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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2021 and December 31, 2020 (in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | September 30, 2021 |  | December 31, 2020
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | $ | 475,336 |  |  | $ | 479,981 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 490,585 |  |  | 495,392 |
AH4R 2015-SFR1 securitization (2) | 4.14% |  | April 9, 2045 |  | 516,249 |  |  | 520,957 |
AH4R 2015-SFR2 securitization (3) | 4.36% |  | October 9, 2045 |  | 448,261 |  |  | 452,162 |
Total asset-backed securitizations |  |  |  |  | 1,930,431 |  |  | 1,948,492 |
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 |
2031 unsecured senior notes (5) | 2.46% |  | July 15, 2031 |  | 450,000 |  |  | — |
2051 unsecured senior notes | 3.38% |  | July 15, 2051 |  | 300,000 |  |  | — |
Revolving credit facility (6) | 1.18% |  | April 15, 2026 |  | — |  |  | — |
Total debt |  |  |  |  | 3,580,431 |  |  | 2,848,492 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (15,900) |  |  | (3,658) |
Deferred financing costs, net (7) |  |  |  |  | (29,867) |  |  | (27,422) |
Total debt per balance sheet |  |  |  |  | $ | 3,534,664 |  |  | $ | 2,817,412 |
(1)Interest rates are rounded and as of September 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 hedged to yield an interest rate of 4.08%. (5)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%. (6)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 September 30, 2021 and December 31, 2020. The revolving credit facility bears interest at LIBOR plus 1.10% as of September 30, 2021. (7)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, 2021 and 2020 and $4.5 million for both the nine months ended September 30, 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 September 30, 2021 (in thousands):
| Debt Maturities
Remaining 2021 | $ | 5,179 |
2022 | 20,714 |
2023 | 20,714 |
2024 | 952,795 |
2025 | 10,302 |
Thereafter | 2,570,727 |
Total debt | $ | 3,580,431 |
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 nine months ended September 30, 2021 and 2020 (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gross interest cost | $ | 40,161 |  |  | $ | 34,075 |  |  | $ | 108,459 |  |  | $ | 103,069 |
Capitalized interest | (9,064) |  |  | (4,808) |  |  | (21,829) |  |  | (14,529) |
Interest expense | $ | 31,097 |  |  | $ | 29,267 |  |  | $ | 86,630 |  |  | $ | 88,540 |

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