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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbols Name of each exchange on which registered
Class A common shares of beneficial interest, $.01 par value
AMH New York Stock Exchange
Series D perpetual preferred shares of beneficial interest, $.01 par value
AMH-D New York Stock Exchange
Series E perpetual preferred shares of beneficial interest, $.01 par value
AMH-E New York Stock Exchange
Series F perpetual preferred shares of beneficial interest, $.01 par value
AMH-F New York Stock Exchange
Series G perpetual preferred shares of beneficial interest, $.01 par value
AMH-G New York Stock Exchange
Series H perpetual preferred shares of beneficial interest, $.01 par value
AMH-H New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
    American Homes 4 Rent   Yes   ☐  No                American Homes 4 Rent, L.P.   Yes   ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
American Homes 4 Rent
Large accelerated filer
Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
American Homes 4 Rent, L.P.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    American Homes 4 Rent  ☐                         American Homes 4 Rent, L.P. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
    American Homes 4 Rent   Yes     No                American Homes 4 Rent, L.P.   Yes     No
There were 316,617,810 shares of American Homes 4 Rent’s Class A common shares, $0.01 par value per share, and 635,075 shares of American Homes 4 Rent’s Class B common shares, $0.01 par value per share, outstanding on May 5, 2021.





EXPLANATORY NOTE

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

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

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

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

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

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

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

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

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

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



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

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



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

TABLE OF CONTENTS
    Page
 
1
1
2
3
4
6
8
9
 
 




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

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

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


i


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

March 31, 2021 December 31, 2020
(Unaudited)  
Assets
 
 
Single-family properties:    
Land $ 1,860,879  $ 1,836,798 
Buildings and improvements 8,301,797  8,163,023 
Single-family properties in operation 10,162,676  9,999,821 
Less: accumulated depreciation (1,832,510) (1,754,433)
Single-family properties in operation, net 8,330,166  8,245,388 
Single-family properties under development and development land 554,765  510,365 
Single-family properties held for sale, net 115,994  129,026 
Total real estate assets, net 9,000,925  8,884,779 
Cash and cash equivalents 75,237  137,060 
Restricted cash 136,867  128,017 
Rent and other receivables 49,714  41,544 
Escrow deposits, prepaid expenses and other assets 177,936  163,171 
Investments in unconsolidated joint ventures 100,077  93,109 
Asset-backed securitization certificates 25,666  25,666 
Goodwill 120,279  120,279 
Total assets $ 9,686,701  $ 9,593,625 
Liabilities    
Revolving credit facility $ 80,000  $ — 
Asset-backed securitizations, net 1,922,734  1,927,607 
Unsecured senior notes, net 890,143  889,805 
Accounts payable and accrued expenses 307,644  298,949 
Amounts payable to affiliates —  4,834 
Total liabilities 3,200,521  3,121,195 
Commitments and contingencies (see Note 15)

Equity    
Shareholders’ equity:    
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 316,617,810 and 316,021,385 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)
3,166  3,160 
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2021 and December 31, 2020)
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 35,350,000 shares issued and outstanding at March 31, 2021 and December 31, 2020)
354  354 
Additional paid-in capital 6,234,456  6,223,256 
Accumulated deficit (445,103) (443,522)
Accumulated other comprehensive income 13,576  5,840 
Total shareholders’ equity 5,806,455  5,789,094 
Noncontrolling interest 679,725  683,336 
Total equity 6,486,180  6,472,430 
Total liabilities and equity $ 9,686,701  $ 9,593,625 

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

1


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

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

2


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

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

3


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

  Class A common shares Class B common shares Preferred shares            
Number
of shares
Amount Number
of shares
Amount Number
of shares
Amount Additional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive income Shareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2019 300,107,599  $ 3,001  635,075  $ 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  —  —  —  —  (165) —  —  (163) —  (163)
Distributions to equity holders:
Preferred shares (Note 10)
—  —  —  —  —  —  —  (13,782) —  (13,782) —  (13,782)
Noncontrolling interests —  —  —  —  —  —  —  —  —  —  (2,602) (2,602)
Common shares ($0.05 per share)
—  —  —  —  —  —  —  (15,088) —  (15,088) —  (15,088)
Cumulative effect of adoption of ASU 2016-13 —  —  —  —  —  —  —  (1,494) —  (1,494) —  (1,494)
Net income —  —  —  —  —  —  —  34,026  —  34,026  3,501  37,527 
Total other comprehensive loss —  —  —  —  —  —  —  —  (206) (206) (35) (241)
Balances at March 31, 2020 300,315,609  $ 3,003  635,075  $ 35,350,000  $ 354  $ 5,792,418  $ (461,706) $ 6,452  $ 5,340,527  $ 684,228  $ 6,024,755 


4


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

  Class A common shares Class B common shares Preferred shares            
Number
of shares
Amount Number
of shares
Amount Number
of shares
Amount Additional
paid-in
capital
Accumulated
deficit
Accumulated other comprehensive income Shareholders’
equity
Noncontrolling
interest
Total
equity
Balances at December 31, 2020 316,021,385  $ 3,160  635,075  $ 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  —  —  —  —  (1,523) —  —  (1,521) —  (1,521)
Redemptions of Class A units 350,000  —  —  —  —  4,613  —  4,624  (4,624) — 
Distributions to equity holders:
Preferred shares (Note 10)
—  —  —  —  —  —  —  (13,782) —  (13,782) —  (13,782)
Noncontrolling interests —  —  —  —  —  —  —  —  —  —  (5,172) (5,172)
Common shares ($0.10 per share)
—  —  —  —  —  —  —  (31,795) —  (31,795) —  (31,795)
Net income —  —  —  —  —  —  —  43,996  —  43,996  4,925  48,921 
Total other comprehensive income —  —  —  —  —  —  —  —  7,729  7,729  1,260  8,989 
Balances at March 31, 2021 316,617,810  $ 3,166  635,075  $ 35,350,000  $ 354  $ 6,234,456  $ (445,103) $ 13,576  $ 5,806,455  $ 679,725  $ 6,486,180 

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

5


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

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


6


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

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

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

7


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

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

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

8


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

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

9


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

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

10


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

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


11


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

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

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

12


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

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


13


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

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

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

14


American Homes 4 Rent
American Homes 4 Rent, L.P.
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Organization and Operations

    American Homes 4 Rent (“AH4R” or “General Partner”) is a Maryland real estate investment trust (“REIT”) formed on October 19, 2012 for the purpose of acquiring, developing, renovating, leasing and operating single-family homes as rental properties. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the “Operating Partnership” or the “OP”) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the “Company,” “we,” “our” and “us” mean collectively AH4R, the Operating Partnership and those entities/subsidiaries owned or controlled by AH4R and/or the Operating Partnership. As of March 31, 2021, the Company held 53,984 single-family properties in 22 states, including 636 properties classified as held for sale.

    AH4R is the general partner of, and as of March 31, 2021 owned approximately 86.0% of the common partnership interest in, the Operating Partnership. The remaining 14.0% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AH4R has exclusive control of the Operating Partnership’s day-to-day management. The Company’s management operates AH4R and the Operating Partnership as one business, and the management of AH4R consists of the same members as the management of the Operating Partnership. AH4R’s primary function is acting as the general partner of the Operating Partnership. The only material asset of AH4R is its partnership interest in the Operating Partnership. As a result, AH4R generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. AH4R itself is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures, either directly or through its subsidiaries, conducts the operations of the Company’s business and is structured as a limited partnership with no publicly traded equity. One difference between the Company and the Operating Partnership is $25.7 million of asset-backed securitization certificates issued by the Operating Partnership and purchased by AH4R. The asset-backed securitization certificates are recorded as an asset-backed securitization certificates receivable by the Company and as an amount due from affiliates by the Operating Partnership. AH4R contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, AH4R receives Operating Partnership units (“OP units”) equal to the number of shares it has issued in the equity offering. Based on the terms of the Agreement of Limited Partnership of the Operating Partnership, as amended, OP units can be exchanged for shares on a one-for-one basis. Except for net proceeds from equity issuances by AH4R, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness or through the issuance of OP units.

Note 2. Significant Accounting Policies
 
Basis of Presentation
 
    The accompanying condensed consolidated financial statements are unaudited and present the accounts of both the Company, which include AH4R, the Operating Partnership and their consolidated subsidiaries, as well as the Operating Partnership, which include the Operating Partnership and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated. The Company consolidates real estate partnerships and other entities that are not variable interest entities (“VIEs”) when it owns, directly or indirectly, a majority interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification No. 810, Consolidation, if the Company is the primary beneficiary of the VIE as determined by the Company’s power to direct the VIE’s activities and its obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Entities for which the Company owns an interest, but does not consolidate, are accounted for under the equity method of accounting as an investment in an unconsolidated entity and are included in investments in unconsolidated joint ventures within the condensed consolidated balance sheets.

    The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Any references in this report to the number of properties is outside the scope of our independent registered public accounting firm’s review of our financial statements, in accordance with the standards of the Public Company Accounting Oversight

15


Board. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair statement of the condensed consolidated financial statements for the interim periods have been made. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

    Effective March 31, 2021, the Company reclassified certain impairment charges related to homes classified as held for sale from other expenses to gain on sale and impairment of single-family properties and other, net within the condensed consolidated statements of operations. The Company also reclassified other revenues and the remaining other expenses to other income and expense, net within the condensed consolidated statements of operations. Certain other amounts in the condensed consolidated financial statements for the prior periods have also been reclassified to conform to the current year presentation.

Note 3. Cash, Cash Equivalents and Restricted Cash

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

    The following table provides a reconciliation of cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows to the corresponding financial statement line items in the condensed consolidated balance sheets (in thousands):
March 31, December 31,
2021 2020 2020 2019
Cash and cash equivalents $ 75,237  $ 33,108  $ 137,060  $ 37,575 
Restricted cash 136,867  128,621  128,017  126,544 
Total cash, cash equivalents and restricted cash $ 212,104  $ 161,729  $ 265,077  $ 164,119 

Note 4. Real Estate Assets, Net
 
    The net book values of real estate assets consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
March 31, 2021 December 31, 2020
Occupied single-family properties $ 8,100,087  $ 7,957,513 
Single-family properties recently acquired or developed 43,333  66,857 
Single-family properties in turnover process 111,806  149,684 
Single-family properties leased, not yet occupied 74,940  71,334 
Single-family properties in operation, net 8,330,166  8,245,388 
Development land 303,653  270,767 
Single-family properties under development 251,112  239,598 
Single-family properties held for sale, net 115,994  129,026 
Total real estate assets, net $ 9,000,925  $ 8,884,779 

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


16


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

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

Note 5. Rent and Other Receivables

    Included in rents and other single-family property revenues are variable lease payments for tenant charge-backs, which primarily relate to cost recoveries on utilities, and variable lease payments for fees from single-family properties. Variable lease payments for tenant charge-backs were $45.8 million and $40.0 million for the three months ended March 31, 2021 and 2020, respectively. Variable lease payments for fees from single-family properties were $5.2 million and $4.0 million for the three months ended March 31, 2021 and 2020, respectively.

    The Company generally rents its single-family properties under non-cancelable lease agreements with a term of one year. The following table summarizes future minimum rental revenues under existing leases on our properties as of March 31, 2021 (in thousands):
March 31, 2021
Remaining 2021 $ 492,228 
2022 85,142 
2023 2,417 
2024 13 
Total $ 579,800 

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

Note 6. Escrow Deposits, Prepaid Expenses and Other Assets

    The following table summarizes the components of escrow deposits, prepaid expenses and other assets as of March 31, 2021 and December 31, 2020 (in thousands):
  March 31, 2021 December 31, 2020
Escrow deposits, prepaid expenses and other $ 62,780  $ 51,886 
Deferred costs and other intangibles, net 4,317  4,864 
Notes receivable, net 34,745  35,519 
Operating lease ROU assets 18,553  18,772 
Commercial real estate, software, vehicles and FF&E, net 57,541  52,130 
Total $ 177,936  $ 163,171 

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


17


Deferred Costs and Other Intangibles, Net

    Deferred costs and other intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
  March 31, 2021 December 31, 2020
Deferred leasing costs $ 3,889  $ 3,782 
Deferred financing costs 11,244  11,244 
  15,133  15,026 
Less: accumulated amortization (10,816) (10,162)
Total $ 4,317  $ 4,864 

    Amortization expense related to deferred leasing costs was $1.0 million for both the three months ended March 31, 2021 and 2020, respectively, and was included in depreciation and amortization within the condensed consolidated statements of operations. Amortization of deferred financing costs that relate to our revolving credit facility was $0.5 million for both the three months ended March 31, 2021 and 2020 and was included in gross interest, prior to interest capitalization (see Note 8. Debt).
 
    The following table sets forth the estimated annual amortization expense related to deferred costs and other intangibles, net as of March 31, 2021 for future periods (in thousands):
Deferred
Leasing Costs
Deferred
Financing Costs
Total
Remaining 2021 $ 1,797  $ 1,479  $ 3,276 
2022 73  968  1,041 
Total $ 1,870  $ 2,447  $ 4,317 

Note 7. Investments in Unconsolidated Joint Ventures

    As of March 31, 2021, the Company held 20% ownership interests in three unconsolidated joint ventures. In evaluating the Company’s 20% ownership interests in these joint ventures, we concluded that the joint ventures are not VIEs after applying the variable interest model and, therefore, we account for our interests in the joint ventures as investments in unconsolidated subsidiaries after applying the voting interest model using the equity method of accounting. Equity in net income (losses) of unconsolidated joint ventures was included in other income and expense, net within the condensed consolidated statements of operations.

    The Company entered into a joint venture with (i) the Alaska Permanent Fund Corporation (the “Alaska JV”) during the second quarter of 2014 to invest in homes acquired through traditional acquisition channels, (ii) another leading institutional investor (the “Institutional Investor JV”) during the third quarter of 2018 to invest in newly constructed single-family rental homes, and (iii) institutional investors advised by J.P. Morgan Asset Management (the “J.P. Morgan JV”) during the first quarter of 2020 focused on constructing and operating newly built rental homes.

    The following table summarizes our investments in unconsolidated joint ventures (in thousands, except percentages and property data):
Joint Venture Description % Ownership at March 31, 2021 Completed Homes at March 31, 2021 Balances at
March 31, 2021
Balances at
December 31, 2020
Alaska JV 20  % 350  $ 26,365  $ 26,020 
Institutional Investor JV 20  % 816  30,638  34,112 
J.P. Morgan JV 20  % 217  43,074  32,977 
1,383  $ 100,077  $ 93,109 


18


    The Company provides various services to these joint ventures, which are considered to be related parties, including property management and development services and has opportunities to earn promoted interests. Management fee and development fee income from unconsolidated joint ventures was $2.1 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively, and was included in other income and expense, net within the condensed consolidated statements of operations. As a result of the Company’s management of these joint ventures, certain related party receivables and payables arise in the ordinary course of business and are included in escrow deposits, prepaid expenses and other assets or amounts payable to affiliates in the condensed consolidated balance sheets.

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

Note 8. Debt

    All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2021 and December 31, 2020 (in thousands):
      Outstanding Principal Balance
 
Interest Rate (1)
Maturity Date March 31, 2021 December 31, 2020
AH4R 2014-SFR2 securitization 4.42% October 9, 2024 $ 478,399  $ 479,981 
AH4R 2014-SFR3 securitization 4.40% December 9, 2024 493,862  495,392 
AH4R 2015-SFR1 securitization (2)
4.14% April 9, 2045 519,255  520,957 
AH4R 2015-SFR2 securitization (3)
4.36% October 9, 2045 450,858  452,162 
Total asset-backed securitizations     1,942,374  1,948,492 
2028 unsecured senior notes (4)
4.08% February 15, 2028 500,000  500,000 
2029 unsecured senior notes 4.90% February 15, 2029 400,000  400,000 
Revolving credit facility (5)
1.31% June 30, 2022 80,000  — 
Total debt     2,922,374  2,848,492 
Unamortized discounts on unsecured senior notes (3,537) (3,658)
Deferred financing costs, net (6)
(25,960) (27,422)
Total debt per balance sheet $ 2,892,877  $ 2,817,412 
(1)Interest rates are as of March 31, 2021. Unless otherwise stated, interest rates are fixed percentages.
(2)The AH4R 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.
(3)The AH4R 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.
(4)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was effectively hedged to yield an interest rate of 4.08%.
(5)The revolving credit facility provides for a borrowing capacity of up to $800.0 million and the Company had approximately $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details.
(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2021 and 2020, which was included in gross interest, prior to interest capitalization.


