American Homes 4 RentAMH
American Homes 4 Rent Debt Disclosure
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 December 31, 2025 and 2024 (amounts in thousands):
| Outstanding Principal Balance | |||||||||||||||||||||||
Interest Rate (1) | Maturity Date | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| AMH 2015-SFR1 securitization | 4.14 | % | N/A | $ | — | $ | 494,868 | ||||||||||||||||
| AMH 2015-SFR2 securitization | 4.36 | % | N/A | — | 430,523 | ||||||||||||||||||
| Total asset-backed securitizations | — | 925,391 | |||||||||||||||||||||
2028 unsecured senior notes (2) | 4.08 | % | February 15, 2028 | 500,000 | 500,000 | ||||||||||||||||||
| 2029 unsecured senior notes | 4.90 | % | February 15, 2029 | 400,000 | 400,000 | ||||||||||||||||||
| 2030 unsecured senior notes | 4.95 | % | June 15, 2030 | 650,000 | — | ||||||||||||||||||
2031 unsecured senior notes (3) | 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 (4) | 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 (5) | 4.82 | % | July 16, 2029 | 360,000 | — | ||||||||||||||||||
| Total debt | 5,160,000 | 5,075,391 | |||||||||||||||||||||
| Unamortized discounts on unsecured senior notes | (35,055) | (35,594) | |||||||||||||||||||||
Deferred financing costs, net (6) | (29,210) | (29,035) | |||||||||||||||||||||
| Total debt per balance sheet | $ | 5,095,735 | $ | 5,010,762 | |||||||||||||||||||
(1)Interest rates are rounded and as of December 31, 2025. Unless otherwise stated, interest rates are fixed percentages.
(2)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.
(3)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.
(4)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%.
(5)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 (see Revolving Credit Facility below). The Company had approximately $3.2 million and $2.0 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2025 and 2024, respectively. The revolving credit facility bears interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% as of December 31, 2025.
(6)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 $5.0 million, $6.2 million and $7.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and is included in gross interest, prior to interest capitalization.
Debt Maturities
The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of December 31, 2025 (amounts in thousands):
| Debt Maturities | |||||
| 2026 | $ | — | |||
| 2027 | — | ||||
| 2028 | 500,000 | ||||
| 2029 | 760,000 | ||||
| 2030 | 650,000 | ||||
| Thereafter | 3,250,000 | ||||
| Total debt | $ | 5,160,000 | |||
Encumbered Properties
The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2025 and 2024 (amounts in thousands, except property data):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Number of Properties | Net Book Value | Number of Properties | Net Book Value | ||||||||||||||||||||
| AMH 2015-SFR1 securitization | — | $ | — | 4,666 | $ | 560,692 | |||||||||||||||||
| AMH 2015-SFR2 securitization | — | — | 4,153 | 523,082 | |||||||||||||||||||
| Total encumbered properties | — | $ | — | 8,819 | $ | 1,083,774 | |||||||||||||||||
Early Extinguishment of Debt
During the first quarter of 2024, the Operating Partnership paid off the $460.6 million outstanding principal on the AMH 2014-SFR2 securitization, which resulted in $1.0 million of charges related to legal fees and the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the consolidated statements of operations. The payoff of the AMH 2014-SFR2 securitization also resulted in the release of the 4,516 homes pledged as collateral and $10.3 million of cash restricted for lender requirements. The Company received $25.7 million from the payoff for its investment in the AMH 2014-SFR2 Class F certificates that were issued by the Operating Partnership and acquired by the Company in 2014 as part of the AMH 2014-SFR2 securitization debt offering.
During the third quarter of 2024, the Company terminated its previous revolving credit facility, which resulted in $4.8 million of charges related to the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the consolidated statements of operations.
During the third quarter of 2024, the Operating Partnership paid off the $471.8 million outstanding principal on the AMH 2014-SFR3 securitization, which resulted in $0.5 million of charges related to legal fees and the write-off of unamortized deferred financing costs that are included in loss on early extinguishment of debt within the consolidated statements of operations. The payoff of the AMH 2014-SFR3 securitization also resulted in the release of the 4,541 homes pledged as collateral and $10.9 million of cash restricted for lender requirements.
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 and bank fees that are included in loss on early extinguishment of debt within the 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 $16.0 million of cash restricted for lender requirements.
During the third quarter of 2025, the Operating Partnership paid off the $426.1 million outstanding principal on the AMH 2015-SFR2 securitization, which resulted in $0.2 million of charges related to legal and bank fees that are included in loss on early extinguishment of debt within the consolidated statements of operations. The payoff of the AMH 2015-SFR2 securitization also resulted in the release of the 4,147 homes pledged as collateral and $12.8 million of cash restricted for lender requirements.
