XML 39 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Subsequent Acquisitions

    From April 1, 2021 through April 30, 2021, the Company added 214 properties to its portfolio for a total cost of approximately $64.5 million, which included 87 newly constructed properties delivered through our AMH Development Program and 9 newly constructed homes acquired from third-party developers through our National Builder Program.

Subsequent Dispositions

    From April 1, 2021 through April 30, 2021, the Company disposed of 37 properties for aggregate net proceeds of approximately $10.7 million.

Revolving Credit Facility

    From April 1, 2021 through April 30, 2021, the Company borrowed an additional $20.0 million under its revolving credit facility, resulting in $100.0 million of outstanding borrowings under its revolving credit facility as of April 30, 2021.

Amendment of Revolving Credit Facility

    On April 15, 2021, the Company closed a $1.25 billion revolving credit facility, amending its existing $800 million revolving credit facility. The amended revolving credit facility provides for expanded borrowing capacity to continue to support the Company’s growth initiatives, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the amended revolving credit facility is at either LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The amended revolving credit facility matures on April 15, 2025, with two six-month extension options at the Company’s election if certain conditions are met.
Redemption of Perpetual Preferred Shares

    On May 6, 2021, the Company announced its intent to redeem (i) all outstanding shares of its 6.500% Series D perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 7, 2021, and (ii) all outstanding shares of its 6.350% Series E perpetual preferred shares, $0.01 par value per share, for cash at a liquidation preference of $25.00 per share plus any accrued and unpaid dividends, on June 30, 2021.