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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of December 31, 2022 and 2021 (amounts in thousands):

															Outstanding Principal Balance
			Interest Rate (1)						Maturity Date						December 31, 2022						December 31, 2021
AMH 2014-SFR2 securitization			4.42		%				October 9, 2024						$	468,138					$	473,594
AMH 2014-SFR3 securitization			4.40		%				December 9, 2024						482,964						488,790
AMH 2015-SFR1 securitization (2)			4.14		%				April 9, 2045						508,672						514,868
AMH 2015-SFR2 securitization (3)			4.36		%				October 9, 2045						441,854						446,929
Total asset-backed securitizations															1,901,628						1,924,181
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
2031 unsecured senior notes (5)			2.46		%				July 15, 2031						450,000						450,000
2032 unsecured senior notes			3.63		%				April 15, 2032						600,000						—
2051 unsecured senior notes			3.38		%				July 15, 2051						300,000						300,000
2052 unsecured senior notes			4.30		%				April 15, 2052						300,000						—
Revolving credit facility (6)			5.29		%				April 15, 2026						130,000						350,000
Total debt															4,581,628						3,924,181
Unamortized discounts on unsecured senior notes															(36,099)						(15,561)
Deferred financing costs, net (7)															(29,531)						(28,142)
Total debt per balance sheet															$	4,515,998					$	3,880,478

(1)Interest rates are rounded and as of December 31, 2022. Unless otherwise stated, interest rates are fixed percentages.

(2)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

(3)The AMH 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 hedged to yield an interest rate of 4.08%.

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

(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion, and the Company had approximately $4.0 million and $1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2022 and 2021, respectively. The revolving credit facility bears interest at LIBOR plus 0.90% as of December 31, 2022.

(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $6.8 million, $6.1 million and $5.9 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in gross interest, prior to interest capitalization.

Schedule of Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2022 (amounts in thousands):

			Debt Maturities
2023			$	20,714
2024			950,992
2025			10,302
2026			140,302
2027			10,302
Thereafter			3,449,016
Total debt			$	4,581,628

Schedule of Encumbered Properties

The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2022 and 2021 (amounts in thousands, except property data):

			December 31, 2022												December 31, 2021
			Number of Properties						Net Book Value						Number of Properties						Net Book Value
AMH 2014-SFR2 securitization			4,530						$	550,581					4,526						$	559,257
AMH 2014-SFR3 securitization			4,563						598,189						4,570						605,420
AMH 2015-SFR1 securitization			4,691						596,236						4,690						606,385
AMH 2015-SFR2 securitization			4,168						554,608						4,168						562,443
Total encumbered properties			17,952						$	2,299,614					17,954						$	2,333,505

Summary of Activity that Relates to Capitalized Interest

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes and (ii) capitalized interest for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):

			For the Years Ended December 31,
			2022						2021						2020
Gross interest cost			$	186,956					$	148,689					$	137,034
Capitalized interest			(52,085)						(33,796)						(19,996)
Interest expense			$	134,871					$	114,893					$	117,038

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