10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-36013 (American Homes 4 Rent)

Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)

AMERICAN HOMES 4 RENT

AMERICAN HOMES 4 RENT, L.P.

(Exact name of registrant as specified in its charter) 

American Homes 4 Rent	Maryland	46-1229660
American Homes 4 Rent, L.P.	Delaware	80-0860173
	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

23975 Park Sorrento, Suite 300

Calabasas, California 91302

(Address of principal executive offices) (Zip Code)

(805) 413-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbols	Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value	AMH	New York Stock Exchange
Series D perpetual preferred shares of beneficial interest, $.01 par value	AMH-D	New York Stock Exchange
Series E perpetual preferred shares of beneficial interest, $.01 par value	AMH-E	New York Stock Exchange
Series F perpetual preferred shares of beneficial interest, $.01 par value	AMH-F	New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value	AMH-G	New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value	AMH-H	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

    American Homes 4 Rent ☒  Yes   ☐  No                American Homes 4 Rent, L.P. ☒  Yes   ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

    American Homes 4 Rent ☒  Yes   ☐  No                American Homes 4 Rent, L.P. ☒  Yes   ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

American Homes 4 Rent
Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
American Homes 4 Rent, L.P.
Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

    American Homes 4 Rent  ☐                         American Homes 4 Rent, L.P. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

    American Homes 4 Rent ☐  Yes   ☒  No                American Homes 4 Rent, L.P. ☐  Yes   ☒  No

There were 316,617,810 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on May 5, 2021.

EXPLANATORY NOTE

    This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AH4R” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. 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.

    AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% 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.

    The Company believes that combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report provides the following benefits:

•enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

    The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. 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.

    Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements. The differences between shareholders’ equity and partners’ capital result from differences in the equity and capital issued at the Company and Operating Partnership levels.

    To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s debt, noncontrolling interests and shareholders’ equity or partners’ capital, as applicable; and a combined Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” section that includes discrete information related to each entity.

    This report also includes separate Part I, “Item 4. Controls and Procedures” sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been

made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

    In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

American Homes 4 Rent

American Homes 4 Rent, L.P.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	American Homes 4 Rent
	Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020	3
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020	6
	American Homes 4 Rent, L.P.
	Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020	8
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020	9
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020	10
	Condensed Consolidated Statements of Capital for the three months ended March 31, 2021 and 2020	11
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020	13
	American Homes 4 Rent and American Homes 4 Rent, L.P.
	Notes to Unaudited Condensed Consolidated Financial Statements	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	43
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	44
	Signatures	46

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future operations, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the adverse effect of the COVID-19 pandemic on the financial condition, operating results and cash flows of the Company, our tenants, the real estate market, the global economy and the financial markets. The extent to which the COVID-19 pandemic continues to impact us and our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, including resurgences, new variants or strains, impact of government regulations, the speed and effectiveness of vaccine distribution, vaccine adoption rates and the direct and indirect economic effects of the pandemic and containment measures, among others.

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.

i

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

American Homes 4 Rent

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share data)

	March 31, 2021		December 31, 2020
	(Unaudited)
Assets
Single-family properties:
Land	$	1,860,879	$	1,836,798
Buildings and improvements	8,301,797		8,163,023
Single-family properties in operation	10,162,676		9,999,821
Less: accumulated depreciation	(1,832,510)		(1,754,433)
Single-family properties in operation, net	8,330,166		8,245,388
Single-family properties under development and development land	554,765		510,365
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	9,000,925		8,884,779
Cash and cash equivalents	75,237		137,060
Restricted cash	136,867		128,017
Rent and other receivables	49,714		41,544
Escrow deposits, prepaid expenses and other assets	177,936		163,171
Investments in unconsolidated joint ventures	100,077		93,109
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	9,686,701	$	9,593,625
Liabilities
Revolving credit facility	$	80,000	$	—
Asset-backed securitizations, net	1,922,734		1,927,607
Unsecured senior notes, net	890,143		889,805
Accounts payable and accrued expenses	307,644		298,949
Amounts payable to affiliates	—		4,834
Total liabilities	3,200,521		3,121,195
Commitments and contingencies (see Note 15)
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 316,617,810 and 316,021,385 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)	3,166		3,160
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2021 and December 31, 2020)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)	354		354
Additional paid-in capital	6,234,456		6,223,256
Accumulated deficit	(445,103)		(443,522)
Accumulated other comprehensive income	13,576		5,840
Total shareholders’ equity	5,806,455		5,789,094
Noncontrolling interest	679,725		683,336
Total equity	6,486,180		6,472,430
Total liabilities and equity	$	9,686,701	$	9,593,625

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

American Homes 4 Rent

Condensed Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Rents and other single-family property revenues	$	312,573	$	287,342
Expenses:
Property operating expenses	118,694		107,497
Property management expenses	23,699		23,276
General and administrative expense	15,205		11,266
Interest expense	28,005		29,715
Acquisition and other transaction costs	4,846		2,147
Depreciation and amortization	90,071		82,821
Total expenses	280,520		256,722
Gain on sale and impairment of single-family properties and other, net	16,069		6,319
Other income and expense, net	799		588
Net income	48,921		37,527
Noncontrolling interest	4,925		3,501
Dividends on preferred shares	13,782		13,782
Net income attributable to common shareholders	$	30,214	$	20,244
Weighted-average common shares outstanding:
Basic	316,982,460		300,813,069
Diluted	317,441,397		301,305,068
Net income attributable to common shareholders per share:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

American Homes 4 Rent

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Net income	$	48,921	$	37,527
Other comprehensive income (loss):
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230		—
Reclassification adjustment for amortization of interest expense included in net income	(241)		(241)
Other comprehensive income (loss)	8,989		(241)
Comprehensive income	57,910		37,286
Comprehensive income attributable to noncontrolling interests	6,185		3,466
Dividends on preferred shares	13,782		13,782
Comprehensive income attributable to common shareholders	$	37,943	$	20,038

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

American Homes 4 Rent

Condensed Consolidated Statements of Equity

(Amounts in thousands, except share and per share data)

(Unaudited)

	Class A common shares			Class B common shares			Preferred shares
	Number of shares	Amount		Number of shares	Amount		Number of shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive income		Shareholders’ equity		Noncontrolling interest		Total equity
Balances at December 31, 2019	300,107,599	$	3,001	635,075	$	6	35,350,000	$	354	$	5,790,775	$	(465,368)	$	6,658	$	5,335,426	$	683,364	$	6,018,790
Share-based compensation	—	—		—	—		—	—		1,808		—		—		1,808		—		1,808
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	208,010	2		—	—		—	—		(165)		—		—		(163)		—		(163)
Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(13,782)		—		(13,782)		—		(13,782)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(2,602)		(2,602)
Common shares ($0.05 per share)	—	—		—	—		—	—		—		(15,088)		—		(15,088)		—		(15,088)
Cumulative effect of adoption of ASU 2016-13	—	—		—	—		—	—		—		(1,494)		—		(1,494)		—		(1,494)
Net income	—	—		—	—		—	—		—		34,026		—		34,026		3,501		37,527
Total other comprehensive loss	—	—		—	—		—	—		—		—		(206)		(206)		(35)		(241)
Balances at March 31, 2020	300,315,609	$	3,003	635,075	$	6	35,350,000	$	354	$	5,792,418	$	(461,706)	$	6,452	$	5,340,527	$	684,228	$	6,024,755

4

American Homes 4 Rent

Condensed Consolidated Statements of Equity (continued)

(Amounts in thousands, except share and per share data)

(Unaudited)

	Class A common shares			Class B common shares			Preferred shares
	Number of shares	Amount		Number of shares	Amount		Number of shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive income		Shareholders’ equity		Noncontrolling interest		Total equity
Balances at December 31, 2020	316,021,385	$	3,160	635,075	$	6	35,350,000	$	354	$	6,223,256	$	(443,522)	$	5,840	$	5,789,094	$	683,336	$	6,472,430
Share-based compensation	—	—		—	—		—	—		8,110		—		—		8,110		—		8,110
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	246,425	2		—	—		—	—		(1,523)		—		—		(1,521)		—		(1,521)
Redemptions of Class A units	350,000	4		—	—		—	—		4,613		—		7		4,624		(4,624)		—
Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(13,782)		—		(13,782)		—		(13,782)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(5,172)		(5,172)
Common shares ($0.10 per share)	—	—		—	—		—	—		—		(31,795)		—		(31,795)		—		(31,795)
Net income	—	—		—	—		—	—		—		43,996		—		43,996		4,925		48,921
Total other comprehensive income	—	—		—	—		—	—		—		—		7,729		7,729		1,260		8,989
Balances at March 31, 2021	316,617,810	$	3,166	635,075	$	6	35,350,000	$	354	$	6,234,456	$	(445,103)	$	13,576	$	5,806,455	$	679,725	$	6,486,180

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Operating activities
Net income	$	48,921	$	37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071		82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829		1,849
Noncash share-based compensation	8,110		1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)		1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)		(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)		(3,746)
Prepaid expenses and other assets	5,742		(5,980)
Deferred leasing costs	(975)		(910)
Accounts payable and accrued expenses	23,242		18,397
Amounts due from related parties	(338)		(182)
Net cash provided by operating activities	151,997		126,496
Investing activities
Cash paid for single-family properties	(82,118)		(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)		2,259
Net proceeds received from sales of single-family properties and other	46,304		81,257
Proceeds received from hurricane-related insurance claims	—		3,408
Investment in unconsolidated joint ventures	(7,990)		(1,000)
Distributions from joint ventures	25,893		887
Renovations to single-family properties	(9,069)		(858)
Recurring and other capital expenditures for single-family properties	(26,033)		(21,224)
Cash paid for development activity	(141,618)		(138,957)
Other purchases of productive assets	(8,258)		(2,411)
Net cash used for investing activities	(208,230)		(179,214)
Financing activities
Proceeds from exercise of stock options	1,121		1,449
Payments related to tax withholding for share-based compensation	(2,642)		(1,612)
Payments on asset-backed securitizations	(6,118)		(5,435)
Proceeds from revolving credit facility	80,000		105,000
Distributions to noncontrolling interests	(7,758)		(5,178)
Distributions to common shareholders	(47,561)		(30,114)
Distributions to preferred shareholders	(13,782)		(13,782)
Net cash provided by financing activities	3,260		50,328
Net decrease in cash, cash equivalents and restricted cash	(52,973)		(2,390)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	265,077		164,119
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	212,104	$	161,729

6

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows (continued)

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(36,388)	$	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	31,854	$	9,618
Transfers of completed homebuilding deliveries to properties	72,862		75,498
Property and land contributions to unconsolidated joint ventures	(23,835)		(9,835)
Unrealized gain on cash flow hedging instrument	9,230		—
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537		1,603
Accrued distributions to non-affiliates	105		41

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

American Homes 4 Rent, L.P.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except unit data)

	March 31, 2021		December 31, 2020
	(Unaudited)
Assets
Single-family properties:
Land	$	1,860,879	$	1,836,798
Buildings and improvements	8,301,797		8,163,023
Single-family properties in operation	10,162,676		9,999,821
Less: accumulated depreciation	(1,832,510)		(1,754,433)
Single-family properties in operation, net	8,330,166		8,245,388
Single-family properties under development and development land	554,765		510,365
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	9,000,925		8,884,779
Cash and cash equivalents	75,237		137,060
Restricted cash	136,867		128,017
Rent and other receivables	49,714		41,544
Escrow deposits, prepaid expenses and other assets	177,936		163,171
Investments in unconsolidated joint ventures	100,077		93,109
Amounts due from affiliates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	9,686,701	$	9,593,625
Liabilities
Revolving credit facility	$	80,000	$	—
Asset-backed securitizations, net	1,922,734		1,927,607
Unsecured senior notes, net	890,143		889,805
Accounts payable and accrued expenses	307,644		298,949
Amounts payable to affiliates	—		4,834
Total liabilities	3,200,521		3,121,195
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (317,252,885 and 316,656,460 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively)	4,938,444		4,928,819
Preferred units (35,350,000 units issued and outstanding at March 31, 2021 and December 31, 2020)	854,435		854,435
Limited partner:
Common units (51,376,980 and 51,726,980 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively)	677,452		682,316
Accumulated other comprehensive income	15,849		6,860
Total capital	6,486,180		6,472,430
Total liabilities and capital	$	9,686,701	$	9,593,625

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Operations

(Amounts in thousands, except unit and per unit data)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Rents and other single-family property revenues	$	312,573	$	287,342
Expenses:
Property operating expenses	118,694		107,497
Property management expenses	23,699		23,276
General and administrative expense	15,205		11,266
Interest expense	28,005		29,715
Acquisition and other transaction costs	4,846		2,147
Depreciation and amortization	90,071		82,821
Total expenses	280,520		256,722
Gain on sale and impairment of single-family properties and other, net	16,069		6,319
Other income and expense, net	799		588
Net income	48,921		37,527
Preferred distributions	13,782		13,782
Net income attributable to common unitholders	$	35,139	$	23,745
Weighted-average common units outstanding:
Basic	368,647,217		352,840,049
Diluted	369,106,154		353,332,048
Net income attributable to common unitholders per unit:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Net income	$	48,921	$	37,527
Other comprehensive income (loss):
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230		—
Reclassification adjustment for amortization of interest expense included in net income	(241)		(241)
Other comprehensive income (loss)	8,989		(241)
Comprehensive income	57,910		37,286
Preferred distributions	13,782		13,782
Comprehensive income attributable to common unitholders	$	44,128	$	23,504

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Capital

(Amounts in thousands, except unit and per unit data)

(Unaudited)

	General Partner					Limited Partners			Accumulated other comprehensive income		Total capital
	Common capital			Preferred capital amount		Common capital
	Number of units	Amount				Number of units	Amount
Balances at December 31, 2019	300,742,674	$	4,474,333	$	854,435	52,026,980	$	682,199	$	7,823	$	6,018,790
Share-based compensation	—	1,808		—		—	—		—		1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	208,010	(163)		—		—	—		—		(163)
Distributions to capital holders:
Preferred units (Note 10)	—	—		(13,782)		—	—		—		(13,782)
Common units ($0.05 per unit)	—	(15,088)		—		—	(2,602)		—		(17,690)
Cumulative effect of adoption of ASU 2016-13	—	(1,494)		—		—	—		—		(1,494)
Net income	—	20,244		13,782		—	3,501		—		37,527
Total other comprehensive loss	—	—		—		—	—		(241)		(241)
Balances at March 31, 2020	300,950,684	$	4,479,640	$	854,435	52,026,980	$	683,098	$	7,582	$	6,024,755

11

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Capital (continued)

(Amounts in thousands, except unit and per unit data)

(Unaudited)

	General Partner					Limited Partners			Accumulated other comprehensive income		Total capital
	Common capital			Preferred capital amount		Common capital
	Number of units	Amount				Number of units	Amount
Balances at December 31, 2020	316,656,460	$	4,928,819	$	854,435	51,726,980	$	682,316	$	6,860	$	6,472,430
Share-based compensation	—	8,110		—		—	—		—		8,110
Common units issued under share-based compensation plans, net of units withheld for employee taxes	246,425	(1,521)		—		—	—		—		(1,521)
Redemptions of Class A units	350,000	4,617		—		(350,000)	(4,617)		—		—
Distributions to capital holders:
Preferred units (Note 10)	—	—		(13,782)		—	—		—		(13,782)
Common units ($0.10 per unit)	—	(31,795)		—		—	(5,172)		—		(36,967)
Net income	—	30,214		13,782		—	4,925		—		48,921
Total other comprehensive income	—	—		—		—	—		8,989		8,989
Balances at March 31, 2021	317,252,885	$	4,938,444	$	854,435	51,376,980	$	677,452	$	15,849	$	6,486,180

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Operating activities
Net income	$	48,921	$	37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071		82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829		1,849
Noncash share-based compensation	8,110		1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)		1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)		(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)		(3,746)
Prepaid expenses and other assets	5,742		(5,980)
Deferred leasing costs	(975)		(910)
Accounts payable and accrued expenses	23,242		18,397
Amounts due from related parties	(338)		(182)
Net cash provided by operating activities	151,997		126,496
Investing activities
Cash paid for single-family properties	(82,118)		(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)		2,259
Net proceeds received from sales of single-family properties and other	46,304		81,257
Proceeds received from hurricane-related insurance claims	—		3,408
Investment in unconsolidated joint ventures	(7,990)		(1,000)
Distributions from joint ventures	25,893		887
Renovations to single-family properties	(9,069)		(858)
Recurring and other capital expenditures for single-family properties	(26,033)		(21,224)
Cash paid for development activity	(141,618)		(138,957)
Other purchases of productive assets	(8,258)		(2,411)
Net cash used for investing activities	(208,230)		(179,214)
Financing activities
Proceeds from exercise of stock options	1,121		1,449
Payments related to tax withholding for share-based compensation	(2,642)		(1,612)
Payments on asset-backed securitizations	(6,118)		(5,435)
Proceeds from revolving credit facility	80,000		105,000
Distributions to common unitholders	(55,319)		(35,292)
Distributions to preferred unitholders	(13,782)		(13,782)
Net cash provided by financing activities	3,260		50,328
Net decrease in cash, cash equivalents and restricted cash	(52,973)		(2,390)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	265,077		164,119
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	212,104	$	161,729

13

American Homes 4 Rent, L.P.

