American Homes 4 Rent 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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, 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001562401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		333,760,558
Series F perpetual preferred shares
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G perpetual preferred shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H perpetual preferred shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Single-family properties:
Land	$ 2,001,598	$ 1,836,798
Buildings and improvements	8,947,009	8,163,023
Single-family properties in operation	10,948,607	9,999,821
Less: accumulated depreciation	(1,993,507)	(1,754,433)
Single-family properties in operation, net	8,955,100	8,245,388
Single-family properties under development and development land	733,260	510,365
Single-family properties held for sale, net	106,232	129,026
Total real estate assets, net	9,794,592	8,884,779
Cash and cash equivalents	63,997	137,060
Restricted cash	137,997	128,017
Rent and other receivables	53,414	41,544
Escrow deposits, prepaid expenses and other assets	198,836	163,171
Investments in unconsolidated joint ventures	110,586	93,109
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	10,505,367	9,593,625
Liabilities
Asset-backed securitizations, net	1,913,322	1,927,607
Unsecured senior notes, net	1,621,342	889,805
Accounts payable and accrued expenses	388,048	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,922,712	3,121,195
Commitments and contingencies
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 and 35,350,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	154	354
Additional paid-in capital	6,353,611	6,223,256
Accumulated deficit	(452,949)	(443,522)
Accumulated other comprehensive income	1,933	5,840
Total shareholders’ equity	5,906,093	5,789,094
Limited partner:
Noncontrolling interest	676,562	683,336
Total equity	6,582,655	6,472,430
Total liabilities and equity	10,505,367	9,593,625
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,001,598	1,836,798
Buildings and improvements	8,947,009	8,163,023
Single-family properties in operation	10,948,607	9,999,821
Less: accumulated depreciation	(1,993,507)	(1,754,433)
Single-family properties in operation, net	8,955,100	8,245,388
Single-family properties under development and development land	733,260	510,365
Single-family properties held for sale, net	106,232	129,026
Total real estate assets, net	9,794,592	8,884,779
Cash and cash equivalents	63,997	137,060
Restricted cash	137,997	128,017
Rent and other receivables	53,414	41,544
Escrow deposits, prepaid expenses and other assets	198,836	163,171
Investments in unconsolidated joint ventures	110,586	93,109
Amounts due from affiliates	25,666	25,666
Goodwill	120,279	120,279
Total assets	10,505,367	9,593,625
Liabilities
Asset-backed securitizations, net	1,913,322	1,927,607
Unsecured senior notes, net	1,621,342	889,805
Accounts payable and accrued expenses	388,048	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,922,712	3,121,195
Commitments and contingencies
Shareholders’ equity:
Accumulated other comprehensive income	2,231	6,860
General partner:
Common units (334,395,633 and 316,656,460 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	5,532,596	4,928,819
Preferred units (15,400,000 and 35,350,000 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	371,564	854,435
Limited partner:
Common units (51,376,980 and 51,726,980 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	676,264	682,316
Total capital	6,582,655	6,472,430
Total liabilities and equity	10,505,367	9,593,625
Class A common shares/units
Shareholders’ equity:
Common stock issued	3,338	3,160
Class B common shares
Shareholders’ equity:
Common stock issued	6	6
Revolving Credit Facility
Liabilities
Revolving credit facility	0	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Revolving credit facility	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	15,400,000	35,350,000
Preferred shares, shares outstanding (in shares)	15,400,000	35,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	334,395,633	316,656,460
Common units, shares/units outstanding (in shares)	334,395,633	316,656,460
Preferred units, shares/units issued (in shares)	15,400,000	35,350,000
Preferred units, shares/units outstanding (in shares)	15,400,000	35,350,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	51,376,980	51,726,980
Common units, shares/units outstanding (in shares)	51,376,980	51,726,980
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)	333,760,558	316,021,385
Common stock, shares outstanding (in shares)	333,760,558	316,021,385
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues [Abstract]
Rents and other single-family property revenues	$ 339,563	$ 307,932	$ 965,790	$ 875,963
Expenses:
General and administrative expense	12,647	12,570	40,645	35,329
Interest expense	31,097	29,267	86,630	88,540
Acquisition and other transaction costs	3,279	1,616	11,093	5,719
Depreciation and amortization	94,494	86,996	275,682	254,653
Total expenses	300,773	278,599	854,693	795,860
Gain on sale and impairment of single-family properties and other, net	9,572	12,206	36,401	28,522
Other income and expense, net	139	(1,386)	1,738	862
Net income	48,501	40,153	149,236	109,487
Noncontrolling interest	5,869	3,819	14,012	9,976
Dividends on preferred shares	5,763	13,782	32,160	41,346
Redemption of perpetual preferred shares	0	0	15,879	0
Net income attributable to common shareholders	$ 36,869	$ 22,552	$ 87,185	$ 58,165
Weighted-average common shares outstanding:
Basic (in shares)	324,002,538	308,080,226	320,267,903	303,319,053
Diluted (in shares)	326,206,423	308,541,502	321,879,235	303,775,556
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.11	$ 0.07	$ 0.27	$ 0.19
Diluted (in dollars per share)	$ 0.11	$ 0.07	$ 0.27	$ 0.19
American Homes 4 Rent, L.P.
Revenues [Abstract]
Rents and other single-family property revenues	$ 339,563	$ 307,932	$ 965,790	$ 875,963
Expenses:
General and administrative expense	12,647	12,570	40,645	35,329
Interest expense	31,097	29,267	86,630	88,540
Acquisition and other transaction costs	3,279	1,616	11,093	5,719
Depreciation and amortization	94,494	86,996	275,682	254,653
Total expenses	300,773	278,599	854,693	795,860
Gain on sale and impairment of single-family properties and other, net	9,572	12,206	36,401	28,522
Other income and expense, net	139	(1,386)	1,738	862
Net income	48,501	40,153	149,236	109,487
Dividends on preferred shares	5,763	13,782	32,160	41,346
Redemption of perpetual preferred shares	0	0	15,879	0
Net income attributable to common shareholders	$ 42,738	$ 26,371	$ 101,197	$ 68,141
Weighted-average common shares outstanding:
Basic (in shares)	375,379,518	360,107,206	371,739,755	355,346,033
Diluted (in shares)	377,583,403	360,568,482	373,351,087	355,802,536
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.11	$ 0.07	$ 0.27	$ 0.19
Diluted (in dollars per share)	$ 0.11	$ 0.07	$ 0.27	$ 0.19
Property operating expenses
Expenses:
Cost of goods and services sold	$ 134,694	$ 126,174	$ 369,966	$ 344,107
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	134,694	126,174	369,966	344,107
Property management expenses
Expenses:
Cost of goods and services sold	24,562	21,976	70,677	67,512
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 24,562	$ 21,976	$ 70,677	$ 67,512

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 48,501	$ 40,153	$ 149,236	$ 109,487
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument	0	0	(3,999)	0
Reclassification adjustment for amortization of interest expense included in net income	(149)	(241)	(630)	(722)
Other comprehensive loss	(149)	(241)	(4,629)	(722)
Comprehensive income	48,352	39,912	144,607	108,765
Comprehensive income attributable to noncontrolling interests	5,778	3,784	13,297	9,871
Dividends on preferred shares	5,763	13,782	32,160	41,346
Redemption of perpetual preferred shares	0	0	15,879	0
Comprehensive income attributable to common unitholders	36,811	22,346	83,271	57,548
American Homes 4 Rent, L.P.
Net income	48,501	40,153	149,236	109,487
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument	0	0	(3,999)	0
Reclassification adjustment for amortization of interest expense included in net income	(149)	(241)	(630)	(722)
Other comprehensive loss	(149)	(241)	(4,629)	(722)
Comprehensive income	48,352	39,912	144,607	108,765
Dividends on preferred shares	5,763	13,782	32,160	41,346
Redemption of perpetual preferred shares	0	0	15,879	0
Comprehensive income attributable to common unitholders	$ 42,589	$ 26,130	$ 96,568	$ 67,419

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU 2016-13	Series D perpetual preferred shares	Series E perpetual preferred shares	Shareholders’ equity	Shareholders’ equityCumulative effect of adoption of ASU 2016-13	Shareholders’ equitySeries D perpetual preferred shares	Shareholders’ equitySeries E perpetual preferred shares	Common StockClass A common shares/units	Common StockClass B common shares	Preferred shares	Preferred sharesSeries D perpetual preferred shares	Preferred sharesSeries E perpetual preferred shares	Additional paid-in capital	Additional paid-in capitalSeries D perpetual preferred shares	Additional paid-in capitalSeries E perpetual preferred shares	Accumulated deficit	Accumulated deficitCumulative effect of adoption of ASU 2016-13	Accumulated deficitSeries D perpetual preferred shares	Accumulated deficitSeries E perpetual preferred shares	Accumulated other comprehensive income	Noncontrolling interest
Beginning balances at Dec. 31, 2019	$ 6,018,790	$ (1,494)			$ 5,335,426	$ (1,494)			$ 3,001	$ 6	$ 354			$ 5,790,775			$ (465,368)	$ (1,494)			$ 6,658	$ 683,364
Beginning balance (in shares) at Dec. 31, 2019									300,107,599	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1,808				1,808									1,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(163)				(163)				$ 2					(165)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									208,010
Distributions to equity holders:
Preferred shares	(13,782)				(13,782)												(13,782)
Noncontrolling interests	(2,602)																					(2,602)
Common shares	(15,088)				(15,088)												(15,088)
Net income	37,527				34,026												34,026					3,501
Other comprehensive loss	(241)				(206)																(206)	(35)
Ending balances at Mar. 31, 2020	6,024,755				5,340,527				$ 3,003	$ 6	$ 354			5,792,418			(461,706)				6,452	684,228
Ending balance (in shares) at Mar. 31, 2020									300,315,609	635,075	35,350,000
Beginning balances at Dec. 31, 2019	6,018,790	$ (1,494)			5,335,426	$ (1,494)			$ 3,001	$ 6	$ 354			5,790,775			(465,368)	$ (1,494)			6,658	683,364
Beginning balance (in shares) at Dec. 31, 2019									300,107,599	635,075	35,350,000
Distributions to equity holders:
Preferred shares	(41,346)
Net income	109,487
Other comprehensive loss	(722)
Ending balances at Sep. 30, 2020	6,454,439				5,769,009				$ 3,156	$ 6	$ 354			6,214,149			(454,697)				6,041	685,430
Ending balance (in shares) at Sep. 30, 2020									315,628,067	635,075	35,350,000
Beginning balances at Mar. 31, 2020	6,024,755				5,340,527				$ 3,003	$ 6	$ 354			5,792,418			(461,706)				6,452	684,228
Beginning balance (in shares) at Mar. 31, 2020									300,315,609	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,090				2,090									2,090
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	2,878				2,878				$ 2					2,876
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									197,334
Distributions to equity holders:
Preferred shares	(13,782)				(13,782)												(13,782)
Noncontrolling interests	(2,601)																					(2,601)
Common shares	(15,098)				(15,098)												(15,098)
Net income	31,807				29,151												29,151					2,656
Other comprehensive loss	(240)				(205)																(205)	(35)
Ending balances at Jun. 30, 2020	6,029,809				5,345,561				$ 3,005	$ 6	$ 354			5,797,384			(461,435)				6,247	684,248
Ending balance (in shares) at Jun. 30, 2020									300,512,943	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	2,170				2,170									2,170
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	1,246				1,246				$ 1					1,245
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									78,994
Shares issued	413,500				413,500				$ 150					413,350							0	0
Shares issued (in shares)									15,036,130
Distributions to equity holders:
Preferred shares	(13,782)				(13,782)												(13,782)
Noncontrolling interests	(2,602)																					(2,602)
Common shares	(15,814)				(15,814)												(15,814)
Net income	40,153				36,334												36,334					3,819
Other comprehensive loss	(241)				(206)																(206)	(35)
Ending balances at Sep. 30, 2020	6,454,439				5,769,009				$ 3,156	$ 6	$ 354			6,214,149			(454,697)				6,041	685,430
Ending balance (in shares) at Sep. 30, 2020									315,628,067	635,075	35,350,000
Beginning balances at Dec. 31, 2020	6,472,430				5,789,094				$ 3,160	$ 6	$ 354			6,223,256			(443,522)				5,840	683,336
Beginning balance (in shares) at Dec. 31, 2020									316,021,385	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	8,110				8,110									8,110
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(1,521)				(1,521)				$ 2					(1,523)
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									246,425
Redemptions of stock/units	0				(4,624)				$ (4)					(4,613)							(7)	4,624
Redemptions of units (in shares)									350,000
Distributions to equity holders:
Preferred shares	(13,782)				(13,782)												(13,782)
Noncontrolling interests	(5,172)																					(5,172)
Common shares	(31,795)				(31,795)												(31,795)
Net income	48,921				43,996												43,996					4,925
Other comprehensive loss	8,989				7,729																7,729	1,260
Ending balances at Mar. 31, 2021	6,486,180				5,806,455				$ 3,166	$ 6	$ 354			6,234,456			(445,103)				13,576	679,725
Ending balance (in shares) at Mar. 31, 2021									316,617,810	635,075	35,350,000
Beginning balances at Dec. 31, 2020	6,472,430				5,789,094				$ 3,160	$ 6	$ 354			6,223,256			(443,522)				5,840	683,336
Beginning balance (in shares) at Dec. 31, 2020									316,021,385	635,075	35,350,000
Distributions to equity holders:
Preferred shares	(32,160)
Net income	149,236
Other comprehensive loss	(4,629)
Ending balances at Sep. 30, 2021	6,582,655				5,906,093				$ 3,338	$ 6	$ 154			6,353,611			(452,949)				1,933	676,562
Ending balance (in shares) at Sep. 30, 2021									333,760,558	635,075	15,400,000
Beginning balances at Mar. 31, 2021	6,486,180				5,806,455				$ 3,166	$ 6	$ 354			6,234,456			(445,103)				13,576	679,725
Beginning balance (in shares) at Mar. 31, 2021									316,617,810	635,075	35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,151				3,151									3,151
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	895				895				$ 1					894
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									90,373
Shares issued	193,840				193,840				$ 55					193,785
Shares issued (in shares)									5,500,000
Redemptions of stock/units			$ 268,750	$ 230,000			$ 268,750	$ 230,000				$ 108	$ 92		$ 260,133	$ 222,538			$ 8,509	$ 7,370
Redemptions of units (in shares)												10,750,000	9,200,000
Distributions to equity holders:
Preferred shares	(12,615)				(12,615)												(12,615)
Noncontrolling interests	(5,138)																					(5,138)
Common shares	(32,403)				(32,403)												(32,403)
Net income	51,814				48,596												48,596					3,218
Other comprehensive loss	(13,469)				(11,585)																(11,585)	(1,884)
Ending balances at Jun. 30, 2021	6,173,505				5,497,584				$ 3,222	$ 6	$ 154			5,949,615			(457,404)				1,991	675,921
Ending balance (in shares) at Jun. 30, 2021									322,208,183	635,075	15,400,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	3,058				3,058									3,058
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	2,054				2,054				$ 2					2,052
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)									152,375
Shares issued	399,000				399,000				$ 114					398,886
Shares issued (in shares)									11,400,000
Distributions to equity holders:
Preferred shares	(5,763)				(5,763)												(5,763)
Noncontrolling interests	(5,137)																					(5,137)
Common shares	(32,414)				(32,414)												(32,414)
Net income	48,501				42,632												42,632					5,869
Other comprehensive loss	(149)				(58)																(58)	(91)
Ending balances at Sep. 30, 2021	$ 6,582,655				$ 5,906,093				$ 3,338	$ 6	$ 154			$ 6,353,611			$ (452,949)				$ 1,933	$ 676,562
Ending balance (in shares) at Sep. 30, 2021									333,760,558	635,075	15,400,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.05	$ 0.05	$ 0.05
Stock issuance cost	$ 200		$ 600

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 149,236	$ 109,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	275,682	254,653
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	6,290	5,564
Noncash share-based compensation	14,319	6,068
Equity in net (income) losses of unconsolidated joint ventures	(875)	963
Gain on sale and impairment of single-family properties and other, net	(36,401)	(28,522)
Other changes in operating assets and liabilities:
Rent and other receivables	(13,863)	(20,997)
Prepaid expenses and other assets	11,247	7,879
Deferred leasing costs	(2,672)	(3,059)
Accounts payable and accrued expenses	95,471	96,401
Amounts due from related parties	(241)	(1,026)
Net cash provided by operating activities	498,193	427,411
Investing activities
Cash paid for single-family properties	(633,794)	(170,633)
Change in escrow deposits for purchase of single-family properties	(26,818)	2,604
Net proceeds received from sales of single-family properties and other	101,411	185,033
Proceeds received from hurricane-related insurance claims	1,993	3,705
Investment in unconsolidated joint ventures	(20,742)	(15,667)
Distributions from joint ventures	46,927	81,153
Renovations to single-family properties	(28,234)	(11,022)
Recurring and other capital expenditures for single-family properties	(90,413)	(79,077)
Cash paid for development activity	(524,884)	(420,496)
Other purchases of productive assets	(16,907)	(12,692)
Net cash used for investing activities	(1,191,461)	(437,092)
Financing activities
Proceeds from issuance of Class A common shares	593,040	414,100
Payments of Class A common share issuance costs	(200)	(600)
Redemption of perpetual preferred shares/units	(498,750)	0
Proceeds from exercise of stock options	4,094	5,599
Payments related to tax withholding for share-based compensation	(2,666)	(1,638)
Payments on asset-backed securitizations	(18,061)	(17,110)
Settlement of cash flow hedging instrument	(3,999)	0
Distributions to noncontrolling interests	(18,033)	(10,381)
Distributions to common shareholders/unitholders	(112,278)	(61,035)
Distributions to preferred shareholders/unitholders	(32,160)	(41,346)
Deferred financing costs paid	(17,997)	0
Net cash provided by financing activities	630,185	287,589
Net (decrease) increase in cash, cash equivalents and restricted cash	(63,083)	277,908
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	201,994	442,027
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(85,472)	(93,261)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	37,877	14,861
Transfers of completed homebuilding deliveries to properties	252,218	263,329
Property and land contributions to unconsolidated joint ventures	(43,814)	(79,370)
Noncash right-of-use assets obtained in exchange for operating lease liabilities	989	3,254
Accrued distributions to non-affiliates	166	32
Unsecured Senior Notes
Financing activities
Proceeds from unsecured senior notes, net of discount	737,195	0
American Homes 4 Rent, L.P.
Operating activities
Net income	149,236	109,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	275,682	254,653
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	6,290	5,564
Noncash share-based compensation	14,319	6,068
Equity in net (income) losses of unconsolidated joint ventures	(875)	963
Gain on sale and impairment of single-family properties and other, net	(36,401)	(28,522)
Other changes in operating assets and liabilities:
Rent and other receivables	(13,863)	(20,997)
Prepaid expenses and other assets	11,247	7,879
Deferred leasing costs	(2,672)	(3,059)
Accounts payable and accrued expenses	95,471	96,401
Amounts due from related parties	(241)	(1,026)
Net cash provided by operating activities	498,193	427,411
Investing activities
Cash paid for single-family properties	(633,794)	(170,633)
Change in escrow deposits for purchase of single-family properties	(26,818)	2,604
Net proceeds received from sales of single-family properties and other	101,411	185,033
Proceeds received from hurricane-related insurance claims	1,993	3,705
Investment in unconsolidated joint ventures	(20,742)	(15,667)
Distributions from joint ventures	46,927	81,153
Renovations to single-family properties	(28,234)	(11,022)
Recurring and other capital expenditures for single-family properties	(90,413)	(79,077)
Cash paid for development activity	(524,884)	(420,496)
Other purchases of productive assets	(16,907)	(12,692)
Net cash used for investing activities	(1,191,461)	(437,092)
Financing activities
Proceeds from issuance of Class A common units	593,040	414,100
Payments of Class A common unit issuance costs	(200)	(600)
Redemption of perpetual preferred shares/units	(498,750)	0
Proceeds from exercise of stock options	4,094	5,599
Payments related to tax withholding for share-based compensation	(2,666)	(1,638)
Payments on asset-backed securitizations	(18,061)	(17,110)
Settlement of cash flow hedging instrument	(3,999)	0
Distributions to common shareholders/unitholders	(130,311)	(71,416)
Distributions to preferred shareholders/unitholders	(32,160)	(41,346)
Deferred financing costs paid	(17,997)	0
Net cash provided by financing activities	630,185	287,589
Net (decrease) increase in cash, cash equivalents and restricted cash	(63,083)	277,908
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	201,994	442,027
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(85,472)	(93,261)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	37,877	14,861
Transfers of completed homebuilding deliveries to properties	252,218	263,329
Property and land contributions to unconsolidated joint ventures	(43,814)	(79,370)
Noncash right-of-use assets obtained in exchange for operating lease liabilities	989	3,254
Accrued distributions to non-affiliates	166	32
American Homes 4 Rent, L.P. | Unsecured Senior Notes
Financing activities
Proceeds from unsecured senior notes, net of discount	737,195	0
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	1,060,000	130,000
Payments on revolving credit facility	(1,060,000)	(130,000)
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	1,060,000	130,000
Payments on revolving credit facility	$ (1,060,000)	$ (130,000)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 2,054	$ 895	$ (1,521)	$ 1,246	$ 2,878	$ (163)
Distributions to equity holders:
Other comprehensive loss	(149)	(13,469)	8,989	(241)	(240)	(241)	$ (4,629)	$ (722)
Accounting Standards Update [Extensible List]									Accounting Standards Update 2016-13 [Member]
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,173,505	6,486,180	6,472,430	6,029,809	6,024,755	6,018,790	6,472,430	6,018,790
Share-based compensation	3,058	3,151	8,110	2,170	2,090	1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	2,054	895	(1,521)	1,246	2,878	(163)
Issuance of Class A common units, net of offering costs of $200	399,000	193,840		413,500
Redemption of units			0
Distributions to equity holders:
Preferred units	(5,763)	(12,615)	(13,782)	(13,782)	(13,782)	(13,782)
Common units	(37,551)	(37,541)	(36,967)	(18,416)	(17,699)	(17,690)
Net income	48,501	51,814	48,921	40,153	31,807	37,527
Other comprehensive loss	(149)	(13,469)	8,989	(241)	(240)	(241)	(4,629)	(722)
Total capital, ending balance	6,582,655	6,173,505	6,486,180	6,454,439	6,029,809	6,024,755	6,582,655	6,454,439	$ 6,018,790
Accounting Standards Update [Extensible List]									Accounting Standards Update 2016-13 [Member]
American Homes 4 Rent, L.P. | Series D perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		268,750
American Homes 4 Rent, L.P. | Series E perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		230,000
American Homes 4 Rent, L.P. | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance						(1,494)		(1,494)
Distributions to equity holders:
Total capital, ending balance									$ (1,494)
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	2,380	15,849	6,860	7,342	7,582	7,823	6,860	7,823
Distributions to equity holders:
Other comprehensive loss	(149)	(13,469)	8,989	(241)	(240)	(241)
Total capital, ending balance	2,231	2,380	15,849	7,101	7,342	7,582	2,231	7,101	7,823
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 5,124,029	$ 4,938,444	$ 4,928,819	$ 4,484,879	$ 4,479,640	$ 4,474,333	$ 4,928,819	$ 4,474,333
Total capital, beginning balance (in shares)	322,843,258	317,252,885	316,656,460	301,148,018	300,950,684	300,742,674	316,656,460	300,742,674
Share-based compensation	$ 3,058	$ 3,151	$ 8,110	$ 2,170	$ 2,090	$ 1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 2,054	$ 895	$ (1,521)	$ 1,246	$ 2,878	$ (163)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	152,375	90,373	246,425	78,994	197,334	208,010
Issuance of Class A common units, net of offering costs of $200	$ 399,000	$ 193,840		$ 413,500
Issuance of Class A common units, net of offering costs of $999.0M (in shares)	11,400,000	5,500,000		15,036,130
Redemption of units			$ (4,617)
Redemption of units (in shares)			350,000
Distributions to equity holders:
Common units	$ (32,414)	$ (32,403)	$ (31,795)	$ (15,814)	$ (15,098)	$ (15,088)
Net income	36,869	35,981	30,214	22,552	15,369	20,244
Total capital, ending balance	$ 5,532,596	$ 5,124,029	$ 4,938,444	$ 4,908,533	$ 4,484,879	$ 4,479,640	$ 5,532,596	$ 4,908,533	$ 4,474,333
Total capital, ending balance (in shares)	334,395,633	322,843,258	317,252,885	316,263,142	301,148,018	300,950,684	334,395,633	316,263,142	300,742,674
American Homes 4 Rent, L.P. | General Partner | Common Units | Series D perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		$ 8,509
American Homes 4 Rent, L.P. | General Partner | Common Units | Series E perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		7,370
American Homes 4 Rent, L.P. | General Partner | Common Units | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance						$ (1,494)		$ (1,494)
Distributions to equity holders:
Total capital, ending balance									$ (1,494)
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 371,564	854,435	$ 854,435	$ 854,435	$ 854,435	854,435	$ 854,435	854,435
Distributions to equity holders:
Preferred units	(5,763)	(12,615)	(13,782)	(13,782)	(13,782)	(13,782)
Net income	5,763	12,615	13,782	13,782	13,782	13,782
Total capital, ending balance	371,564	371,564	854,435	854,435	854,435	854,435	371,564	854,435	854,435
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series D perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		260,241
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units | Series E perpetual preferred shares
Increase (Decrease) in Capital [Roll Forward]
Redemption of units		222,630
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 675,532	$ 677,452	$ 682,316	$ 683,153	$ 683,098	$ 682,199	$ 682,316	$ 682,199
Total capital, beginning balance (in shares)	51,376,980	51,376,980	51,726,980	52,026,980	52,026,980	52,026,980	51,726,980	52,026,980
Redemption of units			$ 4,617
Redemption of units (in shares)			350,000
Distributions to equity holders:
Common units	$ (5,137)	$ (5,138)	$ (5,172)	$ (2,602)	$ (2,601)	$ (2,602)
Net income	5,869	3,218	4,925	3,819	2,656	3,501
Total capital, ending balance	$ 676,264	$ 675,532	$ 677,452	$ 684,370	$ 683,153	$ 683,098	$ 676,264	$ 684,370	$ 682,199
Total capital, ending balance (in shares)	51,376,980	51,376,980	51,376,980	52,026,980	52,026,980	52,026,980	51,376,980	52,026,980	52,026,980

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Common units, dividends (in dollars per share)		$ 0.10	$ 0.10	$ 0.05	$ 0.05	$ 0.05
Stock issuance cost		$ 200		$ 600
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.05	$ 0.05	$ 0.05
Stock issuance cost		$ 200		$ 600

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its 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 September 30, 2021, the Company held 56,077 single-family properties in 22 states, including 604 properties classified as held for sale. AH4R is the general partner of, and as of September 30, 2021 owned approximately 86.7% of the common partnership interest in, the Operating Partnership. The remaining 13.3% 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	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its obligation to absorb its losses or the right to receive its benefits, 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 condensed consolidated balance sheets. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective March 31, 2021, the Company reclassified certain impairment charges related to homes classified as held for sale from other expenses to gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The Company also reclassified other revenues and the remaining other expenses to other income and expense, net within the condensed consolidated statements of operations. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument. The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 265,077 $ 164,119

Real Estate Assets, Net

Real Estate Assets, Net	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Assets, Net	Real Estate Assets, Net The net book values of real estate assets consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Occupied single-family properties $ 8,369,911 $ 7,957,513 Single-family properties recently acquired or developed 360,595 66,857 Single-family properties in turnover process 127,221 149,684 Single-family properties leased, not yet occupied 97,373 71,334 Single-family properties in operation, net 8,955,100 8,245,388 Development land 395,385 270,767 Single-family properties under development 337,875 239,598 Single-family properties held for sale, net 106,232 129,026 Total real estate assets, net $ 9,794,592 $ 8,884,779 Depreciation expense related to single-family properties was $90.6 million and $83.7 million for the three months ended September 30, 2021 and 2020, respectively, and $264.3 million and $245.1 million for the nine months ended September 30, 2021 and 2020, respectively. The following table summarizes the Company’s dispositions of single-family properties and land for the three and nine months ended September 30, 2021 and 2020 (in thousands, except property data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Single-family properties: Properties sold 90 233 367 859 Net proceeds (1) $ 26,683 $ 56,150 $ 100,815 $ 184,962 Net gain on sale $ 10,073 $ 12,422 $ 36,845 $ 36,831 Land: Net proceeds $ 277 $ — $ 596 $ 71 Net gain (loss) on sale $ 42 $ — $ (97) $ 7 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables

Rent and Other Receivables	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Rent and Other Receivables	Rent and Other Receivables Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $52.7 million and $49.9 million for the three months ended September 30, 2021 and 2020, respectively, and $136.5 million and $125.4 million for the nine months ended September 30, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $6.0 million and $4.3 million for the three months ended September 30, 2021 and 2020, respectively, and $16.7 million and $11.7 million for the nine months ended September 30, 2021 and 2020, respectively. The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2021 (in thousands): September 30, 2021 Remaining 2021 $ 254,285 2022 423,791 2023 27,305 2024 61 Total $ 705,442 As of September 30, 2021 and December 31, 2020, rent and other receivables included $4.5 million and $0.8 million, respectively, of insurance claims receivables related to storm damages and other matters.

