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, 2023

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.)

280 Pilot Road

Las Vegas, Nevada 89119

(Address of principal executive offices) (Zip Code)

(702) 847-7800

(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 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 361,146,292 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 3, 2023.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2023 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AMH” 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

AMH is the general partner of, and as of March 31, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH 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 AMH and the Operating Partnership in the context of how AMH and the Operating Partnership operate as a consolidated company. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 AMH. 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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, 2023 and December 31, 2022	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022	2
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022	3
	Condensed Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022	4
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022	6
	American Homes 4 Rent, L.P.
	Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022	8
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022	9
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022	10
	Condensed Consolidated Statements of Capital for the three months ended March 31, 2023 and 2022	11
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022	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	29
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 relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” 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 and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

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, 2022 (the “2022 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, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Asset-backed securitization certificates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403
Total liabilities	4,902,109		5,000,401
Commitments and contingencies (see Note 15)
Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,146,292 and 352,881,826 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	3,611		3,529
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2023 and December 31, 2022)	6		6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2023 and December 31, 2022)	92		92
Additional paid-in capital	7,232,191		6,931,819
Accumulated deficit	(403,303)		(440,791)
Accumulated other comprehensive income	1,212		1,332
Total shareholders’ equity	6,833,809		6,495,987
Noncontrolling interest	684,095		678,671
Total equity	7,517,904		7,174,658
Total liabilities and equity	$	12,420,013	$	12,175,059

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,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105
Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954
Total expenses	349,398		310,454
Gain on sale and impairment of single-family properties and other, net	84,659		22,044
Other income and expense, net	4,735		2,319
Net income	137,699		70,014
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Net income attributable to common shareholders	$	117,465	$	55,939
Weighted-average common shares outstanding:
Basic	360,353,124		345,742,526
Diluted	360,674,370		346,480,823
Net income attributable to common shareholders per share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

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,
	2023		2022
Net income	$	137,699	$	70,014
Other comprehensive loss:
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(141)		(141)
Other comprehensive loss	(141)		(141)
Comprehensive income	137,558		69,873
Comprehensive income attributable to noncontrolling interests	16,727		8,287
Dividends on preferred shares	3,486		5,763
Comprehensive income attributable to common shareholders	$	117,345	$	55,823

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, 2021	337,362,716	$	3,374	635,075	$	6	15,400,000	$	154	$	6,492,933	$	(438,710)	$	1,814	$	6,059,571	$	678,858	$	6,738,429
Share-based compensation	—	—		—	—		—	—		7,405		—		—		7,405		—		7,405
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	280,172	2		—	—		—	—		(2,621)		—		—		(2,619)		—		(2,619)
Issuance of Class A common shares, net of offering costs of $200	10,000,000	100		—	—		—	—		375,540		—		—		375,640		—		375,640
Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(5,763)		—		(5,763)		—		(5,763)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(9,248)		(9,248)
Common shares ($0.18 per share)	—	—		—	—		—	—		—		(62,938)		—		(62,938)		—		(62,938)
Net income	—	—		—	—		—	—		—		61,702		—		61,702		8,312		70,014
Total other comprehensive loss	—	—		—	—		—	—		—		—		(116)		(116)		(25)		(141)
Balances at March 31, 2022	347,642,888	$	3,476	635,075	$	6	15,400,000	$	154	$	6,873,257	$	(445,709)	$	1,698	$	6,432,882	$	677,897	$	7,110,779

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, 2022	352,881,826	$	3,529	635,075	$	6	9,200,000	$	92	$	6,931,819	$	(440,791)	$	1,332	$	6,495,987	$	678,671	$	7,174,658
Share-based compensation	—	—		—	—		—	—		5,824		—		—		5,824		—		5,824
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	264,466	2		—	—		—	—		(3,744)		—		—		(3,742)		—		(3,742)
Issuance of Class A common shares	8,000,000	80		—	—		—	—		298,292		—		—		298,372		—		298,372
Distributions to equity holders:
Preferred shares (Note 10)	—	—		—	—		—	—		—		(3,486)		—		(3,486)		—		(3,486)
Noncontrolling interests	—	—		—	—		—	—		—		—		—		—		(11,303)		(11,303)
Common shares ($0.22 per share)	—	—		—	—		—	—		—		(79,977)		—		(79,977)		—		(79,977)
Net income	—	—		—	—		—	—		—		120,951		—		120,951		16,748		137,699
Total other comprehensive loss	—	—		—	—		—	—		—		—		(120)		(120)		(21)		(141)
Balances at March 31, 2023	361,146,292	$	3,611	635,075	$	6	9,200,000	$	92	$	7,232,191	$	(403,303)	$	1,212	$	6,833,809	$	684,095	$	7,517,904

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,
	2023		2022
Operating activities
Net income	$	137,699	$	70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717		99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043		2,453
Noncash share-based compensation	5,824		7,405
Equity in net income of unconsolidated joint ventures	(1,340)		(1,478)
Return on investment from unconsolidated joint ventures	—		2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)		(3,811)
Prepaid expenses and other assets	4,309		(6,530)
Deferred leasing costs	(808)		(535)
Accounts payable and accrued expenses	23,926		11,245
Amounts due from related parties	1,428		(529)
Net cash provided by operating activities	200,467		158,742
Investing activities
Cash paid for single-family properties	(2,923)		(288,719)
Change in escrow deposits for purchase of single-family properties	988		6,235
Net proceeds received from sales of single-family properties and other	184,510		51,407
Proceeds received from storm-related insurance claims	—		1,529
Proceeds from notes receivable related to the sale of properties	24		402
Investment in unconsolidated joint ventures	—		(5,294)
Distributions from joint ventures	10,943		22,587
Renovations to single-family properties	(8,735)		(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)		(24,185)
Cash paid for development activity	(213,598)		(244,621)
Other investing activities	(12,416)		(10,384)
Net cash used for investing activities	(72,912)		(512,764)
Financing activities
Proceeds from issuance of Class A common shares	298,372		375,840
Payments of Class A common share issuance costs	—		(200)
Proceeds from issuances under share-based compensation plans	31		1,439
Payments related to tax withholding for share-based compensation	(3,773)		(4,058)
Payments on asset-backed securitizations	(6,765)		(5,876)
Proceeds from revolving credit facility	—		420,000
Payments on revolving credit facility	(130,000)		(360,000)
Proceeds from liabilities related to consolidated land not owned	—		19,794
Distributions to noncontrolling interests	(11,248)		(9,306)
Distributions to common shareholders	(79,831)		(62,635)
Distributions to preferred shareholders	(3,486)		(5,763)
Net cash provided by financing activities	63,300		369,235
Net increase in cash, cash equivalents and restricted cash	190,855		15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960		191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	408,815	$	206,980

6

American Homes 4 Rent

Condensed Consolidated Statements of Cash Flows (continued)

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2023		2022
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(39,770)	$	(40,871)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	71,110	$	57,500
Transfers of completed homebuilding deliveries to properties	108,792		112,911
Property and land contributions to unconsolidated joint ventures	(11,609)		(10,605)
Property and land distributions from unconsolidated joint ventures	—		8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	—		746
Accrued distributions to affiliates	551		—
Accrued distributions to non-affiliates	128		303

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, 2023		December 31, 2022
	(Unaudited)
Assets
Single-family properties:
Land	$	2,193,499	$	2,197,233
Buildings and improvements	10,186,856		10,127,891
Single-family properties in operation	12,380,355		12,325,124
Less: accumulated depreciation	(2,463,232)		(2,386,452)
Single-family properties in operation, net	9,917,123		9,938,672
Single-family properties under development and development land	1,279,089		1,187,221
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	11,367,660		11,324,609
Cash and cash equivalents	255,559		69,155
Restricted cash	153,256		148,805
Rent and other receivables	49,424		47,752
Escrow deposits, prepaid expenses and other assets	339,502		331,446
Investments in unconsolidated joint ventures	108,667		107,347
Amounts due from affiliates	25,666		25,666
Goodwill	120,279		120,279
Total assets	$	12,420,013	$	12,175,059
Liabilities
Revolving credit facility	$	—	$	130,000
Asset-backed securitizations, net	1,885,322		1,890,842
Unsecured senior notes, net	2,496,423		2,495,156
Accounts payable and accrued expenses	520,364		484,403
Total liabilities	4,902,109		5,000,401
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (361,781,367 and 353,516,901 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	6,610,757		6,272,815
Preferred units (9,200,000 units issued and outstanding at March 31, 2023 and December 31, 2022)	221,840		221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2023 and December 31, 2022)	683,922		678,477
Accumulated other comprehensive income	1,385		1,526
Total capital	7,517,904		7,174,658
Total liabilities and capital	$	12,420,013	$	12,175,059

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,
	2023		2022
Rents and other single-family property revenues	$	397,703	$	356,105
Expenses:
Property operating expenses	147,068		133,643
Property management expenses	30,800		26,034
General and administrative expense	17,855		17,282
Interest expense	35,882		27,567
Acquisition and other transaction costs	5,076		5,974
Depreciation and amortization	112,717		99,954
Total expenses	349,398		310,454
Gain on sale and impairment of single-family properties and other, net	84,659		22,044
Other income and expense, net	4,735		2,319
Net income	137,699		70,014
Preferred distributions	3,486		5,763
Net income attributable to common unitholders	$	134,213	$	64,251
Weighted-average common units outstanding:
Basic	411,730,104		397,119,506
Diluted	412,051,350		397,857,803
Net income attributable to common unitholders per unit:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

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,
	2023		2022
Net income	$	137,699	$	70,014
Other comprehensive loss:
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(141)		(141)
Other comprehensive loss	(141)		(141)
Comprehensive income	137,558		69,873
Preferred distributions	3,486		5,763
Comprehensive income attributable to common unitholders	$	134,072	$	64,110

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, 2021	337,997,791	$	5,686,193	$	371,564	51,376,980	$	678,582	$	2,090	$	6,738,429
Share-based compensation	—	7,405		—		—	—		—		7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes	280,172	(2,619)		—		—	—		—		(2,619)
Issuance of Class A common units, net of offering costs of $200	10,000,000	375,640		—		—	—		—		375,640
Distributions to capital holders:
Preferred units (Note 10)	—	—		(5,763)		—	—		—		(5,763)
Common units ($0.18 per unit)	—	(62,938)		—		—	(9,248)		—		(72,186)
Net income	—	55,939		5,763		—	8,312		—		70,014
Total other comprehensive loss	—	—		—		—	—		(141)		(141)
Balances at March 31, 2022	348,277,963	$	6,059,620	$	371,564	51,376,980	$	677,646	$	1,949	$	7,110,779

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, 2022	353,516,901	$	6,272,815	$	221,840	51,376,980	$	678,477	$	1,526	$	7,174,658
Share-based compensation	—	5,824		—		—	—		—		5,824
Common units issued under share-based compensation plans, net of units withheld for employee taxes	264,466	(3,742)		—		—	—		—		(3,742)
Issuance of Class A common units	8,000,000	298,372		—		—	—		—		298,372
Distributions to capital holders:
Preferred units (Note 10)	—	—		(3,486)		—	—		—		(3,486)
Common units ($0.22 per unit)	—	(79,977)		—		—	(11,303)		—		(91,280)
Net income	—	117,465		3,486		—	16,748		—		137,699
Total other comprehensive loss	—	—		—		—	—		(141)		(141)
Balances at March 31, 2023	361,781,367	$	6,610,757	$	221,840	51,376,980	$	683,922	$	1,385	$	7,517,904

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,
	2023		2022
Operating activities
Net income	$	137,699	$	70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717		99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043		2,453
Noncash share-based compensation	5,824		7,405
Equity in net income of unconsolidated joint ventures	(1,340)		(1,478)
Return on investment from unconsolidated joint ventures	—		2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)		(3,811)
Prepaid expenses and other assets	4,309		(6,530)
Deferred leasing costs	(808)		(535)
Accounts payable and accrued expenses	23,926		11,245
Amounts due from related parties	1,428		(529)
Net cash provided by operating activities	200,467		158,742
Investing activities
Cash paid for single-family properties	(2,923)		(288,719)
Change in escrow deposits for purchase of single-family properties	988		6,235
Net proceeds received from sales of single-family properties and other	184,510		51,407
Proceeds received from storm-related insurance claims	—		1,529
Proceeds from notes receivable related to the sale of properties	24		402
Investment in unconsolidated joint ventures	—		(5,294)
Distributions from joint ventures	10,943		22,587
Renovations to single-family properties	(8,735)		(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)		(24,185)
Cash paid for development activity	(213,598)		(244,621)
Other investing activities	(12,416)		(10,384)
Net cash used for investing activities	(72,912)		(512,764)
Financing activities
Proceeds from issuance of Class A common units	298,372		375,840
Payments of Class A common unit issuance costs	—		(200)
Proceeds from issuances under share-based compensation plans	31		1,439
Payments related to tax withholding for share-based compensation	(3,773)		(4,058)
Payments on asset-backed securitizations	(6,765)		(5,876)
Proceeds from revolving credit facility	—		420,000
Payments on revolving credit facility	(130,000)		(360,000)
Proceeds from liabilities related to consolidated land not owned	—		19,794
Distributions to common unitholders	(91,079)		(71,941)
Distributions to preferred unitholders	(3,486)		(5,763)
Net cash provided by financing activities	63,300		369,235
Net increase in cash, cash equivalents and restricted cash	190,855		15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960		191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	$	408,815	$	206,980

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,
	2023		2022
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	$	(39,770)	$	(40,871)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	$	71,110	$	57,500
Transfers of completed homebuilding deliveries to properties	108,792		112,911
Property and land contributions to unconsolidated joint ventures	(11,609)		(10,605)
Property and land distributions from unconsolidated joint ventures	—		8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	—		746
Accrued distributions to affiliates	551		—
Accrued distributions to non-affiliates	128		303

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 (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of March 31, 2023, the Company held 58,639 single-family properties in 21 states, including 903 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 AMH. 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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 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, 2022. 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 operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. 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.

15

Principles of Consolidation

The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control 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 Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the investments in these venture capital funds was $12.1 million and the Company’s maximum exposure to loss was $16.1 million, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $14.5 million.

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 (amounts in thousands):

	March 31,				December 31,
	2023		2022		2022		2021
Cash and cash equivalents	$	255,559	$	56,626	$	69,155	$	48,198
Restricted cash	153,256		150,354		148,805		143,569
Total cash, cash equivalents and restricted cash	$	408,815	$	206,980	$	217,960	$	191,767

16

Note 4. Real Estate Assets, Net

The net book values of real estate assets consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Occupied single-family properties	$	9,549,695	$	9,419,098
Single-family properties leased, not yet occupied	89,718		52,325
Single-family properties in turnover process	191,738		281,356
Single-family properties recently renovated or developed	85,972		182,336
Single-family properties newly acquired and under renovation	—		3,557
Single-family properties in operation, net	9,917,123		9,938,672
Development land	631,752		631,539
Single-family properties under development	647,337		555,682
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	$	11,367,660	$	11,324,609

Depreciation expense related to single-family properties was $107.8 million and $96.2 million for the three months ended March 31, 2023 and 2022, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2023 and 2022 (amounts in thousands, except property data):

	For the Three Months Ended March 31,
	2023		2022
Single-family properties:
Properties sold	666		169
Net proceeds (1)	$	183,584	$	50,259
Net gain on sale	$	85,703	$	24,545
Land:
Net proceeds	$	926	$	1,148
Net gain on sale	$	34	$	278

(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 $55.4 million and $52.3 million for the three months ended March 31, 2023 and 2022, respectively. Variable lease payments for fees from single-family properties were $7.4 million and $6.1 million for the three months ended March 31, 2023 and 2022, 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, 2023 (amounts in thousands):

	March 31, 2023
Remaining 2023	$	631,538
2024	98,868
2025	2,256
Total	$	732,662

As of March 31, 2023 and December 31, 2022, rent and other receivables included $5.9 million and $5.0 million, respectively, of insurance claims receivables related to Hurricane Ian and Winter Storm Elliott.