Asset-backed Securitizations
The Company completed multiple asset-backed securitizations, all of which had certain general characteristics in common. The asset-backed securitization transactions resulted in newly-formed special purpose entities (the “Borrowers”), which entered into loans with third-party lenders. The Borrowers were each wholly owned by respective special purpose entities (the “Equity Owners”), which were wholly owned by the Operating Partnership. The loans were represented by promissory notes that were immediately transferred by the third-party lenders to subsidiaries of the Company and then to Real Estate Mortgage Investment Conduit (“REMIC”) trusts in exchange for single-family rental pass-through certificates representing the beneficial ownership interests in the respective loans and trusts. Upon receipt of the certificates, the subsidiaries sold the certificates to investors. The principal amount of each class of certificates corresponded to the corresponding principal amount of the loan components with an additional class to hold the residual REMIC interest. The loans required monthly payments of interest together with principal payments representing one-twelfth of one percent of the original principal amount of the loans.
The loans were secured by first priority mortgages on pools of single-family residential properties transferred to the Borrowers from the Company’s portfolio of properties. The Borrowers’ homes were substantially similar to the other properties owned by the Company and were leased to tenants underwritten on substantially the same basis as the tenants in the Company’s other properties. During the duration of the loans, the Borrowers’ properties could not generally be transferred, sold or otherwise securitized and the Company could substitute properties if a property owned by the Borrowers became a disqualified property under the terms of the loan
or voluntarily with properties eligible for substitution, in limited circumstances, subject to the terms, conditions and limitations provided in the loan agreements. The loans were also secured by a security interest in all of the Borrowers’ personal property and a pledge of all of the assets of the Equity Owners, including a security interest in their membership interests in the Borrowers. The Company provided a limited guaranty (i) for certain losses arising out of designated acts of intentional misconduct and (ii) for the principal amount of the loans and all other obligations under the loan agreements in the event of insolvency or bankruptcy proceedings.
The Company accounted for the transfers of the notes from its subsidiaries to the trusts as sales under ASC 860, Transfers and Servicing, with no resulting gain or loss as the notes were both originated by the third-party lenders and immediately transferred at the same fair market value. The Company also evaluated and did not identify any variable interests in the trusts. Accordingly, the Company consolidated, at historical cost basis, the homes placed as collateral for the notes, and the principal balances outstanding on the notes were included in asset-backed securitizations, net within the consolidated balance sheets.
The loan agreements provided that the Borrowers maintain covenants typical for securitization transactions including maintaining certain reserve accounts and a debt service coverage ratio of at least 1.20 to 1.00. The loan agreements defined the debt service coverage ratio as of any determination date as a ratio in which the numerator is the net cash flow divided by the aggregate debt service for the 12-month period following the date of determination.
AMH 2015-SFR1 Securitization
The AMH 2015-SFR1 securitization completed during the first quarter of 2015 was a fixed-rate loan for $552.8 million with a 30-year term maturing on April 9, 2045 and had a duration-adjusted weighted-average interest rate of 4.14%. The loan was originally secured by first priority mortgages on a pool of 4,661 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $552.8 million before issuance costs of $13.3 million.
During the first quarter of 2025, the Operating Partnership paid off the AMH 2015-SFR1 securitization using available cash on hand. See Early Extinguishment of Debt above.
AMH 2015-SFR2 Securitization
The AMH 2015-SFR2 securitization completed during the third quarter of 2015 was a fixed-rate loan for $477.7 million with a 30-year term maturing on October 9, 2045 and had a duration-adjusted weighted-average interest rate of 4.36%. The loan was originally secured by first priority mortgages on a portfolio of 4,125 single-family residential properties owned by the Borrower. Gross proceeds from the transaction were $477.7 million before issuance costs of $11.3 million.
During the third quarter of 2025, the Operating Partnership paid off the AMH 2015-SFR2 securitization using available cash on hand. See Early Extinguishment of Debt above.
Unsecured Senior Notes
During the first quarter of 2018, the Operating Partnership issued $500.0 million of 4.25% unsecured senior notes with a maturity date of February 15, 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on August 15, 2018. The Operating Partnership received net proceeds of $494.0 million from this issuance, after underwriting fees of approximately $3.2 million and a $2.8 million discount, and before offering costs of $1.9 million. The Operating Partnership may redeem the 2028 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2028 Notes. If the 2028 Notes are redeemed on or after November 15, 2027 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the first quarter of 2018, the 2028 Notes yield an effective interest rate of 4.08%.
