0001562401000171655812/312021Q1falseus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrenttwosix-month00015624012021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2021-01-012021-03-310001562401us-gaap:CommonClassAMember2021-01-012021-03-310001562401us-gaap:SeriesDPreferredStockMember2021-01-012021-03-310001562401us-gaap:SeriesEPreferredStockMember2021-01-012021-03-310001562401us-gaap:SeriesFPreferredStockMember2021-01-012021-03-310001562401us-gaap:SeriesGPreferredStockMember2021-01-012021-03-310001562401us-gaap:SeriesHPreferredStockMember2021-01-012021-03-31xbrli:shares0001562401us-gaap:CommonClassAMember2021-05-050001562401us-gaap:CommonClassBMember2021-05-05iso4217:USD00015624012021-03-3100015624012020-12-310001562401us-gaap:RevolvingCreditFacilityMember2021-03-310001562401us-gaap:RevolvingCreditFacilityMember2020-12-31iso4217:USDxbrli:shares0001562401us-gaap:CommonClassAMember2020-12-310001562401us-gaap:CommonClassAMember2021-03-310001562401us-gaap:CommonClassBMember2020-12-310001562401us-gaap:CommonClassBMember2021-03-3100015624012020-01-012020-03-310001562401us-gaap:RealEstateMember2021-01-012021-03-310001562401us-gaap:RealEstateMember2020-01-012020-03-310001562401us-gaap:ManagementServiceMember2021-01-012021-03-310001562401us-gaap:ManagementServiceMember2020-01-012020-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-12-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-12-310001562401us-gaap:PreferredStockMember2019-12-310001562401us-gaap:AdditionalPaidInCapitalMember2019-12-310001562401us-gaap:RetainedEarningsMember2019-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001562401us-gaap:ParentMember2019-12-310001562401us-gaap:NoncontrollingInterestMember2019-12-3100015624012019-12-310001562401us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001562401us-gaap:ParentMember2020-01-012020-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-01-012020-03-310001562401us-gaap:RetainedEarningsMember2020-01-012020-03-310001562401us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100015624012019-01-012019-12-310001562401srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310001562401us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001562401srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-03-310001562401us-gaap:PreferredStockMember2020-03-310001562401us-gaap:AdditionalPaidInCapitalMember2020-03-310001562401us-gaap:RetainedEarningsMember2020-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001562401us-gaap:ParentMember2020-03-310001562401us-gaap:NoncontrollingInterestMember2020-03-3100015624012020-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-12-310001562401us-gaap:PreferredStockMember2020-12-310001562401us-gaap:AdditionalPaidInCapitalMember2020-12-310001562401us-gaap:RetainedEarningsMember2020-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001562401us-gaap:ParentMember2020-12-310001562401us-gaap:NoncontrollingInterestMember2020-12-310001562401us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001562401us-gaap:ParentMember2021-01-012021-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001562401us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001562401us-gaap:RetainedEarningsMember2021-01-012021-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-03-310001562401us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-03-310001562401us-gaap:PreferredStockMember2021-03-310001562401us-gaap:AdditionalPaidInCapitalMember2021-03-310001562401us-gaap:RetainedEarningsMember2021-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001562401us-gaap:ParentMember2021-03-310001562401us-gaap:NoncontrollingInterestMember2021-03-310001562401us-gaap:RevolvingCreditFacilityMember2021-01-012021-03-310001562401us-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:CommonStockMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:CommonStockMember2020-12-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-03-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RealEstateMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RealEstateMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:ManagementServiceMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:ManagementServiceMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2019-12-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2019-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2019-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2019-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2019-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2020-01-012020-03-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2020-01-012020-03-310001562401srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2019-12-310001562401srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberamh:AmericanHomes4RentLimitedPartnershipMember2019-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2020-01-012020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2020-03-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2020-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMember2020-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2020-12-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2020-12-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2021-01-012021-03-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2021-01-012021-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMemberus-gaap:CommonStockMember2021-03-310001562401us-gaap:PreferredStockMemberamh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:GeneralPartnerMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:LimitedPartnerMemberus-gaap:CommonStockMember2021-03-310001562401us-gaap:AccumulatedOtherComprehensiveIncomeMemberamh:AmericanHomes4RentLimitedPartnershipMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-31amh:singleFamilyProperty0001562401amh:SingleFamilyHomesMember2021-03-31amh:stateamh:property0001562401amh:SingleFamilyHomesMemberamh:SingleFamilyPropertiesIdentifiedAsPartOfDisposalGroupMember2021-03-31xbrli:pure0001562401amh:AmericanHomes4RentMember2021-01-012021-03-310001562401amh:LimitedPartnersMember2021-01-012021-03-310001562401amh:SingleFamilyHomesMemberus-gaap:PropertySubjectToOperatingLeaseMember2021-03-310001562401amh:SingleFamilyHomesMemberus-gaap:PropertySubjectToOperatingLeaseMember2020-12-310001562401amh:SingleFamilyHomesMemberamh:RecentlyDevelopedOrAcquiredAvailableForLeaseMember2021-03-310001562401amh:SingleFamilyHomesMemberamh:RecentlyDevelopedOrAcquiredAvailableForLeaseMember2020-12-310001562401amh:SingleFamilyHomesMemberamh:PropertiesBeingPreparedForReLeaseMember2021-03-310001562401amh:SingleFamilyHomesMemberamh:PropertiesBeingPreparedForReLeaseMember2020-12-310001562401amh:SingleFamilyHomesMemberus-gaap:PropertyAvailableForOperatingLeaseMember2021-03-310001562401amh:SingleFamilyHomesMemberus-gaap:PropertyAvailableForOperatingLeaseMember2020-12-310001562401amh:SingleFamilyHomesMember2020-12-310001562401amh:SingleFamilyHomesMember2021-01-012021-03-310001562401amh:SingleFamilyHomesMember2020-01-012020-03-310001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2021-01-012021-03-310001562401amh:CommercialRealEstateVehiclesAndFurnitureFixturesAndEquipmentMember2020-01-012020-03-310001562401amh:DeferredLeasingCostsMember2021-03-310001562401amh:DeferredFinancingCostsMember2021-03-31amh:joint_venture0001562401amh:AlaskaPermanentFundMember2021-03-31amh:bulk_disposition0001562401amh:AlaskaPermanentFundMember2020-12-310001562401amh:LeadingInstitutionalInvestorMember2021-03-310001562401amh:LeadingInstitutionalInvestorMember2020-12-310001562401amh:JPMorganAssetManagementMember2021-03-310001562401amh:JPMorganAssetManagementMember2020-12-310001562401us-gaap:CorporateJointVentureMemberus-gaap:ManagementServiceMember2021-01-012021-03-310001562401us-gaap:CorporateJointVentureMemberus-gaap:ManagementServiceMember2020-01-012020-03-310001562401us-gaap:CorporateJointVentureMember2020-09-300001562401us-gaap:CorporateJointVentureMember2020-07-012020-09-300001562401us-gaap:CorporateJointVentureMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-07-012020-09-300001562401us-gaap:CorporateJointVentureMember2021-03-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2021-03-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2020-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2021-03-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2020-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2021-03-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsMarch2015SecuritizationMember2020-12-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2021-03-310001562401us-gaap:SecuredDebtMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2020-12-310001562401us-gaap:SecuredDebtMember2021-03-310001562401us-gaap:SecuredDebtMember2020-12-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2021-03-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:SeniorNotesMember2020-12-310001562401us-gaap:SeniorNotesMemberamh:A4.90PercentSeniorNotesDue2029Member2021-03-310001562401us-gaap:SeniorNotesMemberamh:A4.90PercentSeniorNotesDue2029Member2020-12-310001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-03-310001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-04-150001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2021-01-012021-03-310001562401amh:AssetBackedSecuritizationsUnsecuredSeniorNotesandTermLoanFacilityMember2020-01-012020-03-310001562401amh:AttheMarketCommonShareOfferingProgramMemberus-gaap:CommonClassAMember2020-06-300001562401amh:AttheMarketCommonShareOfferingProgramMemberus-gaap:CommonClassAMember2021-01-012021-03-310001562401amh:AttheMarketCommonShareOfferingProgramMemberus-gaap:CommonClassAMember2020-04-012021-03-310001562401amh:AttheMarketCommonShareOfferingProgramMemberus-gaap:CommonClassAMember2021-03-310001562401us-gaap:PreferredStockMember2021-03-310001562401us-gaap:SeriesDPreferredStockMember2021-03-310001562401us-gaap:SeriesDPreferredStockMember2020-12-310001562401us-gaap:SeriesEPreferredStockMember2021-03-310001562401us-gaap:SeriesEPreferredStockMember2020-12-310001562401us-gaap:SeriesFPreferredStockMember2021-03-310001562401us-gaap:SeriesFPreferredStockMember2020-12-310001562401us-gaap:SeriesGPreferredStockMember2021-03-310001562401us-gaap:SeriesGPreferredStockMember2020-12-310001562401us-gaap:SeriesHPreferredStockMember2021-03-310001562401us-gaap:SeriesHPreferredStockMember2020-12-310001562401us-gaap:CommonClassBMember2021-01-012021-03-310001562401us-gaap:CommonClassAMember2020-01-012020-03-310001562401us-gaap:CommonClassBMember2020-01-012020-03-310001562401us-gaap:SeriesDPreferredStockMember2020-01-012020-03-310001562401us-gaap:SeriesEPreferredStockMember2020-01-012020-03-310001562401us-gaap:SeriesFPreferredStockMember2020-01-012020-03-310001562401us-gaap:SeriesGPreferredStockMember2020-01-012020-03-310001562401us-gaap:SeriesHPreferredStockMember2020-01-012020-03-310001562401amh:ClassAUnitsMemberamh:AHLLCMemberamh:OperatingPartnershipLegalEntityMember2021-03-310001562401amh:ClassAUnitsMemberamh:AHLLCMemberamh:OperatingPartnershipLegalEntityMember2020-12-310001562401amh:ClassAUnitsMemberamh:OperatingPartnershipLegalEntityMember2021-03-310001562401amh:ClassAUnitsMemberamh:OperatingPartnershipLegalEntityMember2020-12-310001562401amh:ClassAUnitsMemberamh:AmericanResidentialPropertiesInc.Memberamh:OperatingPartnershipLegalEntityMember2021-03-310001562401amh:ClassAUnitsMemberamh:AmericanResidentialPropertiesInc.Memberamh:OperatingPartnershipLegalEntityMember2020-12-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMemberamh:NonManagementTrusteesMember2021-01-012021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2021-01-012021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMembersrt:MinimumMemberamh:PerformanceShareUnitsPSUsMember2021-01-012021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMembersrt:MaximumMember2021-01-012021-03-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2020-12-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2019-12-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2021-01-012021-03-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2020-01-012020-03-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2021-03-310001562401us-gaap:EmployeeStockOptionMemberamh:TwoThousandTwelveEquityIncentivePlanMember2020-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-12-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2019-12-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2020-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2020-12-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2019-12-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2020-01-012020-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2021-03-310001562401amh:TwoThousandTwelveEquityIncentivePlanMemberamh:PerformanceShareUnitsPSUsMember2020-03-310001562401us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310001562401us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-03-310001562401amh:PropertyManagementExpenseMember2021-01-012021-03-310001562401amh:PropertyManagementExpenseMember2020-01-012020-03-310001562401amh:AcquisitionAndOtherTransactionCostsMember2021-01-012021-03-310001562401amh:AcquisitionAndOtherTransactionCostsMember2020-01-012020-03-310001562401amh:PerformanceShareUnitsPSUsMember2021-01-012021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMemberamh:PerformanceShareUnitsPSUsMember2021-01-012021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2021-03-310001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2014SecuritizationMember2020-12-310001562401amh:AssetBackedSecuritizationsSeptember2014SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2021-03-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2020-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:AssetBackedSecuritizationsNovember2014SecuritizationMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsFebruary2015SecuritizationMember2021-03-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:AssetBackedSecuritizationsFebruary2015SecuritizationMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsFebruary2015SecuritizationMember2020-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMemberamh:AssetBackedSecuritizationsFebruary2015SecuritizationMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2021-03-310001562401amh:AssetBackedSecuritizationsSeptember2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:AssetBackedSecuritizationsSeptember2015SecuritizationMember2020-12-310001562401amh:AssetBackedSecuritizationsSeptember2015SecuritizationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001562401us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.25PercentSeniorNotesDue2028Member2021-03-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.25PercentSeniorNotesDue2028Member2020-12-310001562401amh:A4.25PercentSeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.90PercentSeniorNotesDue2029Member2021-03-310001562401amh:A4.90PercentSeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310001562401us-gaap:CarryingReportedAmountFairValueDisclosureMemberamh:A4.90PercentSeniorNotesDue2029Member2020-12-310001562401amh:A4.90PercentSeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001562401us-gaap:TreasuryLockMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassAMember2020-12-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassAMember2021-03-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassBMember2020-12-310001562401srt:AffiliatedEntityMemberus-gaap:CommonClassBMember2021-03-310001562401srt:AffiliatedEntityMember2021-03-310001562401srt:AffiliatedEntityMember2020-12-310001562401amh:AmericanHomes4RentLimitedPartnershipMembersrt:AffiliatedEntityMember2021-03-310001562401amh:AmericanHomes4RentLimitedPartnershipMembersrt:AffiliatedEntityMember2020-12-310001562401amh:CommitmentToAcquirePropertiesMember2021-03-310001562401srt:SingleFamilyMember2021-01-012021-03-310001562401us-gaap:LandMember2021-01-012021-03-310001562401amh:CommitmentToAcquirePropertiesMember2020-12-310001562401srt:SingleFamilyMember2020-01-012020-12-310001562401us-gaap:LandMember2020-01-012020-12-310001562401us-gaap:SuretyBondMember2021-03-310001562401us-gaap:SuretyBondMember2020-12-310001562401us-gaap:SubsequentEventMember2021-04-012021-04-300001562401us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-04-012021-04-300001562401us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-04-300001562401us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-04-152021-04-150001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMember2021-04-152021-04-150001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMemberus-gaap:SubsequentEventMember2021-04-152021-04-150001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-04-152021-04-150001562401us-gaap:LineOfCreditMemberus-gaap:BaseRateMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-04-152021-04-150001562401us-gaap:LineOfCreditMemberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMembersrt:MaximumMember2021-04-152021-04-150001562401us-gaap:SeriesDPreferredStockMemberus-gaap:SubsequentEventMember2021-05-060001562401us-gaap:SeriesEPreferredStockMemberus-gaap:SubsequentEventMember2021-05-06amh:debtInstrumentExtensionOption0001562401us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2021-04-152021-04-15


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
 
Commission File Number: 001-36013 (American Homes 4 Rent)
Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.)
AMERICAN HOMES 4 RENT
AMERICAN HOMES 4 RENT, L.P.
(Exact name of registrant as specified in its charter) 

American Homes 4 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.)

23975 Park Sorrento, Suite 300
Calabasas, California 91302
(Address of principal executive offices) (Zip Code)
 
(805) 413-5300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value
AMHNew York Stock Exchange
Series D perpetual preferred shares of beneficial interest, $.01 par value
AMH-DNew York Stock Exchange
Series E perpetual preferred shares of beneficial interest, $.01 par value
AMH-ENew York Stock Exchange
Series F perpetual preferred shares of beneficial interest, $.01 par value
AMH-FNew 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 filer
Accelerated 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 316,617,810 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on May 5, 2021.





EXPLANATORY NOTE

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

    AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership.

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

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

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

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

    The Company believes it is important to understand the few differences between AH4R and the Operating Partnership in the context of how AH4R and the Operating Partnership operate as a consolidated company. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

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

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

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



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

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



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

TABLE OF CONTENTS
  Page
 
 
 




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

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

These and other important factors, including those discussed or incorporated by reference under Part II, “Item 1A. Risk Factors,” Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
 
While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance, and you should not unduly rely on them. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this report. We are not obligated to update or revise these statements as a result of new information, future events or otherwise, unless required by applicable law.


