Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of March 31, 2022 and December 31, 2021 (amounts in thousands):

			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	March 31, 2022		December 31, 2021
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	471,981	$	473,594
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	487,356		488,790
AH4R 2015-SFR1 securitization (2)	4.14%	April 9, 2045	513,233		514,868
AH4R 2015-SFR2 securitization (3)	4.36%	October 9, 2045	445,735		446,929
Total asset-backed securitizations			1,918,305		1,924,181
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
2031 unsecured senior notes (5)	2.46%	July 15, 2031	450,000		450,000
2051 unsecured senior notes	3.38%	July 15, 2051	300,000		300,000
Revolving credit facility (6)	1.55%	April 15, 2026	410,000		350,000
Total debt			3,978,305		3,924,181
Unamortized discounts on unsecured senior notes			(15,222)		(15,561)
Deferred financing costs, net (7)			(26,562)		(28,142)
Total debt per balance sheet			$	3,936,521	$	3,880,478

(1)Interest rates are rounded and as of March 31, 2022. 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 hedged to yield an interest rate of 4.08%.

(5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(6)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the Company had approximately $2.2 million and $1.6 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2022 and December 31, 2021. The revolving credit facility bears interest at LIBOR plus 1.10% as of March 31, 2022.

(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $1.6 million and $1.5 million for the three months ended March 31, 2022 and 2021, respectively, and was included in gross interest, prior to interest capitalization.

Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of March 31, 2022 (amounts in thousands):

	Debt Maturities
Remaining 2022	$	15,536
2023	20,714
2024	951,418
2025	10,302
2026	420,302
Thereafter	2,560,033
Total debt	$	3,978,305

Interest Expense

The following table summarizes 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, 2022 and 2021 (amounts in thousands):

	For the Three Months Ended March 31,
	2022		2021
Gross interest cost	$	40,461	$	33,883
Capitalized interest	(12,894)		(5,878)
Interest expense	$	27,567	$	28,005