Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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	805
Local Phone Number	413-5300
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.2
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Definitive Proxy Statement for our 2024 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2023.
Entity Central Index Key	0001562401
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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		365,492,702
Class B Common Shares
Document Information
Entity Common Stock, Shares Outstanding		635,075
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
American Homes 4 Rent, L.P.
Document Information
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	333-221878-02
Entity Registrant Name	AMERICAN HOMES 4 RENT, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0860173
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001716558
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
American Homes 4 Rent, L.P.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,234,301	$ 2,197,233
Buildings and improvements	10,651,388	10,127,891
Single-family properties in operation	12,885,689	12,325,124
Less: accumulated depreciation	(2,719,970)	(2,386,452)
Single-family properties in operation, net	10,165,719	9,938,672
Single-family properties under development and development land	1,409,424	1,187,221
Single-family properties and land held for sale, net	182,082	198,716
Total real estate assets, net	11,757,225	11,324,609
Cash and cash equivalents	59,385	69,155
Restricted cash	162,476	148,805
Rent and other receivables	42,823	47,752
Escrow deposits, prepaid expenses and other assets	406,138	331,446
Investments in unconsolidated joint ventures	114,198	107,347
Asset-backed securitization certificates	25,666	25,666
Goodwill	120,279	120,279
Total assets	12,688,190	12,175,059
Liabilities
Revolving credit facility	90,000	130,000
Asset-backed securitizations, net	1,871,421	1,890,842
Unsecured senior notes, net	2,500,226	2,495,156
Accounts payable and accrued expenses	573,660	484,403
Total liabilities	5,035,307	5,000,401
Commitments and contingencies (see Note 14)
Shareholders' equity:
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at December 31, 2023 and 2022)	92	92
Additional paid-in capital	7,357,848	6,931,819
Accumulated deficit	(394,908)	(440,791)
Accumulated other comprehensive income	843	1,332
Total shareholders' equity	6,967,524	6,495,987
Noncontrolling interest	685,359	678,671
Total equity	7,652,883	7,174,658
Total liabilities and equity/capital	12,688,190	12,175,059
Class A common shares
Shareholders' equity:
Common stock value	3,643	3,529
Class B common shares
Shareholders' equity:
Common stock value	$ 6	$ 6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	100,000,000	100,000,000
Preferred shares, shares issued (in shares)	9,200,000	9,200,000
Preferred shares, 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, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	364,296,431	352,881,826
Common stock, shares outstanding (in shares)	364,296,431	352,881,826
Class B common shares
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	635,075	635,075
Common stock, shares outstanding (in shares)	635,075	635,075

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rents and other single-family property revenues	$ 1,623,605	$ 1,490,534	$ 1,303,882
Expenses:
General and administrative expense	74,615	68,057	56,444
Interest expense	140,198	134,871	114,893
Acquisition and other transaction costs	16,910	23,452	15,749
Depreciation and amortization	456,550	426,531	372,848
Hurricane-related charges, net	0	6,133	0
Total expenses	1,411,095	1,323,833	1,147,004
Gain on sale and impairment of single-family properties and other, net	209,834	136,459	49,696
Other income and expense, net	9,798	6,865	3,985
Net income	432,142	310,025	210,559
Noncontrolling interest	51,974	36,887	21,467
Dividends on preferred shares	13,944	17,081	37,923
Redemption of perpetual preferred shares	0	5,276	15,879
Net income attributable to common shareholders / unitholders	$ 366,224	$ 250,781	$ 135,290
Weighted-average common shares outstanding:
Basic (in shares)	362,024,968	349,290,848	324,245,168
Diluted (in shares)	362,477,216	349,787,092	325,518,291
Net income attributable to common shareholders per share:
Basic (in dollars per share)	$ 1.01	$ 0.72	$ 0.42
Diluted (in dollars per share)	$ 1.01	$ 0.71	$ 0.41
Property operating expenses
Expenses:
Property operating and management expenses	$ 599,459	$ 552,091	$ 490,205
Property management expenses
Expenses:
Property operating and management expenses	$ 123,363	$ 112,698	$ 96,865

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 432,142	$ 310,025	$ 210,559
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument	0	0	(3,999)
Reclassification adjustment for amortization of interest expense included in net income	(564)	(564)	(771)
Other comprehensive loss	(564)	(564)	(4,770)
Comprehensive income	431,578	309,461	205,789
Comprehensive income attributable to noncontrolling interests	51,899	36,805	20,730
Dividends on preferred shares	13,944	17,081	37,923
Redemption of perpetual preferred shares	0	5,276	15,879
Comprehensive income attributable to common shareholders / unitholders	$ 365,735	$ 250,299	$ 131,257

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A common shares	Class B common shares	Class A common units	Series D perpetual preferred shares	Series E perpetual preferred shares	Series F perpetual preferred shares	Shareholders’ equity	Shareholders’ equity Class A common shares	Shareholders’ equity Class A common units	Shareholders’ equity Series D perpetual preferred shares	Shareholders’ equity Series E perpetual preferred shares	Shareholders’ equity Series F perpetual preferred shares	Common shares Class A common shares	Common shares Class B common shares	Preferred shares	Preferred shares Series D perpetual preferred shares	Preferred shares Series E perpetual preferred shares	Preferred shares Series F perpetual preferred shares	Additional paid-in capital	Additional paid-in capital Class A common shares	Additional paid-in capital Class A common units	Additional paid-in capital Series D perpetual preferred shares	Additional paid-in capital Series E perpetual preferred shares	Additional paid-in capital Series F perpetual preferred shares	Accumulated deficit	Accumulated deficit Series D perpetual preferred shares	Accumulated deficit Series E perpetual preferred shares	Accumulated deficit Series F perpetual preferred shares	Accumulated other comprehensive income	Accumulated other comprehensive income Class A common units	Noncontrolling interest	Noncontrolling interest Class A common units
Beginning balance, common (in shares) at Dec. 31, 2020														316,021,385	635,075
Beginning balance at Dec. 31, 2020	$ 6,472,430							$ 5,789,094						$ 3,160	$ 6	$ 354				$ 6,223,256						$ (443,522)				$ 5,840		$ 683,336
Beginning balance, preferred (in shares) at Dec. 31, 2020																35,350,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	17,792							17,792												17,792
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)														497,045
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	1,543							1,543						$ 5						1,538
Issuance of Class A common shares, net of offering costs (in shares)														20,494,286
Issuance of Class A common shares, net of offering costs		$ 728,610							$ 728,610					$ 205							$ 728,405
Redemptions (in shares)														(350,000)			(10,750,000)	(9,200,000)
Redemptions				$ 0	$ (268,750)	$ (230,000)				$ 4,624	$ (268,750)	$ (230,000)		$ 4			$ (108)	$ (92)				$ 4,613	$ (260,133)	$ (222,538)			$ (8,509)	$ (7,370)			$ 7		$ (4,624)
Distributions to equity holders:
Preferred shares (Note 9)	(37,923)							(37,923)																		(37,923)
Noncontrolling interests	(20,584)																															(20,584)
Common shares	(130,478)							(130,478)																		(130,478)
Net income	210,559							189,092																		189,092						21,467
Total other comprehensive loss	(4,770)							(4,033)																						(4,033)		(737)
Ending balance, common (in shares) at Dec. 31, 2021														337,362,716	635,075
Ending balance at Dec. 31, 2021	6,738,429							6,059,571						$ 3,374	$ 6	$ 154				6,492,933						(438,710)				1,814		678,858
Ending balance, preferred (in shares) at Dec. 31, 2021																(15,400,000)
Increase (Decrease) in Stockholders' Equity
Share-based compensation	27,308							27,308												27,308
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)														519,110
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	123							123						$ 5						118
Issuance of Class A common shares, net of offering costs (in shares)														15,000,000
Issuance of Class A common shares, net of offering costs		$ 561,272							561,272					$ 150							561,122
Redemptions (in shares)																			(6,200,000)
Redemptions							$ (155,000)						$ (155,000)						$ (62)						$ (149,662)				$ (5,276)
Distributions to equity holders:
Preferred shares (Note 9)	(17,081)							(17,081)																		(17,081)
Noncontrolling interests	(36,992)																															(36,992)
Common shares	(252,862)							(252,862)																		(252,862)
Net income	310,025							273,138																		273,138						36,887
Total other comprehensive loss	(564)							(482)																						(482)		(82)
Ending balance, common (in shares) at Dec. 31, 2022		352,881,826	635,075											352,881,826	635,075
Ending balance at Dec. 31, 2022	$ 7,174,658							6,495,987						$ 3,529	$ 6	$ 92				6,931,819						(440,791)				1,332		678,671
Ending balance, preferred (in shares) at Dec. 31, 2022	9,200,000															9,200,000
Increase (Decrease) in Stockholders' Equity
Share-based compensation	$ 25,370							25,370												25,370
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)														614,922
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes	2,573							2,573						$ 6						2,567
Issuance of Class A common shares, net of offering costs (in shares)														10,799,683
Issuance of Class A common shares, net of offering costs		$ 398,200							$ 398,200					$ 108							$ 398,092
Distributions to equity holders:
Preferred shares (Note 9)	(13,944)							(13,944)																		(13,944)
Noncontrolling interests	(45,211)																															(45,211)
Common shares	(320,341)							(320,341)																		(320,341)
Net income	432,142							380,168																		380,168						51,974
Total other comprehensive loss	(564)							(489)																						(489)		(75)
Ending balance, common (in shares) at Dec. 31, 2023		364,296,431	635,075											364,296,431	635,075
Ending balance at Dec. 31, 2023	$ 7,652,883							$ 6,967,524						$ 3,643	$ 6	$ 92				$ 7,357,848						$ (394,908)				$ 843		$ 685,359
Ending balance, preferred (in shares) at Dec. 31, 2023	9,200,000															9,200,000

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A common shares
Dividends declared on common shares (in dollars per share)	$ 0.88	$ 0.72	$ 0.40
Common shares
Dividends declared on common shares (in dollars per share)	$ 0.88	$ 0.72	$ 0.40
Common shares \| Class A common shares
Stock offering costs	$ 400	$ 200	$ 200

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 432,142	$ 310,025	$ 210,559
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	456,550	426,531	372,848
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	12,279	11,673	8,790
Noncash share-based compensation	25,370	27,308	17,792
Equity in net income of unconsolidated joint ventures	(1,227)	(3,066)	(1,610)
Return on investment from unconsolidated joint ventures	3,345	5,711	0
Gain on sale and impairment of single-family properties and other, net	(209,834)	(136,459)	(49,696)
Other changes in operating assets and liabilities:
Rent and other receivables	879	(8,146)	(4,885)
Prepaid expenses and other assets	(21,545)	(7,144)	465
Deferred leasing costs	(3,113)	(2,586)	(3,422)
Accounts payable and accrued expenses	44,264	43,615	44,512
Amounts due from related parties	(421)	(1,944)	(153)
Net cash provided by operating activities	738,689	665,518	595,200
Investing activities
Cash paid for single-family properties	(12,784)	(595,171)	(850,071)
Change in escrow deposits for purchase of single-family properties	4,928	20,431	(33,005)
Net proceeds received from sales of single-family properties and other	469,463	292,509	132,072
Proceeds received from storm-related insurance claims	4,050	1,981	4,842
Proceeds from notes receivable related to the sale of properties	698	34,090	1,253
Investment in unconsolidated joint ventures	(12,614)	(25,313)	(29,260)
Distributions from joint ventures	47,736	68,310	57,550
Renovations to single-family properties	(40,137)	(98,019)	(47,681)
Recurring and other capital expenditures for single-family properties	(134,176)	(138,779)	(122,551)
Cash paid for development activity	(979,848)	(921,423)	(824,247)
Cash paid for deposits on land option contracts	(1,142)	(14,548)	0
Other investing activities	(38,752)	(49,570)	(22,367)
Net cash used for investing activities	(692,578)	(1,425,502)	(1,733,465)
Financing activities
Redemption of perpetual preferred shares	0	(155,000)	(498,750)
Proceeds from issuances under share-based compensation plans	6,539	4,935	4,225
Payments related to tax withholding for share-based compensation	(3,966)	(4,812)	(2,682)
Payments on asset-backed securitizations	(24,470)	(22,583)	(24,311)
Proceeds from unsecured senior notes, net of discount	0	876,813	737,195
Settlement of cash flow hedging instrument	0	0	(3,999)
Proceeds from liabilities related to consolidated land not owned	0	60,217	0
Distributions to noncontrolling interests	(45,071)	(36,853)	(23,170)
Distributions to common shareholders	(319,498)	(252,506)	(146,243)
Distributions to preferred shareholders	(13,944)	(17,081)	(37,923)
Deferred financing costs paid	0	(8,225)	(17,997)
Net cash (used for) provided by financing activities	(42,210)	786,177	1,064,955
Net increase (decrease) in cash, cash equivalents and restricted cash	3,901	26,193	(73,310)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2)	217,960	191,767	265,077
Cash, cash equivalents and restricted cash, end of period (see Note 2)	221,861	217,960	191,767
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(128,027)	(116,404)	(95,790)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,637	71,069	45,392
Transfers of completed homebuilding deliveries to properties	683,688	502,207	395,937
Property and land contributions to unconsolidated joint ventures	(46,109)	(35,843)	(57,203)
Property and land distributions from unconsolidated joint ventures	0	8,397	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	963	5,059	1,346
Accrued distributions to affiliates	1,248	404	0
Accrued distributions to non-affiliates	142	106	0
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	200,000	620,000	1,410,000
Payments on revolving credit facility	(240,000)	(840,000)	(1,060,000)
Class A common shares
Financing activities
Proceeds from issuance of Class A common shares	398,600	561,472	728,810
Payments of Class A common share issuance costs	$ (400)	$ (200)	$ (200)

Consolidated Balance Sheets (L.P.) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Single-family properties:
Land	$ 2,234,301	$ 2,197,233
Buildings and improvements	10,651,388	10,127,891
Single-family properties in operation	12,885,689	12,325,124
Less: accumulated depreciation	(2,719,970)	(2,386,452)
Single-family properties in operation, net	10,165,719	9,938,672
Single-family properties under development and development land	1,409,424	1,187,221
Single-family properties and land held for sale, net	182,082	198,716
Total real estate assets, net	11,757,225	11,324,609
Cash and cash equivalents	59,385	69,155
Restricted cash	162,476	148,805
Rent and other receivables	42,823	47,752
Escrow deposits, prepaid expenses and other assets	406,138	331,446
Investments in unconsolidated joint ventures	114,198	107,347
Goodwill	120,279	120,279
Total assets	12,688,190	12,175,059
Liabilities
Revolving credit facility	90,000	130,000
Asset-backed securitizations, net	1,871,421	1,890,842
Unsecured senior notes, net	2,500,226	2,495,156
Accounts payable and accrued expenses	573,660	484,403
Total liabilities	5,035,307	5,000,401
Commitments and contingencies (see Note 14)
Limited partner:
Accumulated other comprehensive income	843	1,332
Total liabilities and equity/capital	12,688,190	12,175,059
American Homes 4 Rent, L.P.
Single-family properties:
Land	2,234,301	2,197,233
Buildings and improvements	10,651,388	10,127,891
Single-family properties in operation	12,885,689	12,325,124
Less: accumulated depreciation	(2,719,970)	(2,386,452)
Single-family properties in operation, net	10,165,719	9,938,672
Single-family properties under development and development land	1,409,424	1,187,221
Single-family properties and land held for sale, net	182,082	198,716
Total real estate assets, net	11,757,225	11,324,609
Cash and cash equivalents	59,385	69,155
Restricted cash	162,476	148,805
Rent and other receivables	42,823	47,752
Escrow deposits, prepaid expenses and other assets	406,138	331,446
Investments in unconsolidated joint ventures	114,198	107,347
Goodwill	120,279	120,279
Total assets	12,688,190	12,175,059
Liabilities
Revolving credit facility	90,000	130,000
Asset-backed securitizations, net	1,871,421	1,890,842
Unsecured senior notes, net	2,500,226	2,495,156
Accounts payable and accrued expenses	573,660	484,403
Total liabilities	5,035,307	5,000,401
Commitments and contingencies (see Note 14)
General partner:
General partner, common units value	6,744,841	6,272,815
General partner, preferred units value	221,840	221,840
Limited partner:
Limited partner, common units value	685,240	678,477
Accumulated other comprehensive income	962	1,526
Total capital	7,652,883	7,174,658
Total liabilities and equity/capital	12,688,190	12,175,059
American Homes 4 Rent, L.P. \| Related Party
Single-family properties:
Amounts due from affiliates	$ 25,666	$ 25,666

Consolidated Balance Sheets (L.P.) (Parenthetical) - American Homes 4 Rent, L.P. - shares	Dec. 31, 2023	Dec. 31, 2022
General Partner
Common units issued (in shares)	364,931,506	353,516,901
Common units outstanding (in shares)	364,931,506	353,516,901
Preferred units issued (in shares)	9,200,000	9,200,000
Preferred units outstanding (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

Consolidated Statements of Operations (L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Rents and other single-family property revenues	$ 1,623,605	$ 1,490,534	$ 1,303,882
Expenses:
General and administrative expense	74,615	68,057	56,444
Interest expense	140,198	134,871	114,893
Acquisition and other transaction costs	16,910	23,452	15,749
Depreciation and amortization	456,550	426,531	372,848
Hurricane-related charges, net	0	6,133	0
Total expenses	1,411,095	1,323,833	1,147,004
Gain on sale and impairment of single-family properties and other, net	209,834	136,459	49,696
Other income and expense, net	9,798	6,865	3,985
Net income	432,142	310,025	210,559
Preferred distributions	13,944	17,081	37,923
Redemption of perpetual preferred units	0	5,276	15,879
Net income attributable to common shareholders / unitholders	366,224	250,781	135,290
Property operating expenses
Expenses:
Property operating and management expenses	599,459	552,091	490,205
Property management expenses
Expenses:
Property operating and management expenses	123,363	112,698	96,865
American Homes 4 Rent, L.P.
Rents and other single-family property revenues	1,623,605	1,490,534	1,303,882
Expenses:
General and administrative expense	74,615	68,057	56,444
Interest expense	140,198	134,871	114,893
Acquisition and other transaction costs	16,910	23,452	15,749
Depreciation and amortization	456,550	426,531	372,848
Hurricane-related charges, net	0	6,133	0
Total expenses	1,411,095	1,323,833	1,147,004
Gain on sale and impairment of single-family properties and other, net	209,834	136,459	49,696
Other income and expense, net	9,798	6,865	3,985
Net income	432,142	310,025	210,559
Preferred distributions	13,944	17,081	37,923
Redemption of perpetual preferred units	0	5,276	15,879
Net income attributable to common shareholders / unitholders	$ 418,198	$ 287,668	$ 156,757
Weighted-average common units outstanding:
Basic (in shares)	413,401,948	400,667,828	375,693,107
Diluted (in shares)	413,854,196	401,164,072	376,966,230
Net income attributable to common unitholders per unit:
Basic (in dollars per share)	$ 1.01	$ 0.72	$ 0.42
Diluted (in dollars per share)	$ 1.01	$ 0.71	$ 0.41
American Homes 4 Rent, L.P. \| Property operating expenses
Expenses:
Property operating and management expenses	$ 599,459	$ 552,091	$ 490,205
American Homes 4 Rent, L.P. \| Property management expenses
Expenses:
Property operating and management expenses	$ 123,363	$ 112,698	$ 96,865

Consolidated Statements of Comprehensive Income (L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 432,142	$ 310,025	$ 210,559
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument	0	0	(3,999)
Reclassification adjustment for amortization of interest expense included in net income	(564)	(564)	(771)
Other comprehensive loss	(564)	(564)	(4,770)
Comprehensive income	431,578	309,461	205,789
Preferred distributions	13,944	17,081	37,923
Redemption of perpetual preferred units	0	5,276	15,879
Comprehensive income attributable to common shareholders / unitholders	365,735	250,299	131,257
American Homes 4 Rent, L.P.
Net income	432,142	310,025	210,559
Cash flow hedging instruments:
Loss on settlement of cash flow hedging instrument	0	0	(3,999)
Reclassification adjustment for amortization of interest expense included in net income	(564)	(564)	(771)
Other comprehensive loss	(564)	(564)	(4,770)
Comprehensive income	431,578	309,461	205,789
Preferred distributions	13,944	17,081	37,923
Redemption of perpetual preferred units	0	5,276	15,879
Comprehensive income attributable to common shareholders / unitholders	$ 417,634	$ 287,104	$ 151,987

Consolidated Statements of Capital - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Capital - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Capital
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 2,573	$ 123	$ 1,543
Distributions to capital holders:
Net income	432,142	310,025	210,559
Total other comprehensive loss	(564)	(564)	(4,770)
American Homes 4 Rent, L.P.
Increase (Decrease) in Capital
Beginning balance	7,174,658	6,738,429	6,472,430
Share-based compensation	25,370	27,308	17,792
Common units issued under share-based compensation plans, net of units withheld for employee taxes	2,573	123	1,543
Distributions to capital holders:
Preferred units (Note 9)	(13,944)	(17,081)	(37,923)
Common units	(365,552)	(289,854)	(151,062)
Net income	432,142	310,025	210,559
Total other comprehensive loss	(564)	(564)	(4,770)
Ending balance	7,652,883	7,174,658	6,738,429
American Homes 4 Rent, L.P. \| Class A common units
Increase (Decrease) in Capital
Issuance of Class A common units, net of offering costs	398,200	561,272	728,610
Redemptions			0
American Homes 4 Rent, L.P. \| Series D perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			(268,750)
American Homes 4 Rent, L.P. \| Series E perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			(230,000)
American Homes 4 Rent, L.P. \| Series F perpetual preferred shares
Increase (Decrease) in Capital
Redemptions		(155,000)
American Homes 4 Rent, L.P. \| Accumulated other comprehensive income
Increase (Decrease) in Capital
Beginning balance	1,526	2,090	6,860
Distributions to capital holders:
Total other comprehensive loss	(564)	(564)	(4,770)
Ending balance	$ 962	$ 1,526	$ 2,090
American Homes 4 Rent, L.P. \| General Partner \| Common capital
Increase (Decrease) in Capital
Beginning balance (in shares)	353,516,901	337,997,791	316,656,460
Beginning balance	$ 6,272,815	$ 5,686,193	$ 4,928,819
Share-based compensation	$ 25,370	$ 27,308	$ 17,792
Common units issued under share-based compensation plans, net of units withheld for employee taxes (in shares)	614,922	519,110	497,045
Common units issued under share-based compensation plans, net of units withheld for employee taxes	$ 2,573	$ 123	$ 1,543
Distributions to capital holders:
Common units	(320,341)	(252,862)	(130,478)
Net income	$ 366,224	$ 256,057	$ 151,169
Ending balance (in shares)	364,931,506	353,516,901	337,997,791
Ending balance	$ 6,744,841	$ 6,272,815	$ 5,686,193
American Homes 4 Rent, L.P. \| General Partner \| Common capital \| Class A common units
Increase (Decrease) in Capital
Issuance of Class A common units, net of offering costs (in shares)	10,799,683	15,000,000	20,494,286
Issuance of Class A common units, net of offering costs	$ 398,200	$ 561,272	$ 728,610
Redemptions (in shares)			(350,000)
Redemptions			$ 4,617
American Homes 4 Rent, L.P. \| General Partner \| Common capital \| Series D perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			(8,509)
American Homes 4 Rent, L.P. \| General Partner \| Common capital \| Series E perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			(7,370)
American Homes 4 Rent, L.P. \| General Partner \| Common capital \| Series F perpetual preferred shares
Increase (Decrease) in Capital
Redemptions		(5,276)
American Homes 4 Rent, L.P. \| General Partner \| Preferred capital
Increase (Decrease) in Capital
Beginning balance	221,840	371,564	854,435
Distributions to capital holders:
Preferred units (Note 9)	(13,944)	(17,081)	(37,923)
Net income	13,944	17,081	37,923
Ending balance	$ 221,840	221,840	371,564
American Homes 4 Rent, L.P. \| General Partner \| Preferred capital \| Series D perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			(260,241)
American Homes 4 Rent, L.P. \| General Partner \| Preferred capital \| Series E perpetual preferred shares
Increase (Decrease) in Capital
Redemptions			$ (222,630)
American Homes 4 Rent, L.P. \| General Partner \| Preferred capital \| Series F perpetual preferred shares
Increase (Decrease) in Capital
Redemptions		$ (149,724)
American Homes 4 Rent, L.P. \| Limited Partners \| Common capital
Increase (Decrease) in Capital
Beginning balance (in shares)	51,376,980	51,376,980	51,726,980
Beginning balance	$ 678,477	$ 678,582	$ 682,316
Distributions to capital holders:
Common units	(45,211)	(36,992)	(20,584)
Net income	$ 51,974	$ 36,887	$ 21,467
Ending balance (in shares)	51,376,980	51,376,980	51,376,980
Ending balance	$ 685,240	$ 678,477	$ 678,582
American Homes 4 Rent, L.P. \| Limited Partners \| Common capital \| Class A common units
Increase (Decrease) in Capital
Redemptions (in shares)			(350,000)
Redemptions			$ (4,617)

Consolidated Statements of Capital (Parenthetical) - American Homes 4 Rent, L.P. - Common capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends declared on common units (in dollars per share)	$ 0.88	$ 0.72	$ 0.40
Class A common units
Stock offering costs	$ 400	$ 200	$ 200

Consolidated Statements of Cash Flows (L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 432,142	$ 310,025	$ 210,559
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	456,550	426,531	372,848
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	12,279	11,673	8,790
Noncash share-based compensation	25,370	27,308	17,792
Equity in net income of unconsolidated joint ventures	(1,227)	(3,066)	(1,610)
Return on investment from unconsolidated joint ventures	3,345	5,711	0
Gain on sale and impairment of single-family properties and other, net	(209,834)	(136,459)	(49,696)
Other changes in operating assets and liabilities:
Rent and other receivables	879	(8,146)	(4,885)
Prepaid expenses and other assets	(21,545)	(7,144)	465
Deferred leasing costs	(3,113)	(2,586)	(3,422)
Accounts payable and accrued expenses	44,264	43,615	44,512
Amounts due from related parties	(421)	(1,944)	(153)
Net cash provided by operating activities	738,689	665,518	595,200
Investing activities
Cash paid for single-family properties	(12,784)	(595,171)	(850,071)
Change in escrow deposits for purchase of single-family properties	4,928	20,431	(33,005)
Net proceeds received from sales of single-family properties and other	469,463	292,509	132,072
Proceeds received from storm-related insurance claims	4,050	1,981	4,842
Proceeds from notes receivable related to the sale of properties	698	34,090	1,253
Investment in unconsolidated joint ventures	(12,614)	(25,313)	(29,260)
Distributions from joint ventures	47,736	68,310	57,550
Renovations to single-family properties	(40,137)	(98,019)	(47,681)
Recurring and other capital expenditures for single-family properties	(134,176)	(138,779)	(122,551)
Cash paid for development activity	(979,848)	(921,423)	(824,247)
Cash paid for deposits on land option contracts	(1,142)	(14,548)	0
Other investing activities	(38,752)	(49,570)	(22,367)
Net cash used for investing activities	(692,578)	(1,425,502)	(1,733,465)
Financing activities
Redemption of perpetual preferred units	0	(155,000)	(498,750)
Proceeds from issuances under share-based compensation plans	6,539	4,935	4,225
Payments related to tax withholding for share-based compensation	(3,966)	(4,812)	(2,682)
Payments on asset-backed securitizations	(24,470)	(22,583)	(24,311)
Proceeds from unsecured senior notes, net of discount	0	876,813	737,195
Settlement of cash flow hedging instrument	0	0	(3,999)
Proceeds from liabilities related to consolidated land not owned	0	60,217	0
Distributions to common unitholders	(319,498)	(252,506)	(146,243)
Distributions to preferred unitholders	(13,944)	(17,081)	(37,923)
Deferred financing costs paid	0	(8,225)	(17,997)
Net cash (used for) provided by financing activities	(42,210)	786,177	1,064,955
Net increase (decrease) in cash, cash equivalents and restricted cash	3,901	26,193	(73,310)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2)	217,960	191,767	265,077
Cash, cash equivalents and restricted cash, end of period (see Note 2)	221,861	217,960	191,767
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(128,027)	(116,404)	(95,790)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,637	71,069	45,392
Transfers of completed homebuilding deliveries to properties	683,688	502,207	395,937
Property and land contributions to unconsolidated joint ventures	(46,109)	(35,843)	(57,203)
Property and land distributions from unconsolidated joint ventures	0	8,397	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	963	5,059	1,346
Accrued distributions to affiliates	1,248	404	0
Accrued distributions to non-affiliates	142	106	0
American Homes 4 Rent, L.P.
Operating activities
Net income	432,142	310,025	210,559
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	456,550	426,531	372,848
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments	12,279	11,673	8,790
Noncash share-based compensation	25,370	27,308	17,792
Equity in net income of unconsolidated joint ventures	(1,227)	(3,066)	(1,610)
Return on investment from unconsolidated joint ventures	3,345	5,711	0
Gain on sale and impairment of single-family properties and other, net	(209,834)	(136,459)	(49,696)
Other changes in operating assets and liabilities:
Rent and other receivables	879	(8,146)	(4,885)
Prepaid expenses and other assets	(21,545)	(7,144)	465
Deferred leasing costs	(3,113)	(2,586)	(3,422)
Accounts payable and accrued expenses	44,264	43,615	44,512
Amounts due from related parties	(421)	(1,944)	(153)
Net cash provided by operating activities	738,689	665,518	595,200
Investing activities
Cash paid for single-family properties	(12,784)	(595,171)	(850,071)
Change in escrow deposits for purchase of single-family properties	4,928	20,431	(33,005)
Net proceeds received from sales of single-family properties and other	469,463	292,509	132,072
Proceeds received from storm-related insurance claims	4,050	1,981	4,842
Proceeds from notes receivable related to the sale of properties	698	34,090	1,253
Investment in unconsolidated joint ventures	(12,614)	(25,313)	(29,260)
Distributions from joint ventures	47,736	68,310	57,550
Renovations to single-family properties	(40,137)	(98,019)	(47,681)
Recurring and other capital expenditures for single-family properties	(134,176)	(138,779)	(122,551)
Cash paid for development activity	(979,848)	(921,423)	(824,247)
Cash paid for deposits on land option contracts	(1,142)	(14,548)	0
Other investing activities	(38,752)	(49,570)	(22,367)
Net cash used for investing activities	(692,578)	(1,425,502)	(1,733,465)
Financing activities
Redemption of perpetual preferred units	0	(155,000)	(498,750)
Proceeds from issuances under share-based compensation plans	6,539	4,935	4,225
Payments related to tax withholding for share-based compensation	(3,966)	(4,812)	(2,682)
Payments on asset-backed securitizations	(24,470)	(22,583)	(24,311)
Proceeds from unsecured senior notes, net of discount	0	876,813	737,195
Settlement of cash flow hedging instrument	0	0	(3,999)
Proceeds from liabilities related to consolidated land not owned	0	60,217	0
Distributions to common unitholders	(364,569)	(289,359)	(169,413)
Distributions to preferred unitholders	(13,944)	(17,081)	(37,923)
Deferred financing costs paid	0	(8,225)	(17,997)
Net cash (used for) provided by financing activities	(42,210)	786,177	1,064,955
Net increase (decrease) in cash, cash equivalents and restricted cash	3,901	26,193	(73,310)
Cash, cash equivalents and restricted cash, beginning of period (see Note 2)	217,960	191,767	265,077
Cash, cash equivalents and restricted cash, end of period (see Note 2)	221,861	217,960	191,767
Supplemental cash flow information
Cash payments for interest, net of amounts capitalized	(128,027)	(116,404)	(95,790)
Supplemental schedule of noncash investing and financing activities
Accrued property renovations and development expenditures	71,637	71,069	45,392
Transfers of completed homebuilding deliveries to properties	683,688	502,207	395,937
Property and land contributions to unconsolidated joint ventures	(46,109)	(35,843)	(57,203)
Property and land distributions from unconsolidated joint ventures	0	8,397	0
Noncash right-of-use assets obtained in exchange for operating lease liabilities	963	5,059	1,346
Accrued distributions to affiliates	1,248	404	0
Accrued distributions to non-affiliates	142	106	0
Revolving Credit Facility
Financing activities
Proceeds from revolving credit facility	200,000	620,000	1,410,000
Payments on credit facility	(240,000)	(840,000)	(1,060,000)
Revolving Credit Facility \| American Homes 4 Rent, L.P.
Financing activities
Proceeds from revolving credit facility	200,000	620,000	1,410,000
Payments on credit facility	(240,000)	(840,000)	(1,060,000)
Class A common units \| American Homes 4 Rent, L.P.
Financing activities
Proceeds from issuance of Class A common units	398,600	561,472	728,810
Payments of Class A common unit issuance costs	$ (400)	$ (200)	$ (200)

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 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 December 31, 2023, the Company held 59,332 single-family properties in 21 states, including 862 properties classified as held for sale. AMH is the general partner of, and as of December 31, 2023 owned approximately 87.7% of the common partnership interest in, the Operating Partnership. The remaining 12.3% 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.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.

Principles of Consolidation

The 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. See Investments in Unconsolidated Joint Ventures below for a further discussion of our investments in unconsolidated joint ventures.

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. See Investments in Venture Capital Funds and Land Option Contracts below for further discussion.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

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

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

Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Certain of our subsidiaries are subject to taxation by U.S. federal, state and local authorities for the periods presented. We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2019 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject.

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

ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2023, there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months.

As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. We historically used our net operating loss (“NOL”) for U.S. federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

Investments in Real Estate

Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Typically, we allocate between 10% to 30% of the purchase price of properties to land. For the year ended December 31, 2023, the Company purchased 47 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $12.8 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows.

The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property.

We incur costs to prepare properties acquired through our traditional acquisition channels for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred.

Single-Family Properties Under Development and Development Land

Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest, and ASC 970, Real Estate-General. Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met.

Single-family Properties Held for Sale and Discontinued Operations

Single-family properties and land lots are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall, including, but not limited to, the availability of the property for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the property within one year. Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets. As of December 31, 2023 and 2022, the Company had 862 and 1,115 single-family properties, respectively, classified as held for sale, and recorded $1.9 million, $2.5 million and $0.2 million of impairment on single-family properties held for sale for the years ended December 31, 2023, 2022 and 2021, respectively, which is included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued

Operations. During the years ended December 31, 2023, 2022 and 2021, none of the properties classified as held for sale met the criteria to be reported as a discontinued operation.

Impairment of Long-lived Assets

We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. Excluding the effects of casualty losses, no impairments on operating properties were recorded during the years ended December 31, 2023, 2022 and 2021.

Land Option Contracts

We enter into land option contracts to acquire the right to purchase land for our AMH Development Program. Under these contracts, we typically make a specified option payment or deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze these land option contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although the Company does not have legal title to the underlying land, we may be required to consolidate the related VIE if we are deemed to be the primary beneficiary. Deposits with land banking entities determined to be VIEs but not consolidated because we are not the primary beneficiary are at held at cost and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. As of December 31, 2023 and 2022, the carrying value of these deposits and the Company’s maximum exposure to loss was $15.7 million and $14.5 million, respectively.

We also consider whether the land option contracts should be accounted for as financing arrangements when the land banking entity is not consolidated under the variable interest model, as may be required if the land banking entity or other third-party acquires specific land parcels directly from us, on our behalf or at our direction or where we make improvements to the underlying land during the option period. During the year ended December 31, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our options to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the consolidated balance sheets (see Note 5. Escrow Deposits, Prepaid Expenses and Other Assets and Note 8. Accounts Payable and Accrued Expenses). Improvements made to the land under the related development agreements prior to exercising the options to repurchase the finished lots are capitalized to consolidated land not owned and reimbursement proceeds from the land banking entity are accreted to liability for consolidated land not owned in the consolidated balance sheets.

Commercial Office Leases

We lease commercial office space from third parties for use in our corporate and property management operations. Commercial office leases are accounted for as operating leases in accordance with ASC 842, Leases, which requires us to recognize right-of-use assets and lease liabilities within the consolidated balance sheets for the rights and obligations created from these leases. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is generally not determinable, the right-of-use assets and lease liabilities are measured using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term in general and administrative expense within the consolidated statements of operations.

We elected the short-term lease measurement and recognition exemption and do not establish right-of-use assets or lease liabilities for operating leases with terms of twelve months or less. We also elected the practical expedient allowing us to avoid separating non-lease components from the associated lease component for our commercial office leases. The right-of-use assets and lease liabilities are presented in escrow deposits, prepaid expenses and other assets and accounts payable and accrued expenses, respectively, within the consolidated balance sheets.

Depreciation and Amortization

Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to 30 years.

Intangible Assets

Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset. No impairment was recorded during the years ended December 31, 2023, 2022 and 2021.

Goodwill

Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other, which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results. Based on our assessment of qualitative factors on December 31, 2023, we concluded it was more likely than not that the Company’s recorded goodwill balance of $120.3 million was not impaired and did not perform the quantitative test. No goodwill impairment was recorded during the years ended December 31, 2023, 2022 and 2021.

Deferred Financing Costs

Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense under the effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Financing costs related to the origination of the Company’s unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.

Cash, Cash Equivalents and Restricted Cash

We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant.

Restricted cash primarily consists of funds held related to resident security deposits, cash reserves in accordance with certain loan agreements and funds held in the custody of our transfer agent for the payment of distributions. Funds held related to resident security deposits are restricted during the term of the related lease agreement, which is generally one year. Cash reserved in connection with lender requirements is restricted during the term of the related debt instrument.

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (amounts in thousands):


	December 31,
	2023		2022		2021
Cash and cash equivalents	$	59,385	$	69,155	$	48,198
Restricted cash	162,476		148,805		143,569
Total cash, cash equivalents and restricted cash	$	221,861	$	217,960	$	191,767

Escrow Deposits

Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties and deposits related to land option contracts (see Land Option Contracts above). In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized.

Investments in Unconsolidated Joint Ventures

Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in investments in unconsolidated joint ventures within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other income and expense, net in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. We classify distributions received from our unconsolidated joint ventures using the “cumulative earnings” approach, under which distributions up to the amount of cumulative equity in earnings recognized will be classified as cash inflows from operating activities, and those in excess of that amount will be classified as cash inflows from investing activities in our consolidated statements of cash flows.

Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary.

Investments in Venture Capital Funds

Investments in venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. We record our proportionate shares of net income or loss resulting from these investments within other income and expense, net in the consolidated statements of operations. As discussed in Principals of Consolidation above, we determined the venture capital funds to be VIEs for which we are not the primary beneficiary. As of December 31, 2023 and 2022, the carrying value of our investments in venture capital funds was $13.0 million and $12.0 million, respectively, and the Company’s maximum exposure to loss was $15.6 million and $16.1 million, respectively, which includes all future capital funding requirements.

Investments in Equity Securities

Our investments in equity securities, which are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, do not have readily determinable fair values. The Company elected the measurement alternative for its investments in these equity securities and measures these investments at cost less impairment, if any, and adjusted for changes resulting from observable price changes for identical or similar investments in the same issuer. No unrealized gains or losses nor impairments were recorded during the year ended December 31, 2023.

Notes Receivable, Net

The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties. The promissory note obtained during the second quarter of 2019 was paid in full during the year ended December 31, 2022 and the promissory note obtained during the first quarter of 2017 matured in the first quarter of 2022 and is still being actively collected. The promissory notes

are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity.

Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other income and expense, net within the consolidated statements of operations. We are required to estimate and recognize lifetime expected losses on these notes receivable in accordance with ASC 326, Financial Instruments—Credit Losses. Notes receivable are also presented net of the allowance for expected credit losses, which the Company estimates on a quarterly basis based on (i) credit quality indicators such as the borrower’s historical performance, including the borrower’s financial results and satisfaction of scheduled payments, (ii) current conditions, including macroeconomic conditions and other conditions affecting the borrower, and (iii) other reasonable and supportable forecasts about the future. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. Changes to the allowance for expected credit losses are recognized in other income and expense, net within the consolidated statements of operations.

Revenue and Expense Recognition

We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. In accordance with ASC 842, Leases, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under ASC 842, while certain tenant charge-backs are accounted for as variable payments under ASC 606, Revenue from Contracts with Customers. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred.

We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period.

Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income. Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation. If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. We recognize a full gain or loss on sale, which is presented in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met.

Leasing Costs

Our leasing costs are accounted for under the provisions of ASC 842, Leases. Direct costs incurred due to the execution of a lease are initially capitalized and then amortized over the term of the lease, which is generally one year.

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees, operating lease liabilities and property tax accruals as of the end of the respective period presented. It also consists of liabilities for consolidated land not owned (see Land Option Contracts above) and contingent loss accruals, if any, when such losses are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.

Share-Based Compensation

Our 2012 Equity Incentive Plan and 2021 Equity Incentive Plan (collectively, the “Plans”), and our 2021 Employee Stock Purchase Plan (the “2021 ESPP”), are accounted for under the provisions of ASC 718, Compensation—Stock Compensation. Noncash share-based compensation costs related to options to purchase our Class A common shares, restricted share units (“RSUs”) and performance-based restricted share units (“PSUs”) issued to members of the Company’s board of trustees and employees is based on the fair value of the options, RSUs and PSUs on the grant date and generally amortized over the service period. At the time of grant, the Company takes into consideration the timing of the equity award and evaluates for conditions that could result in the award to be considered spring-loaded, in which case the fair value would be adjusted. During the years ended December 31, 2023, 2022 and 2021, the Company did not grant equity awards that would be considered spring-loaded. Forfeitures are recognized as they occur.

The Plans allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. Retirement eligible employees must also provide a notice of intent to retire at least six months prior to retirement date and the Human Capital and Compensation Committee (“HCC Committee”) must approve the continued release of awards. As a result of the six month notice requirement, compensation cost is recognized over six months from the grant date to the extent an employee is retirement eligible on the grant date and compensation cost is accelerated to the extent that an employee will become retirement eligible before six months prior to the end of the contractual life of their share-based grants.

Fair Value of Financial Instruments

The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

•Level 1—Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets;

•Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and

•Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

See Note 12. Fair Value for our consideration of the fair value of our financial instruments.

Derivatives

From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings. Cash flows from derivative instruments accounted for as a cash flow hedge are classified in the same category as the hedged transaction within the consolidated statements of cash flows.

Segment Reporting

We operate in one operating segment with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties. ASC 280, Segment Reporting, requires the use of the “management approach” to align segment reporting with our internal reporting, and our chief operating decision maker regularly reviews core funds from operations at the total portfolio level as the primary measure for assessing the Company’s performance and allocating resources. Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level across a

geographically diversified portfolio based on criteria consistent with our objective of generating attractive risk-adjusted returns for our shareholders.

Recent Accounting Pronouncements Not Yet Effective

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is currently assessing the impact of the guidance on its financial statements.

Real Estate Assets, Net

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Assets, Net

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


	December 31, 2023		December 31, 2022
Occupied single-family properties	$	9,595,421	$	9,419,098
Single-family properties leased, not yet occupied	54,481		52,325
Single-family properties in turnover process	370,856		281,356
Single-family properties recently renovated or developed	140,962		182,336
Single-family properties newly acquired and under renovation	3,999		3,557
Single-family properties in operation, net	10,165,719		9,938,672
Development land	563,718		631,539
Single-family properties under development	845,706		555,682
Single-family properties and land held for sale, net	182,082		198,716
Total real estate assets, net	$	11,757,225	$	11,324,609

Depreciation expense related to single-family properties was $436.1 million, $410.4 million and $357.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Hurricane Ian impacted certain properties primarily located in Florida, South Carolina and North Carolina during the year ended December 31, 2022. The Company’s property and casualty insurance policies provide coverage for wind and flood damage, as well as business interruption costs, during the period of remediation and repairs, subject to deductibles and limits. During the year ended December 31, 2022, the Company recognized $8.9 million in gross charges primarily related to minor repair and remediation costs, partially offset by $2.8 million of related insurance claims. The $6.1 million of net charges are included in hurricane-related charges, net within the consolidated statement of operations for year ended December 31, 2022.

The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except property data):


	For the Years Ended December 31,
	2023		2022		2021
Single-family properties:
Properties sold	1,546		987		481
Net proceeds (1)	$	459,580	$	288,030	$	130,825
Net gain on sale	$	217,598	$	140,537	$	50,543
Land:
Net proceeds	$	9,883	$	4,479	$	1,247
Net (loss) gain on sale	$	(2,017)	$	777	$	136

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

Rent and Other Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

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 $215.6 million, $202.6 million and $178.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Variable lease payments for fees from single-family properties were $30.8 million, $27.0 million and $22.6 million for the years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023 (amounts in thousands):


	December 31, 2023
2024	$	722,303
2025	21,426
2026	27
2027	26
2028	26
Total	$	743,808

As of December 31, 2023 and 2022, rent and other receivables included zero and $5.0 million, respectively, of insurance claims receivables related to Hurricane Ian and Winter Storm Elliott. The Company collected $4.0 million, $2.0 million and $4.8 million in proceeds from storm-related insurance claims during the years ended December 31, 2023, 2022 and 2021, respectively.

Escrow Deposits, Prepaid Expenses and Other Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Escrow Deposits, Prepaid Expenses and Other Assets

The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of December 31, 2023 and 2022 (amounts in thousands):


	December 31, 2023		December 31, 2022
Consolidated land not owned (see Note 2)	$	147,330	$	108,114
Escrow deposits, prepaid expenses and other	136,640		105,811
Commercial real estate, software, vehicles and FF&E, net	96,862		85,772
Operating lease right-of-use assets	16,623		19,129
Deferred costs and other intangibles, net	7,630		10,237
Notes receivable, net	1,053		2,383
Total	$	406,138	$	331,446

Depreciation expense related to commercial real estate, software, vehicles and furniture, fixtures and equipment (“FF&E”), net was $17.4 million, $13.4 million and $11.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Deferred Costs and Other Intangibles, Net

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


	December 31, 2023		December 31, 2022
Deferred leasing costs	$	2,865	$	2,375
Deferred financing costs	22,491		22,491
	25,356		24,866
Less: accumulated amortization	(17,726)		(14,629)
Total	$	7,630	$	10,237

Amortization expense related to deferred leasing costs was $3.0 million, $2.7 million and $3.9 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in depreciation and amortization within the consolidated statements of operations. Amortization of deferred financing costs related to our revolving credit facility was $2.7 million, $2.7 million and $2.5

million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization (see Note 7. Debt).

The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of December 31, 2023 for future periods (amounts in thousands):


	Deferred Leasing Costs		Deferred Financing Costs		Total
2024	$	1,394	$	2,730	$	4,124
2025	—		2,722		2,722
2026	—		784		784



Total	$	1,394	$	6,236	$	7,630

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

As of December 31, 2023, the Company held 20% ownership interests in four 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 consolidated statements of operations.

During the second quarter of 2014, the Company entered into a joint venture with the Alaska Permanent Fund Corporation (the “Alaska JV”) to invest in homes acquired through traditional acquisition channels.

During the third quarter of 2018, the Company entered into a joint venture with another leading institutional investor (the “Institutional Investor JV”) to invest in newly constructed single-family rental homes, which was subsequently amended and upsized to $312.5 million during the third quarter of 2019. The initial term of the joint venture with Institutional Investor JV is five years from the effective date of the amended agreement, during which neither member may unilaterally market properties for sale.

During the first quarter of 2020, the Company entered into a $253.1 million strategic joint venture, which has an evergreen term, with institutional investors advised by J.P. Morgan Asset Management (“J.P. Morgan JV I”) focused on constructing and operating newly built rental homes, which was subsequently upsized to $625.0 million during the second quarter of 2020. During the first quarter of 2023, the parties to J.P. Morgan JV I agreed to reinvest proceeds from debt financing obtained in the first quarter of 2022 (see below) to increase the size of the joint venture up to approximately $900.0 million. The changes do not impact the accounting treatment of the joint venture.

In July 2023, the Company entered into a $625.0 million second strategic joint venture, which has an evergreen term, with institutional investors advised by J.P. Morgan Asset Management (“J.P. Morgan JV II”) focused on constructing and operating newly built rental homes.

The following table summarizes our investments in unconsolidated joint ventures as of December 31, 2023 and 2022 (amounts in thousands, except percentages and property data):


Joint Venture Description	% Ownership at December 31, 2023		Completed Homes at December 31, 2023	Balances at December 31, 2023		Balances at December 31, 2022
Alaska JV	20	%	218	$	14,973	$	18,890
Institutional Investor JV	20	%	1,015	15,163		16,567
J.P. Morgan JV I	20	%	1,745	75,735		71,890
J.P. Morgan JV II	20	%	—	8,327		—
			2,978	$	114,198	$	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 $10.8 million, $13.9 million and $10.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in other income and expense, net within the consolidated statements of operations.

As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the consolidated balance sheets.

During the 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 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 consolidated balance sheets.

During the first quarter of 2022, J.P. Morgan JV I 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 1.50% 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 December 31, 2023, J.P. Morgan JV I’s loan had a $324.0 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 2.40% 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 December 31, 2023, the Institutional Investor JV’s loan had a $232.7 million outstanding principal balance.

The Company has provided customary non-recourse guarantees for the J.P. Morgan JV I and Institutional Investor JV loans that may become a liability for us upon a voluntary bankruptcy filing by the joint ventures or the occurrence of other actions such as fraud or a material misrepresentation by us or the joint ventures. 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.

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

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


				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	December 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization (2)	4.42	%	October 9, 2024	$	461,498	$	468,138
AMH 2014-SFR3 securitization	4.40	%	December 9, 2024	477,064		482,964
AMH 2015-SFR1 securitization (3)	4.14	%	April 9, 2045	502,299		508,672
AMH 2015-SFR2 securitization (4)	4.36	%	October 9, 2045	436,297		441,854
Total asset-backed securitizations				1,877,158		1,901,628
2028 unsecured senior notes (5)	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 (6)	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 (7)	6.38	%	April 15, 2026	90,000		130,000
Total debt				4,517,158		4,581,628
Unamortized discounts on unsecured senior notes				(32,981)		(36,099)
Deferred financing costs, net (8)				(22,530)		(29,531)
Total debt per balance sheet				$	4,461,647	$	4,515,998

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

(2)The Company has provided notice to the lender of its intent to payoff the AMH 2014-SFR2 securitization during the first quarter of 2024. See Note 15. Subsequent Events for further information.

(3)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%

(4)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00%

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

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

(7)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods, see Revolving Credit Facility below. The Company had approximately $2.7 million and $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2023 and 2022, respectively. During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate (“LIBOR”) to the SOFR. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of December 31, 2023.

(8)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 $7.0 million, $6.8 million and $6.1 million for the years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023 (amounts in thousands):


	Debt Maturities
2024	$	948,864
2025	10,302
2026	100,302
2027	10,302
2028	510,302
Thereafter	2,937,086
Total debt	$	4,517,158

Encumbered Properties

The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2023 and 2022 (amounts in thousands, except property data):


	December 31, 2023			December 31, 2022
	Number of Properties	Net Book Value		Number of Properties	Net Book Value
AMH 2014-SFR2 securitization	4,517	$	533,238	4,530	$	550,581
AMH 2014-SFR3 securitization	4,558	581,021		4,563	598,189
AMH 2015-SFR1 securitization	4,684	579,274		4,691	596,236
AMH 2015-SFR2 securitization	4,162	539,659		4,168	554,608
Total encumbered properties	17,921	$	2,233,192	17,952	$	2,299,614

Asset-backed Securitizations

The Company completed multiple asset-backed securitizations, all of which have certain general characteristics in common. The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders. The Borrowers are each wholly owned by respective special purpose entities (the “Equity Owners”), which are wholly owned by the Operating Partnership. The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts. Upon receipt of the certificates, the subsidiaries sold the certificates to investors. The principal amount of each class of certificates corresponds to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loans require monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans.

The loans are secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties. The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loans, the Borrowers’ properties may not generally be transferred, sold or otherwise securitized and the Company can substitute properties if a property owned by the Borrowers becomes a disqualified property under the terms of the loan or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements. The loans are also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers. The Company provides a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings.

The Company accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the notes were both originated by the third-party lenders and immediately transferred at the same fair market value. The Company also evaluated and did not identify any variable interests in the trusts. Accordingly, the Company consolidates, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes are included in asset-backed securitizations, net within the consolidated balance sheets.

The loan agreements provide that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreements define the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination.

AMH 2014-SFR2 Securitization

The AMH 2014-SFR2 securitization completed during the third quarter of 2014 is a fixed-rate loan for $513.3 million with a 10-year term maturing on October 9, 2024 and has a duration-adjusted weighted-average interest rate of 4.42%. The loan was originally secured by first priority mortgages on a portfolio of 4,487 single-family residential properties. In addition to the single-family rental pass-through certificates sold to third parties, the Company acquired all of the Class F certificates, which bear no interest, for $25.7

million. The Company evaluated the purchased Class F certificates as a variable interest in the trust and concluded that the Class F certificates will not absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns. The Company also concluded that the Class F certificates do not provide the Company with an ability to direct activities that could impact the trust’s economic performance. The Company does not consolidate the trust and the $25.7 million of purchased Class F certificates are reflected as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets. Gross proceeds to the Company from the transaction, after purchase of the Class F certificates, were $487.7 million, before issuance costs of $12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

AMH 2014-SFR3 Securitization

The AMH 2014-SFR3 securitization completed during the fourth quarter of 2014 is a fixed-rate loan for $528.4 million with a 10-year term maturing on December 9, 2024 and has a duration-adjusted weighted-average interest rate of 4.40%. The loan was originally secured by first priority mortgages on a portfolio of 4,503 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $528.4 million, before issuance costs of $12.9 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

AMH 2015-SFR1 Securitization

The AMH 2015-SFR1 securitization completed during the first quarter of 2015 is a fixed-rate loan for $552.8 million with a 30-year term maturing on April 9, 2045 and has a duration-adjusted weighted-average interest rate of 4.14%. The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower and has an anticipated repayment date of April 9, 2025. Gross proceeds from the transaction were $552.8 million, before issuance costs of $13.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

AMH 2015-SFR2 Securitization

The AMH 2015-SFR2 securitization completed during the third quarter of 2015 is a fixed-rate loan for $477.7 million with a 30-year term maturing on October 9, 2045 and has a duration-adjusted weighted-average interest rate of 4.36%. The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower and has an anticipated repayment date of October 9, 2025. Gross proceeds from the transaction were $477.7 million, before issuance costs of $11.3 million, and were used to pay down the outstanding balance on the credit facility and for general corporate purposes.

Unsecured Senior Notes

During the second quarter of 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032 and 2052 Notes”). Interest on the 2032 and 2052 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before offering costs of approximately $1.7 million. The Operating Partnership used net proceeds from this offering to repay amounts outstanding on its revolving credit facility, for the redemption of its Series F perpetual preferred shares and for general corporate purposes. The Operating Partnership may redeem the 2032 and 2052 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2032 and 2052 Notes. If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

During the third quarter of 2021, the Operating Partnership issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 (the “2031 Notes”) and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051 (the “2051 Notes” and, together with the 2031 Notes, the “2031 and 2051 Notes”). Interest on the 2031 and 2051 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, which commenced on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a

$12.8 million discount, and before offering costs of $1.4 million. The Operating Partnership used the net proceeds from this offering to repay amounts outstanding on its revolving credit facility and for general corporate purposes, including, without limitation, property acquisitions and developments, the expansion, redevelopment and/or improvement of existing properties in the Operating Partnership’s portfolio, other capital expenditures, the redemption of its preferred shares, the repayment of outstanding indebtedness, working capital and other general purposes. The Operating Partnership may redeem the 2031 and 2051 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2031 and 2051 Notes. If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the second quarter of 2021 (see Note 12. Fair Value), the 2031 Notes yield an effective interest rate of 2.46%.

During the first quarter of 2019, the Operating Partnership issued $400.0 million of 4.90% unsecured senior notes with a maturity date of February 15, 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on August 15, 2019. The Operating Partnership received net proceeds of $395.3 million from this issuance, after underwriting fees of approximately $2.6 million and a $2.1 million discount, and before offering costs of $1.0 million. The Operating Partnership used the net proceeds from this issuance to repay amounts outstanding on our revolving credit facility and for general corporate purposes. The Operating Partnership may redeem the 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

During the first quarter of 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on August 15, 2018. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before offering costs of $1.9 million. The net proceeds from this issuance were used for general corporate purposes, including, without limitation, acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures, the expansion, redevelopment and/or improvement of our properties, working capital and other general purposes, including repurchases of securities. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the first quarter of 2018, the 2028 Notes yield an effective interest rate of 4.08%.

The 2028 Notes, 2029 Notes, 2031 Notes, 2032 Notes, 2051 Notes and 2052 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indentures require that we maintain certain financial covenants.

Revolving Credit Facility

During the second quarter of 2021, the Company closed a $1.25 billion revolving credit facility, amending and restating its previous $800 million revolving credit agreement. The amended and restated revolving credit agreement (the “Revolving Credit Facility”) provides for expanded borrowing capacity, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the Revolving Credit Facility was either the LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily LIBOR plus 1.0%) plus a margin ranging from 0.00% to 0.45%. During the second quarter of 2023, the Company amended its Revolving Credit Facility in connection with the transition from the LIBOR to the SOFR. The interest rate under the amended Revolving Credit Facility is either the SOFR plus a 0.1% spread adjustment and a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.1%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin was determined based on the Company’s credit ratings in effect from time to time. The amended Revolving Credit Facility matures on April 15, 2025, with two six-month extension options at the Company’s election if

certain conditions are met. In addition, the Company is required to pay a facility fee of an amount ranging from 0.125% to 0.30% of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.

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 years ended December 31, 2023, 2022 and 2021 (amounts in thousands):


	For the Years Ended December 31,
	2023		2022		2021
Gross interest cost	$	195,430	$	186,956	$	148,689
Capitalized interest	(55,232)		(52,085)		(33,796)
Interest expense	$	140,198	$	134,871	$	114,893

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

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


	December 31, 2023		December 31, 2022
Resident security deposits	$	119,577	$	119,386
Liability for consolidated land not owned (see Note 2)	108,688		69,434
Accrued construction and maintenance liabilities	94,004		86,775
Accrued property taxes	59,015		51,586
Accrued interest	40,017		40,126
Accounts payable	36,056		5,719
Prepaid rent	30,320		26,922
Operating lease liabilities	18,288		20,755
Other accrued liabilities	67,695		63,700
Total	$	573,660	$	484,403

Shareholders' Equity / Partners' Capital

12 Months Ended

Dec. 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 Shares / Units

Class A units represent voting equity interests in the Operating Partnership. Holders of Class A units in the Operating Partnership have the right to redeem the units for cash or, at the election of the Company, exchange the units for AMH’s Class A common shares on a one-for-one basis. AMH owned 87.7% and 87.3% of the total 416,308,486 and 404,893,881 Class A units outstanding as of December 31, 2023 and 2022, respectively.

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 “2022 Forward Sale Agreements”) for these 13,000,000 shares which were accounted for in equity. The Company received net proceeds of $375.8 million from the 10,000,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $0.2 million. 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 2022 Forward Sale Agreements, receiving net proceeds of $185.6 million. During the first quarter of 2023, the Company issued and physically settled the remaining 8,000,000 Class A common shares under the 2022 Forward Sale Agreements, receiving net proceeds

of $298.4 million. The Company used these net proceeds to repay indebtedness under its revolving credit facility and for general corporate purposes.

During the second quarter of 2021, the Company completed an underwritten public offering for 18,745,000 of its Class A common shares of beneficial interest, $0.01 par value per share, of which 5,500,000 shares were issued directly by the Company and 13,245,000 shares were offered on a forward basis at the request of the Company by the forward sellers. In connection with this offering, the Company entered into forward sale agreements with the forward purchasers (the “2021 Forward Sale Agreements”) for these 13,245,000 shares which are accounted for in equity. The Company received net proceeds of $194.0 million from the 5,500,000 Class A common shares issued directly by the Company after deducting underwriting fees and before offering costs of approximately $0.2 million. The Company used the net proceeds to repay indebtedness under its revolving credit facility, to partially fund the redemption of its Series D and Series E perpetual preferred shares discussed below and for general corporate purposes. The Company did not initially receive proceeds from the sale of the Class A common shares offered on a forward basis. During the third and fourth quarters of 2021, the Company issued and physically settled all 13,245,000 Class A common shares under the 2021 Forward Sale Agreements, receiving net proceeds of $463.5 million. The Company used these net proceeds for general corporate purposes including property acquisitions and developments.

At-the-Market Common Share Offering Program

During the second quarter of 2023, the Company entered into a new at-the-market common share offering program, replacing the previously expiring 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 $1.0 billion (the “2023 At-the-Market Program”). The 2023 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 2023 At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility or other debt obligations under its securitizations, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company’s portfolio. The 2023 At-the-Market Program may be suspended or terminated by the Company at any time. During the years ended December 31, 2022 and 2021, the Company issued zero and 1,749,286 Class A common shares, respectively, under its previous program, raising zero and $72.3 million, respectively, in gross proceeds before commissions and other expenses of approximately zero and $1.1 million, respectively. During the fourth quarter of 2023, the Company issued 2,799,683 Class A common shares under its 2023 At-the-Market Program, raising $102.0 million in gross proceeds before commissions and other expenses of approximately $1.7 million. As of December 31, 2023, 2,799,683 shares have been issued under the 2023 At-the-Market Program and $898.0 million remained available for future issuances. See Note 15. Subsequent Events for further information on share issuances under the 2023 At-the-Market Program in January 2024.

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 years ended December 31, 2023, 2022 and 2021, we did not repurchase and retire any of our Class A common shares or preferred shares. As of December 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.

Class B Common Shares

Former American Homes 4 Rent, LLC (“AH LLC”) members received 635,075 Class B common shares in connection with their contributions of properties and funds to the Company. The Operating Partnership issued an equivalent number of corresponding Class A units to AMH in exchange for the proceeds and properties contributed in the transaction. Each Class B common share generally entitles the holder to 50 votes on all matters that the holders of Class A common shares are entitled to vote. The issuance of Class B common shares to former AH LLC members allows former AH LLC members a voting right associated with their investment in the Company no greater than if they had solely received Class A common shares. Additionally, when the voting interest from Class A

common shares and Class B common shares are added together, a shareholder is limited to a 30% total voting interest. Each Class B common share has the same economic interest as a Class A common share.

Perpetual Preferred Shares / Units

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


					December 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

Perpetual preferred shares represent non-voting preferred equity interests in the Company and entitle holders to a cumulative annual cash dividend, based on the respective dividend rate in the table above, which is applied to the liquidation preference at issuance of $25.00 per share. The Operating Partnership issues an equivalent number of corresponding perpetual preferred units for the given class to AMH in exchange for the net proceeds from the share issuances. The Company may, at its option, redeem the perpetual preferred shares for cash, in whole or in part, from time to time, at any time on or after the earliest redemption date shown in the table above or within 120 days after the occurrence of a change in control at a redemption price equal to the $25.00 per share liquidation preference, plus any accumulated and unpaid dividends.

During the second quarter of 2022, the Company redeemed all 6,200,000 shares of the outstanding 5.875% Series F perpetual preferred shares, $0.01 par value per share, for cash at the liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series F perpetual preferred units. As a result of the redemption, the Company recorded a $5.3 million allocation of income to the Series F perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2022, which represents the initial liquidation value of the Series F perpetual preferred shares in excess of its carrying value as of the redemption date.

During the second quarter of 2021, the Company redeemed all 10,750,000 shares of the outstanding 6.500% Series D perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series D perpetual preferred units. As a result of the redemption, the Company recorded an $8.5 million allocation of income to the Series D perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2021, which represents the initial liquidation value of the Series D perpetual preferred shares in excess of its carrying value as of the redemption date.

During the second quarter of 2021, the Company redeemed all 9,200,000 shares of the outstanding 6.350% Series E perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus accrued and unpaid dividends in accordance with the terms of such shares. The Operating Partnership also redeemed its corresponding Series E perpetual preferred units. As a result of the redemption, the Company recorded a $7.4 million allocation of income to the Series E perpetual preferred shareholders within the consolidated statements of operations during the year ended December 31, 2021, which represents the initial liquidation value of the Series E perpetual preferred shares in excess of its carrying value as of the redemption date.

Distributions

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. We historically used our NOL for U.S. federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.

No distributions can be paid on our Class A and Class B common shares unless we have first paid all cumulative distributions on our Series G and Series H perpetual preferred shares. The distribution preference of our Series G and Series H perpetual preferred shares could limit our ability to make distributions to the holders of our Class A and Class B common shares.

The Company’s board of trustees declared the following distributions during the years ended December 31, 2023, 2022 and 2021. 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 Years Ended December 31,
	2023		2022		2021
Class A and Class B common shares	$	0.88	$	0.72	$	0.40
6.500% Series D perpetual preferred shares (1)	—		—		0.70
6.350% Series E perpetual preferred shares (2)	—		—		0.79
5.875% Series F perpetual preferred shares (3)	—		0.51		1.47
5.875% Series G perpetual preferred shares	1.47		1.47		1.47
6.250% Series H perpetual preferred shares	1.56		1.56		1.56

(1)The 6.500% Series D perpetual preferred shares were redeemed on June 7, 2021 and the distributions for the year ended December 31, 2021 include the accrued and unpaid dividends paid to shareholders as part of the redemption.

(2)The 6.350% Series E perpetual preferred shares were redeemed on June 30, 2021.

(3)The 5.875% Series F perpetual preferred shares were redeemed on May 5, 2022 and the distributions for the year ended December 31, 2022 include the accrued and unpaid dividends paid to shareholders as part of the redemption.

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s consolidated balance sheets primarily consists of the interests held by former AH LLC members in units in the Operating Partnership. Former AH LLC members owned 50,779,990, or approximately 12.2% and 12.5%, of the total 416,308,486 and 404,893,881 Class A units in the Operating Partnership as of December 31, 2023 and 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 416,308,486 and 404,893,881 Class A units in the Operating Partnership as of December 31, 2023 and 2022, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s consolidated balance sheets and limited partner capital in the Operating Partnership’s consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

2021 Equity Incentive Plan

During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan replaced the 2012 Equity Incentive Plan (the “2012 Plan”) and provides for the issuance of up to 9,544,095 Class A common shares (including shares that remained available for future awards under the 2012 Plan as of the effective date of the 2021 Plan and shares related to outstanding awards under the 2012 Plan that may become available after expiration, forfeiture or cancellation of such awards). The 2021 Plan provides for the issuance of Class A common shares through the grant of a variety of awards including stock options, stock appreciation rights, RSUs, unrestricted shares, dividend equivalent rights and performance-based awards. The 2021 Plan terminates in May 2031, unless terminated earlier by the Company’s board of trustees. When the Company issues Class A common shares under the 2012 Plan and 2021 Plan, the Operating Partnership issues an equivalent number of Class A units to AMH.

During the years ended December 31, 2023, 2022 and 2021, employees were granted RSUs that vest over a one- to three-year service period and non-management trustees were granted RSUs that vest over a one-year service period. Options expire 10 years from the date of grant.

During the years ended December 31, 2023, 2022 and 2021, certain senior employees were granted PSUs that cliff vest at the end of a three-year service period based on satisfaction of performance conditions. 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 year ended December 31, 2023, January 1, 2022 through December 31, 2024 for PSUs granted during the year ended December 31, 2022 and January 1, 2021 through December 31, 2023 for PSUs granted during the year ended December 31, 2021. 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 2012 Plan and 2021 Plan allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. Retirement eligible employees must also provide a notice of intent to retire at least six months prior to retirement date and the HCC Committee must approve the continued release of awards.

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


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (1) (amounts in thousands)
Options outstanding at December 31, 2020	1,090,300	$	17.68	4.5	$	13,436
Granted	—	—
Exercised	(266,000)	17.01			5,625
Forfeited	—	—
Options outstanding at December 31, 2021	824,300	$	17.89	3.7	$	21,200
Granted	—	—
Exercised	(93,750)	17.26			1,782
Forfeited	—	—
Options outstanding at December 31, 2022	730,550	$	17.97	3.0	$	8,889
Granted	—	—
Exercised	(207,875)	16.76			3,852
Forfeited	—	—
Options outstanding at December 31, 2023	522,675	$	18.45	2.5	$	9,150
Options exercisable at December 31, 2023	522,675	$	18.45	2.5	$	9,150

(1)Intrinsic value for activities other than exercises is defined as the difference between the grant price and the market value on the last trading day of the period for those stock options where the market value is greater than the grant price. For exercises, intrinsic value is defined as the difference between the grant price and the market value on the date of exercise.

