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Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the Company’s debt as of December 31, 2018 and 2017 (in thousands):

						Outstanding Principal Balance
	Interest Rate (1)			Maturity Date		December 31, 2018				December 31, 2017
AH4R 2014-SFR2 securitization	4.42	%		October 9, 2024		$	491,195			$	496,326
AH4R 2014-SFR3 securitization	4.40	%		December 9, 2024		506,760				512,041
AH4R 2015-SFR1 securitization (2)	4.14	%		April 9, 2045		532,197				537,723
AH4R 2015-SFR2 securitization (3)	4.36	%		October 9, 2045		462,358				467,267
Total asset-backed securitizations						1,992,510				2,013,357
2028 notes (4)	4.08	%		February 15, 2028		500,000				—
Exchangeable senior notes (5)	N/A			N/A		—				115,000
Secured note payable (6)	N/A			N/A		—				48,859
Revolving credit facility (7)	3.70	%		June 30, 2022		250,000				140,000
Term loan facility (8)	3.85	%		June 30, 2022		100,000				200,000
Total debt (9)						2,842,510				2,517,216
Unamortized discount on unsecured and exchangeable notes						(2,546		)		(895		)
Equity component of exchangeable senior notes						—				(2,408		)
Deferred financing costs, net (10)						(36,421		)		(38,026		)
Total debt per balance sheet						$	2,803,543			$	2,475,887

(1) Interest rates are as of December 31, 2018. Unless otherwise stated, interest rates are fixed percentages.

(2) The AH4R 2015-SFR1 securitization has a maturity date of April 9, 2045, with an anticipated repayment date of April 9, 2025.

(3) The AH4R 2015-SFR2 securitization has a maturity date of October 9, 2045, with an anticipated repayment date of October 9, 2025.

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

(5) The exchangeable senior notes were paid off in full during the fourth quarter of 2018.

(6) The secured note payable was paid off in full during the second quarter of 2018.

(7) 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, 2018, plus 1-month LIBOR.

(8) The term loan component of our credit facility matures 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, 2018, plus 1-month LIBOR.

(9) The Company was in compliance with all debt covenants associated with its asset-backed securitizations, unsecured senior notes, secured note payable, revolving credit facility and term loan facility as of December 31, 2018 and 2017.

(10) Deferred financing costs relate to our asset-backed securitizations, unsecured senior notes and term loan facility. Amortization of deferred financing costs was $5.8 million, $6.4 million and $8.5 million for the years ended December 31, 2018, 2017 and 2016, 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 principal debt balances on a fully extended basis as of December 31, 2018 (in thousands):

2019	$	20,714
2020	20,714
2021	20,714
2022	370,714
2023	20,714
Thereafter	2,388,940
Total debt	2,842,510
Unamortized discount and deferred financing costs (1)	(38,967		)
Total debt per balance sheet	$	2,803,543

(1) Includes the unamortized discount of the unsecured 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, 2018 and 2017 (in thousands, except property data):

	As of December 31, 2018							As of December 31, 2017
	Number of Properties			Net Book Value				Number of Properties			Net Book Value
AH4R 2014-SFR2 securitization (1)	4,546			$	611,279			4,481			$	627,988
AH4R 2014-SFR3 securitization (2)	4,588			662,068				4,499			680,788
AH4R 2015-SFR1 securitization (3)	4,697			662,202				4,658			685,055
AH4R 2015-SFR2 securitization (4)	4,178			612,835				4,124			635,612
Secured note payable	—			—				572			71,868
Total encumbered properties	18,009			$	2,548,384			18,334			$	2,701,311

(1) During the years ended December 31, 2018 and 2017, the Company substituted 65 and zero properties, respectively, and had zero and 3 properties that were disqualified for a total release price of $0.0 million and $0.4 million, respectively, which was used to pay down the principal balance on the loan.

(2) During the years ended December 31, 2018 and 2017, the Company substituted 89 and zero properties, respectively, and had zero and 4 properties that were disqualified for a total release price of $0.0 million and $0.5 million, respectively, which was used to pay down the principal balance on the loan.

(3) During the years ended December 31, 2018 and 2017, the Company substituted 39 and zero properties, respectively, and had zero and 2 properties that were disqualified for a total release price of $0.0 million and $0.2 million, respectively, which was used to pay down the principal balance on the loan.

(4) During the year ended December 31, 2018, the Company substituted 55 properties and 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 fees on our credit facilities and amortization of deferred financing costs, discounts on debt and the fair value of the exchange settlement feature of the exchangeable senior notes, and capitalized interest for the years ended December 31, 2018, 2017 and 2016 (in thousands):

	For the Years Ended December 31,
	2018				2017				2016
Gross interest cost	$	129,571			$	118,276			$	133,137
Capitalized interest	(6,671		)		(5,656		)		(2,290		)
Interest expense	$	122,900			$	112,620			$	130,847

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