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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Instrument [Line Items]  
Schedule of unsecured notes
The following table sets forth a summary of our Unsecured Notes as of September 30, 2021 and December 31, 2020:
September 30,
2021		December 31,
2020
Total Unsecured Notes, net (1)
$939,696 $— 
Deferred financing costs, net
(7,807)— 
Total
$931,889 $— 
(1)Net of unamortized discount of $10,304 as of September 30, 2021.
Schedule of credit facility
The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of September 30, 2021 and December 31, 2020, respectively:
Maturity
Date
Interest
Rate(1)
September 30,
2021		December 31,
2020
Term Loan Facility(2)
January 31, 20251.08%$2,500,000 $2,500,000 
Deferred financing costs, net
(23,691)(29,093)
Term Loan Facility, net$2,476,309 $2,470,907 
Revolving Facility(2)
January 31, 20250.98%$— $— 
(1)Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of September 30, 2021, the applicable margins were 1.00% and 0.90%,respectively, and LIBOR was 0.08%.
(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
Schedule of credit facility margins
Base Rate LoansLIBOR Rate Loans
Term Loan Facility0.45%—1.15%1.45%—2.15%
Revolving Facility0.50%—1.15%1.50%—2.15%
2017 Term Loan Facility0.70%—1.30%1.70%—2.30%
2017 Revolving Facility0.75%—1.30%1.75%—2.30%
Schedule of credit facility margins - credit rating based pricing grid The margins for the Term Loan Facility and Revolving Facility under the credit rating based pricing grid are as follows:
Base Rate LoansLIBOR Rate Loans
Term Loan Facility0.00 %—0.65%0.80%—1.65%
Revolving Facility0.00 %—0.45%0.75%—1.45%
Schedule of convertible debt
The following table summarizes the terms of the Convertible Senior Notes outstanding as of September 30, 2021 and December 31, 2020:
Principal Amount
Coupon
Rate
Effective
Rate(1)
Conversion
Rate(2)
Maturity
Date
Remaining Amortization
Period
September 30,
2021		December 31,
2020
2022 Convertible Notes
3.50%5.12%43.9819January 15, 20220.29 years$146,491 $345,000 
Net unamortized fair value adjustment
(673)(5,596)
Total
$145,818 $339,404 
(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 $324,252 for the 2022 Convertible Notes.
(2)The conversion rate as of September 30, 2021 represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of the 2022 Convertible Notes converted on such date, as adjusted in accordance with the indenture as a result of cash dividend payments and the effects of previous mergers. Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock.
Schedule of maturities of long-term debt
The following table summarizes the contractual maturities of our debt as of September 30, 2021:
Year
Mortgage
Loans(1)(2)
Secured Term LoanUnsecured Notes
Term Loan Facility(3)
Revolving Facility(3)
Convertible Senior NotesTotal
Remainder of 2021$184,400 $— $— $— $— $— $184,400 
20222,689,956 — — — — 146,491 2,836,447 
2023— — — — — — — 
2024— — — — — — — 
2025— — — 2,500,000 — — 2,500,000 
Thereafter
995,748 403,363 950,000 — — — 2,349,111 
Total3,870,104 403,363 950,000 2,500,000 — 146,491 7,869,958 
Less: deferred financing costs, net
(10,216)(2,105)(7,807)(23,691)— — (43,819)
Less: unamortized fair value adjustment— — — — — (673)(673)
Less: unamortized debt discount(2,025)— (10,304)— — — (12,329)
Total
$3,857,863 $401,258 $931,889 $2,476,309 $— $145,818 $7,813,137 
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 2021. If fully extended, we would have no mortgage loans maturing before 2024. Such extensions are available provided there is no continuing event of default under the respective mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe.
(2)On September 13, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2017-2 mortgage loan from December 9, 2021 to December 9, 2022. On October 12, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 (see Note 15).
(3)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
Mortgage Loans  
Debt Instrument [Line Items]  
Schedule of unsecured notes
The following table sets forth a summary of our mortgage loan indebtedness as of September 30, 2021 and December 31, 2020:
Outstanding Principal
Balance(5)
Origination
Date
Maturity
Date(1)
Maturity Date
if Fully Extended(2)
Interest
Rate(3)
Range of Spreads(4)
September 30,
2021		December 31,
2020
IH 2017-1(6)
April 28,
2017		June 9,
2027		June 9,
2027		4.23%N/A$993,723 $994,787 
IH 2017-2(7)(8)
November 9,
2017		December 9,
2021		December 9,
2024		1.15%91-151 bps184,400 612,506 
IH 2018-1(7)
February 8,
2018		March 9,
2022		March 9,
2025		0.96%76-131 bps570,134 646,021 
IH 2018-2(7)
May 8,
2018		June 9,
2022		June 9,
2025		1.13%95-133 bps629,863 693,988 
IH 2018-3(7)
June 28,
2018		July 9,
2022		July 9,
2025		1.20%105-135 bps819,039 1,036,561 
IH 2018-4(7)(9)
November 7,
2018		January 9,
2022		January 9,
2026		1.30%115-145 bps670,920 848,270 
Total Securitizations3,868,079 4,832,133 
Less: deferred financing costs, net
(10,216)(12,035)
Total $3,857,863 $4,820,098 
(1)The maturity dates above reflect all extension options that have been exercised.
(2)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.
(3)Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offer Rate (“LIBOR”) (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of September 30, 2021, LIBOR was 0.08%. 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.
(4)Range of spreads is based on outstanding principal balances as of September 30, 2021.
(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(6)Net of unamortized discount of $2,025 and $2,289 as of September 30, 2021 and December 31, 2020, respectively.
(7)The initial maturity term of each of these mortgage loans is two years, individually subject to three to five, one year extension options at the Borrower Entity’s discretion (provided that there is no continuing event of default under the mortgage loan agreement and the Borrower Entity obtains and delivers to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the first extension option, and our IH 2017-2, IH 2018-1, IH 2018-2, and IH 2018-3 mortgage loans have exercised the second extension option. The maturity dates above reflect all extensions that have been exercised.
(8)On September 13, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2017-2 mortgage loan from December 9, 2021 to December 9, 2022.
(9)On October 12, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 (see Note 15).
Secured Term Loan  
Debt Instrument [Line Items]  
Schedule of unsecured notes
The following table sets forth a summary of our Secured Term Loan indebtedness as of September 30, 2021 and December 31, 2020:
Maturity
Date
Interest
Rate(1)
September 30,
2021		December 31,
2020
Secured Term Loan
June 9, 20313.59%$403,363 $403,363 
Deferred financing costs, net
(2,105)(2,268)
Secured Term Loan, net
$401,258 $401,095 
(1)The Secured Term Loan bears interest at a fixed rate of 3.59% per annum including applicable servicing fees for the first 11 years and for the twelfth year bears interest at a floating rate based on a spread of 147 bps over one month LIBOR (or a comparable or successor rate as provided for in our loan agreement), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.