17

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Consolidated land not owned	$	115,391	$	108,114
Escrow deposits, prepaid expenses and other	105,106		105,811
Commercial real estate, software, vehicles and FF&E, net	88,707		85,772
Operating lease right-of-use assets	18,254		19,129
Deferred costs and other intangibles, net	9,685		10,237
Notes receivable, net	2,359		2,383
Total	$	339,502	$	331,446

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.2 million and $3.0 million for the three months ended March 31, 2023 and 2022, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Deferred leasing costs	$	2,665	$	2,375
Deferred financing costs	22,491		22,491
	25,156		24,866
Less: accumulated amortization	(15,471)		(14,629)
Total	$	9,685	$	10,237

Amortization expense related to deferred leasing costs was $0.7 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million for both the three months ended March 31, 2023 and 2022, and is 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, 2023 for future periods (amounts in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2023	$	1,273	$	2,050	$	3,323
2024	126		2,730		2,856
2025	—		2,722		2,722
2026	—		784		784
Total	$	1,399	$	8,286	$	9,685

Note 7. Investments in Unconsolidated Joint Ventures

As of March 31, 2023, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations.

The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. During the three months ended March 31, 2023, the parties of the J.P. Morgan JV agreed to reinvest proceeds from debt financing obtained in the first quarter of 2022 (see below) to increase the size of the partnership up to approximately $900.0 million. The changes do not impact the accounting treatment of the joint venture.

18

The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):

Joint Venture Description	% Ownership at March 31, 2023		Completed Homes at March 31, 2023	Balances at March 31, 2023		Balances at December 31, 2022
Alaska JV	20	%	240	$	19,970	$	18,890
Institutional Investor JV	20	%	999	16,526		16,567
J.P. Morgan JV	20	%	1,449	72,171		71,890
			2,688	$	108,667	$	107,347

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 $3.3 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively, and is 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 first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $74.6 million, of which (i) $66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment. The transaction was accounted for as an asset acquisition and resulted in a gain on sale at the Institutional Investor JV. Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets.

During the first quarter of 2022, the J.P. Morgan JV entered into a loan agreement to borrow up to a $375.0 million aggregate commitment. During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of March 31, 2023, the joint venture’s loan had a $260.3 million outstanding principal balance.

During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $250.0 million. During the initial two-year term, the loan bears interest at SOFR plus a 2.4% margin and matures on July 1, 2024. The loan agreement provides for two one-year extension options that include additional fees and interest. As of March 31, 2023, the joint venture’s loan had a $232.7 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P. Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures and us and therefore are unlikely to occur. However, there can be no assurances that actions that could trigger the guarantee will not occur.

19

Note 8. Debt

All of the Company’s indebtedness is debt of the Operating Partnership. AMH 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, 2023 and December 31, 2022 (amounts in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization	4.42%	October 9, 2024	$	465,963	$	468,138
AMH 2014-SFR3 securitization	4.40%	December 9, 2024	481,518		482,964
AMH 2015-SFR1 securitization (2)	4.14%	April 9, 2045	507,148		508,672
AMH 2015-SFR2 securitization (3)	4.36%	October 9, 2045	440,234		441,854
Total asset-backed securitizations			1,894,863		1,901,628
2028 unsecured senior notes (4)	4.08%	February 15, 2028	500,000		500,000
2029 unsecured senior notes	4.90%	February 15, 2029	400,000		400,000
2031 unsecured senior notes (5)	2.46%	July 15, 2031	450,000		450,000
2032 unsecured senior notes	3.63%	April 15, 2032	600,000		600,000
2051 unsecured senior notes	3.38%	July 15, 2051	300,000		300,000
2052 unsecured senior notes	4.30%	April 15, 2052	300,000		300,000
Revolving credit facility (6)	5.76%	April 15, 2026	—		130,000
Total debt			4,444,863		4,581,628
Unamortized discounts on unsecured senior notes			(35,320)		(36,099)
Deferred financing costs, net (7)			(27,798)		(29,531)
Total debt per balance sheet			$	4,381,745	$	4,515,998

(1)Interest rates are rounded and as of March 31, 2023. Unless otherwise stated, interest rates are fixed percentages.

(2)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

(3)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

(4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.

(5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2023 and December 31, 2022. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of March 31, 2023.

(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.7 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, and is 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, 2023 (amounts in thousands):

	Debt Maturities
Remaining 2023	$	15,536
2024	949,974
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,448,447
Total debt	$	4,444,863

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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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Gross interest cost	$	48,970	$	40,461
Capitalized interest	(13,088)		(12,894)
Interest expense	$	35,882	$	27,567

Note 9. Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Resident security deposits	$	121,342	$	119,386
Accrued property taxes	93,051		51,586
Accrued construction and maintenance liabilities	86,856		86,775
Liability for consolidated land not owned	76,749		69,434
Prepaid rent	34,150		26,922
Accrued interest	33,195		40,126
Operating lease liabilities	19,908		20,755
Accounts payable	5,577		5,719
Other accrued liabilities	49,536		63,700
Total	$	520,364	$	484,403

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 AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which were accounted for in equity. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. During the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. In January 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million, which it used to repay indebtedness under its revolving credit facility and for general corporate purposes.

At-the-Market Common Share Offering Program

The Company maintains an 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 its 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

21

months ended March 31, 2023 and 2022, no shares were issued under the At-the-Market Program. As of March 31, 2023, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 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, 2023 and 2022, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2023, 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, 2023 and December 31, 2022, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

					March 31, 2023			December 31, 2022
Series	Issuance Date	Earliest Redemption Date	Dividend Rate		Outstanding Shares	Current Liquidation Value		Outstanding Shares	Current Liquidation Value
Series G perpetual preferred shares	July 17, 2017	July 17, 2022	5.875	%	4,600,000	$	115,000	4,600,000	$	115,000
Series H perpetual preferred shares	September 19, 2018	September 19, 2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					9,200,000	$	230,000	9,200,000	$	230,000

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, 2023		March 31, 2022
Class A and Class B common shares	$	0.22	$	0.18
5.875% Series F perpetual preferred shares (1)	—		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

(1)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022.

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, or approximately 12.3% and 12.5%, of the total 413,158,347 and 404,893,881 Class A units in the Operating Partnership as of March 31, 2023 and December 31, 2022, 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 0.1% and 0.2%, of the total 413,158,347 and 404,893,881 Class A units in the Operating Partnership as of March 31, 2023 and December 31, 2022, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

Note 11. Share-Based Compensation

2021 Equity Incentive Plan

The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards.

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When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

During the three months ended March 31, 2023 and 2022, employees were granted RSUs that generally vest over a three-year service period.

During the three months ended March 31, 2023 and 2022, certain senior employees were granted performance-based restricted share units (“PSUs”) that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over the three-year performance period January 1, 2023 through December 31, 2025 for PSUs granted during the three months ended March 31, 2023 and January 1, 2022 through December 31, 2024 for PSUs granted during the three months ended March 31, 2022. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
Options outstanding at beginning of period	730,550	824,300
Granted	—	—
Exercised	(1,875)	(18,750)
Forfeited	—	—
Options outstanding at end of period	728,675	805,550
Options exercisable at end of period	728,675	800,550

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
RSUs outstanding at beginning of period	1,024,722	1,050,599
Awarded	447,364	395,759
Vested	(374,956)	(335,826)
Forfeited	(12,543)	(19,523)
RSUs outstanding at end of period	1,084,587	1,091,009

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
PSUs outstanding at beginning of period	294,423	92,319
Awarded	227,033	202,104
Vested	—	—
Forfeited	(693)	—
PSUs outstanding at end of period	520,763	294,423

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For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

	For the Three Months Ended March 31,
	2023	2022
Expected term (years)	3.0	3.0
Dividend yield	2.09%	1.03%
Estimated volatility (1)	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH.

Share-Based Compensation Expense

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
General and administrative expense	$	3,743	$	4,030
Property management expenses	1,066		999
Acquisition and other transaction costs	1,015		2,376
Total noncash share-based compensation expense	$	5,824	$	7,405

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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, 2023 and 2022 (amounts in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common share–basic and diluted	$	117,137	$	55,742
Denominator:
Weighted-average common shares outstanding–basic	360,353,124		345,742,526
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common shares outstanding–diluted (3)	360,674,370		346,480,823
Net income per common share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

(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, 2023 and 2022 (amounts in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Preferred distributions	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common unit–basic and diluted	$	133,885	$	64,054
Denominator:
Weighted-average common units outstanding–basic	411,730,104		397,119,506
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common units outstanding–diluted	412,051,350		397,857,803
Net income per common unit:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
AMH 2014-SFR2 securitization	$	464,006	$	467,957	$	465,864	$	469,192
AMH 2014-SFR3 securitization	479,338		478,755		480,467		484,350
AMH 2015-SFR1 securitization	504,546		508,581		505,738		509,714
AMH 2015-SFR2 securitization	437,432		441,210		438,773		442,286
Total asset-backed securitizations	1,885,322		1,896,503		1,890,842		1,905,542
2028 unsecured senior notes, net	496,153		471,280		495,956		463,920
2029 unsecured senior notes, net	396,684		387,424		396,543		377,680
2031 unsecured senior notes, net	441,393		358,340		441,133		347,243
2032 unsecured senior notes, net	582,030		524,304		581,533		504,294
2051 unsecured senior notes, net	291,266		198,816		291,189		189,750
2052 unsecured senior notes, net	288,897		237,081		288,802		221,922
Total unsecured senior notes, net	2,496,423		2,177,245		2,495,156		2,104,809
Revolving credit facility	—		—		130,000		130,000
Total debt	$	4,381,745	$	4,073,748	$	4,515,998	$	4,140,351

Note 14. Related Party Transactions

As of March 31, 2023 and December 31, 2022, affiliates owned approximately 12.7% and 12.9%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2023 and December 31, 2022) an approximate 23.5% and 23.9% interest as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023 and December 31, 2022, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AMH, which is included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

Note 15. Commitments and Contingencies

As of March 31, 2023, the Company had commitments to acquire 42 single-family properties through our National Builder Program for an aggregate purchase price of $9.7 million, as well as $246.0 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of March 31, 2023, the Company had sales in escrow for approximately 249 of our single-family properties and 38 of our land lots for aggregate selling prices of $83.4 million.

As of March 31, 2023, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $195.2 million.

Legal Matters

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

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.

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Note 16. Subsequent Events

Subsequent Acquisitions

From April 1, 2023 through April 30, 2023, the Company added 146 properties to its portfolio for a total cost of approximately $52.8 million, which included 145 newly constructed properties delivered through our AMH Development Program and one newly constructed home acquired from a third-party developer through our National Builder Program.

Subsequent Dispositions

From April 1, 2023 through April 30, 2023, the Company disposed of 189 properties for aggregate net proceeds of approximately $55.9 million.

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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 managing 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 and we have elected to be taxed as a REIT.

As of March 31, 2023, we owned 58,639 single-family properties in select submarkets of metropolitan statistical areas (“MSAs”) in 21 states, including 903 properties held for sale, compared to 58,993 single-family properties in 21 states, including 1,115 properties held for sale, as of December 31, 2022, and 57,984 single-family properties in 22 states, including 855 properties held for sale as of March 31, 2022. As of March 31, 2023, 56,049 of our total properties (excluding properties held for sale) were occupied, compared to 55,605 of our total properties (excluding properties held for sale) as of December 31, 2022 and 54,352 of our total properties (excluding properties held for sale) as of March 31, 2022. Also, as of March 31, 2023, the Company had an additional 2,688 properties held in unconsolidated joint ventures, compared to 2,540 properties held in unconsolidated joint ventures as of December 31, 2022, and 1,849 properties held in unconsolidated joint ventures as of March 31, 2022. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform.

Key Single-Family Property and Leasing Metrics

The following table summarizes certain key single-family properties metrics as of March 31, 2023:

	Total Single-Family Properties (1)
Market	Number of Single-Family Properties	% 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	5,770	10.0	%	$	1,256.8	10.2	%	$	217,811	2,167	17.2	2016
Dallas-Fort Worth, TX	4,162	7.2	%	726.1		5.9	%	174,462		2,103	18.8	2014
Charlotte, NC	3,988	6.9	%	852.3		6.9	%	213,706		2,107	17.5	2015
Phoenix, AZ	3,387	5.9	%	710.9		5.7	%	209,898		1,839	18.8	2015
Nashville, TN	3,240	5.6	%	780.3		6.3	%	240,824		2,112	15.8	2016
Jacksonville, FL	2,923	5.1	%	614.2		5.0	%	210,110		1,930	14.5	2016
Indianapolis, IN	2,880	5.0	%	495.9		4.0	%	172,196		1,928	20.2	2014
Tampa, FL	2,746	4.8	%	610.7		4.9	%	222,399		1,939	15.5	2016
Houston, TX	2,548	4.4	%	449.5		3.6	%	176,401		2,090	17.3	2014
Raleigh, NC	2,183	3.8	%	431.9		3.5	%	197,846		1,889	17.1	2015
Cincinnati, OH	2,126	3.7	%	414.0		3.3	%	194,752		1,843	20.2	2014
Columbus, OH	2,108	3.7	%	398.0		3.2	%	188,816		1,869	20.8	2015
Las Vegas, NV	1,927	3.3	%	522.9		4.2	%	271,349		1,917	12.7	2016
Salt Lake City, UT	1,904	3.3	%	575.5		4.6	%	302,233		2,243	16.5	2016
Orlando, FL	1,887	3.3	%	388.8		3.1	%	206,036		1,901	19.1	2015
Greater Chicago area, IL and IN	1,586	2.7	%	299.9		2.4	%	189,106		1,867	21.6	2013
Charleston, SC	1,521	2.6	%	345.6		2.8	%	227,221		1,963	12.4	2017
San Antonio, TX	1,299	2.2	%	254.2		2.1	%	195,659		1,927	14.4	2015
Seattle, WA	1,140	2.0	%	369.9		3.0	%	324,506		1,995	13.3	2017
Savannah/Hilton Head, SC	1,042	1.8	%	216.9		1.8	%	208,192		1,889	14.5	2016
All Other (2)	7,369	12.7	%	1,666.1		13.5	%	226,090		1,903	17.0	2015
Total/Average	57,736	100.0	%	$	12,380.4	100.0	%	$	214,430	1,989	17.2	2015

(1)Excludes 903 single-family properties held for sale as of March 31, 2023.

(2)Represents 15 markets in 13 states.