i


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

March 31, 2021December 31, 2020
(Unaudited) 
Assets
 
 
Single-family properties:  
Land$1,860,879 $1,836,798 
Buildings and improvements8,301,797 8,163,023 
Single-family properties in operation10,162,676 9,999,821 
Less: accumulated depreciation(1,832,510)(1,754,433)
Single-family properties in operation, net8,330,166 8,245,388 
Single-family properties under development and development land554,765 510,365 
Single-family properties held for sale, net115,994 129,026 
Total real estate assets, net9,000,925 8,884,779 
Cash and cash equivalents75,237 137,060 
Restricted cash 136,867 128,017 
Rent and other receivables49,714 41,544 
Escrow deposits, prepaid expenses and other assets177,936 163,171 
Investments in unconsolidated joint ventures100,077 93,109 
Asset-backed securitization certificates25,666 25,666 
Goodwill120,279 120,279 
Total assets$9,686,701 $9,593,625 
Liabilities  
Revolving credit facility$80,000 $ 
Asset-backed securitizations, net1,922,734 1,927,607 
Unsecured senior notes, net890,143 889,805 
Accounts payable and accrued expenses307,644 298,949 
Amounts payable to affiliates 4,834 
Total liabilities3,200,521 3,121,195 
Commitments and contingencies (see Note 15)

Equity  
Shareholders’ equity:  
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 316,617,810 and 316,021,385 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)
3,166 3,160 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2021 and December 31, 2020)
6 6 
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)
354 354 
Additional paid-in capital6,234,456 6,223,256 
Accumulated deficit(445,103)(443,522)
Accumulated other comprehensive income13,576 5,840 
Total shareholders’ equity5,806,455 5,789,094 
Noncontrolling interest679,725 683,336 
Total equity6,486,180 6,472,430 
Total liabilities and equity$9,686,701 $9,593,625 

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

1


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

For the Three Months Ended
March 31,
 20212020
Rents and other single-family property revenues$312,573 $287,342 
Expenses:  
Property operating expenses118,694 107,497 
Property management expenses23,699 23,276 
General and administrative expense15,205 11,266 
Interest expense28,005 29,715 
Acquisition and other transaction costs4,846 2,147 
Depreciation and amortization90,071 82,821 
Total expenses280,520 256,722 
Gain on sale and impairment of single-family properties and other, net16,069 6,319 
Other income and expense, net799 588 
Net income48,921 37,527 
Noncontrolling interest4,925 3,501 
Dividends on preferred shares13,782 13,782 
Net income attributable to common shareholders$30,214 $20,244 
Weighted-average common shares outstanding:
Basic316,982,460 300,813,069 
Diluted317,441,397 301,305,068 
Net income attributable to common shareholders per share:
Basic$0.10 $0.07 
Diluted$0.09 $0.07 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

2


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

For the Three Months Ended
March 31,
 20212020
Net income $48,921 $37,527 
Other comprehensive income (loss):
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument9,230  
Reclassification adjustment for amortization of interest expense included in net income
(241)(241)
Other comprehensive income (loss)8,989 (241)
Comprehensive income 57,910 37,286 
Comprehensive income attributable to noncontrolling interests6,185 3,466 
Dividends on preferred shares13,782 13,782 
Comprehensive income attributable to common shareholders$37,943 $20,038 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3


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

 Class A common 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, 2019300,107,599 $3,001 635,075 $6 35,350,000 $354 $5,790,775 $(465,368)$6,658 $5,335,426 $683,364 $6,018,790 
Share-based compensation— — — — — — 1,808 — — 1,808 — 1,808 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
208,010 2 — — — — (165)— — (163)— (163)
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (2,602)(2,602)
Common shares ($0.05 per share)
— — — — — — — (15,088)— (15,088)— (15,088)
Cumulative effect of adoption of ASU 2016-13— — — — — — — (1,494)— (1,494)— (1,494)
Net income— — — — — — — 34,026 — 34,026 3,501 37,527 
Total other comprehensive loss— — — — — — — — (206)(206)(35)(241)
Balances at March 31, 2020300,315,609 $3,003 635,075 $6 35,350,000 $354 $5,792,418 $(461,706)$6,452 $5,340,527 $684,228 $6,024,755 


4


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

 Class A common 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, 2020316,021,385 $3,160 635,075 $6 35,350,000 $354 $6,223,256 $(443,522)$5,840 $5,789,094 $683,336 $6,472,430 
Share-based compensation— — — — — — 8,110 — — 8,110 — 8,110 
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes
246,425 2 — — — — (1,523)— — (1,521)— (1,521)
Redemptions of Class A units350,000 4 — — — — 4,613 — 7 4,624 (4,624) 
Distributions to equity holders:
Preferred shares (Note 10)
— — — — — — — (13,782)— (13,782)— (13,782)
Noncontrolling interests— — — — — — — — — — (5,172)(5,172)
Common shares ($0.10 per share)
— — — — — — — (31,795)— (31,795)— (31,795)
Net income— — — — — — — 43,996 — 43,996 4,925 48,921 
Total other comprehensive income— — — — — — — — 7,729 7,729 1,260 8,989 
Balances at March 31, 2021316,617,810 $3,166 635,075 $6 35,350,000 $354 $6,234,456 $(445,103)$13,576 $5,806,455 $679,725 $6,486,180 

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

5


American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)

For the Three Months Ended
March 31,
 20212020
Operating activities  
Net income$48,921 $37,527 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization90,071 82,821 
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instrument1,829 1,849 
Noncash share-based compensation8,110 1,808 
Equity in net (income) losses of unconsolidated joint ventures(366)1,231 
Gain on sale and impairment of single-family properties and other, net(16,069)(6,319)
Other changes in operating assets and liabilities:
Rent and other receivables(8,170)(3,746)
Prepaid expenses and other assets5,742 (5,980)
Deferred leasing costs(975)(910)
Accounts payable and accrued expenses23,242 18,397 
Amounts due from related parties(338)(182)
Net cash provided by operating activities151,997 126,496 
Investing activities  
Cash paid for single-family properties(82,118)(102,575)
Change in escrow deposits for purchase of single-family properties(5,341)2,259 
Net proceeds received from sales of single-family properties and other46,304 81,257 
Proceeds received from hurricane-related insurance claims 3,408 
Investment in unconsolidated joint ventures(7,990)(1,000)
Distributions from joint ventures25,893 887 
Renovations to single-family properties(9,069)(858)
Recurring and other capital expenditures for single-family properties(26,033)(21,224)
Cash paid for development activity(141,618)(138,957)
Other purchases of productive assets(8,258)(2,411)
Net cash used for investing activities(208,230)(179,214)
Financing activities  
Proceeds from exercise of stock options1,121 1,449 
Payments related to tax withholding for share-based compensation(2,642)(1,612)
Payments on asset-backed securitizations(6,118)(5,435)
Proceeds from revolving credit facility80,000 105,000 
Distributions to noncontrolling interests(7,758)(5,178)
Distributions to common shareholders(47,561)(30,114)
Distributions to preferred shareholders(13,782)(13,782)
Net cash provided by financing activities3,260 50,328 
Net decrease in cash, cash equivalents and restricted cash(52,973)(2,390)
Cash, cash equivalents and restricted cash, beginning of period (see Note 3)265,077 164,119 
Cash, cash equivalents and restricted cash, end of period (see Note 3)$212,104 $161,729 


6


American Homes 4 Rent
Condensed Consolidated Statements of Cash Flows (continued)
(Amounts in thousands)
(Unaudited)

For the Three Months Ended
March 31,
20212020
Supplemental cash flow information  
Cash payments for interest, net of amounts capitalized$(36,388)$(37,987)
Supplemental schedule of noncash investing and financing activities  
Accrued property renovations and development expenditures$31,854 $9,618 
Transfers of completed homebuilding deliveries to properties72,862 75,498 
Property and land contributions to unconsolidated joint ventures(23,835)(9,835)
Unrealized gain on cash flow hedging instrument9,230  
Noncash right-of-use assets obtained in exchange for operating lease liabilities537 1,603 
Accrued distributions to non-affiliates105 41 

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

7


American Homes 4 Rent, L.P.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except unit data)

