Debt (Tables)

12 Months Ended

Dec. 31, 2016

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



				Outstanding Principal Balance
	Interest Rate (1)		Maturity Date	December 31, 2016			December 31, 2015
AH4R 2014-SFR1 securitization (2)	2.31	%	June 9, 2019	$	456,074		$	473,755
AH4R 2014-SFR2 securitization	4.42	%	October 9, 2024	501,810			507,305
AH4R 2014-SFR3 securitization	4.40	%	December 9, 2024	517,827			523,109
AH4R 2015-SFR1 securitization (3)	4.14	%	April 9, 2045	543,480			549,121
AH4R 2015-SFR2 securitization (4)	4.36	%	October 9, 2045	472,043			476,920
Total asset-backed securitizations				2,491,234			2,530,210
Exchangeable senior notes	3.25	%	November 15, 2018	115,000			—
Secured note payable	4.06	%	July 1, 2019	49,828			50,752
Revolving credit facilities (5)	2.62	%	August 16, 2020	—			—
Term loan facility (6)	2.57	%	August 16, 2021	325,000			—
Total debt (7)				2,981,062			2,580,962
Unamortized discount on exchangeable senior notes				(1,883		)	—
Equity component of exchangeable senior notes				(4,969		)	—
Deferred financing costs, net (8)				(51,636		)	(56,567		)
Total debt per balance sheet				$	2,922,574		$	2,524,395


(1)	Interest rates are as of December 31, 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 AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.


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

(5)

The revolving credit facility that was entered into in August 2016 provides for a borrowing capacity of up to $650.0 million, with a fully extended maturity date of August 2020, and bears interest at a LIBOR rate plus a margin ranging from 1.75% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.75% to 1.30%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of December 31, 2016, plus 1-month LIBOR.

(6)

The term loan facility provides for a borrowing capacity of up to $350.0 million, with a fully extended maturity date of August 2021, and bears interest at a LIBOR rate plus a margin ranging from 1.70% to 2.30% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.70% to 1.30%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of December 31, 2016, plus 1-month LIBOR.


(7)	The Company was in compliance with all debt covenants associated with its asset-backed securitizations, secured note payable, revolving credit facilities and term loan facility as of December 31, 2016 and 2015.


(8)	Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $8.5 million and $7.0 million for the years ended December 31, 2016 and 2015, respectively.

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 facilities and amortization of deferred financing costs, the discounts on the ARP 2014-SFR1 securitization and exchangeable senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the years ended December 31, 2016, 2015 and 2014 (in thousands):



	For the Years Ended December 31,
	2016			2015			2014
Gross interest cost	$	133,137		$	98,103		$	33,077
Capitalized interest	(2,290		)	(8,690		)	(13,196		)
Interest expense	$	130,847		$	89,413		$	19,881