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Debt
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 (in thousands):
   Outstanding Principal Balance
 
Interest Rate (1)
Maturity DateJune 30, 2021December 31, 2020
AH4R 2014-SFR2 securitization4.42%October 9, 2024$476,810 $479,981 
AH4R 2014-SFR3 securitization4.40%December 9, 2024492,208 495,392 
AH4R 2015-SFR1 securitization (2)
4.14%April 9, 2045517,741 520,957 
AH4R 2015-SFR2 securitization (3)
4.36%October 9, 2045449,455 452,162 
Total asset-backed securitizations  1,936,214 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)
1.20%April 15, 2026620,000 — 
Total debt  3,456,214 2,848,492 
Unamortized discounts on unsecured senior notes(3,416)(3,658)
Deferred financing costs, net (6)
(24,484)(27,422)
Total debt per balance sheet$3,428,314 $2,817,412 
(1)Interest rates are as of June 30, 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 $1.25 billion and the Company had approximately $1.2 million and $1.5 million, respectively, committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of June 30, 2021.
(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, 2021 and 2020 and $3.0 million for both the six months ended June 30, 2021 and 2020, respectively, which was included in gross interest, prior to interest capitalization.

Revolving Credit Facility

    In April 2021, the Company closed a $1.25 billion revolving credit facility, amending its existing $800 million revolving credit facility. The amended revolving credit facility provides for expanded borrowing capacity, reflects a more favorable pricing grid based on current market conditions, and includes a sustainability component based upon third-party performance measures through which overall pricing can further improve if the Company meets certain targets. The interest rate on the amended revolving credit facility is at either LIBOR plus a margin ranging from 0.725% to 1.45% or a base rate (determined according to the greater of a prime rate, federal funds rate plus 0.5% or daily LIBOR rate plus 1.0%) plus a margin ranging from 0.00% to 0.45%. In each case the actual margin is determined based on the Company’s credit ratings in effect from time to time. The amended revolving credit facility matures on April 15, 2025, with two six-month extension options at the Company’s election if certain conditions are met.
Debt Maturities

    The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2021 (in thousands):
Debt Maturities
Remaining 2021$10,358 
202220,714 
202320,714 
2024953,288 
202510,302 
Thereafter2,440,838 
Total debt$3,456,214 

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 six months ended June 30, 2021 and 2020 (in thousands):
 For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2021202020212020
Gross interest cost$34,415 $34,630 $68,298 $68,994 
Capitalized interest(6,887)(5,072)(12,765)(9,721)
Interest expense$27,528 $29,558 $55,533 $59,273