanding								$ 1,948,492,000	1,970,993,000
Secured Debt | Notes Payable
Debt Instrument [Line Items]
Loan payoff amount										48,400,000
Gain (loss) on extinguishment of debt										$ (500,000)
Number of homes pledged as collateral and released | property										572
Release of restricted cash collateral for borrowed securities										$ 2,100,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate								1.34%
Credit facility maximum borrowing capacity			$ 800,000,000
Commitment fee								0.25%
Number of debt instrument extension options | debtInstrumentExtensionOptions								2
Line of credit extension period								6 months
Debt outstanding								$ 0	0
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Line of Credit | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			0.825%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Line of Credit | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.55%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.55%
Line of Credit | Term loan facility, net
Debt Instrument [Line Items]
Payments on credit facility									100,000,000	100,000,000
Write off of deferred debt issuance costs									700,000	$ 900,000
Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount			$ 200,000,000
Senior notes | 4.25% Senior Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Interest rate		4.25%						4.25%
Proceeds from unsecured senior notes, net of discount		$ 494,000,000
Underwriting fees		3,200,000
Unamortized discount on debt		2,800,000
Deferred financing costs, net		$ 1,900,000
Redeemable percentage of debt		100.00%
Debt outstanding								$ 500,000,000	500,000,000
Senior notes | 4.90 Percent Senior Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Interest rate	4.90%							4.90%
Proceeds from unsecured senior notes, net of discount	$ 395,300,000
Underwriting fees	2,600,000
Unamortized discount on debt	2,100,000
Deferred financing costs, net	$ 1,000,000
Redeemable percentage of debt	100.00%
Debt outstanding								$ 400,000,000	$ 400,000,000

Debt Debt - Maturities (Details

Debt Debt - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 20,714
2022	20,714
2023	20,714
2024	954,439
2025	10,302
Thereafter	1,821,609
Total debt	$ 2,848,492	$ 2,870,993

Debt Debt - Encumbered Properti

Debt Debt - Encumbered Properties (Details) $ in Thousands	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Debt Instrument [Line Items]
Net Book Value	$ 8,245,388	$ 7,986,276
Encumbered Properties
Debt Instrument [Line Items]
Number of Properties | property	17,985	18,001
Net Book Value	$ 2,401,181	$ 2,468,887
Encumbered Properties | AH4R 2014-SFR2 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,537	4,543
Net Book Value	$ 575,634	$ 592,203
Encumbered Properties | AH4R 2014-SFR3 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,581	4,587
Net Book Value	$ 624,279	$ 642,189
Encumbered Properties | AH4R 2015-SFR1 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,695	4,696
Net Book Value	$ 624,269	$ 641,595
Encumbered Properties | AH4R 2015-SFR2 securitization
Debt Instrument [Line Items]
Number of Properties | property	4,172	4,175
Net Book Value	$ 576,999	$ 592,900

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Gross interest cost	$ 137,034	$ 138,211	$ 129,571
Capitalized interest	(19,996)	(11,097)	(6,671)
Interest expense	$ 117,038	$ 127,114	$ 122,900

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Resident security deposits	$ 90,621	$ 84,832
Accrued property taxes	48,689	44,280
Accrued interest	23,018	23,090
Operating lease liabilities	$ 19,166	$ 3,916
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Accrued construction and maintenance liabilities	$ 42,483	$ 20,435
Prepaid rent	24,421	19,970
Accrued distribution payable	13,612	13,024
Accounts payable	432	5,037
Other accrued liabilities	36,507	28,609
Total	$ 298,949	$ 243,193

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Class A Common Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018$ / shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Proceeds from issuance of class A common shares			$ 414,100	$ 0	$ 0
Class A Common Shares/units
Class of Stock [Line Items]
Stock exchange ratio	1.4275
Issuance of class A common shares, net of offering costs (in shares) | shares		14,950,000
Stated value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of class A common shares		$ 411,700
Offering costs		$ 200	$ 600	$ 0	$ 0
Class A Common Shares/units | At the Market - Common Share Offering Program
Class of Stock [Line Items]
Issuance of class A common shares, net of offering costs (in shares) | shares			86,130,000,000
Proceeds from issuance of class A common shares			$ 2,400
Offering costs			$ 400
American Homes 4 Rent
Class of Stock [Line Items]
General partner ownership interest			85.90%	85.20%
Class A Units | Operating Partnership
Class of Stock [Line Items]
Units outstanding (in shares) | shares		368,383,440	368,383,440	352,769,654
Operating Partnership | Class A Units
Class of Stock [Line Items]
Stock exchange ratio			1