Escrow Deposits, Prepaid Expens

Escrow Deposits, Prepaid Expenses and Other Assets	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow Deposits, Prepaid Expenses and Other Assets	Escrow Deposits, Prepaid Expenses and Other Assets The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 72,716 $ 51,886 Commercial real estate, software, vehicles and FF&E, net 59,886 52,130 Notes receivable, net 34,677 35,519 Operating lease ROU assets 17,611 18,772 Deferred costs and other intangibles, net 13,946 4,864 Total $ 198,836 $ 163,171 Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.9 million and $2.3 million for the three months ended September 30, 2021 and 2020, respectively, and $8.3 million and $6.4 million for the nine months ended September 30, 2021 and 2020, respectively. Deferred Costs and Other Intangibles, Net Deferred costs and other intangibles, net, consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Deferred leasing costs $ 3,341 $ 3,782 Deferred financing costs 22,488 11,244 25,829 15,026 Less: accumulated amortization (11,883) (10,162) Total $ 13,946 $ 4,864 Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended September 30, 2021 and 2020 and $3.1 million for both the nine months ended September 30, 2021 and 2020 and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.7 million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively, and $1.8 million and $1.5 million for the nine months ended September 30, 2021 and 2020, respectively, and was included in gross interest, prior to interest capitalization (see Note 8. Debt). The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 748 $ 687 $ 1,435 2022 832 2,722 3,554 2023 — 2,722 2,722 2024 — 2,730 2,730 2025 — 2,722 2,722 Thereafter — 783 783 Total $ 1,580 $ 12,366 $ 13,946

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures As of September 30, 2021, 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. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations. The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data): Joint Venture Description % Ownership at September 30, 2021 Completed Homes at September 30, 2021 Balances at Balances at Alaska JV 20 % 335 $ 21,970 $ 26,020 Institutional Investor JV 20 % 966 28,774 34,112 J.P. Morgan JV 20 % 428 59,842 32,977 1,729 $ 110,586 $ 93,109 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 $2.8 million and $1.7 million for the three months ended September 30, 2021 and 2020, respectively, and $7.4 million and $3.9 million for the nine months ended September 30, 2021 and 2020, respectively, and was included in other income and expense, net within the condensed consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets. During the 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 one

Debt

Debt	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 475,336 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 490,585 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 516,249 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 448,261 452,162 Total asset-backed securitizations 1,930,431 1,948,492 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 2031 unsecured senior notes (5) 2.46% July 15, 2031 450,000 — 2051 unsecured senior notes 3.38% July 15, 2051 300,000 — Revolving credit facility (6) 1.18% April 15, 2026 — — Total debt 3,580,431 2,848,492 Unamortized discounts on unsecured senior notes (15,900) (3,658) Deferred financing costs, net (7) (29,867) (27,422) Total debt per balance sheet $ 3,534,664 $ 2,817,412 (1) Interest rates are rounded and as of September 30, 2021. 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 hedged to yield an interest rate of 4.08%. (5) The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6) The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $1.2 million and $1.5 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of September 30, 2021. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended September 30, 2021 and 2020 and $4.5 million for both the nine months ended September 30, 2021 and 2020, which was included in gross interest, prior to interest capitalization. Unsecured Senior Notes In July 2021, the Operating Partnership issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 (the “2031 Notes”) and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051 (the “2051 Notes” and, together with the 2031 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a $12.8 million discount, and before offering costs of $1.4 million. The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the Notes. If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Revolving Credit Facility During the second quarter of 2021, the Company closed a $1.25 billion revolving credit facility, amending its existing $800 million revolving credit facility. The amended revolving credit facility provides for expanded borrowing capacity, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the amended revolving credit facility is at either LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The amended revolving credit facility matures on April 15, 2025, with two six-month extension options at the Company’s election if certain conditions are met. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2021 (in thousands): Debt Maturities Remaining 2021 $ 5,179 2022 20,714 2023 20,714 2024 952,795 2025 10,302 Thereafter 2,570,727 Total debt $ 3,580,431 Interest Expense The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Gross interest cost $ 40,161 $ 34,075 $ 108,459 $ 103,069 Capitalized interest (9,064) (4,808) (21,829) (14,529) Interest expense $ 31,097 $ 29,267 $ 86,630 $ 88,540

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The following table summarizes accounts payable and accrued expenses as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued property taxes $ 134,920 $ 48,689 Resident security deposits 103,202 90,621 Accrued construction and maintenance liabilities 47,876 42,483 Prepaid rent 24,316 24,421 Operating lease liabilities 19,026 19,166 Accrued interest 17,886 23,018 Accounts payable 1,003 432 Accrued distribution payable 205 13,612 Other accrued liabilities 39,614 36,507 Total $ 388,048 $ 298,949

Shareholders' Equity _ Partners

Shareholders' Equity / Partners' Capital	9 Months Ended
	Sep. 30, 2021
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 Share / Unit Offering During the second quarter of 2021, the Company completed an underwritten public offering for 18,745,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 5,500,000 shares were issued directly by the Company and 13,245,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “May 2021 Forward Sale Agreements”) for these 13,245,000 shares which are accounted for in equity. The Company received net proceeds of $194.0 million from the 5,500,000 Class A common shares issued directly by the Company after deducting underwriting discounts and before offering costs of approximately $0.2 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. The Company used the net proceeds to repay indebtedness under its revolving credit facility, to partially fund the redemption of its Series D and Series E perpetual preferred shares discussed below and for general corporate purposes. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. In September 2021, the Company issued and physically settled 11,400,000 Class A common shares under the May 2021 Forward Sale Agreements, receiving net proceeds of $399.0 million. The Operating Partnership issued an equivalent number of corresponding Class A units to AH4R in exchange for the net proceeds from the issuance. As of September 30, 2021, 1,845,000 Class A common shares remained available for future settlement under the May 2021 Forward Sale Agreements. The Company expects to physically settle the remaining shares by May 21, 2022 through the delivery of the Class A common shares and expects that net proceeds will be approximately $64.6 million. The Company expects to use these net proceeds for general corporate purposes including, without limitation, property acquisitions and developments. Although the Company expects to physically settle the remaining shares, the May 2021 Forward Sale Agreements allow the Company to cash or net-share settle all or a portion of its obligations. If the Company elects to cash or net share settle the May 2021 Forward Sale Agreements, the Company may not receive any proceeds, and may owe cash or Class A common shares to the forward purchasers in certain circumstances. The May 2021 Forward Sale Agreements are subject to early termination or settlement under certain circumstances. 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 it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three and nine months ended September 30, 2020, 86,130 shares were issued 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 September 30, 2021, 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 The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the nine months ended September 30, 2021 and 2020, we did not repurchase and retire any of our shares. As of September 30, 2021, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program. Perpetual Preferred Shares As of September 30, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): September 30, 2021 December 31, 2020 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 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % — — 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 15,400,000 $ 385,000 35,350,000 $ 883,750 During the second quarter of 2021, the Company redeemed all 10,750,000 shares of the outstanding 6.500% Series D perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series D perpetual preferred units. As a result of the redemption, the Company recorded an $8.5 million allocation of income to the Series D perpetual preferred shareholders within the condensed consolidated statements of operations in the second quarter of 2021, which represents the initial liquidation value of the Series D perpetual preferred shares in excess of its carrying value as of the redemption date. During the second quarter of 2021, the Company redeemed all 9,200,000 shares of the outstanding 6.350% Series E perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series E perpetual preferred units. As a result of the redemption, the Company recorded a $7.4 million allocation of income to the Series E perpetual preferred shareholders within the condensed consolidated statements of operations in the second quarter of 2021, which represents the initial liquidation value of the Series E perpetual preferred shares in excess of its carrying value as of the redemption date. Distributions The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units. For the Three Months Ended Security September 30, 2021 June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.10 $ 0.10 $ 0.10 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares (1) — 0.30 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021. Noncontrolling Interest Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990 and 51,129,990, or approximately 13.1% and 13.9%, of the total 385,772,613 and 368,383,440 Class A units in the Operating Partnership as of September 30, 2021 and December 31, 2020, 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 385,772,613 and 368,383,440 Class A units in the Operating Partnership as of September 30, 2021 and December 31, 2020, respectively. The OP units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation 2021 Equity Incentive Plan During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan replaced the 2012 Equity Incentive Plan (the “2012 Plan”) and provides for the issuance of up to 9,544,095 Class A common shares (including shares that remained available for future awards under the 2012 Plan as of the effective date of the 2021 Plan and shares related to outstanding awards under the 2012 Plan that may become available after expiration, forfeiture or cancellation of such awards). The 2021 Plan provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards. The 2021 Plan terminates in May 2031, unless terminated earlier by the Company’s board of trustees. When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AH4R. During the nine months ended September 30, 2021 and 2020, the Human Capital and Compensation Committee granted RSUs to employees that vest over a one During the nine months ended September 30, 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain executives that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over a three-year performance period beginning January 1, 2021 and ending December 31, 2023. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (259,000) (333,650) Forfeited — (2,850) Options outstanding at end of period 831,300 1,193,300 Options exercisable at end of period 793,800 1,049,200 The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 645,955 470,147 Vested (208,574) (207,947) Forfeited (28,239) (42,565) RSUs outstanding at end of period 1,060,679 818,744 The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 PSUs outstanding at beginning of period — — Awarded 92,319 — Vested — — Forfeited — — PSUs outstanding at end of period 92,319 — 2021 Employee Stock Purchase Plan During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which provides for the issuance of 3,000,000 Class A common shares. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. The 2021 ESPP allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The first purchase period commenced on July 1, 2021. The purchase price for Class A common shares will be 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AH4R. Share-Based Compensation Expense The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 General and administrative expense $ 1,557 $ 1,723 $ 7,722 $ 4,741 Property management expenses 680 447 2,278 1,327 Acquisition and other transaction costs 821 — 4,319 — Total noncash share-based compensation expense $ 3,058 $ 2,170 $ 14,319 $ 6,068

