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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of December 31, 2017 and 2016 (in thousands):

						Outstanding Principal Balance
	Interest Rate (1)			Maturity Date		December 31, 2017				December 31, 2016
AH4R 2014-SFR1 securitization (2)	N/A			N/A		$	—			$	456,074
AH4R 2014-SFR2 securitization	4.42	%		October 9, 2024		496,326				501,810
AH4R 2014-SFR3 securitization	4.40	%		December 9, 2024		512,041				517,827
AH4R 2015-SFR1 securitization (3)	4.14	%		April 9, 2045		537,723				543,480
AH4R 2015-SFR2 securitization (4)	4.36	%		October 9, 2045		467,267				472,043
Total asset-backed securitizations						2,013,357				2,491,234
Exchangeable senior notes	3.25	%		November 15, 2018		115,000				115,000
Secured note payable	4.06	%		July 1, 2019		48,859				49,828
Revolving credit facility (5)	2.76	%		June 30, 2022		140,000				—
Term loan facility (6)	2.91	%		June 30, 2022		200,000				325,000
Total debt (7)						2,517,216				2,981,062
Unamortized discount on exchangeable senior notes						(895		)		(1,883		)
Equity component of exchangeable senior notes						(2,408		)		(4,969		)
Deferred financing costs, net (8)						(38,026		)		(51,636		)
Total debt per balance sheet						$	2,475,887			$	2,922,574

(1) Interest rates are as of December 31, 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 December 31, 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 December 31, 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 December 31, 2017 and 2016.

(8) Deferred financing costs relate to our asset-backed securitizations and our term loan facility. Amortization of deferred financing costs was $6.4 million, $8.5 million and $7.0 million for the years ended December 31, 2017, 2016 and 2015, respectively, which has been included in gross interest, prior to interest capitalization.

Schedule of Debt Maturities

The following table summarizes the contractual maturities of the Company's debt on a fully extended basis as of December 31, 2017 (in thousands):

2018	$	136,723
2019	68,564
2020	20,714
2021	20,714
2022	360,714
Thereafter	1,909,787
Total debt	2,517,216
Unamortized discounts and deferred financing costs (1)	(41,329		)
Total debt per balance sheet	$	2,475,887

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

Schedule of Encumbered Properties

The following table displays the number of properties pledged as collateral for the Company's asset-backed securitization loans and secured note payable and the aggregate net book values as of December 31, 2017 and 2016 (in thousands, except property data):

	As of December 31, 2017							As of December 31, 2016
	Number of Properties			Net Book Value				Number of Properties			Net Book Value
AH4R 2014-SFR1 securitization (1)	—			$	—			3,803			$	575,421
AH4R 2014-SFR2 securitization (2)	4,481			627,988				4,484			650,175
AH4R 2014-SFR3 securitization (3)	4,499			680,788				4,503			706,262
AH4R 2015-SFR1 securitization (4)	4,658			685,055				4,660			710,778
AH4R 2015-SFR2 securitization (5)	4,124			635,612				4,124			658,792
Secured note payable	572			71,868				572			73,780
Total encumbered properties	18,334			$	2,701,311			22,146			$	3,375,208

(1) During the years ended December 31, 2017 and 2016, the Company sold 2 and 47 properties, respectively, and had 2 properties that were disqualified for a total release price of $0.7 million and $14.5 million, respectively, which was used to pay down the principal balance on the loan. The AH4R 2014-SFR1 securitization was paid off in full during the second quarter of 2017.

(2) During each of the years ended December 31, 2017 and 2016, the Company had 3 properties that were disqualified for a total release price of $0.4 million, which was used to pay down the principal balance on the loan.

(3) During the year ended December 31, 2017, the Company had 4 properties that were disqualified for a total release price of $0.5 million, which was used to pay down the principal balance on the loan.

(4) During the years ended December 31, 2017 and 2016, the Company had 2 and 1 properties that were disqualified, respectively, for a total release price of $0.2 million and $0.1 million, respectively, which was used to pay down the principal balance on the loan.

(5) During the year ended December 31, 2016, the Company had 1 property that was disqualified for a total release price of $0.1 million, which was used to pay down the principal balance on the loan.

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 years ended December 31, 2017, 2016 and 2015 (in thousands):

	For the Years Ended December 31,
	2017				2016				2015
Gross interest cost	$	118,276			$	133,137			$	98,103
Capitalized interest	(5,656		)		(2,290		)		(8,690		)
Interest expense	$	112,620			$	130,847			$	89,413

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