During the first quarter of 2019, the Operating Partnership issued $400.0 million of 4.90% unsecured senior notes with a maturity date of February 15, 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 of each year, which commenced on August 15, 2019. The Operating Partnership received net proceeds of $395.3 million from this issuance, after underwriting fees of approximately $2.6 million and a $2.1 million discount, and before offering costs of $1.0 million. The Operating Partnership may redeem the 2029 Notes at any time, in whole or in part, at the applicable redemption price specified in the indenture with respect to the 2029 Notes. If the 2029 Notes are redeemed on or after November 15, 2028 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
During the third quarter of 2021, the Operating Partnership issued $450.0 million of 2.375% unsecured senior notes with a maturity date of July 15, 2031 (the “2031 Notes”) and $300.0 million of 3.375% unsecured senior notes with a maturity date of July 15, 2051 (the “2051 Notes” and, together with the 2031 Notes, the “2031 and 2051 Notes”). Interest on the 2031 and 2051 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, which commenced on January 15, 2022. The Operating Partnership received aggregate net proceeds of $731.6 million from these issuances, after underwriting fees of approximately $5.6 million and a $12.8 million discount, and before offering costs of $1.4 million. The Operating Partnership may redeem the 2031 and 2051 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2031 and 2051 Notes. If the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2051 Notes are redeemed on or after January 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. Including the effect of a cash flow hedging instrument settled during the second quarter of 2021, the 2031 Notes yield an effective interest rate of 2.46%.
During the second quarter of 2022, the Operating Partnership issued $600.0 million of 3.625% unsecured senior notes with a maturity date of April 15, 2032 (the “2032 Notes”) and $300.0 million of 4.300% unsecured senior notes with a maturity date of April 15, 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032 and 2052 Notes”). Interest on the 2032 and 2052 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2022. The Operating Partnership received aggregate net proceeds of $870.3 million from these issuances, after underwriting fees of approximately $6.5 million and a $23.2 million discount, and before offering costs of approximately $1.7 million. The Operating Partnership may redeem the 2032 and 2052 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indentures with respect to the 2032 and 2052 Notes. If the 2032 Notes are redeemed on or after January 15, 2032 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. If the 2052 Notes are redeemed on or after October 15, 2051 (six months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
During the first quarter of 2024, the Operating Partnership issued $600.0 million of 5.500% unsecured senior notes with a maturity date of February 1, 2034 (the “2034 Notes I”), which carry a green bond designation and were issued under the Company’s green finance framework. Interest on the 2034 Notes I is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2024. The Operating Partnership received aggregate net proceeds of $595.5 million from this offering, after underwriting fees of $3.9 million and a $0.6 million discount, and before offering costs of $1.3 million. Pending full allocation of an amount equal to the net proceeds to finance new or existing projects meeting the eligibility criteria described in the prospectus supplement related to the offering, the Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR2 securitization. The Operating Partnership may redeem the 2034 Notes I in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2034 Notes I are redeemed on or after November 1, 2033 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2034 Notes I being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
During the second quarter of 2024, the Operating Partnership issued $500.0 million of 5.500% unsecured senior notes with a maturity date of July 15, 2034 (the “2034 Notes II”). Interest on the 2034 Notes II is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2025. The Operating Partnership received aggregate net proceeds of $494.0 million from this offering, after underwriting fees of $3.3 million and a $2.7 million discount, and before offering costs of $1.1 million. The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including the payoff of the AMH 2014-SFR3 securitization, and for general corporate purposes. The Operating Partnership may redeem the 2034 Notes II in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2034 Notes II are redeemed on or after April 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2034 Notes II being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
During the fourth quarter of 2024, the Operating Partnership issued $500.0 million of 5.250% unsecured senior notes with a maturity date of March 15, 2035 (the “2035 Notes”). Interest on the 2035 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2025. The Operating Partnership received aggregate net proceeds of $494.2 million from this offering, after underwriting fees of $3.2 million and a $2.6 million discount, and before offering costs of $1.1 million. The Operating Partnership used the net proceeds primarily to repay outstanding indebtedness, including amounts outstanding on its revolving credit facility, and for general corporate purposes. The Operating Partnership may redeem the 2035 Notes in whole at any time or in part from time to time at the applicable redemption price specified in the indenture. If the 2035 Notes are redeemed on or after December 15, 2034 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2035 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption
date. Including the effect of a cash flow hedging instrument settled during the fourth quarter of 2024 (see Note 12. Fair Value), the 2035 Notes yield an effective interest rate of 5.08%.
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 2028 Notes, 2029 Notes, 2030 Notes, 2031 Notes, 2032 Notes, 2034 Notes I, 2034 Notes II, 2035 Notes, 2051 Notes and 2052 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 indentures require that we maintain certain financial covenants.
Revolving Credit Facility
During the third quarter of 2024, the Company entered into a credit agreement with a $1.25 billion sustainability-linked revolving credit facility. The interest rate on the 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 revolving credit facility matures on July 16, 2028, with two six-month extension options at the Company’s election if certain conditions are met. In addition, the Company is required to pay a facility fee of an amount ranging from 0.125% to 0.30% of the aggregate amount of the revolving commitments, which fee is also based on the Company’s credit rating.
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 years ended December 31, 2025, 2024 and 2023 (amounts in thousands):
| For the Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Gross interest cost | $ | 240,406 | $ | 218,494 | $ | 195,430 | |||||||||||
| Capitalized interest | (55,208) | (53,143) | (55,232) | ||||||||||||||
| Interest expense | $ | 185,198 | $ | 165,351 | $ | 140,198 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.