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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022:

												September 30, 2023												December 31, 2022
												Carrying Value						Fair Value						Carrying Value						Fair Value
Assets carried at historical cost on the condensed consolidated balance sheets:
Investments in debt securities(1)						Level 2						$	86,617					$	83,111					$	86,980					$	84,992
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)						Level 1						$	3,029,281					$	2,546,147					$	2,238,066					$	1,798,658
Mortgage loans(3)						Level 2						1,638,792						1,550,094						1,653,724						1,588,550
Unsecured Notes — private placement(4)						Level 2						300,000						225,582						300,000						228,726
Secured Term Loan(5)						Level 3						403,129						348,818						403,363						356,557
Term Loan Facilities(6)						Level 3						3,225,000						3,228,291						3,225,000						3,233,677

(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 $20,719 and $11,934 of unamortized discount and excludes $23,979 and $18,534 of deferred financing costs as of September 30, 2023 and December 31, 2022, respectively.

(3)The carrying values of the mortgage loans include $1,320 and $1,584 of unamortized discount and exclude $6,819 and $7,929 of deferred financing costs as of September 30, 2023 and December 31, 2022, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,220 and $1,347 of deferred financing costs as of September 30, 2023 and December 31, 2022, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,669 and $1,833 of deferred financing costs as of September 30, 2023 and December 31, 2022, respectively.

(6)The carrying values of the Term Loan Facilities exclude $15,275 and $21,433 of deferred financing costs as of September 30, 2023 and December 31, 2022, respectively.

Schedule of 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 September 30, 2023:

Quantitative Information about Level 3 Fair Value Measurement(1)

Fair Value

Valuation Technique

Unobservable Input

Rate

Secured Term Loan

$

348,818

Discounted Cash Flow

Effective Rate

5.76%

Term Loan Facilities

3,228,291

Discounted Cash Flow

Effective Rate

5.00%

—

6.77%

(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 Three Months Ended September 30,												For the Nine Months Ended September 30,
						2023						2022						2023						2022
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount						$	567					$	125					$	1,606					$	861
Total impairments						(83)						(101)						(342)						(238)
Fair value						$	484					$	24					$	1,264					$	623

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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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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