10-Q 1 amh-20230930.htm 10-Q amh-20230930
0001562401000171655812/312023Q3false00015624012023-01-012023-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-09-300001562401us-gaap:CommonClassAMember2023-01-012023-09-300001562401us-gaap:SeriesGPreferredStockMember2023-01-012023-09-300001562401us-gaap:SeriesHPreferredStockMember2023-01-012023-09-300001562401us-gaap:CommonClassAMember2023-11-01xbrli:shares0001562401us-gaap:CommonClassBMember2023-11-0100015624012023-09-30iso4217:USD00015624012022-12-310001562401us-gaap:CommonClassAMember2023-09-30iso4217:USDxbrli:shares0001562401us-gaap:CommonClassAMember2022-12-310001562401us-gaap:CommonClassBMember2023-09-300001562401us-gaap:CommonClassBMember2022-12-3100015624012023-07-012023-09-3000015624012022-07-012022-09-3000015624012022-01-012022-09-300001562401us-gaap:RealEstateMember2023-07-012023-09-300001562401us-gaap:RealEstateMember2022-07-012022-09-300001562401us-gaap:RealEstateMember2023-01-012023-09-300001562401us-gaap:RealEstateMember2022-01-012022-09-300001562401us-gaap:ManagementServiceMember2023-07-012023-09-300001562401us-gaap:ManagementServiceMember2022-07-012022-09-300001562401us-gaap:ManagementServiceMember2023-01-012023-09-300001562401us-gaap:ManagementServiceMember2022-01-012022-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2021-12-310001562401us-gaap:PreferredStockMember2021-12-310001562401us-gaap:AdditionalPaidInCapitalMember2021-12-310001562401us-gaap:RetainedEarningsMember2021-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001562401us-gaap:ParentMember2021-12-310001562401us-gaap:NoncontrollingInterestMember2021-12-3100015624012021-12-310001562401us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001562401us-gaap:ParentMember2022-01-012022-03-3100015624012022-01-012022-03-310001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-03-310001562401us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonClassAMember2022-01-012022-03-310001562401us-gaap:ParentMemberus-gaap:CommonClassAMember2022-01-012022-03-310001562401us-gaap:CommonClassAMember2022-01-012022-03-310001562401us-gaap:RetainedEarningsMember2022-01-012022-03-310001562401us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001562401us-gaap:CommonStockMember2022-01-012022-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-03-310001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-03-310001562401us-gaap:PreferredStockMember2022-03-310001562401us-gaap:AdditionalPaidInCapitalMember2022-03-310001562401us-gaap:RetainedEarningsMember2022-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001562401us-gaap:ParentMember2022-03-310001562401us-gaap:NoncontrollingInterestMember2022-03-3100015624012022-03-310001562401us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001562401us-gaap:ParentMember2022-04-012022-06-3000015624012022-04-012022-06-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-04-012022-06-300001562401us-gaap:PreferredStockMemberus-gaap:SeriesFPreferredStockMember2022-04-012022-06-300001562401us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesFPreferredStockMember2022-04-012022-06-300001562401us-gaap:RetainedEarningsMemberus-gaap:SeriesFPreferredStockMember2022-04-012022-06-300001562401us-gaap:ParentMemberus-gaap:SeriesFPreferredStockMember2022-04-012022-06-300001562401us-gaap:SeriesFPreferredStockMember2022-04-012022-06-300001562401us-gaap:RetainedEarningsMember2022-04-012022-06-300001562401us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001562401us-gaap:CommonStockMember2022-04-012022-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-06-300001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-06-300001562401us-gaap:PreferredStockMember2022-06-300001562401us-gaap:AdditionalPaidInCapitalMember2022-06-300001562401us-gaap:RetainedEarningsMember2022-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001562401us-gaap:ParentMember2022-06-300001562401us-gaap:NoncontrollingInterestMember2022-06-3000015624012022-06-300001562401us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001562401us-gaap:ParentMember2022-07-012022-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-07-012022-09-300001562401us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonClassAMember2022-07-012022-09-300001562401us-gaap:ParentMemberus-gaap:CommonClassAMember2022-07-012022-09-300001562401us-gaap:CommonClassAMember2022-07-012022-09-300001562401us-gaap:RetainedEarningsMember2022-07-012022-09-300001562401us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001562401us-gaap:CommonStockMember2022-07-012022-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-09-300001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-09-300001562401us-gaap:PreferredStockMember2022-09-300001562401us-gaap:AdditionalPaidInCapitalMember2022-09-300001562401us-gaap:RetainedEarningsMember2022-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001562401us-gaap:ParentMember2022-09-300001562401us-gaap:NoncontrollingInterestMember2022-09-3000015624012022-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2022-12-310001562401us-gaap:PreferredStockMember2022-12-310001562401us-gaap:AdditionalPaidInCapitalMember2022-12-310001562401us-gaap:RetainedEarningsMember2022-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001562401us-gaap:ParentMember2022-12-310001562401us-gaap:NoncontrollingInterestMember2022-12-310001562401us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001562401us-gaap:ParentMember2023-01-012023-03-3100015624012023-01-012023-03-310001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-012023-03-310001562401us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonClassAMember2023-01-012023-03-310001562401us-gaap:ParentMemberus-gaap:CommonClassAMember2023-01-012023-03-310001562401us-gaap:CommonClassAMember2023-01-012023-03-310001562401us-gaap:RetainedEarningsMember2023-01-012023-03-310001562401us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001562401us-gaap:CommonStockMember2023-01-012023-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-03-310001562401us-gaap:PreferredStockMember2023-03-310001562401us-gaap:AdditionalPaidInCapitalMember2023-03-310001562401us-gaap:RetainedEarningsMember2023-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001562401us-gaap:ParentMember2023-03-310001562401us-gaap:NoncontrollingInterestMember2023-03-3100015624012023-03-310001562401us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001562401us-gaap:ParentMember2023-04-012023-06-3000015624012023-04-012023-06-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-04-012023-06-300001562401us-gaap:RetainedEarningsMember2023-04-012023-06-300001562401us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001562401us-gaap:CommonStockMember2023-04-012023-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-06-300001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-06-300001562401us-gaap:PreferredStockMember2023-06-300001562401us-gaap:AdditionalPaidInCapitalMember2023-06-300001562401us-gaap:RetainedEarningsMember2023-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001562401us-gaap:ParentMember2023-06-300001562401us-gaap:NoncontrollingInterestMember2023-06-3000015624012023-06-300001562401us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001562401us-gaap:ParentMember2023-07-012023-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-07-012023-09-300001562401us-gaap:RetainedEarningsMember2023-07-012023-09-300001562401us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001562401us-gaap:CommonStockMember2023-07-012023-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-09-300001562401us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-09-300001562401us-gaap:PreferredStockMember2023-09-300001562401us-gaap:AdditionalPaidInCapitalMember2023-09-300001562401us-gaap:RetainedEarningsMember2023-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001562401us-gaap:ParentMember2023-09-300001562401us-gaap:NoncontrollingInterestMember2023-09-300001562401us-gaap:CommonClassAMember2022-01-012022-09-300001562401us-gaap:RevolvingCreditFacilityMember2023-01-012023-09-300001562401us-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401srt:AffiliatedEntityMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401srt:AffiliatedEntityMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401us-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401us-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-09-300001562401us-gaap:RealEstateMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:RealEstateMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:RealEstateMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-09-300001562401us-gaap:RealEstateMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-09-300001562401us-gaap:ManagementServiceMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:ManagementServiceMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:ManagementServiceMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-09-300001562401us-gaap:ManagementServiceMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-09-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-12-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-12-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2021-12-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:CommonStockMemberamh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401amh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-03-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-03-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberus-gaap:SeriesFPreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberus-gaap:SeriesFPreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:SeriesFPreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-04-012022-06-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-06-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-06-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-06-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-06-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401amh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-07-012022-09-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-09-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-09-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2022-09-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-12-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401amh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-03-310001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-03-310001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-03-310001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-04-012023-06-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-06-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-06-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-06-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-06-300001562401amh:AmericanHomes4RentLimitedPartnershipMember2023-06-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:CommonStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-07-012023-09-300001562401us-gaap:CommonStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401us-gaap:PreferredStockMemberus-gaap:GeneralPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401us-gaap:CommonStockMemberus-gaap:LimitedPartnerMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-09-300001562401amh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2023-01-012023-09-300001562401amh:ClassACommonUnitsMemberamh:AmericanHomes4RentLimitedPartnershipMember2022-01-012022-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2023-01-012023-09-300001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-09-300001562401amh:SingleFamilyHomesMember2023-09-30amh:singleFamilyPropertyamh:state0001562401us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMemberamh:SingleFamilyHomesMember2023-09-30amh:property0001562401amh:AmericanHomes4RentMember2023-01-012023-09-30xbrli:pure0001562401amh:LimitedPartnersMember2023-01-012023-09-300001562401us-gaap:VentureCapitalFundsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-09-300001562401amh:LandBankingDepositsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-09-300001562401amh:SingleFamilyHomesOccupiedMember2023-09-300001562401amh:SingleFamilyHomesOccupiedMember2022-12-310001562401amh:SingleFamilyHomesNotYetOccupiedMember2023-09-300001562401amh:SingleFamilyHomesNotYetOccupiedMember2022-12-310001562401amh:SingleFamilyHomesInTurnoverProcessMember2023-09-300001562401amh:SingleFamilyHomesInTurnoverProcessMember2022-12-310001562401amh:SingleFamilyHomesRecentlyRenovatedOrDevelopedMember2023-09-300001562401amh:SingleFamilyHomesRecentlyRenovatedOrDevelopedMember2022-12-310001562401amh:SingleFamilyHomesNewlyAcquiredAndUnderRenovationMember2023-09-300001562401amh:SingleFamilyHomesNewlyAcquiredAndUnderRenovationMember2022-12-310001562401amh:SingleFamilyHomesMember2022-12-310001562401amh:SingleFamilyHomesMember2023-07-012023-09-300001562401amh:SingleFamilyHomesMember2022-07-012022-09-300001562401amh:SingleFamilyHomesMember2023-01-012023-09-300001562401amh:SingleFamilyHomesMember2022-01-012022-09-300001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2023-07-012023-09-300001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2022-07-012022-09-300001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2023-01-012023-09-300001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2022-01-012022-09-300001562401us-gaap:RevolvingCreditFacilityMember2022-07-012022-09-300001562401us-gaap:RevolvingCreditFacilityMember2023-07-012023-09-300001562401amh:DeferredLeasingCostsMember2023-09-300001562401amh:DeferredFinancingCostsMember2023-09-300001562401amh:FourUnconsolidatedJointVenturesMember2023-09-30amh:joint_venture0001562401amh:JPMorganAssetManagementFirstJointVentureMember2023-01-012023-03-310001562401amh:JPMorganAssetManagementSecondJointVentureMember2023-07-012023-07-310001562401amh:JPMorganAssetManagementSecondJointVentureMember2023-07-310001562401amh:AlaskaPermanentFundMember2023-09-30amh:home0001562401amh:AlaskaPermanentFundMember2022-12-310001562401amh:LeadingInstitutionalInvestorMember2023-09-300001562401amh:LeadingInstitutionalInvestorMember2022-12-310001562401amh:JPMorganAssetManagementFirstJointVentureMember2023-09-300001562401amh:JPMorganAssetManagementFirstJointVentureMember2022-12-310001562401amh:JPMorganAssetManagementSecondJointVentureMember2023-09-300001562401amh:JPMorganAssetManagementSecondJointVentureMember2022-12-310001562401us-gaap:ManagementServiceMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300001562401us-gaap:ManagementServiceMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300001562401us-gaap:ManagementServiceMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300001562401us-gaap:ManagementServiceMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300001562401amh:InstitutionalInvestorJVPropertyAcquisitionMember2022-03-310001562401amh:InstitutionalInvestorJVPropertyAcquisitionMember2022-01-012022-03-310001562401amh:JPMorganAssetManagementFirstJointVentureMemberus-gaap:CorporateJointVentureMember2022-03-310001562401amh:JPMorganAssetManagementFirstJointVentureMemberus-gaap:CorporateJointVentureMember2022-01-012022-03-310001562401amh:SecuredOvernightFinancingRateSOFRMemberamh:JPMorganAssetManagementFirstJointVentureMemberus-gaap:CorporateJointVentureMember2022-01-012022-03-31amh:extension0001562401amh:JPMorganAssetManagementFirstJointVentureMemberus-gaap:CorporateJointVentureMember2023-09-300001562401amh:LeadingInstitutionalInvestorMemberus-gaap:CorporateJointVentureMember2022-09-300001562401amh:LeadingInstitutionalInvestorMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300001562401amh:LeadingInstitutionalInvestorMemberamh:SecuredOvernightFinancingRateSOFRMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300001562401amh:LeadingInstitutionalInvestorMemberus-gaap:CorporateJointVentureMember2023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2022-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2022-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2022-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2022-12-310001562401us-gaap:SecuredDebtMember2023-09-300001562401us-gaap:SecuredDebtMember2022-12-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-09-300001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2022-12-310001562401us-gaap:SeniorNotesMemberamh:A4.90PercentSeniorNotesDue2029Member2023-09-300001562401us-gaap:SeniorNotesMemberamh:A4.90PercentSeniorNotesDue2029Member2022-12-310001562401us-gaap:SeniorNotesMemberamh:A238PercentSeniorNotesDue2031Member2023-09-300001562401us-gaap:SeniorNotesMemberamh:A238