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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Instrument [Line Items]  
Schedule of unsecured notes
The following table sets forth a summary of our Unsecured Notes as of March 31, 2022 and December 31, 2021:
Interest
Rate(1)
March 31, 2022December 31, 2021
Total Unsecured Notes, net(2)
2.00% — 3.18%$1,938,706 $1,938,425 
Deferred financing costs, net
(15,990)(16,451)
Total
$1,922,716 $1,921,974 
(1)Represents the range of contractual rates in place as of March 31, 2022.
(2)Net of unamortized discount of $11,294 and $11,575 as of March 31, 2022 and December 31, 2021. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.
Schedule of credit facility
The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of March 31, 2022 and December 31, 2021, respectively:
Maturity
Date
Interest
Rate(1)
March 31, 2022December 31, 2021
Term Loan Facility(2)
January 31, 20251.45%$2,500,000 $2,500,000 
Deferred financing costs, net
(20,065)(21,878)
Term Loan Facility, net$2,479,935 $2,478,122 
Revolving Facility(2)
January 31, 20251.34%$— $— 
(1)Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of March 31, 2022, the applicable margins were 1.00% and 0.89%,respectively, and LIBOR was 0.45%.
(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
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 credit facility margins The margins for the Term Loan Facility and Revolving Facility under the total leverage based grid were as follows:
Base Rate LoansLIBOR Rate Loans
Term Loan Facility0.45%—1.15%1.45%—2.15%
Revolving Facility0.50%—1.15%1.50%—2.15%
Schedule of maturities of long-term debt
The following table summarizes the contractual maturities of our debt as of March 31, 2022:
Year
Mortgage
Loans(1)(2)(3)
Secured Term Loan
Unsecured Notes(4)
Term Loan Facility(5)
Revolving Facility(5)
Total
2022$832,984 $— $— $— $— $832,984 
20231,234,593 — — — — 1,234,593 
2024— — — — — — 
2025— — — 2,500,000 — 2,500,000 
2026— — — — — — 
Thereafter
995,145 403,363 1,950,000 — — 3,348,508 
Total3,062,722 403,363 1,950,000 2,500,000 — 7,916,085 
Less: deferred financing costs, net
(9,283)(1,996)(15,990)(20,065)— (47,334)
Less: unamortized debt discount(1,849)— (11,294)— — (13,143)
Total
$3,051,590 $401,367 $1,922,716 $2,479,935 $— $7,855,608 
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of March 31, 2022. If fully extended, we would have no mortgage loans maturing before 2025. 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 April 8, 2022, we made a voluntary prepayment of the then-outstanding balance of IH 2018-3, which resulted in a release of the loan’s collateral of 6,366 homes with a gross book value of $1,306,835 as of March 31, 2022, and a $395,500 voluntary prepayment on IH 2018-2 (see Note 15).
(3)On March 15, 2022 we submitted a notification to exercise an extension of the maturity date of the IH 2018-2 loan from June 9, 2022 to June 9, 2023.
(4)On March 25, 2022, we priced a public offering of $600,000 aggregate principal amount of 4.150% Senior Notes which mature in April 2032; and on April 5, 2022, we closed the offering and issued the related notes. (see Note 15).
(5)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 March 31, 2022 and December 31, 2021:
Outstanding Principal
Balance(5)
Origination
Date
Maturity
Date(1)
Maturity Date
if Fully Extended(2)
Interest
Rate(3)
Range of Spreads(4)
March 31, 2022December 31, 2021
IH 2017-1(6)(7)
April 28,
2017		June 9,
2027		June 9,
2027		4.23%N/A$993,296 $993,703 
IH 2018-1(8)
February 8,
2018		March 9,
2023		March 9,
2025		1.33%76-131 bps566,646 568,495 
IH 2018-2(8)(9)(10)
May 8,
2018		June 9,
2022		June 9,
2025		1.50%95-133 bps628,601 629,237 
IH 2018-3(8)(9)
June 28,
2018		July 9,
2022		July 9,
2025		1.57%105-135 bps204,383 204,637 
IH 2018-4(8)
November 7,
2018		January 9,
2023		January 9,
2026		1.67%115-145 bps667,947 669,548 
Total Securitizations3,060,873 3,065,620 
Less: deferred financing costs, net
(9,283)(9,767)
Total $3,051,590 $3,055,853 
(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2021. For all other mortgage loans, 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 LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of March 31, 2022, LIBOR was 0.45%. IH 2017-1 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 March 31, 2022.
(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(6)Net of unamortized discount of $1,849 and $1,937 as of March 31, 2022 and December 31, 2021, respectively.
(7)On April 21, 2022, 574 homes with a gross book value of $98,792 as of March 31, 2022 were released from the collateral pool for IH 2017-1 (see Note 15).
(8)The initial maturity term of each of these mortgage loans is two years, individually subject 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 2018-2, IH 2018-3, and IH 2018-4 mortgage loans have exercised the second extension option, and our IH 2018-1 mortgage loan has exercised the third extension option. The maturity dates above reflect all extensions that have been exercised.
(9)On April 8, 2022, we made a voluntary prepayment of the then-outstanding balance of IH 2018-3, which resulted in a release of the loan’s collateral of 6,366 homes with a gross book value of $1,306,835 as of March 31, 2022, and a $395,500 voluntary prepayment on IH 2018-2 (see Note 15).
(10)On March 15, 2022 we submitted a notification to exercise an extension of the maturity date of the IH 2018-2 loan from June 9, 2022 to June 9, 2023.
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 March 31, 2022 and December 31, 2021:
Maturity
Date
Interest
Rate(1)
March 31, 2022December 31, 2021
Secured Term Loan
June 9, 20313.59%$403,363 $403,363 
Deferred financing costs, net
(1,996)(2,050)
Secured Term Loan, net
$401,367 $401,313 
(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.