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The following table summarizes certain key leasing metrics as of March 31, 2023:

	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	96.3	%	$	2,044	12.0	5.9	9.3	%
Dallas-Fort Worth, TX	97.3	%	2,096		12.0	5.8	6.6	%
Charlotte, NC	96.5	%	1,951		12.1	6.3	7.1	%
Phoenix, AZ	96.2	%	1,964		12.0	6.4	7.3	%
Nashville, TN	95.7	%	2,133		12.0	6.0	8.5	%
Jacksonville, FL	97.0	%	2,006		12.0	6.3	6.2	%
Indianapolis, IN	96.3	%	1,722		12.1	6.1	4.8	%
Tampa, FL	97.6	%	2,170		12.0	6.2	8.8	%
Houston, TX	97.4	%	1,906		12.0	5.6	4.9	%
Raleigh, NC	95.5	%	1,860		12.0	6.1	7.4	%
Cincinnati, OH	96.9	%	1,941		12.0	5.9	6.2	%
Columbus, OH	96.5	%	1,978		12.0	6.0	6.5	%
Las Vegas, NV	92.2	%	2,094		12.0	6.4	5.8	%
Salt Lake City, UT	96.5	%	2,275		12.0	5.9	5.8	%
Orlando, FL	96.3	%	2,104		12.0	6.3	9.3	%
Greater Chicago area, IL and IN	97.7	%	2,218		12.1	5.9	6.1	%
Charleston, SC	97.2	%	2,090		12.0	5.6	7.5	%
San Antonio, TX	94.7	%	1,864		12.0	5.6	4.2	%
Seattle, WA	95.5	%	2,509		12.0	5.9	7.5	%
Savannah/Hilton Head, SC	98.2	%	1,971		12.0	5.9	9.3	%
All Other (6)	95.2	%	2,007		12.0	5.9	6.5	%
Total/Average	96.3	%	$	2,027	12.0	6.0	7.1	%

(1)Excludes 903 single-family properties held for sale as of March 31, 2023.

(2)For the three months ended March 31, 2023, 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, 2023, 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, 2023, 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. 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. Additionally, recent supply chain disruptions, inflationary increases in labor and material costs and labor shortages have impacted and may continue to impact certain aspects of our business, including our AMH Development Program, our renovation program associated with recently acquired properties and our maintenance program.

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. In addition, we also acquire newly constructed homes from third-party developers through our National Builder Program. Opportunities from these new

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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. Recently, we have strategically scaled back acquisitions through our National Builder Program and traditional acquisition channel as the housing market adjusts to the current macroeconomic environment. We anticipate beginning to grow in these acquisition channels when the housing and capital markets stabilize. During the three months ended March 31, 2023, we developed or acquired 312 homes, including 299 newly constructed homes delivered through our AMH Development Program and 13 homes acquired through our National Builder Program, offset by 666 homes sold to third parties. During the three months ended March 31, 2023, we also developed an additional 167 newly constructed properties which were delivered to our unconsolidated joint ventures, aggregating to 466 total program deliveries through our AMH Development Program.

Our properties held for sale were identified based on submarket analysis, as well as individual property-level operational review. As of March 31, 2023 and December 31, 2022, there were 903 and 1,115 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, historically it has taken 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 $250,000 and $450,000 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 $20,000 and $40,000 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. Historically, it has taken approximately 20 to 90 days to complete the renovation process, which will fluctuate based on our overall acquisition volume as well as availability of construction labor and materials.

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. Typically, it takes approximately 10 to 30 days to lease a property after acquiring or developing a new property through our new construction channels and 20 to 40 days 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. Typically, it takes approximately 20 to 50 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 incoming residents have household incomes ranging from $80,000 to $140,000 and primarily consist of families with approximately two adults and one or more children.

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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 Average Monthly Realized Rent per property was 8.0% for the three months ended March 31, 2023, and we experienced turnover rates, which represents the number of tenant move-outs during the period divided by the total number of properties, of 6.4% and 6.2% during the three months ended March 31, 2023 and 2022, 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 as well as enhancing our property management platform. As part of developing our property management platform, we continue to make significant investments in our personnel, infrastructure, systems and technology that will impact expenses based on investment programs during the year. 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. Historically, we have experienced 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. In addition, we also continue to make corporate level investments to support certain initiatives which will impact expenses based on given investment programs during the year. Also included in general and administrative expense is noncash share-based compensation expense related to corporate administrative employees.

Results of Operations

Net income totaled $137.7 million for the three months ended March 31, 2023, compared to $70.0 million for the three months ended March 31, 2022. This increase was primarily due to higher net gains on property sales as well as a larger number of occupied properties resulting from growth in the Company’s portfolio and higher rental rates.

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 experienced 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 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.

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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 our single-family property portfolio, (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, 2023 to the Three Months Ended March 31, 2022

The following tables present 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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31, 2023
	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	$	295,830			$	44,384			$	340,214
Fees from single-family properties	6,314				1,126				7,440
Bad debt	(3,999)				(1,347)				(5,346)
Core revenues	298,145				44,163				342,308
Property tax expense	51,890		17.5	%	7,995		18.1	%	59,885		17.6	%
HOA fees, net (2)	5,152		1.7	%	829		1.9	%	5,981		1.7	%
R&M and turnover costs, net (2)	19,830		6.7	%	3,786		8.6	%	23,616		6.9	%
Insurance	3,428		1.1	%	503		1.1	%	3,931		1.1	%
Property management expenses, net (3)	23,321		7.8	%	4,673		10.6	%	27,994		8.2	%
Core property operating expenses	103,621		34.8	%	17,786		40.3	%	121,407		35.5	%
Core NOI	$	194,524	65.2	%	$	26,377	59.7	%	$	220,901	64.5	%

	For the Three Months Ended March 31, 2022
	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	$	274,474			$	27,191			$	301,665
Fees from single-family properties	5,241				846				6,087
Bad debt	(2,822)				(1,097)				(3,919)
Core revenues	276,893				26,940				303,833
Property tax expense	46,189		16.7	%	5,753		21.4	%	51,942		17.1	%
HOA fees, net (2)	4,812		1.7	%	596		2.2	%	5,408		1.8	%
R&M and turnover costs, net (2)	18,419		6.7	%	3,584		13.3	%	22,003		7.2	%
Insurance	3,011		1.1	%	362		1.3	%	3,373		1.1	%
Property management expenses, net (3)	19,921		7.2	%	3,759		14.0	%	23,680		7.8	%
Core property operating expenses	92,352		33.4	%	14,054		52.2	%	106,406		35.0	%
Core NOI	$	184,541	66.6	%	$	12,886	47.8	%	$	197,427	65.0	%

(1)Includes 50,381 properties that have been stabilized longer than 90 days prior to January 1, 2022.

(2)Presented net of tenant charge-backs.

(3)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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$	397,703	$	356,105
Tenant charge-backs	(55,395)		(52,272)
Core revenues	342,308		303,833
Less: Non-Same-Home core revenues	44,163		26,940
Same-Home core revenues	$	298,145	$	276,893

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$	147,068	$	133,643
Property management expenses	30,800		26,034
Noncash share-based compensation - property management	(1,066)		(999)
Expenses reimbursed by tenant charge-backs	(55,395)		(52,272)
Core property operating expenses	121,407		106,406
Less: Non-Same-Home core property operating expenses	17,786		14,054
Same-Home core property operating expenses	$	103,621	$	92,352

Core NOI and Same-Home Core NOI
Net income	$	137,699	$	70,014
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Depreciation and amortization	112,717		99,954
Acquisition and other transaction costs	5,076		5,974
Noncash share-based compensation - property management	1,066		999
Interest expense	35,882		27,567
General and administrative expense	17,855		17,282
Other income and expense, net	(4,735)		(2,319)
Core NOI	220,901		197,427
Less: Non-Same-Home Core NOI	26,377		12,886
Same-Home Core NOI	$	194,524	$	184,541

Rents and Other Single-Family Property Revenues

Rents and other single-family property revenues increased 11.7% to $397.7 million for the three months ended March 31, 2023 from $356.1 million for the three months ended March 31, 2022. Revenue growth was driven by an increase in our average occupied portfolio which grew to 55,827 homes for the three months ended March 31, 2023, compared to 53,995 homes for the three months ended March 31, 2022, as well as higher rental rates.

Property Operating Expenses

Property operating expenses increased 10.0% to $147.1 million for the three months ended March 31, 2023 from $133.6 million for the three months ended March 31, 2022. This increase was primarily attributable to increased property tax expense from anticipated 2023 property tax assessments and timing of prior year property tax accruals as well as inflationary increases in R&M and turnover costs.

Property Management Expenses

Property management expenses for the three months ended March 31, 2023 and 2022 were $30.8 million and $26.0 million, respectively, which included $1.1 million and $1.0 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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lower than normal staffing levels in the three months ended March 31, 2022 leading to a subsequent increase in personnel in the three months ended June 30, 2022 to a more stabilized level, as well as inflationary increases in supplies and materials expense.

Core Revenues from Same-Home Properties

Core revenues from Same-Home properties increased 7.7% to $298.1 million for the three months ended March 31, 2023 from $276.9 million for the three months ended March 31, 2022. This increase was primarily attributable to higher Average Monthly Realized Rent per property, which increased 8.0% to $2,014 per month for the three months ended March 31, 2023 compared to $1,865 per month for the three months ended March 31, 2022, partially offset by a decrease in Average Occupied Days Percentage, which was 97.2% for the three months ended March 31, 2023 compared to 97.4% for the three months ended March 31, 2022.

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 12.2% to $103.6 million for the three months ended March 31, 2023 from $92.4 million for the three months ended March 31, 2022 primarily driven by (i) increased property tax expense from anticipated 2023 property tax assessments and timing of prior year property tax accruals and (ii) increased property management expenses primarily attributable to lower than normal staffing levels in the three months ended March 31, 2022 leading to a subsequent increase in personnel in the three months ended June 30, 2022 to a more stabilized level.

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, 2023 and 2022 was $17.9 million and $17.3 million, respectively, which included $3.7 million and $4.0 million, respectively, of noncash share-based compensation expense in each period related to corporate administrative employees. The increase in general and administrative expense was primarily related to the timing of increased personnel and information technology costs to support growth in our business during the three months ended March 31, 2023, partially offset by lower noncash share-based compensation expense.

Interest Expense

Interest expense increased 30.2% to $35.9 million for the three months ended March 31, 2023 from $27.6 million for the three months ended March 31, 2022. This increase was primarily due to additional interest expense from the issuances of the 2032 and 2052 unsecured senior notes in April 2022.

Acquisition and Other Transaction Costs

Acquisition and other transaction costs consist primarily of personnel and platform 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 for the three months ended March 31, 2023 and 2022 were $5.1 million and $6.0 million, respectively, which included $1.0 million and $2.4 million, respectively, of noncash share-based compensation expense related to employees in these functions. The decrease in acquisition and other transaction costs was primarily due to lower noncash share-based compensation expense.

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 12.8% to $112.7 million for the three months ended March 31, 2023 from $100.0 million for the three months ended March 31, 2022 primarily due to growth in our average number of depreciable properties.

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

Gain on sale and impairment of single-family properties and other, net for the three months ended March 31, 2023 and 2022 was $84.7 million and $22.0 million, respectively, which included $0.4 million and $1.1 million, respectively, of impairment charges related to homes classified as held for sale during each period. The increase was primarily related to higher net gains on property sales resulting from an increase in properties sold.

Other Income and Expense, net

Other income and expense, net for the three months ended March 31, 2023 and 2022 was $4.7 million and $2.3 million, respectively, which primarily related to interest income, fees from unconsolidated joint ventures and equity in income (losses) from unconsolidated joint ventures, partially offset by expenses related to unconsolidated joint ventures and other nonrecurring expenses.

Critical Accounting Estimates

Our critical accounting estimates are included in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2022 Annual Report. There have been no material changes to these estimates during the three months ended March 31, 2023.

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

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 AMH, 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.

Sources of Capital

We expect to satisfy our cash requirements through cash provided by operations, long-term secured and unsecured borrowings, issuances of debt and equity securities (including OP units), property dispositions and joint venture transactions. We expect to meet our operating liquidity requirements and our dividend distributions generally through cash on hand and cash provided by operations. For our acquisition and development expenditures, we expect to supplement these sources through the issuance of equity securities, including under our At-the-Market Program described below, borrowings under our credit facility, issuances of unsecured senior notes, and proceeds from sales of single-family properties. 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.

Our liquidity and capital resources as of March 31, 2023 included cash and cash equivalents of $255.6 million. Additionally, as of March 31, 2023, we had no outstanding borrowings and $4.0 million committed to outstanding letters of credit under our $1.25 billion revolving credit facility, leaving $1.25 billion of remaining borrowing capacity. We maintain an investment grade credit rating which provides for greater availability of and lower cost of debt financing.

Uses of Capital

Our expected material cash requirements over the next twelve months consist of (i) contractually obligated expenditures, including payments of principal and interest, (ii) other essential expenditures, including property operating expenses, HOA fees (as applicable), real estate taxes, maintenance capital expenditures, general and administrative expenses and dividends on our equity securities including those paid in accordance with REIT distribution requirements, and (iii) opportunistic expenditures, including to pay for the acquisition, development and renovation of our properties and repurchases of our securities.

With respect to our contractually obligated expenditures, our cash requirements within the next twelve months include accounts payable and accrued expenses, interest payments on debt obligations, principal amortization on our asset-backed securitizations, operating lease obligations and purchase commitments to acquire single-family properties and land for our AMH Development Program. Except as described in Note 8. Debt, Note 9. Accounts Payable and Accrued Expenses, Note 15. Commitments and Contingencies and Note 16. Subsequent Events to our condensed consolidated financial statements in this report, there have been no

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other material changes outside the ordinary course of business to our other known contractual obligations described in “Liquidity and Capital Resources” in Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2022 Annual Report.

Cash Flows

The following table summarizes the Company’s and the Operating Partnership’s cash flows for the three months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022		Change
Net cash provided by operating activities	$	200,467	$	158,742	$	41,725
Net cash used for investing activities	(72,912)		(512,764)		439,852
Net cash provided by financing activities	63,300		369,235		(305,935)
Net increase in cash, cash equivalents and restricted cash	$	190,855	$	15,213	$	175,642

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 operating activities increased $41.7 million, or 26.3%, from $158.7 million for the three months ended March 31, 2022 to $200.5 million for the three months ended March 31, 2023, primarily due to increased cash inflows generated from a larger number of occupied properties resulting from growth in our portfolio and higher rental rates, partially offset by higher cash outflows for property related expenses as a result of inflationary increases.

Investing Activities

Net cash used for investing activities decreased $439.9 million, or 85.8%, from $512.8 million for the three months ended March 31, 2022 to $72.9 million for the three months ended March 31, 2023. Our investing activities are most significantly impacted by the level of investment activity through traditional acquisition channels, the development of “built-for-rental” homes through our AMH Development Program and the acquisition of newly built properties through our National Builder Program. Cash outflows for the addition of single-family properties to our portfolio through these channels decreased $311.6 million during the three months ended March 31, 2023 primarily due to a strategic scale back in the acquisition of single-family properties through our National Builder Program and traditional acquisition channel during the three months ended March 31, 2023 as the housing market adjusts to the current macroeconomic environment. Homes acquired through our traditional acquisition channel require additional expenditures to prepare them for rental, and cash outflows for renovations to single-family properties decreased $13.0 million primarily as a result of a decreased volume of properties that underwent initial or property-enhancing renovations during the three months ended March 31, 2023. Recurring and other capital expenditures for single-family properties increased $7.5 million primarily due to growth in our portfolio and inflationary increases in costs. 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. We use cash generated from operating and financing activities and by recycling capital through the sale of single-family properties to invest in the strategic expansion of our single-family property portfolio. Net proceeds received from the sale of single-family properties and other increased $133.1 million as a result of an increased volume of properties sold during the three months ended March 31, 2023. The decrease in cash outflows was partially offset by a $6.4 million decrease in net cash inflows from unconsolidated joint ventures during the three months ended March 31, 2023 due to the timing of contributions and distributions to and from our unconsolidated joint ventures.