Earnings per Share _ Unit

Earnings per Share / Unit	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share / Unit	Earnings per Share / Unit American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Noncontrolling interest 5,869 3,819 14,012 9,976 Dividends on preferred shares 5,763 13,782 32,160 41,346 Redemption of perpetual preferred shares — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common share–basic and diluted $ 36,751 $ 22,496 $ 86,885 $ 58,013 Denominator: Weighted-average common shares outstanding–basic 324,002,538 308,080,226 320,267,903 303,319,053 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common shares outstanding–diluted (3) 326,206,423 308,541,502 321,879,235 303,775,556 Net income per common share: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). (3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Preferred distributions 5,763 13,782 32,160 41,346 Redemption of perpetual preferred units — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common unit–basic and diluted $ 42,620 $ 26,315 $ 100,897 $ 67,989 Denominator: Weighted-average common units outstanding–basic 375,379,518 360,107,206 371,739,755 355,346,033 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common units outstanding–diluted 377,583,403 360,568,482 373,351,087 355,802,536 Net income per common unit: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10).

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The carrying amount of rents and other receivables, restricted cash, escrow deposits, prepaid expenses and other assets, and accounts payable and accrued expenses generally approximate fair value because of the short maturity of these amounts. Our notes receivable are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the notes receivable by modeling the expected contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As the estimated current market rates were not substantially different from the discount rates originally applied, the carrying amount of notes receivable, net approximates fair value. Our asset-backed securitizations and revolving credit facility are financial instruments classified as Level 3 in the fair value hierarchy as their fair values were estimated using unobservable inputs. We estimated the fair values of the asset-backed securitizations by modeling the contractual cash flows required under the instruments and discounting them back to their present values using estimates of current market rates. As our revolving credit facility bears interest at a floating rate based on an index plus a spread (see Note 8. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period. The following table displays the carrying values and fair values of our debt instruments as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 471,457 $ 481,550 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 486,475 498,225 490,319 504,364 AH4R 2015-SFR1 securitization 511,627 523,360 515,326 529,542 AH4R 2015-SFR2 securitization 443,763 457,049 446,818 461,037 Total asset-backed securitizations 1,913,322 1,960,184 1,927,607 1,983,083 2028 unsecured senior notes, net 494,970 566,865 494,378 575,220 2029 unsecured senior notes, net 395,849 468,684 395,427 482,276 2031 unsecured senior notes, net 439,764 447,008 — — 2051 unsecured senior notes, net 290,759 306,492 — — Total unsecured senior notes, net 1,621,342 1,789,049 889,805 1,057,496 Revolving credit facility — — — — Total debt $ 3,534,664 $ 3,749,233 $ 2,817,412 $ 3,040,579 During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 Notes (see Note 8. Debt), which resulted in a $4.0 million loss recorded in other comprehensive loss for the nine months ended September 30, 2021 and is being reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes. 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of September 30, 2021 and December 31, 2020, affiliates owned approximately 13.6% and 14.3%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 and 50,972,165 Class A units as of September 30, 2021 and December 31, 2020, respectively) an approximate 25.1% and 26.3% interest as of September 30, 2021 and December 31, 2020, respectively. American Homes 4 Rent As of December 31, 2020, the Company had a $4.8 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Company’s condensed consolidated balance sheets. American Homes 4 Rent, L.P. As of September 30, 2021, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets. As of December 31, 2020, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AH4R, which was included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets, and had a $4.8 million payable related to accrued common distributions to affiliates, which was included in amounts payable to affiliates on the Operating Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2021, the Company had commitments to acquire 564 single-family properties for an aggregate purchase price of $172.7 million, as well as $425.5 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. 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 for land relating to our AMH Development Program. As of September 30, 2021 and December 31, 2020, the Company had sales in escrow for approximately 53 and 97, respectively, of our single-family properties for aggregate selling prices of $14.9 million and $24.0 million, respectively. As of September 30, 2021 and December 31, 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $79.9 million and $36.7 million, respectively. Captive Insurance Company During the first quarter of 2021, the Company formed a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy. The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The captive insurance company’s impact on the Company’s condensed consolidated financial statements is immaterial. Legal Matters 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 continuing to cooperate 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 may continue to negatively impact our business and results of operations for our fourth fiscal quarter 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, including with respect to resurgences, new variants or strains, such as the Delta variant, the impact of government regulations, vaccine adoption rates (including boosters), the effectiveness of vaccines, employee retention issues resulting from vaccine mandates, and the direct and indirect economic effects of the pandemic and containment measures, among others.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From October 1, 2021 through October 31, 2021, the Company added 392 properties to its portfolio for a total cost of approximately $138.4 million, which included 110 newly constructed properties delivered through our AMH Development Program and 44 newly constructed homes acquired from third-party developers through our National Builder Program. Subsequent Dispositions From October 1, 2021 through October 31, 2021, the Company disposed of 48 properties for aggregate net proceeds of approximately $12.0 million. Revolving Credit Facility From October 1, 2021 through October 31, 2021, the Company borrowed an additional $130.0 million under its revolving credit facility, resulting in $130.0 million of outstanding borrowings under its revolving credit facility as of October 31, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its obligation to absorb its losses or the right to receive its benefits, 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 condensed consolidated balance sheets. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective March 31, 2021, the Company reclassified certain impairment charges related to homes classified as held for sale from other expenses to gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The Company also reclassified other revenues and the remaining other expenses to other income and expense, net within the condensed consolidated statements of operations. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 265,077 $ 164,119
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands): September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 63,997 $ 315,808 $ 137,060 $ 37,575 Restricted cash 137,997 126,219 128,017 126,544 Total cash, cash equivalents and restricted cash $ 201,994 $ 442,027 $ 265,077 $ 164,119

Real Estate Assets, Net (Tables

Real Estate Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Single-Family Properties, Net	The net book values of real estate assets consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Occupied single-family properties $ 8,369,911 $ 7,957,513 Single-family properties recently acquired or developed 360,595 66,857 Single-family properties in turnover process 127,221 149,684 Single-family properties leased, not yet occupied 97,373 71,334 Single-family properties in operation, net 8,955,100 8,245,388 Development land 395,385 270,767 Single-family properties under development 337,875 239,598 Single-family properties held for sale, net 106,232 129,026 Total real estate assets, net $ 9,794,592 $ 8,884,779 For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Single-family properties: Properties sold 90 233 367 859 Net proceeds (1) $ 26,683 $ 56,150 $ 100,815 $ 184,962 Net gain on sale $ 10,073 $ 12,422 $ 36,845 $ 36,831 Land: Net proceeds $ 277 $ — $ 596 $ 71 Net gain (loss) on sale $ 42 $ — $ (97) $ 7 (1) Net proceeds are net of deductions for working capital prorations.

