Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Subsequent Acquisitions From July 1, 2024 through July 26, 2024, the Company added 192 properties to its portfolio for a total cost of approximately $74.9 million, which included 185 newly constructed properties delivered through our AMH Development Program and seven properties acquired through our traditional acquisition channel. Subsequent Dispositions From July 1, 2024 through July 26, 2024, the Company disposed of 83 properties for aggregate net proceeds of approximately $26.8 million. Revolving Credit Facility In July 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility, replacing its previous $1.25 billion revolving credit facility. The interest rate on the new revolving credit facility is at either a daily or Term SOFR plus a 0.10% spread adjustment and a margin ranging from 0.725% to 1.40% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or the daily SOFR plus 1.10%) plus a margin ranging from 0.00% to 0.40%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The new revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met. AMH 2014-SFR3 Securitization Payoff Intent In July 2024, the Company provided notice to the third-party lender of its intent to repay all amounts due under the AMH 2014-SFR3 securitization during the third quarter of 2024. As of June 30, 2024, the AMH 2014-SFR3 securitization had an outstanding principal balance of $472.9 million.
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