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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt The following table presents the Company’s debt as of December 31, 2021 and 2020 (in thousands):
Outstanding Principal Balance
Interest Rate (1)
Maturity DateDecember 31, 2021December 31, 2020
AH4R 2014-SFR2 securitization4.42 %October 9, 2024$473,594 $479,981 
AH4R 2014-SFR3 securitization4.40 %December 9, 2024488,790 495,392 
AH4R 2015-SFR1 securitization (2)
4.14 %April 9, 2045514,868 520,957 
AH4R 2015-SFR2 securitization (3)
4.36 %October 9, 2045446,929 452,162 
Total asset-backed securitizations1,924,181 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 
2031 unsecured senior notes (5)
2.46 %July 15, 2031450,000 — 
2051 unsecured senior notes3.38 %July 15, 2051300,000 — 
Revolving credit facility (6)
1.20 %April 15, 2026350,000 — 
Total debt3,924,181 2,848,492 
Unamortized discounts on unsecured senior notes(15,561)(3,658)
Deferred financing costs, net (7)
(28,142)(27,422)
Total debt per balance sheet$3,880,478 $2,817,412 
(1)Interest rates are rounded and as of December 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 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 $1.6 million and $1.5 million committed to outstanding letters of credit that reduced our borrowing capacity as of December 31, 2021 and 2020, respectively. The revolving credit facility bears interest at LIBOR plus 1.10% as of December 31, 2021.
(7)Deferred financing costs relate to our asset-backed securitizations and unsecured senior notes. Amortization of deferred financing costs related to our asset-backed securitizations and unsecured senior notes was $6.1 million, $5.9 million and $5.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, which was 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, 2021 (in thousands):
Debt Maturities
2022$20,714 
202320,714 
2024951,862 
202510,302 
2026360,302 
Thereafter2,560,287 
Total debt$3,924,181 
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, 2021 and 2020 (in thousands, except property data):
December 31, 2021December 31, 2020
Number of PropertiesNet Book ValueNumber of PropertiesNet Book Value
AH4R 2014-SFR2 securitization4,526 $559,257 4,537 $575,634 
AH4R 2014-SFR3 securitization4,570 605,420 4,581 624,279 
AH4R 2015-SFR1 securitization4,690 606,385 4,695 624,269 
AH4R 2015-SFR2 securitization4,168 562,443 4,172 576,999 
Total encumbered properties17,954 $2,333,505 17,985 $2,401,181 
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 years ended December 31, 2021, 2020 and 2019 (in thousands):
 For the Years Ended December 31,
 202120202019
Gross interest cost$148,689 $137,034 $138,211 
Capitalized interest(33,796)(19,996)(11,097)
Interest expense$114,893 $117,038 $127,114