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Debt (Tables)

12 Months Ended

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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