Financing Activities

Net cash provided by financing activities decreased $305.9 million, or 82.9%, from $369.2 million for the three months ended March 31, 2022 to $63.3 million for the three months ended March 31, 2023 primarily due to (i) a $77.3 million year-over-year decrease in proceeds from the issuance of Class A common shares, net of offering costs, (ii) activity under our revolving credit facility, which resulted in $130.0 million of net cash outflows during the three months ended March 31, 2023 compared to $60.0 million of net cash inflows during the three months ended March 31, 2022, (iii) a $19.1 million increase in distributions paid to common share and unit holders resulting from a 22% increase in distributions paid per common share and unit, and (iv) a $19.8 million decrease in proceeds from liabilities related to consolidated land not owned. These decreases in net cash provided by financing activities were partially offset by a $2.3 million reduction in distributions to preferred shareholders as a result of the redemptions of our Series F perpetual preferred shares during the three months ended June 30, 2022.

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Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which were accounted for in equity. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. During the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. In January 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million, which it used to repay indebtedness under its revolving credit facility and for general corporate purposes.

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

At-the-Market Common Share Offering Program

The Company maintains an 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 its 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, 2023 and 2022, no shares were issued under the At-the-Market Program. As of March 31, 2023, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 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, 2023 and 2022, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2023, 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, 2022, AMH had a net operating loss (“NOL”) for U.S. federal income tax purposes of an estimated $11.8 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.

During the three months ended March 31, 2023 and 2022, the Company distributed an aggregate $94.6 million and $77.7 million, respectively, to common shareholders, preferred shareholders and noncontrolling interests on a cash basis.

39

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 our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

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 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.

40

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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Net income attributable to common shareholders	$	117,465	$	55,939
Adjustments:
Noncontrolling interests in the Operating Partnership	16,748		8,312
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Adjustments for unconsolidated joint ventures	510		(371)
Depreciation and amortization	112,717		99,954
Less: depreciation and amortization of non-real estate assets	(4,177)		(2,992)
FFO attributable to common share and unit holders (1)	$	158,604	$	138,798
Adjustments:
Acquisition, other transaction costs and other	5,076		5,974
Noncash share-based compensation - general and administrative	3,743		4,030
Noncash share-based compensation - property management	1,066		999
Core FFO attributable to common share and unit holders (1)	$	168,489	$	149,801
Recurring Capital Expenditures	(14,193)		(11,178)
Leasing costs	(808)		(535)
Adjusted FFO attributable to common share and unit holders (1)	$	153,488	$	138,088

(1)Unit holders include former AH LLC members and other non-affiliates that own Class A units in the Operating Partnership and their OP units are reflected as noncontrolling interests in the Company’s condensed consolidated financial statements. See Note 10. Shareholders’ Equity / Partners’ Capital to our condensed consolidated financial statements included in this report.

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 our single-family property portfolio, 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.

41

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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Net income	$	137,699	$	70,014
Interest expense	35,882		27,567
Depreciation and amortization	112,717		99,954
EBITDA	$	286,298	$	197,535
Gain on sale and impairment of single-family properties and other, net	(84,659)		(22,044)
Adjustments for unconsolidated joint ventures	510		(371)
EBITDAre	$	202,149	$	175,120
Noncash share-based compensation - general and administrative	3,743		4,030
Noncash share-based compensation - property management	1,066		999
Acquisition, other transaction costs and other	5,076		5,974
Adjusted EBITDAre	$	212,034	$	186,123
Recurring Capital Expenditures	(14,193)		(11,178)
Leasing costs	(808)		(535)
Fully Adjusted EBITDAre	$	197,033	$	174,410

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

During the three months ended March 31, 2023, the Company paid down $130.0 million on its revolving credit facility, resulting in no outstanding variable rate debt as of March 31, 2023 and therefore no exposure to interest rate risk on its current borrowings. We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.

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.

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 the 2022 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, 2023, 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, 2023, 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 the 2022 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.

The following risk factor supplements the existing risk factors set forth in our 2022 Annual Report.

Recent negative developments affecting the banking industry, such as bank failures or concerns involving liquidity, have eroded customer confidence in the banking system and increased the prospect of future bank failures.

Recent developments in the banking industry have caused uncertainty and concern regarding the strength of the banking system. Although our banking relationships are primarily with large national banks, a significant disruption to the banking system could lead to market-wide liquidity problems which could adversely affect our access to capital and our cost of capital. Such events could also create macroeconomic issues that could adversely affect our residents.

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 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 July 12, 2017.)
3.4	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 September 13, 2018.)
3.5	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.)
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.)

44

Exhibit Number	Exhibit Document
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 2028 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 2029 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.)
4.6	Third Supplemental Indenture, dated as of July 8, 2021, between 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 July 8, 2021.)
4.7	Form of Global Note representing the 2031 Notes (Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed July 8, 2021.)
4.8	Fourth Supplemental Indenture, dated as of July 8, 2021, between American Homes 4 Rent, L.P. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed July 8, 2021.)
4.9	Form of Global Note representing the 2051 Notes (Incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed July 8, 2021.)
4.10	Fifth Supplemental Indenture, dated as of April 7, 2022, among American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.11	Form of Global Note representing the 2032 Notes (Incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.12	Sixth Supplemental Indenture, dated as of April 7, 2022, among American Homes 4 Rent, L.P. and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
4.13	Form of Global Note representing the 2052 Notes (Incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed April 7, 2022.)
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 requirements 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/ Brian F. Reitz

Brian F. Reitz

Executive Vice President, Chief Accounting Officer

(Chief Accounting Officer and duly authorized signatory of registrant)

Date: May 5, 2023

AMERICAN HOMES 4 RENT, L.P.

By: American Homes 4 Rent, its General Partner

/s/ Brian F. Reitz

Brian F. Reitz

Executive Vice President, Chief Accounting Officer

(Chief Accounting Officer and duly authorized signatory of registrant)

Date: May 5, 2023

46

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 5, 2023

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 5, 2023

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 5, 2023

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 5, 2023

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, 2023, 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 5, 2023

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, 2023, 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 5, 2023

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, 2023	May 03, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	280 Pilot Road
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89119
City Area Code	702
Local Phone Number	847-7800
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common shares
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		361,146,292
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, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,193,499	$ 2,197,233
Buildings and improvements	10,186,856	10,127,891
Single-family properties in operation	12,380,355	12,325,124
Less: accumulated depreciation	(2,463,232)	(2,386,452)
Single-family properties in operation, net	9,917,123	9,938,672
Single-family properties under development and development land	1,279,089	1,187,221
Single-family properties and land held for sale, net	171,448	198,716
Total real estate assets, net	11,367,660	11,324,609
Cash and cash equivalents	255,559	69,155
Restricted cash	153,256	148,805
Rent and other receivables	49,424	47,752
Escrow deposits, prepaid expenses and other assets	339,502	331,446
Investments in unconsolidated joint ventures	108,667	107,347
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	12,420,013	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,885,322	1,890,842
Unsecured senior notes, net	2,496,423	2,495,156
Accounts payable and accrued expenses	520,364	484,403
Total liabilities	4,902,109	5,000,401
Commitments and contingencies (see Note 15)
Shareholders’ equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2023 and December 31, 2022)	92	92
Additional paid-in capital	7,232,191	6,931,819
Accumulated deficit	(403,303)	(440,791)
Accumulated other comprehensive income	1,212	1,332
Total shareholders’ equity	6,833,809	6,495,987
Noncontrolling interest	684,095	678,671
Total equity	7,517,904	7,174,658
Total liabilities and equity/capital	12,420,013	12,175,059
Class A common shares
Shareholders’ equity:
Common stock issued	3,611	3,529
Class B common shares
Shareholders’ equity:
Common stock issued	$ 6	$ 6

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	9,200,000	9,200,000
Preferred shares outstanding (in shares)	9,200,000	9,200,000
Class A common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	450,000,000	450,000,000
Common stock issued (in shares)	361,146,292	352,881,826
Common stock outstanding (in shares)	361,146,292	352,881,826
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	635,075	635,075
Common stock outstanding (in shares)	635,075	635,075

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Rents and other single-family property revenues	$ 397,703	$ 356,105
Expenses:
General and administrative expense	17,855	17,282
Interest expense	35,882	27,567
Acquisition and other transaction costs	5,076	5,974
Depreciation and amortization	112,717	99,954
Total expenses	349,398	310,454
Gain on sale and impairment of single-family properties and other, net	84,659	22,044
Other income and expense, net	4,735	2,319
Net income	137,699	70,014
Noncontrolling interest	16,748	8,312
Dividends on preferred shares	3,486	5,763
Net income attributable to common shareholders/unitholders	$ 117,465	$ 55,939
Weighted-average common shares outstanding:
Basic (in shares)	360,353,124	345,742,526
Diluted (in shares)	360,674,370	346,480,823
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 0.33	$ 0.16
Diluted (in dollars per share)	$ 0.32	$ 0.16
Property operating expenses
Expenses:
Cost of goods and services sold	$ 147,068	$ 133,643
Property management expenses
Expenses:
Cost of goods and services sold	$ 30,800	$ 26,034

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 137,699	$ 70,014
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(141)	(141)
Other comprehensive loss	(141)	(141)
Comprehensive income	137,558	69,873
Comprehensive income attributable to noncontrolling interests	16,727	8,287
Dividends on preferred shares	3,486	5,763
Comprehensive income attributable to common shareholders/unitholders	$ 117,345	$ 55,823

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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Shareholders’ equity	Shareholders’ equity Class A common shares	Common stock Class A common shares	Common stock Class B common shares	Preferred shares	Additional paid-in capital	Additional paid-in capital Class A common shares	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling interest
Beginning balance, common stock (in shares) at Dec. 31, 2021						337,362,716	635,075
Beginning balances at Dec. 31, 2021	$ 6,738,429			$ 6,059,571		$ 3,374	$ 6	$ 154	$ 6,492,933		$ (438,710)	$ 1,814	$ 678,858
Beginning balance, preferred stock (in shares) at Dec. 31, 2021								15,400,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	7,405			7,405					7,405
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)						280,172
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(2,619)			(2,619)		$ 2			(2,621)
Issuance of Class A common shares, net of offering costs (in shares)						10,000,000
Issuance of Class A common shares, net of offering costs		$ 375,640			$ 375,640	$ 100				$ 375,540
Distributions to equity holders:
Preferred shares (Note 10)	(5,763)			(5,763)							(5,763)
Noncontrolling interests	(9,248)												(9,248)
Common shares	(62,938)			(62,938)							(62,938)
Net income	70,014			61,702							61,702		8,312
Total other comprehensive loss	(141)			(116)								(116)	(25)
Ending balance, common stock (in shares) at Mar. 31, 2022						347,642,888	635,075
Ending balances at Mar. 31, 2022	7,110,779			6,432,882		$ 3,476	$ 6	$ 154	6,873,257		(445,709)	1,698	677,897
Ending balance, preferred stock (in shares) at Mar. 31, 2022								15,400,000
Beginning balance, common stock (in shares) at Dec. 31, 2022		352,881,826	635,075			352,881,826	635,075
Beginning balances at Dec. 31, 2022	$ 7,174,658			6,495,987		$ 3,529	$ 6	$ 92	6,931,819		(440,791)	1,332	678,671
Beginning balance, preferred stock (in shares) at Dec. 31, 2022	9,200,000							9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	$ 5,824			5,824					5,824
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)						264,466
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	(3,742)			(3,742)		$ 2			(3,744)
Issuance of Class A common shares, net of offering costs (in shares)						8,000,000
Issuance of Class A common shares, net of offering costs		$ 298,372			$ 298,372	$ 80				$ 298,292
Distributions to equity holders:
Preferred shares (Note 10)	(3,486)			(3,486)							(3,486)
Noncontrolling interests	(11,303)												(11,303)
Common shares	(79,977)			(79,977)							(79,977)
Net income	137,699			120,951							120,951		16,748
Total other comprehensive loss	(141)			(120)								(120)	(21)
Ending balance, common stock (in shares) at Mar. 31, 2023		361,146,292	635,075			361,146,292	635,075
Ending balances at Mar. 31, 2023	$ 7,517,904			$ 6,833,809		$ 3,611	$ 6	$ 92	$ 7,232,191		$ (403,303)	$ 1,212	$ 684,095
Ending balance, preferred stock (in shares) at Mar. 31, 2023	9,200,000							9,200,000

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Condensed Consolidated Statements of Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares
Class A common shares
Common share, dividends (in dollars per share)	$ 0.18
Common stock
Common share, dividends (in dollars per share)	$ 0.18
Common stock | Class A common shares
Stock issuance cost | $	$ 200

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 137,699	$ 70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717	99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043	2,453
Noncash share-based compensation	5,824	7,405
Equity in net income of unconsolidated joint ventures	(1,340)	(1,478)
Return on investment from unconsolidated joint ventures	0	2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)	(22,044)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)	(3,811)
Prepaid expenses and other assets	4,309	(6,530)
Deferred leasing costs	(808)	(535)
Accounts payable and accrued expenses	23,926	11,245
Amounts due from related parties	1,428	(529)
Net cash provided by operating activities	200,467	158,742
Investing activities
Cash paid for single-family properties	(2,923)	(288,719)
Change in escrow deposits for purchase of single-family properties	988	6,235
Net proceeds received from sales of single-family properties and other	184,510	51,407
Proceeds received from storm-related insurance claims	0	1,529
Proceeds from notes receivable related to the sale of properties	24	402
Investment in unconsolidated joint ventures	0	(5,294)
Distributions from joint ventures	10,943	22,587
Renovations to single-family properties	(8,735)	(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)	(24,185)
Cash paid for development activity	(213,598)	(244,621)
Other investing activities	(12,416)	(10,384)
Net cash used for investing activities	(72,912)	(512,764)
Financing activities
Proceeds from issuances under share-based compensation plans	31	1,439
Payments related to tax withholding for share-based compensation	(3,773)	(4,058)
Payments on asset-backed securitizations	(6,765)	(5,876)
Proceeds from liabilities related to consolidated land not owned	0	19,794
Distributions to noncontrolling interests	(11,248)	(9,306)
Distributions to common shareholders	(79,831)	(62,635)
Distributions to preferred shareholders	(3,486)	(5,763)
Net cash provided by financing activities	63,300	369,235
Net increase in cash, cash equivalents and restricted cash	190,855	15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	408,815	206,980
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(39,770)	(40,871)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,110	57,500
Transfers of completed homebuilding deliveries to properties	108,792	112,911
Property and land contributions to unconsolidated joint ventures	(11,609)	(10,605)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	0	746
Accrued distributions to affiliates	551	0
Accrued distributions to non-affiliates	128	303
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	420,000
Payments on revolving credit facility	(130,000)	(360,000)
Class A common shares
Financing activities
Proceeds from issuance of Class A common shares	298,372	375,840
Payments of Class A common share issuance costs	$ 0	$ (200)

