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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, 2020December 31, 2019
2022 Convertible Notes
3.50%5.12%43.7694January 15, 20221.29 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, 2020December 31, 2019
Term Loan Facility
February 6, 20221.85%$1,500,000 $1,500,000 
Deferred financing costs, net
(4,087)(6,253)
Term Loan Facility, net
$1,495,913 $1,493,747 
Revolving Facility(2)
February 6, 20211.90%$— $— 
(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 LoanTerm Loan Facility
Revolving Facility(3)
Convertible Senior NotesTotal
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 
Total6,108,880 403,363 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, 2020December 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 bps732,778 744,092 
IH 2017-2(7)(9)
November 9,
2017		December 9,
2020		December 9,
2024		1.30%91-186 bps614,031 624,475 
IH 2018-1(7)
February 8,
2018		March 9,
2021		March 9,
2025		1.27%76-206 bps775,118 793,720 
IH 2018-2(7)
May 8,
2018		June 9,
2021		June 9,
2025		1.49%95-230 bps928,939 957,135 
IH 2018-3(7)
June 28,
2018		July 9,
2021		July 9,
2025		1.50%105-230 bps1,138,876 1,213,035 
IH 2018-4(7)(10)
November 7,
2018		January 9,
2021		January 9,
2026		1.57%115-225 bps924,439 938,430 
Total Securitizations6,108,880 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, 2020December 31, 2019
Secured Term Loan
June 9, 20313.59%$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.