Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 15—Subsequent Events

In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2020, for potential recognition or disclosure.

COVID-19

We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our residents and business partners. While we did not incur significant disruptions from the pandemic during the three months ended March 31, 2020, we are unable to predict the impact that COVID-19 will have on our future financial condition, results of operations, and cash flows due to numerous uncertainties.

In April and May, we received certain rent deferral requests as a result of COVID-19. We are evaluating each resident’s rent deferral request on an individual basis, considering a number of factors. Not all requests will ultimately result in deferral agreements, nor are we forgoing our contractual rights under our lease agreements. However, we have chosen to implement a temporary moratorium on evictions across all of our markets regardless of local requirements and have elected not to charge late fees in certain situations.

Extension of Existing Mortgage Loan

On April 7, 2020, we submitted a notification to request an extension of the maturity of the IH 2018-3 mortgage loan from July 9, 2020 to July 9, 2021 upon approval.

Dividend Declaration

On April 24, 2020, our board of directors declared a dividend of $0.15 per share to stockholders of record on May 13, 2020, which is payable on May 29, 2020.