XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.23.3

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Instrument [Line Items] |
Schedule of Unsecured Notes | The following table sets forth a summary of our Unsecured Notes as of September 30, 2023 and December 31, 2022:
|  | Interest Rate(1) |  | September 30, 2023 |  | December 31, 2022
Total Unsecured Notes, net(2) | 2.00% — 5.50% |  | $ | 3,329,281 |  |  | $ | 2,538,066 |
Deferred financing costs, net |  | (25,199) |  |  | (19,881) |
Total |  | $ | 3,304,082 |  |  | $ | 2,518,185 |
(1)Represents the range of contractual rates in place as of September 30, 2023. (2)Net of unamortized discount of $20,719 and $11,934 as of September 30, 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 Facility as of September 30, 2023 and December 31, 2022:
|  | Maturity Date |  | Interest Rate |  | September 30, 2023 |  | December 31, 2022
2020 Term Loan Facility(1)(2) |  | January 31, 2025 |  | 6.42% |  | $ | 2,500,000 |  |  | $ | 2,500,000 |
2022 Term Loan Facility(3) | June 22, 2029 |  | 6.66% |  | 725,000 |  |  | 725,000 |
Total Term Loan Facilities |  | 3,225,000 |  |  | 3,225,000 |
Less: deferred financing costs, net | (15,275) |  |  | (21,433) |
Term Loan Facilities, net | $ | 3,209,725 |  |  | $ | 3,203,567 |
Revolving Facility(1)(2) | January 31, 2025 |  | 6.31% |  | $ | — |  |  | $ | — |
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on Term SOFR adjusted for a 0.10% credit spread adjustment, plus an applicable margin. As of September 30, 2023, the applicable margins were 1.00% and 0.89% for the 2020 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 5.32%. (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 Term SOFR adjusted for a 0.10% credit spread adjustment, plus the applicable margin. As of September 30, 2023, the applicable margin was 1.24%, and Term SOFR was 5.32%.
Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid | The margins for the Term Loan Facilities and the Revolving Facility as of September 30, 2023 are as follows:
|  | Base Rate Loans |  |  |  | Adjusted SOFR Rate Loans
2020 Term Loan Facility |  | 0.00% | — | 0.65% |  |  |  |  |  | 0.80% | — | 1.65%
2022 Term Loan Facility |  | 0.15% | — | 1.20% |  |  |  | 1.15% | — | 2.20%
Revolving Facility |  | 0.00% | — | 0.45% |  |  |  |  |  | 0.75% | — | 1.45%
Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of our debt as of September 30, 2023:
Year |  | Mortgage Loans(1) |  | Secured Term Loan |  | Unsecured Notes |  | Term Loan Facilities(2) |  | Revolving Facility(2) |  |  |  | Total
2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
2024 |  | 647,118 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 647,118 |
2025 |  | — |  |  | — |  |  | — |  |  | 2,500,000 |  |  | — |  |  |  |  | 2,500,000 |
2026 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
2027 |  | 992,994 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 992,994 |
Thereafter |  | — |  |  | 403,129 |  |  | 3,350,000 |  |  | 725,000 |  |  | — |  |  |  |  | 4,478,129 |
Total |  | 1,640,112 |  |  | 403,129 |  |  | 3,350,000 |  |  | 3,225,000 |  |  | — |  |  |  |  | 8,618,241 |
Less: deferred financing costs, net |  | (6,819) |  |  | (1,669) |  |  | (25,199) |  |  | (15,275) |  |  | — |  |  |  |  | (48,962) |
Less: unamortized debt discount |  | (1,320) |  |  | — |  |  | (20,719) |  |  | — |  |  | — |  |  |  |  | (22,039) |
Total |  | $ | 1,631,973 |  |  | $ | 401,460 |  |  | $ | 3,304,082 |  |  | $ | 3,209,725 |  |  | $ | — |  |  |  |  | $ | 8,547,240 |
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of September 30, 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 September 30, 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) |  | September 30, 2023 |  | December 31, 2022
IH 2017-1(6) |  | April 28, 2017 |  | June 9, 2027 |  | June 9, 2027 |  | 4.23% |  | N/A |  | $ | 991,674 |  |  | $ | 992,695 |
IH 2018-4(7) |  | November 7, 2018 |  | January 9, 2024 |  | January 9, 2026 |  | 6.66% |  | 115-145 bps |  | 647,118 |  |  | 661,029 |
Total Securitizations | 1,638,792 |  |  | 1,653,724 |
Less: deferred financing costs, net | (6,819) |  |  | (7,929) |
Total | $ | 1,631,973 |  |  | $ | 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. Effective July 3, 2023, the interest rate for IH 2018-4 is based on the weighted average spread over Term SOFR adjusted for an 0.11% credit spread adjustment. As of September 30, 2023, Term SOFR was 5.32%. (5)Range of spreads is based on outstanding principal balances as of September 30, 2023. (6)Net of unamortized discount of $1,320 and $1,584 as of September 30, 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 September 30, 2023 and December 31, 2022:
|  | Maturity Date |  | Interest Rate(1) |  | September 30, 2023 |  | December 31, 2022
Secured Term Loan |  | June 9, 2031 |  | 3.59% |  | $ | 403,129 |  |  | $ | 403,363 |
Deferred financing costs, net | (1,669) |  |  | (1,833) |
Secured Term Loan, net | $ | 401,460 |  |  | $ | 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 a comparable or successor rate to one month LIBOR 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.

X
- Definition Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid + References No definition available. + Details
Name: | invh_ScheduleOfCreditFacilityMarginsCreditRatingBasedPricingGridTableTextBlock
Namespace Prefix: | invh_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_SecuredDebtMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_NotesPayableOtherPayablesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |