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Subsequent Events | 3 Months Ended
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Mar. 31, 2017
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, 2017, for potential recognition or disclosure. Extensions of Existing Mortgage Loans On May 9, 2017, we submitted a notification to request an extension of the maturity of the IH2 2015-3 mortgage loan from August 9, 2017 to August 9, 2018 upon approval. FNMA Securitization Transaction On April 28, 2017, we completed our eighth securitization transaction pursuant to which we entered into a loan agreement with Wells Fargo Bank, National Association (the “FNMA Loan”), providing for a ten-year, fixed rate mortgage loan comprised of two components with a total principal amount of $1,000,000, secured by first priority mortgages on a portfolio of 7,204 of our homes. The FNMA Loan was funded through the issuance and sale of the following certificates issued by trust entities: (i) certain mortgage backed certificates that benefit from Fannie Mae’s guaranty of timely payment of principal and interest (the “Guaranteed Certificates”) and (ii) certain mortgage backed certificates that represent a beneficial interest in the most subordinate component of the FNMA Loan (the “Subordinate Non-Guaranteed Certificates”). In connection with the FNMA Loan, we purchased and retain the Subordinate Non-Guaranteed Certificates. We used proceeds from the FNMA Loan to repay the remaining $420,000 balance outstanding under our mortgage loan relating to the IH1 2014-1 securitization transaction, to fund certain reserves, and to pay transaction fees and expenses incurred with respect to the FNMA Loan. The IH1 2014-1 mortgage loan outstanding balance had been reduced as of April 28, 2017, due to repayments from IPO proceeds and proceeds from sales of homes. On May 9, 2017, the remaining proceeds of $510,000 were used to make a voluntary prepayment on our IH1 2014-3 mortgage loan. The FNMA Loan bears interest at a fixed rate of 4.23% per annum equal to the market determined pass-through rate payable on the Guaranteed Certificates, plus applicable Fannie Mae guaranty and servicing fees. The FNMA Loan is generally non-recourse, subject to certain customary carve-outs in respect of which the Operating Partnership provided a limited recourse guaranty. The FNMA Loan requires us to comply with various affirmative and negative covenants that are customary for loans of this type, including limitations on indebtedness that the borrower can incur, limitations on sales and dispositions of properties, required maintenance of specified cash reserves, and various restrictions on the use of cash generated by the operations of the collateralized properties while the FNMA Loan is outstanding. The FNMA Loan also includes customary events of default, the occurrence of which would allow the lender to accelerate payment of all amounts outstanding. Dividend Declarations On May 4, 2017, the board of directors declared a $0.06 dividend per share, payable May 31, 2017. Residential Property Dispositions Between April 1, 2017 and May 5, 2017, we disposed of 97 homes with a net carrying amount of $12,691 as of March 31, 2017, for an aggregate net sales price of $15,833. A portion of the proceeds were used to make various prepayments on our mortgage loans totaling $2,865. At March 31, 2017, 83 of these properties were classified as held for sale and presented in other assets, net and 14 were classified as investments in single-family residential properties on our condensed consolidated balance sheet.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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