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Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt All of the Company’s indebtedness is debt of the Operating Partnership. AH4R is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of September 30, 2020 and December 31, 2019 (in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | September 30, 2020 |  | December 31, 2019
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | $ | 481,520 |  |  | $ | 485,828 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 496,577 |  |  | 501,393 |
AH4R 2015-SFR1 securitization (2) | 4.14% |  | April 9, 2045 |  | 522,338 |  |  | 526,560 |
AH4R 2015-SFR2 securitization (3) | 4.36% |  | October 9, 2045 |  | 453,448 |  |  | 457,212 |
Total asset-backed securitizations |  |  |  |  | 1,953,883 |  |  | 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) | 1.35% |  | June 30, 2022 |  | — |  |  | — |
Total debt |  |  |  |  | 2,853,883 |  |  | 2,870,993 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (3,780) |  |  | (4,143) |
Deferred financing costs, net (6) |  |  |  |  | (28,911) |  |  | (33,353) |
Total debt per balance sheet |  |  |  |  | $ | 2,821,192 |  |  | $ | 2,833,497 |
(1)Interest rates are as of September 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 $1.5 million and $6.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2020 and December 31, 2019, respectively. The revolving credit facility bears interest at LIBOR plus 1.20% as of September 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 September 30, 2020 and 2019 and $4.5 million for both the nine months ended September 30, 2020 and 2019, respectively, which was included in gross interest, prior to interest capitalization. Debt Maturities The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of September 30, 2020 (in thousands):
| Debt Maturities
Remaining 2020 | $ | 5,179 |
2021 | 20,714 |
2022 | 20,714 |
2023 | 20,714 |
2024 | 954,560 |
Thereafter | 1,832,002 |
Total debt | $ | 2,853,883 |
Interest Expense 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 nine months ended September 30, 2020 and 2019 (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Gross interest cost | $ | 34,075 |  |  | $ | 34,213 |  |  | $ | 103,069 |  |  | $ | 104,046 |
Capitalized interest | (4,808) |  |  | (2,748) |  |  | (14,529) |  |  | (8,095) |
Interest expense | $ | 29,267 |  |  | $ | 31,465 |  |  | $ | 88,540 |  |  | $ | 95,951 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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