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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, 20256.42%$2,500,000 $2,500,000 
2022 Term Loan Facility(3)
June 22, 20296.66%725,000 725,000 
Total Term Loan Facilities3,225,000 3,225,000 
Less: deferred financing costs, net(15,275)(21,433)
Term Loan Facilities, net$3,209,725 $3,203,567 
Revolving Facility(1)(2)
January 31, 20256.31%$— $— 
(1)Interest rates for the 2020 Term Loan Facility and the Revolving Facility are based on Term SOFR adjusted for a 0.10% credit spread adjustment, plus an applicable margin. As of September 30, 2023, the applicable margins were 1.00% and 0.89% for the 2020 Term Loan Facility and the Revolving Facility, respectively, and Term SOFR was 5.32%.
(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
(3)Interest rate for the 2022 Term Loan Facility is based on Term SOFR adjusted for a 0.10% credit spread adjustment, plus the applicable margin. As of September 30, 2023, the applicable margin was 1.24%, and Term SOFR was 5.32%.
Schedule of Credit Facility Margins - Credit Rating Based Pricing Grid
The margins for the Term Loan Facilities and the Revolving Facility as of September 30, 2023 are as follows:
Base Rate LoansAdjusted SOFR Rate Loans
2020 Term Loan Facility0.00%—0.65%0.80%—1.65%
2022 Term Loan Facility0.15%—1.20%1.15%—2.20%
Revolving Facility0.00%—0.45%0.75%—1.45%
Schedule of Maturities of Long-term Debt
The following table summarizes the contractual maturities of our debt as of September 30, 2023:
Year
Mortgage
Loans(1)
Secured Term LoanUnsecured Notes
Term Loan Facilities(2)
Revolving Facility(2)
Total
2023$— $— $— $— $— $— 
2024647,118 — — — — 647,118 
2025— — — 2,500,000 — 2,500,000 
2026— — — — — — 
2027992,994 — — — — 992,994 
Thereafter— 403,129 3,350,000 725,000 — 4,478,129 
Total1,640,112 403,129 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 Securitizations1,638,792 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, 20313.59%$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.