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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Summary of Debt | The following table presents the Company’s debt as of March 31, 2025 and December 31, 2024 (amounts in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | March 31, 2025 |  | December 31, 2024
AMH 2015-SFR1 securitization | 4.14% |  | N/A |  | $ | — |  |  | $ | 494,868 |
AMH 2015-SFR2 securitization (2) | 4.36% |  | October 9, 2045 |  | 429,015 |  |  | 430,523 |
Total asset-backed securitizations |  |  |  |  | 429,015 |  |  | 925,391 |
2028 unsecured senior notes (3) | 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 (4) | 2.46% |  | July 15, 2031 |  | 450,000 |  |  | 450,000 |
2032 unsecured senior notes | 3.63% |  | April 15, 2032 |  | 600,000 |  |  | 600,000 |
2034 unsecured senior notes I | 5.50% |  | February 1, 2034 |  | 600,000 |  |  | 600,000 |
2034 unsecured senior notes II | 5.50% |  | July 15, 2034 |  | 500,000 |  |  | 500,000 |
2035 unsecured senior notes (5) | 5.08% |  | March 15, 2035 |  | 500,000 |  |  | 500,000 |
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 (6) | 5.36% |  | July 16, 2029 |  | 410,000 |  |  | — |
Total debt |  |  |  |  | 4,989,015 |  |  | 5,075,391 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (34,668) |  |  | (35,594) |
Deferred financing costs, net (7) |  |  |  |  | (27,645) |  |  | (29,035) |
Total debt per balance sheet |  |  |  |  | $ | 4,926,702 |  |  | $ | 5,010,762 |
(1)Interest rates are rounded and as of March 31, 2025. Unless otherwise stated, interest rates are fixed percentages. (2)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%. (3)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%. (4)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (5)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%. (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 $1.5 million and $2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2025 and December 31, 2024, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of March 31, 2025. (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 $1.3 million and $1.7 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025 (amounts in thousands):
| Debt Maturities
Remaining 2025 | $ | 3,582 |
2026 | 4,776 |
2027 | 4,776 |
2028 | 504,776 |
2029 | 814,776 |
Thereafter | 3,656,329 |
Total debt | $ | 4,989,015 |
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, 2025 and 2024 (amounts in thousands):
| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Gross interest cost | $ | 59,280 |  |  | $ | 52,799 |  |  |  |  |
Capitalized interest | (13,854) |  |  | (14,222) |  |  |  |  |
Interest expense | $ | 45,426 |  |  | $ | 38,577 |  |  |  |  |

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