Condensed Consolidated Statements of Cash Flows (continued)

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2021		2020
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(36,388)	$	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	31,854	$	9,618
Transfers of completed homebuilding deliveries to properties	72,862		75,498
Property and land contributions to unconsolidated joint ventures	(23,835)		(9,835)
Unrealized gain on cash flow hedging instrument	9,230		—
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537		1,603
Accrued distributions to non-affiliates	105		41

The accompanying notes are an integral part of these condensed consolidated financial statements.

14

American Homes 4 Rent

American Homes 4 Rent, L.P.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. 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 March 31, 2021, the Company held 53,984 single-family properties in 22 states, including 636 properties classified as held for sale.

    AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% 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.

Note 2. 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

15

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.

Note 3. 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):

	March 31,				December 31,
	2021		2020		2020		2019
Cash and cash equivalents	$	75,237	$	33,108	$	137,060	$	37,575
Restricted cash	136,867		128,621		128,017		126,544
Total cash, cash equivalents and restricted cash	$	212,104	$	161,729	$	265,077	$	164,119

Note 4. Real Estate Assets, Net

    The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Occupied single-family properties	$	8,100,087	$	7,957,513
Single-family properties recently acquired or developed	43,333		66,857
Single-family properties in turnover process	111,806		149,684
Single-family properties leased, not yet occupied	74,940		71,334
Single-family properties in operation, net	8,330,166		8,245,388
Development land	303,653		270,767
Single-family properties under development	251,112		239,598
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	$	9,000,925	$	8,884,779

    Depreciation expense related to single-family properties was $86.3 million and $79.8 million for the three months ended March 31, 2021 and 2020, respectively.

16

    The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2021 and 2020 (in thousands, except property data):

	For the Three Months Ended March 31,
	2021		2020
Single-family properties:
Properties sold	180		410
Net proceeds (1)	$	46,040	$	81,186
Net gain on sale	$	15,350	$	13,758
Land:
Net proceeds	$	264	$	71
Net (loss) gain on sale	$	(77)	$	7

(1)Net proceeds are net of deductions for working capital prorations.

Note 5. 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 $45.8 million and $40.0 million for the three months ended March 31, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $5.2 million and $4.0 million for the three months ended March 31, 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 March 31, 2021 (in thousands):

	March 31, 2021
Remaining 2021	$	492,228
2022	85,142
2023	2,417
2024	13
Total	$	579,800

    As of March 31, 2021 and December 31, 2020, rent and other receivables included $2.5 million and $0.8 million, respectively, of insurance claims receivables related to storm damages and other matters.

Note 6. Escrow Deposits, Prepaid Expenses and Other Assets

    The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Escrow deposits, prepaid expenses and other	$	62,780	$	51,886
Deferred costs and other intangibles, net	4,317		4,864
Notes receivable, net	34,745		35,519
Operating lease ROU assets	18,553		18,772
Commercial real estate, software, vehicles and FF&E, net	57,541		52,130
Total	$	177,936	$	163,171

    Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.8 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively.

17

Deferred Costs and Other Intangibles, Net

    Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Deferred leasing costs	$	3,889	$	3,782
Deferred financing costs	11,244		11,244
	15,133		15,026
Less: accumulated amortization	(10,816)		(10,162)
Total	$	4,317	$	4,864

    Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended March 31, 2021 and 2020, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million for both the three months ended March 31, 2021 and 2020 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 March 31, 2021 for future periods (in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2021	$	1,797	$	1,479	$	3,276
2022	73		968		1,041
Total	$	1,870	$	2,447	$	4,317

Note 7. Investments in Unconsolidated Joint Ventures

    As of March 31, 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 was 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 March 31, 2021		Completed Homes at March 31, 2021	Balances at March 31, 2021		Balances at December 31, 2020
Alaska JV	20	%	350	$	26,365	$	26,020
Institutional Investor JV	20	%	816	30,638		34,112
J.P. Morgan JV	20	%	217	43,074		32,977
			1,383	$	100,077	$	93,109

18

    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 $2.1 million and $0.9 million for the three months ended March 31, 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-year term, the loan bears interest at LIBOR plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of March 31, 2021, the joint venture’s loan had a $116.7 million outstanding principal balance. The Company has provided a customary non-recourse guarantee that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantee has not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint venture and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

Note 8. 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 March 31, 2021 and December 31, 2020 (in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2021		December 31, 2020
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	478,399	$	479,981
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	493,862		495,392
AH4R 2015-SFR1 securitization (2)	4.14%	April 9, 2045	519,255		520,957
AH4R 2015-SFR2 securitization (3)	4.36%	October 9, 2045	450,858		452,162
Total asset-backed securitizations			1,942,374		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
Revolving credit facility (5)	1.31%	June 30, 2022	80,000		—
Total debt			2,922,374		2,848,492
Unamortized discounts on unsecured senior notes			(3,537)		(3,658)
Deferred financing costs, net (6)			(25,960)		(27,422)
Total debt per balance sheet			$	2,892,877	$	2,817,412

(1)Interest rates are as of March 31, 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 effectively hedged to yield an interest rate of 4.08%.

(5)The revolving credit facility provides for a borrowing capacity of up to $800.0 million and the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details.

(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2021 and 2020, which was included in gross interest, prior to interest capitalization.

19

Debt Maturities

    The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2021 (in thousands):

	Debt Maturities
Remaining 2021	$	15,536
2022	100,714
2023	20,714
2024	953,929
2025	10,302
Thereafter	1,821,179
Total debt	$	2,922,374

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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
Gross interest cost	$	33,883	$	34,364
Capitalized interest	(5,878)		(4,649)
Interest expense	$	28,005	$	29,715

Note 9. Accounts Payable and Accrued Expenses

    The following table summarizes accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Resident security deposits	$	93,713	$	90,621
Accrued property taxes	78,343		48,689
Accrued construction and maintenance liabilities	41,159		42,483
Prepaid rent	24,921		24,421
Operating lease liabilities	19,289		19,166
Accrued interest	12,807		23,018
Accounts payable	194		432
Accrued distribution payable	105		13,612
Other accrued liabilities	37,113		36,507
Total	$	307,644	$	298,949

Note 10. Shareholders’ Equity / Partners’ Capital

    When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AH4R, with the Operating Partnership receiving the net proceeds from the share issuances.

At-the-Market Common Share Offering Program

    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

20

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 months ended March 31, 2021, no shares were issued under the At-the-Market Program. As of March 31, 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 three months ended March 31, 2021 and 2020, we did not repurchase and retire any of our shares. As of March 31, 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 March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data):

					March 31, 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	10,750,000	$	268,750
Series E perpetual preferred shares	6/29/2016	6/29/2021	6.350	%	9,200,000	230,000		9,200,000	230,000
Series F perpetual preferred shares	4/24/2017	4/24/2022	5.875	%	6,200,000	155,000		6,200,000	155,000
Series G perpetual preferred shares	7/17/2017	7/17/2022	5.875	%	4,600,000	115,000		4,600,000	115,000
Series H perpetual preferred shares	9/19/2018	9/19/2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					35,350,000	$	883,750	35,350,000	$	883,750

Distributions

    The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.

	For the Three Months Ended
Security	March 31, 2021		March 31, 2020
Class A and Class B common shares	$	0.10	$	0.05
6.500% Series D perpetual preferred shares	0.41		0.41
6.350% Series E perpetual preferred shares	0.40		0.40
5.875% Series F perpetual preferred shares	0.37		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

Noncontrolling Interest

    Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990 and 51,129,990, or approximately 13.8% and 13.9%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 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 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. The Operating Partnership 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.

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Note 11. Share-Based Compensation

2012 Equity Incentive Plan

    The Company’s employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the “Plan”), the Operating Partnership issues an equivalent number of Class A units to AH4R and non-management members of our board of trustees.

    During the three months ended March 31, 2021 and 2020, the Human Capital and Compensation Committee granted restricted share units (“RSUs”) to employees that vest over a three-year service period. RSUs granted to non-management trustees vest over a one-year service period.

    During the three months ended March 31, 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 Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	—	—
Exercised	(60,000)	(83,600)
Forfeited	—	(1,600)
Options outstanding at end of period	1,030,300	1,444,600
Options exercisable at end of period	992,800	1,296,750

    The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
RSUs outstanding at beginning of period	651,537	599,109
Awarded	453,560	422,285
Vested	(164,203)	(181,213)
Forfeited	(12,399)	(19,010)
RSUs outstanding at end of period	928,495	821,171

    The following table summarizes PSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
PSUs outstanding at beginning of period	—	—
Awarded	92,319	—
Vested	—	—
Forfeited	—	—
PSUs outstanding at end of period	92,319	—

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    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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
General and administrative expense	$	4,342	$	1,369
Property management expenses	999		439
Acquisition and other transaction costs	2,769		—
Total noncash share-based compensation expense	$	8,110	$	1,808

Note 12. 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 months ended March 31, 2021 and 2020 (in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Noncontrolling interest	4,925		3,501
Dividends on preferred shares	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common share–basic and diluted	$	30,121	$	20,190
Denominator:
Weighted-average common shares outstanding–basic	316,982,460		300,813,069
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common shares outstanding–diluted (3)	317,441,397		301,305,068
Net income per common share:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

(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.

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    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 months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Preferred distributions	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common unit–basic and diluted	$	35,046	$	23,691
Denominator:
Weighted-average common units outstanding–basic	368,647,217		352,840,049
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common units outstanding–diluted	369,106,154		353,332,048
Net income per common unit:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

Note 13. 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.

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    The following table displays the carrying values and fair values of our debt instruments as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
AH4R 2014-SFR2 securitization	$	473,879	$	485,779	$	475,144	$	488,140
AH4R 2014-SFR3 securitization	489,107		502,724		490,319		504,364
AH4R 2015-SFR1 securitization	513,956		527,535		515,326		529,542
AH4R 2015-SFR2 securitization	445,792		460,132		446,818		461,037
Total asset-backed securitizations	1,922,734		1,976,170		1,927,607		1,983,083
2028 unsecured senior notes, net	494,576		549,755		494,378		575,220
2029 unsecured senior notes, net	395,567		456,188		395,427		482,276
Total unsecured senior notes, net	890,143		1,005,943		889,805		1,057,496
Revolving credit facility	80,000		80,000		—		—
Total debt	$	2,892,877	$	3,062,113	$	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 and had a fair value of $9.2 million as of March 31, 2021, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt. The treasury lock is the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and is classified as Level 2 within the fair value hierarchy as its fair value is estimated using observable inputs based on the 10-year treasury note rate.

Note 14. Related Party Transactions

    As of March 31, 2021 and December 31, 2020, affiliates owned approximately 14.3% 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 March 31, 2021 and December 31, 2020, respectively) an approximate 26.2% and 26.3% interest as of March 31, 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 March 31, 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.

Note 15. Commitments and Contingencies

    As of March 31, 2021, the Company had commitments to acquire 547 single-family properties for an aggregate purchase price of $146.9 million, as well as $90.1 million in purchase commitments for land relating to our AMH Development Program. 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 March 31, 2021 and December 31, 2020, the Company had sales in escrow for approximately 64 and 97, respectively, of our single-family properties for aggregate selling prices of $20.0 million and $24.0 million, respectively.

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    As of March 31, 2021 and December 31, 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $47.5 million and $36.7 million, respectively.

Captive Insurance Company

    In January 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 cooperating with the Georgia Attorney General’s Office on this matter.

    We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

COVID-19 Pandemic

    The global economy has continued to be severely impacted by the COVID-19 pandemic. We are actively monitoring the impact of the COVID-19 pandemic, which we anticipate will negatively impact our business and results of operations for our second 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 new variants or strains, the speed and effectiveness of vaccine distribution, vaccine adoption rates and actions by government authorities to contain the pandemic or treat its impact, among other things.

Note 16. Subsequent Events

Subsequent Acquisitions

    From April 1, 2021 through April 30, 2021, the Company added 214 properties to its portfolio for a total cost of approximately $64.5 million, which included 87 newly constructed properties delivered through our AMH Development Program and 9 newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

    From April 1, 2021 through April 30, 2021, the Company disposed of 37 properties for aggregate net proceeds of approximately $10.7 million.

Revolving Credit Facility

    From April 1, 2021 through April 30, 2021, the Company borrowed an additional $20.0 million under its revolving credit facility, resulting in $100.0 million of outstanding borrowings under its revolving credit facility as of April 30, 2021.

Amendment of Revolving Credit Facility

    On April 15, 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 to continue to support the Company’s growth initiatives, 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.

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Redemption of Perpetual Preferred Shares

    On May 6, 2021, the Company announced its intent to redeem (i) all outstanding shares of its 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, on June 7, 2021, and (ii) all outstanding shares of its 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 any accrued and unpaid dividends, on June 30, 2021.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

    The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q.

Overview

    We are a Maryland REIT focused on acquiring, developing, renovating, leasing and operating single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012.

    As of March 31, 2021, we owned 53,984 single-family properties in selected sub-markets of metropolitan statistical areas (“MSAs”) in 22 states, including 636 properties held for sale, compared to 53,584 single-family properties in 22 states, including 711 properties held for sale, as of December 31, 2020, and 52,776 single-family properties in 22 states, including 960 properties held for sale as of March 31, 2020. As of March 31, 2021, 52,025, or 97.5%, of our total properties (excluding properties held for sale) were occupied, compared to 51,271, or 97.0%, of our total properties (excluding properties held for sale) as of December 31, 2020, and 49,029, or 94.6%, of our total properties (excluding properties held for sale) as of March 31, 2020. Also, as of March 31, 2021, the Company had an additional 1,383 properties held in unconsolidated joint ventures, compared to 1,293 properties held in unconsolidated joint ventures as of December 31, 2020, and 876 properties held in unconsolidated joint ventures as of March 31, 2020. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

COVID-19 Business Update

    The Company has maintained continuity in business operations since the beginning of the COVID-19 pandemic and produced strong operating results in the first quarter of 2021 demonstrating the flexibility of its technology enabled operating platform and the resiliency of its high-quality, diversified portfolio. Comprehensive remote working policies remain in place for most corporate and field offices, and operational protocols have been tailored based on state and local mandates to ensure continuity of services, while protecting employees, residents and their families.

