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Fair Value Measurements
 12 Months Ended
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, 2022December 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 21,653,724 1,588,550 3,065,620 3,110,862 
Unsecured Notes — private placement(4)
Level 2300,000 228,726 300,000 298,822 
Secured Term Loan(5)
Level 3403,363 356,557 403,363 422,519 
Term Loan Facilities(6)
Level 33,225,000 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 ValueValuation TechniqueUnobservable InputRate
Secured Term Loan$356,557 Discounted Cash FlowEffective Rate5.29%
Term Loan Facilities3,233,677 Discounted Cash FlowEffective Rate3.89%—6.25%
(1)Our Level 3 fair value instruments require interest only payments.
Nonrecurring Fair Value Measurements
Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.
Single-Family Residential Properties
The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
For the Years Ended December 31,
202220212020
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount$— $— $451 
Total impairments— — (89)
Fair value$— $— $362 

For the Years Ended December 31,
202220212020
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.