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Debt (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of June 30, 2020 and December 31, 2019 (in thousands):
|  |  |  |  | Outstanding Principal Balance |  |
| Interest Rate (1) |  | Maturity Date |  | June 30, 2020 |  | December 31, 2019
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | $ | 482,812 |  |  | $ | 485,828 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 497,897 |  |  | 501,393 |
AH4R 2015-SFR1 securitization (2) | 4.14% |  | April 9, 2045 |  | 523,797 |  |  | 526,560 |
AH4R 2015-SFR2 securitization (3) | 4.36% |  | October 9, 2045 |  | 454,724 |  |  | 457,212 |
Total asset-backed securitizations |  |  |  |  | 1,959,230 |  |  | 1,970,993 |
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 |  |  | 400,000 |
Revolving credit facility (5) | 1.36% |  | June 30, 2022 |  | 130,000 |  |  | — |
Total debt |  |  |  |  | 2,989,230 |  |  | 2,870,993 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (3,900) |  |  | (4,143) |
Deferred financing costs, net (6) |  |  |  |  | (30,401) |  |  | (33,353) |
Total debt per balance sheet |  |  |  |  | $ | 2,954,929 |  |  | $ | 2,833,497 |
(1)Interest rates are as of June 30, 2020. 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 $3.7 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2020 and December 31, 2019, respectively. The revolving credit facility bears interest at LIBOR plus 1.20% as of June 30, 2020. 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)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs was $1.5 million for both the three months ended June 30, 2020 and 2019 and $3.0 million for both the six months ended June 30, 2020 and 2019, 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 principal debt balances on a fully extended basis as of June 30, 2020 (in thousands):
| Debt Maturities
Remaining 2020 | $ | 10,358 |
2021 | 20,714 |
2022 | 150,714 |
2023 | 20,714 |
2024 | 954,568 |
Thereafter | 1,832,162 |
Total debt | $ | 2,989,230 |
Summary of Activity that Relates to Capitalized Interest | The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2020 and 2019 (in thousands):
| For the Three Months Ended |  |  |  | For the Six Months Ended |  |
| June 30, 2020 |  | June 30, 2019 |  | June 30, 2020 |  | June 30, 2019
Gross interest cost | $ | 34,630 |  |  | $ | 35,221 |  |  | $ | 68,994 |  |  | $ | 69,833 |
Capitalized interest | (5,072) |  |  | (2,650) |  |  | (9,721) |  |  | (5,347) |
Interest expense | $ | 29,558 |  |  | $ | 32,571 |  |  | $ | 59,273 |  |  | $ | 64,486 |

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