Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Instrument [Line Items]

Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes

The following table sets forth a summary of our Unsecured Notes as of June 30, 2024 and December 31, 2023:

	Interest Rate(1)	June 30, 2024		December 31, 2023
Total Unsecured Notes, net(2)	2.00% — 5.50%	$	3,330,997	$	3,329,856
Deferred financing costs, net		(22,721)		(24,389)
Total		$	3,308,276	$	3,305,467

(1)Represents the range of contractual rates in place as of June 30, 2024.

(2)Net of unamortized discount of $19,003 and $20,144 as of June 30, 2024 and December 31, 2023. Maturity dates for the Unsecured Notes range from May 2028 through May 2036 (see “Debt Maturities Schedule” for additional information).

Schedule of Term Loan Facility and Revolving Facility

The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facility as of June 30, 2024 and December 31, 2023:

	Maturity Date	Interest Rate	June 30, 2024		December 31, 2023
2020 Term Loan Facility(1)(2)	January 31, 2025	6.44%	$	2,500,000	$	2,500,000
2022 Term Loan Facility(3)	June 22, 2029	6.69%	725,000		725,000
Total Term Loan Facilities			3,225,000		3,225,000
Less: deferred financing costs, net			(9,007)		(13,186)
Term Loan Facilities, net			$	3,215,993	$	3,211,814
Revolving Facility(1)(2)	January 31, 2025	6.34%	$	—	$	—

(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on Term SOFR adjusted for a 0.10% credit spread adjustment, plus an applicable margin. As of June 30, 2024, the applicable margins were 1.00% and 0.90% for the 2020 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 5.34%.

(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.

(3)Interest rate for the 2022 Term Loan Facility is based on Term SOFR adjusted for a 0.10% credit spread adjustment, plus the applicable margin. As of June 30, 2024, the applicable margin was 1.25%, and Term SOFR was 5.34%.

Schedule of Margin Term Loan Facilities and Revolving Facility

The margins for the Term Loan Facilities and the Revolving Facility as of June 30, 2024 are as follows:

	Base Rate Loans			Adjusted SOFR Rate Loans
2020 Term Loan Facility	0.00%	—	0.65%	0.80%	—	1.65%
2022 Term Loan Facility	0.15%	—	1.20%	1.15%	—	2.20%
Revolving Facility	0.00%	—	0.45%	0.75%	—	1.45%

Schedule of Maturities of Long-term Debt

The following table summarizes the contractual maturities of our debt as of June 30, 2024:

Year	Mortgage Loans(1)		Secured Term Loan		Unsecured Notes		Term Loan Facilities(2)		Revolving Facility(2)		Total
2024	$	—	$	—	$	—	$	—	$	—	$	—
2025	633,894		—		—		2,500,000		—		3,133,894
2026	—		—		—		—		—		—
2027	990,475		—		—		—		—		990,475
2028	—		—		750,000		—		—		750,000
Thereafter	—		403,046		2,600,000		725,000		—		3,728,046
Total	1,624,369		403,046		3,350,000		3,225,000		—		8,602,415
Less: deferred financing costs, net	(5,346)		(1,506)		(22,721)		(9,007)		—		(38,580)
Less: unamortized debt discount	(1,056)		—		(19,003)		—		—		(20,059)
Total	$	1,617,967	$	401,540	$	3,308,276	$	3,215,993	$	—	$	8,543,776

(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of June 30, 2024. If fully extended, we would have no mortgage loans maturing before 2026. 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)If we exercise the two six month extension options, the maturity date for the 2020 Term Loan Facility and the Revolving Facility will be January 31, 2026.

Mortgage Loans

Debt Instrument [Line Items]

Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes

The following table sets forth a summary of our mortgage loan indebtedness as of June 30, 2024 and December 31, 2023:

						Outstanding Principal Balance(1)
	Origination Date	Maturity Date(2)	Maturity Date if Fully Extended(3)	Interest Rate(4)	Range of Spreads(5)	June 30, 2024		December 31, 2023
IH 2017-1(6)	April 28, 2017	June 9, 2027	June 9, 2027	4.23%	N/A	$	989,419	$	990,555
IH 2018-4(7)	November 7, 2018	January 9, 2025	January 9, 2026	6.68%	115-145 bps	633,894		643,030
Total Securitizations						1,623,313		1,633,585
Less: deferred financing costs, net						(5,346)		(6,329)
Total						$	1,617,967	$	1,627,256

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

(2)Represents the maturity dates for all extension options that have been exercised for the mortgage loans.

(3)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.

(4)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. The interest rate for IH 2018-4 is based on the weighted average spread over a published forward-looking Secured Overnight Financing Rate (“SOFR”) for the interest period relevant to such borrower (“Term SOFR”) adjusted for an 0.11% credit spread adjustment. As of June 30, 2024, Term SOFR was 5.34%.

(5)Range of spreads is based on outstanding principal balances as of June 30, 2024.

(6)Net of unamortized discount of $1,056 and $1,232 as of June 30, 2024 and December 31, 2023, respectively.

(7)The initial maturity term of IH 2018-4 is two years, 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 2018-4 mortgage loan has exercised the fourth extension option. The maturity date above reflects all extensions that have been exercised.

Secured Term Loan

Debt Instrument [Line Items]

Schedule of Mortgage Loan / Secured Term Loan / Unsecured Notes

The following table sets forth a summary of our Secured Term Loan indebtedness as of June 30, 2024 and December 31, 2023:

	Maturity Date	Interest Rate(1)	June 30, 2024		December 31, 2023
Secured Term Loan	June 9, 2031	3.59%	$	403,046	$	403,129
Deferred financing costs, net			(1,506)		(1,614)
Secured Term Loan, net			$	401,540	$	401,515

(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 a comparable or successor rate to one month LIBOR 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.