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - At the Market Common Share Offering Program (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Proceeds from issuance of class A common shares		$ 414,100,000	$ 0	$ 0
Class A Common Shares/units
Class of Stock [Line Items]
Common stock, shares issued (in shares)	14,950,000
Proceeds from issuance of class A common shares	$ 411,700,000
Stock issuance costs	200,000	600,000	$ 0	$ 0
At the Market - Common Share Offering Program | Class A Common Shares/units
Class of Stock [Line Items]
Capital shares amount authorized for future issuance	500,000,000	$ 500,000,000
Common stock, shares issued (in shares)		86,130,000,000
Proceeds from issuance of class A common shares		$ 2,400,000
Stock issuance costs		400,000
Shares reserved for future issuance	$ 497,600,000	$ 497,600,000

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Share Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Class A Common Shares/units
Class of Stock [Line Items]
Repurchase of class A common stock, authorized amount				$ 300,000,000
Weighted-average price of shares (in dollars per share)			$ 19.36
Total cost of class A common shares			$ 34,900,000
Remaining repurchase authorization amount	$ 265,100,000
Class A Common Shares/units | Common Stock
Class of Stock [Line Items]
Repurchases and retire of class A common shares (in shares)	0	0	1,800,000
Preferred shares
Class of Stock [Line Items]
Repurchase of class A common stock, authorized amount				$ 250,000,000
Remaining repurchase authorization amount	$ 250,000,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Class B Common Shares (Details) - Class B common shares	12 Months Ended
	Dec. 31, 2020Voteshares
Class of Stock [Line Items]
Common shares entitled to vote | Vote	50
Maximum
Class of Stock [Line Items]
Voting interest percent	30.00%
2012 Offering | AH LLC | 2,770 Property Contribution
Class of Stock [Line Items]
Common stock issued in connection with investment (in shares) | shares	635,075

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) $ / shares in Units, $ in Thousands	Apr. 05, 2018topMarket$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares) | shares		35,350,000			35,350,000	35,350,000
Current Liquidation Value		$ 883,750			$ 883,750	$ 883,750
Liquidation preference per share (in dollars per share) | $ / shares		$ 25			$ 25
Convertible preferred stock converted to other securities					$ 0	$ 0	$ 32,215
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Dividend Rate					6.50%
Preferred shares, shares outstanding (in shares) | shares		10,750,000			10,750,000	10,750,000
Current Liquidation Value		$ 268,750			$ 268,750	$ 268,750
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate					6.35%
Preferred shares, shares outstanding (in shares) | shares		9,200,000			9,200,000	9,200,000
Current Liquidation Value		$ 230,000			$ 230,000	$ 230,000
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate					5.875%
Preferred shares, shares outstanding (in shares) | shares		6,200,000			6,200,000	6,200,000
Current Liquidation Value		$ 155,000			$ 155,000	$ 155,000
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate					5.875%
Preferred shares, shares outstanding (in shares) | shares		4,600,000			4,600,000	4,600,000
Current Liquidation Value		$ 115,000			$ 115,000	$ 115,000
Series H Perpetual Preferred Stock
Class of Stock [Line Items]
Dividend Rate			6.25%		6.25%
Preferred shares, shares outstanding (in shares) | shares		4,600,000			4,600,000	4,600,000
Current Liquidation Value		$ 115,000			$ 115,000	$ 115,000
Liquidation preference per share (in dollars per share) | $ / shares			$ 25
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares			4,600,000
Gross proceeds under issuance of preferred shares			$ 115,000
Offering costs			$ 4,400
Series C Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.50%						5.50%
Liquidation preference per share (in dollars per share) | $ / shares	$ 25
Stock issued during period, shares, conversion of convertible securities (in shares) | shares	7,600,000
Class A Common Shares/units
Class of Stock [Line Items]
Issuance of perpetual preferred shares, net of offering costs (in shares) | shares		14,950,000
Offering costs		$ 200			$ 600	$ 0	$ 0
Stated value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01			$ 0.01	$ 0.01
Repurchase of class A units (in shares) | shares	10,848,827
Stock exchange ratio	1.4275
Percent of cumulative change in value of an index	50.00%
Number of markets used in calculation | topMarket	20
Maximum internal rate of return	9.00%
Convertible preferred stock converted to other securities				$ 32,200

Shareholders' Equity _ Partne_8

Shareholders' Equity / Partners' Capital - Exchangeable Senior Notes and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 05, 2018	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Reacquisition of equity component upon settlement of exchangeable senior notes						$ (20,098)
Net operating loss carryforward				$ 60,200	$ 189,100
Class A and B common shares/units
Class of Stock [Line Items]
Dividends declared on common shares (in dollars per unit)				$ 0.20	$ 0.20	$ 0.20
Series C Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate	5.50%					5.50%
Preferred stock, dividends per share, declared (in dollars per share)				$ 0	0	$ 0.34
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Cumulative annual cash dividend rate				6.50%
Preferred stock, dividends per share, declared (in dollars per share)				$ 1.63	1.63	1.63
Series E Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate				6.35%
Preferred stock, dividends per share, declared (in dollars per share)				$ 1.59	1.59	1.59
Series F Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate				5.875%
Preferred stock, dividends per share, declared (in dollars per share)				$ 1.47	1.47	1.47
Series G Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate				5.875%
Preferred stock, dividends per share, declared (in dollars per share)				$ 1.47	1.47	1.47
Series H Perpetual Preferred Stock
Class of Stock [Line Items]
Cumulative annual cash dividend rate			6.25%	6.25%
Preferred stock, dividends per share, declared (in dollars per share)				$ 1.56	$ 1.56	$ 0.44
Exchangeable Senior Notes
Class of Stock [Line Items]
Repayments of debt		$ 135,100
Extinguishment of debt		$ 115,000
Reacquisition of equity component upon settlement of exchangeable senior notes						$ 20,100

Shareholders' Equity _ Partne_9

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Narrative (Details) - Operating Partnership - Class A Units - shares	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Units outstanding (in shares)	368,383,440	352,769,654
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.20%
Units outstanding (in shares)	596,990	596,990
AH LLC
Class of Stock [Line Items]
Units owned (in shares)	51,129,990	51,429,990
Percentage of units outstanding	13.90%	14.60%

Shareholders' Equity _ Partn_10

Shareholders' Equity / Partners' Capital - Noncontrolling Interest Reflected in Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Noncontrolling interest	$ 14,455	$ 15,221	$ 4,165
Consolidated Subsidiaries With Noncontrolling Interest
Class of Stock [Line Items]
Noncontrolling interest	0	0	(259)
Class A Units
Class of Stock [Line Items]
Noncontrolling interest	$ 14,455	$ 15,221	$ 4,424

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2012
Stock options
Class of Stock [Line Items]
Vesting period		4 years	4 years
Total unrecognized compensation cost	$ 0.2
Weighted-average period of unvested cost	9 months 18 days
Restricted stock units
Class of Stock [Line Items]
Vesting period	3 years	4 years	4 years
Total unrecognized compensation cost	$ 10.3
Weighted-average period of unvested cost	1 year 9 months 18 days
Restricted stock units | Non-Management Trustees
Class of Stock [Line Items]
Vesting period	1 year	1 year
2012 Equity Incentive Plan | Stock options
Class of Stock [Line Items]
Expiration period	10 years
2012 Equity Incentive Plan | Class A Common Shares/units
Class of Stock [Line Items]
Shares available for issuance (in shares)				6,000,000

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) - Stock options - 2012 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares
Options outstanding, beginning of period (in shares)	1,529,800	2,252,275	3,052,450
Granted (in shares)	0	20,000	140,000
Exercised (in shares)	(426,150)	(730,125)	(769,875)
Forfeited (in shares)	(13,350)	(12,350)	(170,300)
Options outstanding, end of period (in shares)	1,090,300	1,529,800	2,252,275	3,052,450
Options exercisable at period end (in shares)	956,700
Weighted- Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 17.40	$ 16.92	$ 16.65
Granted (in dollars per share)	0	20.48	19.40
Exercised (in dollars per share)	16.55	15.94	16.07
Forfeited (in dollars per share)	21.89	20.80	17.93
Options outstanding, ending balance (in dollars per share)	17.68	$ 17.40	$ 16.92	$ 16.65
Options exercisable at period end (in dollars per share)	$ 17.15
Options outstanding, weighted average contractual life	4 years 6 months	5 years 3 months 18 days	6 years 1 month 6 days	6 years 10 months 24 days
Options exercisable at period end, weighted average contractual life	4 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Intrinsic Value [Roll Forward]
Options outstanding, intrinsic value	$ 13,436	$ 13,479	$ 7,713	$ 16,421
Exercised, intrinsic value	4,911	$ 6,088	$ 4,754
Options exercisable at period end, intrinsic value	$ 12,289

Share-Based Compensation - Valu

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

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock Units
Restricted stock units at beginning of period (in shares)	599,109	372,375	243,875
Units awarded (in shares)	470,147	350,334	304,400
Units vested (in shares)	(316,186)	(111,000)	(80,125)
Units forfeited (in shares)	(101,533)	(12,600)	(95,775)
Restricted stock units at end of period (in shares)	651,537	599,109	372,375
Weighted- Average Grant Date Fair Value
Weighted- Average Grant Date Fair Value, Beginning balance (in dollars per share)	$ 21.71	$ 20	$ 20.65
Weighted- Average Grant Date Fair Value, Awarded (in dollars per share)	27.38	22.90	19.40
Weighted- Average Grant Date Fair Value, Vested (in dollars per share)	23.61	19.75	19.51
Weighted- Average Grant Date Fair Value, Forfeited (in dollars per share)	23.93	21.34	20.15
Weighted- Average Grant Date Fair Value, Ending balance (in dollars per share)	$ 24.53	$ 21.71	$ 20
Aggregate Intrinsic Value	$ 19,546	$ 15,703	$ 7,392	$ 5,326
Aggregate Intrinsic Value, Vested	$ 8,835	$ 2,431	$ 1,552

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	$ 9,834	$ 4,808	$ 3,433
General and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	6,573	3,466	2,075
Property management expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	1,745	1,342	1,358
Acquisition and other transaction costs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total noncash share-based compensation expense	$ 1,516	$ 0	$ 0

Earnings per Share _ Unit (Deta

Earnings per Share / Unit (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Numerator:
Net income	$ 154,829	$ 156,260	$ 112,438
Less:
Noncontrolling interest	14,455	15,221	4,165
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Allocation to participating securities	217	166	85
Numerator for income per common share–basic and diluted	$ 85,029	$ 85,745	$ 23,387
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	306,613,197	299,415,397	293,640,500
Effect of dilutive securities: Share-based compensation plan (in shares) | shares	461,550	503,569	627,830
Weighted-average common shares outstanding - diluted (in shares) | shares	307,074,747	299,918,966	294,268,330
Net income (loss) per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.28	$ 0.29	$ 0.08
Diluted (in dollars per share) | $ / shares	$ 0.28	$ 0.29	$ 0.08
Operating Partnership | Class A Units
Net income (loss) per common share/unit
Stock exchange ratio	1
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 154,829	$ 156,260	$ 112,438
Less:
Noncontrolling interest	0	0	(259)
Dividends on preferred shares/Preferred distributions	55,128	55,128	52,586
Redemption of participating preferred shares/units	0	0	32,215
Allocation to participating securities	217	166	85
Numerator for income per common share–basic and diluted	$ 99,484	$ 100,966	$ 27,811
Denominator:
Weighted-average common units outstanding - basic (in shares) | shares	358,603,291	352,460,401	348,990,561
Effect of dilutive securities: Share-based compensation plan (in shares) | shares	461,550	503,569	627,830
Weighted-average common units outstanding - diluted (in shares) | shares	359,064,841	352,963,970	349,618,391
Net income (loss) per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.28	$ 0.29	$ 0.08
Diluted (in dollars per share) | $ / shares	$ 0.28	$ 0.29	$ 0.08

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on settlement of cash flow hedging instrument	$ 9,600	$ 0	$ 0	$ 9,553
Reclassified during next 12 months, net		1,000
Designated as Hedging Instrument | Treasury Lock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount					$ 350,000
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving credit facility		0	0
Total debt		2,817,412	2,833,497
Carrying Value | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		475,144	479,706
Carrying Value | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		490,319	495,029
Carrying Value | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		515,326	519,576
Carrying Value | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		446,818	450,733
Carrying Value | Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		494,378	493,589
Carrying Value | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		395,427	394,864
Carrying Value | Asset-backed securitization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		1,927,607	1,945,044
Carrying Value | Unsecured Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		889,805	888,453
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving credit facility		0	0
Total debt		3,040,579	2,981,475
Fair Value | 2014-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		488,140	491,302
Fair Value | 2014-SFR 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		504,364	510,486
Fair Value | 2015-SFR 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		529,542	534,531
Fair Value | 2015-SFR 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		461,037	466,558
Fair Value | Senior Notes Due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		575,220	531,870
Fair Value | Senior Notes Due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		482,276	446,728
Fair Value | Asset-backed securitization
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset-backed securitization		1,983,083	2,002,877
Fair Value | Unsecured Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured senior notes		$ 1,057,496	$ 978,598

Fair Value - Level 3 Liabilitie

Fair Value - Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Participating preferred shares derivative liability
Preferred shares derivative liability beginning balance		$ 0	$ 29,470
Conversions			(28,258)
Remeasurement Included in Earnings	$ 0	$ 0	(1,212)
Preferred shares derivative liability ending balance			$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Amounts payable to affiliates		$ 4,834	$ 4,629
American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		$ 4,834	$ 4,629
Class A Common Shares/units
Related Party Transaction
Common stock, shares outstanding (in shares)		316,021,385	300,107,599
Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Affiliates
Related Party Transaction
Percent of shares held		26.30%	26.30%
Amounts payable to affiliates		$ 4,800	$ 4,600
Affiliates | American Homes 4 Rent, L.P.
Related Party Transaction
Amounts payable to affiliates		4,800	4,600
Due from affiliates		$ 25,700	$ 25,700
Affiliates | Class A Common Shares/units
Related Party Transaction
Percent of shares held		14.30%	13.60%
Common stock, shares outstanding (in shares)		50,972,165	51,272,165
Affiliates | Class B common shares
Related Party Transaction
Common stock, shares outstanding (in shares)		635,075	635,075
Former Employee
Related Party Transaction
Settlement with related party	$ 2,900