    Collections have continued to remain resilient throughout the pandemic with the Company recognizing bad debt on 2.5% of its first quarter 2021 rental billings. Additionally, collections of April 2021 rental billings continue to remain consistent with pandemic payment histories within the same time frame.

    Although the Company has produced strong operating results to date during the COVID-19 pandemic, the extent to which the pandemic will ultimately impact us and our residents will depend on future developments which are highly uncertain. These include the scope, severity and duration of the pandemic, including resurgences, new variants or strains, impact of government regulations, the speed and effectiveness of vaccine distribution, vaccine adoption rates and the direct and indirect economic effects of the pandemic and containment measures, among others.

    For more information on risks related to COVID-19, see Part I, “Item 1A. Risk Factors—Risks Related to Our Business—We are subject to risks from the global pandemic associated with COVID-19 and we may in the future be subject to risks from other public health crises” in our 2020 Annual Report.

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Key Single-Family Property and Leasing Metrics

    The following table summarizes certain key single-family properties metrics as of March 31, 2021:

Market	Number of Single-Family Properties (1)	% of Total Single-Family Properties		Gross Book Value (millions)		% of Gross Book Value Total		Avg. Gross Book Value per Property		Avg. Sq. Ft.	Avg. Property Age (years)	Avg. Year Purchased or Delivered
Atlanta, GA	5,077	9.5	%	$	951.5	9.4	%	$	187,415	2,163	17.3	2015
Dallas-Fort Worth, TX	4,317	8.1	%	723.7		7.1	%	167,630		2,118	16.9	2014
Charlotte, NC	3,822	7.2	%	761.2		7.5	%	199,157		2,099	16.4	2015
Phoenix, AZ	3,171	5.9	%	575.4		5.7	%	181,465		1,838	17.4	2015
Houston, TX	2,955	5.5	%	492.8		4.8	%	166,762		2,097	15.2	2014
Nashville, TN	2,941	5.5	%	646.8		6.4	%	219,924		2,108	15.2	2015
Indianapolis, IN	2,820	5.3	%	441.0		4.3	%	156,384		1,928	18.4	2013
Tampa, FL	2,496	4.7	%	511.4		5.0	%	204,872		1,946	14.6	2015
Jacksonville, FL	2,486	4.7	%	463.3		4.6	%	186,381		1,937	14.6	2015
Raleigh, NC	2,128	4.0	%	400.3		3.9	%	188,121		1,878	15.6	2015
Columbus, OH	2,067	3.9	%	364.8		3.6	%	176,505		1,870	19.1	2015
Cincinnati, OH	1,998	3.7	%	357.3		3.5	%	178,816		1,851	18.6	2014
Orlando, FL	1,769	3.3	%	333.4		3.3	%	188,449		1,904	18.4	2015
Greater Chicago area, IL and IN	1,727	3.2	%	318.9		3.1	%	184,667		1,869	19.6	2013
Salt Lake City, UT	1,610	3.0	%	422.1		4.2	%	262,185		2,182	17.0	2015
Charleston, SC	1,270	2.4	%	262.3		2.6	%	206,515		1,975	12.3	2016
Las Vegas, NV	1,187	2.2	%	233.1		2.3	%	196,363		1,858	16.0	2014
Austin, TX	967	1.8	%	192.9		1.9	%	199,476		1,891	11.2	2015
San Antonio, TX	946	1.8	%	156.0		1.5	%	164,931		2,024	16.6	2014
Savannah/Hilton Head, SC	917	1.7	%	168.9		1.7	%	184,219		1,871	13.1	2016
All Other (2)	6,677	12.6	%	1,385.6		13.6	%	207,515		1,901	16.9	2015
Total/Average	53,348	100.0	%	$	10,162.7	100.0	%	$	190,498	1,987	16.6	2015

(1)Excludes 636 single-family properties held for sale as of March 31, 2021.

(2)Represents 15 markets in 13 states.

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    The following table summarizes certain key leasing metrics as of March 31, 2021:

	Total Single-Family Properties (1)
Market	Avg. Occupied Days Percentage (2)		Avg. Monthly Realized Rent per property (3)		Avg. Original Lease Term (months) (4)	Avg. Remaining Lease Term (months) (4)	Avg. Blended Change in Rent (5)
Atlanta, GA	97.3	%	$	1,714	12.0	5.7	7.8	%
Dallas-Fort Worth, TX	97.1	%	1,837		12.1	6.0	5.6	%
Charlotte, NC	97.2	%	1,692		12.4	5.8	6.5	%
Phoenix, AZ	97.8	%	1,583		12.3	6.2	12.2	%
Houston, TX	96.1	%	1,712		12.4	5.7	4.0	%
Nashville, TN	95.7	%	1,819		12.0	6.0	5.5	%
Indianapolis, IN	97.2	%	1,514		12.0	5.9	7.9	%
Tampa, FL	98.1	%	1,794		12.0	5.8	6.6	%
Jacksonville, FL	97.3	%	1,672		12.0	6.2	7.1	%
Raleigh, NC	96.6	%	1,614		12.3	6.1	5.6	%
Columbus, OH	97.8	%	1,742		12.0	6.1	7.5	%
Cincinnati, OH	96.7	%	1,695		11.9	6.3	6.9	%
Orlando, FL	95.9	%	1,776		12.1	6.3	5.1	%
Greater Chicago area, IL and IN	97.6	%	1,955		12.3	6.2	6.6	%
Salt Lake City, UT	98.0	%	1,890		12.1	6.0	7.8	%
Charleston, SC	97.0	%	1,803		12.0	6.1	6.7	%
Las Vegas, NV	96.8	%	1,709		12.0	6.7	8.0	%
Austin, TX	96.2	%	1,745		12.1	5.9	5.8	%
San Antonio, TX	96.5	%	1,608		12.1	6.3	5.1	%
Savannah/Hilton Head, SC	98.6	%	1,646		12.1	5.7	6.5	%
All Other (6)	97.2	%	1,776		12.1	6.1	7.1	%
Total/Average	97.1	%	$	1,730	12.1	6.0	6.9	%

(1)Leasing information excludes 636 single-family properties held for sale as of March 31, 2021.

(2)For the three months ended March 31, 2021, Average Occupied Days Percentage represents the number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service.

(3)For the three months ended March 31, 2021, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this is adjusted to reflect the number of days of ownership.

(4)Average Original Lease Term and Average Remaining Lease Term are reflected as of period end.

(5)Represents the percentage change in rent on all non-month-to-month lease renewals and re-leases during the three months ended March 31, 2021, compared to the annual rent of the previously expired non-month-to-month comparable long-term lease for each property.

(6)Represents 15 markets in 13 states.

    We believe these key single-family property and leasing metrics provide useful information to investors because they allow investors to understand the composition and performance of our properties on a market by market basis. Management also uses these metrics to understand the composition and performance of our properties at the market level.

Factors That Affect Our Results of Operations and Financial Condition

    Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Currently, the most significant factor impacting our results of operations and financial condition is the effect of the COVID-19 pandemic, which is discussed above. Other key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, the pace and cost of our property developments, the time to lease newly acquired or developed properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, our ability to raise capital and our capital structure.

    Property Acquisitions, Development and Dispositions

    Since our formation, we have rapidly but systematically grown our portfolio of single-family properties. Our ability to identify and acquire homes that meet our investment criteria is impacted by home prices in our target markets, the inventory of properties available-for-sale through traditional acquisition channels, competition for our target assets and our available capital. We are increasingly focused on developing “built-for-rental” homes through our internal AMH Development Program and acquiring

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newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new construction channels are impacted by the availability of vacant developed lots, development land assets and inventory of homes currently under construction or newly developed. Our level of investment activity has fluctuated based on the number of suitable opportunities and the level of capital available to invest. During the three months ended March 31, 2021, we developed or acquired 580 homes, including 299 newly constructed properties delivered through our AMH Development Program and 281 homes acquired through our National Builder Program and traditional acquisition channel, partially offset by 180 homes sold.

    Our properties held for sale were identified based on sub-market analysis, as well as individual property-level operational review. As of March 31, 2021 and December 31, 2020, there were 636 and 711 properties, respectively, classified as held for sale. We will continue to evaluate our properties for potential disposition going forward as a normal course of business.

    Property Operations

    Homes added to our portfolio through new construction channels include properties developed through our internal AMH Development Program and newly constructed properties acquired from third-party developers through our National Builder Program. Rental homes developed through our AMH Development Program involve substantial up-front costs, time to acquire and develop land, time to build the rental home, and time to lease the rental home before the home generates income. This process is dependent upon the nature of each lot acquired and the timeline varies primarily due to land development requirements. Once land development requirements have been met, on average it takes approximately four to six months to complete the rental home vertical construction process. However, delivery of homes may be staggered to facilitate leasing absorption. Our internal construction program is managed by our team of development professionals that oversee the full rental home construction process including all land development and work performed by subcontractors. We typically incur costs between $200,000 and $400,000 to acquire and develop land and build a rental home. Homes added through our AMH Development Program are available for lease immediately upon or shortly after receipt of a certificate of occupancy. Rental homes acquired from third-party developers through our National Builder Program are dependent on the inventory of newly constructed homes and homes currently under construction.

    Homes added to our portfolio through traditional acquisition channels require expenditures in addition to payment of the purchase price, including property inspections, closing costs, liens, title insurance, transfer taxes, recording fees, broker commissions, property taxes and homeowner association (“HOA”) fees, when applicable. In addition, we typically incur costs between $15,000 and $30,000 to renovate a home acquired through traditional acquisition channels to prepare it for rental. Renovation work varies, but may include paint, flooring, cabinetry, appliances, plumbing hardware and other items required to prepare the home for rental. The time and cost involved to prepare our homes for rental can impact our financial performance and varies among properties based on several factors, including the source of acquisition channel and age and condition of the property. On average, it takes approximately 20 to 40 days to complete the renovation process.

    Our operating results are also impacted by the amount of time it takes to market and lease a property, which can vary greatly among properties, and is impacted by local demand, our marketing techniques and the size of our available inventory. On average, it takes approximately 20 to 40 days to lease a property after acquiring or developing a new property through our new construction channels or after completing the renovation process for a traditionally acquired property. Lastly, our operating results are impacted by the length of stay of our tenants and the amount of time it takes to prepare and re-lease a property after a tenant vacates. This process, which we refer to as “turnover,” is impacted by numerous factors, including the condition of the home upon move-out of the previous tenant, and by local demand, our marketing techniques and the size of our available inventory at the time of the turnover. On average, it takes approximately 30 to 60 days to complete the turnover process.

    Revenues

    Our revenues are derived primarily from rents collected from tenants for our single-family properties under lease agreements which typically have a term of one year. Our rental rates and occupancy levels are affected by macroeconomic factors and local and property-level factors, including market conditions, seasonality and tenant defaults, and the amount of time it takes to turn properties when tenants vacate. Additionally, our ability to collect revenues and related operating results are impacted by the credit worthiness and quality of our tenants. Typically, our tenants have household incomes ranging from $70,000 to $120,000 and primarily consist of families with approximately two adults and one or more children.

    Our rents and other single-family property revenues are comprised of rental revenue from single-family properties, fees from our single-family property rentals and “tenant charge-backs,” which are primarily related to cost recoveries on utilities.

    Our ability to maintain and grow revenues from our existing portfolio of homes will be dependent on our ability to retain tenants and increase rental rates. Based on our Same-Home population of properties (defined below), the year-over-year increase in

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Average Monthly Realized Rent per property was 3.3% for the three months ended March 31, 2021, and we experienced turnover rates of 7.0% and 8.1% during the three months ended March 31, 2021 and 2020, respectively.

    Expenses

    We monitor the following categories of expenses that we believe most significantly affect our results of operations.

    Property Operating Expenses

    Once a property is available for lease for the first time, which we refer to as “rent-ready,” we incur ongoing property-related expenses which may not be subject to our control. These include primarily property taxes, repairs and maintenance (“R&M”), turnover costs, HOA fees (when applicable) and insurance.

    Property Management Expenses

    As we internally manage our portfolio of single-family properties through our proprietary property management platform, we incur costs such as salary expenses for property management personnel, lease expenses and operating costs for property management offices and technology expenses for maintaining our property management platform. As part of developing our property management platform, we have made significant investments in our infrastructure, systems and technology. We believe that these investments will enable our property management platform to become more efficient over time, especially as our portfolio grows. Also included in property management expenses is noncash share-based compensation expense related to centralized and field property management employees.

    Seasonality

    We believe that our business and related operating results will be impacted by seasonal factors throughout the year. We experience higher levels of tenant move-outs and move-ins during the late spring and summer months, which impacts both our rental revenues and related turnover costs. Our property operating costs are seasonally impacted in certain markets for expenses such as HVAC repairs, turn costs and landscaping expenses during the summer season. Additionally, our single-family properties are at greater risk in certain markets for adverse weather conditions such as hurricanes in the late summer months and extreme cold weather in the winter months.

    General and Administrative Expense

    General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expenses, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. Also included in general and administrative expense is noncash share-based compensation expense related to corporate administrative employees.

Results of Operations

    Net income totaled $48.9 million for the three months ended March 31, 2021, compared to net income of $37.5 million for the three months ended March 31, 2020. This increase was primarily attributable to growth in the Company’s portfolio, higher occupancy and higher rental rates, as well as an increase in gain on sale and impairment of single-family properties and other, net, partially offset by increased uncollectible rents related to the COVID-19 pandemic.

    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. The reclassification had no impact to net income, core revenues, core property operating expenses, Core NOI, Core FFO and Adjusted FFO attributable to common share and unit holders, Adjusted EBITDAre or Fully Adjusted EBITDAre.

    As we continue to grow our portfolio with a portion of our homes still recently developed, acquired and/or renovated, we distinguish our portfolio of homes between Same-Home properties and Non-Same-Home and Other properties in evaluating our operating performance. We classify a property as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison and if it has not been classified as held for sale or taken out of service as a result of a casualty loss, which allows the performance of these properties to be compared between periods. Single-family properties that we acquire individually (i.e., not through a bulk purchase) are classified as either stabilized or non-stabilized. A property is classified as

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stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria. All other properties, including those classified as held for sale or taken out of service as a result of a casualty loss, are classified as Non-Same-Home and Other.

    One of the primary financial measures we use in evaluating the operating performance of our single-family properties is Core Net Operating Income (“Core NOI”), which we also present separately for our Same-Home portfolio. Core NOI is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

    Core NOI also excludes (1) gain or loss on early extinguishment of debt, (2) hurricane-related charges, net, which result in material charges to the impacted single-family properties, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

    Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)).

