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Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents the Company’s debt as of September 30, 2022 and December 31, 2021 (amounts in thousands):
|  |  |  |  | Outstanding Principal Balance
| Interest Rate (1) |  | Maturity Date |  | September 30, 2022 |  | December 31, 2021
AH4R 2014-SFR2 securitization | 4.42% |  | October 9, 2024 |  | $ | 469,421 |  |  | $ | 473,594 |
AH4R 2014-SFR3 securitization | 4.40% |  | December 9, 2024 |  | 484,389 |  |  | 488,790 |
AH4R 2015-SFR1 securitization (2) | 4.14% |  | April 9, 2045 |  | 510,380 |  |  | 514,868 |
AH4R 2015-SFR2 securitization (3) | 4.36% |  | October 9, 2045 |  | 443,136 |  |  | 446,929 |
Total asset-backed securitizations |  |  |  |  | 1,907,326 |  |  | 1,924,181 |
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 |  |  | 450,000 |
2032 unsecured senior notes | 3.63% |  | April 15, 2032 |  | 600,000 |  |  | — |
2051 unsecured senior notes | 3.38% |  | July 15, 2051 |  | 300,000 |  |  | 300,000 |
2052 unsecured senior notes | 4.30% |  | April 15, 2052 |  | 300,000 |  |  | — |
Revolving credit facility (6) | 4.04% |  | April 15, 2026 |  | — |  |  | 350,000 |
Total debt |  |  |  |  | 4,457,326 |  |  | 3,924,181 |
Unamortized discounts on unsecured senior notes |  |  |  |  | (36,877) |  |  | (15,561) |
Deferred financing costs, net (7) |  |  |  |  | (31,282) |  |  | (28,142) |
Total debt per balance sheet |  |  |  |  | $ | 4,389,167 |  |  | $ | 3,880,478 |
(1)Interest rates are rounded and as of September 30, 2022. 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 $2.7 million and $1.6 million committed to outstanding letters of credit that reduced our borrowing capacity as of September 30, 2022 and December 31, 2021, respectively. The revolving credit facility bears interest at the London Inter-Bank Offered Rate plus 0.90% as of September 30, 2022. (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 $1.8 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $5.1 million and $4.5 million for the nine months ended September 30, 2022 and 2021, respectively, and is 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, 2022 (amounts in thousands):
| Debt Maturities
Remaining 2022 | $ | 5,179 |
2023 | 20,714 |
2024 | 951,097 |
2025 | 10,302 |
2026 | 10,302 |
Thereafter | 3,459,732 |
Total debt | $ | 4,457,326 |
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, 2022 and 2021 (amounts in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gross interest cost | $ | 49,115 |  |  | $ | 40,161 |  |  | $ | 138,037 |  |  | $ | 108,459 |
Capitalized interest | (12,861) |  |  | (9,064) |  |  | (39,415) |  |  | (21,829) |
Interest expense | $ | 36,254 |  |  | $ | 31,097 |  |  | $ | 98,622 |  |  | $ | 86,630 |

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