The following table summarizes RSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:


	Restricted Share Units	Weighted- Average Grant Date Fair Value
RSUs outstanding at December 31, 2020	651,537	$	24.53
Awarded	651,898	32.69
Vested	(209,824)	23.15
Forfeited	(43,012)	28.41
RSUs outstanding at December 31, 2021	1,050,599	$	29.71
Awarded	466,802	39.52
Vested	(439,643)	29.41
Forfeited	(53,036)	35.85
RSUs outstanding at December 31, 2022	1,024,722	$	33.99
Awarded	509,730	33.24
Vested	(418,351)	31.40
Forfeited	(25,579)	33.45
RSUs outstanding at December 31, 2023	1,090,522	$	34.64

The following table summarizes PSU activity under the 2012 Plan and 2021 Plan for the years ended December 31, 2023, 2022 and 2021:


	Performance-Based Restricted Share Units	Weighted-Average Grant Date Fair Value
PSUs outstanding at December 31, 2020	—	$	—
Awarded	92,319	34.83
Vested	—	—
Forfeited	—	—
PSUs outstanding at December 31, 2021	92,319	$	34.83
Awarded	202,104	43.91
Vested	—	—
Forfeited	—	—
PSUs outstanding at December 31, 2022	294,423	$	41.07
Awarded	227,033	40.19
Vested	—	—
Forfeited	(1,237)	43.91
PSUs outstanding at December 31, 2023	520,219	$	40.68

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


	2023	2022	2021
Expected term (years)	3.0	3.0	3.0
Dividend yield	2.09%	1.03%	0.67%
Estimated volatility (1)	27.45%	27.62%	28.48%
Risk-free interest rate	4.16%	1.39%	0.20%

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

2021 Employee Stock Purchase Plan

During the second quarter of 2021, the Company’s shareholders approved and the Company adopted the 2021 ESPP, which 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 years ended December 31, 2023, 2022 and 2021 (amounts in thousands):


	For the Years Ended December 31,
	2023		2022		2021
General and administrative expense	$	16,379	$	15,318	$	9,361
Property management expenses	4,030		3,861		3,004
Acquisition and other transaction costs	4,961		8,129		5,427
Total noncash share-based compensation expense	$	25,370	$	27,308	$	17,792

As of December 31, 2023, the unrecognized compensation expense for unvested RSUs and PSUs was $14.3 million and $6.4 million, respectively. The unrecognized compensation expense for unvested RSUs and PSUs is expected to be recognized over a weighted-average period of 1.2 years and 1.4 years, respectively.

Earnings per Share / Unit

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share / Unit

American Homes 4 Rent

The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except share and per share data):


	For the Years Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	432,142	$	310,025	$	210,559
Less:
Noncontrolling interest	51,974		36,887		21,467
Dividends on preferred shares	13,944		17,081		37,923
Redemption of perpetual preferred shares	—		5,276		15,879
Allocation to participating securities (1)	1,083		767		418
Numerator for income per common share–basic and diluted	$	365,141	$	250,014	$	134,872

Denominator:
Weighted-average common shares outstanding–basic	362,024,968		349,290,848		324,245,168
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	452,248		496,244		1,273,123
Weighted-average common shares outstanding–diluted (3)	362,477,216		349,787,092		325,518,291

Net income per common share:
Basic	$	1.01	$	0.72	$	0.42
Diluted	$	1.01	$	0.71	$	0.41

(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.

(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2023, 2022 and 2021 and the dilutive effect of forward sale equity contracts under the treasury stock method for the years ended December 31, 2022 and 2021 (see Note 9. 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 consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.

American Homes 4 Rent, L.P.

The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except unit and per unit data):


	For the Years Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	432,142	$	310,025	$	210,559
Less:
Preferred distributions	13,944		17,081		37,923
Redemption of perpetual preferred units	—		5,276		15,879
Allocation to participating securities (1)	1,083		767		418
Numerator for income per common unit–basic and diluted	$	417,115	$	286,901	$	156,339

Denominator:
Weighted-average common units outstanding–basic	413,401,948		400,667,828		375,693,107
Effect of dilutive securities:
Share-based compensation plan and forward sale equity contracts (2)	452,248		496,244		1,273,123
Weighted-average common units outstanding–diluted	413,854,196		401,164,072		376,966,230

Net income per common unit:
Basic	$	1.01	$	0.72	$	0.42
Diluted	$	1.01	$	0.71	$	0.41

(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per unit using the two-class method.

(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options and vesting of PSUs under the treasury stock method for the years ended December 31, 2023, 2022 and 2021 and the dilutive effect of forward sale equity contracts under the treasury stock method for the years ended December 31, 2022 and 2021 (see Note 9. Shareholders’ Equity / Partners’ Capital).

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 7. Debt), management believes that the carrying value (excluding deferred financing costs) of the revolving credit facility reasonably approximates fair value. Our unsecured senior notes are financial instruments classified as Level 2 in the fair value hierarchy as their fair values were estimated using observable inputs based on the market value of the last trade at the end of the period.

The following table displays the carrying values and fair values of our debt instruments as of December 31, 2023 and 2022 (amounts in thousands):


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
AMH 2014-SFR2 securitization	$	460,507	$	463,237	$	465,864	$	469,192
AMH 2014-SFR3 securitization	475,854		478,833		480,467		484,350
AMH 2015-SFR1 securitization	500,713		503,668		505,738		509,714
AMH 2015-SFR2 securitization	434,347		437,508		438,773		442,286
Total asset-backed securitizations	1,871,421		1,883,246		1,890,842		1,905,542
2028 unsecured senior notes, net	496,745		486,875		495,956		463,920
2029 unsecured senior notes, net	397,107		396,956		396,543		377,680
2031 unsecured senior notes, net	442,172		371,817		441,133		347,243
2032 unsecured senior notes, net	583,521		539,304		581,533		504,294
2051 unsecured senior notes, net	291,498		207,264		291,189		189,750
2052 unsecured senior notes, net	289,183		244,275		288,802		221,922
Total unsecured senior notes, net	2,500,226		2,246,491		2,495,156		2,104,809
Revolving credit facility	90,000		90,000		130,000		130,000
Total debt	$	4,461,647	$	4,219,737	$	4,515,998	$	4,140,351

During the first quarter of 2021, in anticipation of a debt issuance and in order to hedge interest rate risk, the Company entered into a treasury lock agreement with a notional amount of $400.0 million based on the 10-year treasury note rate at the time. The treasury lock was designated as a cash flow hedging instrument. The Company settled the treasury lock during the second quarter of 2021 in connection with the pricing of the 2031 Notes (see Note 7. Debt), which resulted in a $4.0 million loss recorded in other comprehensive loss at the time that will be reclassified into earnings as an increase to interest expense over the 10-year term of the 2031 Notes. The treasury lock was the only financial instrument recorded at fair value on a recurring basis in the consolidated financial statements and was classified as Level 2 within the fair value hierarchy as its fair value was estimated using observable inputs based on the 10-year treasury note rate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2023 and 2022, affiliates owned approximately 12.5% 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 December 31, 2023 and 2022) an approximate 23.3% and 23.9% interest as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 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 consolidated balance sheets. See Note 6. Investments in Unconsolidated Joint Ventures for a description of related party transactions between the Company and its unconsolidated joint ventures.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company leases office space from third parties for our corporate and property management operations under non-cancelable operating lease agreements. Our operating leases have remaining lease terms of one to eight years before any unexercised options to extend. For the years ended December 31, 2023, 2022 and 2021, operating lease costs were as follows (amounts in thousands):


	For the Years Ended December 31,
	2023		2022		2021
Lease costs	$	4,014	$	3,897	$	3,957

Other information related to our operating lease terms and discount rates were as follows:


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term	5.9 years		6.6 years
Weighted-average discount rate	2.9	%	2.6	%

Future lease obligations for our operating leases as of December 31, 2023 were as follows (amounts in thousands):


	Operating Lease Obligations
2024	$	4,080
2025	3,764
2026	2,916
2027	2,470
2028	2,010
Thereafter	4,728
Total lease payments	19,968
Less: imputed interest	(1,680)
Operating lease liabilities	$	18,288

Other Commitments

As of December 31, 2023, the Company had commitments to acquire 29 single-family properties through our National Builder Program for an aggregate purchase price of $6.6 million, as well as $75.6 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 December 31, 2023, the Company had sales in escrow for approximately 173 of our single-family properties and 202 of our land lots for an aggregate selling price of $78.4 million.

As of December 31, 2023, the Company, as a condition for entering into some of its development contracts, had outstanding surety bonds of approximately $220.9 million.

401(k) Retirement Savings Plan

We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $3.6 million, $3.1 million and $2.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Captive Insurance Company

During the first quarter of 2021, the Company formed a wholly owned captive insurance company, American Dream Insurance, LLC, which provides general liability insurance coverage for losses below the deductible under the Company’s third-party liability insurance policy. The Company created American Dream Insurance, LLC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The captive insurance company’s impact on the Company’s consolidated financial statements is immaterial.

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.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent Acquisitions From January 1, 2024 through February 16, 2024, the Company added 196 properties to its portfolio for a total cost of approximately $72.4 million, which included 192 newly constructed properties delivered through our AMH Development Program and four newly constructed properties acquired from a third-party developer through our National Builder Program. Subsequent Dispositions From January 1, 2024 through February 16, 2024, the Company disposed of 243 properties for aggregate net proceeds of approximately $74.5 million. Unsecured Senior Notes In January 2024, the Operating Partnership issued $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “Notes”), which carry a green bond designation and were issued under the Company’s green finance framework. Interest on the Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024. The Operating Partnership received aggregate net proceeds of $595.5 million from these issuances, after underwriting fees of approximately $3.9 million and a $0.6 million discount, and before estimated offering costs of $1.5 million. Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus supplement related to the offering, the Operating Partnership intends to allocate the net proceeds to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization and/or temporarily invest the net proceeds in accordance with the Company’s cash investment policy. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the Notes are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Revolving Credit Facility From January 1, 2024 through February 16, 2024, the Company paid down $90.0 million under its revolving credit facility, resulting in no outstanding borrowings under its revolving credit facility as of February 16, 2024. AMH 2014-SFR2 Securitization Payoff Intent In January 2024, the Company provided notice to its third-party lender of its intent to repay all amounts due under the AMH 2014-SFR2 securitization during the first quarter of 2024. As of December 31, 2023, the AMH 2014-SFR2 securitization had an outstanding principal balance of $461.5 million, of which $25.7 million represents Class F certificates that were issued by the Operating Partnership to the Company and are recorded as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets. At-the-Market Common Share Offering Program In January 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of $0.5 million. See Note 9. Shareholders’ Equity / Partners’ Capital for further details on the 2023 At-the-Market Program. Distributions On February 21, 2024, the Company’s board of trustees approved an increase in quarterly dividends to $0.26 per Class A and Class B common share for the first quarter of 2024. The quarterly dividends are payable on March 28, 2024 to shareholders of record on March 15, 2024.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2023


(Amounts in thousands, except number of single-family homes)				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition				Total Cost as of December 31, 2023 (1)
Market	Number of Single-Family Homes	Gross Book Value of Encumbered Assets		Land		Buildings and Improvements		Land		Buildings and Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation		Net Cost Basis		Date of Acquisition

Single-family properties in operation
Albuquerque, NM	270	$	—	$	9,938	$	40,056	$	—	$	6,531	$	9,938	$	46,587	$	56,525	$	(12,054)	$	44,471	2013-2022
Atlanta, GA	5,853	206,427		212,097		898,338		—		200,548		212,097		1,098,886		1,310,983		(248,079)		1,062,904		2012-2023
Austin, TX	703	36,705		27,394		104,493		—		17,200		27,394		121,693		149,087		(34,626)		114,461		2012-2022
Boise, ID	976	8,147		40,733		204,575		—		43,599		40,733		248,174		288,907		(30,810)		258,097		2013-2023
Charleston, SC	1,535	84,684		67,732		240,094		—		44,412		67,732		284,506		352,238		(63,868)		288,370		2012-2023
Charlotte, NC	4,089	319,232		157,174		619,899		—		122,859		157,174		742,758		899,932		(187,745)		712,187		2012-2023
Cincinnati, OH	2,127	242,760		70,561		284,383		—		63,972		70,561		348,355		418,916		(112,125)		306,791		2012-2023
Colorado Springs, CO	158	—		13,086		51,543		—		6,793		13,086		58,336		71,422		(4,053)		67,369		2013-2023
Columbus, OH	2,154	147,835		66,209		286,158		—		69,118		66,209		355,276		421,485		(100,721)		320,764		2012-2023
Dallas-Fort Worth, TX	4,055	291,308		107,357		489,319		—		114,852		107,357		604,171		711,528		(204,980)		506,548		2012-2022
Denver, CO	820	—		46,727		184,551		—		26,951		46,727		211,502		258,229		(63,078)		195,151		2012-2022
Greater Chicago area, IL and IN	1,541	169,277		48,638		190,792		—		55,063		48,638		245,855		294,493		(95,408)		199,085		2012-2015
Greensboro, NC	725	54,612		21,938		99,432		—		17,154		21,938		116,586		138,524		(35,754)		102,770		2013-2022
Greenville, SC	768	75,483		22,206		114,659		—		20,138		22,206		134,797		157,003		(37,702)		119,301		2013-2022
Houston, TX	2,402	153,790		53,751		305,506		—		68,287		53,751		373,793		427,544		(122,449)		305,095		2012-2022
Indianapolis, IN	2,848	306,275		82,186		328,244		—		84,670		82,186		412,914		495,100		(140,835)		354,265		2012-2023
Inland Empire, CA	18	—		1,898		2,077		—		389		1,898		2,466		4,364		(761)		3,603		2014-2016
Jacksonville, FL	3,101	63,391		106,155		469,923		—		100,003		106,155		569,926		676,081		(124,198)		551,883		2012-2023
Knoxville, TN	446	17,986		16,169		81,052		—		10,881		16,169		91,933		108,102		(24,752)		83,350		2013-2022
Las Vegas, NV	2,169	22,670		118,208		390,152		—		110,391		118,208		500,543		618,751		(78,738)		540,013		2011-2023
Memphis, TN	664	17,584		23,512		86,939		—		18,471		23,512		105,410		128,922		(30,024)		98,898		2013-2022
Miami, FL	170	3,492		2,020		19,826		—		5,141		2,020		24,967		26,987		(9,641)		17,346		2013-2015
Milwaukee, WI	75	—		4,539		13,156		—		1,828		4,539		14,984		19,523		(5,824)		13,699		2013
Nashville, TN	3,319	237,583		142,238		565,854		—		114,887		142,238		680,741		822,979		(165,931)		657,048		2012-2023
Orlando, FL	1,999	47,924		73,787		298,240		—		65,601		73,787		363,841		437,628		(85,840)		351,788		2011-2023
Phoenix, AZ	3,364	57,803		158,926		470,640		—		88,945		158,926		559,585		718,511		(142,079)		576,432		2011-2023
Portland, OR	180	24,429		13,046		23,480		—		3,613		13,046		27,093		40,139		(8,084)		32,055		2013-2022
Raleigh, NC	2,179	228,752		78,688		306,021		—		49,611		78,688		355,632		434,320		(107,067)		327,253		2012-2023
Salt Lake City, UT	1,901	163,274		120,559		379,278		—		79,218		120,559		458,496		579,055		(103,579)		475,476		2012-2023
San Antonio, TX	1,263	61,996		38,006		171,360		—		39,795		38,006		211,155		249,161		(51,918)		197,243		2012-2022
Savannah/Hilton Head, SC	1,051	42,985		39,260		157,926		—		24,789		39,260		182,715		221,975		(41,690)		180,285		2013-2023
Seattle, WA	1,161	28,919		93,654		259,368		—		30,728		93,654		290,096		383,750		(54,067)		329,683		2012-2023
Tampa, FL	2,901	47,358		112,611		473,276		—		87,686		112,611		560,962		673,573		(130,034)		543,539		2012-2023
Tucson, AZ	642	12,523		22,029		102,612		—		20,904		22,029		123,516		145,545		(24,420)		121,125		2011-2023
Winston Salem, NC	843	44,754		21,269		104,807		—		18,331		21,269		123,138		144,407		(37,036)		107,371		2013-2022
Total Single-family properties in operation	58,470	3,219,958		2,234,301		8,818,029		—		1,833,359		2,234,301		10,651,388		12,885,689		(2,719,970)		10,165,719		2011-2023
Properties under development & development land	—	—		442,877		—		779,821		186,726		1,222,698		186,726		1,409,424		—		1,409,424
Total single-family properties and land held for sale	862	—		52,368		121,632		13,068		34,495		65,436		156,127		221,563		(39,481)		182,082		2011-2022
Total real estate assets	59,332	$	3,219,958	$	2,729,546	$	8,939,661	$	792,889	$	2,054,580	$	3,522,435	$	10,994,241	$	14,516,676	$	(2,759,451)	$	11,757,225	2011-2023

(1)The unaudited aggregate cost of consolidated real estate in the table above for federal income tax purposes was $14.5 billion as of December 31, 2023.

American Homes 4 Rent

American Homes 4 Rent, L.P.

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2023 (continued)

Change in Total Real Estate Assets for Single-Family Properties in Operation


	For the Years Ended December 31,
(Amounts in thousands)	2023		2022		2021
Balance, beginning of period	$	12,325,124	$	11,320,426	$	9,999,821
Acquisitions and building improvements	871,828		1,325,231		1,426,921
Dispositions	(313,029)		(186,498)		(95,997)
Write-offs	(37,446)		(36,614)		(23,916)
Impairment	(1,908)		(2,499)		(131)
Reclassifications to single-family properties and land held for sale, net of dispositions	41,120		(94,922)		13,728
Balance, end of period	$	12,885,689	$	12,325,124	$	11,320,426

Change in Accumulated Depreciation for Single-Family Properties in Operation


	For the Years Ended December 31,
(Amounts in thousands)	2023		2022		2021
Balance, beginning of period	$	(2,386,452)	$	(2,072,933)	$	(1,754,433)
Depreciation (1)	(436,143)		(410,413)		(357,797)
Dispositions	68,389		37,453		14,990
Write-offs	37,446		36,614		23,916
Reclassifications to single-family properties and land held for sale, net of dispositions	(3,210)		22,827		391
Balance, end of period	$	(2,719,970)	$	(2,386,452)	$	(2,072,933)