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Comparison of the Three Months Ended March 31, 2021 to the Three Months Ended March 31, 2020

    The following table presents a summary of Core NOI for our Same-Home properties, Non-Same-Home and Other properties, and total properties for the three months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31, 2021
	Same-Home Properties (1)		% of Core Revenue		Non-Same- Home and Other Properties		% of Core Revenue		Total Properties		% of Core Revenue
Rents from single-family properties	$	237,554			$	30,767			$	268,321
Fees from single-family properties	4,424				750				5,174
Bad debt (2)	(5,960)				(757)				(6,717)
Core revenues	236,018				30,760				266,778
Property tax expense	41,864		17.8	%	5,544		18.0	%	47,408		17.8	%
HOA fees, net (3)	4,327		1.8	%	640		2.1	%	4,967		1.9	%
R&M and turnover costs, net (3)(4)	15,794		6.7	%	2,442		7.9	%	18,236		6.8	%
Insurance	2,423		1.0	%	365		1.2	%	2,788		1.0	%
Property management expenses, net (5)	18,917		8.0	%	3,283		10.7	%	22,200		8.3	%
Core property operating expenses	83,325		35.3	%	12,274		39.9	%	95,599		35.8	%
Core NOI	$	152,693	64.7	%	$	18,486	60.1	%	$	171,179	64.2	%

	For the Three Months Ended March 31, 2020
	Same-Home Properties (1)		% of Core Revenue		Non-Same- Home and Other Properties		% of Core Revenue		Total Properties		% of Core Revenue
Rents from single-family properties	$	225,030			$	20,300			$	245,330
Fees from single-family properties	3,564				450				4,014
Bad debt	(1,695)				(320)				(2,015)
Core revenues	226,899				20,430				247,329
Property tax expense	40,253		17.7	%	4,715		23.1	%	44,968		18.2	%
HOA fees, net (3)	3,982		1.8	%	534		2.6	%	4,516		1.8	%
R&M and turnover costs, net (3)	14,941		6.6	%	2,166		10.6	%	17,107		6.9	%
Insurance	2,060		0.9	%	253		1.2	%	2,313		0.9	%
Property management expenses, net (5)	18,892		8.3	%	2,525		12.4	%	21,417		8.7	%
Core property operating expenses	80,128		35.3	%	10,193		49.9	%	90,321		36.5	%
Core NOI	$	146,771	64.7	%	$	10,237	50.1	%	$	157,008	63.5	%

(1)Includes 47,258 properties that have been stabilized longer than 90 days prior to January 1, 2020.

(2)Includes increased uncollectible rents related to the COVID-19 pandemic of $4.5 million and $4.2 million for the total portfolio and Same-Home portfolio, respectively, during the three months ended March 31, 2021.

(3)Presented net of tenant charge-backs.

(4)Includes increased uncollectible tenant reimbursements of $0.4 million and $0.4 million for the total portfolio and Same-Home portfolio, respectively, during the three months ended March 31, 2021.

(5)Presented net of tenant charge-backs and excludes noncash share-based compensation expense related to centralized and field property management employees.

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    The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2021 and 2020 (amounts in thousands):

	For the Three Months Ended March 31,
	2021		2020
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	312,573	$	287,342
Tenant charge-backs	(45,795)		(40,013)
Core revenues	266,778		247,329
Less: Non-Same-Home core revenues	30,760		20,430
Same-Home core revenues	$	236,018	$	226,899

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	118,694	$	107,497
Property management expenses	23,699		23,276
Noncash share-based compensation - property management	(999)		(439)
Expenses reimbursed by tenant charge-backs	(45,795)		(40,013)
Core property operating expenses	95,599		90,321
Less: Non-Same-Home core property operating expenses	12,274		10,193
Same-Home core property operating expenses	$	83,325	$	80,128

Core NOI and Same-Home Core NOI
Net income	$	48,921	$	37,527
Gain on sale and impairment of single-family properties and other, net	(16,069)		(6,319)
Depreciation and amortization	90,071		82,821
Acquisition and other transaction costs	4,846		2,147
Noncash share-based compensation - property management	999		439
Interest expense	28,005		29,715
General and administrative expense	15,205		11,266
Other income and expense, net	(799)		(588)
Core NOI	171,179		157,008
Less: Non-Same-Home Core NOI	18,486		10,237
Same-Home Core NOI	$	152,693	$	146,771

Rents and Other Single-Family Property Revenues

    Rents and other single-family property revenues increased 8.8% to $312.6 million for the three months ended March 31, 2021 from $287.3 million for the three months ended March 31, 2020. Revenue growth was driven by an increase in our average occupied portfolio which grew to 51,648 homes for the three months ended March 31, 2021, compared to 48,898 homes for the three months ended March 31, 2020, as well as higher rental rates, partially offset by increased uncollectible rents related to the COVID-19 pandemic.

Property Operating Expenses

    Property operating expenses increased 10.4% to $118.7 million for the three months ended March 31, 2021 from $107.5 million for the three months ended March 31, 2020. This increase was primarily attributable to higher property tax expense and higher R&M and turnover costs as a result of growth in our portfolio.

Property Management Expenses

    Property management expenses for the three months ended March 31, 2021 and 2020 were $23.7 million and $23.3 million, respectively, which included $1.0 million and $0.4 million, respectively, of noncash share-based compensation expense related to centralized and field property management employees. The increase in property management expenses was primarily attributable to

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higher noncash share-based compensation expense and higher personnel costs, partially offset by lower employee travel and office costs.

Core Revenues from Same-Home Properties

    Core revenues from Same-Home properties increased 4.0% to $236.0 million for the three months ended March 31, 2021 from $226.9 million for the three months ended March 31, 2020 primarily driven by a 3.3% increase in Average Monthly Realized Rent per property, which increased to $1,722 per month for the three months ended March 31, 2021 compared to $1,667 per month for the three months ended March 31, 2020, as well as a 2.1% increase in Average Occupied Days Percentage, partially offset by an increase in uncollectible rents related to the COVID-19 pandemic.

Core Property Operating Expenses from Same-Home Properties

    Core property operating expenses from Same-Home properties consist of direct property operating expenses, net of tenant charge-backs, and property management costs, net of tenant charge-backs, and excludes noncash share-based compensation expense. Core property operating expenses from Same-Home properties increased 4.0% to $83.3 million for the three months ended March 31, 2021 from $80.1 million for the three months ended March 31, 2020, primarily driven by annual growth in property tax expense and higher R&M and turnover costs, net.

General and Administrative Expense

    General and administrative expense primarily consists of corporate payroll and personnel costs, federal and state taxes, trustees’ and officers’ insurance expense, audit and tax fees, trustee fees and other expenses associated with our corporate and administrative functions. General and administrative expense for the three months ended March 31, 2021 and 2020 was $15.2 million and $11.3 million, respectively, which included $4.3 million and $1.4 million, respectively, of noncash share-based compensation expense related to corporate administrative employees. The increase in general and administrative expense was primarily related to higher noncash share-based compensation expense driven by retirement provisions that resulted in accelerated expense recognition for retirement eligible employees during the three months ended March 31, 2021, as well as an increase in professional fees.

Interest Expense

    Interest expense decreased 5.8% to $28.0 million for the three months ended March 31, 2021 from $29.7 million for the three months ended March 31, 2020. This decrease was primarily related to additional capitalized interest during the three months ended March 31, 2021 related to an increase in our development activities under our AMH Development Program.

Acquisition and Other Transaction Costs

    Acquisition and other transaction costs consists primarily of costs associated with 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 which do not qualify for capitalization. Acquisition and other transaction costs were $4.8 million and $2.1 million for the three months ended March 31, 2021 and 2020, respectively, which included $2.8 million of noncash share-based compensation expense related to employees in these functions during the three months ended March 31, 2021. The increase in acquisition and other transaction costs was primarily related to higher noncash share-based compensation expense driven by retirement provisions that resulted in accelerated expense recognition for retirement eligible employees during the three months ended March 31, 2021.

Depreciation and Amortization

    Depreciation and amortization expense consists primarily of depreciation of buildings and improvements. Depreciation of our assets is calculated over their useful lives on a straight-line basis over three to 30 years. Our intangible assets are amortized on a straight-line basis over the asset’s estimated economic useful life. Depreciation and amortization expense increased 8.8% to $90.1 million for the three months ended March 31, 2021 from $82.8 million for the three months ended March 31, 2020 primarily due to growth in our average number of depreciable properties.

Gain on Sale and Impairment of Single-Family Properties and Other, net

    Gain on sale and impairment of single-family properties and other, net was $16.1 million and $6.3 million for the three months ended March 31, 2021 and 2020, respectively, which included $0.1 million and $4.4 million of impairment charges, respectively, related to homes classified as held for sale during each period. The increase was primarily related to higher net gains

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from property sales as well as lower impairment charges. During the three months ended March 31, 2020, a $3.5 million noncash write-down associated with the liquidation of legacy joint ventures, which were acquired as part of the American Residential Properties, Inc. merger in February 2016, was included in gain on sale and impairment of single-family properties and other, net.

Other Income and Expense, net

    Other income and expense, net was $0.8 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively, which primarily related to interest income, fees from unconsolidated joint ventures, equity in earnings from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures.

Critical Accounting Policies and Estimates

    Our critical accounting policies are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2020 Annual Report. There have been no changes to these policies during the three months ended March 31, 2021.

Income Taxes

    AH4R has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains), we generally will not be subject to U.S. federal income tax.

    Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify.

    Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Certain of our subsidiaries are subject to taxation by U.S. federal, state and local authorities for the periods presented. We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2016 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject.

    We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on its income. Instead, each of the Operating Partnership’s partners, including AH4R, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership.

    Accounting Standards Codification 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of March 31, 2021, there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

    As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. As of December 31,

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2020, AH4R had a net operating loss (“NOL”) for U.S. federal income tax purposes of an estimated $60.2 million. We intend to use our NOL (to the extent available) to reduce our REIT taxable income to the extent that REIT taxable income is not reduced by our deduction for dividends paid.

Recent Accounting Pronouncements

    See Note 2. Significant Accounting Policies to our condensed consolidated financial statements in this report for a discussion of the adoption and potential impact of recently issued accounting standards, if any.

Liquidity and Capital Resources

    Our liquidity and capital resources as of March 31, 2021 included cash and cash equivalents of $75.2 million. Additionally, as of March 31, 2021, we had $80.0 million of outstanding borrowings under our revolving credit facility, which provides for maximum borrowings of up to $800.0 million, of which $1.5 million was committed to outstanding letters of credit. As further described in Note 16. Subsequent Events, the Company closed a $1.25 billion revolving credit facility on April 15, 2021, amending its existing $800 million revolving credit facility. We have no debt maturities, other than recurring principal amortization and our revolving credit facility which was amended subsequent to quarter end, until 2024.

    Liquidity is a measure of our ability to meet potential cash requirements, maintain our assets, fund our operations, make distributions to our shareholders and OP unitholders, including AH4R, and meet other general requirements of our business. Our liquidity, to a certain extent, is subject to general economic, financial, competitive and other factors beyond our control. Our liquidity requirements consist primarily of funds necessary to pay for the acquisition, development, renovation and maintenance of our properties, HOA fees (as applicable), real estate taxes, non-recurring capital expenditures, interest and principal payments on our indebtedness, general and administrative expenses, payment of quarterly dividends on our preferred shares and units, and payment of distributions to our common shareholders and unitholders.

    We seek to satisfy our liquidity needs through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), asset-backed securitizations, property dispositions and joint venture transactions. We have financed our operations, acquisitions and development expenditures to date through the issuance of equity securities, borrowings under our credit facilities, asset-backed securitizations and unsecured senior notes, and proceeds from the sale of single-family properties. Going forward, we expect to meet our operating liquidity requirements generally through cash on hand and cash provided by operations. We believe our rental income, net of operating expenses and recurring capital expenditures, will generally provide cash flow sufficient to fund our operations and dividend distributions. However, our real estate assets are illiquid in nature. A timely liquidation of assets might not be a viable source of short-term liquidity should a cash flow shortfall arise, and we may need to source liquidity from other financing alternatives including drawing on our revolving credit facility.

    As discussed above under “COVID-19 Business Update,” the COVID-19 pandemic has had an adverse impact on the economy and our operating cash flows. Since we do not know the ultimate severity and length of the COVID-19 pandemic, and thus cannot predict the impact it will have on our tenants and on the debt and equity capital markets, we cannot estimate the ultimate impact it will have on our liquidity and capital resources.

    Cash Flows

    The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020		Change
Net cash provided by operating activities	$	151,997	$	126,496	$	25,501
Net cash used for investing activities	(208,230)		(179,214)		(29,016)
Net cash provided by financing activities	3,260		50,328		(47,068)
Net decrease in cash, cash equivalents and restricted cash	$	(52,973)	$	(2,390)	$	(50,583)

    Operating Activities

    Our cash flows provided by operating activities, which is our principal source of cash flows, depend on numerous factors, including the occupancy level of our properties, the rental rates achieved on our leases, the collection of rent from our tenants and the level of property operating expenses, property management expenses and general and administrative expenses. Net cash provided by

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operating activities increased $25.5 million, or 20.2%, from $126.5 million for the three months ended March 31, 2020 to $152.0 million for the three months ended March 31, 2021, primarily as a result of increased cash flows generated from a larger number of occupied properties and increases in rental rates on lease renewals and re-leasing of our single-family properties, partially offset by a decrease in collections on rent associated with the COVID-19 pandemic.

    Investing Activities

    Net cash used for investing activities increased $29.0 million, or 16.2%, from $179.2 million for the three months ended March 31, 2020 to $208.2 million for the three months ended March 31, 2021, primarily driven by a decrease in net proceeds received from sales of single-family properties and other. Our investing activities are most significantly impacted by the strategic expansion of our portfolio through traditional acquisition channels, the development of “built-for-rental” homes through our AMH Development Program and acquiring newly built properties through our National Builder Program. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in this strategic expansion. Net cash used for investing activities also increased due to higher recurring and other capital expenditures for single-family properties and renovations to single-family properties as a result of investments in properties to increase future revenues or reduce maintenance expenditures. The development of “built-for-rental” homes and our property-enhancing capital expenditures may reduce recurring and other capital expenditures on an average per home basis in the future. These increased cash outflows were partially offset by additional distributions from unconsolidated joint ventures in respect of contributions of land and in-process development projects.

    Financing Activities

    Net cash provided by financing activities decreased $47.0 million from $50.3 million for the three months ended March 31, 2020 to $3.3 million for the three months ended March 31, 2021, primarily driven by $20.0 million of increased distributions to share and unit holders and $25.0 million less in borrowings on our revolving credit facility. The Company distributed $69.1 million on a cash basis to share and unit holders during the three months ended March 31, 2021 compared to $49.1 million during the three months ended March 31, 2020. The Company borrowed $80.0 million on its revolving credit facility during the three months ended March 31, 2021 compared to $105.0 million during the three months ended March 31, 2020.

    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 months ended March 31, 2021, no shares were issued under the At-the-Market Program. As of March 31, 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 three months ended March 31, 2021 and 2020, we did not repurchase and retire any of our shares. As of March 31, 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.

    Distributions

    As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. As of December 31,

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2020, AH4R had an NOL for U.S. federal income tax purposes of an estimated $60.2 million. We intend to use our NOL (to the extent available) to reduce our REIT taxable income to the extent that REIT taxable income is not reduced by our deduction for dividends paid.

Off-Balance Sheet Arrangements

    During the third quarter of 2020, one of our unconsolidated joint ventures entered into a loan agreement to borrow up to a $201.0 million aggregate commitment. During the initial two-year term, the loan bears interest at LIBOR plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of March 31, 2021, the joint venture’s loan had a $116.7 million outstanding principal balance. The Company has provided a customary non-recourse guarantee that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantee has not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint venture and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

    We have no other material obligations, assets or liabilities that would be considered off-balance sheet arrangements.

Contractual Obligations and Commitments

    Material changes to our aggregate indebtedness, if any, are described in Note 8. Debt to our condensed consolidated financial statements in this report.

    As further described in Note 16. Subsequent Events, the Company closed a $1.25 billion revolving credit facility on April 15, 2021, amending its existing $800 million revolving credit facility.

