Debt (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents the Company’s debt as of December 31, 2019 and 2018 (in thousands):



				Outstanding Principal Balance
	Interest Rate ⁽¹⁾		Maturity Date	December 31, 2019			December 31, 2018
AH4R 2014-SFR2 securitization	4.42	%	October 9, 2024	$	485,828		$	491,195
AH4R 2014-SFR3 securitization	4.40	%	December 9, 2024	501,393			506,760
AH4R 2015-SFR1 securitization ⁽²⁾	4.14	%	April 9, 2045	526,560			532,197
AH4R 2015-SFR2 securitization ⁽³⁾	4.36	%	October 9, 2045	457,212			462,358
Total asset-backed securitizations				1,970,993			1,992,510
2028 unsecured senior notes ⁽⁴⁾	4.08	%	February 15, 2028	500,000			500,000
2029 unsecured senior notes	4.90	%	February 15, 2029	400,000			—
Revolving credit facility ⁽⁵⁾	2.96	%	June 30, 2022	—			250,000
Term loan facility ⁽⁶⁾	N/A		N/A	—			100,000
Total debt				2,870,993			2,842,510
Unamortized discount on unsecured senior notes				(4,143		)	(2,546		)
Deferred financing costs, net ⁽⁷⁾				(33,353		)	(36,421		)
Total debt per balance sheet				$	2,833,497		$	2,803,543


(1)	Interest rates are as of December 31, 2019. Unless otherwise stated, interest rates are fixed percentages.


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


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


(4)	The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was effectively hedged to yield an interest rate of 4.08%.

(5)

The revolving credit facility provides for a borrowing capacity of up to $800.0 million, and the Company had approximately $6.2 million and $1.1 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2019 and 2018, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2019. LIBOR is expected to be discontinued after 2021 and the Company expects to replace the contractual reference rate with an appropriate alternative. The Company does not expect this modification to have a material impact on its financial statements.


(6)	The term loan was fully repaid in June 2019.

(7)

Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of these deferred financing costs was $5.9 million, $5.8 million and $6.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, which is included in gross interest, prior to interest capitalization.

Schedule of 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, 2019 (in thousands):



	Debt Maturities
2020	$	20,714
2021	20,714
2022	20,714
2023	20,714
2024	955,875
Thereafter	1,832,262
Total debt	$	2,870,993

Schedule of 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, 2019 and 2018 (in thousands, except property data):



	December 31, 2019			December 31, 2018
	Number of Properties	Net Book Value		Number of Properties	Net Book Value
AH4R 2014-SFR2 securitization	4,543	$	592,203	4,546	$	611,279
AH4R 2014-SFR3 securitization	4,587	642,189		4,588	662,068
AH4R 2015-SFR1 securitization	4,696	641,595		4,697	662,202
AH4R 2015-SFR2 securitization	4,175	592,900		4,178	612,835
Total encumbered properties	18,001	$	2,468,887	18,009	$	2,548,384

Summary of Activity that Relates to Capitalized Interest

The following table displays our (i) total gross interest, which includes fees on our credit facilities and amortization of deferred financing costs, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2019, 2018 and 2017 (in thousands):



	For the Years Ended December 31,
	2019			2018			2017
Gross interest cost	$	138,211		$	129,571		$	118,276
Capitalized interest	(11,097		)	(6,671		)	(5,656		)
Interest expense	$	127,114		$	122,900		$	112,620