Debt (Tables)

9 Months Ended

Sep. 30, 2018

The following table presents the Company’s debt as of September 30, 2018, and December 31, 2017 (in thousands):



			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	September 30, 2018			December 31, 2017
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	492,478		$	496,326
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	508,080			512,041
AH4R 2015-SFR1 securitization (2)	4.14%	April 9, 2045	533,578			537,723
AH4R 2015-SFR2 securitization (3)	4.36%	October 9, 2045	463,552			467,267
Total asset-backed securitizations			1,997,688			2,013,357
Unsecured senior notes (4)	4.08%	February 15, 2028	500,000			—
Exchangeable senior notes	3.25%	November 15, 2018	115,000			115,000
Secured note payable (5)	N/A	N/A	—			48,859
Revolving credit facility (6)	3.46%	June 30, 2022	—			140,000
Term loan facility (7)	3.61%	June 30, 2022	100,000			200,000
Total debt (8)			2,712,688			2,517,216
Unamortized discounts on unsecured and exchangeable senior notes			(2,751		)	(895		)
Equity component of exchangeable senior notes			(358		)	(2,408		)
Deferred financing costs, net (9)			(37,876		)	(38,026		)
Total debt per balance sheet			$	2,671,703		$	2,475,887


(1)	Interest rates are as of September 30, 2018. Unless otherwise stated, interest rates are fixed percentages.


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


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


(4)	The stated interest rate on the unsecured senior notes is 4.25%, which was effectively hedged to yield an interest rate of 4.08%.


(5)	The secured note payable was paid off in full during the second quarter of 2018.

(6)

The revolving credit facility provides for a borrowing capacity of up to $800.0 million, with a fully extended maturity date of June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.825% to 1.55% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.55%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2018, plus 1-month LIBOR.

(7)

The term loan component of our credit facility matures June 2022, and bears interest at a LIBOR rate plus a margin ranging from 0.90% to 1.75% or a base rate (generally determined according to a prime rate or federal funds rate) plus a margin ranging from 0.00% to 0.75%. The interest rate stated represents the applicable spread for LIBOR based borrowings as of September 30, 2018, plus 1-month LIBOR.


(8)	The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of September 30, 2018, and December 31, 2017.

(9)

Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million and $1.4 million for the three months ended September 30, 2018 and 2017, respectively, and $4.4 million and $5.0 million for the nine months ended September 30, 2018 and 2017, respectively, which has been 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 debt on a fully extended basis as of September 30, 2018 (in thousands):



Remaining 2018	$	120,179
2019	20,714
2020	20,714
2021	20,714
2022	120,714
Thereafter	2,409,653
Total debt	2,712,688
Unamortized discounts and deferred financing costs (1)	(40,985		)
Total debt per balance sheet	$	2,671,703


(1)	Includes the unamortized discounts on the unsecured and exchangeable senior notes, the equity component of the exchangeable senior notes and deferred financing costs, net.

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 senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the three and nine months ended September 30, 2018 and 2017 (in thousands):



	For the Three Months Ended						For the Nine Months Ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Gross interest	$	32,344		$	28,125		$	97,422		$	90,044
Capitalized interest	(1,414		)	(1,533		)	(5,213		)	(3,171		)
Interest expense	$	30,930		$	26,592		$	92,209		$	86,873