    Except as described in Note 15. Commitments and Contingencies to our condensed consolidated financial statements in this report, as of March 31, 2021, there have been no other material changes outside of the ordinary course of business to our other known contractual obligations, which are set forth in the table included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2020 Annual Report.

Additional Non-GAAP Measures

Funds from Operations (“FFO”) / Core FFO / Adjusted FFO attributable to common share and unit holders

    FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated partnerships and joint ventures to reflect FFO on the same basis.

    Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to the impacted single-family properties, and (4) gain or loss on early extinguishment of debt.

    Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

    We present FFO attributable to common share and unit holders because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real

40

estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

    FFO, Core FFO and Adjusted FFO attributable to common share and unit holders are not a substitute for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

    The following is a reconciliation of the Company’s net income attributable to common shareholders, determined in accordance with GAAP, to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders for the three months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
Net income attributable to common shareholders	$	30,214	$	20,244
Adjustments:
Noncontrolling interests in the Operating Partnership	4,925		3,501
Gain on sale and impairment of single-family properties and other, net	(16,069)		(6,319)
Adjustments for unconsolidated joint ventures	382		238
Depreciation and amortization	90,071		82,821
Less: depreciation and amortization of non-real estate assets	(2,788)		(2,064)
FFO attributable to common share and unit holders	$	106,735	$	98,421
Adjustments:
Acquisition, other transaction costs and other	4,846		2,852
Noncash share-based compensation - general and administrative	4,342		1,369
Noncash share-based compensation - property management	999		439
Core FFO attributable to common share and unit holders (1)	$	116,922	$	103,081
Recurring Capital Expenditures	(9,651)		(8,711)
Leasing costs	(975)		(910)
Adjusted FFO attributable to common share and unit holders (1)	$	106,296	$	93,460

(1)Core FFO and Adjusted FFO attributable to common share and unit holders include $4.5 million of increased uncollectible rents and $0.4 million of increased uncollectible tenant reimbursements during the first quarter of 2021 as a result of the COVID-19 pandemic.

EBITDA / EBITDAre / Adjusted EBITDAre / Fully Adjusted EBITDAre

    EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure and is used by us and others as a supplemental measure of performance. EBITDAre is a supplemental non-GAAP financial measure, which we calculate in accordance with the definition approved by NAREIT by adjusting EBITDA for gains and losses from sales or impairments of single-family properties and adjusting for unconsolidated partnerships and joint ventures on the same basis. Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting EBITDAre for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (2) noncash share-based compensation expense, (3) hurricane-related charges, net which result in material charges to the impacted single-family properties, and (4) gain or loss on early extinguishment of debt. Fully Adjusted EBITDAre is a supplemental non-GAAP financial measure calculated by adjusting Adjusted EBITDAre for (1) Recurring Capital Expenditures and (2) leasing costs. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale. We believe these metrics provide useful information to investors because they exclude the impact of various income and expense items that are not indicative of operating performance.

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    The following is a reconciliation of net income, as determined in accordance with GAAP, to EBITDA, EBITDAre, Adjusted EBITDAre and Fully Adjusted EBITDAre for the three months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
Net income	$	48,921	$	37,527
Interest expense	28,005		29,715
Depreciation and amortization	90,071		82,821
EBITDA	$	166,997	$	150,063
Gain on sale and impairment of single-family properties and other, net	(16,069)		(6,319)
Adjustments for unconsolidated joint ventures	382		238
EBITDAre	$	151,310	$	143,982
Noncash share-based compensation - general and administrative	4,342		1,369
Noncash share-based compensation - property management	999		439
Acquisition, other transaction costs and other	4,846		2,852
Adjusted EBITDAre	$	161,497	$	148,642
Recurring Capital Expenditures	(9,651)		(8,711)
Leasing costs	(975)		(910)
Fully Adjusted EBITDAre	$	150,871	$	139,021

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

    During the three months ended March 31, 2021, the Company borrowed an additional $80.0 million, resulting in $80.0 million of outstanding variable rate debt as of March 31, 2021. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.

    As of March 31, 2021, assuming no change in the outstanding balance of our existing variable rate debt, which bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% and is subject to a zero percent LIBOR floor, a hypothetical 100 basis point increase or decrease in LIBOR would increase or decrease our projected annual interest expense by approximately $0.8 million or $0.1 million, respectively. This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change. However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.

    Treasury lock agreements are used from time to time to manage the potential change in interest rates in anticipation of the possible issuance of fixed rate debt. We do not hold or issue these derivative contracts for trading or speculative purposes.

    As further described in Note 13. Fair Value to our condensed consolidated financial statements in this report, during the three months ended March 31, 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 and had a fair value of $9.2 million recognized as an unrealized gain in the condensed consolidated financial statements as of March 31, 2021. If the 10-year treasury note rate were to decrease, there would be a corresponding decrease in the unrealized gain or loss on our treasury lock. The treasury lock will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt.

    There have been no other material changes to our market risk from those disclosed in section Part II, “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of our 2020 Annual Report.

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Item 4. Controls and Procedures

    American Homes 4 Rent

Disclosure Controls and Procedures

    The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.

    Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, at a reasonable assurance level.

Internal Control over Financial Reporting

    There were no changes in the Company’s internal control over financial reporting during the quarter ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

    American Homes 4 Rent, L.P.

Disclosure Controls and Procedures

    The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in reports we file and submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in accordance with SEC guidelines and that such information is communicated to the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, to allow timely decisions regarding required disclosure based on the definition of “disclosure controls and procedures” in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, the Operating Partnership’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures in reaching that level of reasonable assurance.

    Under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of its general partner, the Operating Partnership evaluated the effectiveness of its disclosure controls and procedures, as required by Exchange Act Rule 13a-15(b), as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer of the Operating Partnership’s general partner concluded that the Operating Partnership’s disclosure controls and procedures were effective, at a reasonable assurance level.

Internal Control over Financial Reporting

    There were no changes in the Operating Partnership’s internal control over financial reporting during the quarter ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

    For a description of the Company’s legal proceedings, see Note 15. Commitments and Contingencies to our condensed consolidated financial statements in this report.

Item 1A. Risk Factors

    In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risks described in our 2020 Annual Report in Part I, “Item 1A. Risk Factors” and in our other filings with the SEC. These factors may materially affect our business, financial condition and operating results and could cause our actual results to differ materially from expectations.

    There have been no material changes to our risk factors from those disclosed in Part I, “Item 1A. Risk Factors” of our 2020 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

    None.

Item 3. Defaults Upon Senior Securities

    None.

Item 4. Mine Safety Disclosures

    Not applicable.

Item 5. Other Information

    None.

Item 6. Exhibits

    The exhibits listed below are filed herewith or incorporated herein by reference.

Exhibit Number	Exhibit Document
3.1	Articles of Amendment and Restatement of Declaration of Trust of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 (Registration Number 333-189103) filed June 25, 2013.)
3.2	First Articles of Amendment to Articles of Amendment and Restatement of Declaration of Trust of American Homes 4 Rent (Incorporated by reference to Exhibit 3.2 to Amendment No. 2 to the Company’s Registration Statement on Form S-11 (Registration Number 333-189103) filed July 19, 2013.)
3.3	Articles Supplementary for American Homes 4 Rent 6.500% Series D Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 17, 2016.)
3.4	Articles Supplementary for American Homes 4 Rent 6.350% Series E Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 22, 2016.)
3.5	Articles Supplementary for American Homes 4 Rent 5.875% Series F Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 21, 2017.)
3.6	Articles Supplementary for American Homes 4 Rent 5.875% Series G Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on July 12, 2017.)
3.7	Articles Supplementary for American Homes 4 Rent 6.25% Series H Cumulative Redeemable Perpetual Preferred Shares (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 13, 2018.)
3.8	Amended and Restated Bylaws of American Homes 4 Rent (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed March 10, 2020.)

44

Exhibit Number	Exhibit Document
4.1	Indenture, dated as of February 7, 2018, between American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed February 7, 2018.)
4.2	First Supplemental Indenture, dated as of February 7, 2018, among American Homes 4 Rent, L.P., American Residential Properties OP, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed February 7, 2018.)
4.3	Form of Global Note representing the Notes (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed February 7, 2018.)
4.4	Second Supplemental Indenture, dated as of January 23, 2019, among American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed January 23, 2019.)
4.5	Form of Global Note representing the Notes (Incorporated by reference to and included in Exhibit 4.3 to the Company’s Current Report on Form 8-K filed January 23, 2019.)
10.1	Amended and Restated Credit Agreement, dated April 15, 2021, by and among American Homes 4 Rent, L.P., as Borrower, American Homes 4 Rent, as Parent, Wells Fargo Bank, National Association, as Administrative Agent, and the other lending institutions that are parties thereto, as Lenders (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 19, 2021.)
31.1	Certification of Chief Executive Officer of American Homes 4 Rent pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.2	Certification of Chief Financial Officer of American Homes 4 Rent pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.3	Certification of Chief Executive Officer of American Homes 4 Rent, L.P. pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
31.4	Certification of Chief Financial Officer of American Homes 4 Rent, L.P. pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. Filed herewith.
32.1	Certification of Chief Executive Officer and Chief Financial Officer of American Homes 4 Rent pursuant to 18 U.S.C. 1350. Filed herewith.
32.2	Certification of Chief Executive Officer and Chief Financial Officer of American Homes 4 Rent, L.P. pursuant to 18 U.S.C. 1350. Filed herewith.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

45

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN HOMES 4 RENT

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

(Principal Financial Officer and duly authorized signatory of registrant)

Date: May 7, 2021

AMERICAN HOMES 4 RENT, L.P.

By: American Homes 4 Rent, its General Partner

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

(Principal Financial Officer and duly authorized signatory of registrant)

Date: May 7, 2021

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EX-31.1

Exhibit 31.1

Certification Pursuant to

Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, David P. Singelyn, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Homes 4 Rent;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ David P. Singelyn

David P. Singelyn

Chief Executive Officer

May 7, 2021

EX-31.2

Exhibit 31.2

Certification Pursuant to

Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, Christopher C. Lau, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Homes 4 Rent;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

May 7, 2021

EX-31.3

Exhibit 31.3

Certification Pursuant to

Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, David P. Singelyn, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Homes 4 Rent, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ David P. Singelyn

David P. Singelyn

Chief Executive Officer

American Homes 4 Rent, general partner of
American Homes 4 Rent, L.P.

May 7, 2021

EX-31.4

Exhibit 31.4

Certification Pursuant to

Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended

I, Christopher C. Lau, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of American Homes 4 Rent, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

American Homes 4 Rent, general partner of
American Homes 4 Rent, L.P.

May 7, 2021

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350

In connection with the Quarterly Report on Form 10-Q of American Homes 4 Rent (the “Company”) for the quarterly period ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David P. Singelyn, as Chief Executive Officer and Christopher C. Lau, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David P. Singelyn

David P. Singelyn

Chief Executive Officer

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

May 7, 2021

This certification accompanies the Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by §906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company, and will be retained and furnished to the SEC or its staff upon request.

EX-32.2

Exhibit 32.2

Certification Pursuant to

18 U.S.C. Section 1350

In connection with the Quarterly Report on Form 10-Q of American Homes 4 Rent, L.P. (the “Operating Partnership”) for the quarterly period ended March 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David P. Singelyn, as Chief Executive Officer and Christopher C. Lau, as Chief Financial Officer of American Homes 4 Rent, its general partner, each hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ David P. Singelyn

David P. Singelyn

Chief Executive Officer

American Homes 4 Rent, general partner of
American Homes 4 Rent, L.P.

/s/ Christopher C. Lau

Christopher C. Lau

Chief Financial Officer

American Homes 4 Rent, general partner of
American Homes 4 Rent, L.P.

May 7, 2021

This certification accompanies the Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Operating Partnership for purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by §906 of the Sarbanes-Oxley Act of 2002 has been provided to the Operating Partnership, and will be retained and furnished to the SEC or its staff upon request.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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	Q1
Amendment Flag	false
Class A common shares/units
Document Information
Title of 12(b) Security	Class A common shares of beneficial interest, $.01 par value
Trading Symbol	AMH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		316,617,810
Series D Perpetual Preferred Shares/Units
Document Information
Title of 12(b) Security	Series D perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-D
Security Exchange Name	NYSE
Series E Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series E perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-E
Security Exchange Name	NYSE
Series F Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series F perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-F
Security Exchange Name	NYSE
Series G Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series G perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-G
Security Exchange Name	NYSE
Series H Perpetual Preferred Shares
Document Information
Title of 12(b) Security	Series H perpetual preferred shares of beneficial interest, $.01 par value
Trading Symbol	AMH-H
Security Exchange Name	NYSE
Class B common shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
American Homes 4 Rent, L.P.
Document Information
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001716558

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Single-family properties:
Land	$ 1,860,879	$ 1,836,798
Buildings and improvements	8,301,797	8,163,023
Single-family properties in operation	10,162,676	9,999,821
Less: accumulated depreciation	(1,832,510)	(1,754,433)
Single-family properties in operation, net	8,330,166	8,245,388
Single-family properties under development and development land	554,765	510,365
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Cash and cash equivalents	75,237	137,060
Restricted cash	136,867	128,017
Rent and other receivables	49,714	41,544
Escrow deposits, prepaid expenses and other assets	177,936	163,171
Investments in unconsolidated joint ventures	100,077	93,109
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,686,701	9,593,625
Liabilities
Asset-backed securitizations, net	1,922,734	1,927,607
Unsecured senior notes, net	890,143	889,805
Accounts payable and accrued expenses	307,644	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,200,521	3,121,195
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)	354	354
Additional paid-in capital	6,234,456	6,223,256
Accumulated deficit	(445,103)	(443,522)
Accumulated other comprehensive income	13,576	5,840
Total shareholders’ equity	5,806,455	5,789,094
Limited partner:
Accumulated other comprehensive income	13,576	5,840
Noncontrolling interest	679,725	683,336
Total equity	6,486,180	6,472,430
Total liabilities and equity/capital	9,686,701	9,593,625
American Homes 4 Rent, L.P.
Single-family properties:
Land	1,860,879	1,836,798
Buildings and improvements	8,301,797	8,163,023
Single-family properties in operation	10,162,676	9,999,821
Less: accumulated depreciation	(1,832,510)	(1,754,433)
Single-family properties in operation, net	8,330,166	8,245,388
Single-family properties under development and development land	554,765	510,365
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Cash and cash equivalents	75,237	137,060
Restricted cash	136,867	128,017
Rent and other receivables	49,714	41,544
Escrow deposits, prepaid expenses and other assets	177,936	163,171
Investments in unconsolidated joint ventures	100,077	93,109
Amounts due from affiliates	25,666	25,666
Goodwill	120,279	120,279
Total assets	9,686,701	9,593,625
Liabilities
Asset-backed securitizations, net	1,922,734	1,927,607
Unsecured senior notes, net	890,143	889,805
Accounts payable and accrued expenses	307,644	298,949
Amounts payable to affiliates	0	4,834
Total liabilities	3,200,521	3,121,195
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Accumulated other comprehensive income	15,849	6,860
Limited partner:
Accumulated other comprehensive income	15,849	6,860
Total capital	6,486,180	6,472,430
Total liabilities and equity/capital	$ 9,686,701	$ 9,593,625
American Homes 4 Rent, L.P. | Limited Partners
Limited partner:
Common Unit, Outstanding	51,376,980	51,726,980
Common units, shares/units issued (in shares)	51,376,980	51,726,980
American Homes 4 Rent, L.P. | Common Units
General partner:
General partner, capital account	$ 4,938,444	$ 4,928,819
Limited partner:
Limited partners, capital account	677,452	682,316
American Homes 4 Rent, L.P. | Preferred Shares/Units
General partner:
General partner, capital account	854,435	854,435
Class A common shares/units
Shareholders’ equity:
Common stock issued	3,166	3,160
Class B common shares
Shareholders’ equity:
Common stock issued	6	6
Revolving Credit Facility
Liabilities
Credit facility	80,000	0
Revolving Credit Facility | American Homes 4 Rent, L.P.
Liabilities
Credit facility	$ 80,000	$ 0

