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Debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of June 30, 2019 and December 31, 2018 (in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | June 30, 2019 |  | December 31, 2018
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | $ | 488,519 |  |  | $ | 491,195 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 504,119 |  |  | 506,760 |
AH4R 2015-SFR1 securitization (2) | 4.14% |  | April 9, 2045 |  | 529,433 |  |  | 532,197 |
AH4R 2015-SFR2 securitization (3) | 4.36% |  | October 9, 2045 |  | 459,703 |  |  | 462,358 |
Total asset-backed securitizations |  |  |  |  | 1,981,774 |  |  | 1,992,510 |
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 |  |  | — |
Revolving credit facility (5) | 3.60% |  | June 30, 2022 |  | — |  |  | 250,000 |
Term loan facility (6) | N/A |  | N/A |  | — |  |  | 100,000 |
Total debt |  |  |  |  | 2,881,774 |  |  | 2,842,510 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (4,385 | ) |  | (2,546 | )
Deferred financing costs, net (7) |  |  |  |  | (36,332 | ) |  | (36,421 | )
Total debt per balance sheet |  |  |  |  | $ | 2,841,057 |  |  | $ | 2,803,543 |
(1) | Interest rates are as of June 30, 2019. 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 bears interest at a London Inter-Bank Offered Rate (“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%.
(6) | The term loan was fully repaid in June 2019. Prior to repayment, the term loan component of our credit facility bore 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%.
(7) Deferred financing costs relate to our asset-backed securitizations, term loan facility and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended June 30, 2019 and 2018 and $3.0 million and $2.9 million for the six months ended June 30, 2019 and 2018, respectively, 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 debt on a fully extended basis as of June 30, 2019 (in thousands):
Remaining 2019 | $ | 10,358 |
2020 | 20,714 |
2021 | 20,714 |
2022 | 20,714 |
2023 | 20,714 |
Thereafter | 2,788,560 |
Total debt | $ | 2,881,774 |
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, the discounts on unsecured senior notes, and capitalized interest for the three and six months ended June 30, 2019 and 2018 (in thousands):
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2019 |  | June 30, 2018 |  | June 30, 2019 |  | June 30, 2018
Gross interest | $ | 35,221 |  |  | $ | 33,341 |  |  | $ | 69,833 |  |  | $ | 65,078 |
Capitalized interest | (2,650 | ) |  | (1,363 | ) |  | (5,347 | ) |  | (3,799 | )
Interest expense | $ | 32,571 |  |  | $ | 31,978 |  |  | $ | 64,486 |  |  | $ | 61,279 |

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