PercentSeniorNotesDue2031Member2022-12-310001562401us-gaap:SeniorNotesMemberamh:A363PercentSeniorNotesDue2032Member2023-09-300001562401us-gaap:SeniorNotesMemberamh:A363PercentSeniorNotesDue2032Member2022-12-310001562401us-gaap:SeniorNotesMemberamh:A338PercentSeniorNotesDue2051Member2023-09-300001562401us-gaap:SeniorNotesMemberamh:A338PercentSeniorNotesDue2051Member2022-12-310001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:SeniorNotesMember2023-09-300001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:SeniorNotesMember2022-12-310001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2023-01-012023-09-300001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2023-01-012023-09-300001562401amh:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-01-012023-09-300001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2023-07-012023-09-300001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2022-07-012022-09-300001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2023-01-012023-09-300001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2022-01-012022-09-300001562401us-gaap:CommonClassAMemberamh:PublicStockOfferingMember2022-01-012022-03-310001562401us-gaap:CommonClassAMemberamh:PublicStockOfferingMember2022-03-310001562401amh:PublicStockOfferingIssuedDirectlyByTheCompanyMemberus-gaap:CommonClassAMember2022-01-012022-03-310001562401amh:PublicStockOfferingForwardSalesAgreementMemberus-gaap:CommonClassAMember2022-01-012022-03-310001562401amh:PublicStockOfferingForwardSalesAgreementMemberus-gaap:CommonClassAMember2022-07-012022-09-300001562401amh:PublicStockOfferingForwardSalesAgreementMemberus-gaap:CommonClassAMember2023-01-012023-03-310001562401us-gaap:CommonClassAMemberamh:AttheMarketCommonShareOfferingProgramMember2023-06-300001562401us-gaap:CommonClassAMemberamh:AttheMarketCommonShareOfferingProgramMember2023-06-012023-09-300001562401us-gaap:CommonClassAMemberamh:AttheMarketCommonShareOfferingProgramMember2023-09-300001562401us-gaap:PreferredStockMember2023-09-300001562401us-gaap:PreferredStockMemberus-gaap:CommonStockMember2022-01-012022-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-01-012023-09-300001562401us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-01-012022-09-300001562401us-gaap:PreferredStockMemberus-gaap:CommonStockMember2023-01-012023-09-300001562401us-gaap:SeriesGPreferredStockMember2023-09-300001562401us-gaap:SeriesGPreferredStockMember2022-12-310001562401us-gaap:SeriesHPreferredStockMember2023-09-300001562401us-gaap:SeriesHPreferredStockMember2022-12-310001562401us-gaap:CommonClassAMember2023-07-012023-09-300001562401us-gaap:CommonClassBMember2023-07-012023-09-300001562401us-gaap:CommonClassBMember2023-04-012023-06-300001562401us-gaap:CommonClassAMember2023-04-012023-06-300001562401us-gaap:CommonClassBMember2023-01-012023-03-310001562401us-gaap:CommonClassBMember2022-07-012022-09-300001562401us-gaap:CommonClassBMember2022-04-012022-06-300001562401us-gaap:CommonClassAMember2022-04-012022-06-300001562401us-gaap:CommonClassBMember2022-01-012022-03-310001562401us-gaap:SeriesFPreferredStockMember2023-01-012023-09-300001562401us-gaap:SeriesFPreferredStockMember2023-07-012023-09-300001562401us-gaap:SeriesFPreferredStockMember2023-04-012023-06-300001562401us-gaap:SeriesFPreferredStockMember2023-01-012023-03-310001562401us-gaap:SeriesFPreferredStockMember2022-07-012022-09-300001562401us-gaap:SeriesFPreferredStockMember2022-01-012022-03-310001562401us-gaap:SeriesGPreferredStockMember2023-07-012023-09-300001562401us-gaap:SeriesGPreferredStockMember2023-04-012023-06-300001562401us-gaap:SeriesGPreferredStockMember2023-01-012023-03-310001562401us-gaap:SeriesGPreferredStockMember2022-07-012022-09-300001562401us-gaap:SeriesGPreferredStockMember2022-04-012022-06-300001562401us-gaap:SeriesGPreferredStockMember2022-01-012022-03-310001562401us-gaap:SeriesHPreferredStockMember2023-07-012023-09-300001562401us-gaap:SeriesHPreferredStockMember2023-04-012023-06-300001562401us-gaap:SeriesHPreferredStockMember2023-01-012023-03-310001562401us-gaap:SeriesHPreferredStockMember2022-07-012022-09-300001562401us-gaap:SeriesHPreferredStockMember2022-04-012022-06-300001562401us-gaap:SeriesHPreferredStockMember2022-01-012022-03-310001562401us-gaap:SeriesFPreferredStockMember2022-05-052022-05-050001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMemberamh:AHLLCMember2023-09-300001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMemberamh:AHLLCMember2022-12-310001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMember2023-09-300001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMember2022-12-310001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMemberus-gaap:NonrelatedPartyMember2022-12-310001562401amh:ClassACommonUnitsMemberamh:OperatingPartnershipLegalEntityMemberus-gaap:NonrelatedPartyMember2023-09-300001562401amh:A2021EquityIncentivePlanMembersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2022-01-012022-09-300001562401amh:A2021EquityIncentivePlanMembersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2023-01-012023-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMembersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMembersrt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2023-01-012023-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2022-01-012022-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMembersrt:MinimumMember2023-01-012023-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMembersrt:MaximumMember2023-01-012023-09-300001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2022-12-310001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2021-12-310001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2023-01-012023-09-300001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2022-01-012022-09-300001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2023-09-300001562401us-gaap:EmployeeStockOptionMemberamh:A2021EquityIncentivePlanMember2022-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-12-310001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2023-09-300001562401amh:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2022-12-310001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2021-12-310001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2023-09-300001562401amh:A2021EquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2022-09-300001562401us-gaap:CommonClassAMemberamh:PerformanceShareUnitsTotalShareholderReturnAwardsMember2023-01-012023-09-300001562401us-gaap:CommonClassAMemberamh:PerformanceShareUnitsTotalShareholderReturnAwardsMember2022-01-012022-09-300001562401amh:A2021EmployeeStockPurchasePlanMemberus-gaap:CommonClassAMember2023-09-300001562401amh:A2021EmployeeStockPurchasePlanMember2023-01-012023-09-300001562401us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001562401us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001562401us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001562401us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001562401amh:PropertyManagementExpenseMember2023-07-012023-09-300001562401amh:PropertyManagementExpenseMember2022-07-012022-09-300001562401amh:PropertyManagementExpenseMember2023-01-012023-09-300001562401amh:PropertyManagementExpenseMember2022-01-012022-09-300001562401amh:AcquisitionAndOtherTransactionCostsMember2023-07-012023-09-300001562401amh:AcquisitionAndOtherTransactionCostsMember2022-07-012022-09-300001562401amh:AcquisitionAndOtherTransactionCostsMember2023-01-012023-09-300001562401amh:AcquisitionAndOtherTransactionCostsMember2022-01-012022-09-300001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2023-09-300001562401amh:AssetBackedSecuritizationsNovember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2022-12-310001562401amh:AssetBackedSecuritizationsNovember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2023-09-300001562401amh:AssetBackedSecuritizationsMarch2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2022-12-310001562401amh:AssetBackedSecuritizationsMarch2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2023-09-300001562401amh:AssetBackedSecuritizationsSeptember2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2022-12-310001562401amh:AssetBackedSecuritizationsSeptember2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMember2022-12-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.90PercentSeniorNotesDue2029Member2023-09-300001562401amh:A4.90PercentSeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.90PercentSeniorNotesDue2029Member2022-12-310001562401amh:A4.90PercentSeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401amh:A238PercentSeniorNotesDue2031Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401amh:A238PercentSeniorNotesDue2031Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401amh:A238PercentSeniorNotesDue2031Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401amh:A238PercentSeniorNotesDue2031Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A363PercentSeniorNotesDue2032Member2023-09-300001562401amh:A363PercentSeniorNotesDue2032Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A363PercentSeniorNotesDue2032Member2022-12-310001562401amh:A363PercentSeniorNotesDue2032Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401amh:A338PercentSeniorNotesDue2051Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401amh:A338PercentSeniorNotesDue2051Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401amh:A338PercentSeniorNotesDue2051Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401amh:A338PercentSeniorNotesDue2051Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401amh:A430PercentSeniorNotesDue2052Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:UnsecuredSeniorNotesMember2023-09-300001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:UnsecuredSeniorNotesMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:UnsecuredSeniorNotesMember2022-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:UnsecuredSeniorNotesMember2022-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300001562401us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300001562401us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassAMember2023-09-300001562401srt:AffiliatedEntityMemberus-gaap:CommonClassAMember2022-12-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassBMember2022-12-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassBMember2023-09-300001562401srt:AffiliatedEntityMemberamh:ClassACommonUnitsMember2023-09-300001562401srt:AffiliatedEntityMemberamh:ClassACommonUnitsMember2022-12-310001562401srt:AffiliatedEntityMember2023-09-300001562401srt:AffiliatedEntityMember2022-12-310001562401amh:CommitmentToAcquirePropertiesMember2023-09-300001562401srt:SingleFamilyMember2023-01-012023-09-300001562401us-gaap:LandMember2023-01-012023-09-30amh:lot0001562401us-gaap:SuretyBondMember2023-09-300001562401us-gaap:SubsequentEventMember2023-10-012023-10-270001562401us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-012023-10-310001562401us-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-10-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______

Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)


AMH_Master-Logo-v1.0_rgb.jpg
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter)


American Homes 4 RentMaryland 46-1229660
American Homes 4 Rent, L.P.Delaware80-0860173
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

280 Pilot Road
Las Vegas, Nevada 89119
(Address of principal executive offices) (Zip Code)

(805) 413-5300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value
AMHNew York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value
AMH-GNew York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value
AMH-HNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    American Homes 4 Rent Yes ☐ No                American Homes 4 Rent, L.P. Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    American Homes 4 Rent Yes ☐ No                American Homes 4 Rent, L.P. Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Homes 4 Rent
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
American Homes 4 Rent, L.P.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    American Homes 4 Rent ☐                     American Homes 4 Rent, L.P. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    American Homes 4 Rent Yes No                American Homes 4 Rent, L.P. Yes No
There were 361,420,848 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on November 1, 2023.





EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2023 of American Homes 4 Rent and American Homes 4 Rent, L.P. Unless stated otherwise or the context otherwise requires, references to “AMH” or the “General Partner” mean American Homes 4 Rent, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” or the “OP” mean American Homes 4 Rent, L.P., a Delaware limited partnership, and its subsidiaries taken as a whole. References to the “Company,” “we,” “our” and “us” mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership.

AMH is the general partner of, and as of September 30, 2023 owned approximately 87.6% of the common partnership interest in, the Operating Partnership. The remaining 12.4% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AMH and the Operating Partnership as one business, and the management of AMH consists of the same members as the management of the Operating Partnership.

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

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

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

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

The Company believes it is important to understand the few differences between AMH and the Operating Partnership in the context of how AMH and the Operating Partnership operate as a consolidated company. AMH’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AMH is its partnership interest in the Operating Partnership. As a result, AMH generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AMH itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AMH. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AMH contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AMH receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AMH, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

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

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

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



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

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





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

TABLE OF CONTENTS
  Page
 
 
 






CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this Quarterly Report on Form 10-Q, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

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


i




PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
American Homes 4 Rent
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data)

September 30, 2023December 31, 2022
(Unaudited) 
Assets  
Single-family properties:  
Land$2,225,477 $2,197,233 
Buildings and improvements10,545,835 10,127,891 
Single-family properties in operation12,771,312 12,325,124 
Less: accumulated depreciation(2,639,127)(2,386,452)
Single-family properties in operation, net10,132,185 9,938,672 
Single-family properties under development and development land1,334,992 1,187,221 
Single-family properties and land held for sale, net160,328 198,716 
Total real estate assets, net11,627,505 11,324,609 
Cash and cash equivalents69,514 69,155 
Restricted cash 173,133 148,805 
Rent and other receivables53,773 47,752 
Escrow deposits, prepaid expenses and other assets372,157 331,446 
Investments in unconsolidated joint ventures117,350 107,347 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$12,559,377 $12,175,059 
Liabilities  
Revolving credit facility$ $130,000 
Asset-backed securitizations, net1,876,087 1,890,842 
Unsecured senior notes, net2,498,959 2,495,156 
Accounts payable and accrued expenses633,795 484,403 
Total liabilities5,008,841 5,000,401 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 361,420,848 and 352,881,826 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively)
3,614 3,529 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2023 and December 31, 2022)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at September 30, 2023 and December 31, 2022)
92 92 
Additional paid-in capital7,251,465 6,931,819 
Accumulated deficit(391,452)(440,791)
Accumulated other comprehensive income965 1,332 
Total shareholders’ equity6,864,690 6,495,987 
Noncontrolling interest685,846 678,671 
Total equity7,550,536 7,174,658 
Total liabilities and equity$12,559,377 $12,175,059 

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

1




American Homes 4 Rent
Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2023202220232022
Rents and other single-family property revenues$421,697 $391,627 $1,214,948 $1,109,608 
Expenses:    
Property operating expenses167,041 152,065 456,662 414,978 
Property management expenses30,785 29,739 92,251 84,541 
General and administrative expense18,336 16,986 56,128 53,115 
Interest expense34,381 36,254 105,107 98,622 
Acquisition and other transaction costs3,399 4,482 12,650 18,114 
Depreciation and amortization114,863 109,319 340,779 313,688 
Hurricane-related charges, net 6,133  6,133 
Total expenses368,805 354,978 1,063,577 989,191 
Gain on sale and impairment of single-family properties and other, net33,335 24,197 180,752 79,052 
Other income and expense, net1,865 819 9,082 6,765 
Net income88,092 61,665 341,205 206,234 
Noncontrolling interest10,493 7,464 41,140 24,119 
Dividends on preferred shares3,486 3,486 10,458 13,595 
Redemption of perpetual preferred shares   5,276 
Net income attributable to common shareholders$74,113 $50,715 $289,607 $163,244 
Weighted-average common shares outstanding:
Basic362,426,273 348,944,055 361,665,436 347,730,579 
Diluted362,924,932 349,344,541 362,121,128 348,282,995 
Net income attributable to common shareholders per share:
Basic$0.20 $0.14 $0.80 $0.47 
Diluted$0.20 $0.14 $0.80 $0.47 

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

2




American Homes 4 Rent
Condensed Consolidated Statements of Comprehensive Income
(Amounts in thousands)
(Unaudited)

For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
 2023202220232022
Net income $88,092 $61,665 $341,205 $206,234 
Other comprehensive loss:
Cash flow hedging instruments:
Reclassification adjustment for amortization of interest expense included in net income
(142)(141)(423)(423)
Other comprehensive loss(142)(141)(423)(423)
Comprehensive income 87,950 61,524 340,782 205,811 
Comprehensive income attributable to noncontrolling interests10,476 7,443 41,084 24,055 
Dividends on preferred shares3,486 3,486 10,458 13,595 
Redemption of perpetual preferred shares   5,276 
Comprehensive income attributable to common shareholders$73,988 $50,595 $289,240 $162,885 

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

3




American Homes 4 Rent
Condensed Consolidated Statements of Equity
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2021337,362,716 $3,374 635,075 $6 15,400,000 $154 $6,492,933 $(438,710)$1,814 $6,059,571 $678,858 $6,738,429 
Share-based compensation— — — — — — 7,405 — — 7,405 — 7,405 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes280,172 2 — — — — (2,621)— — (2,619)— (2,619)
Issuance of Class A common shares, net of offering costs of $200
10,000,000 100 — — — — 375,540 — — 375,640 — 375,640 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (5,763)— (5,763)— (5,763)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (62,938)— (62,938)— (62,938)
Net income— — — — — — — 61,702 — 61,702 8,312 70,014 
Total other comprehensive loss— — — — — — — — (116)(116)(25)(141)
Balances at March 31, 2022347,642,888 $3,476 635,075 $6 15,400,000 $154 $6,873,257 $(445,709)$1,698 $6,432,882 $677,897 $7,110,779 
Share-based compensation— — — — — — 10,643 — — 10,643 — 10,643 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes53,606 1 — — — — 54 — — 55 — 55 
Redemption of Series F perpetual preferred shares— — — — (6,200,000)(62)(149,662)(5,276)— (155,000)— (155,000)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (4,346)— (4,346)— (4,346)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (63,036)— (63,036)— (63,036)
Net income— — — — — — — 66,212 — 66,212 8,343 74,555 
Total other comprehensive loss— — — — — — — — (123)(123)(18)(141)
Balances at June 30, 2022347,696,494 $3,477 635,075 $6 9,200,000 $92 $6,734,292 $(452,155)$1,575 $6,287,287 $676,974 $6,964,261 


4




American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at June 30, 2022347,696,494 $3,477 635,075 $6 9,200,000 $92 $6,734,292 $(452,155)$1,575 $6,287,287 $676,974 $6,964,261 
Share-based compensation— — — — — — 5,680 — — 5,680 — 5,680 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes112,966 1 — — — — 1,075 — — 1,076 — 1,076 
Issuance of Class A common shares5,000,000 50 — — — — 185,582 — — 185,632 — 185,632 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (9,248)(9,248)
Common shares ($0.18 per share)
— — — — — — — (63,004)— (63,004)— (63,004)
Net income— — — — — — — 54,201 — 54,201 7,464 61,665 
Total other comprehensive loss— — — — — — — — (120)(120)(21)(141)
Balances at September 30, 2022352,809,460 $3,528 635,075 $6 9,200,000 $92 $6,926,629 $(464,444)$1,455 $6,467,266 $675,169 $7,142,435 

5




American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares      
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2022352,881,826 $3,529 635,075 $6 9,200,000 $92 $6,931,819 $(440,791)$1,332 $6,495,987 $678,671 $7,174,658 
Share-based compensation— — — — — — 5,824 — — 5,824 — 5,824 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
264,466 2 — — — — (3,744)— — (3,742)— (3,742)
Issuance of Class A common shares8,000,000 80 — — — — 298,292 — — 298,372 — 298,372 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (11,303)(11,303)
Common shares ($0.22 per share)
— — — — — — — (79,977)— (79,977)— (79,977)
Net income— — — — — — — 120,951 — 120,951 16,748 137,699 
Total other comprehensive loss— — — — — — — — (120)(120)(21)(141)
Balances at March 31, 2023361,146,292 $3,611 635,075 $6 9,200,000 $92 $7,232,191 $(403,303)$1,212 $6,833,809 $684,095 $7,517,904 
Share-based compensation— — — — — — 8,508 — — 8,508 — 8,508 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes219,400 3 — — — — 3,505 — — 3,508 — 3,508 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (11,303)(11,303)
Common shares ($0.22 per share)
— — — — — — — (80,160)— (80,160)— (80,160)
Net income— — — — — — — 101,515 — 101,515 13,899 115,414 
Total other comprehensive loss— — — — — — — — (122)(122)(18)(140)
Balances at June 30, 2023361,365,692 $3,614 635,075 $6 9,200,000 $92 $7,244,204 $(385,434)$1,090 $6,863,572 $686,673 $7,550,245 