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 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)	35,350,000	35,350,000
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | General Partner
Common units, shares/units issued (in shares)	317,252,885	316,656,460
Common units, shares/units outstanding (in shares)	317,252,885	316,656,460
Preferred units, shares/units issued (in shares)	35,350,000	35,350,000
Preferred units, shares/units outstanding (in shares)	35,350,000	35,350,000
American Homes 4 Rent, L.P. | Limited Partners
Common units, shares/units issued (in shares)	51,376,980	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)	316,617,810	316,021,385
Common stock, shares outstanding (in shares)	316,617,810	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

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues [Abstract]
Rents and other single-family property revenues	$ 312,573	$ 287,342
Expenses:
General and administrative expense	15,205	11,266
Interest expense	28,005	29,715
Acquisition and other transaction costs	4,846	2,147
Depreciation and amortization	90,071	82,821
Total expenses	280,520	256,722
Gain on sale and impairment of single-family properties and other, net	16,069	6,319
Other income and expense, net	799	588
Net income	48,921	37,527
Noncontrolling interest	4,925	3,501
Dividends on preferred shares	13,782	13,782
Net income attributable to common shareholders	$ 30,214	$ 20,244
Weighted-average common shares outstanding:
Basic (in shares)	316,982,460	300,813,069
Diluted (in shares)	317,441,397	301,305,068
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	$ 0.09	$ 0.07
American Homes 4 Rent, L.P.
Revenues [Abstract]
Rents and other single-family property revenues	$ 312,573	$ 287,342
Expenses:
General and administrative expense	15,205	11,266
Interest expense	28,005	29,715
Acquisition and other transaction costs	4,846	2,147
Depreciation and amortization	90,071	82,821
Total expenses	280,520	256,722
Gain on sale and impairment of single-family properties and other, net	16,069	6,319
Other income and expense, net	799	588
Net income	48,921	37,527
Dividends on preferred shares	13,782	13,782
Net income attributable to common shareholders	$ 35,139	$ 23,745
Weighted-average common shares outstanding:
Basic (in shares)	368,647,217	352,840,049
Diluted (in shares)	369,106,154	353,332,048
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.10	$ 0.07
Diluted (in dollars per share)	$ 0.09	$ 0.07
Property operating expenses
Expenses:
Cost of goods and services sold	$ 118,694	$ 107,497
Property operating expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	118,694	107,497
Property management expenses
Expenses:
Cost of goods and services sold	23,699	23,276
Property management expenses | American Homes 4 Rent, L.P.
Expenses:
Cost of goods and services sold	$ 23,699	$ 23,276

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 48,921	$ 37,527
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	(241)
Other comprehensive income (loss)	8,989	(241)
Comprehensive income	57,910	37,286
Comprehensive income attributable to noncontrolling interests	6,185	3,466
Dividends on preferred shares	13,782	13,782
Comprehensive income attributable to common unitholders	37,943	20,038
American Homes 4 Rent, L.P.
Net income	48,921	37,527
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument	9,230	0
Reclassification adjustment for amortization of interest expense included in net income	(241)	(241)
Other comprehensive income (loss)	8,989	(241)
Comprehensive income	57,910	37,286
Dividends on preferred shares	13,782	13,782
Comprehensive income attributable to common unitholders	$ 44,128	$ 23,504

XML

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASU 2016-13	Shareholders’ equity	Shareholders’ equity Cumulative effect of adoption of ASU 2016-13	Common Stock Class A common shares/units	Common Stock Class B common shares	Preferred shares	Additional paid-in capital	Accumulated deficit	Accumulated deficit Cumulative effect of adoption of ASU 2016-13	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 ($0.05 per share)	(15,088)		(15,088)						(15,088)
Net income	37,527		34,026						34,026			3,501
Other comprehensive income (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, 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 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 ($0.05 per share)	(31,795)		(31,795)						(31,795)
Net income	48,921		43,996						43,996			4,925
Other comprehensive income (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

XML

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common share, dividends (in dollars per share)	$ 0.10	$ 0.05

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 48,921	$ 37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071	82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829	1,849
Noncash share-based compensation	8,110	1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)	1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)	(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)	(3,746)
Prepaid expenses and other assets	5,742	(5,980)
Deferred leasing costs	(975)	(910)
Accounts payable and accrued expenses	23,242	18,397
Amounts due from related parties	(338)	(182)
Net cash provided by operating activities	151,997	126,496
Investing activities
Cash paid for single-family properties	(82,118)	(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)	2,259
Net proceeds received from sales of single-family properties and other	46,304	81,257
Proceeds received from hurricane-related insurance claims	0	3,408
Investment in unconsolidated joint ventures	(7,990)	(1,000)
Distributions from joint ventures	25,893	887
Renovations to single-family properties	(9,069)	(858)
Recurring and other capital expenditures for single-family properties	(26,033)	(21,224)
Cash paid for development activity	(141,618)	(138,957)
Other purchases of productive assets	(8,258)	(2,411)
Net cash provided by (used for) investing activities	(208,230)	(179,214)
Financing activities
Proceeds from exercise of stock options	1,121	1,449
Payments related to tax withholding for share-based compensation	(2,642)	(1,612)
Payments on asset-backed securitizations	(6,118)	(5,435)
Distributions to noncontrolling interests	(7,758)	(5,178)
Distributions to common shareholders/unitholders	(47,561)	(30,114)
Distributions to preferred shareholders/unitholders	(13,782)	(13,782)
Net cash provided by (used for) financing activities	3,260	50,328
Net increase in cash, cash equivalents and restricted cash	(52,973)	(2,390)
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	212,104	161,729
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(36,388)	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	31,854	9,618
Transfers of completed homebuilding deliveries to properties	72,862	75,498
Property and land contributions to unconsolidated joint ventures	(23,835)	(9,835)
Unrealized gain on cash flow hedging instrument	9,230	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537	1,603
Accrued distributions to non-affiliates	105	41
American Homes 4 Rent, L.P.
Operating activities
Net income	48,921	37,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,071	82,821
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument	1,829	1,849
Noncash share-based compensation	8,110	1,808
Equity in net (income) losses of unconsolidated joint ventures	(366)	1,231
Gain on sale and impairment of single-family properties and other, net	(16,069)	(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables	(8,170)	(3,746)
Prepaid expenses and other assets	5,742	(5,980)
Deferred leasing costs	(975)	(910)
Accounts payable and accrued expenses	23,242	18,397
Amounts due from related parties	(338)	(182)
Net cash provided by operating activities	151,997	126,496
Investing activities
Cash paid for single-family properties	(82,118)	(102,575)
Change in escrow deposits for purchase of single-family properties	(5,341)	2,259
Net proceeds received from sales of single-family properties and other	46,304	81,257
Proceeds received from hurricane-related insurance claims	0	3,408
Investment in unconsolidated joint ventures	(7,990)	(1,000)
Distributions from joint ventures	25,893	887
Renovations to single-family properties	(9,069)	(858)
Recurring and other capital expenditures for single-family properties	(26,033)	(21,224)
Cash paid for development activity	(141,618)	(138,957)
Other purchases of productive assets	(8,258)	(2,411)
Net cash provided by (used for) investing activities	(208,230)	(179,214)
Financing activities
Proceeds from exercise of stock options	1,121	1,449
Payments related to tax withholding for share-based compensation	(2,642)	(1,612)
Payments on asset-backed securitizations	(6,118)	(5,435)
Distributions to common shareholders/unitholders	(55,319)	(35,292)
Distributions to preferred shareholders/unitholders	(13,782)	(13,782)
Net cash provided by (used for) financing activities	3,260	50,328
Net increase in cash, cash equivalents and restricted cash	(52,973)	(2,390)
Cash, cash equivalents and restricted cash, beginning of period	265,077	164,119
Cash, cash equivalents and restricted cash, end of period	212,104	161,729
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(36,388)	(37,987)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	31,854	9,618
Transfers of completed homebuilding deliveries to properties	72,862	75,498
Property and land contributions to unconsolidated joint ventures	(23,835)	(9,835)
Unrealized gain on cash flow hedging instrument	9,230	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	537	1,603
Accrued distributions to non-affiliates	105	41
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	80,000	105,000
Revolving Credit Facility | American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	$ 80,000	$ 105,000

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Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 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	$ (1,521)	$ (163)
Distributions to equity holders:
Other comprehensive income (loss)	8,989	(241)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	6,472,430	6,018,790
Share-based compensation	8,110	1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(1,521)	(163)
Redemptions of Class A units	0
Distributions to equity holders:
Preferred units	(13,782)	(13,782)
Common units	(36,967)	(17,690)
Net income	48,921	37,527
Other comprehensive income (loss)	8,989	(241)
Total capital, ending balance	6,486,180	6,024,755	$ 6,018,790
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)
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	6,860	7,823
Distributions to equity holders:
Other comprehensive income (loss)	8,989	(241)
Total capital, ending balance	15,849	7,582	7,823
American Homes 4 Rent, L.P. | General Partner | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 4,928,819	$ 4,474,333
Total capital, beginning balance (in shares)	316,656,460	300,742,674
Share-based compensation	$ 8,110	$ 1,808
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (1,521)	$ (163)
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	246,425	208,010
Redemptions of Class A units	$ 4,617
Redemption of units (in shares)	(350,000)
Distributions to equity holders:
Common units	$ (31,795)	$ (15,088)
Net income	30,214	20,244
Total capital, ending balance	$ 4,938,444	$ 4,479,640	$ 4,474,333
Total capital, ending balance (in shares)	317,252,885	300,950,684	300,742,674
American Homes 4 Rent, L.P. | General Partner | Common Units | Cumulative effect of adoption of ASU 2016-13
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance		$ (1,494)
Distributions to equity holders:
Total capital, ending balance			$ (1,494)
American Homes 4 Rent, L.P. | General Partner | Preferred Shares/Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 854,435	854,435
Distributions to equity holders:
Preferred units	(13,782)	(13,782)
Net income	13,782	13,782
Total capital, ending balance	854,435	854,435	854,435
American Homes 4 Rent, L.P. | Limited Partners | Common Units
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	$ 682,316	$ 682,199
Total capital, beginning balance (in shares)	51,726,980	52,026,980
Redemptions of Class A units	$ (4,617)
Redemption of units (in shares)	(350,000)
Distributions to equity holders:
Common units	$ (5,172)	$ (2,602)
Net income	4,925	3,501
Total capital, ending balance	$ 677,452	$ 683,098	$ 682,199
Total capital, ending balance (in shares)	51,376,980	52,026,980	52,026,980

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Condensed Consolidated Statements of Capital (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common units, dividends (in dollars per share)	$ 0.10	$ 0.05
American Homes 4 Rent, L.P.
Common units, dividends (in dollars per share)	$ 0.10	$ 0.05

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Organization and Operations

3 Months Ended

Mar. 31, 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 March 31, 2021, the Company held 53,984 single-family properties in 22 states, including 636 properties classified as held for sale.

    AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% 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.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 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.

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Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 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):

	March 31,				December 31,
	2021		2020		2020		2019
Cash and cash equivalents	$	75,237	$	33,108	$	137,060	$	37,575
Restricted cash	136,867		128,621		128,017		126,544
Total cash, cash equivalents and restricted cash	$	212,104	$	161,729	$	265,077	$	164,119

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Real Estate Assets, Net

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Occupied single-family properties	$	8,100,087	$	7,957,513
Single-family properties recently acquired or developed	43,333		66,857
Single-family properties in turnover process	111,806		149,684
Single-family properties leased, not yet occupied	74,940		71,334
Single-family properties in operation, net	8,330,166		8,245,388
Development land	303,653		270,767
Single-family properties under development	251,112		239,598
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	$	9,000,925	$	8,884,779

    Depreciation expense related to single-family properties was $86.3 million and $79.8 million for the three months ended March 31, 2021 and 2020, respectively.

    The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2021 and 2020 (in thousands, except property data):

	For the Three Months Ended March 31,
	2021		2020
Single-family properties:
Properties sold	180		410
Net proceeds (1)	$	46,040	$	81,186
Net gain on sale	$	15,350	$	13,758
Land:
Net proceeds	$	264	$	71
Net (loss) gain on sale	$	(77)	$	7

(1)Net proceeds are net of deductions for working capital prorations.

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Rent and Other Receivables

3 Months Ended

Mar. 31, 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 $45.8 million and $40.0 million for the three months ended March 31, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $5.2 million and $4.0 million for the three months ended March 31, 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 March 31, 2021 (in thousands):

	March 31, 2021
Remaining 2021	$	492,228
2022	85,142
2023	2,417
2024	13
Total	$	579,800

    As of March 31, 2021 and December 31, 2020, rent and other receivables included $2.5 million and $0.8 million, respectively, of insurance claims receivables related to storm damages and other matters.

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Escrow Deposits, Prepaid Expenses and Other Assets

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Escrow deposits, prepaid expenses and other	$	62,780	$	51,886
Deferred costs and other intangibles, net	4,317		4,864
Notes receivable, net	34,745		35,519
Operating lease ROU assets	18,553		18,772
Commercial real estate, software, vehicles and FF&E, net	57,541		52,130
Total	$	177,936	$	163,171

    Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $2.8 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively.

Deferred Costs and Other Intangibles, Net

    Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Deferred leasing costs	$	3,889	$	3,782
Deferred financing costs	11,244		11,244
	15,133		15,026
Less: accumulated amortization	(10,816)		(10,162)
Total	$	4,317	$	4,864

    Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended March 31, 2021 and 2020, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million for both the three months ended March 31, 2021 and 2020 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 March 31, 2021 for future periods (in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2021	$	1,797	$	1,479	$	3,276
2022	73		968		1,041
Total	$	1,870	$	2,447	$	4,317

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Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

    As of March 31, 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 was 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 March 31, 2021		Completed Homes at March 31, 2021	Balances at March 31, 2021		Balances at December 31, 2020
Alaska JV	20	%	350	$	26,365	$	26,020
Institutional Investor JV	20	%	816	30,638		34,112
J.P. Morgan JV	20	%	217	43,074		32,977
			1,383	$	100,077	$	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 $2.1 million and $0.9 million for the three months ended March 31, 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-year term, the loan bears interest at LIBOR plus a 3.50% margin and matures on August 11, 2022. The loan agreement provides for three one-year extension options that include additional fees and interest. As of March 31, 2021, the joint venture’s loan had a $116.7 million outstanding principal balance. The Company has provided a customary non-recourse guarantee that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantee has not been invoked and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint venture and us, and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

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Debt

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2021		December 31, 2020
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	478,399	$	479,981
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	493,862		495,392
AH4R 2015-SFR1 securitization (2)	4.14%	April 9, 2045	519,255		520,957
AH4R 2015-SFR2 securitization (3)	4.36%	October 9, 2045	450,858		452,162
Total asset-backed securitizations			1,942,374		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
Revolving credit facility (5)	1.31%	June 30, 2022	80,000		—
Total debt			2,922,374		2,848,492
Unamortized discounts on unsecured senior notes			(3,537)		(3,658)
Deferred financing costs, net (6)			(25,960)		(27,422)
Total debt per balance sheet			$	2,892,877	$	2,817,412

(1)Interest rates are as of March 31, 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 effectively hedged to yield an interest rate of 4.08%.

