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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:

												March 31, 2024												December 31, 2023
												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						$	86,333					$	84,584					$	86,471					$	84,591
Liabilities carried at historical cost on the condensed consolidated balance sheets:
Unsecured Notes — public offering(2)						Level 1						$	3,030,428					$	2,714,883					$	3,029,856					$	2,725,884
Mortgage loans(3)						Level 2						1,627,874						1,575,141						1,633,585						1,576,813
Unsecured Notes — private placement(4)						Level 2						300,000						245,665						300,000						245,766
Secured Term Loan(5)						Level 3						403,129						360,927						403,129						369,402
Term Loan Facilities(6)						Level 3						3,225,000						3,227,452						3,225,000						3,230,747

(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 $19,572 and $20,144 of unamortized discount and excludes $22,420 and $23,211 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively.

(3)The carrying values of the mortgage loans include $1,144 and $1,232 of unamortized discount and exclude $5,838 and $6,329 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively.

(4)The carrying value of the Unsecured Notes — private placement excludes $1,135 and $1,178 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively.

(5)The carrying value of the Secured Term Loan excludes $1,560 and $1,614 of deferred financing costs as of March 31, 2024 and December 31, 2023, respectively.

(6)The carrying values of the Term Loan Facilities exclude $11,096 and $13,186 of deferred financing costs as of March 31, 2024 and December 31, 2023, 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 March 31, 2024:

Quantitative Information about Level 3 Fair Value Measurement(1)

Fair Value

Valuation Technique

Unobservable Input

Rate

Secured Term Loan

$

360,927

Discounted Cash Flow

Effective Rate

5.34%

Term Loan Facilities

3,227,452

Discounted Cash Flow

Effective Rate

4.96%

—

6.69%

(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 March 31,
						2024						2023
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount						$	413					$	690
Total impairments						(60)						(178)
Fair value						$	353					$	512

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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