Rent and Other Receivables (Tab

Rent and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Future Minimum Rental Revenues	The following table summarizes future minimum rental revenues under existing leases on our properties as of September 30, 2021 (in thousands): September 30, 2021 Remaining 2021 $ 254,285 2022 423,791 2023 27,305 2024 61 Total $ 705,442

Escrow Deposits, Prepaid Expe_2

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Escrow Deposits, Prepaid Expenses and Other Assets	The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Escrow deposits, prepaid expenses and other $ 72,716 $ 51,886 Commercial real estate, software, vehicles and FF&E, net 59,886 52,130 Notes receivable, net 34,677 35,519 Operating lease ROU assets 17,611 18,772 Deferred costs and other intangibles, net 13,946 4,864 Total $ 198,836 $ 163,171
Deferred Costs and Other Intangibles	Deferred costs and other intangibles, net, consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Deferred leasing costs $ 3,341 $ 3,782 Deferred financing costs 22,488 11,244 25,829 15,026 Less: accumulated amortization (11,883) (10,162) Total $ 13,946 $ 4,864
Amortization Expense Related to Deferred Costs and Other Intangibles	The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of September 30, 2021 for future periods (in thousands): Deferred Deferred Total Remaining 2021 $ 748 $ 687 $ 1,435 2022 832 2,722 3,554 2023 — 2,722 2,722 2024 — 2,730 2,730 2025 — 2,722 2,722 Thereafter — 783 783 Total $ 1,580 $ 12,366 $ 13,946

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 Completed Homes at September 30, 2021 Balances at Balances at Alaska JV 20 % 335 $ 21,970 $ 26,020 Institutional Investor JV 20 % 966 28,774 34,112 J.P. Morgan JV 20 % 428 59,842 32,977 1,729 $ 110,586 $ 93,109

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents the Company’s debt as of September 30, 2021 and December 31, 2020 (in thousands): Outstanding Principal Balance Interest Rate (1) Maturity Date September 30, 2021 December 31, 2020 AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 475,336 $ 479,981 AH4R 2014-SFR3 securitization 4.40% December 9, 2024 490,585 495,392 AH4R 2015-SFR1 securitization (2) 4.14% April 9, 2045 516,249 520,957 AH4R 2015-SFR2 securitization (3) 4.36% October 9, 2045 448,261 452,162 Total asset-backed securitizations 1,930,431 1,948,492 2028 unsecured senior notes (4) 4.08% February 15, 2028 500,000 500,000 2029 unsecured senior notes 4.90% February 15, 2029 400,000 400,000 2031 unsecured senior notes (5) 2.46% July 15, 2031 450,000 — 2051 unsecured senior notes 3.38% July 15, 2051 300,000 — Revolving credit facility (6) 1.18% April 15, 2026 — — Total debt 3,580,431 2,848,492 Unamortized discounts on unsecured senior notes (15,900) (3,658) Deferred financing costs, net (7) (29,867) (27,422) Total debt per balance sheet $ 3,534,664 $ 2,817,412 (1) Interest rates are rounded and as of September 30, 2021. 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 hedged to yield an interest rate of 4.08%. (5) The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6) The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $1.2 million and $1.5 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of September 30, 2021. (7) Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended September 30, 2021 and 2020 and $4.5 million for both the nine months ended September 30, 2021 and 2020, which was included in gross interest, prior to interest capitalization.
Schedule of Maturities of Long-term Debt	The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2021 (in thousands): Debt Maturities Remaining 2021 $ 5,179 2022 20,714 2023 20,714 2024 952,795 2025 10,302 Thereafter 2,570,727 Total debt $ 3,580,431
Summary of Activity that Relates to Capitalized Interest	The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Gross interest cost $ 40,161 $ 34,075 $ 108,459 $ 103,069 Capitalized interest (9,064) (4,808) (21,829) (14,529) Interest expense $ 31,097 $ 29,267 $ 86,630 $ 88,540

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	The following table summarizes accounts payable and accrued expenses as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Accrued property taxes $ 134,920 $ 48,689 Resident security deposits 103,202 90,621 Accrued construction and maintenance liabilities 47,876 42,483 Prepaid rent 24,316 24,421 Operating lease liabilities 19,026 19,166 Accrued interest 17,886 23,018 Accounts payable 1,003 432 Accrued distribution payable 205 13,612 Other accrued liabilities 39,614 36,507 Total $ 388,048 $ 298,949

Shareholders' Equity _ Partne_2

Shareholders' Equity / Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As of September 30, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data): September 30, 2021 December 31, 2020 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 Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350 % — — 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 15,400,000 $ 385,000 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 OP units. For the Three Months Ended Security September 30, 2021 June 30, March 31, September 30, June 30, March 31, Class A and Class B common shares $ 0.10 $ 0.10 $ 0.10 $ 0.05 $ 0.05 $ 0.05 6.500% Series D perpetual preferred shares (1) — 0.30 0.41 0.41 0.41 0.41 6.350% Series E perpetual preferred shares (2) — 0.40 0.40 0.40 0.40 0.40 5.875% Series F perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 5.875% Series G perpetual preferred shares 0.37 0.37 0.37 0.37 0.37 0.37 6.250% Series H perpetual preferred shares 0.39 0.39 0.39 0.39 0.39 0.39 (1) The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the three months ended June 30, 2021 represent the accrued and unpaid dividends paid to shareholders as part of the redemption. (2) The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity under Plan	The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 Options outstanding at beginning of period 1,090,300 1,529,800 Granted — — Exercised (259,000) (333,650) Forfeited — (2,850) Options outstanding at end of period 831,300 1,193,300 Options exercisable at end of period 793,800 1,049,200
Summary of Restricted Share Units Activity Under Plan	The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 RSUs outstanding at beginning of period 651,537 599,109 Awarded 645,955 470,147 Vested (208,574) (207,947) Forfeited (28,239) (42,565) RSUs outstanding at end of period 1,060,679 818,744
Summary of Performance Share Units Activity Under Plan	The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the nine months ended September 30, 2021 and 2020: For the Nine Months Ended 2021 2020 PSUs outstanding at beginning of period — — Awarded 92,319 — Vested — — Forfeited — — PSUs outstanding at end of period 92,319 —
Summary of Activity in Noncash Share-Based Compensation Expense	The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 General and administrative expense $ 1,557 $ 1,723 $ 7,722 $ 4,741 Property management expenses 680 447 2,278 1,327 Acquisition and other transaction costs 821 — 4,319 — Total noncash share-based compensation expense $ 3,058 $ 2,170 $ 14,319 $ 6,068

Earnings per Share _ Unit (Tabl

Earnings per Share / Unit (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation of Net Income per Share on Basic and Diluted Basis	American Homes 4 Rent The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Noncontrolling interest 5,869 3,819 14,012 9,976 Dividends on preferred shares 5,763 13,782 32,160 41,346 Redemption of perpetual preferred shares — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common share–basic and diluted $ 36,751 $ 22,496 $ 86,885 $ 58,013 Denominator: Weighted-average common shares outstanding–basic 324,002,538 308,080,226 320,267,903 303,319,053 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common shares outstanding–diluted (3) 326,206,423 308,541,502 321,879,235 303,775,556 Net income per common share: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10). (3) The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share. American Homes 4 Rent, L.P. The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three and nine months ended September 30, 2021 and 2020 (in thousands, except unit and per unit data): For the Three Months Ended For the Nine Months Ended 2021 2020 2021 2020 Numerator: Net income $ 48,501 $ 40,153 $ 149,236 $ 109,487 Less: Preferred distributions 5,763 13,782 32,160 41,346 Redemption of perpetual preferred units — — 15,879 — Allocation to participating securities (1) 118 56 300 152 Numerator for income per common unit–basic and diluted $ 42,620 $ 26,315 $ 100,897 $ 67,989 Denominator: Weighted-average common units outstanding–basic 375,379,518 360,107,206 371,739,755 355,346,033 Effect of dilutive securities: Share-based compensation plan and forward sale equity contracts (2) 2,203,885 461,276 1,611,332 456,503 Weighted-average common units outstanding–diluted 377,583,403 360,568,482 373,351,087 355,802,536 Net income per common unit: Basic $ 0.11 $ 0.07 $ 0.27 $ 0.19 Diluted $ 0.11 $ 0.07 $ 0.27 $ 0.19 (1) Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method. (2) Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and the dilutive effect of forward sale equity contracts under the treasury stock method (see Note 10).

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Debt Instruments	The following table displays the carrying values and fair values of our debt instruments as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value AH4R 2014-SFR2 securitization $ 471,457 $ 481,550 $ 475,144 $ 488,140 AH4R 2014-SFR3 securitization 486,475 498,225 490,319 504,364 AH4R 2015-SFR1 securitization 511,627 523,360 515,326 529,542 AH4R 2015-SFR2 securitization 443,763 457,049 446,818 461,037 Total asset-backed securitizations 1,913,322 1,960,184 1,927,607 1,983,083 2028 unsecured senior notes, net 494,970 566,865 494,378 575,220 2029 unsecured senior notes, net 395,849 468,684 395,427 482,276 2031 unsecured senior notes, net 439,764 447,008 — — 2051 unsecured senior notes, net 290,759 306,492 — — Total unsecured senior notes, net 1,621,342 1,789,049 889,805 1,057,496 Revolving credit facility — — — — Total debt $ 3,534,664 $ 3,749,233 $ 2,817,412 $ 3,040,579

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)singleFamilyPropertypropertystate	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Number of states | state	22
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest	86.70%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	13.30%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	56,077
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	604

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Term of restriction	1 year
Cash and cash equivalents	$ 63,997	$ 137,060	$ 315,808	$ 37,575
Restricted cash	137,997	128,017	126,219	126,544
Total cash, cash equivalents and restricted cash	$ 201,994	$ 265,077	$ 442,027	$ 164,119

Real Estate Assets, Net - Compo

Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 8,955,100	$ 8,245,388
Development land	395,385	270,767
Single-family properties under development	337,875	239,598
Single-family properties held for sale, net	106,232	129,026
Total real estate assets, net	9,794,592	8,884,779
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	9,794,592	8,884,779
Single Family Homes | Single-family properties recently acquired or developed
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	360,595	66,857
Single Family Homes | Single-family properties in turnover process
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	127,221	149,684
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	8,369,911	7,957,513
Single Family Homes | Single-family properties leased, not yet occupied
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 97,373	$ 71,334

