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Fair Value Measurements (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Topic 820
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-Section 50
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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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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