6




American Homes 4 Rent
Condensed Consolidated Statements of Equity (continued)
(Amounts in thousands, except share and per share data)
(Unaudited)

 Class A common sharesClass B common sharesPreferred shares
Number
of shares
AmountNumber
of shares
AmountNumber
of shares
AmountAdditional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive incomeShareholders’
equity
Noncontrolling
interest
Total
equity
Balances at June 30, 2023361,365,692 $3,614 635,075 $6 9,200,000 $92 $7,244,204 $(385,434)$1,090 $6,863,572 $686,673 $7,550,245 
Share-based compensation— — — — — — 6,416 — — 6,416 — 6,416 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes55,156 — — — — — 845 — — 845 — 845 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (3,486)— (3,486)— (3,486)
Noncontrolling interests— — — — — — — — — — (11,303)(11,303)
Common shares (0.22 per share)
— — — — — — — (80,131)— (80,131)— (80,131)
Net income— — — — — — — 77,599 — 77,599 10,493 88,092 
Total other comprehensive loss— — — — — — — — (125)(125)(17)(142)
Balances at September 30, 2023361,420,848 $3,614 635,075 $6 9,200,000 $92 $7,251,465 $(391,452)$965 $6,864,690 $685,846 $7,550,536 

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

7




American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Nine Months Ended
September 30,
 20232022
Operating activities  
Net income$341,205 $206,234 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization340,779 313,688 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments9,193 8,588 
Noncash share-based compensation20,748 23,728 
Equity in net income of unconsolidated joint ventures(1,581)(3,135)
Return on investment from unconsolidated joint ventures1,788 4,777 
Gain on sale and impairment of single-family properties and other, net(180,752)(79,052)
Other changes in operating assets and liabilities:
Rent and other receivables(8,206)(10,789)
Prepaid expenses and other assets(3,606)3,572 
Deferred leasing costs(2,368)(1,868)
Accounts payable and accrued expenses104,670 134,237 
Amounts due from related parties1,504 (3,192)
Net cash provided by operating activities623,374 596,788 
Investing activities  
Cash paid for single-family properties(5,862)(582,442)
Change in escrow deposits for purchase of single-family properties2,808 8,492 
Net proceeds received from sales of single-family properties and other384,343 163,295 
Proceeds received from storm-related insurance claims2,185 1,981 
Proceeds from notes receivable related to the sale of properties663 34,014 
Investment in unconsolidated joint ventures(12,519)(17,308)
Distributions from joint ventures34,352 58,160 
Renovations to single-family properties(23,886)(80,612)
Recurring and other capital expenditures for single-family properties(106,372)(98,763)
Cash paid for development activity(708,823)(707,764)
Cash paid for deposits on land option contracts(1,142)(10,686)
Other investing activities(31,063)(36,021)
Net cash used for investing activities(465,316)(1,267,654)
Financing activities  
Proceeds from issuance of Class A common shares298,372 561,472 
Payments of Class A common share issuance costs (200)
Redemption of perpetual preferred shares (155,000)
Proceeds from issuances under share-based compensation plans4,453 3,323 
Payments related to tax withholding for share-based compensation(3,842)(4,811)
Payments on asset-backed securitizations(18,533)(16,884)
Proceeds from revolving credit facility 490,000 
Payments on revolving credit facility(130,000)(840,000)
Proceeds from unsecured senior notes, net of discount 876,813 
Proceeds from liabilities related to consolidated land not owned 60,217 
Distributions to noncontrolling interests(33,774)(27,612)
Distributions to common shareholders(239,589)(188,689)
Distributions to preferred shareholders(10,458)(13,595)
Deferred financing costs paid (8,215)
Net cash (used for) provided by financing activities(133,371)736,819 
Net increase in cash, cash equivalents and restricted cash24,687 65,953 
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)217,960 191,767 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$242,647 $257,720 

8




American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)
For the Nine Months Ended
September 30,
20232022
Supplemental cash flow information  
Cash payments for interest, net of amounts capitalized$(102,920)$(89,400)
Supplemental schedule of noncash investing and financing activities  
Accrued property renovations and development expenditures$84,224 $65,586 
Transfers of completed homebuilding deliveries to properties514,180 335,684 
Property and land contributions to unconsolidated joint ventures(33,385)(35,849)