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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Fair Values of Financial Instruments | The following table displays the carrying values and fair values of financial instruments as of December 31, 2022 and 2021:
|  |  |  | December 31, 2022 |  | December 31, 2021
|  |  |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets carried at historical cost on the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Investments in debt securities(1) |  | Level 2 |  | $ | 86,980 |  |  | $ | 84,992 |  |  | $ | 157,173 |  |  | $ | 161,356 |
Liabilities carried at historical cost on the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Unsecured Notes — public offering(2) |  | Level 1 |  | $ | 2,238,066 |  |  | $ | 1,798,658 |  |  | $ | 1,638,425 |  |  | $ | 1,599,001 |
Mortgage loans(3) |  | Level 2 |  | 1,653,724 |  |  | 1,588,550 |  |  | 3,065,620 |  |  | 3,110,862 |
Unsecured Notes — private placement(4) |  | Level 2 |  | 300,000 |  |  | 228,726 |  |  | 300,000 |  |  | 298,822 |
Secured Term Loan(5) |  | Level 3 |  | 403,363 |  |  | 356,557 |  |  | 403,363 |  |  | 422,519 |
Term Loan Facilities(6) |  | Level 3 |  | 3,225,000 |  |  | 3,233,677 |  |  | 2,500,000 |  |  | 2,506,159 |
Convertible Senior Notes(7) |  | Level 3 |  | — |  |  | — |  |  | 141,397 |  |  | 141,631 |
(1)The carrying values of investments in debt securities are shown net of discount. (2)The carrying value of the Unsecured Notes — public offering includes $11,934 and $11,575 of unamortized discount and excludes $18,534 and $14,934 of deferred financing costs as of December 31, 2022 and 2021, respectively. (3)The carrying values of the mortgage loans are shown net of discount and exclude $7,929 and $9,767 of deferred financing costs as of December 31, 2022 and 2021, respectively. (4)The carrying value of the Unsecured Notes — private placement excludes $1,347 and $1,517 of deferred financing costs as of December 31, 2022 and 2021, respectively. (5)The carrying value of the Secured Term Loan excludes $1,833 and $2,050 of deferred financing costs as of December 31, 2022 and 2021, respectively. (6)The carrying values of the Term Loan Facilities exclude $21,433 and $21,878 of deferred financing costs as of December 31, 2022 and 2021, respectively. (7)On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271. The carrying value of the Convertible Senior Notes includes unamortized discounts of $93 as of December 31, 2021.
Fair Value Measurement Inputs and Valuation Techniques | The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of December 31, 2022:
|  | Quantitative Information about Level 3 Fair Value Measurement(1)
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Rate
Secured Term Loan |  | $ | 356,557 |  |  | Discounted Cash Flow |  | Effective Rate |  | 5.29%
Term Loan Facilities |  | 3,233,677 |  |  | Discounted Cash Flow |  | Effective Rate |  | 3.89% | — | 6.25%
(1)Our Level 3 fair value instruments require interest only payments.
Schedule of Impaired Assets, Measured at Fair Value on a Nonrecurring Basis | The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
|  |  |  | For the Years Ended December 31,
|  |  |  |  |  | 2022 |  | 2021 |  | 2020
Investments in single-family residential properties, net held for use (Level 3): |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 451 |
Total impairments |  |  |  |  |  | — |  |  | — |  |  | (89) |
Fair value |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 362 |
|  | For the Years Ended December 31, |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |  |  |
Investments in single-family residential properties, net held for sale (Level 3): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-impairment amount |  | $ | 1,208 |  |  | $ | 3,582 |  |  | $ | 21,427 |  |  |  |  |  |  |  |  |
Total impairments |  | (310) |  |  | (650) |  |  | (4,489) |  |  |  |  |  |  |  |  |
Fair value |  | $ | 898 |  |  | $ | 2,932 |  |  | $ | 16,938 |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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