Real Estate Assets, Net - Addit

Real Estate Assets, Net - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property
Property Subject to or Available for Operating Lease
Depreciation expense	$ 90,600	$ 83,700	$ 264,300	$ 245,100
Single Family Homes
Single-family properties:
Properties sold | property	90	233	367	859
Net proceeds	$ 26,683	$ 56,150	$ 100,815	$ 184,962
Net gain on sale	10,073	12,422	36,845	36,831
Land:
Net proceeds	277	0	596	71
Net gain (loss) on sale	$ 42	$ 0	$ (97)	$ 7

Rent and Other Receivables (Det

Rent and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Lease agreement term (in years)	1 year		1 year
Future Minimum Rental Revenues
Remaining 2021	$ 254,285		$ 254,285
2022	423,791		423,791
2023	27,305		27,305
2024	61		61
Total	705,442		705,442
Storm damage related insurance claims receivable	4,500		4,500		$ 800
Single Family Homes
Loans and Leases Receivable Disclosure [Line Items]
Tenant chargebacks	52,700	$ 49,900	136,500	$ 125,400
Late fees and application fees	$ 6,000	$ 4,300	$ 16,700	$ 11,700

Escrow Deposits, Prepaid Expe_3

Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 72,716		$ 72,716		$ 51,886
Deferred costs and other intangibles, net	13,946		13,946		4,864
Notes receivable, net	34,677		34,677		35,519
Operating lease ROU assets	17,611		17,611		18,772
Commercial real estate, software, vehicles and FF&E, net	59,886		59,886		52,130
Total	198,836		198,836		$ 163,171
Schedule of Equity Method Investments [Line Items]
Depreciation expense	90,600	$ 83,700	264,300	$ 245,100
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	1,000	1,000	3,100	3,100
Amortization of deferred financing costs	700	500	1,800	1,500
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Schedule of Equity Method Investments [Line Items]
Depreciation expense	$ 2,900	$ 2,300	$ 8,300	$ 6,400

Escrow Deposits, Prepaid Expe_4

Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 3,341	$ 3,782
Deferred financing costs	22,488	11,244
Deferred cost and intangible assets	25,829	15,026
Less: accumulated amortization	(11,883)	(10,162)
Total	$ 13,946	$ 4,864

Escrow Deposits, Prepaid Expe_5

Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2021	$ 1,435
2022	3,554
2023	2,722
2024	2,730
2025	2,722
Thereafter	783
Database Intangible Asset	13,946
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2021	748
2022	832
2023	0
2024	0
2025	0
Thereafter	0
Deferred Leasing Costs	1,580
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2021	687
2022	2,722
2023	2,722
2024	2,730
2025	2,722
Thereafter	783
Deferred Financing Costs	$ 12,366

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)joint_venture	Sep. 30, 2020USD ($)extension	Sep. 30, 2021USD ($)joint_venture	Sep. 30, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%		20.00%
Number of joint ventures | joint_venture	3		3
Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit		$ 201		$ 201
Non-recourse loan term		2 years		2 years
Number of extension options | extension		3
Extension period		1 year
Maximum exposure	$ 161.3		$ 161.3
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	$ 2.8	$ 1.7	$ 7.4	$ 3.9

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Sep. 30, 2021USD ($)home	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	1,729
Balances | $	$ 110,586	$ 93,109
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	335
Balances | $	$ 21,970	26,020
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	966
Balances | $	$ 28,774	34,112
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | home	428
Balances | $	$ 59,842	$ 32,977

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross	$ 3,580,431,000		$ 3,580,431,000					$ 2,848,492,000
Unamortized discounts on unsecured senior notes	(15,900,000)		(15,900,000)					(3,658,000)
Deferred financing costs, net	(29,867,000)		(29,867,000)					(27,422,000)
Total debt per balance sheet	3,534,664,000		3,534,664,000					2,817,412,000
Amortization of financing costs			6,290,000	$ 5,564,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs	1,500,000	$ 1,500,000	4,500,000	$ 4,500,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross	$ 1,930,431,000		$ 1,930,431,000					1,948,492,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.42%		4.42%
Debt, gross	$ 475,336,000		$ 475,336,000					479,981,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate	4.40%		4.40%
Debt, gross	$ 490,585,000		$ 490,585,000					495,392,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate	4.14%		4.14%
Debt, gross	$ 516,249,000		$ 516,249,000					520,957,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate	4.36%		4.36%
Debt, gross	$ 448,261,000		$ 448,261,000					452,162,000
Senior Notes | 2028 unsecured senior notes
Debt Instrument [Line Items]
Interest Rate	4.25%		4.25%
Effective interest rate	4.08%		4.08%
Debt, gross	$ 500,000,000		$ 500,000,000					500,000,000
Senior Notes | 2029 unsecured senior notes
Debt Instrument [Line Items]
Interest Rate	4.90%		4.90%
Debt, gross	$ 400,000,000		$ 400,000,000					400,000,000
Senior Notes | 2031 unsecured senior notes
Debt Instrument [Line Items]
Interest Rate	2.38%		2.38%		2.375%
Effective interest rate	2.46%		2.46%
Debt, gross	$ 450,000,000		$ 450,000,000					0
Senior Notes | 2051 unsecured senior notes
Debt Instrument [Line Items]
Interest Rate	3.38%		3.38%		3.375%
Debt, gross	$ 300,000,000		$ 300,000,000					0
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.18%		1.18%
Debt, gross	$ 0		$ 0					0
Maximum borrowing capacity	1,250,000,000		1,250,000,000			$ 1,250,000,000	$ 800,000,000
Outstanding letters of credit	$ 1,200,000		$ 1,200,000					$ 1,500,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.10%

Debt - Maturities (Details)

Debt - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Remaining 2021	$ 5,179
2022	20,714
2023	20,714
2024	952,795
2025	10,302
Thereafter	2,570,727
Total debt	$ 3,580,431	$ 2,848,492

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Gross interest cost	$ 40,161	$ 34,075	$ 108,459	$ 103,069
Capitalized interest	(9,064)	(4,808)	(21,829)	(14,529)
Interest expense	$ 31,097	$ 29,267	$ 86,630	$ 88,540

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended		9 Months Ended
	Jul. 31, 2021USD ($)	Apr. 30, 2021debtInstrumentExtensionOption	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Deferred financing costs, net			$ 29,867,000			$ 27,422,000
Senior Notes | 2031 unsecured senior notes
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 450,000,000
Interest Rate	2.375%		2.38%
Redemption price (in percent)	100.00%
Senior Notes | 2051 unsecured senior notes
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 300,000,000
Interest Rate	3.375%		3.38%
Redemption price (in percent)	100.00%
Senior Notes | The Notes
Line of Credit Facility [Line Items]
Proceeds from unsecured senior notes, net of discount	$ 731,600,000
Underwriting fees	5,600,000
Unamortized discount	12,800,000
Deferred financing costs, net	$ 1,400,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Interest Rate			1.18%
Maximum borrowing capacity			$ 1,250,000,000	$ 1,250,000,000	$ 800,000,000
Number of extension options | debtInstrumentExtensionOption		2
Extension period		6 months
Revolving Credit Facility | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.10%
Basis spread on base rate		1.00%
Revolving Credit Facility | Line of Credit | Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on base rate		0.50%
Minimum | Revolving Credit Facility | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.725%
Minimum | Revolving Credit Facility | Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.00%
Maximum | Revolving Credit Facility | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.45%
Maximum | Revolving Credit Facility | Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.45%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued property taxes	$ 134,920	$ 48,689
Resident security deposits	103,202	90,621
Accrued construction and maintenance liabilities	47,876	42,483
Prepaid rent	24,316	24,421
Operating lease liabilities	19,026	19,166
Accrued interest	17,886	23,018
Accounts payable	1,003	432
Accrued distribution payable	205	13,612
Other accrued liabilities	39,614	36,507
Total	$ 388,048	$ 298,949

Shareholders' Equity _ Partne_3

Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - USD ($)	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2021	Sep. 30, 2020	May 21, 2022	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Proceeds from issuance of Class A common shares					$ 593,040,000	$ 414,100,000
Offering cost					$ 200,000	$ 600,000
Class A common shares/units
Class of Stock [Line Items]
Number of shares sold (in shares)		11,400,000
Proceeds from sale of stock		$ 399,000,000
Remaining shares available (in shares)		1,845,000			1,845,000
Public Stock Offering | Class A common shares/units
Class of Stock [Line Items]
Number of shares sold (in shares)	18,745,000
Par value (in dollars per share)	$ 0.01
Public Stock Offering - Issued Directly By The Company | Class A common shares/units
Class of Stock [Line Items]
Number of shares sold (in shares)	5,500,000
Proceeds from sale of stock	$ 194,000,000
Offering cost	$ 200,000
Public Stock Offering - Forward Sales Agreement | Class A common shares/units
Class of Stock [Line Items]
Number of shares sold (in shares)	13,245,000
Public Stock Offering - Forward Sales Agreement | Class A common shares/units | Forecast
Class of Stock [Line Items]
Proceeds from sale of stock				$ 64,600,000
At the Market - Common Share Offering Program | Class A common shares/units
Class of Stock [Line Items]
Shares authorized for future issuance, value							$ 500,000,000
Shares issued (in shares)		86,130,000,000	86,130		86,130,000,000	86,130
Proceeds from issuance of Class A common shares			$ 2,400,000			$ 2,400,000
Offering cost			$ 400,000			$ 400,000
Shares available for future issuance, value		$ 497,600,000			$ 497,600,000

Shareholders' Equity _ Partne_4

Shareholders' Equity / Partners' Capital - Share Repurchase (Details) $ in Millions	Sep. 30, 2021USD ($)
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300
Remaining repurchase authorization	265.1
Preferred Shares/Units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	250
Remaining repurchase authorization	$ 250

Shareholders' Equity _ Partne_5

Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)		15,400,000	15,400,000	35,350,000
Current Liquidation Value		$ 385,000	$ 385,000	$ 883,750
Preferred shares, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Series D perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%		6.50%
Preferred shares, shares outstanding (in shares)		0	0	10,750,000
Current Liquidation Value		$ 0	$ 0	$ 268,750
Preferred stock redeemed (in shares)	10,750,000
Preferred shares, par value (in dollars per share)		$ 0.01	$ 0.01
Liquidation preference (in dollars per share)		$ 25	$ 25
Liquidation value in excess of carrying value		$ 8,500
Series E perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%		6.35%
Preferred shares, shares outstanding (in shares)		0	0	9,200,000
Current Liquidation Value		$ 0	$ 0	$ 230,000
Preferred stock redeemed (in shares)	9,200,000
Preferred shares, par value (in dollars per share)		$ 0.01	$ 0.01
Liquidation preference (in dollars per share)		$ 25	$ 25
Liquidation value in excess of carrying value		$ 7,400
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			5.875%
Preferred shares, shares outstanding (in shares)		6,200,000	6,200,000	6,200,000
Current Liquidation Value		$ 155,000	$ 155,000	$ 155,000
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			5.875%
Preferred shares, shares outstanding (in shares)		4,600,000	4,600,000	4,600,000
Current Liquidation Value		$ 115,000	$ 115,000	$ 115,000
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)			6.25%
Preferred shares, shares outstanding (in shares)		4,600,000	4,600,000	4,600,000
Current Liquidation Value		$ 115,000	$ 115,000	$ 115,000

Shareholders' Equity _ Partne_6

Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	1 Months Ended	3 Months Ended						9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021
Class A common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.10	$ 0.10	$ 0.10	$ 0.05	$ 0.05	$ 0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)		0.10	0.10	0.10	0.05	0.05	0.05
Series D perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%							6.50%
Preferred shares, dividends declared (in dollars per share)		0	0.30	0.41	0.41	0.41	0.41
Series E perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%							6.35%
Preferred shares, dividends declared (in dollars per share)		0	0.40	0.40	0.40	0.40	0.40
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)								5.875%
Preferred shares, dividends declared (in dollars per share)		0.37	0.37	0.37	0.37	0.37	0.37
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)								5.875%
Preferred shares, dividends declared (in dollars per share)		0.37	0.37	0.37	0.37	0.37	0.37
Series H perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)								6.25%
Preferred shares, dividends declared (in dollars per share)		$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39	$ 0.39

Shareholders' Equity _ Partne_7

Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Operating partnership units (in shares)	385,772,613	368,383,440
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.20%	0.20%
Operating partnership units (in shares)	596,990	596,990
AH LLC
Class of Stock [Line Items]
Ownership units owned (in shares)	50,779,990	51,129,990
Percentage of units outstanding	13.10%	13.90%

Share-Based Compensation - 2012

Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	May 31, 2021
Class of Stock [Line Items]
Purchase period	6 months
Purchase price of common stock	85.00%
2021 Employee Stock Purchase Plan | Class A common shares/units
Class of Stock [Line Items]
Number of shares available to grant (in shares)			3,000,000	9,544,095
2021 Employee Stock Purchase Plan | Restricted share units | Minimum
Class of Stock [Line Items]
Award vesting period	1 year	1 year
2021 Employee Stock Purchase Plan | Restricted share units | Maximum
Class of Stock [Line Items]
Award vesting period	3 years	3 years
2021 Employee Stock Purchase Plan | Restricted share units | Non-Management Trustees
Class of Stock [Line Items]
Award vesting period	1 year	1 year
2021 Employee Stock Purchase Plan | Performance Share Units (PSU's)
Class of Stock [Line Items]
Award vesting period	3 years
Service period	3 years
2021 Employee Stock Purchase Plan | Performance Share Units (PSU's) | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	0.00%
2021 Employee Stock Purchase Plan | Performance Share Units (PSU's) | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	200.00%

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - 2021 Employee Stock Purchase Plan - Stock options - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	0	0
Exercised	(259,000)	(333,650)
Forfeited	0	(2,850)
Options outstanding at end of period	831,300	1,193,300
Options exercisable at end of period	793,800	1,049,200

Share-Based Compensation - RSU

Share-Based Compensation - RSU and PSU Activity (Details) - 2021 Employee Stock Purchase Plan - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restricted share units
Number of Restricted Stock Units
Outstanding at beginning of period	651,537	599,109
Awarded	645,955	470,147
Vested	(208,574)	(207,947)
Forfeited	(28,239)	(42,565)
Outstanding at end of period	1,060,679	818,744
Performance Share Units (PSU's)
Number of Restricted Stock Units
Outstanding at beginning of period	0	0
Awarded	92,319	0
Vested	0	0
Forfeited	0	0
Outstanding at end of period	92,319	0

Share-Based Compensation - Nonc

Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock
Total noncash share-based compensation expense	$ 3,058	$ 2,170	$ 14,319	$ 6,068
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	1,557	1,723	7,722	4,741
Property management expenses
Class of Stock
Total noncash share-based compensation expense	680	447	2,278	1,327
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 821	$ 0	$ 4,319	$ 0

Earnings per Share _ Unit - Com

Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares
Numerator:
Net income	$ 48,501	$ 51,814	$ 48,921	$ 40,153	$ 31,807	$ 37,527	$ 149,236	$ 109,487
Less:
Noncontrolling interest	5,869			3,819			14,012	9,976
Dividends on preferred shares	5,763	$ 12,615	$ 13,782	13,782	$ 13,782	$ 13,782	32,160	41,346
Redemption of perpetual preferred shares	0			0			15,879	0
Allocation to participating securities	118			56			300	152
Numerator for income per common share–basic and diluted	$ 36,751			$ 22,496			$ 86,885	$ 58,013
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	324,002,538			308,080,226			320,267,903	303,319,053
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	2,203,885			461,276			1,611,332	456,503
Weighted-average common shares outstanding - diluted (in shares) | shares	326,206,423			308,541,502			321,879,235	303,775,556
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.11			$ 0.07			$ 0.27	$ 0.19
Diluted (in dollars per share) | $ / shares	$ 0.11			$ 0.07			$ 0.27	$ 0.19
Exchange rate							1
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 48,501			$ 40,153			$ 149,236	$ 109,487
Less:
Dividends on preferred shares	5,763			13,782			32,160	41,346
Redemption of perpetual preferred shares	0			0			15,879	0
Allocation to participating securities	118			56			300	152
Numerator for income per common share–basic and diluted	$ 42,620			$ 26,315			$ 100,897	$ 67,989
Denominator:
Weighted-average common units outstanding - basic (in shares) | shares	375,379,518			360,107,206			371,739,755	355,346,033
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	2,203,885			461,276			1,611,332	456,503
Weighted-average common units outstanding - diluted (in shares) | shares	377,583,403			360,568,482			373,351,087	355,802,536
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.11			$ 0.07			$ 0.27	$ 0.19
Diluted (in dollars per share) | $ / shares	$ 0.11			$ 0.07			$ 0.27	$ 0.19

Fair Value - Carrying Value and

Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Designated as Hedging Instrument | Treasury Lock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount	$ 400,000
Term of contract	10 years
Derivative, fair value		$ 4,000
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		1,913,322	$ 1,927,607
Unsecured senior notes, net		1,621,342	889,805
Revolving credit facility		0	0
Total debt		3,534,664	2,817,412
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		471,457	475,144
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		486,475	490,319
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		511,627	515,326
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		443,763	446,818
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		494,970	494,378
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		395,849	395,427
Carrying Value | 2031 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		439,764	0
Carrying Value | 2051 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		290,759	0
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		1,960,184	1,983,083
Unsecured senior notes, net		1,789,049	1,057,496
Revolving credit facility		0	0
Total debt		3,749,233	3,040,579
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		481,550	488,140
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		498,225	504,364
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		523,360	529,542
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization		457,049	461,037
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		566,865	575,220
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		468,684	482,276
Fair Value | 2031 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		447,008	0
Fair Value | 2051 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unsecured senior notes, net		$ 306,492	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Amounts payable to affiliates	$ 0	$ 4,834
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts payable to affiliates	0	4,834
Amounts due from affiliates	$ 25,666	$ 25,666
Class A common shares/units
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	333,760,558	316,021,385
Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075
Affiliated Entity
Related Party Transaction [Line Items]
Percent of shares held	25.10%	26.30%
Affiliated Entity | American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,700	$ 25,700
Affiliated Entity | Class A common shares/units
Related Party Transaction [Line Items]
Percent of shares held	13.60%	14.30%
Common stock, shares outstanding (in shares)	50,622,165	50,972,165
Affiliated Entity | Class B common shares
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)	635,075	635,075

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	53	97
Single-family properties sales in escrow, selling price	$ 14.9	$ 24
Surety bond
Purchase Commitment [Line Items]
Surety bonds related to development contracts	79.9	36.7
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	172.7	81.7
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 425.5	$ 72.3
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	564	323

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2021USD ($)property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility		$ 1,060,000	$ 130,000
Revolving credit facility		$ 0		$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property	392
Purchase price to acquire real estate	$ 138,400
Number of internally developed properties developed | property	110
Number of properties acquired from third party developers | property	44
Number of real estate properties sold | property	48
Proceeds from the sale of real estate properties	$ 12,000
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility	130,000
Revolving credit facility	$ 130,000