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating leases rental expenses
Lease costs	$ 3,447	$ 2,612	$ 2,829
Less: income from subleases	0	0	(347)
Net lease costs	$ 3,447	$ 2,612	$ 2,482
Other Operating Lease Information
Weighted-Average Remaining Lease Term	8 years 8 months 12 days	3 years
Weighted-Average Discount Rate	2.90%	3.30%
Future lease obligations under our operating leases
2021	$ 2,104
2022	2,862
2023	2,533
2024	2,452
2025	2,100
Thereafter	9,889
Total lease payments	21,940
Less: imputed interest	(2,774)
Operating lease liabilities	$ 19,166	$ 3,916

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)singleFamilyProperty	Dec. 31, 2019USD ($)singleFamilyProperty	Dec. 31, 2018USD ($)
Commitments and contingencies
Number of real estate properties held-for-sale in escrow | singleFamilyProperty	97	305
Expected proceeds from sale of property held-for-sale	$ 24	$ 57.5
Company contributions	2	1.6	$ 1.3
Surety Bond
Commitments and contingencies
Current carrying value	36.7	14.5
Single Family
Commitments and contingencies
Third party development agreements and land	81.7	75.1
Land
Commitments and contingencies
Third party development agreements and land	$ 72.3	$ 44.3
Commitment to acquire properties
Commitments and contingencies
Number of properties | singleFamilyProperty	323	289
Minimum
Commitments and contingencies
Operating leases have remaining lease terms	1 year
Maximum
Commitments and contingencies
Operating leases have remaining lease terms	11 years

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands	Feb. 24, 2021$ / shares	Feb. 19, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Subsequent Event
Net proceeds received from sales of single-family properties and other | $			$ 228,566	$ 221,930	$ 106,157
Subsequent Events
Subsequent Event
Number of properties acquired		330
Total cost of property acquired | $		$ 89,300
Number of internally developed properties developed		175
Number of newly constructed homes acquired from third-party developers		34
Number of properties sold		102
Net proceeds received from sales of single-family properties and other | $		$ 25,900
Subsequent Events | Class A common shares
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.10
Subsequent Events | Class B common shares
Subsequent Event
Dividends declared on common shares (in dollars per unit) | $ / shares	$ 0.10