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Condensed Consolidated Balance Sheets (L.P.) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,193,499	$ 2,197,233
Buildings and improvements	10,186,856	10,127,891
Single-family properties in operation	12,380,355	12,325,124
Less: accumulated depreciation	(2,463,232)	(2,386,452)
Single-family properties in operation, net	9,917,123	9,938,672
Single-family properties under development and development land	1,279,089	1,187,221
Single-family properties and land held for sale, net	171,448	198,716
Total real estate assets, net	11,367,660	11,324,609
Cash and cash equivalents	255,559	69,155
Restricted cash	153,256	148,805
Rent and other receivables	49,424	47,752
Escrow deposits, prepaid expenses and other assets	339,502	331,446
Investments in unconsolidated joint ventures	108,667	107,347
Goodwill	120,279	120,279
Total assets	12,420,013	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,885,322	1,890,842
Unsecured senior notes, net	2,496,423	2,495,156
Accounts payable and accrued expenses	520,364	484,403
Total liabilities	4,902,109	5,000,401
Commitments and contingencies (see Note 15)
Limited partner:
Accumulated other comprehensive income	1,212	1,332
Total liabilities and equity/capital	12,420,013	12,175,059
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,193,499	2,197,233
Buildings and improvements	10,186,856	10,127,891
Single-family properties in operation	12,380,355	12,325,124
Less: accumulated depreciation	(2,463,232)	(2,386,452)
Single-family properties in operation, net	9,917,123	9,938,672
Single-family properties under development and development land	1,279,089	1,187,221
Single-family properties and land held for sale, net	171,448	198,716
Total real estate assets, net	11,367,660	11,324,609
Cash and cash equivalents	255,559	69,155
Restricted cash	153,256	148,805
Rent and other receivables	49,424	47,752
Escrow deposits, prepaid expenses and other assets	339,502	331,446
Investments in unconsolidated joint ventures	108,667	107,347
Amounts due from affiliates	25,666	25,666
Goodwill	120,279	120,279
Total assets	12,420,013	12,175,059
Liabilities
Revolving credit facility	0	130,000
Asset-backed securitizations, net	1,885,322	1,890,842
Unsecured senior notes, net	2,496,423	2,495,156
Accounts payable and accrued expenses	520,364	484,403
Total liabilities	4,902,109	5,000,401
Commitments and contingencies (see Note 15)
General partner:
Common units (361,781,367 and 353,516,901 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	6,610,757	6,272,815
Preferred units (9,200,000 units issued and outstanding at March 31, 2023 and December 31, 2022)	221,840	221,840
Limited partner:
Common units (51,376,980 units issued and outstanding at March 31, 2023 and December 31, 2022)	683,922	678,477
Accumulated other comprehensive income	1,385	1,526
Total capital	7,517,904	7,174,658
Total liabilities and equity/capital	$ 12,420,013	$ 12,175,059

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Condensed Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares	Mar. 31, 2023	Dec. 31, 2022
General Partner
Common units issued (in shares)	361,781,367	353,516,901
Common units outstanding (in shares)	361,781,367	353,516,901
Preferred units outstanding (in shares)	9,200,000	9,200,000
Preferred units issued (in shares)	9,200,000	9,200,000
Limited Partners
Common units issued (in shares)	51,376,980	51,376,980
Common units outstanding (in shares)	51,376,980	51,376,980

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Condensed Consolidated Statements of Operations (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Rents and other single-family property revenues	$ 397,703	$ 356,105
Expenses:
General and administrative expense	17,855	17,282
Interest expense	35,882	27,567
Acquisition and other transaction costs	5,076	5,974
Depreciation and amortization	112,717	99,954
Total expenses	349,398	310,454
Gain on sale and impairment of single-family properties and other, net	84,659	22,044
Other income and expense, net	4,735	2,319
Net income	137,699	70,014
Preferred distributions	3,486	5,763
Net income attributable to common shareholders/unitholders	117,465	55,939
Property operating expenses
Expenses:
Cost of goods and services sold	147,068	133,643
Property management expenses
Expenses:
Cost of goods and services sold	30,800	26,034
American Homes 4 Rent, L.P.
Rents and other single-family property revenues	397,703	356,105
Expenses:
General and administrative expense	17,855	17,282
Interest expense	35,882	27,567
Acquisition and other transaction costs	5,076	5,974
Depreciation and amortization	112,717	99,954
Total expenses	349,398	310,454
Gain on sale and impairment of single-family properties and other, net	84,659	22,044
Other income and expense, net	4,735	2,319
Net income	137,699	70,014
Preferred distributions	3,486	5,763
Net income attributable to common shareholders/unitholders	$ 134,213	$ 64,251
Weighted-average common units outstanding:
Basic (in shares)	411,730,104	397,119,506
Diluted (in shares)	412,051,350	397,857,803
Net income attributable to common unitholders per unit:
Basic (in dollars per share)	$ 0.33	$ 0.16
Diluted (in dollars per share)	$ 0.32	$ 0.16
American Homes 4 Rent, L.P. | Property operating expenses
Expenses:
Cost of goods and services sold	$ 147,068	$ 133,643
American Homes 4 Rent, L.P. | Property management expenses
Expenses:
Cost of goods and services sold	$ 30,800	$ 26,034

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Condensed Consolidated Statements of Comprehensive Income (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 137,699	$ 70,014
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(141)	(141)
Other comprehensive loss	(141)	(141)
Comprehensive income	137,558	69,873
Preferred distributions	3,486	5,763
Comprehensive income attributable to common shareholders/unitholders	117,345	55,823
American Homes 4 Rent, L.P.
Net income	137,699	70,014
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income	(141)	(141)
Other comprehensive loss	(141)	(141)
Comprehensive income	137,558	69,873
Preferred distributions	3,486	5,763
Comprehensive income attributable to common shareholders/unitholders	$ 134,072	$ 64,110

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Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Capital [Roll Forward]
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (3,742)	$ (2,619)
Distributions to capital holders:
Net income	137,699	70,014
Total other comprehensive loss	(141)	(141)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	7,174,658	6,738,429
Share-based compensation	5,824	7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes	(3,742)	(2,619)
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(5,763)
Common units	(91,280)	(72,186)
Net income	137,699	70,014
Total other comprehensive loss	(141)	(141)
Total capital, ending balance	7,517,904	7,110,779
American Homes 4 Rent, L.P. | Class A Common Units
Increase (Decrease) in Capital [Roll Forward]
Issuance of Class A common units, net of offering costs	298,372	375,640
American Homes 4 Rent, L.P. | Accumulated other comprehensive income
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	1,526	2,090
Distributions to capital holders:
Total other comprehensive loss	(141)	(141)
Total capital, ending balance	$ 1,385	$ 1,949
American Homes 4 Rent, L.P. | General Partner | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance (in shares)	353,516,901	337,997,791
Total capital, beginning balance	$ 6,272,815	$ 5,686,193
Share-based compensation	$ 5,824	$ 7,405
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	264,466	280,172
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ (3,742)	$ (2,619)
Distributions to capital holders:
Common units	(79,977)	(62,938)
Net income	$ 117,465	$ 55,939
Total capital, ending balance (in shares)	361,781,367	348,277,963
Total capital, ending balance	$ 6,610,757	$ 6,059,620
American Homes 4 Rent, L.P. | General Partner | Common capital | Class A Common Units
Increase (Decrease) in Capital [Roll Forward]
Issuance of Class A common units, net of offering costs (in shares)	8,000,000	10,000,000
Issuance of Class A common units, net of offering costs	$ 298,372	$ 375,640
American Homes 4 Rent, L.P. | General Partner | Preferred capital amount
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance	221,840	371,564
Distributions to capital holders:
Preferred units (Note 10)	(3,486)	(5,763)
Net income	3,486	5,763
Total capital, ending balance	$ 221,840	$ 371,564
American Homes 4 Rent, L.P. | Limited Partners | Common capital
Increase (Decrease) in Capital [Roll Forward]
Total capital, beginning balance (in shares)	51,376,980	51,376,980
Total capital, beginning balance	$ 678,477	$ 678,582
Distributions to capital holders:
Common units	(11,303)	(9,248)
Net income	$ 16,748	$ 8,312
Total capital, ending balance (in shares)	51,376,980	51,376,980
Total capital, ending balance	$ 683,922	$ 677,646

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Condensed Consolidated Statements of Capital (Parenthetical) - American Homes 4 Rent, L.P. - Common capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common share, dividends (in dollars per share)	$ 0.22	$ 0.18
Class A Common Units
Stock issuance cost		$ 200

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Condensed Consolidated Statements of Cash Flows (L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income	$ 137,699	$ 70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717	99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043	2,453
Noncash share-based compensation	5,824	7,405
Equity in net income of unconsolidated joint ventures	(1,340)	(1,478)
Return on investment from unconsolidated joint ventures	0	2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)	(22,044)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)	(3,811)
Prepaid expenses and other assets	4,309	(6,530)
Deferred leasing costs	(808)	(535)
Accounts payable and accrued expenses	23,926	11,245
Amounts due from related parties	1,428	(529)
Net cash provided by operating activities	200,467	158,742
Investing activities
Cash paid for single-family properties	(2,923)	(288,719)
Change in escrow deposits for purchase of single-family properties	988	6,235
Net proceeds received from sales of single-family properties and other	184,510	51,407
Proceeds received from storm-related insurance claims	0	1,529
Proceeds from notes receivable related to the sale of properties	24	402
Investment in unconsolidated joint ventures	0	(5,294)
Distributions from joint ventures	10,943	22,587
Renovations to single-family properties	(8,735)	(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)	(24,185)
Cash paid for development activity	(213,598)	(244,621)
Other investing activities	(12,416)	(10,384)
Net cash used for investing activities	(72,912)	(512,764)
Financing activities
Proceeds from issuances under share-based compensation plans	31	1,439
Payments related to tax withholding for share-based compensation	(3,773)	(4,058)
Payments on asset-backed securitizations	(6,765)	(5,876)
Proceeds from liabilities related to consolidated land not owned	0	19,794
Distributions to common unitholders	(79,831)	(62,635)
Distributions to preferred unitholders	(3,486)	(5,763)
Net cash provided by financing activities	63,300	369,235
Net increase in cash, cash equivalents and restricted cash	190,855	15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	408,815	206,980
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(39,770)	(40,871)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,110	57,500
Transfers of completed homebuilding deliveries to properties	108,792	112,911
Property and land contributions to unconsolidated joint ventures	(11,609)	(10,605)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	0	746
Accrued distributions to affiliates	551	0
Accrued distributions to non-affiliates	128	303
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	420,000
Payments on revolving credit facility	(130,000)	(360,000)
American Homes 4 Rent, L.P.
Operating activities
Net income	137,699	70,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,717	99,954
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	3,043	2,453
Noncash share-based compensation	5,824	7,405
Equity in net income of unconsolidated joint ventures	(1,340)	(1,478)
Return on investment from unconsolidated joint ventures	0	2,598
Gain on sale and impairment of single-family properties and other, net	(84,659)	(22,044)
Other changes in operating assets and liabilities:
Rent and other receivables	(1,672)	(3,811)
Prepaid expenses and other assets	4,309	(6,530)
Deferred leasing costs	(808)	(535)
Accounts payable and accrued expenses	23,926	11,245
Amounts due from related parties	1,428	(529)
Net cash provided by operating activities	200,467	158,742
Investing activities
Cash paid for single-family properties	(2,923)	(288,719)
Change in escrow deposits for purchase of single-family properties	988	6,235
Net proceeds received from sales of single-family properties and other	184,510	51,407
Proceeds received from storm-related insurance claims	0	1,529
Proceeds from notes receivable related to the sale of properties	24	402
Investment in unconsolidated joint ventures	0	(5,294)
Distributions from joint ventures	10,943	22,587
Renovations to single-family properties	(8,735)	(21,721)
Recurring and other capital expenditures for single-family properties	(31,705)	(24,185)
Cash paid for development activity	(213,598)	(244,621)
Other investing activities	(12,416)	(10,384)
Net cash used for investing activities	(72,912)	(512,764)
Financing activities
Proceeds from issuances under share-based compensation plans	31	1,439
Payments related to tax withholding for share-based compensation	(3,773)	(4,058)
Payments on asset-backed securitizations	(6,765)	(5,876)
Proceeds from liabilities related to consolidated land not owned	0	19,794
Distributions to common unitholders	(91,079)	(71,941)
Distributions to preferred unitholders	(3,486)	(5,763)
Net cash provided by financing activities	63,300	369,235
Net increase in cash, cash equivalents and restricted cash	190,855	15,213
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)	217,960	191,767
Cash, cash equivalents and restricted cash, end of period (see Note 3)	408,815	206,980
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(39,770)	(40,871)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,110	57,500
Transfers of completed homebuilding deliveries to properties	108,792	112,911
Property and land contributions to unconsolidated joint ventures	(11,609)	(10,605)
Property and land distributions from unconsolidated joint ventures	0	8,397
Noncash right-of-use assets obtained in exchange for operating lease liabilities	0	746
Accrued distributions to affiliates	551	0
Accrued distributions to non-affiliates	128	303
American Homes 4 Rent, L.P. | Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	0	420,000
Payments on revolving credit facility	(130,000)	(360,000)
American Homes 4 Rent, L.P. | Class A Common Units
Financing activities
Proceeds from issuance of Class A common units	298,372	375,840
Payments of Class A common unit issuance costs	$ 0	$ (200)

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Organization and Operations

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Operations

Organization and Operations

American Homes 4 Rent (“AMH” or the “General Partner”) is an internally managed Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and managing 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 AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. As of March 31, 2023, the Company held 58,639 single-family properties in 21 states, including 903 properties classified as held for sale.

AMH is the general partner of, and as of March 31, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH 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. AMH 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 AMH. 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. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH 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 AMH, 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, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and 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, 2022. 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 operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. 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.

Principles of Consolidation

The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control 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 Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the investments in these venture capital funds was $12.1 million and the Company’s maximum exposure to loss was $16.1 million, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $14.5 million.

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Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2023

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 (amounts in thousands):

	March 31,				December 31,
	2023		2022		2022		2021
Cash and cash equivalents	$	255,559	$	56,626	$	69,155	$	48,198
Restricted cash	153,256		150,354		148,805		143,569
Total cash, cash equivalents and restricted cash	$	408,815	$	206,980	$	217,960	$	191,767

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Real Estate Assets, Net

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Occupied single-family properties	$	9,549,695	$	9,419,098
Single-family properties leased, not yet occupied	89,718		52,325
Single-family properties in turnover process	191,738		281,356
Single-family properties recently renovated or developed	85,972		182,336
Single-family properties newly acquired and under renovation	—		3,557
Single-family properties in operation, net	9,917,123		9,938,672
Development land	631,752		631,539
Single-family properties under development	647,337		555,682
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	$	11,367,660	$	11,324,609

Depreciation expense related to single-family properties was $107.8 million and $96.2 million for the three months ended March 31, 2023 and 2022, respectively.

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2023 and 2022 (amounts in thousands, except property data):

	For the Three Months Ended March 31,
	2023		2022
Single-family properties:
Properties sold	666		169
Net proceeds (1)	$	183,584	$	50,259
Net gain on sale	$	85,703	$	24,545
Land:
Net proceeds	$	926	$	1,148
Net gain on sale	$	34	$	278

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

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Rent and Other Receivables

3 Months Ended

Mar. 31, 2023

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 $55.4 million and $52.3 million for the three months ended March 31, 2023 and 2022, respectively. Variable lease payments for fees from single-family properties were $7.4 million and $6.1 million for the three months ended March 31, 2023 and 2022, 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, 2023 (amounts in thousands):

	March 31, 2023
Remaining 2023	$	631,538
2024	98,868
2025	2,256
Total	$	732,662

As of March 31, 2023 and December 31, 2022, rent and other receivables included $5.9 million and $5.0 million, respectively, of insurance claims receivables related to Hurricane Ian and Winter Storm Elliott.

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Escrow Deposits, Prepaid Expenses and Other Assets

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Consolidated land not owned	$	115,391	$	108,114
Escrow deposits, prepaid expenses and other	105,106		105,811
Commercial real estate, software, vehicles and FF&E, net	88,707		85,772
Operating lease right-of-use assets	18,254		19,129
Deferred costs and other intangibles, net	9,685		10,237
Notes receivable, net	2,359		2,383
Total	$	339,502	$	331,446

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $4.2 million and $3.0 million for the three months ended March 31, 2023 and 2022, respectively.

Deferred Costs and Other Intangibles, Net

Deferred costs and other intangibles, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Deferred leasing costs	$	2,665	$	2,375
Deferred financing costs	22,491		22,491
	25,156		24,866
Less: accumulated amortization	(15,471)		(14,629)
Total	$	9,685	$	10,237

Amortization expense related to deferred leasing costs was $0.7 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively, and is included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $0.7 million for both the three months ended March 31, 2023 and 2022, and is 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, 2023 for future periods (amounts in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2023	$	1,273	$	2,050	$	3,323
2024	126		2,730		2,856
2025	—		2,722		2,722
2026	—		784		784
Total	$	1,399	$	8,286	$	9,685

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Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

As of March 31, 2023, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures is included in other income and expense, net within the condensed consolidated statements of operations.

The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes. During the three months ended March 31, 2023, the parties of the J.P. Morgan JV agreed to reinvest proceeds from debt financing obtained in the first quarter of 2022 (see below) to increase the size of the partnership up to approximately $900.0 million. The changes do not impact the accounting treatment of the joint venture.

The following table summarizes our investments in unconsolidated joint ventures (amounts in thousands, except percentages and property data):

Joint Venture Description	% Ownership at March 31, 2023		Completed Homes at March 31, 2023	Balances at March 31, 2023		Balances at December 31, 2022
Alaska JV	20	%	240	$	19,970	$	18,890
Institutional Investor JV	20	%	999	16,526		16,567
J.P. Morgan JV	20	%	1,449	72,171		71,890
			2,688	$	108,667	$	107,347

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 $3.3 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively, and is 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 first quarter of 2022, the Company acquired 200 properties in a bulk transaction from the Institutional Investor JV for total consideration of $74.6 million, of which (i) $66.2 million was paid in cash and included in cash paid for single-family properties in the condensed consolidated statements of cash flows and (ii) $8.4 million was recorded as a noncash distribution resulting in a reduction to our equity method investment. The transaction was accounted for as an asset acquisition and resulted in a gain on sale at the Institutional Investor JV. Recognition of our pro rata portion of the gain on sale has been deferred by reducing the carrying value of the acquired properties in our condensed consolidated balance sheets.

During the first quarter of 2022, the J.P. Morgan JV entered into a loan agreement to borrow up to a $375.0 million aggregate commitment. During the initial three-year term, the loan bears interest at the Secured Overnight Financing Rate (“SOFR”) plus a 1.5% margin and matures on January 28, 2025. The loan agreement provides for one one-year extension option that includes additional fees and interest. As of March 31, 2023, the joint venture’s loan had a $260.3 million outstanding principal balance.

During the third quarter of 2022, the Institutional Investor JV amended its existing loan agreement to increase borrowing capacity to $250.0 million. During the initial two-year term, the loan bears interest at SOFR plus a 2.4% margin and matures on July 1, 2024. The loan agreement provides for two one-year extension options that include additional fees and interest. As of March 31, 2023, the joint venture’s loan had a $232.7 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P. Morgan JV and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint venture or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint venture. To date, the guarantees have not been invoked, and we believe that the actions that would trigger a guarantee would generally be disadvantageous to the joint ventures 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, 2023

Debt Disclosure [Abstract]

Debt

Debt

All of the Company’s indebtedness is debt of the Operating Partnership. AMH 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, 2023 and December 31, 2022 (amounts in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization	4.42%	October 9, 2024	$	465,963	$	468,138
AMH 2014-SFR3 securitization	4.40%	December 9, 2024	481,518		482,964
AMH 2015-SFR1 securitization (2)	4.14%	April 9, 2045	507,148		508,672
AMH 2015-SFR2 securitization (3)	4.36%	October 9, 2045	440,234		441,854
Total asset-backed securitizations			1,894,863		1,901,628
2028 unsecured senior notes (4)	4.08%	February 15, 2028	500,000		500,000
2029 unsecured senior notes	4.90%	February 15, 2029	400,000		400,000
2031 unsecured senior notes (5)	2.46%	July 15, 2031	450,000		450,000
2032 unsecured senior notes	3.63%	April 15, 2032	600,000		600,000
2051 unsecured senior notes	3.38%	July 15, 2051	300,000		300,000
2052 unsecured senior notes	4.30%	April 15, 2052	300,000		300,000
Revolving credit facility (6)	5.76%	April 15, 2026	—		130,000
Total debt			4,444,863		4,581,628
Unamortized discounts on unsecured senior notes			(35,320)		(36,099)
Deferred financing costs, net (7)			(27,798)		(29,531)
Total debt per balance sheet			$	4,381,745	$	4,515,998

(1)Interest rates are rounded and as of March 31, 2023. Unless otherwise stated, interest rates are fixed percentages.

(2)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

(3)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

(4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.

(5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2023 and December 31, 2022. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of March 31, 2023.

(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.7 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, and is 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, 2023 (amounts in thousands):

	Debt Maturities
Remaining 2023	$	15,536
2024	949,974
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,448,447
Total debt	$	4,444,863

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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Gross interest cost	$	48,970	$	40,461
Capitalized interest	(13,088)		(12,894)
Interest expense	$	35,882	$	27,567

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Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Resident security deposits	$	121,342	$	119,386
Accrued property taxes	93,051		51,586
Accrued construction and maintenance liabilities	86,856		86,775
Liability for consolidated land not owned	76,749		69,434
Prepaid rent	34,150		26,922
Accrued interest	33,195		40,126
Operating lease liabilities	19,908		20,755
Accounts payable	5,577		5,719
Other accrued liabilities	49,536		63,700
Total	$	520,364	$	484,403

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Shareholders' Equity / Partners' Capital

3 Months Ended

Mar. 31, 2023

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 AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

Class A Common Share Offering

During the first quarter of 2022, the Company completed an underwritten public offering for 23,000,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 10,000,000 shares were issued directly by the Company and 13,000,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “January 2022 Forward Sale Agreements”) for these 13,000,000 shares which were accounted for in equity. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. During the third quarter of 2022, the Company issued and physically settled 5,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. In January 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the January 2022 Forward Sale Agreements, receiving net proceeds of $298.4 million, which it used to repay indebtedness under its revolving credit facility and for general corporate purposes.

At-the-Market Common Share Offering Program

The Company maintains an 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 its 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, 2023 and 2022, no shares were issued under the At-the-Market Program. As of March 31, 2023, 1,835,416 shares have been issued under the At-the-Market Program and $425.2 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, 2023 and 2022, we did not repurchase and retire any of our Class A common shares or preferred shares. As of March 31, 2023, 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, 2023 and December 31, 2022, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

					March 31, 2023			December 31, 2022
Series	Issuance Date	Earliest Redemption Date	Dividend Rate		Outstanding Shares	Current Liquidation Value		Outstanding Shares	Current Liquidation Value
Series G perpetual preferred shares	July 17, 2017	July 17, 2022	5.875	%	4,600,000	$	115,000	4,600,000	$	115,000
Series H perpetual preferred shares	September 19, 2018	September 19, 2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					9,200,000	$	230,000	9,200,000	$	230,000

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, 2023		March 31, 2022
Class A and Class B common shares	$	0.22	$	0.18
5.875% Series F perpetual preferred shares (1)	—		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

(1)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022.

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, or approximately 12.3% and 12.5%, of the total 413,158,347 and 404,893,881 Class A units in the Operating Partnership as of March 31, 2023 and December 31, 2022, 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 0.1% and 0.2%, of the total 413,158,347 and 404,893,881 Class A units in the Operating Partnership as of March 31, 2023 and December 31, 2022, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.

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Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

2021 Equity Incentive Plan

The Company’s 2021 Equity Incentive Plan (the “2021 Plan”), which replaced the 2012 Equity Incentive Plan (the “2012 Plan”), provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, restricted share units (“RSUs”), unrestricted shares, dividend equivalent rights and performance-based awards.

When the Company issues Class A common shares under the 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

During the three months ended March 31, 2023 and 2022, employees were granted RSUs that generally vest over a three-year service period.

During the three months ended March 31, 2023 and 2022, certain senior employees were granted performance-based restricted share units (“PSUs”) that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over the three-year performance period January 1, 2023 through December 31, 2025 for PSUs granted during the three months ended March 31, 2023 and January 1, 2022 through December 31, 2024 for PSUs granted during the three months ended March 31, 2022. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
Options outstanding at beginning of period	730,550	824,300
Granted	—	—
Exercised	(1,875)	(18,750)
Forfeited	—	—
Options outstanding at end of period	728,675	805,550
Options exercisable at end of period	728,675	800,550

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
RSUs outstanding at beginning of period	1,024,722	1,050,599
Awarded	447,364	395,759
Vested	(374,956)	(335,826)
Forfeited	(12,543)	(19,523)
RSUs outstanding at end of period	1,084,587	1,091,009

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
PSUs outstanding at beginning of period	294,423	92,319
Awarded	227,033	202,104
Vested	—	—
Forfeited	(693)	—
PSUs outstanding at end of period	520,763	294,423

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

	For the Three Months Ended March 31,
	2023	2022
Expected term (years)	3.0	3.0
Dividend yield	2.09%	1.03%
Estimated volatility (1)	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) provides for the issuance of up to 3,000,000 Class A common shares and allows employees to acquire the Company’s Class A common shares through payroll deductions, subject to maximum purchase limitations, during six-month purchase periods. The purchase price for Class A common shares may be set at a maximum discount equal to 85% of the lower of the closing price of the Company’s Class A common shares on the first day or the last day of the applicable purchase period. The 2021 ESPP terminates in June 2031 or the date on which there are no longer any Class A common shares available for issuance. When the Company issues Class A common shares under the 2021 ESPP, the Operating Partnership issues an equivalent number of Class A units to AMH.

Share-Based Compensation Expense

The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
General and administrative expense	$	3,743	$	4,030
Property management expenses	1,066		999
Acquisition and other transaction costs	1,015		2,376
Total noncash share-based compensation expense	$	5,824	$	7,405

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Earnings per Share / Unit

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 (amounts in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common share–basic and diluted	$	117,137	$	55,742
Denominator:
Weighted-average common shares outstanding–basic	360,353,124		345,742,526
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common shares outstanding–diluted (3)	360,674,370		346,480,823
Net income per common share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

(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, 2023 and 2022 (amounts in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Preferred distributions	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common unit–basic and diluted	$	133,885	$	64,054
Denominator:
Weighted-average common units outstanding–basic	411,730,104		397,119,506
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common units outstanding–diluted	412,051,350		397,857,803
Net income per common unit:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

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Fair Value

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
AMH 2014-SFR2 securitization	$	464,006	$	467,957	$	465,864	$	469,192
AMH 2014-SFR3 securitization	479,338		478,755		480,467		484,350
AMH 2015-SFR1 securitization	504,546		508,581		505,738		509,714
AMH 2015-SFR2 securitization	437,432		441,210		438,773		442,286
Total asset-backed securitizations	1,885,322		1,896,503		1,890,842		1,905,542
2028 unsecured senior notes, net	496,153		471,280		495,956		463,920
2029 unsecured senior notes, net	396,684		387,424		396,543		377,680
2031 unsecured senior notes, net	441,393		358,340		441,133		347,243
2032 unsecured senior notes, net	582,030		524,304		581,533		504,294
2051 unsecured senior notes, net	291,266		198,816		291,189		189,750
2052 unsecured senior notes, net	288,897		237,081		288,802		221,922
Total unsecured senior notes, net	2,496,423		2,177,245		2,495,156		2,104,809
Revolving credit facility	—		—		130,000		130,000
Total debt	$	4,381,745	$	4,073,748	$	4,515,998	$	4,140,351

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Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

As of March 31, 2023 and December 31, 2022, affiliates owned approximately 12.7% and 12.9%, respectively, of the Company’s outstanding Class A common shares. On a fully-diluted basis, affiliates held (including consideration of 635,075 Class B common shares and 50,622,165 Class A units as of March 31, 2023 and December 31, 2022) an approximate 23.5% and 23.9% interest as of March 31, 2023 and December 31, 2022, respectively.

As of March 31, 2023 and December 31, 2022, the Operating Partnership had a receivable from affiliates of $25.7 million related to the asset-backed securitization certificates held by AMH, which is included in amounts due from affiliates on the Operating Partnership’s condensed consolidated balance sheets.

See Note 7. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

As of March 31, 2023, the Company had commitments to acquire 42 single-family properties through our National Builder Program for an aggregate purchase price of $9.7 million, as well as $246.0 million in purchase commitments for land relating to our AMH Development Program, which includes certain land deals expected to close beyond twelve months when development is ready to commence. Purchase commitments exclude option contracts where we have acquired the right to purchase land for our AMH Development Program or single-family properties because the contracts do not contain provisions requiring our specific performance.

As of March 31, 2023, the Company had sales in escrow for approximately 249 of our single-family properties and 38 of our land lots for aggregate selling prices of $83.4 million.

As of March 31, 2023, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $195.2 million.

Legal Matters

During the third quarter of 2020, we received a notice from the Georgia Attorney General’s Office (the “Georgia AG”) seeking certain information relevant to an investigation they are conducting about our customary landlord-tenant matters. We have been cooperating with the Georgia AG and have been discussing a possible negotiated resolution with the Georgia AG.

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.

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Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent Acquisitions

From April 1, 2023 through April 30, 2023, the Company added 146 properties to its portfolio for a total cost of approximately $52.8 million, which included 145 newly constructed properties delivered through our AMH Development Program and one newly constructed home acquired from a third-party developer through our National Builder Program.

Subsequent Dispositions

From April 1, 2023 through April 30, 2023, the Company disposed of 189 properties for aggregate net proceeds of approximately $55.9 million.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and 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, 2022. 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 operating results for interim periods are not necessarily indicative of results for other interim periods or the full year. 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.

