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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Instrument [Line Items] |
Schedule of Unsecured Notes | The following table sets forth a summary of our Unsecured Notes as of March 31, 2023 and December 31, 2022:
|  | Interest Rate(1) |  | March 31, 2023 |  | December 31, 2022
Total Unsecured Notes, net(2) | 2.00% — 4.15% |  | $ | 2,538,378 |  |  | $ | 2,538,066 |
Deferred financing costs, net |  | (19,278) |  |  | (19,881) |
Total |  | $ | 2,519,100 |  |  | $ | 2,518,185 |
(1)Represents the range of contractual rates in place as of March 31, 2023. (2)Net of unamortized discount of $11,622 and $11,934 as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022:
|  | Maturity Date |  | Interest Rate |  | March 31, 2023 |  | December 31, 2022
2020 Term Loan Facility(1)(2) |  | January 31, 2025 |  | 5.86% |  | $ | 2,500,000 |  |  | $ | 2,500,000 |
2022 Term Loan Facility(3) | June 22, 2029 |  | 6.14% |  | 725,000 |  |  | 725,000 |
Total Term Loan Facilities |  | 3,225,000 |  |  | 3,225,000 |
Less: deferred financing costs, net | (19,357) |  |  | (21,433) |
Term Loan Facilities, net | $ | 3,205,643 |  |  | $ | 3,203,567 |
Revolving Facility(1)(2) | January 31, 2025 |  | 5.75% |  | $ | — |  |  | $ | — |
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of March 31, 2023, the applicable margins were 1.00% and 0.89%, respectively, and LIBOR was 4.86%. On April 18, 2023, we amended the Credit Facility to convert the applicable interest rate from a LIBOR-based index to a SOFR-based index. The new interest rate includes a 0.10% credit spread adjustment (“Adjusted SOFR”), and the applicable margins remain unchanged (see Note 15). (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 March 31, 2023, the applicable margin was 1.24%, and Adjusted SOFR was 4.90%.
Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid | The margins for the Term Loan Facilities and the Revolving Facility as of March 31, 2023 are as follows:
|  | Base Rate Loans |  | LIBOR Rate Loans |  | Adjusted SOFR Rate Loans
2020 Term Loan Facility |  | 0.00% | — | 0.65% |  | 0.80% | — | 1.65% |  | N/A
2022 Term Loan Facility |  | 0.15% | — | 1.20% |  | N/A |  | 1.15% | — | 2.20%
Revolving Facility |  | 0.00% | — | 0.45% |  | 0.75% | — | 1.45% |  | N/A
Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of our debt as of March 31, 2023:
Year |  | Mortgage Loans(1) |  | Secured Term Loan |  | Unsecured Notes |  | Term Loan Facilities(2) |  | Revolving Facility(2) |  |  |  | Total
2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
2024 |  | 657,258 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 657,258 |
2025 |  | — |  |  | — |  |  | — |  |  | 2,500,000 |  |  | — |  |  |  |  | 2,500,000 |
2026 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
2027 |  | 993,675 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 993,675 |
Thereafter |  | — |  |  | 403,129 |  |  | 2,550,000 |  |  | 725,000 |  |  | — |  |  |  |  | 3,678,129 |
Total |  | 1,650,933 |  |  | 403,129 |  |  | 2,550,000 |  |  | 3,225,000 |  |  | — |  |  |  |  | 7,829,062 |
Less: deferred financing costs, net |  | (7,478) |  |  | (1,778) |  |  | (19,278) |  |  | (19,357) |  |  | — |  |  |  |  | (47,891) |
Less: unamortized debt discount |  | (1,496) |  |  | — |  |  | (11,622) |  |  | — |  |  | — |  |  |  |  | (13,118) |
Total |  | $ | 1,641,959 |  |  | $ | 401,351 |  |  | $ | 2,519,100 |  |  | $ | 3,205,643 |  |  | $ | — |  |  |  |  | $ | 7,768,053 |
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of March 31, 2023. 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)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 March 31, 2023 and December 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  | Outstanding Principal Balance(1)
|  | Origination Date |  | Maturity Date(2) |  | Maturity Date if Fully Extended(3) |  | Interest Rate(4) |  | Range of Spreads(5) |  | March 31, 2023 |  | December 31, 2022
IH 2017-1(6) |  | April 28, 2017 |  | June 9, 2027 |  | June 9, 2027 |  | 4.23% |  | N/A |  | $ | 992,179 |  |  | $ | 992,695 |
IH 2018-4(7) |  | November 7, 2018 |  | January 9, 2024 |  | January 9, 2026 |  | 6.09% |  | 115-145 bps |  | 657,258 |  |  | 661,029 |
Total Securitizations | 1,649,437 |  |  | 1,653,724 |
Less: deferred financing costs, net | (7,478) |  |  | (7,929) |
Total | $ | 1,641,959 |  |  | $ | 1,645,795 |
(1)Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (2)Represents the maturity dates for all extension options that have been exercised for the mortgage loans. (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 March 31, 2023, LIBOR was 4.86%. (5)Range of spreads is based on outstanding principal balances as of March 31, 2023. (6)Net of unamortized discount of $1,496 and $1,584 as of March 31, 2023 and December 31, 2022, 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 third extension option. The maturity date above reflects all extensions that have been exercised.
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 March 31, 2023 and December 31, 2022:
|  | Maturity Date |  | Interest Rate(1) |  | March 31, 2023 |  | December 31, 2022
Secured Term Loan |  | June 9, 2031 |  | 3.59% |  | $ | 403,129 |  |  | $ | 403,363 |
Deferred financing costs, net | (1,778) |  |  | (1,833) |
Secured Term Loan, net | $ | 401,351 |  |  | $ | 401,530 |
(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 conversion by the lender to a successor variable rate once LIBOR is discontinued), including applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly.

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