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)singleFamilyProperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	53,584
Gross Book Value of Encumbered Assets	$ 3,092,110
Initial Cost to Company, Land	2,097,459
Initial Cost to Company, Buildings and Improvements	7,087,153
Cost Capitalized Subsequent to Acquisition, Land	44,563
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,429,510
Total Cost, Land	2,142,022
Total Cost, Buildings and Improvements	8,516,663
Total	10,658,685
Accumulated Depreciation	(1,773,906)
Net Cost Basis	8,884,779
Aggregate cost of consolidated real estate for federal income tax purposes	$ 10,700,000
Single family homes
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	52,873
Gross Book Value of Encumbered Assets	$ 3,092,110
Initial Cost to Company, Land	1,836,798
Initial Cost to Company, Buildings and Improvements	6,991,612
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,171,411
Total Cost, Land	1,836,798
Total Cost, Buildings and Improvements	8,163,023
Total	9,999,821	$ 9,448,381	$ 9,197,096	$ 8,968,901
Accumulated Depreciation	(1,754,433)	$ (1,462,105)	$ (1,176,499)	$ (939,724)
Net Cost Basis	$ 8,245,388
Single family homes | Albuquerque
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	212
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,481
Initial Cost to Company, Buildings and Improvements	24,088
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,196
Total Cost, Land	6,481
Total Cost, Buildings and Improvements	28,285
Total	34,766
Accumulated Depreciation	(7,918)
Net Cost Basis	$ 26,848
Single family homes | Atlanta
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	4,977
Gross Book Value of Encumbered Assets	$ 191,270
Initial Cost to Company, Land	158,809
Initial Cost to Company, Buildings and Improvements	639,258
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	124,566
Total Cost, Land	158,809
Total Cost, Buildings and Improvements	763,823
Total	922,632
Accumulated Depreciation	(148,028)
Net Cost Basis	$ 774,604
Single family homes | Austin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	930
Gross Book Value of Encumbered Assets	$ 41,150
Initial Cost to Company, Land	30,793
Initial Cost to Company, Buildings and Improvements	129,206
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	23,430
Total Cost, Land	30,793
Total Cost, Buildings and Improvements	152,636
Total	183,429
Accumulated Depreciation	(27,318)
Net Cost Basis	$ 156,111
Single family homes | Boise
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	479
Gross Book Value of Encumbered Assets	$ 7,824
Initial Cost to Company, Land	18,460
Initial Cost to Company, Buildings and Improvements	62,598
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,266
Total Cost, Land	18,460
Total Cost, Buildings and Improvements	70,864
Total	89,324
Accumulated Depreciation	(12,427)
Net Cost Basis	$ 76,897
Single family homes | Charleston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,238
Gross Book Value of Encumbered Assets	$ 82,876
Initial Cost to Company, Land	51,243
Initial Cost to Company, Buildings and Improvements	177,451
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	24,313
Total Cost, Land	51,243
Total Cost, Buildings and Improvements	201,764
Total	253,007
Accumulated Depreciation	(35,464)
Net Cost Basis	$ 217,543
Single family homes | Charlotte
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	3,811
Gross Book Value of Encumbered Assets	$ 286,061
Initial Cost to Company, Land	146,554
Initial Cost to Company, Buildings and Improvements	540,729
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	69,679
Total Cost, Land	146,554
Total Cost, Buildings and Improvements	610,408
Total	756,962
Accumulated Depreciation	(116,918)
Net Cost Basis	$ 640,044
Single family homes | Cincinnati
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,982
Gross Book Value of Encumbered Assets	$ 236,807
Initial Cost to Company, Land	61,743
Initial Cost to Company, Buildings and Improvements	245,214
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	44,883
Total Cost, Land	61,743
Total Cost, Buildings and Improvements	290,097
Total	351,840
Accumulated Depreciation	(77,002)
Net Cost Basis	$ 274,838
Single family homes | Colorado Springs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	22
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	903
Initial Cost to Company, Buildings and Improvements	2,953
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	757
Total Cost, Land	903
Total Cost, Buildings and Improvements	3,710
Total	4,613
Accumulated Depreciation	(1,087)
Net Cost Basis	$ 3,526
Single family homes | Columbus
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,062
Gross Book Value of Encumbered Assets	$ 142,459
Initial Cost to Company, Land	60,399
Initial Cost to Company, Buildings and Improvements	252,308
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	49,203
Total Cost, Land	60,399
Total Cost, Buildings and Improvements	301,511
Total	361,910
Accumulated Depreciation	(65,312)
Net Cost Basis	$ 296,598
Single family homes | Dallas-Fort Worth
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	4,312
Gross Book Value of Encumbered Assets	$ 289,042
Initial Cost to Company, Land	110,788
Initial Cost to Company, Buildings and Improvements	512,321
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	97,832
Total Cost, Land	110,788
Total Cost, Buildings and Improvements	610,153
Total	720,941
Accumulated Depreciation	(149,253)
Net Cost Basis	$ 571,688
Single family homes | Denver
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	831
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	46,227
Initial Cost to Company, Buildings and Improvements	180,657
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,990
Total Cost, Land	46,227
Total Cost, Buildings and Improvements	203,647
Total	249,874
Accumulated Depreciation	(41,595)
Net Cost Basis	$ 208,279
Single family homes | Greater Chicago area, IL and IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,730
Gross Book Value of Encumbered Assets	$ 184,002
Initial Cost to Company, Land	54,307
Initial Cost to Company, Buildings and Improvements	214,382
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,045
Total Cost, Land	54,307
Total Cost, Buildings and Improvements	264,427
Total	318,734
Accumulated Depreciation	(74,990)
Net Cost Basis	$ 243,744
Single family homes | Greensboro
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	701
Gross Book Value of Encumbered Assets	$ 53,289
Initial Cost to Company, Land	20,044
Initial Cost to Company, Buildings and Improvements	90,681
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,811
Total Cost, Land	20,044
Total Cost, Buildings and Improvements	102,492
Total	122,536
Accumulated Depreciation	(24,164)
Net Cost Basis	$ 98,372
Single family homes | Greenville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	667
Gross Book Value of Encumbered Assets	$ 72,815
Initial Cost to Company, Land	16,927
Initial Cost to Company, Buildings and Improvements	87,887
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	12,757
Total Cost, Land	16,927
Total Cost, Buildings and Improvements	100,644
Total	117,571
Accumulated Depreciation	(24,617)
Net Cost Basis	$ 92,954
Single family homes | Houston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,979
Gross Book Value of Encumbered Assets	$ 174,376
Initial Cost to Company, Land	61,646
Initial Cost to Company, Buildings and Improvements	368,369
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	65,439
Total Cost, Land	61,646
Total Cost, Buildings and Improvements	433,808
Total	495,454
Accumulated Depreciation	(103,197)
Net Cost Basis	$ 392,257
Single family homes | Indianapolis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,813
Gross Book Value of Encumbered Assets	$ 297,698
Initial Cost to Company, Land	74,865
Initial Cost to Company, Buildings and Improvements	300,845
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	62,217
Total Cost, Land	74,865
Total Cost, Buildings and Improvements	363,062
Total	437,927
Accumulated Depreciation	(101,632)
Net Cost Basis	$ 336,295
Single family homes | Inland Empire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	106
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	11,143
Initial Cost to Company, Buildings and Improvements	13,708
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,189
Total Cost, Land	11,143
Total Cost, Buildings and Improvements	15,897
Total	27,040
Accumulated Depreciation	(3,340)
Net Cost Basis	$ 23,700
Single family homes | Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,424
Gross Book Value of Encumbered Assets	$ 61,410
