Debt (Tables)

3 Months Ended

Mar. 31, 2020

The following table presents the Company’s debt as of March 31, 2020 and December 31, 2019 (in thousands):


			Outstanding Principal Balance
	Interest Rate ⁽¹⁾	Maturity Date	March 31, 2020		December 31, 2019
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	484,546	$	485,828
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	499,816		501,393
AH4R 2015-SFR1 securitization ⁽²⁾	4.14%	April 9, 2045	525,178		526,560
AH4R 2015-SFR2 securitization ⁽³⁾	4.36%	October 9, 2045	456,018		457,212
Total asset-backed securitizations			1,965,558		1,970,993
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		400,000
Revolving credit facility ⁽⁵⁾	2.19%	June 30, 2022	105,000		—
Total debt			2,970,558		2,870,993
Unamortized discounts on unsecured senior notes			(4,022)		(4,143)
Deferred financing costs, net ⁽⁶⁾			(31,876)		(33,353)
Total debt per balance sheet			$	2,934,660	$	2,833,497

(1)Interest rates are as of March 31, 2020. 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 $3.7 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2020 and December 31, 2019, respectively. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2020. 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)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended March 31, 2020 and 2019, which was 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 principal debt balances on a fully extended basis as of March 31, 2020 (in thousands):


	Debt Maturities
Remaining 2020	$	15,536
2021	20,714
2022	125,714
2023	20,714
2024	955,618
Thereafter	1,832,262
Total debt	$	2,970,558

Summary of Activity that Relates to Capitalized Interest

The following table displays 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 three months ended March 31, 2020 and 2019 (in thousands):


	For the Three Months Ended
	March 31, 2020		March 31, 2019
Gross interest cost	$	34,364	$	34,612
Capitalized interest	(4,649)		(2,697)
Interest expense	$	29,715	$	31,915