Principles of Consolidation

Principles of Consolidation

The condensed consolidated financial statements present the accounts of both (i) the Company, which include AMH, the Operating Partnership and their consolidated subsidiaries, and (ii) 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”) in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”), when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. Entities that are not VIEs and for which the Company owns an interest and has the ability to exercise significant influence but does not control 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 Company consolidates VIEs in accordance with ASC 810 if it is the primary beneficiary of the VIE as determined by its power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. The Company holds investments in venture capital funds and deposits with land banking entities that we determined are VIEs. As the Company does not control the activities that most significantly impact the economic performance of these entities, the Company was deemed not to be the primary beneficiary and therefore did not consolidate the entities.

The investments in the unconsolidated venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the investments in these venture capital funds was $12.1 million and the Company’s maximum exposure to loss was $16.1 million, which includes all future capital funding requirements.

The deposits with land banking entities are held at cost and included in escrow deposits, prepaid expenses and other assets within the condensed consolidated balance sheets. As of March 31, 2023, the carrying value of the deposits with land banking entities and the Company’s maximum exposure to loss was $14.5 million.

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Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2023

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 (amounts in thousands):

	March 31,				December 31,
	2023		2022		2022		2021
Cash and cash equivalents	$	255,559	$	56,626	$	69,155	$	48,198
Restricted cash	153,256		150,354		148,805		143,569
Total cash, cash equivalents and restricted cash	$	408,815	$	206,980	$	217,960	$	191,767

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 (amounts in thousands):

	March 31,				December 31,
	2023		2022		2022		2021
Cash and cash equivalents	$	255,559	$	56,626	$	69,155	$	48,198
Restricted cash	153,256		150,354		148,805		143,569
Total cash, cash equivalents and restricted cash	$	408,815	$	206,980	$	217,960	$	191,767

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Real Estate Assets, Net (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Single-Family Properties, Net

The net book values of real estate assets consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Occupied single-family properties	$	9,549,695	$	9,419,098
Single-family properties leased, not yet occupied	89,718		52,325
Single-family properties in turnover process	191,738		281,356
Single-family properties recently renovated or developed	85,972		182,336
Single-family properties newly acquired and under renovation	—		3,557
Single-family properties in operation, net	9,917,123		9,938,672
Development land	631,752		631,539
Single-family properties under development	647,337		555,682
Single-family properties and land held for sale, net	171,448		198,716
Total real estate assets, net	$	11,367,660	$	11,324,609

The following table summarizes the Company’s dispositions of single-family properties and land for the three months ended March 31, 2023 and 2022 (amounts in thousands, except property data):

	For the Three Months Ended March 31,
	2023		2022
Single-family properties:
Properties sold	666		169
Net proceeds (1)	$	183,584	$	50,259
Net gain on sale	$	85,703	$	24,545
Land:
Net proceeds	$	926	$	1,148
Net gain on sale	$	34	$	278

(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, 2023

Receivables [Abstract]

Future Minimum Rental Revenues

The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2023 (amounts in thousands):

	March 31, 2023
Remaining 2023	$	631,538
2024	98,868
2025	2,256
Total	$	732,662

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Escrow Deposits, Prepaid Expenses and Other Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Consolidated land not owned	$	115,391	$	108,114
Escrow deposits, prepaid expenses and other	105,106		105,811
Commercial real estate, software, vehicles and FF&E, net	88,707		85,772
Operating lease right-of-use assets	18,254		19,129
Deferred costs and other intangibles, net	9,685		10,237
Notes receivable, net	2,359		2,383
Total	$	339,502	$	331,446

Deferred Costs and Other Intangibles

Deferred costs and other intangibles, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Deferred leasing costs	$	2,665	$	2,375
Deferred financing costs	22,491		22,491
	25,156		24,866
Less: accumulated amortization	(15,471)		(14,629)
Total	$	9,685	$	10,237

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, 2023 for future periods (amounts in thousands):

	Deferred Leasing Costs		Deferred Financing Costs		Total
Remaining 2023	$	1,273	$	2,050	$	3,323
2024	126		2,730		2,856
2025	—		2,722		2,722
2026	—		784		784
Total	$	1,399	$	8,286	$	9,685

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Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

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 (amounts in thousands, except percentages and property data):

Joint Venture Description	% Ownership at March 31, 2023		Completed Homes at March 31, 2023	Balances at March 31, 2023		Balances at December 31, 2022
Alaska JV	20	%	240	$	19,970	$	18,890
Institutional Investor JV	20	%	999	16,526		16,567
J.P. Morgan JV	20	%	1,449	72,171		71,890
			2,688	$	108,667	$	107,347

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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of March 31, 2023 and December 31, 2022 (amounts in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization	4.42%	October 9, 2024	$	465,963	$	468,138
AMH 2014-SFR3 securitization	4.40%	December 9, 2024	481,518		482,964
AMH 2015-SFR1 securitization (2)	4.14%	April 9, 2045	507,148		508,672
AMH 2015-SFR2 securitization (3)	4.36%	October 9, 2045	440,234		441,854
Total asset-backed securitizations			1,894,863		1,901,628
2028 unsecured senior notes (4)	4.08%	February 15, 2028	500,000		500,000
2029 unsecured senior notes	4.90%	February 15, 2029	400,000		400,000
2031 unsecured senior notes (5)	2.46%	July 15, 2031	450,000		450,000
2032 unsecured senior notes	3.63%	April 15, 2032	600,000		600,000
2051 unsecured senior notes	3.38%	July 15, 2051	300,000		300,000
2052 unsecured senior notes	4.30%	April 15, 2052	300,000		300,000
Revolving credit facility (6)	5.76%	April 15, 2026	—		130,000
Total debt			4,444,863		4,581,628
Unamortized discounts on unsecured senior notes			(35,320)		(36,099)
Deferred financing costs, net (7)			(27,798)		(29,531)
Total debt per balance sheet			$	4,381,745	$	4,515,998

(1)Interest rates are rounded and as of March 31, 2023. Unless otherwise stated, interest rates are fixed percentages.

(2)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

(3)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

(4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.

(5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2023 and December 31, 2022. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of March 31, 2023.

(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.7 million and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, and is 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, 2023 (amounts in thousands):

	Debt Maturities
Remaining 2023	$	15,536
2024	949,974
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,448,447
Total debt	$	4,444,863

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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Gross interest cost	$	48,970	$	40,461
Capitalized interest	(13,088)		(12,894)
Interest expense	$	35,882	$	27,567

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Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

The following table summarizes accounts payable and accrued expenses as of March 31, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023		December 31, 2022
Resident security deposits	$	121,342	$	119,386
Accrued property taxes	93,051		51,586
Accrued construction and maintenance liabilities	86,856		86,775
Liability for consolidated land not owned	76,749		69,434
Prepaid rent	34,150		26,922
Accrued interest	33,195		40,126
Operating lease liabilities	19,908		20,755
Accounts payable	5,577		5,719
Other accrued liabilities	49,536		63,700
Total	$	520,364	$	484,403

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Shareholders' Equity / Partners' Capital (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Preferred Shares Outstanding

As of March 31, 2023 and December 31, 2022, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):

					March 31, 2023			December 31, 2022
Series	Issuance Date	Earliest Redemption Date	Dividend Rate		Outstanding Shares	Current Liquidation Value		Outstanding Shares	Current Liquidation Value
Series G perpetual preferred shares	July 17, 2017	July 17, 2022	5.875	%	4,600,000	$	115,000	4,600,000	$	115,000
Series H perpetual preferred shares	September 19, 2018	September 19, 2023	6.250	%	4,600,000	115,000		4,600,000	115,000
Total preferred shares					9,200,000	$	230,000	9,200,000	$	230,000

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, 2023		March 31, 2022
Class A and Class B common shares	$	0.22	$	0.18
5.875% Series F perpetual preferred shares (1)	—		0.37
5.875% Series G perpetual preferred shares	0.37		0.37
6.250% Series H perpetual preferred shares	0.39		0.39

(1)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022.

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity under Plan

The following table summarizes stock option activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
Options outstanding at beginning of period	730,550	824,300
Granted	—	—
Exercised	(1,875)	(18,750)
Forfeited	—	—
Options outstanding at end of period	728,675	805,550
Options exercisable at end of period	728,675	800,550

Summary of Restricted Share Units Activity Under Plan

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
RSUs outstanding at beginning of period	1,024,722	1,050,599
Awarded	447,364	395,759
Vested	(374,956)	(335,826)
Forfeited	(12,543)	(19,523)
RSUs outstanding at end of period	1,084,587	1,091,009

Summary of Performance Share Units Activity Under Plan

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the three months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023	2022
PSUs outstanding at beginning of period	294,423	92,319
Awarded	227,033	202,104
Vested	—	—
Forfeited	(693)	—
PSUs outstanding at end of period	520,763	294,423

Schedule of PSU TSR Valuation Assumptions

For the TSR Awards, the following assumptions were used in the calculation of fair value using the Monte Carlo simulation model:

	For the Three Months Ended March 31,
	2023	2022
Expected term (years)	3.0	3.0
Dividend yield	2.09%	1.03%
Estimated volatility (1)	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

(1)Estimated volatility for the performance period is based on 50% historical volatility and 50% implied volatility.

Summary of Activity in Noncash Share-Based Compensation Expense

The following table summarizes the activity related to the Company’s noncash share-based compensation expense for the three months ended March 31, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
General and administrative expense	$	3,743	$	4,030
Property management expenses	1,066		999
Acquisition and other transaction costs	1,015		2,376
Total noncash share-based compensation expense	$	5,824	$	7,405

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Earnings per Share / Unit (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Net Income per Share on Basic and Diluted Basis

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, 2023 and 2022 (amounts in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Noncontrolling interest	16,748		8,312
Dividends on preferred shares	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common share–basic and diluted	$	117,137	$	55,742
Denominator:
Weighted-average common shares outstanding–basic	360,353,124		345,742,526
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common shares outstanding–diluted (3)	360,674,370		346,480,823
Net income per common share:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

(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.

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, 2023 and 2022 (amounts in thousands, except unit and per unit data):

	For the Three Months Ended March 31,
	2023		2022
Numerator:
Net income	$	137,699	$	70,014
Less:
Preferred distributions	3,486		5,763
Allocation to participating securities (1)	328		197
Numerator for income per common unit–basic and diluted	$	133,885	$	64,054
Denominator:
Weighted-average common units outstanding–basic	411,730,104		397,119,506
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	321,246		738,297
Weighted-average common units outstanding–diluted	412,051,350		397,857,803
Net income per common unit:
Basic	$	0.33	$	0.16
Diluted	$	0.32	$	0.16

(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 for the three months ended March 31, 2023 and 2022 and the dilutive effect of forward sale equity contracts under the treasury stock method for the three months ended March 31, 2022 (see Note 10. Shareholders’ Equity / Partners’ Capital).

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (amounts in thousands):

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
AMH 2014-SFR2 securitization	$	464,006	$	467,957	$	465,864	$	469,192
AMH 2014-SFR3 securitization	479,338		478,755		480,467		484,350
AMH 2015-SFR1 securitization	504,546		508,581		505,738		509,714
AMH 2015-SFR2 securitization	437,432		441,210		438,773		442,286
Total asset-backed securitizations	1,885,322		1,896,503		1,890,842		1,905,542
2028 unsecured senior notes, net	496,153		471,280		495,956		463,920
2029 unsecured senior notes, net	396,684		387,424		396,543		377,680
2031 unsecured senior notes, net	441,393		358,340		441,133		347,243
2032 unsecured senior notes, net	582,030		524,304		581,533		504,294
2051 unsecured senior notes, net	291,266		198,816		291,189		189,750
2052 unsecured senior notes, net	288,897		237,081		288,802		221,922
Total unsecured senior notes, net	2,496,423		2,177,245		2,495,156		2,104,809
Revolving credit facility	—		—		130,000		130,000
Total debt	$	4,381,745	$	4,073,748	$	4,515,998	$	4,140,351

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Organization and Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) singleFamilyProperty property state	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of states | state	21
Asset-backed securitization certificates | $	$ 25,666	$ 25,666
Exchange rate	1
American Homes 4 Rent
Real Estate Properties [Line Items]
General partner interest	87.60%
Limited Partners
Real Estate Properties [Line Items]
Limited partner interest	12.40%
Single Family Homes
Real Estate Properties [Line Items]
Number of properties | singleFamilyProperty	58,639
Single Family Homes | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of properties | property	903

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Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	$ 108,667	$ 107,347
Variable Interest Entity, Not Primary Beneficiary | Land Banking Deposits
Variable Interest Entity [Line Items]
Maximum exposure to loss	14,500
Carrying value of deposits with land banking entities	14,500
Variable Interest Entity, Not Primary Beneficiary | Venture Capital Funds
Variable Interest Entity [Line Items]
Carrying value of investments in limited partnerships	12,100
Maximum exposure to loss	$ 16,100

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Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Term of restriction	1 year
Cash and cash equivalents	$ 255,559	$ 69,155	$ 56,626	$ 48,198
Restricted cash	153,256	148,805	150,354	143,569
Total cash, cash equivalents and restricted cash	$ 408,815	$ 217,960	$ 206,980	$ 191,767

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Real Estate Assets, Net - Components of Single-Family Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Single-family properties in operation, net	$ 9,917,123	$ 9,938,672
Development land	631,752	631,539
Single-family properties under development	647,337	555,682
Single-family properties and land held for sale, net	171,448	198,716
Total real estate assets, net	11,367,660	11,324,609
Occupied single-family properties
Real Estate [Line Items]
Single-family properties in operation, net	9,549,695	9,419,098
Single-family properties leased, not yet occupied
Real Estate [Line Items]
Single-family properties in operation, net	89,718	52,325
Single-family properties in turnover process
Real Estate [Line Items]
Single-family properties in operation, net	191,738	281,356
Single-family properties recently renovated or developed
Real Estate [Line Items]
Single-family properties in operation, net	85,972	182,336
Single-family properties newly acquired and under renovation
Real Estate [Line Items]
Single-family properties in operation, net	0	3,557
Single Family Homes
Real Estate [Line Items]
Total real estate assets, net	$ 11,367,660	$ 11,324,609

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Real Estate Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Single Family Homes
Real Estate [Line Items]
Depreciation expense	$ 107.8	$ 96.2

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Real Estate Assets, Net - Dispositions of Single-Family Properties and Land (Details) - Single Family Homes $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property
Single-family properties:
Properties sold | property	666	169
Net proceeds	$ 183,584	$ 50,259
Net gain on sale	85,703	24,545
Land:
Net proceeds	926	1,148
Net gain on sale	$ 34	$ 278

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Rent and Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Lease agreement term (in years)	1 year
Storm damage related insurance claims receivable	$ 5.9		$ 5.0
Single Family Homes
Lessor, Lease, Description [Line Items]
Tenant chargebacks	55.4	$ 52.3
Late fees and application fees	$ 7.4	$ 6.1

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Rent and Other Receivables - Future Minimum Rental Revenues (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Receivables [Abstract]
Remaining 2023	$ 631,538
2024	98,868
2025	2,256
Total	$ 732,662