Initial Cost to Company, Land	75,437
Initial Cost to Company, Buildings and Improvements	309,965
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	60,338
Total Cost, Land	75,437
Total Cost, Buildings and Improvements	370,303
Total	445,740
Accumulated Depreciation	(71,274)
Net Cost Basis	$ 374,466
Single family homes | Knoxville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	386
Gross Book Value of Encumbered Assets	$ 17,551
Initial Cost to Company, Land	12,667
Initial Cost to Company, Buildings and Improvements	61,009
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,104
Total Cost, Land	12,667
Total Cost, Buildings and Improvements	68,113
Total	80,780
Accumulated Depreciation	(15,635)
Net Cost Basis	$ 65,145
Single family homes | Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,127
Gross Book Value of Encumbered Assets	$ 22,020
Initial Cost to Company, Land	38,724
Initial Cost to Company, Buildings and Improvements	144,400
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	32,043
Total Cost, Land	38,724
Total Cost, Buildings and Improvements	176,443
Total	215,167
Accumulated Depreciation	(42,118)
Net Cost Basis	$ 173,049
Single family homes | Memphis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	652
Gross Book Value of Encumbered Assets	$ 17,178
Initial Cost to Company, Land	21,016
Initial Cost to Company, Buildings and Improvements	75,392
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,003
Total Cost, Land	21,016
Total Cost, Buildings and Improvements	89,395
Total	110,411
Accumulated Depreciation	(20,212)
Net Cost Basis	$ 90,199
Single family homes | Miami
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	185
Gross Book Value of Encumbered Assets	$ 3,602
Initial Cost to Company, Land	2,210
Initial Cost to Company, Buildings and Improvements	21,363
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,075
Total Cost, Land	2,210
Total Cost, Buildings and Improvements	26,438
Total	28,648
Accumulated Depreciation	(7,293)
Net Cost Basis	$ 21,355
Single family homes | Milwaukee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	109
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	6,459
Initial Cost to Company, Buildings and Improvements	19,135
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,246
Total Cost, Land	6,459
Total Cost, Buildings and Improvements	21,381
Total	27,840
Accumulated Depreciation	(6,053)
Net Cost Basis	$ 21,787
Single family homes | Nashville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,907
Gross Book Value of Encumbered Assets	$ 184,511
Initial Cost to Company, Land	122,810
Initial Cost to Company, Buildings and Improvements	450,035
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	61,609
Total Cost, Land	122,810
Total Cost, Buildings and Improvements	511,644
Total	634,454
Accumulated Depreciation	(100,818)
Net Cost Basis	$ 533,636
Single family homes | Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,743
Gross Book Value of Encumbered Assets	$ 46,901
Initial Cost to Company, Land	63,440
Initial Cost to Company, Buildings and Improvements	222,416
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	38,828
Total Cost, Land	63,440
Total Cost, Buildings and Improvements	261,244
Total	324,684
Accumulated Depreciation	(54,903)
Net Cost Basis	$ 269,781
Single family homes | Phoenix
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	3,147
Gross Book Value of Encumbered Assets	$ 56,370
Initial Cost to Company, Land	135,953
Initial Cost to Company, Buildings and Improvements	370,814
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	59,616
Total Cost, Land	135,953
Total Cost, Buildings and Improvements	430,430
Total	566,383
Accumulated Depreciation	(88,168)
Net Cost Basis	$ 478,215
Single family homes | Portland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	298
Gross Book Value of Encumbered Assets	$ 24,537
Initial Cost to Company, Land	22,403
Initial Cost to Company, Buildings and Improvements	47,039
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,394
Total Cost, Land	22,403
Total Cost, Buildings and Improvements	50,433
Total	72,836
Accumulated Depreciation	(8,718)
Net Cost Basis	$ 64,118
Single family homes | Raleigh
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,118
Gross Book Value of Encumbered Assets	$ 213,127
Initial Cost to Company, Land	74,154
Initial Cost to Company, Buildings and Improvements	285,713
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	36,979
Total Cost, Land	74,154
Total Cost, Buildings and Improvements	322,692
Total	396,846
Accumulated Depreciation	(71,230)
Net Cost Basis	$ 325,616
Single family homes | Salt Lake City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	1,595
Gross Book Value of Encumbered Assets	$ 158,899
Initial Cost to Company, Land	94,546
Initial Cost to Company, Buildings and Improvements	270,926
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	50,916
Total Cost, Land	94,546
Total Cost, Buildings and Improvements	321,842
Total	416,388
Accumulated Depreciation	(58,005)
Net Cost Basis	$ 358,383
Single family homes | San Antonio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	938
Gross Book Value of Encumbered Assets	$ 54,450
Initial Cost to Company, Land	29,018
Initial Cost to Company, Buildings and Improvements	103,868
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	20,572
Total Cost, Land	29,018
Total Cost, Buildings and Improvements	124,440
Total	153,458
Accumulated Depreciation	(29,888)
Net Cost Basis	$ 123,570
Single family homes | Savannah/Hilton Head
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	917
Gross Book Value of Encumbered Assets	$ 42,191
Initial Cost to Company, Land	30,658
Initial Cost to Company, Buildings and Improvements	122,130
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	15,981
Total Cost, Land	30,658
Total Cost, Buildings and Improvements	138,111
Total	168,769
Accumulated Depreciation	(23,967)
Net Cost Basis	$ 144,802
Single family homes | Seattle
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	773
Gross Book Value of Encumbered Assets	$ 28,177
Initial Cost to Company, Land	53,493
Initial Cost to Company, Buildings and Improvements	149,019
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	12,401
Total Cost, Land	53,493
Total Cost, Buildings and Improvements	161,420
Total	214,913
Accumulated Depreciation	(24,524)
Net Cost Basis	$ 190,389
Single family homes | Tampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	2,464
Gross Book Value of Encumbered Assets	$ 46,234
Initial Cost to Company, Land	93,944
Initial Cost to Company, Buildings and Improvements	353,805
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	54,255
Total Cost, Land	93,944
Total Cost, Buildings and Improvements	408,060
Total	502,004
Accumulated Depreciation	(79,113)
Net Cost Basis	$ 422,891
Single family homes | Tucson
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	425
Gross Book Value of Encumbered Assets	$ 12,102
Initial Cost to Company, Land	9,359
Initial Cost to Company, Buildings and Improvements	45,855
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,681
Total Cost, Land	9,359
Total Cost, Buildings and Improvements	55,536
Total	64,895
Accumulated Depreciation	(14,157)
Net Cost Basis	$ 50,738
Single family homes | Winston Salem
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	813
Gross Book Value of Encumbered Assets	$ 43,181
Initial Cost to Company, Land	19,175
Initial Cost to Company, Buildings and Improvements	96,073
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,797
Total Cost, Land	19,175
Total Cost, Buildings and Improvements	107,870
Total	127,045
Accumulated Depreciation	(24,095)
Net Cost Basis	$ 102,950
Properties under development & development land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	0
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	226,204
Initial Cost to Company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition, Land	44,563
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	239,598
Total Cost, Land	270,767
Total Cost, Buildings and Improvements	239,598
Total	510,365
Accumulated Depreciation	0
Net Cost Basis	$ 510,365
Single-family properties held for sale
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Single-Family Homes | singleFamilyProperty	711
Gross Book Value of Encumbered Assets	$ 0
Initial Cost to Company, Land	34,457
Initial Cost to Company, Buildings and Improvements	95,541
Cost Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,501
Total Cost, Land	34,457
Total Cost, Buildings and Improvements	114,042
Total	148,499
Accumulated Depreciation	(19,473)
Net Cost Basis	$ 129,026

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Change in Total Real Estate Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in total real estate assets
Balance, end of period	$ 10,658,685
Single family homes
Change in total real estate assets
Balance, beginning of period	9,448,381	$ 9,197,096	$ 8,968,901
Acquisitions and building improvements	689,566	379,466	628,118
Dispositions	(208,540)	(233,094)	(59,308)
Write-offs	(20,843)	(12,353)	(9,572)
Impairment	(1,957)	(3,663)	(5,858)
Reclassifications to single-family properties held for sale, net of dispositions	93,214	120,929	(325,185)
Balance, end of period	$ 9,999,821	$ 9,448,381	$ 9,197,096

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Change in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in accumulated depreciation
Balance, end of period	$ (1,773,906)
Building and building improvements
Change in accumulated depreciation
Estimated useful life of asset	30 years
Building and building improvements | Minimum
Change in accumulated depreciation
Estimated useful life of asset	3 years
Building and building improvements | Maximum
Change in accumulated depreciation
Estimated useful life of asset	30 years
Single family homes
Change in accumulated depreciation
Balance, beginning of period	$ (1,462,105)	$ (1,176,499)	$ (939,724)
Depreciation	(330,192)	(313,683)	(300,746)
Dispositions	29,433	28,154	11,738
Write-offs	20,843	12,353	9,572
Reclassifications to single-family properties held for sale, net of dispositions	(12,412)	(12,430)	42,661
Balance, end of period	$ (1,754,433)	$ (1,462,105)	$ (1,176,499)