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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)
Net 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