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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt The following table presents the Company’s debt as of December 31, 2020 and 2019 (in thousands):
Outstanding Principal Balance
Interest Rate (1)
Maturity DateDecember 31, 2020December 31, 2019
AH4R 2014-SFR2 securitization4.42 %October 9, 2024$479,981 $485,828 
AH4R 2014-SFR3 securitization4.40 %December 9, 2024495,392 501,393 
AH4R 2015-SFR1 securitization (2)
4.14 %April 9, 2045520,957 526,560 
AH4R 2015-SFR2 securitization (3)
4.36 %October 9, 2045452,162 457,212 
Total asset-backed securitizations1,948,492 1,970,993 
2028 unsecured senior notes (4)
4.08 %February 15, 2028500,000 500,000 
2029 unsecured senior notes4.90 %February 15, 2029400,000 400,000 
Revolving credit facility (5)
1.34 %June 30, 2022— — 
Total debt2,848,492 2,870,993 
Unamortized discount on unsecured senior notes(3,658)(4,143)
Deferred financing costs, net (6)
(27,422)(33,353)
Total debt per balance sheet$2,817,412 $2,833,497 
(1)Interest rates are as of December 31, 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 December 31, 2020 and 2019, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate (“LIBOR”) plus 1.20% as of December 31, 2020.
(6)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of these deferred financing costs related to our asset-backed securitizations, term loan facility and unsecured senior notes was $5.9 million, $5.9 million and $5.8 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is 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, 2020 (in thousands):
Debt Maturities
2021$20,714 
202220,714 
202320,714 
2024954,439 
202510,302 
Thereafter1,821,609 
Total debt$2,848,492 
Schedule of Encumbered Properties The following table displays the number of properties pledged as collateral for the Company’s asset-backed securitization loans and the aggregate net book values as of December 31, 2020 and 2019 (in thousands, except property data):
December 31, 2020December 31, 2019
Number of PropertiesNet Book ValueNumber of PropertiesNet Book Value
AH4R 2014-SFR2 securitization4,537 $575,634 4,543 $592,203 
AH4R 2014-SFR3 securitization4,581 624,279 4,587 642,189 
AH4R 2015-SFR1 securitization4,695 624,269 4,696 641,595 
AH4R 2015-SFR2 securitization4,172 576,999 4,175 592,900 
Total encumbered properties17,985 $2,401,181 18,001 $2,468,887 
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, the discounts on unsecured senior notes and the fair value of the exchange settlement feature of the exchangeable senior notes, and (ii) capitalized interest for the years ended December 31, 2020, 2019 and 2018 (in thousands):
 For the Years Ended December 31,
 202020192018
Gross interest cost$137,034 $138,211 $129,571 
Capitalized interest(19,996)(11,097)(6,671)
Interest expense$117,038 $127,114 $122,900