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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Instrument [Line Items]  
Schedule of Unsecured Notes
The following table sets forth a summary of our Unsecured Notes as of December 31, 2022 and 2021:
Interest
Rate(1)
December 31,
2022		December 31, 2021
Total Unsecured Notes, net(2)
2.00% — 4.15%
$2,538,066 $1,938,425 
Deferred financing costs, net
(19,881)(16,451)
Total
$2,518,185 $1,921,974 
(1)Represents the range of contractual rates in place as of December 31, 2022.
(2)Net of unamortized discount of $11,934 and $11,575 as of December 31, 2022 and 2021. See “Debt Maturities Schedule” for information about maturity dates for the Unsecured Notes.
Schedule of Credit Facility
The following table sets forth a summary of the outstanding principal amounts under the Term Loan Facilities and the Revolving Facilities as of December 31, 2022 and 2021:
Maturity
Date		Interest
Rate		December 31,
2022		December 31, 2021
2020 Term Loan Facility(1)(2)
January 31, 20255.39%$2,500,000 $2,500,000 
2022 Term Loan Facility(3)
June 22, 20295.70%725,000 — 
Total Term Loan Facilities3,225,000 2,500,000 
Less: deferred financing costs, net(21,433)(21,878)
Term Loan Facilities, net$3,203,567 $2,478,122 
Revolving Facility(1)(2)
January 31, 20255.28%$— $— 
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of December 31, 2022, the applicable margins were 1.00% and 0.89%, respectively, and LIBOR was 4.39%.
(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
(3)Interest rate for the 2022 Term Loan Facility is based on SOFR adjusted for a 0.10% credit spread adjustment (“Adjusted SOFR”), plus the applicable margin. As of December 31, 2022, the applicable margin was 1.24%, and Adjusted SOFR was 4.46%.
Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid
The current margins for the Term Loan Facilities and the Revolving Facility are as follows:
Base Rate LoansLIBOR Rate LoansAdjusted SOFR Rate Loans
2020 Term Loan Facility0.00%—0.65%0.80%—1.65%N/A
2022 Term Loan Facility0.15%—1.20%N/A1.15%—2.20%
Revolving Facility0.00%—0.45%0.75%—1.45%N/A
Schedule of Credit Facility Margins The margins for the 2020 Term Loan Facility and Revolving Facility under the total leverage based grid were as follows:
Base Rate LoansLIBOR Rate Loans
2020 Term Loan Facility0.45%—1.15%1.45%—2.15%
Revolving Facility0.50%—1.15%1.50%—2.15%
Schedule of Maturities of Long-term Debt
The following table summarizes the contractual maturities of our debt as of December 31, 2022:
Year
Mortgage
Loans(1)(2)
Secured Term LoanUnsecured Notes
Term Loan Facilities(3)
Revolving Facility(3)
Total
2023$661,029 $— $— $— $— $661,029 
2024— — — — — — 
2025— — — 2,500,000 — 2,500,000 
2026— — — — — — 
2027994,279 — — — — 994,279 
Thereafter— 403,363 2,550,000 725,000 — 3,678,363 
Total1,655,308 403,363 2,550,000 3,225,000 — 7,833,671 
Less: deferred financing costs, net(7,929)(1,833)(19,881)(21,433)— (51,076)
Less: unamortized debt discount(1,584)— (11,934)— — (13,518)
Total $1,645,795 $401,530 $2,518,185 $3,203,567 $— $7,769,077 
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of December 31, 2022. If fully extended, we would have no mortgage loans maturing before 2026. 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 to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe.
(2)On January 6, 2023, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2023 to January 9, 2024 was confirmed by the lender (see Note 15).
(3)If we exercise the two six month extension options, the maturity date for the 2020 Term Loan Facility and the Revolving Facility will be January 31, 2026.
Mortgage Loans  
Debt Instrument [Line Items]  
Schedule of Unsecured Notes
The following table sets forth a summary of our mortgage loan indebtedness as of December 31, 2022 and 2021:
Outstanding Principal
Balance(1)
Origination
Date
Maturity
Date(2)
Maturity Date
if Fully Extended(3)
Interest
Rate(4)
Range of Spreads(5)
December 31, 2022December 31, 2021
IH 2017-1(6)
April 28,
2017		June 9,
2027		June 9,
2027		4.23%N/A$992,695 $993,703 
IH 2018-1
February 8,
2018		December 8,
2022		N/AN/AN/A— 568,495 
IH 2018-2
May 8,
2018		June 9,
2022		N/AN/AN/A— 629,237 
IH 2018-3
June 28,
2018		April 8,
2022		N/AN/AN/A— 204,637 
IH 2018-4(7)(8)
November 7,
2018		January 9,
2023		January 9,
2026		5.62%
115-145 bps
661,029 669,548 
Total Securitizations1,653,724 3,065,620 
Less: deferred financing costs, net (7,929)(9,767)
Total $1,645,795 $3,055,853 
(1)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(2)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2022. For all other mortgage loans, the maturity dates above reflect all extension options that have been exercised.
(3)Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met.
(4)IH 2017-1 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. For IH 2018-4, the interest rate is based on the weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreement), plus applicable servicing fees; as of December 31, 2022, LIBOR was 4.39%.
(5)Range of spreads is based on outstanding principal balances as of December 31, 2022.
(6)Net of unamortized discount of $1,584 and $1,937 as of December 31, 2022 and 2021, respectively.
(7)The initial maturity term of IH 2018-4 is two years, subject 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 to the lender a replacement interest rate cap agreement from an approved counterparty within the required timeframe). Our IH 2018-4 mortgage loan has exercised the second extension option. The maturity date above reflects all extensions that have been exercised.
(8)On January 6, 2023, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2023 to January 9, 2024 was confirmed by the lender (see Note 15).
Secured Term Loan  
Debt Instrument [Line Items]  
Schedule of Unsecured Notes
The following table sets forth a summary of our Secured Term Loan indebtedness as of December 31, 2022 and 2021:
Maturity
Date
Interest
Rate(1)
December 31,
2022		December 31, 2021
Secured Term Loan
June 9, 20313.59%$403,363 $403,363 
Deferred financing costs, net
(1,833)(2,050)
Secured Term Loan, net$401,530 $401,313 
(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.