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Debt (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2017, and December 31, 2016 (in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | September 30, 2017 |  | December 31, 2016
AH4R 2014-SFR1 securitization (2) | N/A |  | N/A |  | $ | — |  |  | $ | 456,074 |
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | 497,743 |  |  | 501,810 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 513,361 |  |  | 517,827 |
AH4R 2015-SFR1 securitization (3) | 4.14% |  | April 9, 2045 |  | 539,199 |  |  | 543,480 |
AH4R 2015-SFR2 securitization (4) | 4.36% |  | October 9, 2045 |  | 468,461 |  |  | 472,043 |
Total asset-backed securitizations |  |  |  |  | 2,018,764 |  |  | 2,491,234 |
Exchangeable senior notes | 3.25% |  | November 15, 2018 |  | 115,000 |  |  | 115,000 |
Secured note payable | 4.06% |  | July 1, 2019 |  | 49,107 |  |  | 49,828 |
Revolving credit facility (5) | 2.43% |  | June 30, 2022 |  | — |  |  | — |
Term loan facility (6) | 2.58% |  | June 30, 2022 |  | 200,000 |  |  | 325,000 |
Total debt (7) |  |  |  |  | 2,382,871 |  |  | 2,981,062 |
Unamortized discount on exchangeable senior notes |  |  |  |  | (1,156 | ) |  | (1,883 | )
Equity component of exchangeable senior notes |  |  |  |  | (3,073 | ) |  | (4,969 | )
Deferred financing costs, net (8) |  |  |  |  | (39,407 | ) |  | (51,636 | )
Total debt per balance sheet |  |  |  |  | $ | 2,339,235 |  |  | $ | 2,922,574 |
(1) | Interest rates are as of September 30, 2017. Unless otherwise stated, interest rates are fixed percentages.
(2) | The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017.
(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 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, 2017, plus 1-month LIBOR.
(6) | The term loan facility provides for a borrowing capacity of up to $200.0 million, with a maturity date of 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, 2017, 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 facility and term loan facility as of September 30, 2017, and December 31, 2016.
(8) | Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $1.4 million and $2.2 million for the three months ended September 30, 2017 and 2016, respectively, and $5.0 million and $6.3 million for the nine months ended September 30, 2017 and 2016, respectively, which has been included in gross interest, prior to interest capitalization.
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 three and nine months ended September 30, 2017 and 2016 (in thousands):
| For the Three Months Ended |  | For the Nine Months Ended
| September 30, 2017 |  | September 30, 2016 |  | September 30, 2017 |  | September 30, 2016
Gross interest | $ | 28,125 |  |  | $ | 33,433 |  |  | $ | 90,044 |  |  | $ | 100,886 |
Capitalized interest | (1,533 | ) |  | (582 | ) |  | (3,171 | ) |  | (1,577 | )
Interest expense | $ | 26,592 |  |  | $ | 32,851 |  |  | $ | 86,873 |  |  | $ | 99,309 |

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