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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of December 31, 2023 and 2022 (amounts in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | December 31, 2023 |  | December 31, 2022
AMH 2014-SFR2 securitization (2) | 4.42 | % |  | October 9, 2024 |  | $ | 461,498 |  |  | $ | 468,138 |
AMH 2014-SFR3 securitization | 4.40 | % |  | December 9, 2024 |  | 477,064 |  |  | 482,964 |
AMH 2015-SFR1 securitization (3) | 4.14 | % |  | April 9, 2045 |  | 502,299 |  |  | 508,672 |
AMH 2015-SFR2 securitization (4) | 4.36 | % |  | October 9, 2045 |  | 436,297 |  |  | 441,854 |
Total asset-backed securitizations |  |  |  |  | 1,877,158 |  |  | 1,901,628 |
2028 unsecured senior notes (5) | 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 (6) | 2.46 | % |  | July 15, 2031 |  | 450,000 |  |  | 450,000 |
2032 unsecured senior notes | 3.63 | % |  | April 15, 2032 |  | 600,000 |  |  | 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 |  |  | 300,000 |
Revolving credit facility (7) | 6.38 | % |  | April 15, 2026 |  | 90,000 |  |  | 130,000 |
Total debt |  |  |  |  | 4,517,158 |  |  | 4,581,628 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (32,981) |  |  | (36,099) |
Deferred financing costs, net (8) |  |  |  |  | (22,530) |  |  | (29,531) |
Total debt per balance sheet |  |  |  |  | $ | 4,461,647 |  |  | $ | 4,515,998 |
(1)Interest rates are rounded and as of December 31, 2023. Unless otherwise stated, interest rates are fixed percentages. (2)The Company has provided notice to the lender of its intent to payoff the AMH 2014-SFR2 securitization during the first quarter of 2024. See Note 15. Subsequent Events for further information. (3)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00% (4)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025. If the securitization is not repaid by this date, the duration-adjusted weighted-average interest rate will increase by a minimum of 3.00% (5)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%. (6)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (7)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods, see Revolving Credit Facility below. The Company had approximately $2.7 million and $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2023 and 2022, respectively. During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate (“LIBOR”) to the SOFR. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of December 31, 2023. (8)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 $7.0 million, $6.8 million and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in gross interest, prior to interest capitalization.
Summary 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, 2023 (amounts in thousands):
| Debt Maturities
2024 | $ | 948,864 |
2025 | 10,302 |
2026 | 100,302 |
2027 | 10,302 |
2028 | 510,302 |
Thereafter | 2,937,086 |
Total debt | $ | 4,517,158 |
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, 2023 and 2022 (amounts in thousands, except property data):
| December 31, 2023 |  | December 31, 2022
| Number of Properties |  | Net Book Value |  | Number of Properties |  | Net Book Value
AMH 2014-SFR2 securitization | 4,517 |  |  | $ | 533,238 |  |  | 4,530 |  |  | $ | 550,581 |
AMH 2014-SFR3 securitization | 4,558 |  |  | 581,021 |  |  | 4,563 |  |  | 598,189 |
AMH 2015-SFR1 securitization | 4,684 |  |  | 579,274 |  |  | 4,691 |  |  | 596,236 |
AMH 2015-SFR2 securitization | 4,162 |  |  | 539,659 |  |  | 4,168 |  |  | 554,608 |
Total encumbered properties | 17,921 |  |  | $ | 2,233,192 |  |  | 17,952 |  |  | $ | 2,299,614 |
Summary of 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 years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Gross interest cost | $ | 195,430 |  |  | $ | 186,956 |  |  | $ | 148,689 |
Capitalized interest | (55,232) |  |  | (52,085) |  |  | (33,796) |
Interest expense | $ | 140,198 |  |  | $ | 134,871 |  |  | $ | 114,893 |

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