Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 28, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38004 | |
Entity Registrant Name | Invitation Homes Inc. | |
Entity Central Index Key | 0001687229 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 90-0939055 | |
Entity Address, Address Line One | 1717 Main Street, | |
Entity Address, Address Line Two | Suite 2000 | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | (972) | |
Local Phone Number | 421-3600 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | INVH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Stock Outstanding (in shares) | 576,485,342 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares outstanding (in shares) | 568,718,544 | 567,117,666 |
Investments in single-family residential properties: | ||
Land | $ 4,578,219 | $ 4,539,796 |
Building and improvements | 14,540,813 | 14,261,954 |
Total gross investments in the properties | 19,119,032 | 18,801,750 |
Less: accumulated depreciation | (2,785,708) | (2,513,057) |
Investments in single-family residential properties, net | 16,333,324 | 16,288,693 |
Cash and cash equivalents | 126,168 | 213,422 |
Restricted cash | 241,976 | 198,346 |
Goodwill | 258,207 | 258,207 |
Investments in unconsolidated joint ventures | 77,523 | 69,267 |
Other assets, net | 447,413 | 478,287 |
Total assets | 17,484,611 | 17,506,222 |
Liabilities: | ||
Mortgage loans, net | 4,498,289 | 4,820,098 |
Secured term loan, net | 401,204 | 401,095 |
Unsecured notes, net | 298,399 | 0 |
Term loan facility, net | 2,474,495 | 2,470,907 |
Revolving facility | 0 | 0 |
Convertible senior notes, net | 342,050 | 339,404 |
Accounts payable and accrued expenses | 217,394 | 149,299 |
Resident security deposits | 162,225 | 157,936 |
Other liabilities | 470,879 | 611,410 |
Total liabilities | 8,864,935 | 8,950,149 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity | ||
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of June 30, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 568,718,544 and 567,117,666 outstanding as of June 30, 2021 and December 31, 2020, respectively | 5,687 | 5,671 |
Additional paid-in capital | 9,725,480 | 9,707,258 |
Accumulated deficit | (737,444) | (661,162) |
Accumulated other comprehensive loss | (413,684) | (546,942) |
Total stockholders' equity | 8,580,039 | 8,504,825 |
Non-controlling interests | 39,637 | 51,248 |
Total equity | 8,619,676 | 8,556,073 |
Total liabilities and equity | $ 17,484,611 | $ 17,506,222 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Rental revenues and other property income | $ 490,618 | $ 449,755 | $ 965,072 | $ 899,544 |
Joint venture management fees | 1,015 | 0 | 1,786 | 0 |
Total revenues | 491,633 | 449,755 | 966,858 | 899,544 |
Expenses: | ||||
Property operating and maintenance | 175,422 | 167,002 | 343,795 | 333,918 |
Property management expense | 17,696 | 14,529 | 33,538 | 28,901 |
General and administrative | 19,828 | 14,426 | 36,778 | 28,654 |
Interest expense | 80,764 | 86,071 | 164,170 | 170,828 |
Depreciation and amortization | 145,280 | 137,266 | 289,781 | 272,293 |
Impairment and other | 980 | (180) | 1,336 | 2,947 |
Total expenses | 439,970 | 419,114 | 869,398 | 837,541 |
Gains (losses) on investments in equity securities, net | (7,002) | 0 | (10,142) | 34 |
Other, net | (1,903) | 1,370 | (1,673) | 5,050 |
Gain on sale of property, net of tax | 17,919 | 11,167 | 32,403 | 26,367 |
Income from investments in unconsolidated joint ventures | 11 | 0 | 362 | 0 |
Net income | 60,688 | 43,178 | 118,410 | 93,454 |
Net income attributable to non-controlling interests | (350) | (275) | (705) | (595) |
Net income attributable to common stockholders | 60,338 | 42,903 | 117,705 | 92,859 |
Net income available to participating securities | (96) | (119) | (191) | (221) |
Net income available to common stockholders — basic and diluted (Note 12) | $ 60,242 | $ 42,784 | $ 117,514 | $ 92,638 |
Weighted average common shares outstanding — basic | 567,931,472 | 548,811,968 | 567,655,034 | 545,680,740 |
Weighted average common shares outstanding — diluted | 569,283,166 | 549,920,213 | 569,056,182 | 546,836,809 |
Net income per common share — basic | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.17 |
Net income per common share — diluted | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.17 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 60,688 | $ 43,178 | $ 118,410 | $ 93,454 |
Unrealized gains (losses) on interest rate swaps | (21,190) | (52,817) | 58,869 | (394,255) |
Losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss | 38,256 | 28,042 | 75,899 | 36,609 |
Other comprehensive income (loss) | 17,066 | (24,775) | 134,768 | (357,646) |
Comprehensive income (loss) | 77,754 | 18,403 | 253,178 | (264,192) |
Comprehensive (income) loss attributable to non-controlling interests | (593) | (246) | (1,666) | 1,503 |
Comprehensive income (loss) attributable to common stockholders | $ 77,161 | $ 18,157 | $ 251,512 | $ (262,689) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | Non-Controlling Interests |
Beginning Balance at Dec. 31, 2019 | $ 8,266,078 | $ 5,416 | $ 9,010,194 | $ (524,588) | $ (276,600) | $ 8,214,422 | $ 51,656 |
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2019 | 541,642,725 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital distributions | (1,068) | (1,068) | |||||
Net income | 93,454 | 92,859 | 92,859 | 595 | |||
Dividends and dividend equivalents declared | (163,589) | (163,589) | (163,589) | ||||
Issuance of common stock — settlement of RSUs, net of tax | $ (3,361) | $ 3 | (3,364) | (3,361) | |||
Issuance of common stock — settlement of RSUs, net of tax (in shares) | 327,488 | ||||||
Issuance of common stock, net (in shares) | 18,889,954 | 18,562,466 | |||||
Issuance of common stock, net | $ 503,798 | $ 186 | 503,612 | 503,798 | |||
Share-based compensation expense | 6,207 | 5,183 | 5,183 | 1,024 | |||
Other comprehensive income (loss) | (357,646) | (355,548) | (355,548) | (2,098) | |||
Ending Balance at Jun. 30, 2020 | $ 8,343,873 | $ 5,605 | 9,515,625 | (595,318) | (632,148) | 8,293,764 | 50,109 |
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2020 | 560,532,679 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | ||||||
Beginning Balance at Mar. 31, 2020 | $ 7,958,127 | $ 5,438 | 9,066,512 | (556,305) | (607,402) | 7,908,243 | 49,884 |
Beginning Balance, common stock, shares outstanding (in shares) at Mar. 31, 2020 | 543,767,445 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital distributions | (534) | (534) | |||||
Net income | 43,178 | 42,903 | 42,903 | 275 | |||
Dividends and dividend equivalents declared | (81,916) | (81,916) | (81,916) | ||||
Issuance of common stock — settlement of RSUs, net of tax | $ (190) | $ 0 | (190) | (190) | |||
Issuance of common stock — settlement of RSUs, net of tax (in shares) | 74,834 | ||||||
Issuance of common stock, net (in shares) | 16,765,234 | 16,690,400 | |||||
Issuance of common stock, net | $ 447,877 | $ 167 | 447,710 | 447,877 | |||
Share-based compensation expense | 2,106 | 1,593 | 1,593 | 513 | |||
Other comprehensive income (loss) | (24,775) | (24,746) | (24,746) | (29) | |||
Ending Balance at Jun. 30, 2020 | $ 8,343,873 | $ 5,605 | 9,515,625 | (595,318) | (632,148) | 8,293,764 | 50,109 |
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2020 | 560,532,679 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 8,556,073 | $ 5,671 | 9,707,258 | (661,162) | (546,942) | 8,504,825 | 51,248 |
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2020 | 567,117,666 | 567,117,666 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital distributions | $ (1,211) | (1,211) | |||||
Net income | 118,410 | 117,705 | 117,705 | 705 | |||
Dividends and dividend equivalents declared | (193,987) | (193,987) | (193,987) | ||||
Issuance of common stock — settlement of RSUs, net of tax | (9,403) | $ 7 | (9,410) | (9,403) | |||
Issuance of common stock — settlement of RSUs, net of tax (in shares) | 675,618 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6 | 6 | 6 | 0 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 260 | ||||||
Issuance of common stock, net (in shares) | 1,600,878 | ||||||
Share-based compensation expense | $ 15,020 | 13,969 | 13,969 | 1,051 | |||
Other comprehensive income (loss) | 134,768 | 133,807 | 133,807 | 961 | |||
Redemption of OP Units for common stock (in shares) | 925,000 | ||||||
Redemption of OP Units for common stock | 0 | $ 9 | 13,657 | (549) | 13,117 | (13,117) | |
Ending Balance at Jun. 30, 2021 | $ 8,619,676 | $ 5,687 | 9,725,480 | (737,444) | (413,684) | 8,580,039 | 39,637 |
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2021 | 568,718,544 | 568,718,544 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.34 | ||||||
Beginning Balance at Mar. 31, 2021 | $ 8,632,360 | $ 5,677 | 9,705,122 | (700,728) | (429,958) | 8,580,113 | 52,247 |
Beginning Balance, common stock, shares outstanding (in shares) at Mar. 31, 2021 | 567,650,434 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Capital distributions | (606) | (606) | |||||
Net income | 60,688 | 60,338 | 60,338 | 350 | |||
Dividends and dividend equivalents declared | (97,054) | (97,054) | 97,054 | ||||
Issuance of common stock — settlement of RSUs, net of tax | (1,990) | $ 1 | (1,991) | (1,990) | |||
Issuance of common stock — settlement of RSUs, net of tax (in shares) | 142,850 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6 | 6 | 6 | 0 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares) | 260 | ||||||
Issuance of common stock, net (in shares) | 1,068,110 | ||||||
Share-based compensation expense | $ 9,206 | 8,686 | 8,686 | 520 | |||
Other comprehensive income (loss) | 17,066 | 16,823 | 16,823 | 243 | |||
Redemption of OP Units for common stock (in shares) | 925,000 | ||||||
Redemption of OP Units for common stock | 0 | $ 9 | 13,657 | (549) | 13,117 | (13,117) | |
Ending Balance at Jun. 30, 2021 | $ 8,619,676 | $ 5,687 | $ 9,725,480 | $ (737,444) | $ (413,684) | $ 8,580,039 | $ 39,637 |
Ending Balance, common stock, shares outstanding (in shares) at Jun. 30, 2021 | 568,718,544 | 568,718,544 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net income | $ 118,410 | $ 93,454 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 289,781 | 272,293 |
Share-based compensation expense | 15,020 | 6,207 |
Amortization of deferred leasing costs | 5,546 | 5,828 |
Amortization of deferred financing costs | 6,567 | 14,353 |
Amortization of debt discounts | 2,828 | 2,697 |
Provisions for impairment | 524 | 3,913 |
(Gains) losses on investments in equity securities, net | (10,142) | 34 |
Gain on sale of property, net of tax | (32,403) | (26,367) |
Change in fair value of derivative instruments | 7,179 | 2,707 |
Income from investments in unconsolidated joint ventures, net of operating distributions | (136) | 0 |
Other non-cash amounts included in net income | 2,145 | (315) |
Changes in operating assets and liabilities: | ||
Other assets, net | (13,843) | (14,288) |
Accounts payable and accrued expenses | 67,059 | 17,612 |
Resident security deposits | 4,289 | 6,413 |
Other liabilities | (13,007) | 11,462 |
Net cash provided by operating activities | 470,101 | 395,935 |
Investing Activities: | ||
Deposits for acquisition of single-family residential properties | (11,185) | 733 |
Acquisition of single-family residential properties | (305,976) | (179,901) |
Initial renovations to single-family residential properties | (37,457) | (61,623) |
Other capital expenditures for single-family residential properties | (72,060) | (84,025) |
Proceeds from sale of single-family residential properties | 136,951 | 228,728 |
Repayment proceeds from retained debt securities | 16,211 | 6,787 |
Proceeds from sale of investments in equity securities | 2,607 | 0 |
Investments in unconsolidated joint ventures | (9,000) | 0 |
Non-operating distributions from unconsolidated joint ventures | 880 | 0 |
Other investing activities | (3,846) | (203) |
Net cash used in investing activities | (282,875) | (89,504) |
Financing Activities: | ||
Payment of dividends and dividend equivalents | (193,827) | (163,456) |
Distributions to non-controlling interests | (1,211) | (1,068) |
Payment of taxes related to net share settlement of RSUs | (9,403) | (3,361) |
Payments on mortgage loans | (323,355) | (131,677) |
Proceeds from revolving facility | 300,000 | 320,000 |
Payments on revolving facility | (300,000) | (320,000) |
Proceeds from issuance of common stock, net | 0 | 503,798 |
Payments of Financing Costs | (1,666) | 0 |
Other financing activities | (1,388) | (1,198) |
Net cash provided by (used in) financing activities | (230,850) | 202,937 |
Change in cash, cash equivalents, and restricted cash | (43,624) | 509,368 |
Cash, cash equivalents, and restricted cash, beginning of period (Note 4) | 411,768 | 286,245 |
Cash, cash equivalents, and restricted cash, end of period (Note 4) | 368,144 | 795,613 |
Supplemental cash flow disclosures: | ||
Interest paid, net of amounts capitalized | 149,086 | 153,151 |
Cash paid for income taxes | 501 | 967 |
Operating cash flows from operating leases | 2,965 | 2,760 |
Financing cash flows from finance leases | 1,282 | 1,062 |
Noncash Investing and Financing Items [Abstract] | ||
Accrued renovation improvements at period end | 6,207 | 2,931 |
Accrued residential property capital improvements at period end | 9,161 | 8,459 |
Transfer of residential property, net to other assets, net for held for sale assets | 45,643 | 98,254 |
Change in other comprehensive gain (loss) from cash flow hedges | 127,694 | (360,301) |
ROU assets obtained in exchange for operating lease liabilities | 1,452 | 2,961 |
ROU assets obtained in exchange for finance lease liabilities | 0 | 9,235 |
Net settlement of 2022 Convertible Notes in shares of common stock | 6 | 0 |
Proceeds from Issuance of Senior Long-term Debt | $ 300,000 | $ 0 |
Organization and Formation
Organization and Formation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Formation | Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own. On February 6, 2017, INVH completed an initial public offering (“IPO”), changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP LLC, a wholly owned subsidiary of INVH, and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis. On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities (the “Mergers”). The Mergers were accounted for as a business combination in accordance with ASC 805, Business Combinations , and INVH was designated as the accounting acquirer. The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of June 30, 2021, INVH owns 99.6% of the common OP Units and has the full, exclusive, and complete responsibility for and discretion over the day to day management and control of INVH LP. Our organizational structure includes several wholly owned subsidiaries of INVH LP that were formed to facilitate certain of our financing arrangements (the “Borrower Entities”). These Borrower Entities are used to align the ownership of our single-family residential properties with certain of our debt instruments. Collateral for certain of our individual debt instruments may be in the form of equity interests in the Borrower Entities or in pools of single-family residential properties owned either directly by the Borrower Entities or indirectly by their wholly owned subsidiaries (see Note 7). References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2—Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with ASC 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. As described in Note 5, we invested in joint ventures with Rockpoint Group, L.L.C. (“Rockpoint”) and the Federal National Mortgage Association (“FNMA”), both of which are voting interest entities. We do not hold a controlling financial interest in either joint venture but have significant influence over the operating and financial policies of each joint venture. Additionally, both Rockpoint and FNMA hold certain substantive participating rights that preclude the presumption of control by us of either joint venture; as such, we account for each investment using the equity method. Our investment in the Rockpoint joint venture is recorded at cost, and our investment in the FNMA joint venture was initially recorded at fair value in connection with purchase accounting for the Mergers. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests represent the OP Units not owned by INVH, including any vested OP Units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, and the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 include an allocation of the net income attributable to the non-controlling interest holders. Vested OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed. Significant Risks and Uncertainties One of the most significant risks and uncertainties to our financial condition and results of operations continues to be the adverse effect of the ongoing pandemic resulting from the coronavirus, or COVID-19. We are closely monitoring the impact of the pandemic on all aspects of our business. Since the outbreak, a number of our residents have requested rent deferral and/or late fee relief, and components of our rental revenues and other property income have been impacted by the pandemic. In addition, entities directed by, or notionally affiliated with, the Federal government as well as some state and local jurisdictions across the United States have imposed temporary eviction moratoriums if certain criteria are met by residents, are allowing residents to defer missed rent payments without incurring late fees, and are prohibiting rent increases. We comply with all applicable Federal, state, and local laws, regulations, and ordinances, and we adhere to restrictions on evictions, collections, rent increases, and late fees as appropriate. Jurisdictions and other local and national authorities may expand or extend measures imposing restrictions on our ability to enforce residents’ contractual rental obligations and limiting our ability to increase rents. We cannot predict if states, municipalities, local, and/or national authorities will expand existing restrictions, if additional states or municipalities will implement similar restrictions, or when restrictions currently in place will expire. While none of the current restrictions have materially impacted our ability to provide services to our residents or homes, future measures may negatively impact our ability to access our homes, complete service requests, or make our homes ready for new residents. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations, and cash flows in the near term due to, but not limited to, the following: (1) reduced economic activity that impacts the earnings or health of our residents, thereby causing them to be unable to fully meet their obligations to us and resulting in increases in uncollectible revenues and thus reductions in rental revenues and other property income; (2) governmental regulations, restrictions and moratoriums that negatively impact our ability to charge and collect rental revenues and other property income or impose restrictions on our ability to provide services to our residents and homes; (3) negative financial impact of the pandemic that could impact our ability to access funds available under our Revolving Facility (as defined in Note 7) or affect future compliance with financial covenants of our Credit Facility (as defined in Note 7) and other debt agreements; and (4) weaker economic conditions that could cause us to recognize impairments in value of our tangible assets or goodwill. On March 11, 2021, the American Rescue Plan Act (the “ARPA”), a $1.9 trillion COVID-19 relief package authorizing additional federal spending and an increase in anti-poverty programs to help millions of families still struggling amid the pandemic, was signed into law. The ARPA includes nearly $50 billion in housing and homelessness resources and provides over $27 billion for rental assistance. We continue to examine the impacts that the ARPA, as well as any future economic relief legislation, may have on our business. It is uncertain if the ARPA’s housing and rental assistance resources will enable longer term housing stability for some of our residents and/or reduce rent receivable balances accrued during the pandemic. The extent to which the ongoing COVID-19 pandemic ultimately impacts our operations depends on ongoing developments, which remain highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the extent and duration of actions taken to contain the pandemic or mitigate its impact, the availability, distribution, and efficacy of vaccines, development and availability of effective therapeutic drugs, and the direct and indirect economic effects of the pandemic, containment measures, monetary and/or fiscal policies implemented to provide support or relief to businesses and/or residents, and other government, regulatory, and/or legislative changes precipitated by the ongoing COVID-19 pandemic, among others. While we have taken steps to mitigate the impact of the pandemic on our results of operations, there can be no assurance that these efforts will be successful. Reclassifications We reclassified $34 of unrealized gains on investments in equity securities from other, net into gains (losses) on investments in equity securities, net on our condensed consolidated statement of operations for the six months ended June 30, 2020 to conform to our current presentation. We also reclassified $34 of unrealized gains on investments in equity securities from other non-cash amounts included in net income into (gains) losses on investments in equity securities, net on our condensed consolidated statement of cash flows for the six months ended June 30, 2020 to conform to our current presentation. There were no reclassifications for the three months ended June 30, 2020. These reclassifications had no effect on the total reported net income on the condensed consolidated statement of operations for the three and six months ended June 30, 2020, or on the total net cash provided by operating activities on the condensed consolidated statement of cash flows for the three and six months ended June 30, 2020. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Accounting Policies There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. The new standard will be effective for annual reporting periods beginning after December 15, 2021, and interim periods within that |
Investments in Single-Family Re
Investments in Single-Family Residential Properties | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Investments in Single-Family Residential Properties | Note 3—Investments in Single-Family Residential Properties The following table sets forth the net carrying amount associated with our properties by component: June 30, December 31, 2020 Land $ 4,578,219 $ 4,539,796 Single-family residential property 13,906,597 13,631,859 Capital improvements 518,712 515,479 Equipment 115,504 114,616 Total gross investments in the properties 19,119,032 18,801,750 Less: accumulated depreciation (2,785,708) (2,513,057) Investments in single-family residential properties, net $ 16,333,324 $ 16,288,693 As of June 30, 2021 and December 31, 2020, the carrying amount of the residential properties above includes $121,168 and $119,929, respectively, of capitalized acquisition costs (excluding purchase price), along with $68,738 and $68,197, respectively, of capitalized interest, $27,304 and $26,899, respectively, of capitalized property taxes, $4,668 and $4,654, respectively, of capitalized insurance, and $3,157 and $3,090, respectively, of capitalized homeowners’ association (“HOA”) fees. During the three months ended June 30, 2021 and 2020, we recognized $143,607 and $135,647, respectively, of depreciation expense related to the components of the properties, and $1,673 and $1,619, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended June 30, 2021 and 2020, impairments totaling $93 and $1,442, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments. During the six months ended June 30, 2021 and 2020, we recognized $286,391 and $269,561, respectively, of depreciation expense related to the components of the properties, and $3,390 and $2,732, respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the six months ended June 30, 2021 and 2020, impairments totaling $524 and $3,913, respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations. See Note 11 for additional information regarding these impairments. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 4—Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, 2020 Cash and cash equivalents $ 126,168 $ 213,422 Restricted cash 241,976 198,346 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 368,144 $ 411,768 Pursuant to the terms of the mortgage loans and Secured Term Loan (as defined in Note 7), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash. The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours. The balances of our restricted cash accounts, as of June 30, 2021 and December 31, 2020, are set forth in the table below. As of June 30, 2021 and December 31, 2020, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist. June 30, December 31, 2020 Resident security deposits $ 162,579 $ 158,244 Property taxes 49,518 7,511 Collections 19,800 22,978 Capital expenditures 4,919 4,919 Letters of credit 3,786 3,320 Special and other reserves 1,374 1,374 Total $ 241,976 $ 198,346 |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in unconsolidated joint ventures | Note 5—Investments In Unconsolidated Joint Ventures We have invested in two joint ventures which are accounted for using the equity method model of accounting. The following table summarizes our investments in unconsolidated joint ventures as of June 30, 2021 and December 31, 2020: Number of Properties Carrying Value Ownership Percentage June 30, December 31, 2020 June 30, December 31, 2020 FNMA (1) 10 % 548 571 $ 53,193 $ 53,678 Rockpoint (2) 20 % 820 140 24,330 15,589 Total $ 77,523 $ 69,267 (1) Contains homes primarily located in Arizona, California, and Nevada. (2) Contains homes in markets within the Western United States, Southeast United States, Florida, and Texas. In October 2020, we entered into an agreement with Rockpoint to form a joint venture that will acquire homes in markets where we already own homes. As of February 2021, the joint venture is funded with a combination of debt and equity, and we have guaranteed the funding of certain tax, insurance, and non-conforming property reserves related to the joint venture’s financing. As of June 30, 2021, our remaining equity commitment to the joint venture is $50,400. For the three and six months ended June 30, 2021, we recorded $11 and $362, respectively, of income from investments in unconsolidated joint ventures which is included in income from investments in unconsolidated joint ventures in the condensed consolidated statements of operations. For the three and six months ended June 30, 2020, we recorded $201 and $723, respectively, of income from investments in unconsolidated joint ventures which is included in other, net in the condensed consolidated statements of operations. The administrative member of Rockpoint and the managing member of FNMA are wholly owned subsidiaries of INVH LP and are responsible for the operations and management of the properties, subject to Rockpoint and FNMA’s respective approval of major decisions. The subsidiaries earn asset and property management fees from our joint ventures, which are considered to be related parties. For the three and six months ended June 30, 2021, we earned $1,015 and $1,786, respectively, of management fees which are included in joint venture management fees in the condensed consolidated statements of operations. For the three and six months ended June 30, 2020, we earned $629 and $1,309, respectively, of management fees which are included in other, net in the condensed consolidated statements of operations. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 6—Other Assets As of June 30, 2021 and December 31, 2020, the balances in other assets, net are as follows: June 30, December 31, 2020 Investments in debt securities, net $ 229,202 $ 245,237 Prepaid expenses 45,932 41,347 Rent and other receivables, net 37,966 35,256 Investments in equity securities 36,953 47,189 Held for sale assets (1) 24,977 44,163 ROU lease assets — operating and finance, net 19,931 21,705 Deferred financing costs, net 10,202 11,637 Corporate fixed assets, net 9,301 9,995 Amounts deposited and held by others 7,144 2,852 Deferred leasing costs, net 6,859 7,631 Derivative instruments (Note 8) 1 1 Other 18,945 11,274 Total $ 447,413 $ 478,287 (1) As of June 30, 2021 and December 31, 2020, 98 and 179 properties, respectively, are classified as held for sale. Investments in Debt Securities, net In connection with certain of our Securitizations (as defined in Note 7), we have retained and purchased certificates totaling $229,202, net of unamortized discounts of $2,113, as of June 30, 2021. These investments in debt securities are classified as held to maturity investments. As of June 30, 2021, we have not recognized any credit losses with respect to these investments in debt securities, and our retained certificates are scheduled to mature over the next one month to six years. Investments in Equity Securities We hold investments in equity securities both with and without a readily determinable fair value. Investments with a readily determinable fair value are measured at fair value, and those without a readily determinable fair value are measured at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuer. As of June 30, 2021 and December 31, 2020, the values of our investments in equity securities are as follows: June 30, December 31, 2020 Investments with a readily determinable fair value $ 33,590 $ 46,339 Investments without a readily determinable fair value 3,363 850 Total $ 36,953 $ 47,189 The components of gains (losses) on investments in equity securities, net for the three and six months ended June 30, 2021 and 2020 are as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Realized gains on investments with a readily determinable fair value $ 1,888 $ — $ 1,888 $ — Unrealized losses on investments with a readily determinable fair value (8,890) — (12,030) — Unrealized gains on investments without a readily determinable fair value — — — 34 Total $ (7,002) $ — $ (10,142) $ 34 Rent and Other Receivables We lease our properties to residents pursuant to leases that generally have an initial contractual term of at least 12 months, provide for monthly payments, and are cancelable by the resident and us under certain conditions specified in the related lease agreements. Rental revenues and other property income and the corresponding rent and other receivables are recorded net of any concessions and bad debt (including actual write-offs, credit reserves, and uncollectible amounts) for all periods presented. Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended June 30, 2021 and 2020, rental revenues and other property income includes $28,253 and $19,613 of variable lease payments, respectively. For th e six months ended June 30, 2021 and 2020, rental revenues and other property income includes $52,647 and $44,660 of variable lease payments, respectively. Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of June 30, 2021 are as follows: Year Lease Payments to be Received Remainder of 2021 $ 730,963 2022 468,913 2023 39,258 2024 — 2025 — Thereafter — Total $ 1,239,134 Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net The following table presents supplemental information related to leases into which we have entered as a lessee as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Other assets $ 12,531 $ 7,400 $ 12,942 $ 8,763 Other liabilities (Note 14) 15,337 7,107 15,988 8,389 Weighted average remaining lease term 4.0 years 2.7 years 4.0 years 3.1 years Weighted average discount rate 3.3 % 4.0 % 3.5 % 4.0 % Deferred Financing Costs, net In connection with the amended and restated Revolving Facility (see Note 7), we incurred $11,846 of financing costs, which have been deferred as other assets, net on our condensed consolidated balance sheets. We amortize deferred financing costs as interest expense on a straight-line basis over the term of the Revolving Facility and accelerate amortization if debt is retired before the maturity date. As of June 30, 2021 and December 31, 2020, the unamortized balances of these deferred financing costs are $10,202 and $11,637, respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 7—Debt Mortgage Loans Our securitization transactions (the “Securitizations” or the “mortgage loans”) are collateralized by certain homes owned by the respective Borrower Entities. We utilize the proceeds from our securitizations to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into Securitization reserve accounts; (iii) closing costs in connection with the mortgage loans; and (iv) general costs associated with our operations. The following table sets forth a summary of our mortgage loan indebtedness as of June 30, 2021 and December 31, 2020: Outstanding Principal Balance (5) Origination Date Maturity Date (1) Maturity Date if Fully Extended (2) Interest (3) Range of Spreads (4) June 30, December 31, 2020 IH 2017-1 (6) April 28, June 9, June 9, 4.23% N/A $ 994,183 $ 994,787 IH 2017-2 (7) November 9, December 9, December 9, 1.17% 91-151 bps 551,280 612,506 IH 2018-1 (7) February 8, March 9, March 9, 1.05% 76-151 bps 641,153 646,021 IH 2018-2 (7) May 8, June 9, June 9, 1.19% 95-150 bps 691,013 693,988 IH 2018-3 (7)(8) June 28, July 9, July 9, 1.26% 105-170 bps 878,314 1,036,561 IH 2018-4 (7) November 7, January 9, January 9, 1.38% 115-170 bps 753,011 848,270 Total Securitizations 4,508,954 4,832,133 Less: deferred financing costs, net (10,665) (12,035) Total $ 4,498,289 $ 4,820,098 (1) The maturity dates above reflect all extension options that have been exercised. (2) Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (3) Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offer Rate (“LIBOR”) (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of June 30, 2021, LIBOR was 0.10%. Our IH 2017-1 mortgage loan 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. (4) Range of spreads is based on outstanding principal balances as of June 30, 2021. (5) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (6) Net of unamortized discount of $2,113 and $2,289 as of June 30, 2021 and December 31, 2020, respectively. (7) The initial maturity term of each of these mortgage loans is two years, individually subject to three 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 2018-3 and IH 2018-4 mortgage loans have exercised the first extension option, and our IH 2017-2, IH 2018-1, and IH 2018-2 mortgage loans have exercised the second extension option. The maturity dates above reflect all extensions that have been exercised. (8) On July 9, 2021, the extension of the maturity date of the IH 2018-3 mortgage loan from July 9, 2021 to July 9, 2022 was approved by the lender (see Note 15). Securitization Transactions For each Securitization transaction, the Borrower Entity executed a loan agreement with a third party lender. Except for IH 2017-1, each outstanding mortgage loan originally consisted of six floating rate components. The two year initial terms are individually subject to three to five, one year extension options at the Borrower Entity’s discretion. 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 a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender. IH 2017-1 is a 10 year, fixed rate mortgage loan comprised of two components. Certificates issued by the trust in connection with Component A of IH 2017-1 benefit from FNMA’s guaranty of timely payment of principal and interest. Each mortgage loan is secured by a pledge of the equity in the assets of the respective Borrower Entities, as well as first-priority mortgages on the underlying properties and a grant of security interests in all of the related personal property. As of June 30, 2021 and December 31, 2020, a total of 31,196 and 31,316 homes, respectively, with a gross book value of $6,893,683 and $6,888,308, respectively, and a net book value of $5,665,143 and $5,761,551, respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated to make monthly payments of interest for each mortgage loan. Transactions with Trusts Concurrent with the execution of each mortgage loan agreement, the respective third party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our currently outstanding Securitizations are wholly owned subsidiaries. We accounted for the transfers of the individual Securitizations from the wholly owned Depositor Entities to the respective Trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value. As consideration for the transfer of each loan to the Trusts, the Trusts issued classes of certificates which mirror the components of the individual loans (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to Certificates we retained in connection with Securitizations or purchased at a later date. The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trusts held by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained certificates do not provide us with any ability to direct activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts. Retained Certificates As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. IH 2017-1 issued Class B certificates, which are restricted certificates that were made available exclusively to INVH LP in order to comply with the Risk Retention Rules. The Class B certificates bear a stated annual interest rate of 4.23%, including applicable servicing fees. For IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, and IH 2018-4, we retain 5% of each class of certificates to meet the Risk Retention Rules. These retained certificates accrue interest at a floating rate of LIBOR plus a spread ranging from 0.76% to 1.70%. The retained certificates total $229,202 and $245,237 as of June 30, 2021 and December 31, 2020, respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 6). Loan Covenants The general terms that apply to all of the mortgage loans require each Borrower Entity to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include each Borrower Entity’s, and certain of their respective affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the mortgage loan agreements, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the respective mortgage loan agreements. Negative covenants include each Borrower Entity’s, and certain of their affiliates’, compliance with limitations surrounding (i) the amount of each Borrower Entity’s indebtedness and the nature of their investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of each Borrower Entity’s business activities, and (v) the required maintenance of specified cash reserves. As of June 30, 2021, and through the date our condensed consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants. Prepayments For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the six months ended June 30, 2021 and 2020, we made voluntary and mandatory prepayments of $323,355 and $131,677, respectively, under the terms of the mortgage loan agreements. Secured Term Loan On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59%, including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over one month LIBOR (subject to certain adjustments as outlined in the loan agreement) for the twelfth year. The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate purposes. The following table sets forth a summary of our Secured Term Loan indebtedness as of June 30, 2021 and December 31, 2020: Maturity Date Interest (1) June 30, December 31, 2020 Secured Term Loan June 9, 2031 3.59% $ 403,363 $ 403,363 Deferred financing costs, net (2,159) (2,268) Secured Term Loan, net $ 401,204 $ 401,095 (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 applicable servicing fees, subject to certain adjustments as outlined in the loan agreement. Interest payments are made monthly. Collateral The Secured Term Loan’s collateral pool contains 3,334 and 3,332 homes as of June 30, 2021 and December 31, 2020, respectively, with a gross book value of $796,598 and $791,860, respectively, and a net book value of $711,784 and $719,762, respectively. 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to substitute properties representing up to 20% of the collateral pool annually, and to substitute properties representing up to 100% of the collateral pool over the life of the Secured Term Loan. In addition, four times after the first anniversary of the closing date, 2019-1 IH Borrower has the right, subject to certain requirements and limitations outlined in the loan agreement, to execute a special release of collateral representing up to 15% of the then-outstanding principal balance of the Secured Term Loan in order to bring the loan-to-value ratio back in line with the Secured Term Loan’s loan-to-value ratio as of the closing date. Any such special release of collateral would not change the then-outstanding principal balance of the Secured Term Loan, but rather would reduce the number of single-family rental homes included in the collateral pool. Loan Covenants The Secured Term Loan requires 2019-1 IH Borrower to maintain compliance with certain affirmative and negative covenants. Affirmative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with (i) licensing, permitting and legal requirements specified in the loan agreement, (ii) organizational requirements of the jurisdictions in which they are organized, (iii) federal and state tax laws, and (iv) books and records requirements specified in the loan agreement. Negative covenants include 2019-1 IH Borrower’s, and certain of its affiliates’, compliance with limitations surrounding (i) the amount of 2019-1 IH Borrower’s indebtedness and the nature of its investments, (ii) the execution of transactions with affiliates, (iii) the Manager, (iv) the nature of 2019-1 IH Borrower’s business activities, and (v) the required maintenance of specified cash reserves. As of June 30, 2021, and through the date our condensed consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants. Prepayments Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. For the six months ended June 30, 2020, we made mandatory prepayments of $101. No such prepayments were made during the six months ended June 30, 2021. Unsecured Notes On May 25, 2021, we entered into a note purchase agreement in connection with a private placement of senior unsecured notes. Under such note purchase agreement, we issued and sold $300,000 aggregate principal amount of senior unsecured notes to certain institutional investors consisting of (i) $150,000 aggregate principal amount of 2.46% Senior Notes, Series A, due May 25, 2028 (the “2028 Unsecured Notes”) and (ii) $150,000 aggregate principal amount of 3.18% Senior Notes, Series B, due May 25, 2036 (the “2036 Unsecured Notes,” and together with the 2028 Unsecured Notes, the “Unsecured Notes”). Proceeds from the Unsecured Notes were used for general corporate purposes, including voluntary prepayment of then-outstanding indebtedness. Interest on the Unsecured Notes is payable semi-annually in arrears on May 25th and November 25th of each year, commencing on November 25, 2021, until such principal becomes due and payable. The following table sets forth a summary of our Unsecured Notes as of June 30, 2021 and December 31, 2020: Maturity Interest June 30, December 31, 2020 2028 Unsecured Notes May 25, 2028 2.46% $ 150,000 $ — 2036 Unsecured Notes May 25, 2036 3.18% 150,000 — Total 300,000 — Deferred financing costs, net (1,601) — Unsecured Notes, net $ 298,399 $ — Prepayments We may, at our option, upon notice to each holder of the Unsecured Notes, prepay at any time all, or from time to time any part of, the Unsecured Notes, in an amount not less than 5% of the aggregate principal amount of the Unsecured Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of prepayment and the make-whole premium as outlined in the note purchase agreement. Guarantees In the event that any of our subsidiaries guarantees or otherwise becomes liable in respect of our Credit Facility, or any other material credit facility as defined in the note purchase agreement, then the obligations of the Unsecured Notes must also then be unconditionally guaranteed by each of those subsidiaries. Loan Covenants The Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates. The Unsecured Notes also include the following financial covenants, subject to certain qualifications, (i) a maximum total leverage ratio, (ii) a maximum secured leverage ratio, (iii) a maximum unencumbered leverage ratio, (iv) a minimum fixed charge coverage ratio, and (v) a minimum unsecured interest coverage ratio. Term Loan Facility and Revolving Facility On December 8, 2020, we entered into an Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of banks, financial institutions, and institutional lenders for a new credit facility (the “Credit Facility”). The Credit Facility provides $3,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”) and a $2,500,000 term loan facility (the “Term Loan Facility”), both of which mature on January 31, 2025, with two six month extension options available. The Revolving Facility also includes borrowing capacity for letters of credit. The Credit Facility provides us with the option to enter into additional incremental credit facilities (including an uncommitted incremental facility that provides us with the option to increase the size of the Revolving Facility and/or the Term Loan Facility such that the aggregate amount does not exceed $4,000,000 at any time), subject to certain limitations. The Credit Facility replaced a credit facility that consisted of a $1,000,000 revolving facility (the “2017 Revolving Facility”) and a $1,500,000 term loan facility (the “2017 Term Loan Facility” and together with the 2017 Revolving Facility, the “2017 Credit Facility”). The terms and conditions of the Credit Facility are consistent with those of the 2017 Credit Facility unless otherwise noted below. Proceeds from the Term Loan Facility were used to repay then-outstanding indebtedness, including the 2017 Term Loan Facility. Proceeds from the Revolving Facility are used for general corporate purposes. The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of June 30, 2021 and December 31, 2020, respectively: Maturity Interest (1) June 30, December 31, 2020 Term Loan Facility (2) January 31, 2025 1.10% $ 2,500,000 $ 2,500,000 Deferred financing costs, net (25,505) (29,093) Term Loan Facility, net $ 2,474,495 $ 2,470,907 Revolving Facility (2) January 31, 2025 1.00% $ — $ — (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of June 30, 2021, the applicable margins were 1.00% and 0.90%, respectively, and LIBOR was 0.10%. (2) If we exercise the two six month extension options, the maturity date will be January 31, 2026. Interest Rate and Fees Borrowings under the Credit Facility bear interest, at our option, at a rate equal to a margin over either (a) a LIBOR rate determined by reference to the Bloomberg LIBOR rate (or a comparable or successor rate as provided for in our loan agreement) for the interest period relevant to such borrowing, or (b) a base rate determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 0.50%, and (3) the LIBOR rate that would be payable on such day for a LIBOR rate loan with a one month interest period plus 1.00%. After obtaining the requisite rating on our non-credit enhanced, senior unsecured long term debt as defined in the Credit Facility agreement (the “Investment Grade Rating”), we elected to convert to a credit rating based pricing grid (the “Pricing Grid Conversion”) effective April 22, 2021. The margins for the Term Loan Facility and Revolving Facility under the credit rating based pricing grid are as follows: Base Rate Loans LIBOR Rate Loans Term Loan Facility 0.00 % — 0.65% 0.80% — 1.65% Revolving Facility 0.00 % — 0.45% 0.75% — 1.45% Prior to the Pricing Grid Conversion, the margins were based on a total leverage based grid. The margins for the Term Loan Facility, Revolving Facility, 2017 Term Loan Facility, and 2017 Revolving Facility under the total leverage based grid were as follows: Base Rate Loans LIBOR Rate Loans Term Loan Facility 0.45% — 1.15% 1.45% — 2.15% Revolving Facility 0.50% — 1.15% 1.50% — 2.15% 2017 Term Loan Facility 0.70% — 1.30% 1.70% — 2.30% 2017 Revolving Facility 0.75% — 1.30% 1.75% — 2.30% The Credit Facility also includes a sustainability component whereby the Revolving Facility pricing can improve upon the Company’s achievement of certain sustainability ratings, determined via an independent third party evaluation. This sustainability feature was not included in the 2017 Revolving Facility. In addition to paying interest on outstanding principal under the Credit Facility, we are required to pay a facility fee ranging from 0.10% to 0.30%. We are also required to pay customary letter of credit fees. Prior to the Pricing Grid Conversion, instead of a facility fee, we were required to pay an unused facility fee to the lenders under the Revolving Facility and the 2017 Revolving Facility in respect of the unused commitments thereunder. The unused facility fee rate was either 0.30% or 0.20% per annum for the Revolving Facility and 0.35% or 0.20% per annum for the 2017 Revolving Facility. Prepayments and Amortization No principal reductions are required under the Credit Facility. We are permitted to voluntarily repay amounts outstanding under the Term Loan Facility at any time without premium or penalty, subject to certain minimum amounts and the payment of customary “breakage” costs with respect to LIBOR loans. Once repaid, no further borrowings will be permitted under the Term Loan Facility. Loan Covenants The Credit Facility contains certain customary affirmative and negative covenants and events of default. Such covenants will, among other things, restrict, subject to certain exceptions, our ability and that of the Subsidiary Guarantors (as defined below) and their respective subsidiaries to (i) engage in certain mergers, consolidations or liquidations, (ii) sell, lease or transfer all or substantially all of their respective assets, (iii) engage in certain transactions with affiliates, (iv) make changes to our fiscal year, (v) make changes in the nature of our business and our subsidiaries, and (vi) enter into certain burdensome agreements. The Credit Facility also requires us, on a consolidated basis with our subsidiaries, to maintain a (i) maximum total leverage ratio, (ii) maximum secured leverage ratio, (iii) maximum unencumbered leverage ratio, (iv) minimum fixed charge coverage ratio, and (v) minimum unsecured interest coverage ratio. Prior to obtaining an Investment Grade Rating, we were also required to maintain a maximum secured recourse leverage ratio. If an event of default occurs, the lenders under the Credit Facility are entitled to take various actions, including the acceleration of amounts due under the Credit Facility. As of June 30, 2021, and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants. Guarantees and Security After we obtained the requisite Investment Grade Rating, our direct and indirect domestic wholly owned subsidiaries that directly own unencumbered assets (the “Subsidiary Guarantors”) were released from their previous guarantee requirements under the Credit Facility (the “Investment Grade Release”) effective May 5, 2021. Prior to the Investment Grade Release, the obligations under the Credit Facility were guaranteed on a joint and several basis by each Subsidiary Guarantor, subject to certain exceptions. In addition, INVH and each subsidiary of INVH that owns equity in the borrower may be required to provide a guarantee of the Credit Facility under certain circumstances, including if INVH does not maintain its qualification as a REIT. Although the 2017 Credit Facility was secured, such security interests have been released and the Credit Facility is unsecured. Convertible Senior Notes In connection with the Mergers, we assumed SWH’s convertible senior notes. In January 2017, SWH issued $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 (the “2022 Convertible Notes” or the “Convertible Senior Notes”). Interest on the 2022 Convertible Notes is payable semiannually in arrears on January 15th and July 15th of each year. The 2022 Convertible Notes will mature on January 15, 2022. The following table summarizes the terms of the Convertible Senior Notes outstanding as of June 30, 2021 and December 31, 2020: Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization June 30, December 31, 2020 2022 Convertible Notes 3.50% 5.12% 43.9448 January 15, 2022 0.54 years $ 344,994 $ 345,000 Net unamortized fair value adjustment (2,944) (5,596) Total $ 342,050 $ 339,404 (1) Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $324,252 for the 2022 Convertible Notes. (2) The conversion rate as of June 30, 2021 represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of the 2022 Convertible Notes converted on such date, as adjusted in accordance with the indenture as a result of cash dividend payments and the effects of previous mergers. Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock (see Note 15). Terms of Conversion As of June 30, 2021, the conversion rate applicable to the 2022 Convertible Notes is 43.9448 shares of our common stock per $1,000 principal amount (actual $) of the 2022 Convertible Notes (equivalent to a conversion price of approximately $22.76 per common share — actual $). The conversion rate for the 2022 Convertible Notes is subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will adjust the conversion rate for a holder who elects to convert its 2022 Convertible Notes in connection with such an event in certain circumstances. At any time prior to July 15, 2021, holders may convert the 2022 Convertible Notes at their option only under specific circumstances as defined in the indenture agreement, dated as of January 10, 2017, between us and our trustee, Wilmington Trust National Association (the “Convertible Notes Trustee”). On or after July 15, 2021 and until maturity, holders may convert all or any portion of the 2022 Convertible Notes at any time. Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock. From July 1, 2021 through the date our condensed consolidated financial statements were issued, $176,740 of principal was converted into 7,766,798 shares of common stock at the election of the note holders (see Note 15). The “if-converted” value of the 2022 Convertible Notes exceeds the principal amount by $220,348 as of June 30, 2021 as the closing market price of our common stock of $37.29 per common share (actual $) exceeds the implicit conversion price. For the three months ended June 30, 2021 and 2020, interest expense for the 2022 Convertible Notes, including non-cash amortization of discounts, was $4,344 and $4,279, respectively. For the six months ended June 30, 2021 and 2020, interest expense for the 2022 Convertible Notes, including non-cash amortization of discounts, was $8,688 and $8,558, respectively. General Terms We may not redeem the 2022 Convertible Notes prior to their maturity date except to the extent necessary to preserve our status as a REIT for United States federal income tax purposes, as further described in the indenture. If we undergo a fundamental change as defined in the indenture, holders may require us to repurchase for cash all or any portion of their 2022 Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2022 Convertible Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date. Debt Maturities Schedule The following table summarizes the contractual maturities of our debt as of June 30, 2021: Year Mortgage Loans (1)(2) Secured Term Loan Unsecured Notes Term Loan Facility (3) Revolving Facility (3) Convertible Senior Notes Total Remainder of 2021 $ 1,429,594 $ — $ — $ — $ — $ — $ 1,429,594 2022 2,085,177 — — — — 344,994 2,430,171 2023 — — — — — — — 2024 — — — — — — — 2025 — — — 2,500,000 — — 2,500,000 Thereafter 994,183 403,363 300,000 — — — 1,697,546 Total 4,508,954 403,363 300,000 2,500,000 — 344,994 8,057,311 Less: deferred financing costs, net (10,665) (2,159) (1,601) (25,505) — — (39,930) Less: unamortized fair value adjustment — — — — — (2,944) (2,944) Total $ 4,498,289 $ 401,204 $ 298,399 $ 2,474,495 $ — $ 342,050 $ 8,014,437 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised as of June 30, 2021. If fully extended, we would have no mortgage loans maturing before 2024. 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) On July 9, 2021, the extension of the maturity date of the IH 2018-3 mortgage loan from July 9, 2021 to July 9, 2022 was approved by the lender (see Note 15). (3) If we exercise the two six month extension options, the maturity date will be January 31, 2026. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 8—Derivative Instruments From time to time, we enter into derivative instruments to manage the economic risk of changes in interest rates. We do not enter into derivative transactions for speculative or trading purposes. Designated hedges are derivatives that meet the criteria for hedge accounting and that we have elected to designate as hedges. Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or that we did not elect to designate as hedges. Designated Hedges We have entered into various interest rate swap agreements, which are used to hedge the variable cash flows associated with variable-rate interest payments. Currently, each of our swap agreements is indexed to one month LIBOR and is designated for hedge accounting purposes. One month LIBOR is set to expire after June 30, 2023, and we will work with the counterparties to our swap agreements to adjust each floating rate to a comparable or successor rate. Changes in the fair value of these swaps are recorded in other comprehensive income and are subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings. The table below summarizes our interest rate swap instruments as of June 30, 2021: Agreement Date Forward Maturity Strike Index Notional December 11, 2019 February 28, 2017 December 31, 2024 1.74% One month LIBOR $ 750,000 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One month LIBOR 400,000 February 15, 2019 March 15, 2019 March 15, 2022 2.23% One month LIBOR 800,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One month LIBOR 400,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One month LIBOR 595,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One month LIBOR 550,000 December 9, 2019 July 15, 2021 November 30, 2024 2.90% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One month LIBOR 400,000 During the three and six months ended June 30, 2021 and 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate interest payments. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next 12 months, we estimate that $139,696 will be reclassified to earnings as an increase in interest expense. Non-Designated Hedges Concurrent with entering into certain of the mortgage loan agreements and in connection with previous mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third party lenders. Currently, each of our cap agreements is indexed to one month LIBOR, which is set to expire on June 30, 2023. We will work with the counterparties to our cap agreements to adjust each floating rate to a comparable or successor rate. To the extent that the maturity date of one or more of the mortgage loans is extended through an exercise of one or more extension options, replacement or extension interest rate cap agreements must be executed with terms similar to those associated with the initial interest rate cap agreements and strike prices equal to the greater of the interest rate cap strike price and the interest rate at which the debt service coverage ratio (as defined) is not less than 1.2 to 1.0. The interest rate cap agreements, including all of our rights to payments owed by the counterparties and all other rights, have been pledged as additional collateral for the mortgage loans. Additionally, in certain instances, in order to minimize the cash impact of purchasing required interest rate caps, we simultaneously sell interest rate caps (which have identical terms and notional amounts) such that the purchase price and sales proceeds of the related interest rate caps are intended to offset each other. The purchased and sold interest rate caps have strike prices ranging from approximately 3.75% to 7.03%. Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance June 30, December 31, 2020 Balance June 30, December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other assets $ — $ — Other liabilities $ 411,866 $ 539,560 Derivatives not designated as hedging instruments: Interest rate caps Other assets 1 1 Other liabilities — — Total $ 1 $ 1 $ 411,866 $ 539,560 Offsetting Derivatives We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2021 and December 31, 2020: June 30, 2021 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 411,866 $ — $ 411,866 $ — $ — $ 411,866 December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 539,560 $ — $ 539,560 $ — $ — $ 539,560 Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income (Loss) and the Condensed Consolidated Statements of Operations The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020: Amount of Loss Recognized in OCI on Derivative Location of Loss Reclassified from Accumulated OCI into Net Income Amount of Loss Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Three Months For the Three Months For the Three Months 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ (21,190) $ (52,817) Interest expense $ (38,256) $ (28,042) $ 80,764 $ 86,071 Location of Amount of Loss Recognized in Net Income on Derivative For the Three Months 2021 2020 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ 74 $ 39 The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the six months ended June 30, 2021 and 2020: Amount of Gain (Loss) Recognized Location of Loss Reclassified from Accumulated OCI into Net Income Amount of Loss Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Six Months For the Six Months For the Six Months 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 58,869 $ (394,255) Interest expense $ (75,899) $ (36,609) $ 164,170 $ 170,828 Location of Amount of Loss Recognized in Net Income on Derivative For the Six Months 2021 2020 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ 105 $ 52 Credit-Risk-Related Contingent Features The agreements with our derivative counterparties which govern our interest rate swap agreements contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of June 30, 2021, the fair value of certain derivatives in a net liability position was $411,866. If we had breached any of these provisions at June 30, 2021, we could have been required to settle the obligations under the agreements at their termination value, which includes accrued interest and excludes the nonperformance risk related to these agreements, of $423,564. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | Note 9—Stockholders' Equity As of June 30, 2021, we have issued 568,718,544 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of June 30, 2021, 2,538,285 outstanding OP Units are redeemable. During the three and six months ended June 30, 2021, we issued 1,068,110 and 1,600,878, respectively, shares of common stock. During the three and six months ended June 30, 2020, we issued 16,765,234 and 18,889,954, respectively, shares of common stock. Public Offering On June 4, 2020, we completed an underwritten public offering of 16,675,000 shares of our common stock, including 2,175,000 shares sold pursuant to the underwriters’ full exercise of the option to purchase additional shares. During the three and six months ended June 30, 2020, this offering generated net proceeds of $447,533, after giving effect to commissions and other costs totaling $6,861. At the Market Equity Program On August 22, 2019, we entered into distribution agreements with a syndicate of banks (the “Agents”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $800,000 of our common stock through the Agents (the “ATM Equity Program”). During the three and six months ended June 30, 2020, we sold 15,400 and 1,887,466 shares of our common stock under our ATM Equity Program, respectively, generating net proceeds of $344 and $56,265, respectively, after giving effect to Agent commissions and other costs totaling $66 and $977, respectively. We did not sell any shares of common stock under the ATM Equity Program during the three and six months ended June 30, 2021. As of June 30, 2021, $500,000 remains available for future offerings under the ATM Equity Program. Dividends To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors. The following table summarizes our dividends declared from January 1, 2020 through June 30, 2021: Record Date Amount per Share Pay Date Total Amount Declared Q2-2021 May 11, 2021 $ 0.17 May 28, 2021 $ 97,054 Q1-2021 January 28, 2021 0.17 February 26, 2021 96,933 Q4-2020 November 10, 2020 0.15 November 25, 2020 84,911 Q3-2020 August 12, 2020 0.15 August 28, 2020 84,286 Q2-2020 May 13, 2020 0.15 May 29, 2020 81,916 Q1-2020 February 12, 2020 0.15 February 28, 2020 81,673 On July 20, 2021, our board of directors declared a dividend of $0.17 per share to stockholders of record on August 10, 2021, which is payable on August 27, 2021 (see Note 15). |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 10—Share-Based Compensation Prior to completion of the IPO, our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key personnel and to provide a means whereby our directors, officers, associates, consultants, and advisors can acquire and maintain an equity interest in us, or be paid incentive compensation, including incentive compensation measured by reference to the value of our common stock, and to align their interests with those of our stockholders. Under the Omnibus Incentive Plan, we may issue up to 16,000,000 shares of common stock. Our share-based awards consist of time-vesting restricted stock units (“RSUs”), performance and market based vesting RSUs (“PRSUs”), and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for EPS purposes, and PRSUs and Outperformance Awards are not. For detailed discussion of RSUs and PRSUs issued prior to January 1, 2021, refer to our Annual Report on Form 10-K for the year ended December 31, 2020. Share-Based Awards The following summarizes our share-based award activity during the six months ended June 30, 2021. Annual Long Term Incentive Plan (“LTIP”): • Annual LTIP Awards Granted: During the six months ended June 30, 2021, we granted 675,627 RSUs pursuant to LTIP awards (together with previously granted annual LTIP awards, “LTIP Awards”). Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is subject to continued employment through the applicable vesting date. The time-vesting RSUs granted during the six months ended June 30, 2021 vest in three equal annual installments based on an anniversary date of March 1, 2021. The PRSUs granted during the six months ended June 30, 2021 may be earned based on the achievement of certain measures over a three year performance period that ends December 31, 2023. The number of PRSUs earned will be determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. In general, the LTIP PRSUs are earned after the end of the performance period on the date on which the performance results are certified by our compensation and management development committee (the “Compensation Committee”). All of the LTIP Awards are subject to certain change in control and retirement eligibility provisions that may impact these vesting schedules. • PRSU Results: During the six months ended June 30, 2021, the Compensation Committee certified performance achievement with respect to our 2018 LTIP Awards. Certain PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 159,180 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below. Certain other PRSUs did not achieve performance criteria, resulting in the cancellation of 47,145 awards. Such awards are reflected as an increase in the number of awards forfeited/canceled in the table below. Director Awards During the six months ended June 30, 2021, we granted 43,767 time-vesting RSUs to members of our board of directors, which awards will fully vest on the date of INVH’s 2022 annual stockholders meeting, subject to continued service on the board of directors through such date. Outperformance Awards On May 1, 2019, the Compensation Committee approved one-time equity based awards with market based vesting conditions in the form of PRSUs and OP Units (the “Outperformance Awards”). The Outperformance Awards may be earned based on the achievement of rigorous absolute total shareholder return and relative total shareholder return thresholds over a three year performance period ending on March 31, 2022. Upon completion of the performance period, the dollar value of the awards earned under the absolute and relative total shareholder return components will be separately calculated, and the number of earned Outperformance Awards will be determined based on the earned dollar value of the awards and the stock price at the performance certification date. Earned awards will vest 50% on March 31, 2022 and 25% on each of the first and second anniversaries of such date, subject to continued employment. The current aggregate $12,160 grant-date fair value of the Outperformance Awards still outstanding was determined based on Monte-Carlo option pricing models which estimate the probability of the vesting conditions being satisfied. Summary of Total Share-Based Awards The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the six months ended June 30, 2021: Time-Vesting Awards PRSUs Total Share-Based Awards (1) Number Weighted Number Weighted Number Weighted Balance, December 31, 2020 560,123 $ 24.54 975,811 $ 26.36 1,535,934 $ 25.70 Granted 252,249 30.30 626,325 27.44 878,574 28.26 Vested (2) (395,851) (23.43) (436,493) (23.31) (832,344) (23.37) Forfeited / canceled (8,457) (27.63) (59,490) (22.79) (67,947) (23.39) Balance, June 30, 2021 408,064 $ 29.12 1,106,153 $ 28.37 1,514,217 $ 28.57 (1) Total share-based awards excludes Outperformance Awards. (2) All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the six months ended June 30, 2021 was $18,204. During the six months ended June 30, 2021, 1,033 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements. Grant-Date Fair Values The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the six months ended June 30, 2021: For the Six Months Expected volatility (1) 33.2% Risk-free rate 0.31% Expected holding period (years) 2.84 (1) Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index. Summary of Total Share-Based Compensation Expense During the three and six months ended June 30, 2021 and 2020, we recognized share-based compensation expense as follows: For the Three Months For the Six Months 2021 2020 2021 2020 General and administrative $ 7,503 $ 1,659 $ 12,143 $ 4,927 Property management expense 1,703 447 2,877 1,280 Total $ 9,206 $ 2,106 $ 15,020 $ 6,207 As of June 30, 2021, there is $36,987 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 1.99 years. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11—Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements, interest rate cap agreements, and investments in equity securities with a readily determinable fair value are recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 8 for the details of the condensed consolidated balance sheet classification and the fair values for the interest rate caps and swaps. The fair values of our investments in equity securities with a readily determinable fair value are classified as Level 1 in the fair value hierarchy. For additional information related to our investments in equity securities as of June 30, 2021 and December 31, 2020, refer to Note 6. Recurring Fair Value Measurements The following table displays the carrying values and fair values of financial instruments as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 229,202 $ 234,000 $ 245,237 $ 249,736 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 4,508,954 $ 4,605,498 $ 4,832,133 $ 4,923,107 Secured Term Loan (3) Level 3 403,363 427,915 403,363 447,190 Unsecured Notes (4) Level 3 300,000 296,869 — — Term Loan Facility (5) Level 3 2,500,000 2,506,403 2,500,000 2,514,623 Convertible Senior Notes (6) Level 3 342,050 349,539 339,404 351,166 (1) The carrying values of investments in debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and excludes $10,665 and $12,035 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (3) The carrying value of the Secured Term Loan excludes $2,159 and $2,268 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (4) The carrying value of the Unsecured Notes excludes $1,601 of deferred financing costs as of June 30, 2021. (5) The carrying values of the Term Loan Facility excludes $25,505 and $29,093 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (6) The carrying values of the Convertible Senior Notes include unamortized discounts of $2,944 and $5,596 as of June 30, 2021 and December 31, 2020, respectively. The fair values of our investments in debt securities and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at the end of the period. The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of June 30, 2021: Quantitative Information about Level 3 Fair Value Measurement (1) Fair Value Valuation Technique Unobservable Input Rate Secured Term Loan $ 427,915 Discounted Cash Flow Effective Rate 2.88% Unsecured Notes 296,869 Discounted Cash Flow Effective Rate 2.66 % — 3.25% Term Loan Facility 2,506,403 Discounted Cash Flow Effective Rate 1.08 % — 2.51% Convertible Senior Notes 349,539 Discounted Cash Flow Effective Rate 1.07% (1) Our Level 3 fair value instruments require interest only monthly payments. Nonrecurring Fair Value Measurements Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. Single-Family Residential Properties 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 For the Six Months 2021 2020 2021 2020 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 451 $ — $ 451 Total impairments — (89) — (89) Fair value $ — $ 362 $ — $ 362 For the Three Months For the Six Months 2021 2020 2021 2020 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 672 $ 6,994 $ 2,953 $ 17,794 Total impairments (93) (1,353) (524) (3,824) Fair value $ 579 $ 5,641 $ 2,429 $ 13,970 For additional information related to our single-family residential properties as of June 30, 2021 and December 31, 2020, refer to Note 3. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 12—Earnings per Share Basic and diluted EPS are calculated as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands, except share and per share data) Numerator: Net income available to common stockholders — basic and diluted $ 60,242 $ 42,784 $ 117,514 $ 92,638 Denominator: Weighted average common shares outstanding — basic 567,931,472 548,811,968 567,655,034 545,680,740 Effect of dilutive securities: Incremental shares attributed to non-vested share-based awards 1,351,694 1,108,245 1,401,148 1,156,069 Weighted average common shares outstanding — diluted 569,283,166 549,920,213 569,056,182 546,836,809 Net income per common share — basic $ 0.11 $ 0.08 $ 0.21 $ 0.17 Net income per common share — diluted $ 0.11 $ 0.08 $ 0.21 $ 0.17 Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. Because their inclusion would have been anti-dilutive, the following number of incremental shares attributed to non-vested share-based awards are excluded from the denominator: for the three months ended June 30, 2020, 342,849; and for the six months ended June 30, 2021 and 2020, 33,877 and 250,538, respectively. There are not any anti-dilutive incremental shares attributed to non-vested share-based awards for the three months ended June 30, 2021 . For the three and six months ended June 30, 2021 and 2020, vested OP Units have been excluded from the computation of EPS because all income attributable to such vested OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders. For the three and six months ended June 30, 2021, using the “if-converted” method, 15,160,692 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. For the three and six months ended June 30, 2020, using the “if-converted” method, 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are excluded from the computation of diluted EPS as they are anti-dilutive. Additionally, no adjustment to the numerator is required for interest expense related to the 2022 Convertible Notes for the three and six months ended June 30, 2021 and 2020. See Note 7 for further discussion about the 2022 Convertible Notes. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 13—Income Tax We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries (“TRSs”), deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of June 30, 2021 and December 31, 2020, we have not recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. We have sold assets that were either subject to Section 337(d) of the Internal Revenue Code of 1986, as amended, or were held by TRSs. These transactions resulted in $142 and $299 of current income tax expense for the three months ended June 30, 2021 and 2020, respectively, and $383 and $429 of current income tax expense for the six months ended June 30, 2021 and 2020, respectively, which has been recorded in gain on sale of property, net of tax in the condensed consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14—Commitments and Contingencies Lease Commitments The following table sets forth our fixed lease payment commitments as a lessee as of June 30, 2021, for the periods below: Year Operating Leases Finance Leases Remainder of 2021 $ 2,559 $ 1,684 2022 4,318 2,570 2023 3,516 2,505 2024 3,178 758 2025 1,751 — Thereafter 1,038 — Total lease payments 16,360 7,517 Less: imputed interest (1,023) (410) Total lease liability $ 15,337 $ 7,107 The components of lease expense for the three and six months ended June 30, 2021 and 2020 are as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Operating lease cost: Fixed lease cost $ 1,055 $ 1,158 $ 2,114 $ 2,151 Variable lease cost 261 262 604 597 Total operating lease cost $ 1,316 $ 1,420 $ 2,718 $ 2,748 Finance lease cost: Amortization of ROU assets $ 712 $ 713 $ 1,416 $ 921 Interest on lease liabilities 70 128 156 270 Total finance lease cost $ 782 $ 841 $ 1,572 $ 1,191 Insurance Policies Pursuant to the terms of certain of our loan agreements (see Note 7), laws and regulations of the jurisdictions in which our properties are located, and general business practices, we are required to procure insurance on our properties. As of June 30, 2021, there are no material contingent liabilities related to uninsured losses with respect to our properties. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements. |
Subsequent Events
Subsequent Events | Oct. 06, 2020 |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15—Subsequent Events In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after June 30, 2021, for potential recognition or disclosure. Extension of Existing Mortgage Loan On July 9, 2021, the extension of the maturity date of the IH 2018-3 mortgage loan from July 9, 2021 to July 9, 2022 was approved by the lender. 2022 Convertible Notes Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock. From July 1, 2021 through the date our condensed consolidated financial statements were issued, $176,740 of principal was converted into 7,766,798 shares of common stock at the election of the note holders. Dividend Declaration On July 20, 2021, our board of directors declared a dividend of $0.17 per share to stockholders of record on August 10, 2021, which is payable on August 27, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with ASC 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. As described in Note 5, we invested in joint ventures with Rockpoint Group, L.L.C. (“Rockpoint”) and the Federal National Mortgage Association (“FNMA”), both of which are voting interest entities. We do not hold a controlling financial interest in either joint venture but have significant influence over the operating and financial policies of each joint venture. Additionally, both Rockpoint and FNMA hold certain substantive participating rights that preclude the presumption of control by us of either joint venture; as such, we account for each investment using the equity method. Our investment in the Rockpoint joint venture is recorded at cost, and our investment in the FNMA joint venture was initially recorded at fair value in connection with purchase accounting for the Mergers. The investments in these joint ventures are subsequently adjusted for our proportionate share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Distributions of operating profit from the joint ventures are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests represent the OP Units not owned by INVH, including any vested OP Units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020, and the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 include an allocation of the net income attributable to the non-controlling interest holders. Vested OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed. |
Reclassification, Comparability Adjustment | Reclassifications We reclassified $34 of unrealized gains on investments in equity securities from other, net into gains (losses) on investments in equity securities, net on our condensed consolidated statement of operations for the six months ended June 30, 2020 to conform to our current presentation. We also reclassified $34 of unrealized gains on investments in equity securities from other non-cash amounts included in net income into (gains) losses on investments in equity securities, net on our condensed consolidated statement of cash flows for the six months ended June 30, 2020 to conform to our current presentation. There were no reclassifications for the three months ended June 30, 2020. These reclassifications had no effect on the total reported net income on the condensed consolidated statement of operations for the three and six months ended June 30, 2020, or on the total net cash provided by operating activities on the condensed consolidated statement of cash flows for the three and six months ended June 30, 2020. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”), which simplifies an issuer’s accounting for convertible instruments and contracts in its own equity. The guidance reduces the number of accounting models for convertible instruments, requires entities to use the “if-converted” method in diluted earnings (loss) per share (“EPS”), and requires that the effect of potential share settlement be included in the diluted EPS calculation when an instrument may be settled in cash or shares. The new standard will be effective for annual reporting periods beginning after December 15, 2021, and interim periods within that |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. |
Investments in Single-Family _2
Investments in Single-Family Residential Properties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of property carrying amount | The following table sets forth the net carrying amount associated with our properties by component: June 30, December 31, 2020 Land $ 4,578,219 $ 4,539,796 Single-family residential property 13,906,597 13,631,859 Capital improvements 518,712 515,479 Equipment 115,504 114,616 Total gross investments in the properties 19,119,032 18,801,750 Less: accumulated depreciation (2,785,708) (2,513,057) Investments in single-family residential properties, net $ 16,333,324 $ 16,288,693 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: June 30, December 31, 2020 Cash and cash equivalents $ 126,168 $ 213,422 Restricted cash 241,976 198,346 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 368,144 $ 411,768 |
Schedule of restricted cash | The balances of our restricted cash accounts, as of June 30, 2021 and December 31, 2020, are set forth in the table below. As of June 30, 2021 and December 31, 2020, no amounts were funded to the insurance accounts as the conditions specified in the mortgage loan and Secured Term Loan agreements that require such funding did not exist. June 30, December 31, 2020 Resident security deposits $ 162,579 $ 158,244 Property taxes 49,518 7,511 Collections 19,800 22,978 Capital expenditures 4,919 4,919 Letters of credit 3,786 3,320 Special and other reserves 1,374 1,374 Total $ 241,976 $ 198,346 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table summarizes our investments in unconsolidated joint ventures as of June 30, 2021 and December 31, 2020: Number of Properties Carrying Value Ownership Percentage June 30, December 31, 2020 June 30, December 31, 2020 FNMA (1) 10 % 548 571 $ 53,193 $ 53,678 Rockpoint (2) 20 % 820 140 24,330 15,589 Total $ 77,523 $ 69,267 (1) Contains homes primarily located in Arizona, California, and Nevada. (2) Contains homes in markets within the Western United States, Southeast United States, Florida, and Texas. |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | As of June 30, 2021 and December 31, 2020, the balances in other assets, net are as follows: June 30, December 31, 2020 Investments in debt securities, net $ 229,202 $ 245,237 Prepaid expenses 45,932 41,347 Rent and other receivables, net 37,966 35,256 Investments in equity securities 36,953 47,189 Held for sale assets (1) 24,977 44,163 ROU lease assets — operating and finance, net 19,931 21,705 Deferred financing costs, net 10,202 11,637 Corporate fixed assets, net 9,301 9,995 Amounts deposited and held by others 7,144 2,852 Deferred leasing costs, net 6,859 7,631 Derivative instruments (Note 8) 1 1 Other 18,945 11,274 Total $ 447,413 $ 478,287 |
Investments in equity securities | As of June 30, 2021 and December 31, 2020, the values of our investments in equity securities are as follows: June 30, December 31, 2020 Investments with a readily determinable fair value $ 33,590 $ 46,339 Investments without a readily determinable fair value 3,363 850 Total $ 36,953 $ 47,189 |
Schedule of Gain (Loss) Equity Securities | The components of gains (losses) on investments in equity securities, net for the three and six months ended June 30, 2021 and 2020 are as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Realized gains on investments with a readily determinable fair value $ 1,888 $ — $ 1,888 $ — Unrealized losses on investments with a readily determinable fair value (8,890) — (12,030) — Unrealized gains on investments without a readily determinable fair value — — — 34 Total $ (7,002) $ — $ (10,142) $ 34 |
Future minimum lease payments | Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of June 30, 2021 are as follows: Year Lease Payments to be Received Remainder of 2021 $ 730,963 2022 468,913 2023 39,258 2024 — 2025 — Thereafter — Total $ 1,239,134 |
Schedule of supplemental information related to leases | The following table presents supplemental information related to leases into which we have entered as a lessee as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Other assets $ 12,531 $ 7,400 $ 12,942 $ 8,763 Other liabilities (Note 14) 15,337 7,107 15,988 8,389 Weighted average remaining lease term 4.0 years 2.7 years 4.0 years 3.1 years Weighted average discount rate 3.3 % 4.0 % 3.5 % 4.0 % |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Schedule of unsecured notes | The following table sets forth a summary of our Unsecured Notes as of June 30, 2021 and December 31, 2020: Maturity Interest June 30, December 31, 2020 2028 Unsecured Notes May 25, 2028 2.46% $ 150,000 $ — 2036 Unsecured Notes May 25, 2036 3.18% 150,000 — Total 300,000 — Deferred financing costs, net (1,601) — Unsecured Notes, net $ 298,399 $ — |
Schedule of credit facility | The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of June 30, 2021 and December 31, 2020, respectively: Maturity Interest (1) June 30, December 31, 2020 Term Loan Facility (2) January 31, 2025 1.10% $ 2,500,000 $ 2,500,000 Deferred financing costs, net (25,505) (29,093) Term Loan Facility, net $ 2,474,495 $ 2,470,907 Revolving Facility (2) January 31, 2025 1.00% $ — $ — (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of June 30, 2021, the applicable margins were 1.00% and 0.90%, respectively, and LIBOR was 0.10%. |
Schedule of credit facility margins | Base Rate Loans LIBOR Rate Loans Term Loan Facility 0.45% — 1.15% 1.45% — 2.15% Revolving Facility 0.50% — 1.15% 1.50% — 2.15% 2017 Term Loan Facility 0.70% — 1.30% 1.70% — 2.30% 2017 Revolving Facility 0.75% — 1.30% 1.75% — 2.30% |
Schedule of credit facility margins - credit rating based pricing grid | The margins for the Term Loan Facility and Revolving Facility under the credit rating based pricing grid are as follows: Base Rate Loans LIBOR Rate Loans Term Loan Facility 0.00 % — 0.65% 0.80% — 1.65% Revolving Facility 0.00 % — 0.45% 0.75% — 1.45% |
Schedule of convertible debt | The following table summarizes the terms of the Convertible Senior Notes outstanding as of June 30, 2021 and December 31, 2020: Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization June 30, December 31, 2020 2022 Convertible Notes 3.50% 5.12% 43.9448 January 15, 2022 0.54 years $ 344,994 $ 345,000 Net unamortized fair value adjustment (2,944) (5,596) Total $ 342,050 $ 339,404 (1) Effective rate includes the effect of the adjustment to the fair value of the debt as of the Merger Date, the value of which reduced the initial liability recorded to $324,252 for the 2022 Convertible Notes. (2) The conversion rate as of June 30, 2021 represents the number of shares of common stock issuable per $1,000 principal amount (actual $) of the 2022 Convertible Notes converted on such date, as adjusted in accordance with the indenture as a result of cash dividend payments and the effects of previous mergers. Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock (see Note 15). |
Schedule of maturities of long-term debt | The following table summarizes the contractual maturities of our debt as of June 30, 2021: Year Mortgage Loans (1)(2) Secured Term Loan Unsecured Notes Term Loan Facility (3) Revolving Facility (3) Convertible Senior Notes Total Remainder of 2021 $ 1,429,594 $ — $ — $ — $ — $ — $ 1,429,594 2022 2,085,177 — — — — 344,994 2,430,171 2023 — — — — — — — 2024 — — — — — — — 2025 — — — 2,500,000 — — 2,500,000 Thereafter 994,183 403,363 300,000 — — — 1,697,546 Total 4,508,954 403,363 300,000 2,500,000 — 344,994 8,057,311 Less: deferred financing costs, net (10,665) (2,159) (1,601) (25,505) — — (39,930) Less: unamortized fair value adjustment — — — — — (2,944) (2,944) Total $ 4,498,289 $ 401,204 $ 298,399 $ 2,474,495 $ — $ 342,050 $ 8,014,437 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised as of June 30, 2021. If fully extended, we would have no mortgage loans maturing before 2024. 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) On July 9, 2021, the extension of the maturity date of the IH 2018-3 mortgage loan from July 9, 2021 to July 9, 2022 was approved by the lender (see Note 15). (3) If we exercise the two six month extension options, the maturity date 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 June 30, 2021 and December 31, 2020: Outstanding Principal Balance (5) Origination Date Maturity Date (1) Maturity Date if Fully Extended (2) Interest (3) Range of Spreads (4) June 30, December 31, 2020 IH 2017-1 (6) April 28, June 9, June 9, 4.23% N/A $ 994,183 $ 994,787 IH 2017-2 (7) November 9, December 9, December 9, 1.17% 91-151 bps 551,280 612,506 IH 2018-1 (7) February 8, March 9, March 9, 1.05% 76-151 bps 641,153 646,021 IH 2018-2 (7) May 8, June 9, June 9, 1.19% 95-150 bps 691,013 693,988 IH 2018-3 (7)(8) June 28, July 9, July 9, 1.26% 105-170 bps 878,314 1,036,561 IH 2018-4 (7) November 7, January 9, January 9, 1.38% 115-170 bps 753,011 848,270 Total Securitizations 4,508,954 4,832,133 Less: deferred financing costs, net (10,665) (12,035) Total $ 4,498,289 $ 4,820,098 (1) The maturity dates above reflect all extension options that have been exercised. (2) Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (3) Except for IH 2017-1, interest rates are based on a weighted average spread over the London Interbank Offer Rate (“LIBOR”) (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of June 30, 2021, LIBOR was 0.10%. Our IH 2017-1 mortgage loan 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. (4) Range of spreads is based on outstanding principal balances as of June 30, 2021. (5) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (6) Net of unamortized discount of $2,113 and $2,289 as of June 30, 2021 and December 31, 2020, respectively. (7) The initial maturity term of each of these mortgage loans is two years, individually subject to three 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 2018-3 and IH 2018-4 mortgage loans have exercised the first extension option, and our IH 2017-2, IH 2018-1, and IH 2018-2 mortgage loans have exercised the second extension option. The maturity dates above reflect all extensions that have been exercised. (8) On July 9, 2021, the extension of the maturity date of the IH 2018-3 mortgage loan from July 9, 2021 to July 9, 2022 was approved by the lender (see Note 15). |
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 June 30, 2021 and December 31, 2020: Maturity Date Interest (1) June 30, December 31, 2020 Secured Term Loan June 9, 2031 3.59% $ 403,363 $ 403,363 Deferred financing costs, net (2,159) (2,268) Secured Term Loan, net $ 401,204 $ 401,095 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of interest rate swap instruments | The table below summarizes our interest rate swap instruments as of June 30, 2021: Agreement Date Forward Maturity Strike Index Notional December 11, 2019 February 28, 2017 December 31, 2024 1.74% One month LIBOR $ 750,000 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One month LIBOR 400,000 February 15, 2019 March 15, 2019 March 15, 2022 2.23% One month LIBOR 800,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One month LIBOR 400,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One month LIBOR 595,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One month LIBOR 550,000 December 9, 2019 July 15, 2021 November 30, 2024 2.90% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One month LIBOR 400,000 |
Summary of derivative financial instruments, fair value and location in consolidated balance sheets | The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance June 30, December 31, 2020 Balance June 30, December 31, 2020 Derivatives designated as hedging instruments: Interest rate swaps Other assets $ — $ — Other liabilities $ 411,866 $ 539,560 Derivatives not designated as hedging instruments: Interest rate caps Other assets 1 1 Other liabilities — — Total $ 1 $ 1 $ 411,866 $ 539,560 |
Summary of offsetting derivative assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2021 and December 31, 2020: June 30, 2021 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 411,866 $ — $ 411,866 $ — $ — $ 411,866 December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 539,560 $ — $ 539,560 $ — $ — $ 539,560 |
Summary of offsetting derivative liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of June 30, 2021 and December 31, 2020: June 30, 2021 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 411,866 $ — $ 411,866 $ — $ — $ 411,866 December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1 $ — $ 1 $ — $ — $ 1 Offsetting liabilities: Derivatives $ 539,560 $ — $ 539,560 $ — $ — $ 539,560 |
Derivative Instruments, Gain (Loss) | The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020: Amount of Loss Recognized in OCI on Derivative Location of Loss Reclassified from Accumulated OCI into Net Income Amount of Loss Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Three Months For the Three Months For the Three Months 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ (21,190) $ (52,817) Interest expense $ (38,256) $ (28,042) $ 80,764 $ 86,071 Location of Amount of Loss Recognized in Net Income on Derivative For the Three Months 2021 2020 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ 74 $ 39 The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive income (loss) and the condensed consolidated statements of operations for the six months ended June 30, 2021 and 2020: Amount of Gain (Loss) Recognized Location of Loss Reclassified from Accumulated OCI into Net Income Amount of Loss Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Six Months For the Six Months For the Six Months 2021 2020 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 58,869 $ (394,255) Interest expense $ (75,899) $ (36,609) $ 164,170 $ 170,828 Location of Amount of Loss Recognized in Net Income on Derivative For the Six Months 2021 2020 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ 105 $ 52 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of dividends declared | The following table summarizes our dividends declared from January 1, 2020 through June 30, 2021: Record Date Amount per Share Pay Date Total Amount Declared Q2-2021 May 11, 2021 $ 0.17 May 28, 2021 $ 97,054 Q1-2021 January 28, 2021 0.17 February 26, 2021 96,933 Q4-2020 November 10, 2020 0.15 November 25, 2020 84,911 Q3-2020 August 12, 2020 0.15 August 28, 2020 84,286 Q2-2020 May 13, 2020 0.15 May 29, 2020 81,916 Q1-2020 February 12, 2020 0.15 February 28, 2020 81,673 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation, RSU and PRSU activity | The following table summarizes activity related to non-vested time-vesting RSUs and PRSUs, other than Outperformance Awards, during the six months ended June 30, 2021: Time-Vesting Awards PRSUs Total Share-Based Awards (1) Number Weighted Number Weighted Number Weighted Balance, December 31, 2020 560,123 $ 24.54 975,811 $ 26.36 1,535,934 $ 25.70 Granted 252,249 30.30 626,325 27.44 878,574 28.26 Vested (2) (395,851) (23.43) (436,493) (23.31) (832,344) (23.37) Forfeited / canceled (8,457) (27.63) (59,490) (22.79) (67,947) (23.39) Balance, June 30, 2021 408,064 $ 29.12 1,106,153 $ 28.37 1,514,217 $ 28.57 (1) Total share-based awards excludes Outperformance Awards. (2) All vested share-based awards are included in basic EPS for the periods after each award’s vesting date. The estimated fair value of share-based awards that fully vested during the six months ended June 30, 2021 was $18,204. During the six months ended June 30, 2021, 1,033 RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements. |
Schedule of share-based payment awards valuation assumptions | The grant-date fair values of the time-vesting RSUs and PRSUs with performance condition vesting criteria are generally based on the closing price of our common stock on the grant date. However, the grant-date fair values for share-based awards with market condition vesting criteria are based on Monte-Carlo option pricing models. The following table summarizes the significant inputs utilized in these models for such awards granted during the six months ended June 30, 2021: For the Six Months Expected volatility (1) 33.2% Risk-free rate 0.31% Expected holding period (years) 2.84 (1) Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index. |
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by type | During the three and six months ended June 30, 2021 and 2020, we recognized share-based compensation expense as follows: For the Three Months For the Six Months 2021 2020 2021 2020 General and administrative $ 7,503 $ 1,659 $ 12,143 $ 4,927 Property management expense 1,703 447 2,877 1,280 Total $ 9,206 $ 2,106 $ 15,020 $ 6,207 As of June 30, 2021, there is $36,987 of unrecognized share-based compensation expense related to non-vested share-based awards which is expected to be recognized over a weighted average period of 1.99 years. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 229,202 $ 234,000 $ 245,237 $ 249,736 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 4,508,954 $ 4,605,498 $ 4,832,133 $ 4,923,107 Secured Term Loan (3) Level 3 403,363 427,915 403,363 447,190 Unsecured Notes (4) Level 3 300,000 296,869 — — Term Loan Facility (5) Level 3 2,500,000 2,506,403 2,500,000 2,514,623 Convertible Senior Notes (6) Level 3 342,050 349,539 339,404 351,166 (1) The carrying values of investments in debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and excludes $10,665 and $12,035 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (3) The carrying value of the Secured Term Loan excludes $2,159 and $2,268 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (4) The carrying value of the Unsecured Notes excludes $1,601 of deferred financing costs as of June 30, 2021. (5) The carrying values of the Term Loan Facility excludes $25,505 and $29,093 of deferred financing costs as of June 30, 2021 and December 31, 2020, respectively. (6) The carrying values of the Convertible Senior Notes include unamortized discounts of $2,944 and $5,596 as of June 30, 2021 and December 31, 2020, respectively. |
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 June 30, 2021: Quantitative Information about Level 3 Fair Value Measurement (1) Fair Value Valuation Technique Unobservable Input Rate Secured Term Loan $ 427,915 Discounted Cash Flow Effective Rate 2.88% Unsecured Notes 296,869 Discounted Cash Flow Effective Rate 2.66 % — 3.25% Term Loan Facility 2,506,403 Discounted Cash Flow Effective Rate 1.08 % — 2.51% Convertible Senior Notes 349,539 Discounted Cash Flow Effective Rate 1.07% (1) Our Level 3 fair value instruments require interest only monthly 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 For the Six Months 2021 2020 2021 2020 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 451 $ — $ 451 Total impairments — (89) — (89) Fair value $ — $ 362 $ — $ 362 For the Three Months For the Six Months 2021 2020 2021 2020 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 672 $ 6,994 $ 2,953 $ 17,794 Total impairments (93) (1,353) (524) (3,824) Fair value $ 579 $ 5,641 $ 2,429 $ 13,970 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share calculation | Basic and diluted EPS are calculated as follows: For the Three Months For the Six Months 2021 2020 2021 2020 (in thousands, except share and per share data) Numerator: Net income available to common stockholders — basic and diluted $ 60,242 $ 42,784 $ 117,514 $ 92,638 Denominator: Weighted average common shares outstanding — basic 567,931,472 548,811,968 567,655,034 545,680,740 Effect of dilutive securities: Incremental shares attributed to non-vested share-based awards 1,351,694 1,108,245 1,401,148 1,156,069 Weighted average common shares outstanding — diluted 569,283,166 549,920,213 569,056,182 546,836,809 Net income per common share — basic $ 0.11 $ 0.08 $ 0.21 $ 0.17 Net income per common share — diluted $ 0.11 $ 0.08 $ 0.21 $ 0.17 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of maturities of operating and finance leases liabilities | The following table sets forth our fixed lease payment commitments as a lessee as of June 30, 2021, for the periods below: Year Operating Leases Finance Leases Remainder of 2021 $ 2,559 $ 1,684 2022 4,318 2,570 2023 3,516 2,505 2024 3,178 758 2025 1,751 — Thereafter 1,038 — Total lease payments 16,360 7,517 Less: imputed interest (1,023) (410) Total lease liability $ 15,337 $ 7,107 |
Schedule of lease costs | The components of lease expense for the three and six months ended June 30, 2021 and 2020 are as follows: For the Three Months For the Six Months 2021 2020 2021 2020 Operating lease cost: Fixed lease cost $ 1,055 $ 1,158 $ 2,114 $ 2,151 Variable lease cost 261 262 604 597 Total operating lease cost $ 1,316 $ 1,420 $ 2,718 $ 2,748 Finance lease cost: Amortization of ROU assets $ 712 $ 713 $ 1,416 $ 921 Interest on lease liabilities 70 128 156 270 Total finance lease cost $ 782 $ 841 $ 1,572 $ 1,191 |
Organization and Formation (Det
Organization and Formation (Details) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 | Feb. 06, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common Stock, Shares Authorized | 9,000,000,000 | 9,000,000,000 | 9,000,000,000 |
Preferred Stock, Shares Authorized | 900,000,000 | 900,000,000 | 900,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Business Combination, Percentage Ownership Of The Combined Entity After The Transaction By Stockholders Of The Company | 99.60% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Limited Partners Capital Account, Conversion Ratio | 1 | |||
Gains (losses) on investments in equity securities, net | $ (7,002) | $ 0 | $ (10,142) | $ 34 |
Unrealized gains on investments without a readily determinable fair value | $ 0 | 0 | $ 0 | 34 |
Other, net | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Gains (losses) on investments in equity securities, net | $ 0 | |||
Unrealized gains on investments without a readily determinable fair value | $ 34 |
Investments in Single-Family _3
Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Land | $ 4,578,219 | $ 4,539,796 |
Single-family residential property | 13,906,597 | 13,631,859 |
Capital improvements | 518,712 | 515,479 |
Equipment | 115,504 | 114,616 |
Total gross investments in the properties | 19,119,032 | 18,801,750 |
Less: accumulated depreciation | (2,785,708) | (2,513,057) |
Real Estate Investment Property, Net | $ 16,333,324 | $ 16,288,693 |
Investments in Single-Family _4
Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Capitalized acquisition costs, net | $ 121,168 | $ 121,168 | $ 119,929 | ||
Capitalized interest costs | 68,738 | 68,738 | 68,197 | ||
Capitalized property taxes, net | 27,304 | 27,304 | 26,899 | ||
Capitalized insurance, net | 4,668 | 4,668 | 4,654 | ||
Capitalized HOA fees, net | 3,157 | 3,157 | $ 3,090 | ||
Depreciation and amortization | 145,280 | $ 137,266 | 289,781 | $ 272,293 | |
Provisions for impairment | 93 | 1,442 | 524 | 3,913 | |
Real estate properties | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | 143,607 | 135,647 | 286,391 | 269,561 | |
Furniture and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization | $ 1,673 | $ 1,619 | $ 3,390 | $ 2,732 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 126,168 | $ 213,422 | ||
Restricted cash | 241,976 | 198,346 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows | $ 368,144 | $ 411,768 | $ 795,613 | $ 286,245 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 241,976 | $ 198,346 |
Resident security deposits | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 162,579 | 158,244 |
Property taxes | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 49,518 | 7,511 |
Collections | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 19,800 | 22,978 |
Capital expenditures | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,919 | 4,919 |
Letters of credit | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 3,786 | 3,320 |
Special and other reserves | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1,374 | $ 1,374 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in unconsolidated joint ventures | $ 77,523 | $ 77,523 | $ 69,267 | ||
Joint Venture Remaining Equity Commitment | 50,400 | 50,400 | |||
Income from investments in unconsolidated joint ventures | 11 | $ 0 | 362 | $ 0 | |
Joint venture management fees | $ 1,015 | 0 | $ 1,786 | 0 | |
Other, net | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Income from investments in unconsolidated joint ventures | 201 | 723 | |||
Joint venture management fees | $ 629 | $ 1,309 | |||
FNMA | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 10.00% | 10.00% | |||
Number of real estate properties owned by joint venture | property | 548 | 548 | 571 | ||
Investments in unconsolidated joint ventures | $ 53,193 | $ 53,193 | $ 53,678 | ||
Rockpoint | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership Percentage | 20.00% | 20.00% | |||
Number of real estate properties owned by joint venture | property | 820 | 820 | 140 | ||
Investments in unconsolidated joint ventures | $ 24,330 | $ 24,330 | $ 15,589 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) $ in Thousands | Jun. 30, 2021USD ($)property | Dec. 31, 2020USD ($)property |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Investments in debt securities, net | $ 229,202 | $ 245,237 |
Prepaid expenses | 45,932 | 41,347 |
Rent and other receivables, net | 37,966 | 35,256 |
Investments in equity securities | 36,953 | 47,189 |
Held for sale assets(1) | 24,977 | 44,163 |
ROU lease assets — operating and finance, net | 19,931 | 21,705 |
Deferred financing costs, net | 10,202 | 11,637 |
Corporate fixed assets, net | 9,301 | 9,995 |
Amounts deposited and held by others | 7,144 | 2,852 |
Deferred leasing costs, net | 6,859 | 7,631 |
Derivative instruments (Note 8) | 1 | 1 |
Other | 18,945 | 11,274 |
Total | $ 447,413 | $ 478,287 |
Number Of Real Estate Properties Classified As Held-For-Sale | property | 98 | 179 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||||
Investments in debt securities, net | $ 229,202 | $ 229,202 | $ 245,237 | ||
Debt Instrument, Unamortized Discount | 2,944 | 2,944 | |||
Operating Lease, Variable Lease Income | 28,253 | $ 19,613 | 52,647 | $ 44,660 | |
Debt Issuance Costs, Line of Credit Arrangements, Gross | 11,846 | 11,846 | |||
Debt issuance costs, unamortized balance | 10,202 | 10,202 | 11,637 | ||
Provisions for impairment | 93 | 1,442 | 524 | 3,913 | |
Income from investments in unconsolidated joint ventures | 11 | 0 | 362 | 0 | |
Joint venture management fees | 1,015 | 0 | 1,786 | 0 | |
Other, net | |||||
Schedule of Investments [Line Items] | |||||
Income from investments in unconsolidated joint ventures | 201 | 723 | |||
Joint venture management fees | $ 629 | $ 1,309 | |||
Residential Mortgage Backed Securities | |||||
Schedule of Investments [Line Items] | |||||
Investments in debt securities, net | 229,202 | $ 229,202 | |||
Residential Mortgage Backed Securities | Minimum | |||||
Schedule of Investments [Line Items] | |||||
Retained certificates, expected maturity term | 1 month | ||||
Residential Mortgage Backed Securities | Maximum | |||||
Schedule of Investments [Line Items] | |||||
Retained certificates, expected maturity term | 6 years | ||||
Mortgage Loans | |||||
Schedule of Investments [Line Items] | |||||
Debt Instrument, Unamortized Discount | 0 | $ 0 | |||
IH1 2017-1 | Mortgage Loans | |||||
Schedule of Investments [Line Items] | |||||
Debt Instrument, Unamortized Discount | $ 2,113 | $ 2,113 | $ 2,289 |
Other Assets Schedule of Invest
Other Assets Schedule of Investments in Equity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Investments with a readily determinable fair value | $ 33,590 | $ 46,339 |
Investments without a readily determinable fair value | 3,363 | 850 |
Total | $ 36,953 | $ 47,189 |
Other Assets Gains (Losses) on
Other Assets Gains (Losses) on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Investments [Line Items] | ||||
Realized gains on investments with a readily determinable fair value | $ 1,888 | $ 0 | $ 1,888 | $ 0 |
Unrealized losses on investments with a readily determinable fair value | (8,890) | 0 | (12,030) | 0 |
Unrealized gains on investments without a readily determinable fair value | 0 | 0 | 0 | 34 |
Gains (losses) on investments in equity securities, net | $ (7,002) | $ 0 | $ (10,142) | $ 34 |
Other Assets Schedule of Rent R
Other Assets Schedule of Rent Revenues (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of rent revenues [Abstract] | |
Remainder of 2021 | $ 730,963 |
2022 | 468,913 |
2023 | 39,258 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total | $ 1,239,134 |
Other Assets Schedule of Leases
Other Assets Schedule of Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 12,531 | $ 12,942 |
Finance Lease, Right-of-Use Asset | 7,400 | 8,763 |
Finance Lease, Liability | $ 7,107 | $ 8,389 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years | 4 years |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days | 3 years 1 month 6 days |
Lessee, Operating Lease, Weighted Avg Discount Rate | 3.30% | 3.50% |
Lessee, Finance Lease, Weighted Avg Discount Rate | 4.00% | 4.00% |
Schedule of Investments [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years | 4 years |
Lessee, Operating Lease, Weighted Avg Discount Rate | 3.30% | 3.50% |
Operating Lease, Right-of-Use Asset | $ 12,531 | $ 12,942 |
Finance Lease, Right-of-Use Asset | 7,400 | 8,763 |
Finance Lease, Liability | $ 7,107 | $ 8,389 |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days | 3 years 1 month 6 days |
Lessee, Finance Lease, Weighted Avg Discount Rate | 4.00% | 4.00% |
Other liabilities | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Liability | $ 15,337 | $ 15,988 |
