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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the consolidated balance sheet classification and the fair values for the interest rate caps and swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity securities as of December 31, 2022 and 2021, refer to Note 6. Recurring Fair Value Measurements 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. We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at period end. We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. 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. Nonrecurring Fair Value Measurements Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. Single-Family Residential Properties 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 |  |  |  |  |  |  |  |  |
For additional information related to our single-family residential properties as of December 31, 2022 and 2021, refer to Note 3. ROU Lease Assets During the year ended December 31, 2020, we relocated one of our corporate offices and vacated the former location. As the expected undiscounted sublease payments through the remaining original lease term of the vacated office space no longer exceeded the carrying value of the related ROU lease asset, we concluded that the ROU lease asset was not fully recoverable. During the year ended December 31, 2020, we recorded impairment of $1,750 in other, net in the consolidated statements of operations. The fair value of the ROU lease asset measured at fair value on a nonrecurring basis, which is classified as Level 3 in the fair value hierarchy, was determined based on a discounted cash flow analysis reflective of the income expected from a sublease. We did not record any impairment of our ROU lease assets during the years ended December 31, 2022 and 2021. For additional information related to our ROU lease assets as of December 31, 2022 and 2021, refer to Note 6.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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