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Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt The following table presents the Company’s debt as of March 31, 2021 and December 31, 2020 (in thousands):
   Outstanding Principal Balance
 
Interest Rate (1)
Maturity DateMarch 31, 2021December 31, 2020
AH4R 2014-SFR2 securitization4.42%October 9, 2024$478,399 $479,981 
AH4R 2014-SFR3 securitization4.40%December 9, 2024493,862 495,392 
AH4R 2015-SFR1 securitization (2)
4.14%April 9, 2045519,255 520,957 
AH4R 2015-SFR2 securitization (3)
4.36%October 9, 2045450,858 452,162 
Total asset-backed securitizations  1,942,374 1,948,492 
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)
1.31%June 30, 202280,000 — 
Total debt  2,922,374 2,848,492 
Unamortized discounts on unsecured senior notes(3,537)(3,658)
Deferred financing costs, net (6)
(25,960)(27,422)
Total debt per balance sheet$2,892,877 $2,817,412 
(1)Interest rates are as of March 31, 2021. 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 committed to outstanding letters of credit that reduced our borrowing capacity as of March 31, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.20% as of March 31, 2021. The revolving credit facility was amended on April 15, 2021 to expand the borrowing capacity to $1.25 billion and extend the maturity date. See Note 16. Subsequent Events for further details.
(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 March 31, 2021 and 2020, 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 March 31, 2021 (in thousands):
Debt Maturities
Remaining 2021$15,536 
2022100,714 
202320,714 
2024953,929 
202510,302 
Thereafter1,821,179 
Total debt$2,922,374 
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 months ended March 31, 2021 and 2020 (in thousands):
 For the Three Months Ended
March 31,
 20212020
Gross interest cost$33,883 $34,364 
Capitalized interest(5,878)(4,649)
Interest expense$28,005 $29,715