XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | The following table lists the gross carrying values of the single-family residential properties, including held for sale properties, pledged as collateral for the loans as of March 31, 2017 and December 31, 2016:
|  | Number of Homes(1) |  | March 31, 2017 |  | December 31, 2016
IH1 2013-1 |  | — |  |  | $ | — |  |  | $ | 533,005 |
IH1 2014-1 |  | 6,268 |  |  | 1,124,008 |  |  | 1,124,069 |
IH1 2014-2 |  | 3,634 |  |  | 785,486 |  |  | 785,459 |
IH1 2014-3 |  | 3,950 |  |  | 847,960 |  |  | 850,056 |
IH2 2015-1 |  | 3,021 |  |  | 594,600 |  |  | 594,155 |
IH2 2015-2 |  | 3,520 |  |  | 744,605 |  |  | 744,070 |
IH2 2015-3 |  | 7,162 |  |  | 1,380,734 |  |  | 1,382,683 |
Total |  | 27,555 |  |  | $ | 5,477,393 |  |  | $ | 6,013,497 |
(1) | The loans are secured by first priority mortgages on portfolios of single-family residential properties owned by S1 Borrower, S2 Borrower, S3 Borrower, S4 Borrower, S5 Borrower, S6 Borrower, and S7 Borrower. The numbers of homes noted above are as of March 31, 2017. As of December 31, 2016, a total of 30,900 homes (unaudited) were secured by the above-mentioned mortgage loans.
The following table sets forth a summary of the mortgage loan indebtedness as of March 31, 2017 and December 31, 2016:
|  |  |  |  |  |  |  | Outstanding Principal Balance(3)
|  | Maturity Date(1) |  | Interest Rate(2) |  | Range of Spreads |  | March 31, 2017(4) |  | December 31, 2016
IH1 2013-1 |  | N/A |  | N/A |  | 115-365 bps |  | $ | — |  |  | $ | 462,431 |
IH1 2014-1(5) |  | June 9, 2017 |  | 2.83% |  | 100-375 bps |  | 420,944 |  |  | 978,231 |
IH1 2014-2, net |  | September 9, 2017 |  | 2.88% |  | 110-400 bps |  | 706,957 |  |  | 710,664 |
IH1 2014-3, net(6) |  | December 9, 2017 |  | 3.30% |  | 120-500 bps |  | 761,041 |  |  | 766,753 |
IH2 2015-1, net(7) |  | March 9, 2018 |  | 3.34% |  | 145-430 bps |  | 531,373 |  |  | 531,318 |
IH2 2015-2(8) |  | June 9, 2017 |  | 2.93% |  | 135-370 bps |  | 630,283 |  |  | 630,283 |
IH2 2015-3(9) |  | August 9, 2017 |  | 3.15% |  | 130-475 bps |  | 1,182,980 |  |  | 1,184,314 |
Total Securitizations |  | 4,233,578 |  |  | 5,263,994 |
Less deferred financing costs, net |  | (5,053 | ) |  | (9,256 | )
Total |  | $ | 4,228,525 |  |  | $ | 5,254,738 |
(1) | Each mortgage loan’s initial maturity term is two years, individually subject to three, one-year extension options at the borrower’s discretion (provided that there is no continuing event of default under the loan agreement and the borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender). Our IH1 2014-1, IH1 2014-2, IH1 2014-3, and IH2 2015-1 mortgage loans have exercised the first extension options. The maturity dates above are reflective of all extensions that have been exercised.
(2) | Interest rates are based on a weighted average spread to LIBOR; as of March 31, 2017, LIBOR was 0.98%.
(3) | Outstanding Principal Balance is net of discounts and does not include capitalized deferred financing costs, net.
(4) | From April 1, 2017 to May 5, 2017, we made prepayments of $2,865 on our mortgage loans related to the disposition of properties.
(5) | On April 28, 2017, the outstanding balance of IH1 2014-1 was repaid in full (see Note 15).
(6) | On May 9, 2017, we made a voluntary prepayment of $510,000 (see Note 15).
(7) | N et of unamortized discount of $0 and $55 as of March 31, 2017 and December 31, 2016, respectively.
(8) | On March 9, 2017, we submitted a notification to request an extension of the maturity of the IH2 2015-2 mortgage loan from June 9, 2017 to June 9, 2018 upon approval.
(9) | 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 (see Note 15).
Schedule of line of credit facility | The following table sets forth a summary of the outstanding principal amounts under such loans as of March 31, 2017:
|  | Maturity Date |  | Interest Rate(1) |  | March 31, 2017
Term loan facility |  | February 6, 2022 |  | 2.78% |  | $ | 1,500,000 |
Revolving facility |  | February 6, 2021 |  | N/A |  | — |
Total |  | 1,500,000 |
Less deferred financing costs, net |  | (14,134 | )
Total |  | $ | 1,485,866 |
(1) | Interest rate for the Term Loan Facility is based on LIBOR plus an applicable margin of 1.80%; as of March 31, 2017, LIBOR was 0.98%.
All of the then-existing credit facilities were paid in full on February 6, 2017 in connection with the closing of our IPO. The following table sets forth a summary of the outstanding principal amounts of these credit facilities as of March 31, 2017 and December 31, 2016:
|  |  |  |  |  | Outstanding Principal Balance(1)
Credit Facility |  | Origination Date |  | Range of Spreads |  | March 31, 2017 |  | December 31, 2016
IH1 2015 |  | April 3, 2015 |  | 325 bps |  | $ | — |  |  | $ | 85,492 |
IH2 2015 |  | September 29, 2015 |  | 275 bps |  | — |  |  | 43,859 |
IH3 2013 |  | December 19, 2013 |  | 300-425 bps |  | — |  |  | 932,583 |
IH4 2014 |  | May 5, 2014 |  | 300-425 bps |  | — |  |  | 529,866 |
IH5 2014 |  | December 5, 2014 |  | 275-400 bps |  | — |  |  | 564,348 |
IH6 2016 |  | April 13, 2016 |  | 250-375 bps |  | — |  |  | 165,437 |
Total |  | — |  |  | 2,321,585 |
Less deferred financing costs, net |  | — |  |  | (6,044 | )
Total |  | $ | — |  |  | $ | 2,315,541 |
(1) | Outstanding Principal Balance does not include capitalized deferred financing costs, net.
Schedule of maturities of long-term debt | Future maturities of these mortgage loans as of March 31, 2017 are set forth in the table below:
Year |  | Principal(1)
2017 |  | $ | 3,702,205 |
2018 |  | 531,373 |
Total payments |  | $ | 4,233,578 |
(1) | Each mortgage loan is subject to three one-year extension options at the borrower's discretion, of which the IH1 2014-1, IH1 2014-2, IH1 2014-3 and IH2 2015-1 mortgage loans have exercised the first extension options.
Future maturities of the New Credit Facility as of March 31, 2017 are set forth in the table below:
Year |  | Principal
2022 |  | $ | 1,500,000 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration