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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt The following table presents the Company’s debt as of March 31, 2024 and December 31, 2023 (amounts in thousands):
   Outstanding Principal Balance
 
Interest Rate (1)
Maturity DateMarch 31, 2024December 31, 2023
AMH 2014-SFR2 securitization4.42%N/A$— $461,498 
AMH 2014-SFR3 securitization4.40%December 9, 2024475,240 477,064 
AMH 2015-SFR1 securitization (2)
4.14%April 9, 2045500,843 502,299 
AMH 2015-SFR2 securitization (3)
4.36%October 9, 2045435,103 436,297 
Total asset-backed securitizations  1,411,186 1,877,158 
2028 unsecured senior notes (4)
4.08%February 15, 2028500,000 500,000 
2029 unsecured senior notes4.90%February 15, 2029400,000 400,000 
2031 unsecured senior notes (5)
2.46%July 15, 2031450,000 450,000 
2032 unsecured senior notes3.63%April 15, 2032600,000 600,000 
2034 unsecured senior notes5.50%February 1, 2034600,000 — 
2051 unsecured senior notes3.38%July 15, 2051300,000 300,000 
2052 unsecured senior notes4.30%April 15, 2052300,000 300,000 
Revolving credit facility (6)
6.34%April 15, 2026— 90,000 
Total debt  4,561,186 4,517,158 
Unamortized discounts on unsecured senior notes(32,832)(32,981)
Deferred financing costs, net (7)
(25,241)(22,530)
Total debt per balance sheet$4,503,113 $4,461,647 
(1)Interest rates are rounded and as of March 31, 2024. Unless otherwise stated, interest rates are fixed percentages.
(2)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%.
(3)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%.
(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 maturity date includes two six-month extension periods. The Company had approximately $2.7 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2024 and December 31, 2023. The revolving credit facility bears interest at SOFR, as adjusted for the Company’s SOFR spread, plus 0.90% as of March 31, 2024.
(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 $1.7 million for both the three months ended March 31, 2024 and 2023 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 March 31, 2024 (amounts in thousands):
Debt Maturities
Remaining 2024$482,967 
202510,302 
202610,302 
202710,302 
2028510,302 
Thereafter3,537,011 
Total debt$4,561,186 
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 three months ended March 31, 2024 and 2023 (amounts in thousands):
 For the Three Months Ended
March 31,
 20242023
Gross interest cost$52,799 $48,970 
Capitalized interest(14,222)(13,088)
Interest expense$38,577 $35,882