XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Instrument [Line Items] |
Schedule of convertible debt | The following table summarizes the terms of the Convertible Senior Notes outstanding as of September 30, 2020 and December 31, 2019:
|  |  |  |  |  |  |  |  |  |  |  | Principal Amount
|  | Coupon Rate |  | Effective Rate(1) |  | Conversion Rate(2) |  | Maturity Date |  | Remaining Amortization Period |  | September 30, 2020 |  | December 31, 2019
2022 Convertible Notes |  | 3.50% |  | 5.12% |  | 43.7694 |  | January 15, 2022 |  | 1.29 years |  | $ | 345,000 |  |  | $ | 345,000 |
Net unamortized fair value adjustment | (6,888) |  |  | (10,701) |
Total | $ | 338,112 |  |  | $ | 334,299 |
(1)Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $324,252 for the 2022 Convertible Notes. (2)The conversion rate as of September 30, 2020 represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of the 2022 Convertible Notes converted on such date, as adjusted in accordance with the indenture as a result of cash dividend payments and the effects of previous mergers. As of September 30, 2020, the 2022 Convertible Notes do not meet the criteria for conversion. We have the option to settle the 2022 Convertible Notes in cash, common stock, or a combination thereof.
Schedule of credit facility | The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of September 30, 2020 and December 31, 2019:
|  |  |  | Maturity Date |  | Interest Rate(1) |  | September 30, 2020 |  | December 31, 2019
Term Loan Facility |  |  |  | February 6, 2022 |  | 1.85% |  | $ | 1,500,000 |  |  | $ | 1,500,000 |
Deferred financing costs, net |  | (4,087) |  |  | (6,253) |
Term Loan Facility, net |  | $ | 1,495,913 |  |  | $ | 1,493,747 |
Revolving Facility(2) |  |  |  | February 6, 2021 |  | 1.90% |  | $ | — |  |  | $ | — |
(1)Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of September 30, 2020, the applicable margins were 1.70% and 1.75%, respectively, and LIBOR was 0.15%. (2)If we exercise the one year extension option, the maturity date will be February 6, 2022.
Schedule of maturities of long-term debt | The following table summarizes the contractual maturities of our debt as of September 30, 2020:
Year |  | Mortgage Loans(1)(2) |  | Secured Term Loan |  | Term Loan Facility |  | Revolving Facility(3) |  | Convertible Senior Notes |  | Total
Remainder of 2020 |  | $ | 1,346,809 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,346,809 |
2021 |  | 3,767,372 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,767,372 |
2022 |  | — |  |  | — |  |  | 1,500,000 |  |  | — |  |  | 345,000 |  |  | 1,845,000 |
2023 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2024 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Thereafter |  | 994,699 |  |  | 403,363 |  |  | — |  |  | — |  |  | — |  |  | 1,398,062 |
Total |  | 6,108,880 |  |  | 403,363 |  |  | 1,500,000 |  |  | — |  |  | 345,000 |  |  | 8,357,243 |
Less: deferred financing costs, net |  | (13,900) |  |  | (2,323) |  |  | (4,087) |  |  | — |  |  | — |  |  | (20,310) |
Less: unamortized fair value adjustment |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,888) |  |  | (6,888) |
Total |  | $ | 6,094,980 |  |  | $ | 401,040 |  |  | $ | 1,495,913 |  |  | $ | — |  |  | $ | 338,112 |  |  | $ | 8,330,045 |
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 2020. If fully extended, we would have no mortgage loans maturing before 2023. 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 a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender. (2)On September 2, 2020, we submitted a notification to request an extension of the maturity of the IH 2017-2 mortgage loan from December 9, 2020 to December 9, 2021. Additionally, on October 9, 2020, the extension of the maturity date of the SWH 2017-1 mortgage loan from October 9, 2020 to October 9, 2021 was approved by the lender, and on October 1, 2020, we submitted a notification to request an extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2021 to January 9, 2022 (see Note 15). (3)If we exercise the one year extension option, the maturity date will be in 2022.
Mortgage Loans |
Debt Instrument [Line Items] |
Schedule of long-term debt instruments | The following table sets forth a summary of our mortgage loan indebtedness as of September 30, 2020 and December 31, 2019:
|  |  |  |  |  |  |  |  |  |  |  | Outstanding Principal Balance(5)
|  | Origination Date |  | Maturity Date(1) |  | Maturity Date if Fully Extended(2) |  | Interest Rate(3) |  | Range of Spreads(4) |  | September 30, 2020 |  | December 31, 2019
IH 2017-1(6) |  | April 28, 2017 |  | June 9, 2027 |  | June 9, 2027 |  | 4.23% |  | N/A |  | $ | 994,699 |  |  | $ | 995,520 |
SWH 2017-1(7)(8) |  | September 29, 2017 |  | October 9, 2020 |  | January 9, 2023 |  | 1.72% |  | 102-347 bps |  | 732,778 |  |  | 744,092 |
IH 2017-2(7)(9) |  | November 9, 2017 |  | December 9, 2020 |  | December 9, 2024 |  | 1.30% |  | 91-186 bps |  | 614,031 |  |  | 624,475 |
IH 2018-1(7) |  | February 8, 2018 |  | March 9, 2021 |  | March 9, 2025 |  | 1.27% |  | 76-206 bps |  | 775,118 |  |  | 793,720 |
IH 2018-2(7) |  | May 8, 2018 |  | June 9, 2021 |  | June 9, 2025 |  | 1.49% |  | 95-230 bps |  | 928,939 |  |  | 957,135 |
IH 2018-3(7) |  | June 28, 2018 |  | July 9, 2021 |  | July 9, 2025 |  | 1.50% |  | 105-230 bps |  | 1,138,876 |  |  | 1,213,035 |
IH 2018-4(7)(10) |  | November 7, 2018 |  | January 9, 2021 |  | January 9, 2026 |  | 1.57% |  | 115-225 bps |  | 924,439 |  |  | 938,430 |
Total Securitizations |  | 6,108,880 |  |  | 6,266,407 |
Less: deferred financing costs, net |  | (13,900) |  |  | (27,946) |
Total |  | $ | 6,094,980 |  |  | $ | 6,238,461 |
(1)The maturity dates above reflect all extension options that have been exercised. (2)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (3)Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of September 30, 2020, LIBOR was 0.15%. Our IH 2017-1 mortgage loan 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. (4)Range of spreads is based on outstanding principal balances as of September 30, 2020. (5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (6)Net of unamortized discount of $2,377 and $2,641 as of September 30, 2020 and December 31, 2019, respectively. (7)The initial maturity term of each of these mortgage loans is two years, individually subject to three 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 a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender). Our SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2 and IH 2018-3 mortgage loans have exercised the first extension option. The maturity dates above reflect all extensions that have been exercised. (8)On October 9, 2020, the extension of the maturity date of the SWH 2017-1 mortgage loan from October 9, 2020 to October 9, 2021 was approved by the lender (see Note 15). (9)On September 2, 2020, we submitted a notification to request an extension of the maturity of the IH 2017-2 mortgage loan from December 9, 2020 to December 9, 2021. (10)On October 1, 2020, we submitted a notification to request an extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2021 to January 9, 2022 (see Note 15).
Secured Term Loan |
Debt Instrument [Line Items] |
Schedule of long-term debt instruments | The following table sets forth a summary of our Secured Term Loan indebtedness as of September 30, 2020 and December 31, 2019:
|  | Maturity Date |  | Interest Rate(1) |  | September 30, 2020 |  | December 31, 2019
Secured Term Loan |  | June 9, 2031 |  | 3.59% |  | $ | 403,363 |  |  | $ | 403,464 |
Deferred financing costs, net | (2,323) |  |  | (2,486) |
Secured Term Loan, net | $ | 401,040 |  |  | $ | 400,978 |
(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 one month LIBOR (or a comparable or successor rate 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.

X
- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
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://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + 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://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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=120395691&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 maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_NotesPayableOtherPayablesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |