Debt (Tables)

9 Months Ended

Sep. 30, 2019

The following table presents the Company’s debt as of September 30, 2019 and December 31, 2018 (in thousands):



			Outstanding Principal Balance
	Interest Rate ⁽¹⁾	Maturity Date	September 30, 2019			December 31, 2018
AH4R 2014-SFR2 securitization	4.42%	October 9, 2024	$	487,163		$	491,195
AH4R 2014-SFR3 securitization	4.40%	December 9, 2024	502,713			506,760
AH4R 2015-SFR1 securitization ⁽²⁾	4.14%	April 9, 2045	527,941			532,197
AH4R 2015-SFR2 securitization ⁽³⁾	4.36%	October 9, 2045	458,406			462,358
Total asset-backed securitizations			1,976,223			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⁾	3.22%	June 30, 2022	—			250,000
Term loan facility ⁽⁶⁾	N/A	N/A	—			100,000
Total debt			2,876,223			2,842,510
Unamortized discounts on unsecured senior notes			(4,264		)	(2,546		)
Deferred financing costs, net ⁽⁷⁾			(34,844		)	(36,421		)
Total debt per balance sheet			$	2,837,115		$	2,803,543


(1)	Interest rates are as of September 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 the Company had approximately $4.8 million and $1.1 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2019 and December 31, 2018, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) rate plus 1.20% as of September 30, 2019. LIBOR is expected to be discontinued after 2021 and the Company expects to replace the contractual reference rate with an appropriate alternative. The Company does not expect this modification to have a material impact on its financial statements.


(6)	The term loan was fully repaid in June 2019.

(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 each of the three month periods ended September 30, 2019 and 2018 and $4.5 million and $4.4 million for the nine months ended September 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 September 30, 2019 (in thousands):



Remaining 2019	$	5,179
2020	20,714
2021	20,714
2022	20,714
2023	20,714
Thereafter	2,788,188
Total debt	$	2,876,223

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 nine months ended September 30, 2019 and 2018 (in thousands):



	For the Three Months Ended						For the Nine Months Ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Gross interest	$	34,213		$	32,344		$	104,046		$	97,422
Capitalized interest	(2,748		)	(1,414		)	(8,095		)	(5,213		)
Interest expense	$	31,465		$	30,930		$	95,951		$	92,209