(5)The revolving credit facility provides for a borrowing capacity of up to $800.0 million and the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details.

(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2021 and 2020, which was included in gross interest, prior to interest capitalization.

Debt Maturities

    The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2021 (in thousands):

	Debt Maturities
Remaining 2021	$	15,536
2022	100,714
2023	20,714
2024	953,929
2025	10,302
Thereafter	1,821,179
Total debt	$	2,922,374

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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
Gross interest cost	$	33,883	$	34,364
Capitalized interest	(5,878)		(4,649)
Interest expense	$	28,005	$	29,715

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Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Resident security deposits	$	93,713	$	90,621
Accrued property taxes	78,343		48,689
Accrued construction and maintenance liabilities	41,159		42,483
Prepaid rent	24,921		24,421
Operating lease liabilities	19,289		19,166
Accrued interest	12,807		23,018
Accounts payable	194		432
Accrued distribution payable	105		13,612
Other accrued liabilities	37,113		36,507
Total	$	307,644	$	298,949

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Shareholders' Equity / Partners' Capital

3 Months Ended

Mar. 31, 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.

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 months ended March 31, 2021, no shares were issued under the At-the-Market Program. As of March 31, 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 three months ended March 31, 2021 and 2020, we did not repurchase and retire any of our shares. As of March 31, 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 March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data):

					March 31, 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	10,750,000	$	268,750
Series E perpetual preferred shares	6/29/2016	6/29/2021	6.350	%	9,200,000	230,000		9,200,000	230,000
Series F perpetual preferred shares	4/24/2017	4/24/2022	5.875	%	6,200,000	155,000		6,200,000	155,000
Series G perpetual preferred shares	7/17/2017	7/17/2022	5.875	%	4,600,000	115,000		4,600,000	115,000
Series H perpetual preferred shares	9/19/2018	9/19/2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					35,350,000	$	883,750	35,350,000	$	883,750

Distributions

    The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.

	For the Three Months Ended
Security	March 31, 2021		March 31, 2020
Class A and Class B common shares	$	0.10	$	0.05
6.500% Series D perpetual preferred shares	0.41		0.41
6.350% Series E perpetual preferred shares	0.40		0.40
5.875% Series F perpetual preferred shares	0.37		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

Noncontrolling Interest

    Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990 and 51,129,990, or approximately 13.8% and 13.9%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 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 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. The Operating Partnership 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.

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Share-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Note 11. Share-Based Compensation

2012 Equity Incentive Plan

    The Company’s employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the “Plan”), the Operating Partnership issues an equivalent number of Class A units to AH4R and non-management members of our board of trustees.

    During the three months ended March 31, 2021 and 2020, the Human Capital and Compensation Committee granted restricted share units (“RSUs”) to employees that vest over a three-year service period. RSUs granted to non-management trustees vest over a one-year service period.

    During the three months ended March 31, 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 Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	—	—
Exercised	(60,000)	(83,600)
Forfeited	—	(1,600)
Options outstanding at end of period	1,030,300	1,444,600
Options exercisable at end of period	992,800	1,296,750

    The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
RSUs outstanding at beginning of period	651,537	599,109
Awarded	453,560	422,285
Vested	(164,203)	(181,213)
Forfeited	(12,399)	(19,010)
RSUs outstanding at end of period	928,495	821,171

    The following table summarizes PSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
PSUs outstanding at beginning of period	—	—
Awarded	92,319	—
Vested	—	—
Forfeited	—	—
PSUs outstanding at end of period	92,319	—

    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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
General and administrative expense	$	4,342	$	1,369
Property management expenses	999		439
Acquisition and other transaction costs	2,769		—
Total noncash share-based compensation expense	$	8,110	$	1,808

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Earnings per Share / Unit

3 Months Ended

Mar. 31, 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 months ended March 31, 2021 and 2020 (in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Noncontrolling interest	4,925		3,501
Dividends on preferred shares	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common share–basic and diluted	$	30,121	$	20,190
Denominator:
Weighted-average common shares outstanding–basic	316,982,460		300,813,069
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common shares outstanding–diluted (3)	317,441,397		301,305,068
Net income per common share:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

(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 months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Preferred distributions	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common unit–basic and diluted	$	35,046	$	23,691
Denominator:
Weighted-average common units outstanding–basic	368,647,217		352,840,049
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common units outstanding–diluted	369,106,154		353,332,048
Net income per common unit:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

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Fair Value

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
AH4R 2014-SFR2 securitization	$	473,879	$	485,779	$	475,144	$	488,140
AH4R 2014-SFR3 securitization	489,107		502,724		490,319		504,364
AH4R 2015-SFR1 securitization	513,956		527,535		515,326		529,542
AH4R 2015-SFR2 securitization	445,792		460,132		446,818		461,037
Total asset-backed securitizations	1,922,734		1,976,170		1,927,607		1,983,083
2028 unsecured senior notes, net	494,576		549,755		494,378		575,220
2029 unsecured senior notes, net	395,567		456,188		395,427		482,276
Total unsecured senior notes, net	890,143		1,005,943		889,805		1,057,496
Revolving credit facility	80,000		80,000		—		—
Total debt	$	2,892,877	$	3,062,113	$	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 and had a fair value of $9.2 million as of March 31, 2021, which was included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets, with a corresponding unrealized gain reflected in other comprehensive income. The treasury lock will be settled upon the issuance of debt and the amounts recorded in other comprehensive income will be reclassified into earnings as a reduction of interest expense over the term of the debt. The treasury lock is the only financial instrument recorded at fair value on a recurring basis in the condensed consolidated financial statements and is classified as Level 2 within the fair value hierarchy as its fair value is estimated using observable inputs based on the 10-year treasury note rate.

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Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

    As of March 31, 2021 and December 31, 2020, affiliates owned approximately 14.3% 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 March 31, 2021 and December 31, 2020, respectively) an approximate 26.2% and 26.3% interest as of March 31, 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 March 31, 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.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

    As of March 31, 2021, the Company had commitments to acquire 547 single-family properties for an aggregate purchase price of $146.9 million, as well as $90.1 million in purchase commitments for land relating to our AMH Development Program. 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 March 31, 2021 and December 31, 2020, the Company had sales in escrow for approximately 64 and 97, respectively, of our single-family properties for aggregate selling prices of $20.0 million and $24.0 million, respectively.

    As of March 31, 2021 and December 31, 2020, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $47.5 million and $36.7 million, respectively.

Captive Insurance Company

    In January 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 cooperating with the Georgia Attorney General’s Office on this matter.

    We are involved in various other legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.

COVID-19 Pandemic

    The global economy has continued to be severely impacted by the COVID-19 pandemic. We are actively monitoring the impact of the COVID-19 pandemic, which we anticipate will negatively impact our business and results of operations for our second 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 new variants or strains, the speed and effectiveness of vaccine distribution, vaccine adoption rates and actions by government authorities to contain the pandemic or treat its impact, among other things.

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Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent Acquisitions

    From April 1, 2021 through April 30, 2021, the Company added 214 properties to its portfolio for a total cost of approximately $64.5 million, which included 87 newly constructed properties delivered through our AMH Development Program and 9 newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

    From April 1, 2021 through April 30, 2021, the Company disposed of 37 properties for aggregate net proceeds of approximately $10.7 million.

Revolving Credit Facility

    From April 1, 2021 through April 30, 2021, the Company borrowed an additional $20.0 million under its revolving credit facility, resulting in $100.0 million of outstanding borrowings under its revolving credit facility as of April 30, 2021.

Amendment of Revolving Credit Facility

    On April 15, 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 to continue to support the Company’s growth initiatives, 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.

Redemption of Perpetual Preferred Shares

    On May 6, 2021, the Company announced its intent to redeem (i) all outstanding shares of its 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, on June 7, 2021, and (ii) all outstanding shares of its 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 any accrued and unpaid dividends, on June 30, 2021.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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.

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Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 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):

	March 31,				December 31,
	2021		2020		2020		2019
Cash and cash equivalents	$	75,237	$	33,108	$	137,060	$	37,575
Restricted cash	136,867		128,621		128,017		126,544
Total cash, cash equivalents and restricted cash	$	212,104	$	161,729	$	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):

	March 31,				December 31,
	2021		2020		2020		2019
Cash and cash equivalents	$	75,237	$	33,108	$	137,060	$	37,575
Restricted cash	136,867		128,621		128,017		126,544
Total cash, cash equivalents and restricted cash	$	212,104	$	161,729	$	265,077	$	164,119

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Real Estate Assets, Net (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Single-Family Properties, Net

The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Occupied single-family properties	$	8,100,087	$	7,957,513
Single-family properties recently acquired or developed	43,333		66,857
Single-family properties in turnover process	111,806		149,684
Single-family properties leased, not yet occupied	74,940		71,334
Single-family properties in operation, net	8,330,166		8,245,388
Development land	303,653		270,767
Single-family properties under development	251,112		239,598
Single-family properties held for sale, net	115,994		129,026
Total real estate assets, net	$	9,000,925	$	8,884,779

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2021 and 2020 (in thousands, except property data):

	For the Three Months Ended March 31,
	2021		2020
Single-family properties:
Properties sold	180		410
Net proceeds (1)	$	46,040	$	81,186
Net gain on sale	$	15,350	$	13,758
Land:
Net proceeds	$	264	$	71
Net (loss) gain on sale	$	(77)	$	7

(1)Net proceeds are net of deductions for working capital prorations.

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Rent and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Future Minimum Rental Revenues

The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2021 (in thousands):

	March 31, 2021
Remaining 2021	$	492,228
2022	85,142
2023	2,417
2024	13
Total	$	579,800

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Escrow Deposits, Prepaid Expenses and Other Assets (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Escrow deposits, prepaid expenses and other	$	62,780	$	51,886
Deferred costs and other intangibles, net	4,317		4,864
Notes receivable, net	34,745		35,519
Operating lease ROU assets	18,553		18,772
Commercial real estate, software, vehicles and FF&E, net	57,541		52,130
Total	$	177,936	$	163,171

Deferred Costs and Other Intangibles

Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Deferred leasing costs	$	3,889	$	3,782
Deferred financing costs	11,244		11,244
	15,133		15,026
Less: accumulated amortization	(10,816)		(10,162)
Total	$	4,317	$	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 March 31, 2021 for future periods (in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2021	$	1,797	$	1,479	$	3,276
2022	73		968		1,041
Total	$	1,870	$	2,447	$	4,317

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Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2021		Completed Homes at March 31, 2021	Balances at March 31, 2021		Balances at December 31, 2020
Alaska JV	20	%	350	$	26,365	$	26,020
Institutional Investor JV	20	%	816	30,638		34,112
J.P. Morgan JV	20	%	217	43,074		32,977
			1,383	$	100,077	$	93,109

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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of March 31, 2021 and December 31, 2020 (in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2021		December 31, 2020
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	478,399	$	479,981
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	493,862		495,392
AH4R 2015-SFR1 securitization (2)	4.14%	April 9, 2045	519,255		520,957
AH4R 2015-SFR2 securitization (3)	4.36%	October 9, 2045	450,858		452,162
Total asset-backed securitizations			1,942,374		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
Revolving credit facility (5)	1.31%	June 30, 2022	80,000		—
Total debt			2,922,374		2,848,492
Unamortized discounts on unsecured senior notes			(3,537)		(3,658)
Deferred financing costs, net (6)			(25,960)		(27,422)
Total debt per balance sheet			$	2,892,877	$	2,817,412

(1)Interest rates are as of March 31, 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 effectively hedged to yield an interest rate of 4.08%.

(5)The revolving credit facility provides for a borrowing capacity of up to $800.0 million and the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details.

(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 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 March 31, 2021 (in thousands):

	Debt Maturities
Remaining 2021	$	15,536
2022	100,714
2023	20,714
2024	953,929
2025	10,302
Thereafter	1,821,179
Total debt	$	2,922,374

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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
Gross interest cost	$	33,883	$	34,364
Capitalized interest	(5,878)		(4,649)
Interest expense	$	28,005	$	29,715

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Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Resident security deposits	$	93,713	$	90,621
Accrued property taxes	78,343		48,689
Accrued construction and maintenance liabilities	41,159		42,483
Prepaid rent	24,921		24,421
Operating lease liabilities	19,289		19,166
Accrued interest	12,807		23,018
Accounts payable	194		432
Accrued distribution payable	105		13,612
Other accrued liabilities	37,113		36,507
Total	$	307,644	$	298,949

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Shareholders' Equity / Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Preferred Shares Outstanding

As of March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data):

					March 31, 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	10,750,000	$	268,750
Series E perpetual preferred shares	6/29/2016	6/29/2021	6.350	%	9,200,000	230,000		9,200,000	230,000
Series F perpetual preferred shares	4/24/2017	4/24/2022	5.875	%	6,200,000	155,000		6,200,000	155,000
Series G perpetual preferred shares	7/17/2017	7/17/2022	5.875	%	4,600,000	115,000		4,600,000	115,000
Series H perpetual preferred shares	9/19/2018	9/19/2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					35,350,000	$	883,750	35,350,000	$	883,750

Schedule of Distributions Made During Period

The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.

	For the Three Months Ended
Security	March 31, 2021		March 31, 2020
Class A and Class B common shares	$	0.10	$	0.05
6.500% Series D perpetual preferred shares	0.41		0.41
6.350% Series E perpetual preferred shares	0.40		0.40
5.875% Series F perpetual preferred shares	0.37		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity under Plan

The following table summarizes stock option activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	—	—
Exercised	(60,000)	(83,600)
Forfeited	—	(1,600)
Options outstanding at end of period	1,030,300	1,444,600
Options exercisable at end of period	992,800	1,296,750

Summary of Restricted Share Units Activity Under Plan

The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	2021	2020
RSUs outstanding at beginning of period	651,537	599,109
Awarded	453,560	422,285
Vested	(164,203)	(181,213)
Forfeited	(12,399)	(19,010)
RSUs outstanding at end of period	928,495	821,171

Summary of Performance Share Units Activity Under Plan

The following table summarizes PSU activity under the Plan for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended March 31,
	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 months ended March 31, 2021 and 2020 (in thousands):

	For the Three Months Ended March 31,
	2021		2020
General and administrative expense	$	4,342	$	1,369
Property management expenses	999		439
Acquisition and other transaction costs	2,769		—
Total noncash share-based compensation expense	$	8,110	$	1,808

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Earnings per Share / Unit (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2021 and 2020 (in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Noncontrolling interest	4,925		3,501
Dividends on preferred shares	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common share–basic and diluted	$	30,121	$	20,190
Denominator:
Weighted-average common shares outstanding–basic	316,982,460		300,813,069
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common shares outstanding–diluted (3)	317,441,397		301,305,068
Net income per common share:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

(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 months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	48,921	$	37,527
Less:
Preferred distributions	13,782		13,782
Allocation to participating securities (1)	93		54
Numerator for income per common unit–basic and diluted	$	35,046	$	23,691
Denominator:
Weighted-average common units outstanding–basic	368,647,217		352,840,049
Effect of dilutive securities:
Share-based compensation plan (2)	458,937		491,999
Weighted-average common units outstanding–diluted	369,106,154		353,332,048
Net income per common unit:
Basic	$	0.10	$	0.07
Diluted	$	0.09	$	0.07

(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. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.

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Fair Value (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
AH4R 2014-SFR2 securitization	$	473,879	$	485,779	$	475,144	$	488,140
AH4R 2014-SFR3 securitization	489,107		502,724		490,319		504,364
AH4R 2015-SFR1 securitization	513,956		527,535		515,326		529,542
AH4R 2015-SFR2 securitization	445,792		460,132		446,818		461,037
Total asset-backed securitizations	1,922,734		1,976,170		1,927,607		1,983,083
2028 unsecured senior notes, net	494,576		549,755		494,378		575,220
2029 unsecured senior notes, net	395,567		456,188		395,427		482,276
Total unsecured senior notes, net	890,143		1,005,943		889,805		1,057,496
Revolving credit facility	80,000		80,000		—		—
Total debt	$	2,892,877	$	3,062,113	$	2,817,412	$	3,040,579

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Organization and Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) property state singleFamilyProperty	Dec. 31, 2020 USD ($)
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	86.00%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	14.00%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	53,984
Single Family Homes | Single-family properties identified as part of the disposition program
Real Estate Properties [Line Items]
Number of properties | property	636

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Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 75,237	$ 137,060	$ 33,108	$ 37,575
Restricted cash	136,867	128,017	128,621	126,544
Total cash, cash equivalents and restricted cash	$ 212,104	$ 265,077	$ 161,729	$ 164,119

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Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	$ 8,330,166	$ 8,245,388
Development land	303,653	270,767
Single-family properties under development	251,112	239,598
Single-family properties held for sale, net	115,994	129,026
Total real estate assets, net	9,000,925	8,884,779
Single Family Homes
Property Subject to or Available for Operating Lease
Total real estate assets, net	9,000,925	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	43,333	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	111,806	149,684
Single Family Homes | Occupied single-family properties
Property Subject to or Available for Operating Lease
Single-family properties in operation, net	8,100,087	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	$ 74,940	$ 71,334

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Real Estate Assets, Net - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) property	Mar. 31, 2020 USD ($) property
Property Subject to or Available for Operating Lease
Depreciation expense	$ 86,300	$ 79,800
Single Family Homes
Property Subject to or Available for Operating Lease
Single-family properties: Properties sold | property	180	410
Single-family properties: Net proceeds	$ 46,040	$ 81,186
Single-family properties: Net gain on sale	15,350	13,758
Land: Net proceeds	264	71
Land: Net gain on sale	$ (77)	$ 7

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Rent and Other Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Lease agreement term (in years)	1 year
Future Minimum Rental Revenues
Remaining 2021	$ 492,228
2022	85,142
2023	2,417
2024	13
Total	579,800
Storm damage related insurance claims receivable	2,500		$ 800
Single Family Homes
Loans and Leases Receivable Disclosure [Line Items]
Tenant chargebacks	45,800	$ 40,000
Late fees and application fees	$ 5,200	$ 4,000

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Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Escrow deposits, prepaid expenses and other	$ 62,780		$ 51,886
Deferred costs and other intangibles, net	4,317		4,864
Notes receivable, net	34,745		35,519
Operating lease ROU assets	18,553		18,772
Commercial real estate, software, vehicles and FF&E, net	57,541		52,130
Total	177,936		$ 163,171
Schedule of Equity Method Investments [Line Items]
Depreciation expense	86,300	$ 79,800
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	1,000	1,000
Amortization of deferred financing costs	500	500
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Schedule of Equity Method Investments [Line Items]
Depreciation expense	$ 2,800	$ 2,000

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Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 3,889	$ 3,782
Deferred financing costs	11,244	11,244
Deferred cost and intangible assets	15,133	15,026
Less: accumulated amortization	(10,816)	(10,162)
Total	$ 4,317	$ 4,864

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Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2021	$ 3,276
2022	1,041
Database Intangible Asset	4,317
Deferred Leasing Costs
Deferred Leasing Costs, Future Amortization Expenses [Abstract]
Remaining 2021	1,797
2022	73
Deferred Leasing Costs	1,870
Deferred Financing Costs
Debt Issuance Costs, Future Amortization Expenses [Abstract]
Remaining 2021	1,479
2022	968
Deferred Financing Costs	$ 2,447

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Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) joint_venture	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Number of joint ventures | joint_venture	3
Joint Venture
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit		$ 201.0
Non-recourse guarantee, term		two-year
Maximum exposure	$ 116.7
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	$ 2.1		$ 0.9

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Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Mar. 31, 2021 USD ($) bulk_disposition	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	1,383
Balances | $	$ 100,077	$ 93,109
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	350
Balances | $	$ 26,365	26,020
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	816
Balances | $	$ 30,638	34,112
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent Ownership	20.00%
Completed Homes | bulk_disposition	217
Balances | $	$ 43,074	$ 32,977

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Debt - Schedule of Debt (Details) - USD ($)		3 Months Ended
	Apr. 15, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross		$ 2,922,374,000		$ 2,848,492,000
Unamortized discounts on unsecured senior notes		(3,537,000)		(3,658,000)
Deferred financing costs, net		(25,960,000)		(27,422,000)
Total debt per balance sheet		2,892,877,000		2,817,412,000
Amortization of financing costs		1,829,000	$ 1,849,000
Asset-backed Securitizations, Unsecured Senior Notes and Term Loan Facility
Debt Instrument [Line Items]
Amortization of financing costs		1,500,000	$ 1,500,000
Secured Debt
Debt Instrument [Line Items]
Debt, gross		$ 1,942,374,000		1,948,492,000
Secured Debt | 2014-SFR 2
Debt Instrument [Line Items]
Interest Rate		4.42%
Debt, gross		$ 478,399,000		479,981,000
Secured Debt | 2014-SFR 3
Debt Instrument [Line Items]
Interest Rate		4.40%
Debt, gross		$ 493,862,000		495,392,000
Secured Debt | 2015-SFR 1
Debt Instrument [Line Items]
Interest Rate		4.14%
Debt, gross		$ 519,255,000		520,957,000
Secured Debt | 2015-SFR 2
Debt Instrument [Line Items]
Interest Rate		4.36%
Debt, gross		$ 450,858,000		452,162,000
Senior Notes | 2028 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate		4.25%
Effective interest rate		4.08%
Debt, gross		$ 500,000,000		500,000,000
Senior Notes | 2029 unsecured senior notes, net
Debt Instrument [Line Items]
Interest Rate		4.90%
Debt, gross		$ 400,000,000		400,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		1.31%
Debt, gross		$ 80,000,000		0
Maximum borrowing capacity		800,000,000.0
Outstanding letters of credit		$ 1,500,000		$ 1,500,000
Line of Credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.20%
Line of Credit | Revolving Credit Facility | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%

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Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Remaining 2021	$ 15,536
2022	100,714
2023	20,714
2024	953,929
2025	10,302
Thereafter	1,821,179
Total debt	$ 2,922,374	$ 2,848,492

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Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Gross interest cost	$ 33,883	$ 34,364
Capitalized interest	(5,878)	(4,649)
Interest expense	$ 28,005	$ 29,715

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Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued property taxes	$ 78,343	$ 48,689
Resident security deposits	93,713	90,621
Prepaid rent	24,921	24,421
Operating lease liabilities	19,289	19,166
Accrued construction and maintenance liabilities	41,159	42,483
Accrued interest	12,807	23,018
Accounts payable	194	432
Accrued distribution payable	105	13,612
Other accrued liabilities	37,113	36,507
Total	$ 307,644	$ 298,949
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total

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Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - At the Market - Common Share Offering Program - Class A common shares/units - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Shares authorized for future issuance, value			$ 500,000,000.0
Shares issued (in shares)	0	86,130,000,000
Shares available for future issuance, value	$ 497,600,000	$ 497,600,000

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Shareholders' Equity / Partners' Capital - Share Repurchase (Details)	Mar. 31, 2021 USD ($)
Class A common shares/units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300,000,000.0
Remaining repurchase authorization	265,100,000
Preferred Shares/Units
Class of Stock [Line Items]
Repurchase of shares, authorized amount	250,000,000.0
Remaining repurchase authorization	$ 250,000,000.0

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Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred shares, shares outstanding (in shares)	35,350,000	35,350,000
Current Liquidation Value	$ 883,750	$ 883,750
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%
Preferred shares, shares outstanding (in shares)	10,750,000	10,750,000
Current Liquidation Value	$ 268,750	$ 268,750
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%
Preferred shares, shares outstanding (in shares)	9,200,000	9,200,000
Current Liquidation Value	$ 230,000	$ 230,000
Series F Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	6,200,000	6,200,000
Current Liquidation Value	$ 155,000	$ 155,000
Series G Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Current Liquidation Value	$ 115,000	$ 115,000
Series H Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.25%
Preferred shares, shares outstanding (in shares)	4,600,000	4,600,000
Current Liquidation Value	$ 115,000	$ 115,000

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Shareholders' Equity / Partners' Capital - Distributions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A common shares/units
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.10	$ 0.05
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)	$ 0.10	0.05
Series D Perpetual Preferred Shares/Units
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.50%
Preferred shares, dividends declared (in dollars per share)	$ 0.41	0.41
Series E Perpetual Preferred Shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	6.35%
Preferred shares, dividends declared (in dollars per share)	$ 0.40	0.40
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
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
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

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Shareholders' Equity / Partners' Capital - Noncontrolling Interest (Details) - Class A Units - Operating Partnership - shares	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Operating partnership units (in shares)	368,629,865	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	13.80%	13.90%

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Share-Based Compensation - 2012 Equity Incentive Plan Narrative (Details) - 2012 Equity Incentive Plan	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted share units
Class of Stock [Line Items]
Award vesting period	3 years	3 years
Restricted share units | Non-Management Trustees
Class of Stock [Line Items]
Award vesting period	1 year
Performance Share Units (PSU's)
Class of Stock [Line Items]
Award vesting period	3 years
Service period	3 years
Performance Share Units (PSU's) | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	0.00%
Performance Share Units (PSU's) | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	200.00%

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Share-Based Compensation - Stock Options Activity (Details) - 2012 Equity Incentive Plan - Stock options - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Options
Options outstanding at beginning of period	1,090,300	1,529,800
Granted	0	0
Exercised	(60,000)	(83,600)
Forfeited	0	(1,600)
Options outstanding at end of period	1,030,300	1,444,600
Options exercisable at end of period	992,800	1,296,750

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Share-Based Compensation - RSU and PSU Activity (Details) - 2012 Equity Incentive Plan - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted share units
Number of Restricted Stock Units
Outstanding at beginning of period	651,537	599,109
Awarded	453,560	422,285
Vested	(164,203)	(181,213)
Forfeited	(12,399)	(19,010)
Outstanding at end of period	928,495	821,171
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

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Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class of Stock
Total noncash share-based compensation expense	$ 8,110	$ 1,808
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	4,342	1,369
Property management expenses
Class of Stock
Total noncash share-based compensation expense	999	439
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 2,769	$ 0

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Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares
Numerator:
Net income	$ 48,921	$ 37,527
Less:
Noncontrolling interest	4,925	3,501
Dividends on preferred shares	13,782	13,782
Allocation to participating securities	93	54
Numerator for income per common share–basic and diluted	$ 30,121	$ 20,190
Denominator
Weighted-average common shares outstanding - basic (in shares) | shares	316,982,460	300,813,069
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	458,937	491,999
Weighted-average common shares outstanding - diluted (in shares) | shares	317,441,397	301,305,068
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.10	$ 0.07
Diluted (in dollars per share) | $ / shares	$ 0.09	$ 0.07
Exchange rate	1
Performance Share Units (PSU's)
Net income attributable to common shareholders per share:
Antidilutive securities excluded from calculation of EPS (in shares) | shares	10,071
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 48,921	$ 37,527
Less:
Dividends on preferred shares	13,782	13,782
Allocation to participating securities	93	54
Numerator for income per common share–basic and diluted	$ 35,046	$ 23,691
Denominator
Weighted-average common units outstanding - basic (in shares) | shares	368,647,217	352,840,049
Effect of dilutive securities:
Share-based compensation plan (in shares) | shares	458,937	491,999
Weighted-average common units outstanding - diluted (in shares) | shares	369,106,154	353,332,048
Net income attributable to common shareholders per share:
Basic (in dollars per share) | $ / shares	$ 0.10	$ 0.07
Diluted (in dollars per share) | $ / shares	$ 0.09	$ 0.07
American Homes 4 Rent, L.P. | Performance Share Units (PSU's)
Net income attributable to common shareholders per share:
Antidilutive securities excluded from calculation of EPS (in shares) | shares	10,071

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Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 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
Derivative, fair value	9,200
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,922,734	$ 1,927,607
Unsecured senior notes, net	890,143	889,805
Revolving credit facility	80,000	0
Total debt	2,892,877	2,817,412
Carrying Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	473,879	475,144
Carrying Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	489,107	490,319
Carrying Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	513,956	515,326
Carrying Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	445,792	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	494,576	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	395,567	395,427
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	1,976,170	1,983,083
Unsecured senior notes, net	1,005,943	1,057,496
Revolving credit facility	80,000	0
Total debt	3,062,113	3,040,579
Fair Value | 2014-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	485,779	488,140
Fair Value | 2014-SFR 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	502,724	504,364
Fair Value | 2015-SFR 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	527,535	529,542
Fair Value | 2015-SFR 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset-backed securitization	460,132	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	549,755	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	$ 456,188	$ 482,276

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 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)	316,617,810	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	26.20%	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	14.30%	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

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Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	64	97
Single-family properties sales in escrow, selling price	$ 20.0	$ 24.0
Surety bond
Purchase Commitment [Line Items]
Surety bonds related to development contracts	47.5	36.7
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	146.9	81.7
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 90.1	$ 72.3
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	547	323

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Subsequent Events (Details)		1 Months Ended	3 Months Ended
	Apr. 15, 2021 USD ($) debtInstrumentExtensionOption	Apr. 30, 2021 USD ($) property	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 USD ($)	May 06, 2021 $ / shares	Dec. 31, 2020 USD ($) $ / shares
Subsequent Event [Line Items]
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01			$ 0.01
Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Preferred stock, dividend rate (in percent)			6.50%
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01
Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate (in percent)			6.35%
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility			$ 80,000,000	$ 105,000,000
Outstanding borrowings			80,000,000			$ 0
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 800,000,000.0
Revolving Credit Facility | Line of Credit | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate			1.20%
Subsequent Event
Subsequent Event [Line Items]
Number of properties acquired | property		214
Purchase price to acquire real estate		$ 64,500,000
Number of internally developed properties developed | property		87
Number of properties acquired from third party developers | property		9
Number of real estate properties sold | property		37
Proceeds from the sale of real estate properties		$ 10,700,000
Subsequent Event | Series D Perpetual Preferred Shares/Units
Subsequent Event [Line Items]
Liquidation preference (in dollars per share) | $ / shares					$ 25.00
Subsequent Event | Series E Perpetual Preferred Shares
Subsequent Event [Line Items]
Liquidation preference (in dollars per share) | $ / shares					$ 25.00
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility		20,000,000.0
Outstanding borrowings		$ 100,000,000.0
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Number of extension options | debtInstrumentExtensionOption	2
Extension period	6 months
Subsequent Event | Revolving Credit Facility | Line of Credit | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Subsequent Event | Revolving Credit Facility | Line of Credit | Prime Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Subsequent Event | Revolving Credit Facility | Line of Credit | Minimum | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.725%
Subsequent Event | Revolving Credit Facility | Line of Credit | Minimum | Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Subsequent Event | Revolving Credit Facility | Line of Credit | Maximum | LIBOR
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	1.45%
Subsequent Event | Revolving Credit Facility | Line of Credit | Maximum | Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	0.45%