Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 16—Subsequent Events

In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2018, for potential recognition or disclosure.

IH 2018-2 Securitization

On May 8, 2018, we completed a securitization transaction pursuant to which we entered into a loan agreement with a third-party lender, providing for a new mortgage loan comprised of six components with a total principal balance of $1,057,225 (“IH 2018-2”). IH 2018-2 has a stated maturity of June 9, 2020, withfiveone-year extension options, and is secured by first priority mortgages on a portfolio of homes. Each of the six components of IH 2018-2 bears interest at a floating rate equal to LIBOR plus an applicable spread (inclusive of servicing fees) that ranges from 95 to 230 bps, with a weighted average spread to LIBOR (inclusive of servicing fees) of 138 bps. IH 2018-2 was subsequently transferred to a trust in exchange for pass-through certificates issued by the trust. In connection with IH 2018-2, we purchased and will retain 5% of each class of certificates for risk-retention purposes, totaling $52,865.

We used proceeds from IH 2018-2 to repay the outstanding balances under IH 2015-1 and IH 2015-2, to fund certain reserves, and for general corporate purposes.

Extensions of Existing Mortgage Loans

On April 9, 2018, we submitted a notification to request an extension of the maturity of the CAH 2015-1 and CSH 2016-1 mortgage loans from July 9, 2018 to July 9, 2019 upon approval.

On May 9, 2018, we submitted a notification to request an extension of the maturity of the IH 2015-3 mortgage loan from August 9, 2018 to August 9, 2019 upon approval.

Dividend Declaration

On May 3, 2018, our board of directors declared a dividend of $0.11per share to stockholders of record on May 15, 2018, which is payable on May 31, 2018.

Interest Rate Swap Agreements

On April 19, 2018, we entered into four interest rate swap agreements that effectively convert $1,600,000of existing floating rate debt to fixed rate debt. On May 8, 2018, we entered into two additional interest rate swap agreements that effectively convert $920,000of existing floating rate debt to fixed rate debt. The table below summarizes the terms and conditions of these interest rate swap agreements:

Agreement Date	Forward Effective Date	Maturity Date	Strike Rate	Index	Notional Amount
April 19, 2018	January 31, 2019	January 31, 2025	2.86%	One-month LIBOR	$	400,000
April 19, 2018	March 15, 2019	November 30, 2024	2.85%	One-month LIBOR	400,000
April 19, 2018	March 15, 2019	February 28, 2025	2.86%	One-month LIBOR	400,000
April 19, 2018	January 31, 2020	November 30, 2024	2.90%	One-month LIBOR	400,000
May 8, 2018	March 9, 2020	June 9, 2025	2.99%	One-month LIBOR	325,000
May 8, 2018	June 9, 2020	June 9, 2025	2.99%	One-month LIBOR	595,000