March 31, 2021December 31, 2020
(Unaudited) 
Assets
Single-family properties:
Land$1,860,879 $1,836,798 
Buildings and improvements8,301,797 8,163,023 
Single-family properties in operation10,162,676 9,999,821 
Less: accumulated depreciation(1,832,510)(1,754,433)
Single-family properties in operation, net8,330,166 8,245,388 
Single-family properties under development and development land554,765 510,365 
Single-family properties held for sale, net115,994 129,026 
Total real estate assets, net9,000,925 8,884,779 
Cash and cash equivalents75,237 137,060 
Restricted cash136,867 128,017 
Rent and other receivables49,714 41,544 
Escrow deposits, prepaid expenses and other assets177,936 163,171 
Investments in unconsolidated joint ventures100,077 93,109 
Amounts due from affiliates25,666 25,666 
Goodwill120,279 120,279 
Total assets$9,686,701 $9,593,625 
Liabilities
Revolving credit facility$80,000 $ 
Asset-backed securitizations, net1,922,734 1,927,607 
Unsecured senior notes, net890,143 889,805 
Accounts payable and accrued expenses307,644 298,949 
Amounts payable to affiliates 4,834 
Total liabilities3,200,521 3,121,195 
Commitments and contingencies (see Note 15)
Capital
Partners’ capital:
General partner:
Common units (317,252,885 and 316,656,460 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively)
4,938,444 4,928,819 
Preferred units (35,350,000 units issued and outstanding at March 31, 2021 and December 31, 2020)
854,435 854,435 
Limited partner:
Common units (51,376,980 and 51,726,980 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively)
677,452 682,316 
Accumulated other comprehensive income15,849 6,860 
Total capital6,486,180 6,472,430 
Total liabilities and capital$9,686,701 $9,593,625 

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

8


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

For the Three Months Ended
March 31,
20212020
Rents and other single-family property revenues$312,573 $287,342 
Expenses:
Property operating expenses118,694 107,497 
Property management expenses23,699 23,276 
General and administrative expense15,205 11,266 
Interest expense28,005 29,715 
Acquisition and other transaction costs4,846 2,147 
Depreciation and amortization90,071 82,821 
Total expenses280,520 256,722 
Gain on sale and impairment of single-family properties and other, net16,069 6,319 
Other income and expense, net799588
Net income48,921 37,527 
Preferred distributions13,782 13,782 
Net income attributable to common unitholders$35,139 $23,745 
Weighted-average common units outstanding:
Basic368,647,217 352,840,049 
Diluted369,106,154 353,332,048 
Net income attributable to common unitholders per unit:
Basic$0.10 $0.07 
Diluted$0.09 $0.07 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

9


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

For the Three Months Ended
March 31,
20212020
Net income$48,921 $37,527 
Other comprehensive income (loss):
Gain (loss) on cash flow hedging instruments:
Unrealized gain on cash flow hedging instrument9,230  
Reclassification adjustment for amortization of interest expense included in net income
(241)(241)
Other comprehensive income (loss)8,989 (241)
Comprehensive income57,910 37,286 
Preferred distributions13,782 13,782 
Comprehensive income attributable to common unitholders$44,128 $23,504 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

10


American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital
(Amounts in thousands, except unit and per unit data)
(Unaudited)

General PartnerLimited PartnersAccumulated other comprehensive incomeTotal capital
Common capitalPreferred capital amountCommon capital
Number of unitsAmountNumber of unitsAmount
Balances at December 31, 2019300,742,674 $4,474,333 $854,435 52,026,980 $682,199 $7,823 $6,018,790 
Share-based compensation— 1,808 — — — — 1,808 
Common units issued under share-based compensation plans, net of units withheld for employee taxes
208,010 (163)— — — — (163)
Distributions to capital holders:
Preferred units (Note 10)
— — (13,782)— — — (13,782)
Common units ($0.05 per unit)
— (15,088)— — (2,602)— (17,690)
Cumulative effect of adoption of ASU 2016-13— (1,494)— — — — (1,494)
Net income— 20,244 13,782 — 3,501 — 37,527 
Total other comprehensive loss— — — — — (241)(241)
Balances at March 31, 2020300,950,684 $4,479,640 $854,435 52,026,980 $683,098 $7,582 $6,024,755 


11


American Homes 4 Rent, L.P.
Condensed Consolidated Statements of Capital (continued)
(Amounts in thousands, except unit and per unit data)
(Unaudited)

General PartnerLimited PartnersAccumulated other comprehensive incomeTotal capital
Common capitalPreferred capital amountCommon capital
Number of unitsAmountNumber of unitsAmount
Balances at December 31, 2020316,656,460 $4,928,819 $854,435 51,726,980 $682,316 $6,860 $6,472,430 
Share-based compensation— 8,110 — — — — 8,110 
Common units issued under share-based compensation plans, net of units withheld for employee taxes
246,425 (1,521)— — — — (1,521)
Redemptions of Class A units350,000