Schedule of Investments [Line Items] | ||
Operating Lease, Liability | $ 15,337 | $ 15,988 |
Debt - Schedule of Mortgage Loa
Debt - Schedule of Mortgage Loans (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)extension | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Less: deferred financing costs, net | $ (39,930) | |
Long-term Debt | 8,014,437 | |
Debt Instrument, Unamortized Discount | $ 2,944 | |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, variable rate | 0.10% | |
Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 4,508,954 | $ 4,832,133 |
Less: deferred financing costs, net | (10,665) | (12,035) |
Long-term Debt | 4,498,289 | 4,820,098 |
Debt Instrument, Unamortized Discount | 0 | |
IH1 2017-1 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 994,183 | 994,787 |
Fixed interest rate | 4.23% | |
Debt Instrument, Term | 10 years | |
Debt Instrument, Unamortized Discount | $ 2,113 | 2,289 |
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 2 years | |
Debt Instrument, Extended Term | 1 year | |
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 0.76% | |
Debt Instrument, Term | 2 years | |
Debt Instrument, Number Of Extensions | extension | 3 | |
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.70% | |
Debt Instrument, Number Of Extensions | extension | 5 | |
IH 2017-2 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.17% | |
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 551,280 | 612,506 |
IH 2017-2 | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 0.91% | |
IH 2017-2 | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.86% | |
IH 2018-1 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.05% | |
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 641,153 | 646,021 |
IH 2018-1 | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 0.76% | |
IH 2018-1 | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.06% | |
IH 2018-2 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.19% | |
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 691,013 | 693,988 |
IH 2018-2 | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 0.95% | |
IH 2018-2 | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.30% | |
IH 2018-3 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.26% | |
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 878,314 | 1,036,561 |
IH 2018-3 | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.05% | |
IH 2018-3 | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.30% | |
IH 2018-4 | Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.38% | |
Long-Term Debt, Net Of Unamortized Discount (Premium) | $ 753,011 | $ 848,270 |
IH 2018-4 | Mortgage Loans | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread | 1.15% | |
IH 2018-4 | Mortgage Loans | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread | 2.25% |
Debt - Mortgage Loans Narrative
Debt - Mortgage Loans Narrative (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021USD ($)propertyextensionloan | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Real Estate Investment Property, Net | $ 16,333,324 | $ 16,288,693 | ||
Investments in debt securities, net | 229,202 | 245,237 | ||
Repayments of Secured Debt | (323,355) | $ (131,677) | ||
Real Estate Investment Property, at Cost | $ 19,119,032 | $ 18,801,750 | ||
Mortgage Loans | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, loan principal as a percentage of mortgage pool | 5.00% | |||
Mortgage Loans | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, loan principal as a percentage of mortgage pool | 5.00% | |||
Mortgage Loans | IH1 2017-1 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Number Of Loans | loan | 2 | |||
Debt Instrument, Term | 10 years | |||
Fixed interest rate | 4.23% | |||
Mortgage Loans | IH1 2017-1 | Class B Certificates | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 4.23% | |||
Mortgage Loans | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Number Of Loans | loan | 6 | |||
Debt Instrument, Term | 2 years | |||
Debt Instrument, Extended Term | 1 year | |||
Mortgage Loans | Residential Real Estate | ||||
Debt Instrument [Line Items] | ||||
Number of Real Estate Properties | property | 31,196 | 31,316 | ||
Real Estate Investment Property, Net | $ 5,665,143 | $ 5,761,551 | ||
Real Estate Investment Property, at Cost | $ 6,893,683 | $ 6,888,308 | ||
Mortgage Loans | Minimum | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 2 years | |||
Debt Instrument, Number Of Extensions | extension | 3 | |||
Basis spread | 0.76% | |||
Mortgage Loans | Maximum | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Number Of Extensions | extension | 5 | |||
Basis spread | 1.70% |
Debt - Secured Term Loan Narrat
Debt - Secured Term Loan Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | |
Debt Instrument [Line Items] | |||
Real Estate Investment Property, Net | $ 16,333,324 | $ 16,288,693 | |
Repayments of Notes Payable | 0 | $ 101 | |
Real Estate Investment Property, at Cost | $ 19,119,032 | $ 18,801,750 | |
Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 12 years | ||
Fixed interest rate | 3.59% | ||
Secured Term Loan | Maximum | |||
Debt Instrument [Line Items] | |||
Annual Limitation on Collateral Substitution, Percentage | 20.00% | ||
Limitation on Collateral Substitution, Percentage | 100.00% | ||
Special Releases Allowed After First Anniversary | 4 | ||
Special Release of Collateral, Percentage | 15.00% | ||
Secured Term Loan | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.47% | ||
Residential Real Estate | Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Number of Real Estate Properties | property | 3,334 | 3,332 | |
Real Estate Investment Property, Net | $ 711,784 | $ 719,762 | |
Real Estate Investment Property, at Cost | $ 796,598 | $ 791,860 | |
Fixed Rate [Member] | Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 11 years |
Debt - Schedule of Secured Term
Debt - Schedule of Secured Term Loan (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 8,057,311 | ||
Less: deferred financing costs, net | (39,930) | ||
Long-term Debt | 8,014,437 | ||
Payments on secured term loan | $ 0 | $ (101) | |
Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 3.59% | ||
Long-term Debt, Gross | $ 403,363 | $ 403,363 | |
Less: deferred financing costs, net | (2,159) | (2,268) | |
Long-term Debt | $ 401,204 | $ 401,095 | |
Debt Instrument, Term | 12 years | ||
London Interbank Offered Rate (LIBOR) | Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.47% | ||
Fixed Rate [Member] | Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 11 years |
Debt - Unsecured Notes Narrativ
Debt - Unsecured Notes Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 8,057,311 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 300,000 | $ 0 |
Senior Notes | 2028 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 2.46% | |
Long-term Debt, Gross | $ 150,000 | 0 |
Senior Notes | 2036 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 3.18% | |
Long-term Debt, Gross | $ 150,000 | $ 0 |
Debt - Schedule of Unsecured No
Debt - Schedule of Unsecured Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 8,057,311 | |
Less: deferred financing costs, net | (39,930) | |
Long-term Debt | 8,014,437 | |
Mortgage Loans | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 4,508,954 | |
Less: deferred financing costs, net | (10,665) | $ (12,035) |
Long-term Debt | 4,498,289 | 4,820,098 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 300,000 | 0 |
Less: deferred financing costs, net | (1,601) | 0 |
Long-term Debt | 298,399 | 0 |
Senior Notes | 2028 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 150,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | |
Senior Notes | 2036 Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 150,000 | $ 0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.18% |
Debt - Term Loan Facility and R
Debt - Term Loan Facility and Revolving Facility (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 08, 2020 | Feb. 06, 2017 | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 3,500,000 | ||||
Long-term Debt, Gross | $ 8,057,311 | ||||
Less: deferred financing costs, net | $ (39,930) | ||||
Revolving Facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||
Revolving Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.30% | ||||
2017 Revolving Credit Facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||
2017 Revolving Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.35% | ||||
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | 4,000,000 | ||||
Line of Credit | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.00% | ||||
Line of Credit | Federal Funds Effective Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.50% | ||||
Line of Credit | Revolving Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | 1,000,000 | ||||
Long-term Debt, Gross | $ 0 | $ 0 | |||
Line of Credit | Revolving Facility | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.90% | ||||
Line of Credit | Revolving Facility | Minimum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.50% | ||||
Line of Credit | Revolving Facility | Minimum | London Interbank Offered Rate (LIBOR) | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.75% | ||||
Line of Credit | Revolving Facility | Minimum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.50% | ||||
Line of Credit | Revolving Facility | Minimum | Base Rate | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.00% | ||||
Line of Credit | Revolving Facility | Maximum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 2.15% | ||||
Line of Credit | Revolving Facility | Maximum | London Interbank Offered Rate (LIBOR) | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.45% | ||||
Line of Credit | Revolving Facility | Maximum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.15% | ||||
Line of Credit | Revolving Facility | Maximum | Base Rate | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.45% | ||||
Line of Credit | Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 2,500,000 | ||||
Long-term Debt, Gross | $ 2,500,000 | 2,500,000 | |||
Less: deferred financing costs, net | $ (25,505) | $ (29,093) | |||
Line of Credit | Term Loan Facility | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.00% | ||||
Line of Credit | Term Loan Facility | Minimum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.45% | ||||
Line of Credit | Term Loan Facility | Minimum | London Interbank Offered Rate (LIBOR) | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.80% | ||||
Line of Credit | Term Loan Facility | Minimum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.45% | ||||
Line of Credit | Term Loan Facility | Minimum | Base Rate | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.00% | ||||
Line of Credit | Term Loan Facility | Maximum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 2.15% | ||||
Line of Credit | Term Loan Facility | Maximum | London Interbank Offered Rate (LIBOR) | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.65% | ||||
Line of Credit | Term Loan Facility | Maximum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.15% | ||||
Line of Credit | Term Loan Facility | Maximum | Base Rate | Credit grade rating pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.65% | ||||
Line of Credit | 2017 Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 1,000,000 | ||||
Line of Credit | 2017 Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.75% | ||||
Line of Credit | 2017 Revolving Credit Facility | Minimum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.75% | ||||
Line of Credit | 2017 Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 2.30% | ||||
Line of Credit | 2017 Revolving Credit Facility | Maximum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.30% | ||||
Line of Credit | 2017 Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, current borrowing capacity | $ 1,500,000 | ||||
Line of Credit | 2017 Term Loan Facility | Minimum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.70% | ||||
Line of Credit | 2017 Term Loan Facility | Minimum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 0.70% | ||||
Line of Credit | 2017 Term Loan Facility | Maximum | London Interbank Offered Rate (LIBOR) | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 2.30% | ||||
Line of Credit | 2017 Term Loan Facility | Maximum | Base Rate | Leverage based pricing grid | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread | 1.30% |
Debt - Schedule of Term Loan Fa
Debt - Schedule of Term Loan Facility and Revolving Facility (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Long-term Debt, Gross | $ 8,057,311 | ||
Less: deferred financing costs, net | (39,930) | ||
Long-term Debt | $ 8,014,437 | ||
London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, variable rate | 0.10% | ||
Line of Credit | Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.10% | ||
Long-term Debt, Gross | $ 2,500,000 | $ 2,500,000 | |
Less: deferred financing costs, net | (25,505) | (29,093) | |
Long-term Debt | $ 2,474,495 | 2,470,907 | |
Line of Credit | Revolving Facility | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 1.00% | ||
Long-term Debt, Gross | $ 0 | $ 0 | |
Line of Credit | London Interbank Offered Rate (LIBOR) | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Line of Credit | London Interbank Offered Rate (LIBOR) | Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 1.00% | ||
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Facility | |||
Line of Credit Facility [Line Items] | |||
Basis spread | 0.90% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jan. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Amortization of debt discounts | $ 2,828,000 | $ 2,697,000 | ||||
Debt instrument, percentage of repurchase price to principal amount if company undergoes fundamental change | 100.00% | 100.00% | ||||
Debt instrument, event of default minimum percentage of principal amount | 25.00% | 25.00% | ||||
Debt instrument, percentage of repurchase price to principal amount if company defaults | 100.00% | 100.00% | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6,000 | $ 6,000 | ||||
Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, convertible conversion price (in dollars per share) | $ / shares | $ 22.76 | $ 22.76 | ||||
2022 Convertible Notes | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible senior notes amount | $ 344,994,000 | $ 344,994,000 | $ 345,000,000 | $ 345,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% | |||
Debt instrument, convertible, conversion ratio | 0.0439448 | |||||
Debt Instrument, Principal Amount Used For Conversion | $ 1,000 | $ 1,000 | ||||
Amortization of debt discounts | $ 4,344,000 | $ 4,279,000 | 8,688,000 | $ 8,558,000 | ||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | $ 220,348,000 | |||||
Share Price | $ / shares | $ 37.29 | $ 37.29 |
Debt - Schedule of Convertible
Debt - Schedule of Convertible Senior Notes (Details) | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 16, 2017USD ($) | Jan. 31, 2017USD ($) | |
Convertible Notes Payable [Abstract] | ||||
Net unamortized fair value adjustment | $ (2,944,000) | |||
Total | 342,050,000 | $ 339,404,000 | ||
Convertible Senior Notes | ||||
Convertible Notes Payable [Abstract] | ||||
Net unamortized fair value adjustment | $ (2,944,000) | (5,596,000) | ||
2022 Convertible Notes | Debt Instrument, Redemption, Period One [Member] | ||||
Convertible Notes Payable [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | ||
Effective Rate | 5.12% | |||
Conversion Rate | 0.0439448 | |||
Remaining Amortization Period | 6 months 14 days | |||
Principal Amount | $ 344,994,000 | $ 345,000,000 | $ 345,000,000 | |
Convertible debt, fair value disclosures | $ 324,252,000 | |||
Debt Instrument, Principal Amount Used For Conversion | $ 1,000 |
Debt - Debt Maturities Schedule
Debt - Debt Maturities Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Year | ||
2021 | $ 2,430,171 | |
2022 | 0 | |
2023 | 0 | |
2024 | 2,500,000 | |
Thereafter | 1,697,546 | |
Total | 8,057,311 | |
Less: deferred financing costs, net | (39,930) | |
Less: unamortized fair value adjustment | (2,944) | |
Long-term Debt | 8,014,437 | |
Remainder of 2021 | 1,429,594 | |
Mortgage Loans | ||
Year | ||
2021 | 2,085,177 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 994,183 | |
Total | 4,508,954 | |
Less: deferred financing costs, net | (10,665) | $ (12,035) |
Less: unamortized fair value adjustment | 0 | |
Long-term Debt | 4,498,289 | 4,820,098 |
Remainder of 2021 | 1,429,594 | |
Secured Term Loan | ||
Year | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 403,363 | |
Total | 403,363 | 403,363 |
Less: deferred financing costs, net | (2,159) | (2,268) |
Less: unamortized fair value adjustment | 0 | |
Long-term Debt | 401,204 | 401,095 |
Remainder of 2021 | 0 | |
Senior Notes | ||
Year | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 300,000 | |
Total | 300,000 | 0 |
Less: deferred financing costs, net | (1,601) | 0 |
Less: unamortized fair value adjustment | 0 | |
Long-term Debt | 298,399 | 0 |
Remainder of 2021 | 0 | |
Term Loan Facility | ||
Year | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 2,500,000 | |
Thereafter | 0 | |
Total | 2,500,000 | |
Less: deferred financing costs, net | (25,505) | (29,093) |
Less: unamortized fair value adjustment | 0 | |
Long-term Debt | 2,474,495 | |
Remainder of 2021 | 0 | |
Revolving Facility | ||
Year | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 0 | |
Less: deferred financing costs, net | 0 | |
Less: unamortized fair value adjustment | 0 | |
Long-term Debt | 0 | |
Remainder of 2021 | 0 | |
Convertible Senior Notes | ||
Year | ||
2021 | 344,994 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 344,994 | |
Less: deferred financing costs, net | 0 | |
Less: unamortized fair value adjustment | (2,944) | $ (5,596) |
Long-term Debt | 342,050 | |
Remainder of 2021 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Derivative [Line Items] | ||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ 139,696 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 411,866 | $ 539,560 |
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 423,564 | |
Not Designated as Hedging Instrument | Minimum | ||
Derivative [Line Items] | ||
Interest rate cap | 3.75% | |
Not Designated as Hedging Instrument | Maximum | ||
Derivative [Line Items] | ||
Interest rate cap | 7.03% | |
Interest rate caps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Debt service coverage ratio | 1.2 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Swap Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Interest expense | $ 80,764 | $ 86,071 | $ 164,170 | $ 170,828 |
Reclassified from AOCI | AOCI into Net Loss | ||||
Derivative [Line Items] | ||||
Interest expense | (38,256) | (28,042) | (75,899) | (36,609) |
