XML 49 R31.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Subsequent Events | 12 Months Ended
--- | ---
Dec. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Subsequent Acquisitions From January 1, 2024 through February 16, 2024, the Company added 196 properties to its portfolio for a total cost of approximately $72.4 million, which included 192 newly constructed properties delivered through our AMH Development Program and four newly constructed properties acquired from a third-party developer through our National Builder Program. Subsequent Dispositions From January 1, 2024 through February 16, 2024, the Company disposed of 243 properties for aggregate net proceeds of approximately $74.5 million. Unsecured Senior Notes In January 2024, the Operating Partnership issued $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “Notes”), which carry a green bond designation and were issued under the Company’s green finance framework. Interest on the Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024. The Operating Partnership received aggregate net proceeds of $595.5 million from these issuances, after underwriting fees of approximately $3.9 million and a $0.6 million discount, and before estimated offering costs of $1.5 million. Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus supplement related to the offering, the Operating Partnership intends to allocate the net proceeds to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization and/or temporarily invest the net proceeds in accordance with the Company’s cash investment policy. The Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future unsecured and unsubordinated indebtedness. The indenture requires that we maintain certain financial covenants. The Operating Partnership may redeem the Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the Notes are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Revolving Credit Facility From January 1, 2024 through February 16, 2024, the Company paid down $90.0 million under its revolving credit facility, resulting in no outstanding borrowings under its revolving credit facility as of February 16, 2024. AMH 2014-SFR2 Securitization Payoff Intent In January 2024, the Company provided notice to its third-party lender of its intent to repay all amounts due under the AMH 2014-SFR2 securitization during the first quarter of 2024. As of December 31, 2023, the AMH 2014-SFR2 securitization had an outstanding principal balance of $461.5 million, of which $25.7 million represents Class F certificates that were issued by the Operating Partnership to the Company and are recorded as asset-backed securitization certificates in the Company’s consolidated balance sheets and as amounts due from affiliates in the Operating Partnership’s consolidated balance sheets. At-the-Market Common Share Offering Program In January 2024, the Company issued 932,746 Class A common shares under its 2023 At-the-Market Program, raising $33.7 million in gross proceeds before commissions and other expenses of $0.5 million. See Note 9. Shareholders’ Equity / Partners’ Capital for further details on the 2023 At-the-Market Program. Distributions On February 21, 2024, the Company’s board of trustees approved an increase in quarterly dividends to $0.26 per Class A and Class B common share for the first quarter of 2024. The quarterly dividends are payable on March 28, 2024 to shareholders of record on March 15, 2024.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration