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Debt (Tables)

9 Months Ended

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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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