Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The following table sets forth a summary of our mortgage loan indebtedness as ofJune 30, 2018 and December 31, 2017:

					Outstanding Principal Balance(2)
	Origination Date	Maturity Date	Interest Rate(1)	Range of Spreads	June 30, 2018			December 31, 2017
CAH 2014-1(3)	N/A	N/A	—%	N/A	$	—		$	473,384
CAH 2014-2(3)	N/A	N/A	—%	N/A	—			385,401
IH 2015-1, net(4)	N/A	N/A	—%	N/A	—			528,795
IH 2015-2(4)	N/A	N/A	—%	N/A	—			627,259
IH 2015-3(5)	N/A	N/A	—%	N/A	—			1,165,886
CAH 2015-1(6)	June 11, 2015	July 9, 2019	3.98%	128-373 bps	652,422			656,551
CSH 2016-1(6)(7)	June 7, 2016	July 9, 2019	4.41%	158-508 bps	527,779			531,517
CSH 2016-2(6)	November 3, 2016	December 9, 2018	3.94%	133-423 bps	604,735			609,815
IH 2017-1(8)	April 28, 2017	June 9, 2027	4.23%	N/A	996,279			996,453
SWH 2017-1(6)	September 29, 2017	October 9, 2019	3.64%	102-347 bps	768,807			769,754
IH 2017-2(6)	November 9, 2017	December 9, 2019	3.59%	91-306 bps	863,263			863,413
IH 2018-1(3)(6)	February 8, 2018	March 9, 2020	3.33%	76-256 bps	914,441			—
IH 2018-2(4)(6)	May 8, 2018	June 9, 2020	3.47%	95-230 bps	1,056,150			—
IH 2018-3(5)(6)(7)	June 28, 2018	July 9, 2020	3.51%	105-230 bps	1,300,126			—
Total Securitizations					7,684,002			7,608,228
Less deferred financing costs, net					(63,515		)	(28,075		)
Total					$	7,620,487		$	7,580,153

(1) Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offered Rate (“LIBOR”), plus applicable servicing fees; as of June 30, 2018, LIBOR was 2.09%. Our IH 2017-1 mortgage loan bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.

(2) Outstanding principal balance is net of discounts and does not include deferred financing costs, net.

(3) On February 8, 2018, the outstanding balances of CAH 2014-1 and CAH 2014-2 were repaid in full with proceeds from IH 2018-1, a new securitization transaction.

(4) On May 8, 2018, the outstanding balances of IH 2015-1 and IH 2015-2 were repaid in full with proceeds from IH 2018-2, a new securitization transaction.

(5) On June 28, 2018, the outstanding balance of IH 2015-3 was repaid in full with proceeds from IH 2018-3, a new securitization transaction.

(6) The initial maturity term of each of these mortgage loans is twotothree years, individually subject to twotofive, one-year extension options at the borrower’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our CSH 2016-1 and CAH 2015-1 mortgage loans have exercised the first and second extension option, respectively. The maturity dates above are reflective of all extensions that have been exercised.

(7) On July 9, 2018, we made a voluntary prepayment of $200,000 against the outstanding balance of CSH 2016-1 with proceeds from the IH 2018-3 securitization transaction and available cash (see Note 16).

(8) Net of unamortized discount of $3,169 and $3,345 as of June 30, 2018 and December 31, 2017, respectively.

The following table summarizes the terms of the Convertible Senior Notes outstanding as of June 30, 2018 and December 31, 2017:

								Principal Amount
	Coupon Rate		Effective Rate(1)		Conversion Rate(2)	Maturity Date	Remaining Amortization Period	June 30, 2018			December 31, 2017
2019 Convertible Notes	3.00	%	4.92	%	53.0969	7/1/2019	1.00 years	$	229,993		$	230,000
2022 Convertible Notes	3.50	%	5.12	%	43.7694	1/15/2022	3.55 years	345,000			345,000
Total								574,993			575,000
Net unamortized fair value adjustment								(22,132		)	(26,464		)
Total								$	552,861		$	548,536

(1) Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $223,185 and $324,252 for each of the 2019 Convertible Notes and 2022 Convertible Notes, respectively.

(2) We generally have the option to settle any conversions in cash, common stock or a combination thereof. The conversion rate represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of Convertible Senior Notes converted at June 30, 2018, as adjusted in accordance with the applicable indentures as a result of cash dividend payments and the effects of the Mergers. The Convertible Senior Notes do not meet the criteria for conversion as ofJune 30, 2018.

Schedule of line of credit facility

The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of June 30, 2018 and December 31, 2017:

	Maturity Date	Interest Rate(1)	June 30, 2018			December 31, 2017
Term Loan Facility	February 6, 2022	3.89%	$	1,500,000		$	1,500,000
Deferred financing costs, net			(10,583		)	(12,027		)
Term Loan Facility, net			$	1,489,417		$	1,487,973
Revolving Facility	February 6, 2021	3.94%	$	—		$	35,000

(1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin of 1.80% and 1.85%, respectively; as of June 30, 2018, LIBOR was 2.09%.

Schedule of maturities of long-term debt

The following table summarizes the contractual maturities of our debt as of June 30, 2018:

Year	Mortgage Loans(1)			Term Loan Facility			Convertible Senior Notes			Total
2018	$	604,735		$	—		$	—		$	604,735
2019	2,812,271			—			229,993			3,042,264
2020	3,270,717			—			—			3,270,717
2021	—			—			—			—
2022	—			1,500,000			345,000			1,845,000
2023 and thereafter	996,279			—			—			996,279
Total	7,684,002			1,500,000			574,993			9,758,995
Less deferred financing costs, net	(63,515		)	(10,583		)	—			(74,098		)
Less unamortized fair value adjustment	—			—			(22,132		)	(22,132		)
Total	$	7,620,487		$	1,489,417		$	552,861		$	9,662,765

(1) The maturity dates of the obligations are reflective of all extensions that have been exercised.