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Escrow Deposits, Prepaid Expenses and Other Assets - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Consolidated land not owned	$ 115,391	$ 108,114
Escrow deposits, prepaid expenses and other	105,106	105,811
Commercial real estate, software, vehicles and FF&E, net	88,707	85,772
Operating lease right-of-use assets	18,254	19,129
Deferred costs and other intangibles, net	9,685	10,237
Notes receivable, net	2,359	2,383
Total	$ 339,502	$ 331,446

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Escrow Deposits, Prepaid Expenses and Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Amortization expense related to deferred leasing costs, in-place leases, trademark and database	$ 0.7	$ 0.8
Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Amortization of deferred financing costs	0.7	0.7
Commercial Real Estate, Vehicles, and Furniture, Fixtures, and Equipment
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.2	$ 3.0

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Escrow Deposits, Prepaid Expenses and Other Assets - Components of Deferred Costs and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs	$ 2,665	$ 2,375
Deferred financing costs	22,491	22,491
Deferred cost and intangible assets	25,156	24,866
Less: accumulated amortization	(15,471)	(14,629)
Total	$ 9,685	$ 10,237

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Escrow Deposits, Prepaid Expenses and Other Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Total
Remaining 2023	$ 3,323
2024	2,856
2025	2,722
2026	784
Total	9,685	$ 10,237
Deferred Leasing Costs
Deferred Leasing Costs
Remaining 2023	1,273
2024	126
2025	0
2026	0
Deferred Leasing Costs	1,399
Deferred Financing Costs
Deferred Financing Costs
Remaining 2023	2,050
2024	2,730
2025	2,722
2026	784
Deferred Financing Costs	$ 8,286

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Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) joint_venture	Sep. 30, 2022 USD ($) extension	Mar. 31, 2022 USD ($) extension property
Schedule of Equity Method Investments [Line Items]
Number of joint ventures | joint_venture	3
Three Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Total contract amount	$ 900.0
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20.00%
Joint Venture | J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit			$ 375.0
Non-recourse guarantee, term			three-year
Number of extension options | extension			1
Extension period			1 year
Maximum exposure	$ 260.3
Joint Venture | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Maximum borrowing limit		$ 250.0
Non-recourse guarantee, term		two-year
Number of extension options | extension		2
Extension period		1 year
Maximum exposure	232.7
Joint Venture | SOFR | J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate			1.50%
Joint Venture | SOFR | Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Basis spread on variable rate		2.40%
Institutional Investor JV Property Acquisition
Schedule of Equity Method Investments [Line Items]
Number of properties acquired | property			200
Total consideration			$ 74.6
Cash paid for asset acquisitions			66.2
Asset acquisition, consideration transferred, other assets			8.4
Property management expenses | Joint Venture
Schedule of Equity Method Investments [Line Items]
Management fee income	$ 3.3		$ 2.8

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Investments in Unconsolidated Joint Ventures - JV Investments (Details) $ in Thousands	Mar. 31, 2023 USD ($) home	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Completed homes | home	2,688
Balances | $	$ 108,667	$ 107,347
Alaska JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20.00%
Completed homes | home	240
Balances | $	$ 19,970	18,890
Institutional Investor JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20.00%
Completed homes | home	999
Balances | $	$ 16,526	16,567
J.P. Morgan JV
Schedule of Equity Method Investments [Line Items]
Percent ownership	20.00%
Completed homes | home	1,449
Balances | $	$ 72,171	$ 71,890

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Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 4,444,863,000		$ 4,581,628,000
Unamortized discounts on unsecured senior notes	(35,320,000)		(36,099,000)
Deferred financing costs, net	(27,798,000)		(29,531,000)
Total debt per balance sheet	4,381,745,000		4,515,998,000
Amortization of financing costs	3,043,000	$ 2,453,000
Asset-backed securitizations, unsecured senior notes and term loan facility
Debt Instrument [Line Items]
Amortization of financing costs	1,700,000	$ 1,600,000
Secured Debt
Debt Instrument [Line Items]
Total debt	$ 1,894,863,000		1,901,628,000
Secured Debt | AMH 2014-SFR2 securitization
Debt Instrument [Line Items]
Interest rate	4.42%
Total debt	$ 465,963,000		468,138,000
Secured Debt | AMH 2014-SFR3 securitization
Debt Instrument [Line Items]
Interest rate	4.40%
Total debt	$ 481,518,000		482,964,000
Secured Debt | AMH 2015-SFR1 securitization
Debt Instrument [Line Items]
Interest rate	4.14%
Total debt	$ 507,148,000		508,672,000
Secured Debt | AMH 2015-SFR2 securitization
Debt Instrument [Line Items]
Interest rate	4.36%
Total debt	$ 440,234,000		441,854,000
Senior Notes | 2028 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.25%
Effective interest rate	4.08%
Total debt	$ 500,000,000		500,000,000
Senior Notes | 2029 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	4.90%
Total debt	$ 400,000,000		400,000,000
Senior Notes | 2031 unsecured senior notes, net
Debt Instrument [Line Items]
Interest rate	2.38%
Effective interest rate	2.46%
Total debt	$ 450,000,000		450,000,000
Senior Notes | 2032 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.63%
Total debt	$ 600,000,000		600,000,000
Senior Notes | 2051 unsecured senior notes
Debt Instrument [Line Items]
Interest rate	3.38%
Total debt	$ 300,000,000		300,000,000
Senior Notes | 2052 unsecured senior notes, net
Debt Instrument [Line Items]
Interest rate	4.30%
Total debt	$ 300,000,000		300,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	5.76%
Total debt	$ 0		130,000,000
Maximum borrowing capacity	1,250,000,000
Outstanding letters of credit	$ 4,000,000		$ 4,000,000
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%

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Debt - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remaining 2023	$ 15,536
2024	949,974
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,448,447
Total debt	$ 4,444,863	$ 4,581,628

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Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Gross interest cost	$ 48,970	$ 40,461
Capitalized interest	(13,088)	(12,894)
Interest expense	$ 35,882	$ 27,567

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Accounts Payable and Accrued Expenses - Components of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Resident security deposits	$ 121,342	$ 119,386
Accrued property taxes	93,051	51,586
Accrued construction and maintenance liabilities	86,856	86,775
Liability for consolidated land not owned	76,749	69,434
Prepaid rent	34,150	26,922
Accrued interest	33,195	40,126
Operating lease liabilities	19,908	20,755
Accounts payable	5,577	5,719
Other accrued liabilities	49,536	63,700
Total	$ 520,364	$ 484,403

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Shareholders' Equity / Partners' Capital - Common Stock Offerings (Details) - Class A common shares - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			33 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2023
Public Stock Offering
Class of Stock [Line Items]
Number of shares sold (in shares)				23,000,000
Par value (in dollars per share)				$ 0.01
Public Stock Offering - Issued Directly By The Company
Class of Stock [Line Items]
Number of shares sold (in shares)				10,000,000
Public Stock Offering - Forward Sales Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)	8,000,000		5,000,000	13,000,000
Proceeds from sale of stock	$ 298.4		$ 185.6
At the Market - Common Share Offering Program
Class of Stock [Line Items]
Shares authorized for future issuance, value		$ 500.0			$ 500.0
Shares issued (in shares)		0		0	1,835,416
Shares available for future issuance, value		$ 425.2			$ 425.2

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Shareholders' Equity / Partners' Capital - Share Repurchase (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A common shares
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 300.0
Remaining repurchase authorization	$ 265.1
Class A common shares | Common capital
Class of Stock [Line Items]
Repurchases of Class A common shares (in shares)	0	0
Preferred capital amount
Class of Stock [Line Items]
Repurchase of shares, authorized amount	$ 250.0
Remaining repurchase authorization	$ 250.0

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Shareholders' Equity / Partners' Capital - Participating Preferred Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred shares outstanding (in shares)	9,200,000	9,200,000
Current Liquidation Value	$ 230,000	$ 230,000
Series G perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%
Preferred 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 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
	May 05, 2022	Mar. 31, 2023	Mar. 31, 2022
Class A common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.22	$ 0.18
Class B common shares
Class of Stock [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.22	0.18
Series F perpetual preferred shares
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	5.875%	5.875%
Preferred shares, dividends declared (in dollars per share)		$ 0	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 Common Units - Operating Partnership - shares	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Operating partnership units (in shares)	413,158,347	404,893,881
American Residential Properties Inc.
Class of Stock [Line Items]
Percentage of units outstanding	0.10%	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	50,779,990
Percentage of units outstanding	12.30%	12.50%

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Share-Based Compensation - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2021 Equity Incentive Plan | RSUs | Maximum | Employee
Class of Stock [Line Items]
Award vesting period	3 years	3 years
2021 Equity Incentive Plan | PSUs
Class of Stock [Line Items]
Award vesting period	3 years	3 years
Service period	3 years	3 years
2021 Equity Incentive Plan | PSUs | Minimum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	0.00%
2021 Equity Incentive Plan | PSUs | Maximum
Class of Stock [Line Items]
Percentage of units expected to vest (in percent)	200.00%
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Purchase period	6 months
Purchase price of common stock	85.00%
2021 Employee Stock Purchase Plan | Class A common shares
Class of Stock [Line Items]
Number of shares available to grant (in shares)	3,000,000

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Share-Based Compensation - Stock Options Activity (Details) - Stock options - 2021 Equity Incentive Plan - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options
Options outstanding at beginning of period (in shares)	730,550	824,300
Granted (in shares)	0	0
Exercised (in shares)	(1,875)	(18,750)
Forfeited (in shares)	0	0
Options outstanding at end of period (in shares)	728,675	805,550
Options exercisable at end of period (in shares)	728,675	800,550

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Share-Based Compensation - RSU and PSU Activity (Details) - 2021 Equity Incentive Plan - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
RSUs
Number of Restricted Stock Units
Outstanding at beginning of period (in shares)	1,024,722	1,050,599
Awarded (in shares)	447,364	395,759
Vested (in shares)	(374,956)	(335,826)
Forfeited (in shares)	(12,543)	(19,523)
Outstanding at end of period (in shares)	1,084,587	1,091,009
PSUs
Number of Restricted Stock Units
Outstanding at beginning of period (in shares)	294,423	92,319
Awarded (in shares)	227,033	202,104
Vested (in shares)	0	0
Forfeited (in shares)	(693)	0
Outstanding at end of period (in shares)	520,763	294,423

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Share-Based Compensation - PSU TSR Valuation Inputs (Details) - PSU TSR Awards - Class A common shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock
Expected term (years)	3 years	3 years
Dividend yield	2.09%	1.03%
Estimated volatility	27.45%	27.62%
Risk-free interest rate	4.16%	1.39%

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Share-Based Compensation - Noncash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock
Total noncash share-based compensation expense	$ 5,824	$ 7,405
General and administrative expense
Class of Stock
Total noncash share-based compensation expense	3,743	4,030
Property management expenses
Class of Stock
Total noncash share-based compensation expense	1,066	999
Acquisition and other transaction costs
Class of Stock
Total noncash share-based compensation expense	$ 1,015	$ 2,376

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Earnings per Share / Unit - Computation of Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares
Numerator:
Net income	$ 137,699	$ 70,014
Less:
Noncontrolling interest	16,748	8,312
Dividends on preferred shares	3,486	5,763
Allocation to participating securities	328	197
Numerator for income per common share/unit–basic and diluted	$ 117,137	$ 55,742
Denominator:
Weighted-average common shares outstanding - basic (in shares) | shares	360,353,124	345,742,526
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	321,246	738,297
Weighted-average common shares outstanding - diluted (in shares) | shares	360,674,370	346,480,823
Net income per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.33	$ 0.16
Diluted (in dollars per share) | $ / shares	$ 0.32	$ 0.16
Exchange rate	1
American Homes 4 Rent, L.P.
Numerator:
Net income	$ 137,699	$ 70,014
Less:
Dividends on preferred shares	3,486	5,763
Allocation to participating securities	328	197
Numerator for income per common share/unit–basic and diluted	$ 133,885	$ 64,054
Denominator:
Weighted-average common units outstanding - basic (in shares) | shares	411,730,104	397,119,506
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts | shares	321,246	738,297
Weighted-average common units outstanding - diluted (in shares) | shares	412,051,350	397,857,803
Net income per common share/unit
Basic (in dollars per share) | $ / shares	$ 0.33	$ 0.16
Diluted (in dollars per share) | $ / shares	$ 0.32	$ 0.16

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Fair Value - Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	$ 0	$ 130,000
Total debt	4,381,745	4,515,998
Carrying Value | Total asset-backed securitizations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	1,885,322	1,890,842
Carrying Value | AMH 2014-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	464,006	465,864
Carrying Value | AMH 2014-SFR3 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	479,338	480,467
Carrying Value | AMH 2015-SFR1 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	504,546	505,738
Carrying Value | AMH 2015-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	437,432	438,773
Carrying Value | Total unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	2,496,423	2,495,156
Carrying Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	496,153	495,956
Carrying Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	396,684	396,543
Carrying Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	441,393	441,133
Carrying Value | 2032 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	582,030	581,533
Carrying Value | 2051 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	291,266	291,189
Carrying Value | 2052 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	288,897	288,802
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving credit facility	0	130,000
Total debt	4,073,748	4,140,351
Fair Value | Total asset-backed securitizations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	1,896,503	1,905,542
Fair Value | AMH 2014-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	467,957	469,192
Fair Value | AMH 2014-SFR3 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	478,755	484,350
Fair Value | AMH 2015-SFR1 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	508,581	509,714
Fair Value | AMH 2015-SFR2 securitization
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	441,210	442,286
Fair Value | Total unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	2,177,245	2,104,809
Fair Value | 2028 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	471,280	463,920
Fair Value | 2029 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	387,424	377,680
Fair Value | 2031 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	358,340	347,243
Fair Value | 2032 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	524,304	504,294
Fair Value | 2051 unsecured senior notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	198,816	189,750
Fair Value | 2052 unsecured senior notes, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total asset-backed securitizations and unsecured senior notes, net	$ 237,081	$ 221,922

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Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
American Homes 4 Rent, L.P.
Related Party Transaction [Line Items]
Amounts due from affiliates	$ 25,666	$ 25,666
Class A common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	361,146,292	352,881,826
Class B common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	635,075	635,075
Affiliated Entity
Related Party Transaction [Line Items]
Percent of shares held	23.50%	23.90%
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
Related Party Transaction [Line Items]
Percent of shares held	12.70%	12.90%
Affiliated Entity | Class B common shares
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	635,075	635,075
Affiliated Entity | Class A Common Units
Related Party Transaction [Line Items]
Common stock outstanding (in shares)	50,622,165	50,622,165

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Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) lot property
Purchase Commitment [Line Items]
Single-family properties sales in escrow | property	249
Land lot sales in escrow | lot	38
Single-family properties sales in escrow, selling price	$ 83.4
Surety bond
Purchase Commitment [Line Items]
Outstanding principal on non-recourse guarantee	195.2
Single Family Properties
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	9.7
Land
Purchase Commitment [Line Items]
Purchase price of commitment to acquire single-family properties	$ 246.0
Commitment To Acquire Properties
Purchase Commitment [Line Items]
Number of properties | property	42

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Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) property
Subsequent Event [Line Items]
Number of properties acquired	146
Cash paid for deposits on land option contracts | $	$ 52.8
Number of internally developed properties developed	145
Number of properties acquired from third party developers	1
Number of real estate properties sold	189
Proceeds from sale of real estate | $	$ 55.9