Interest rate swaps | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (21,190) | $ (52,817) | $ 58,869 | $ (394,255) |
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 1 | ||||
Derivative [Line Items] | ||||
Strike Rate | 1.74% | 1.74% | ||
Derivative Asset, Notional Amount | $ 750,000 | $ 750,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 2 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.86% | 2.86% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 3 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.23% | 2.23% | ||
Derivative Asset, Notional Amount | $ 800,000 | $ 800,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 4 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.85% | 2.85% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 5 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.86% | 2.86% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 6 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.99% | 2.99% | ||
Derivative Asset, Notional Amount | $ 325,000 | $ 325,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 7 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.99% | 2.99% | ||
Derivative Asset, Notional Amount | $ 595,000 | $ 595,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 8 | ||||
Derivative [Line Items] | ||||
Strike Rate | 1.47% | 1.47% | ||
Derivative Asset, Notional Amount | $ 450,000 | $ 450,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 9 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.90% | 2.90% | ||
Derivative Asset, Notional Amount | $ 1,100,000 | $ 1,100,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 10 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.23% | 2.23% | ||
Derivative Asset, Notional Amount | $ 550,000 | $ 550,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 11 | ||||
Derivative [Line Items] | ||||
Strike Rate | 2.90% | 2.90% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 12 | ||||
Derivative [Line Items] | ||||
Strike Rate | 3.14% | 3.14% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 | ||
Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Interest Rate Swap 13 | ||||
Derivative [Line Items] | ||||
Strike Rate | 3.16% | 3.16% | ||
Derivative Asset, Notional Amount | $ 400,000 | $ 400,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | $ 1 | $ 1 | $ 1 | ||
Liability Derivatives | 411,866 | 411,866 | 539,560 | ||
Other assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 1 | 1 | 1 | ||
Other liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives | 411,866 | 411,866 | 539,560 | ||
Interest rate swaps | Designated as Hedging Instrument | Other assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 0 | 0 | 0 | ||
Interest rate swaps | Designated as Hedging Instrument | Other liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives | 411,866 | 411,866 | 539,560 | ||
Interest rate caps | |||||
Derivatives, Fair Value [Line Items] | |||||
Amount of Loss Recognized in Net Income on Derivative | 74 | $ 39 | 105 | $ 52 | |
Interest rate caps | Not Designated as Hedging Instrument | Other assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives | 1 | 1 | 1 | ||
Interest rate caps | Not Designated as Hedging Instrument | Other liabilities | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Offset
Derivative Instruments - Offsetting of Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting assets: | ||
Gross Amounts of Recognized Assets | $ 1 | $ 1 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Assets Presented in the Statement of Financial Position | 1 | 1 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | 0 |
Net Amount | 1 | 1 |
Offsetting liabilities: | ||
Gross Amounts of Recognized Liabilities | 411,866 | 539,560 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Position | 411,866 | 539,560 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | 0 |
Net Amount | $ 411,866 | $ 539,560 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest expense | $ 80,764 | $ 86,071 | $ 164,170 | $ 170,828 |
Interest rate caps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss Recognized in Net Income on Derivative | 74 | 39 | 105 | 52 |
AOCI into Net Loss | Reclassified from AOCI | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest expense | (38,256) | (28,042) | (75,899) | (36,609) |
Cash Flow Hedging | Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (21,190) | $ (52,817) | $ 58,869 | $ (394,255) |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | Jul. 20, 2021$ / shares | May 11, 2021$ / shares | Jan. 28, 2021$ / shares | Nov. 10, 2020$ / shares | Aug. 12, 2020$ / shares | Jun. 04, 2020USD ($)shares | May 13, 2020$ / shares | Feb. 12, 2020$ / shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2020shares | Mar. 31, 2020shares | Dec. 31, 2019shares | Aug. 22, 2019USD ($) |
Class of Stock [Line Items] | |||||||||||||||||
Common stock, shares outstanding (in shares) | shares | 568,718,544 | 568,718,544 | 567,117,666 | ||||||||||||||
Conversion ratio from units to shares | 1 | ||||||||||||||||
Issuance of common stock (in shares) | shares | 1,068,110 | 16,765,234 | 1,600,878 | 18,889,954 | |||||||||||||
Redeemable OP Units outstanding (in units) | shares | 2,538,285 | 2,538,285 | |||||||||||||||
Issuance of common stock, net | $ | $ 447,877 | $ 503,798 | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.17 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.17 | $ 0.15 | $ 0.34 | $ 0.30 | |||||||
Merger with Starwood Waypoint Homes | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Conversion ratio from units to shares | 1 | ||||||||||||||||
Public Offering | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Issuance of common stock (in shares) | shares | 16,675,000 | ||||||||||||||||
Issuance of common stock, net | $ | $ 447,533 | ||||||||||||||||
Commissions and Other Costs | $ | $ 6,861 | ||||||||||||||||
Stock Issued During Period, Shares, Other | shares | 2,175,000 | ||||||||||||||||
Total ATM Equity Program Amount | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Beginning Amount Authorized | $ | $ 800,000 | ||||||||||||||||
Issuance of common stock, net | $ | $ 344 | $ 56,265 | |||||||||||||||
Commissions and Other Costs | $ | $ 66 | $ 977 | |||||||||||||||
Common Stock, Remaining Amount Authorized | $ | $ 500,000 | $ 500,000 | |||||||||||||||
Common Stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common stock, shares outstanding (in shares) | shares | 568,718,544 | 560,532,679 | 568,718,544 | 560,532,679 | 567,650,434 | 567,117,666 | 543,767,445 | 541,642,725 | |||||||||
Issuance of common stock (in shares) | shares | 16,690,400 | 18,562,466 | |||||||||||||||
Issuance of common stock, net | $ | $ 167 | $ 186 | |||||||||||||||
Common Stock | Total ATM Equity Program Amount | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 15,400 | 0 | 1,887,466 | |||||||||||||
Subsequent Event | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.17 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | May 28, 2021 | May 11, 2021 | Feb. 26, 2021 | Jan. 28, 2021 | Nov. 25, 2020 | Nov. 10, 2020 | Aug. 28, 2020 | Aug. 12, 2020 | May 29, 2020 | May 13, 2020 | Feb. 28, 2020 | Feb. 12, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Equity [Abstract] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.17 | $ 0.15 | $ 0.34 | $ 0.30 | ||||||
Dividends, Common Stock, Cash | $ 97,054 | $ 96,933 | $ 84,911 | $ 84,286 | $ 81,916 | $ 81,673 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | May 01, 2019 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee service share-based compensation not yet recognized | $ 36,987 | |
Restricted Stock and Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 67,947 | |
Granted (in shares) | 878,574 | |
Vested, fair value | $ 18,204 | |
PRSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation arrangement, performance units granted and vested in period (in shares) | 159,180 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Forfeited in Period Due to Performance Target Level Not Met | 47,145 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 59,490 | |
Granted (in shares) | 626,325 | |
LTIP Agreement | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 675,627 | |
Omnibus Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement, number of shares authorized (in shares) | 16,000,000 | |
Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement, award vesting period | 3 years | |
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 12,160 | |
Director | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 43,767 | |
Share-based Compensation Award, Tranche One | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Award, Tranche Two | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Share-based Compensation Award, Tranche Three | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Total Share-Based Awards (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Time-Vesting Awards | |
Restricted Stock and Restricted Stock Units Outstanding | |
Balance, Beginning of period (in shares) | 560,123 |
Granted (in shares) | 252,249 |
Vested (in shares) | (395,851) |
Forfeited/cancelled (in shares) | (8,457) |
Balance, Ending of period (in shares) | 408,064 |
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value | |
Balance, Beginning of period (in dollars per share) | $ / shares | $ 24.54 |
Granted (in dollars per share) | $ / shares | 30.30 |
Vested (in dollars per share) | $ / shares | (23.43) |
Forfeited (in dollars per share) | $ / shares | (27.63) |
Balance, Ending of period (in dollars per share) | $ / shares | $ 29.12 |
Restricted Stock and Restricted Stock Units | |
Restricted Stock and Restricted Stock Units Outstanding | |
Balance, Beginning of period (in shares) | 1,535,934 |
Granted (in shares) | 878,574 |
Vested (in shares) | (832,344) |
Forfeited/cancelled (in shares) | (67,947) |
Balance, Ending of period (in shares) | 1,514,217 |
Vested, fair value | $ | $ 18,204 |
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value | |
Balance, Beginning of period (in dollars per share) | $ / shares | $ 25.70 |
Granted (in dollars per share) | $ / shares | 28.26 |
Vested (in dollars per share) | $ / shares | (23.37) |
Forfeited (in dollars per share) | $ / shares | (23.39) |
Balance, Ending of period (in dollars per share) | $ / shares | $ 28.57 |
PRSUs | |
Restricted Stock and Restricted Stock Units Outstanding | |
Balance, Beginning of period (in shares) | 975,811 |
Granted (in shares) | 626,325 |
Vested (in shares) | (436,493) |
Forfeited/cancelled (in shares) | (59,490) |
Balance, Ending of period (in shares) | 1,106,153 |
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value | |
Balance, Beginning of period (in dollars per share) | $ / shares | $ 26.36 |
Granted (in dollars per share) | $ / shares | 27.44 |
Vested (in dollars per share) | $ / shares | (23.31) |
Forfeited (in dollars per share) | $ / shares | (22.79) |
Balance, Ending of period (in dollars per share) | $ / shares | $ 28.37 |
Omnibus Incentive Plan | |
Restricted Stock and Restricted Stock Units Outstanding | |
Vested (in shares) | (1,033,000) |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value Inputs (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Assumptions | |
Risk-free rate | 0.31% |
Expected holding period (years) | 2 years 10 months 2 days |
Expected volatility | 33.20% |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation arrangement, allocated share-based compensation expense | $ 9,206 | $ 2,106 | $ 15,020 | $ 6,207 |
Employee service share-based compensation not yet recognized | 36,987 | $ 36,987 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation arrangement, weighted average remaining contractual terms | 1 year 11 months 26 days | |||
General and Administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation arrangement, allocated share-based compensation expense | 7,503 | 1,659 | $ 12,143 | 4,927 |
Property Management Expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation arrangement, allocated share-based compensation expense | $ 1,703 | $ 447 | $ 2,877 | $ 1,280 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | $ 39,930 | |
Debt Instrument, Unamortized Discount | 2,944 | |
Investments in debt securities, net | 229,202 | $ 245,237 |
Mortgage Loans | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 10,665 | 12,035 |
Debt Instrument, Unamortized Discount | 0 | |
Secured Term Loan | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 2,159 | 2,268 |
Debt Instrument, Unamortized Discount | 0 | |
Senior Notes | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 1,601 | 0 |
Debt Instrument, Unamortized Discount | 0 | |
Term Loan Facility | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 25,505 | 29,093 |
Debt Instrument, Unamortized Discount | 0 | |
Revolving Facility | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 0 | |
Debt Instrument, Unamortized Discount | 0 | |
Convertible Senior Notes | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Deferred financing costs, net | 0 | |
Debt Instrument, Unamortized Discount | 2,944 | 5,596 |
Fair Value | Level 2 | ||
Assets carried at historical cost on the consolidated balance sheets | ||
Investments in debt securities | 234,000 | 249,736 |
Fair Value | Mortgage Loans | Level 2 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 4,605,498 | 4,923,107 |
Fair Value | Secured Term Loan | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 427,915 | 447,190 |
Fair Value | Senior Notes | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 296,869 | 0 |
Fair Value | Term Loan Facility | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 2,506,403 | 2,514,623 |
Fair Value | Convertible Senior Notes | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 349,539 | 351,166 |
Carrying Value | Mortgage Loans | Level 2 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 4,508,954 | 4,832,133 |
Carrying Value | Secured Term Loan | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 403,363 | 403,363 |
Carrying Value | Senior Notes | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 300,000 | 0 |
Carrying Value | Term Loan Facility | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | 2,500,000 | 2,500,000 |
Carrying Value | Convertible Senior Notes | Level 3 | ||
Liabilities carried at historical cost on the consolidated balance sheets | ||
Liabilities carried at historical cost | $ 342,050 | $ 339,404 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurement (Details) - Valuation Technique, Discounted Cash Flow - Level 3 | 6 Months Ended |
Jun. 30, 2021 | |
Secured Term Loan | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 2.88% |
Senior Notes | Minimum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 2.66% |
Senior Notes | Maximum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 3.25% |
Term Loan Facility | Minimum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 1.08% |
Term Loan Facility | Maximum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 2.51% |
Convertible Senior Notes | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Effective Rate | 1.07% |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments in single-family residential properties, net held for use and held for sale impairment adjustments | ||||
Total impairments | $ (93) | $ (1,442) | $ (524) | $ (3,913) |
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties | ||||
Investments in single-family residential properties, net held for use and held for sale impairment adjustments | ||||
Pre-impairment amount | 672 | 6,994 | 2,953 | 17,794 |
Total impairments | (93) | (1,353) | (524) | (3,824) |
Fair value | 579 | 5,641 | 2,429 | 13,970 |
Fair Value, Measurements, Nonrecurring | Level 3 | Rental Properties | ||||
Investments in single-family residential properties, net held for use and held for sale impairment adjustments | ||||
Pre-impairment amount | 0 | 451 | 0 | 451 |
Total impairments | 0 | (89) | 0 | (89) |
Fair value | $ 0 | $ 362 | $ 0 | $ 362 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 60,242 | $ 42,784 | $ 117,514 | $ 92,638 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 60,242 | $ 42,784 | $ 117,514 | $ 92,638 |
Denominator: | ||||
Weighted average common shares outstanding — basic | 567,931,472 | 548,811,968 | 567,655,034 | 545,680,740 |
Incremental shares attributed to non-vested share-based awards | 1,351,694 | 1,108,245 | 1,401,148 | 1,156,069 |
Weighted average common shares outstanding — diluted | 569,283,166 | 549,920,213 | 569,056,182 | 546,836,809 |
Net income per common share — basic | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.17 |
Net income per common share — diluted | $ 0.11 | $ 0.08 | $ 0.21 | $ 0.17 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted EPS | 15,160,692 | 15,100,443 | ||
2022 Convertible Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted EPS | 15,160,692 | 15,100,443 | ||
Non-vested share-based awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted EPS | 0 | 342,849 | 33,877 | 250,538 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Deferred Tax Assets, Gross | $ 0 | $ 0 | $ 0 | ||
Deferred Tax Liabilities, Gross | 0 | 0 | $ 0 | ||
Income Tax Expense (Benefit) | $ 142 | $ 299 | $ 383 | $ 429 |
Commitments and Contingencies,
Commitments and Contingencies, Schedule of Fixed Payments - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2021 | $ 2,559 | |
2022 | 4,318 | |
2023 | 3,516 | |
2024 | 3,178 | |
2025 | 1,751 | |
Thereafter | 1,038 | |
Total lease payments | 16,360 | |
Less: imputed interest | (1,023) | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2021 | 1,684 | |
2022 | 2,570 | |
2023 | 2,505 | |
2024 | 758 | |
2025 | 0 | |
Thereafter | 0 | |
Total lease payments | 7,517 | |
Less: imputed interest | (410) | |
Total lease liability | $ 7,107 | $ 8,389 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease fixed cost | $ 1,055 | $ 1,158 | $ 2,114 | $ 2,151 |
Operating lease variable cost | 261 | 262 | 604 | 597 |
Total operating lease cost | 1,316 | 1,420 | 2,718 | 2,748 |
Amortization of ROU assets | 712 | 713 | 1,416 | 921 |
Interest on lease liabilities | 70 | 128 | 156 | 270 |
Total finance lease cost | $ 782 | $ 841 | $ 1,572 | $ 1,191 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 20, 2021 | May 11, 2021 | Jan. 28, 2021 | Nov. 10, 2020 | Aug. 12, 2020 | May 13, 2020 | Feb. 12, 2020 | Jul. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.17 | $ 0.15 | $ 0.34 | $ 0.30 | ||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6 | $ 6 | ||||||||||
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | |||||||||||
Three Point Five Zero Convertible Senior Notes [Member] | Subsequent Event | Debt Instrument, Redemption, Period One [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 176,740 | |||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 7,766,798 |