19


Debt Maturities

    The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2021 (in thousands):
Debt Maturities
Remaining 2021 $ 15,536 
2022 100,714 
2023 20,714 
2024 953,929 
2025 10,302 
Thereafter 1,821,179 
Total debt $ 2,922,374 

Interest Expense
 
    The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three months ended March 31, 2021 and 2020 (in thousands):
  For the Three Months Ended
March 31,
  2021 2020
Gross interest cost $ 33,883  $ 34,364 
Capitalized interest (5,878) (4,649)
Interest expense $ 28,005  $ 29,715 

Note 9. Accounts Payable and Accrued Expenses
 
    The following table summarizes accounts payable and accrued expenses as of March 31, 2021 and December 31, 2020 (in thousands):
  March 31, 2021 December 31, 2020
Resident security deposits $ 93,713  $ 90,621 
Accrued property taxes 78,343  48,689 
Accrued construction and maintenance liabilities 41,159  42,483 
Prepaid rent 24,921  24,421 
Operating lease liabilities 19,289  19,166 
Accrued interest 12,807  23,018 
Accounts payable 194  432 
Accrued distribution payable 105  13,612 
Other accrued liabilities 37,113  36,507 
Total $ 307,644  $ 298,949 

Note 10. Shareholders’ Equity / Partners’ Capital

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

At-the-Market Common Share Offering Program
    During the second quarter of 2020, the Company extended its at-the-market common share offering program under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $500.0 million (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The Company intends to use any net proceeds from the At-the-Market Program (i) to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii) to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company’s business strategy and (iv) for working capital and general corporate purposes, including repurchases of the Company’s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment

20


and/or improvement of properties in the Company’s portfolio. The At-the-Market Program may be suspended or terminated by the Company at any time. During the three months ended March 31, 2021, no shares were issued under the At-the-Market Program. As of March 31, 2021, 86,130 shares have been issued under the At-the-Market Program and $497.6 million remained available for future share issuances.

Share Repurchase Program

    The Company’s board of trustees authorized the establishment of our share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the three months ended March 31, 2021 and 2020, we did not repurchase and retire any of our shares. As of March 31, 2021, we had a remaining repurchase authorization of up to $265.1 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the program.

Perpetual Preferred Shares

    As of March 31, 2021 and December 31, 2020, the Company had the following series of perpetual preferred shares outstanding (in thousands, except share data):
March 31, 2021 December 31, 2020
Series Issuance Date Earliest Redemption Date Dividend Rate Outstanding Shares Current Liquidation Value Outstanding Shares Current Liquidation Value
Series D perpetual preferred shares 5/24/2016 5/24/2021 6.500  % 10,750,000  $ 268,750  10,750,000  $ 268,750 
Series E perpetual preferred shares 6/29/2016 6/29/2021 6.350  % 9,200,000  230,000  9,200,000  230,000 
Series F perpetual preferred shares 4/24/2017 4/24/2022 5.875  % 6,200,000  155,000  6,200,000  155,000 
Series G perpetual preferred shares 7/17/2017 7/17/2022 5.875  % 4,600,000  115,000  4,600,000  115,000 
Series H perpetual preferred shares 9/19/2018 9/19/2023 6.250  % 4,600,000  115,000  4,600,000  115,000 
Total preferred shares 35,350,000  $ 883,750  35,350,000  $ 883,750 

Distributions
 
    The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.
For the Three Months Ended
Security March 31,
2021
March 31,
2020
Class A and Class B common shares $ 0.10  $ 0.05 
6.500% Series D perpetual preferred shares
0.41  0.41 
6.350% Series E perpetual preferred shares
0.40  0.40 
5.875% Series F perpetual preferred shares
0.37  0.37 
5.875% Series G perpetual preferred shares
0.37  0.37 
6.250% Series H perpetual preferred shares
0.39  0.39 

Noncontrolling Interest

    Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 50,779,990 and 51,129,990, or approximately 13.8% and 13.9%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 596,990, or approximately 0.2%, of the total 368,629,865 and 368,383,440 Class A units in the Operating Partnership as of March 31, 2021 and December 31, 2020, respectively. The Operating Partnership units owned by former AH LLC members and non-affiliates that are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets are reflected as limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.


21


Note 11. Share-Based Compensation

2012 Equity Incentive Plan

    The Company’s employees are compensated through the Operating Partnership, including share-based compensation. When the Company issues Class A common shares under the 2012 Equity Incentive Plan (the “Plan”), the Operating Partnership issues an equivalent number of Class A units to AH4R and non-management members of our board of trustees.
 
    During the three months ended March 31, 2021 and 2020, the Human Capital and Compensation Committee granted restricted share units (“RSUs”) to employees that vest over a three-year service period. RSUs granted to non-management trustees vest over a one-year service period.

    During the three months ended March 31, 2021, the Human Capital and Compensation Committee granted performance-based restricted share units (“PSUs”) to certain executives that cliff vest at the end of a three-year service period. The performance conditions of the PSUs are measured over a three-year performance period beginning January 1, 2021 and ending December 31, 2023. A portion of the PSUs are based on (i) the achievement of relative total shareholder return compared to a specified peer group (the “TSR Awards”), and a portion are based on (ii) average annual growth in core funds from operations per share (the “Core FFO Awards”). The number of PSUs that may ultimately vest range from zero to 200% of the number of PSUs granted based on the level of achievement of these performance conditions. For the TSR Awards, grant date fair value was determined using a multifactor Monte Carlo model and the resulting compensation cost is amortized over the service period regardless of whether the performance condition is achieved. For the Core FFO Awards, fair value is based on the market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period.
 
    The following table summarizes stock option activity under the Plan for the three months ended March 31, 2021 and 2020:

For the Three Months Ended
March 31,
  2021 2020
Options outstanding at beginning of period 1,090,300  1,529,800 
Granted —  — 
Exercised (60,000) (83,600)
Forfeited —  (1,600)
Options outstanding at end of period 1,030,300  1,444,600 
Options exercisable at end of period 992,800  1,296,750 
  
    The following table summarizes RSU activity under the Plan for the three months ended March 31, 2021 and 2020:

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

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

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

22



    The Company’s noncash share-based compensation expense relating to corporate administrative employees is included in general and administrative expense and the noncash share-based compensation expense relating to centralized and field property management employees is included in property management expenses. Noncash share-based compensation expense relating to employees involved in the purchases of single-family properties, including newly constructed properties from third-party builders, the development of single-family properties, or the disposal of certain properties or portfolios of properties is included in acquisition and other transaction costs. The following table summarizes the activity that relates to the Company’s noncash share-based compensation expense for the three months ended March 31, 2021 and 2020 (in thousands):

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

Note 12. Earnings per Share / Unit
 
    American Homes 4 Rent

    The following table reflects the Company’s computation of net income per common share on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share data):

For the Three Months Ended
March 31,
  2021 2020
Numerator:    
Net income $ 48,921  $ 37,527 
Less:
Noncontrolling interest 4,925  3,501 
Dividends on preferred shares 13,782  13,782 
Allocation to participating securities (1)
93  54 
Numerator for income per common share–basic and diluted $ 30,121  $ 20,190 
Denominator:
Weighted-average common shares outstanding–basic 316,982,460  300,813,069 
Effect of dilutive securities:
Share-based compensation plan (2)
458,937  491,999 
Weighted-average common shares outstanding–diluted (3)
317,441,397  301,305,068 
Net income per common share:
Basic $ 0.10  $ 0.07 
Diluted $ 0.09  $ 0.07 
(1)Unvested RSUs that have nonforfeitable rights to participate in dividends declared on common stock are accounted for as participating securities and reflected in the calculation of basic and diluted earnings per share using the two-class method.
(2)Reflects the effect of potentially dilutive securities issuable upon the assumed exercise of stock options. In accordance with the treasury stock method, for the three months ended March 31, 2021, 10,071 weighted-average PSUs related to the TSR Awards were excluded because their effects were anti-dilutive and PSUs related to the Core FFO Awards were excluded because the performance criteria were not met as of the end of the reporting period.
(3)The effect of the potential conversion of OP units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common shares on a one-for-one basis. The income allocable to the OP units is allocated on this same basis and reflected as noncontrolling interest in the accompanying condensed consolidated financial statements. As such, the assumed conversion of the OP units would have no net impact on the determination of diluted earnings per share.


23


    American Homes 4 Rent, L.P.

    The following table reflects the Operating Partnership’s computation of net income per common unit on a basic and diluted basis for the three months ended March 31, 2021 and 2020 (in thousands, except unit and per unit data):

For the Three Months Ended
March 31,
  2021 2020
Numerator:    
Net income $ 48,921  $ 37,527 
Less:
Preferred distributions 13,782  13,782 
Allocation to participating securities (1)
93  54 
Numerator for income per common unit–basic and diluted $ 35,046  $ 23,691 
Denominator:
Weighted-average common units outstanding–basic 368,647,217  352,840,049 
Effect of dilutive securities: