Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of March 31, 2023 and December 31, 2022 (amounts in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2023		December 31, 2022
AMH 2014-SFR2 securitization	4.42%	October 9, 2024	$	465,963	$	468,138
AMH 2014-SFR3 securitization	4.40%	December 9, 2024	481,518		482,964
AMH 2015-SFR1 securitization (2)	4.14%	April 9, 2045	507,148		508,672
AMH 2015-SFR2 securitization (3)	4.36%	October 9, 2045	440,234		441,854
Total asset-backed securitizations			1,894,863		1,901,628
2028 unsecured senior notes (4)	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 (5)	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 (6)	5.76%	April 15, 2026	—		130,000
Total debt			4,444,863		4,581,628
Unamortized discounts on unsecured senior notes			(35,320)		(36,099)
Deferred financing costs, net (7)			(27,798)		(29,531)
Total debt per balance sheet			$	4,381,745	$	4,515,998

(1)Interest rates are rounded and as of March 31, 2023. Unless otherwise stated, interest rates are fixed percentages.

(2)The AMH 2015-SFR1 securitization has an anticipated repayment date of April 9, 2025.

(3)The AMH 2015-SFR2 securitization has an anticipated repayment date of October 9, 2025.

(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 Company had approximately $4.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of both March 31, 2023 and December 31, 2022. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of March 31, 2023.

(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 and $1.6 million for the three months ended March 31, 2023 and 2022, respectively, and is included in gross interest, prior to interest capitalization.

Schedule of Maturities of Long-term Debt

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2023 (amounts in thousands):

	Debt Maturities
Remaining 2023	$	15,536
2024	949,974
2025	10,302
2026	10,302
2027	10,302
Thereafter	3,448,447
Total debt	$	4,444,863

Summary of Activity that Relates to Capitalized Interest

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, 2023 and 2022 (amounts in thousands):

	For the Three Months Ended March 31,
	2023		2022
Gross interest cost	$	48,970	$	40,461
Capitalized interest	(13,088)		(12,894)
Interest expense	$	35,882	$	27,567