(1)Depreciation of buildings and improvements is computed on a straight-line basis over estimated useful lives ranging from three to thirty years.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s audit of our financial statements, in accordance with the standards of the Public Company Accounting Oversight Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements have been made.
Principles of Consolidation	Principles of Consolidation The 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. See Investments in Unconsolidated Joint Ventures below for a further discussion of our investments in unconsolidated joint ventures. 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. See Investments in Venture Capital Funds and Land Option Contracts below for further discussion.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes AMH has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2012. We believe that we have operated, and continue to operate, in such a manner as to satisfy the requirements for qualification as a REIT. Provided that we qualify as a REIT and our distributions to our shareholders equal or exceed our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains), we generally will not be subject to U.S. federal income tax. Qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including tests related to the percentage of income that we earn from specified sources and the percentage of our earnings that we distribute to our shareholders. Accordingly, no assurance can be given that we will continue to be organized or be able to operate in a manner so as to remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax and state income tax on our taxable income at regular corporate tax rates, and we would likely be precluded from qualifying for treatment as a REIT until the fifth calendar year following the year in which we fail to qualify. Even if we qualify as a REIT, we may be subject to certain state or local income and capital taxes and U.S. federal income and excise taxes on our undistributed REIT taxable income, if any. Certain of our subsidiaries are subject to taxation by U.S. federal, state and local authorities for the periods presented. We made joint elections to treat certain subsidiaries as taxable REIT subsidiaries which are subject to U.S. federal, state and local taxes on their income at regular corporate rates. The tax years from 2019 to present generally remain open to examination by the taxing jurisdictions to which the Company is subject. We believe that our Operating Partnership is properly treated as a partnership for U.S. federal income tax purposes. As a partnership, the Operating Partnership is not subject to U.S. federal income tax on our income. Instead, each of the Operating Partnership’s partners, including AMH, is allocated, and may be required to pay tax with respect to, its share of the Operating Partnership’s income. As such, no provision for U.S. federal income taxes has been included for the Operating Partnership. ASC 740-10, Income Taxes, requires recognition of deferred tax assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We recognize tax benefits of uncertain tax positions only if it is more likely than not that the tax position will be sustained, based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the more likely than not threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2023, there were no deferred tax assets and liabilities or unrecognized tax benefits recorded by the Company. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. As a REIT, we generally are required to distribute annually to our shareholders at least 90% of our REIT taxable income (determined without regard to the deduction for dividends paid and any net capital gains) and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our REIT taxable income (determined without regard to the deduction for dividends paid and including any net capital gains). The Operating Partnership funds the payment of distributions. We historically used our net operating loss (“NOL”) for U.S. federal income tax purposes to reduce our REIT taxable income and have substantially utilized our NOL as of December 31, 2023.
Investments in Real Estate	Investments in Real Estate Purchases of single-family properties are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program (the “AMH Development Program”) and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Typically, we allocate between 10% to 30% of the purchase price of properties to land. For the year ended December 31, 2023, the Company purchased 47 single-family properties treated as asset acquisitions for accounting purposes for a total purchase price of $12.8 million, net of holding costs, which was included in cash paid for single-family properties within the consolidated statement of cash flows. The nature of our business requires that in certain circumstances we acquire single-family properties subject to existing liens. Liens that we expect to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. We incur costs to prepare properties acquired through our traditional acquisition channels for rental. These costs, along with related holding costs, are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest costs as a cost of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred.
Single-Family Properties Under Development and Development Land	Single-Family Properties Under Development and Development Land Land and construction in progress for our AMH Development Program are presented separately in single-family properties under development and development land within the consolidated balance sheets. Our capitalization policy on development properties follows the guidance in ASC 835-20, Capitalization of Interest, and ASC 970, Real Estate-General. Costs directly related to the development of properties are capitalized and the costs of land and buildings under development include specifically identifiable costs. We also capitalize interest, real estate taxes, insurance, utilities, and payroll costs for land and construction in progress under active development once the applicable GAAP criteria have been met.
Single-family Properties Held for Sale and Discontinued Operations	Single-family Properties Held for Sale and Discontinued Operations Single-family properties and land lots are classified as held for sale when they meet the applicable GAAP criteria in accordance with ASC 360-10, Property, Plant, and Equipment—Overall, including, but not limited to, the availability of the property for immediate sale in its present condition, the existence of an active program to locate a buyer and the probable sale of the property within one year. Single-family properties and land lots classified as held for sale are reported at the lower of their carrying value or estimated fair value less costs to sell, and are presented separately in single-family properties and land held for sale, net within the consolidated balance sheets. As of December 31, 2023 and 2022, the Company had 862 and 1,115 single-family properties, respectively, classified as held for sale, and recorded $1.9 million, $2.5 million and $0.2 million of impairment on single-family properties held for sale for the years ended December 31, 2023, 2022 and 2021, respectively, which is included in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations. The results of operations of properties that have either been sold or classified as held for sale, if due to a strategic shift that has (or will have) a major effect on our operations or financial results, are reported in the consolidated statements of operations as discontinued operations for both current and prior periods presented through the date of the applicable disposition in accordance with ASC 205-20, Presentation of Financial Statements—Discontinued Operations.
Impairment of Long-lived Assets	Impairment of Long-lived Assets We evaluate our long-lived assets for impairment periodically or whenever events or circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount. If the sum of the estimated undiscounted cash flows is less than the net carrying amount, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date.
Land Option Contracts	Land Option Contracts We enter into land option contracts to acquire the right to purchase land for our AMH Development Program. Under these contracts, we typically make a specified option payment or deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze these land option contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although the Company does not have legal title to the underlying land, we may be required to consolidate the related VIE if we are deemed to be the primary beneficiary. Deposits with land banking entities determined to be VIEs but not consolidated because we are not the primary beneficiary are at held at cost and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. As of December 31, 2023 and 2022, the carrying value of these deposits and the Company’s maximum exposure to loss was $15.7 million and $14.5 million, respectively. We also consider whether the land option contracts should be accounted for as financing arrangements when the land banking entity is not consolidated under the variable interest model, as may be required if the land banking entity or other third-party acquires specific land parcels directly from us, on our behalf or at our direction or where we make improvements to the underlying land during the option period. During the year ended December 31, 2022, the Company entered into land option agreements whereby it sold land to a third party with an option to repurchase finished lots on a predetermined schedule. Because of our options to repurchase the finished lots, in accordance with ASC 606-10-55-70, we accounted for these transactions as financing arrangements rather than a sale. Consolidated land not owned is included in escrow deposits, prepaid expenses and other assets and the liability for consolidated land not owned, which represents proceeds received from the third party net of our deposits on the optioned land, is included in accounts payable and accrued expenses in the consolidated balance sheets (see Note 5. Escrow Deposits, Prepaid Expenses and Other Assets and Note 8. Accounts Payable and Accrued Expenses). Improvements made to the land under the related development agreements prior to exercising the options to repurchase the finished lots are capitalized to consolidated land not owned and reimbursement proceeds from the land banking entity are accreted to liability for consolidated land not owned in the consolidated balance sheets.
Commercial Office Leases	Commercial Office Leases We lease commercial office space from third parties for use in our corporate and property management operations. Commercial office leases are accounted for as operating leases in accordance with ASC 842, Leases, which requires us to recognize right-of-use assets and lease liabilities within the consolidated balance sheets for the rights and obligations created from these leases. Operating lease right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is generally not determinable, the right-of-use assets and lease liabilities are measured using our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Lease expense for operating leases is recognized on a straight-line basis over the expected lease term in general and administrative expense within the consolidated statements of operations. We elected the short-term lease measurement and recognition exemption and do not establish right-of-use assets or lease liabilities for operating leases with terms of twelve months or less. We also elected the practical expedient allowing us to avoid separating non-lease components from the associated lease component for our commercial office leases. The right-of-use assets and lease liabilities are presented in escrow deposits, prepaid expenses and other assets and accounts payable and accrued expenses, respectively, within the consolidated balance sheets.
Depreciation and Amortization	Depreciation and Amortization Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements and other assets. Buildings are depreciated over 30 years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to 30 years.
Intangible Assets	Intangible Assets Finite-lived intangible assets are amortized on a straight-line basis over their estimated economic lives. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated future cash flows expected to result from the use and eventual disposition of an asset is less than its net book value, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of an asset.
Goodwill	Goodwill Goodwill represents the fair value in excess of the tangible and separately identifiable intangible assets that were acquired in connection with the internalization of the Company’s management function in June 2013, including all administrative, financial, property management, marketing and leasing personnel, including executive management. Goodwill has an indefinite life and is therefore not amortized. The Company analyzes goodwill for impairment on an annual basis pursuant to ASC 350, Intangibles—Goodwill and Other, which permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether an impairment test is necessary. This qualitative assessment requires judgment to be applied in evaluating the effects of multiple factors, including macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, other relevant entity-specific events, events affecting the reporting unit, and whether or not there has been a sustained decrease in the Company’s stock price. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the goodwill impairment test. The impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds the fair value, the impairment loss is determined as the excess of the carrying amount of the goodwill reporting unit over the fair value of that goodwill, not to exceed the carrying amount. Impairment charges, if any, are recognized in operating results.
Deferred Financing Costs	Deferred Financing Costs Financing costs related to the origination of the Company’s debt instruments are deferred and amortized as interest expense under the effective interest method over the contractual term of the applicable financing. Financing costs related to the origination of the Company’s revolving credit facility are presented net of accumulated amortization and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Financing costs related to the origination of the Company’s unsecured senior notes and asset-backed securitizations are presented net of accumulated amortization and are netted against the related debt instrument under liabilities within the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash We consider all demand deposits, cashier’s checks, money market accounts and certificates of deposit with a maturity of three months or less to be cash equivalents. We maintain our cash and cash equivalents and escrow deposits at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. We believe that the risk is not significant. 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.
Escrow Deposits	Escrow Deposits Escrow deposits include refundable and non-refundable cash earnest money deposits for the purchase of properties and deposits related to land option contracts (see Land Option Contracts above). In addition, escrow deposits include amounts paid for single-family properties in certain states which require a judicial order when the risks and rewards of ownership of the property are transferred and the purchase is finalized.
Investments in Unconsolidated Joint Ventures and Investments in Venture Capital Funds	Investments in Unconsolidated Joint Ventures Investments in unconsolidated joint ventures are recorded initially at cost, and subsequently adjusted for equity in earnings and cash contributions and distributions. Under the equity method of accounting, our net equity investment is included in investments in unconsolidated joint ventures within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within other income and expense, net in the consolidated statements of operations. Our recognition of joint venture income or loss is generally based on ownership percentages, which may change upon the achievement of certain investment return thresholds. The ultimate realization of the investment in unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. We classify distributions received from our unconsolidated joint ventures using the “cumulative earnings” approach, under which distributions up to the amount of cumulative equity in earnings recognized will be classified as cash inflows from operating activities, and those in excess of that amount will be classified as cash inflows from investing activities in our consolidated statements of cash flows. Our investments in unconsolidated joint ventures are reviewed for impairment periodically and we will record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than-temporary. Investments in Venture Capital Funds Investments in venture capital funds are accounted for under the equity method of accounting and included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. We record our proportionate shares of net income or loss resulting from these investments within other income and expense, net in the consolidated statements of operations. As discussed in Principals of Consolidation above, we determined the venture capital funds to be VIEs for which we are not the primary beneficiary.
Investments in Equity Securities	Investments in Equity Securities Our investments in equity securities, which are included in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets, do not have readily determinable fair values. The Company elected the measurement alternative for its investments in these equity securities and measures these investments at cost less impairment, if any, and adjusted for changes resulting from observable price changes for identical or similar investments in the same issuer.
Notes Receivable, Net	Notes Receivable, Net The Company obtained promissory notes in connection with two bulk dispositions of our single-family properties. The promissory note obtained during the second quarter of 2019 was paid in full during the year ended December 31, 2022 and the promissory note obtained during the first quarter of 2017 matured in the first quarter of 2022 and is still being actively collected. The promissory notes are secured by first priority mortgages on the disposed homes, contain certain covenants and require monthly or quarterly interest payments with the full principal due at maturity. Notes receivable are presented net of discounts in escrow deposits, prepaid expenses and other assets within the consolidated balance sheets. Interest income from the notes, including amortization of discounts, is presented in other income and expense, net within the consolidated statements of operations. We are required to estimate and recognize lifetime expected losses on these notes receivable in accordance with ASC 326, Financial Instruments—Credit Losses. Notes receivable are also presented net of the allowance for expected credit losses, which the Company estimates on a quarterly basis based on (i) credit quality indicators such as the borrower’s historical performance, including the borrower’s financial results and satisfaction of scheduled payments, (ii) current conditions, including macroeconomic conditions and other conditions affecting the borrower, and (iii) other reasonable and supportable forecasts about the future. As part of the monitoring process, we may meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis. A note receivable will be categorized as non-performing if a borrower experiences financial difficulty and has failed to make scheduled payments. Changes to the allowance for expected credit losses are recognized in other income and expense, net within the consolidated statements of operations.
Leases, Revenue and Expense Recognition and Leasing Costs	Revenue and Expense Recognition We lease single-family properties that we own directly to tenants who occupy the properties under operating leases, generally, with a term of one year. In accordance with ASC 842, Leases, the Company classifies our single-family property leases as operating leases and elects to not separate the lease component, comprised of rents from single-family properties, from the associated non-lease component, comprised of fees from single-family properties and tenant charge-backs. The combined component is accounted for under ASC 842, while certain tenant charge-backs are accounted for as variable payments under ASC 606, Revenue from Contracts with Customers. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Tenant charge-backs, which are primarily related to cost recoveries on utilities, are recognized as revenue on a gross basis in the period during which the expenses are incurred. We accrue for property taxes and homeowners’ association (“HOA”) assessments based on amounts billed, and, in some circumstances, estimates and historical trends when bills or assessments are not available. The actual assessment may differ from the estimates, resulting in a change in estimate in a subsequent period. Gains or losses on sales of properties and upon contributions to our unconsolidated joint ventures are recognized pursuant to the provisions included in ASC 610-20, Other Income. Under ASC 610-20, we must first determine whether the transaction is a sale to a customer or non-customer. We typically sell properties on a selective basis and not within the ordinary course of our operating business and therefore expect that our sale transactions will not be contracts with customers. We next determine whether we have a controlling financial interest in the property after the sale, consistent with the consolidation model in ASC 810, Consolidation. If we determine that we do not have a controlling financial interest in the real estate, we evaluate whether a contract exists under ASC 606 and whether the buyer has obtained control of the asset that was sold. We recognize a full gain or loss on sale, which is presented in gain on sale and impairment of single-family properties and other, net within the consolidated statements of operations, when the derecognition criteria under ASC 610-20 have been met. Leasing Costs Our leasing costs are accounted for under the provisions of ASC 842, Leases. Direct costs incurred due to the execution of a lease are initially capitalized and then amortized over the term of the lease, which is generally one year.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consists primarily of trade payables, accrued interest, distribution payables, resident security deposits, prepaid rent, construction and maintenance liabilities, HOA fees, operating lease liabilities and property tax accruals as of the end of the respective period presented. It also consists of liabilities for consolidated land not owned (see Land Option Contracts above) and contingent loss accruals, if any, when such losses are both probable and estimable. When it is reasonably possible that a significant contingent loss has occurred, we disclose the nature of the potential loss and, if estimable, a range of exposure.
Share-Based Compensation	Share-Based Compensation Our 2012 Equity Incentive Plan and 2021 Equity Incentive Plan (collectively, the “Plans”), and our 2021 Employee Stock Purchase Plan (the “2021 ESPP”), are accounted for under the provisions of ASC 718, Compensation—Stock Compensation. Noncash share-based compensation costs related to options to purchase our Class A common shares, restricted share units (“RSUs”) and performance-based restricted share units (“PSUs”) issued to members of the Company’s board of trustees and employees is based on the fair value of the options, RSUs and PSUs on the grant date and generally amortized over the service period. At the time of grant, the Company takes into consideration the timing of the equity award and evaluates for conditions that could result in the award to be considered spring-loaded, in which case the fair value would be adjusted. During the years ended December 31, 2023, 2022 and 2021, the Company did not grant equity awards that would be considered spring-loaded. Forfeitures are recognized as they occur. The Plans allow for continued release of awards based on the original vesting schedule, rather than forfeiture, of unvested share-based grants upon termination of service for employees who meet certain retirement eligibility criteria, including age and years of service. Retirement eligible employees must also provide a notice of intent to retire at least six months prior to retirement date and the Human Capital and Compensation Committee (“HCC Committee”) must approve the continued release of awards. As a result of the six month notice requirement, compensation cost is recognized over six months from the grant date to the extent an employee is retirement eligible on the grant date and compensation cost is accelerated to the extent that an employee will become retirement eligible before six months prior to the end of the contractual life of their share-based grants.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. Fair value is a market-based measurement, and should be determined based on the assumptions that market participants would use in pricing an asset or liability. The GAAP valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: •Level 1—Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets; •Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and •Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Derivatives	Derivatives From time to time, we may use interest rate cap agreements or other derivative instruments for interest rate risk management purposes. We assess these derivatives at inception and on an ongoing basis for the effectiveness of qualifying cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings as interest expense during the period in which the hedged transaction affects earnings. Cash flows from derivative instruments accounted for as a cash flow hedge are classified in the same category as the hedged transaction within the consolidated statements of cash flows.
Segment Reporting	Segment Reporting We operate in one operating segment with activities related to acquiring, renovating, developing, leasing and managing single-family homes as rental properties. ASC 280, Segment Reporting, requires the use of the “management approach” to align segment reporting with our internal reporting, and our chief operating decision maker regularly reviews core funds from operations at the total portfolio level as the primary measure for assessing the Company’s performance and allocating resources. Property acquisition and disposition decisions are made at the individual property level and development decisions are made at the community level across a geographically diversified portfolio based on criteria consistent with our objective of generating attractive risk-adjusted returns for our shareholders.
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU will require public entities to disclose significant segment expenses and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment will also be required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all periods presented unless it is impracticable. The Company is currently assessing the impact of the guidance on its financial statements.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (amounts in thousands):


	December 31,
	2023		2022		2021
Cash and cash equivalents	$	59,385	$	69,155	$	48,198
Restricted cash	162,476		148,805		143,569
Total cash, cash equivalents and restricted cash	$	221,861	$	217,960	$	191,767

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flows to the corresponding financial statement line items in the consolidated balance sheets (amounts in thousands):


	December 31,
	2023		2022		2021
Cash and cash equivalents	$	59,385	$	69,155	$	48,198
Restricted cash	162,476		148,805		143,569
Total cash, cash equivalents and restricted cash	$	221,861	$	217,960	$	191,767

Real Estate Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Summary of Single-Family Properties

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


	December 31, 2023		December 31, 2022
Occupied single-family properties	$	9,595,421	$	9,419,098
Single-family properties leased, not yet occupied	54,481		52,325
Single-family properties in turnover process	370,856		281,356
Single-family properties recently renovated or developed	140,962		182,336
Single-family properties newly acquired and under renovation	3,999		3,557
Single-family properties in operation, net	10,165,719		9,938,672
Development land	563,718		631,539
Single-family properties under development	845,706		555,682
Single-family properties and land held for sale, net	182,082		198,716
Total real estate assets, net	$	11,757,225	$	11,324,609

The following table summarizes the Company’s dispositions of single-family properties and land for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except property data):


	For the Years Ended December 31,
	2023		2022		2021
Single-family properties:
Properties sold	1,546		987		481
Net proceeds (1)	$	459,580	$	288,030	$	130,825
Net gain on sale	$	217,598	$	140,537	$	50,543
Land:
Net proceeds	$	9,883	$	4,479	$	1,247
Net (loss) gain on sale	$	(2,017)	$	777	$	136

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

Rent and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Future Minimum Rental Revenues

The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of December 31, 2023 (amounts in thousands):


	December 31, 2023
2024	$	722,303
2025	21,426
2026	27
2027	26
2028	26
Total	$	743,808

Escrow Deposits, Prepaid Expenses and Other Assets (Tables)

12 Months Ended

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


	December 31, 2023		December 31, 2022
Consolidated land not owned (see Note 2)	$	147,330	$	108,114
Escrow deposits, prepaid expenses and other	136,640		105,811
Commercial real estate, software, vehicles and FF&E, net	96,862		85,772
Operating lease right-of-use assets	16,623		19,129
Deferred costs and other intangibles, net	7,630		10,237
Notes receivable, net	1,053		2,383
Total	$	406,138	$	331,446

Deferred Costs and Other Intangibles

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


	December 31, 2023		December 31, 2022
Deferred leasing costs	$	2,865	$	2,375
Deferred financing costs	22,491		22,491
	25,356		24,866
Less: accumulated amortization	(17,726)		(14,629)
Total	$	7,630	$	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 December 31, 2023 for future periods (amounts in thousands):


	Deferred Leasing Costs		Deferred Financing Costs		Total
2024	$	1,394	$	2,730	$	4,124
2025	—		2,722		2,722
2026	—		784		784



Total	$	1,394	$	6,236	$	7,630

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures as of December 31, 2023 and 2022 (amounts in thousands, except percentages and property data):


Joint Venture Description	% Ownership at December 31, 2023		Completed Homes at December 31, 2023	Balances at December 31, 2023		Balances at December 31, 2022
Alaska JV	20	%	218	$	14,973	$	18,890
Institutional Investor JV	20	%	1,015	15,163		16,567
J.P. Morgan JV I	20	%	1,745	75,735		71,890
J.P. Morgan JV II	20	%	—	8,327		—
			2,978	$	114,198	$	107,347

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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


				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	December 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization (2)	4.42	%	October 9, 2024	$	461,498	$	468,138
AMH 2014-SFR3 securitization	4.40	%	December 9, 2024	477,064		482,964
AMH 2015-SFR1 securitization (3)	4.14	%	April 9, 2045	502,299		508,672
AMH 2015-SFR2 securitization (4)	4.36	%	October 9, 2045	436,297		441,854
Total asset-backed securitizations				1,877,158		1,901,628
2028 unsecured senior notes (5)	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 (6)	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 (7)	6.38	%	April 15, 2026	90,000		130,000
Total debt				4,517,158		4,581,628
Unamortized discounts on unsecured senior notes				(32,981)		(36,099)
Deferred financing costs, net (8)				(22,530)		(29,531)
Total debt per balance sheet				$	4,461,647	$	4,515,998