Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Carrying Values and Fair Values of Financial Instruments

The following table displays the carrying values and fair values of financial instruments as of December 31, 2023 and 2022:


		December 31, 2023				December 31, 2022
		Carrying Value		Fair Value		Carrying Value		Fair Value
Assets carried at historical cost on the consolidated balance sheets:
Investments in debt securities(1)	Level 2	$	86,471	$	84,591	$	86,980	$	84,992

Liabilities carried at historical cost on the consolidated balance sheets:
Unsecured Notes — public offering(2)	Level 1	$	3,029,856	$	2,725,884	$	2,238,066	$	1,798,658
Mortgage loans(3)	Level 2	1,633,585		1,576,813		1,653,724		1,588,550
Unsecured Notes — private placement(4)	Level 2	300,000		245,766		300,000		228,726
Secured Term Loan(5)	Level 3	403,129		369,402		403,363		356,557
Term Loan Facilities(6)	Level 3	3,225,000		3,230,747		3,225,000		3,233,677

(1)The carrying values of investments in debt securities are shown net of discount.

(2)The carrying value of the Unsecured Notes — public offering includes $20,144 and $11,934 of unamortized discount and excludes $23,211 and $18,534 of deferred financing costs as of December 31, 2023 and 2022, respectively.

(3)The carrying values of the mortgage loans include $1,232 and $1,584 of unamortized discount and exclude $6,329 and $7,929 of deferred financing costs as of December 31, 2023 and 2022, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,178 and $1,347 of deferred financing costs as of December 31, 2023 and 2022, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,614 and $1,833 of deferred financing costs as of December 31, 2023 and 2022, respectively.

(6)The carrying values of the Term Loan Facilities exclude $13,186 and $21,433 of deferred financing costs as of December 31, 2023 and 2022, respectively.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of December 31, 2023:

Quantitative Information about Level 3 Fair Value Measurement(1)

Fair Value

Valuation Technique

Unobservable Input

Rate

Secured Term Loan

369,402

Discounted Cash Flow

Effective Rate

4.93%

Term Loan Facilities

3,230,747

Discounted Cash Flow

Effective Rate

4.34%

—

6.69%

(1)Our Level 3 fair value instruments require interest only payments.

Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis

The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:



	For the Years Ended December 31,
		2023		2022		2021
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount		$	2,208	$	1,208	$	3,582
Total impairments		(427)		(310)		(650)
Fair value		$	1,781	$	898	$	2,932