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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of June 30, 2025 and December 31, 2024 (amounts in thousands):
   Outstanding Principal Balance
 
Interest Rate (1)
Maturity DateJune 30, 2025December 31, 2024
AMH 2015-SFR1 securitization4.14%N/A$— $494,868 
AMH 2015-SFR2 securitization (2)
4.36%October 9, 2045427,529 430,523 
Total asset-backed securitizations  427,529 925,391 
2028 unsecured senior notes (3)
4.08%February 15, 2028500,000 500,000 
2029 unsecured senior notes4.90%February 15, 2029400,000 400,000 
2030 unsecured senior notes4.95%June 15, 2030650,000 — 
2031 unsecured senior notes (4)
2.46%July 15, 2031450,000 450,000 
2032 unsecured senior notes3.63%April 15, 2032600,000 600,000 
2034 unsecured senior notes I5.50%February 1, 2034600,000 600,000 
2034 unsecured senior notes II5.50%July 15, 2034500,000 500,000 
2035 unsecured senior notes (5)
5.08%March 15, 2035500,000 500,000 
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)
5.40%July 16, 2029— — 
Total debt  5,227,529 5,075,391 
Unamortized discounts on unsecured senior notes(37,263)(35,594)
Deferred financing costs, net (7)
(31,657)(29,035)
Total debt per balance sheet$5,158,609 $5,010,762 
(1)Interest rates are rounded and as of June 30, 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%. The Company has provided notice to the lender of its intent to pay off the AMH 2015-SFR2 securitization during the third quarter of 2025.
(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 $1.6 million and $2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 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 June 30, 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 $1.6 million for the three months ended June 30, 2025 and 2024, respectively, and $2.6 million and $3.3 million for the six months ended June 30, 2025 and 2024, respectively, and is included in gross interest, prior to interest capitalization.

Early Extinguishment of Debt

During the first quarter of 2025, the Operating Partnership paid off the $493.2 million outstanding principal on the AMH 2015-SFR1 securitization, which resulted in $0.2 million of charges related to legal fees that are included in loss on early extinguishment of debt within the condensed consolidated statements of operations. The payoff of the AMH 2015-SFR1 securitization also resulted in the release of the 4,661 homes pledged as collateral and $10.7 million of cash restricted for lender requirements.

Unsecured Senior Notes

During the second quarter of 2025, the Operating Partnership issued $650.0 million of 4.950% unsecured senior notes with a maturity date of June 15, 2030 (the “2030 Notes”). Interest on the 2030 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. The Operating Partnership received aggregate net proceeds of $642.5 million from this offering, after underwriting fees of $3.9 million and a $3.6 million discount, and before offering costs of $1.3 million. The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including repayment of amounts outstanding on its revolving credit facility, as well as general corporate purposes. The Operating Partnership may redeem the 2030 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2030 Notes are redeemed on or after May 15, 2030 (one month prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
The 2030 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.

Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2025 (amounts in thousands):
Debt Maturities
Remaining 2025$2,388 
20264,776 
20274,776 
2028504,776 
2029404,776 
Thereafter4,306,037 
Total debt$5,227,529 

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 and six months ended June 30, 2025 and 2024 (amounts in thousands):
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
Gross interest cost$60,522 $51,809 $119,802 $104,608 
Capitalized interest(14,219)(13,131)(28,073)(27,353)
Interest expense$46,303 $38,678 $91,729 $77,255