Debt (Tables)

6 Months Ended

Jun. 30, 2016

The following table presents the Company’s debt as of June 30, 2016, and December 31, 2015 (in thousands):



				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	June 30, 2016			December 31, 2015
AH4R 2014-SFR1 securitization (2)	2.01	%	June 9, 2019	$	471,351		$	473,755
ARP 2014-SFR1 securitization (3)	2.58	%	September 9, 2019	342,115			—
AH4R 2014-SFR2 securitization	4.42	%	October 9, 2024	504,739			507,305
AH4R 2014-SFR3 securitization	4.40	%	December 9, 2024	520,468			523,109
AH4R 2015-SFR1 securitization (4)	4.14	%	April 9, 2045	546,358			549,121
AH4R 2015-SFR2 securitization (5)	4.36	%	October 9, 2045	474,532			476,920
Total asset-backed securitizations				2,859,563			2,530,210
Exchangeable senior notes	3.25	%	November 15, 2018	115,000			—
Secured note payable	4.06	%	July 1, 2019	50,295			50,752
Credit facility (6)	3.22	%	September 30, 2018	142,000			—
Total debt (7)				3,166,858			2,580,962
Unamortized discount on ARP 2014-SFR1 securitization				(11,293		)	—
Unamortized discount on exchangeable senior notes				(2,382		)	—
Equity component of exchangeable senior notes				(6,184		)	—
Deferred financing costs, net (8)				(52,493		)	(56,567		)
Total debt per balance sheet				$	3,094,506		$	2,524,395


(1)	Interest rates are as of June 30, 2016. Unless otherwise stated, interest rates are fixed percentages.

(2)

The AH4R 2014-SFR1 securitization bears interest at a duration-weighted blended interest rate of 1-month LIBOR plus 1.54%, subject to a LIBOR floor of 0.25%. The maturity date of June 9, 2019, reflects the fully extended maturity date based on an initial two-year loan term and three, 12-month extension options, at the Company’s election, provided there is no event of default and compliance with certain other terms.


(3)	The ARP 2014-SFR1 securitization bears interest at an effective weighted-average interest rate of 1-month LIBOR plus 2.11%. The maturity date of September 9, 2019, reflects the fully extended maturity date based on an initial two-year term and three, 12-month extension options, at the Company's election, provided there is no event of default and compliance with certain other terms.


(4)	The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.


(5)	The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025.


(6)	The credit facility provides for a borrowing capacity of up to $800.0 million through September 2016 and bears interest at 1-month LIBOR plus 2.75% (3.125% beginning in March 2017). Any outstanding borrowings upon expiration of the credit facility period in September 2016 will become due in September 2018.


(7)	The Company was in compliance with all debt covenants associated with its asset-backed securitizations, exchangeable senior notes, secured note payable and credit facility as of June 30, 2016, and December 31, 2015.


(8)	Deferred financing costs relate to our AH4R asset-backed securitizations. Amortization of deferred financing costs was $2.1 million and $1.8 million for the three months ended June 30, 2016 and 2015, respectively, and $4.1 million and $3.2 million for the six months ended June 30, 2016 and 2015, respectively, which has been included in gross interest, prior to interest capitalization.

Summary of Activity that Relates to Capitalized Interest

The following table displays our total gross interest, which includes unused commitment and other fees on our credit facility and amortization of deferred financing costs, the discount on the ARP 2014-SFR1 securitization and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and six months ended June 30, 2016 and 2015 (in thousands):



	For the Three Months Ended						For the Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Gross interest	$	35,840		$	23,913		$	67,453		$	44,152
Capitalized interest	(359		)	(1,910		)	(995		)	(6,479		)
Interest expense	$	35,481		$	22,003		$	66,458		$	37,673