INVITATION HOMES INC., 10-K filed on 2/22/2022
Annual Report
v3.22.0.1
Document and Entity Information - USD ($)
$ in Billions
12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jun. 30, 2021
Document and Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 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 FY    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
ICFR Auditor Attestation Flag true    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 21.1
Entity Common Stock, Stock Outstanding (in shares)   607,652,169  
Documents Incorporated by Reference [Text Block] Items 10, 11, 12, 13, and 14 of Part III incorporate information by reference from the registrant’s definitive proxy statement relating to its 2022 annual meeting of stockholders (the “2022 Proxy Statement”) to be filed with the Securities and Exchange Commission within 120 days after the close of the registrant’s fiscal year to which this report relates.    
v3.22.0.1
Audit Information
12 Months Ended
Dec. 31, 2021
Auditor [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Dallas, Texas
v3.22.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Investments in single-family residential properties:    
Land $ 4,737,938 $ 4,539,796
Building and improvements 15,270,443 14,261,954
Total gross investments in the properties 20,008,381 18,801,750
Less: accumulated depreciation (3,073,059) (2,513,057)
Investments in single-family residential properties, net 16,935,322 16,288,693
Cash and cash equivalents 610,166 213,422
Restricted cash 208,692 198,346
Goodwill 258,207 258,207
Investments in unconsolidated joint ventures 130,395 69,267
Other assets, net 395,064 478,287
Total assets 18,537,846 17,506,222
Liabilities:    
Mortgage loans, net 3,055,853 4,820,098
Secured term loan, net 401,313 401,095
Unsecured notes, net 1,921,974 0
Term loan facility, net 2,478,122 2,470,907
Revolving facility 0 0
Convertible senior notes, net 141,397 339,404
Accounts payable and accrued expenses 193,633 149,299
Resident security deposits 165,167 157,936
Other liabilities 341,583 611,410
Total liabilities 8,699,042 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 December 31, 2021 and 2020 0 0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 601,045,438 and 567,117,666 outstanding as of December 31, 2021 and 2020, respectively 6,010 5,671
Additional paid-in capital 10,873,539 9,707,258
Accumulated deficit (794,869) (661,162)
Accumulated other comprehensive loss (286,938) (546,942)
Total stockholders' equity 9,797,742 8,504,825
Non-controlling interests 41,062 51,248
Total equity 9,838,804 8,556,073
Total liabilities and equity $ 18,537,846 $ 17,506,222
v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Rental revenues and other property income $ 1,991,722 $ 1,822,828 $ 1,764,685
Joint venture management fees 4,893 0 0
Total revenues 1,996,615 1,822,828 1,764,685
Expenses:      
Property operating and maintenance 706,162 680,543 669,987
Property management expense 71,597 58,613 61,614
General and administrative 75,815 63,305 74,274
Interest expense 322,661 353,923 367,173
Depreciation and amortization 592,135 552,530 533,719
Impairment and other 8,676 696 18,743
Total expenses 1,777,046 1,709,610 1,725,510
Gains (losses) on investments in equity securities, net (9,420) 29,723 6,480
Other, net (5,835) (86) 5,120
Gain on sale of property, net of tax 60,008 54,594 96,336
Income (loss) from investments in unconsolidated joint ventures (1,546) 0 0
Net income 262,776 197,449 147,111
Net income attributable to non-controlling interests (1,351) (1,237) (1,648)
Net income attributable to common stockholders 261,425 196,212 145,463
Net income available to participating securities (327) (448) (395)
Net income available to common stockholders — diluted (Note 12) 261,098 195,764 145,068
Net income available to common stockholders — basic (Note 12) $ 261,098 $ 195,764 $ 145,068
Weighted average common shares outstanding — basic 577,681,070 553,993,321 531,235,962
Weighted average common shares outstanding — diluted 579,209,523 555,458,607 532,499,787
Net income per common share — basic (in usd per share) $ 0.45 $ 0.35 $ 0.27
Net income per common share — diluted (in usd per share) $ 0.45 $ 0.35 $ 0.27
v3.22.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 262,776 $ 197,449 $ 147,111
Other comprehensive income (loss)      
Unrealized gains (losses) on interest rate swaps 113,394 (388,466) (244,126)
(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss 148,742 116,549 (20,763)
Other comprehensive income (loss) 262,136 (271,917) (264,889)
Comprehensive income (loss) 524,912 (74,468) (117,778)
Comprehensive (income) loss attributable to non-controlling interests (2,934) 338 1,884
Comprehensive income (loss) attributable to common stockholders $ 521,978 $ (74,130) $ (115,894)
v3.22.0.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Common Stock
Additional
Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Non-Controlling Interests
Beginning Balance at Dec. 31, 2018 $ 8,369,186 $ 8,229,111 $ 5,206 $ 8,629,462 $ (392,594) $ (12,963) $ 140,075
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2018     520,647,977        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Capital distributions (3,074)           (3,074)
Net income 147,111 145,463     145,463   1,648
Dividends and dividend equivalents declared (277,457) (277,457)     (277,457)    
Issuance of common stock — settlement of RSUs, net of tax (8,164) (8,164) $ 9 (8,173)      
Issuance of common stock — settlement of RSUs, net of tax (in shares)     910,452        
Settled amount of convertible securities 229,944 229,944 $ 126 229,818      
Settled amount of convertible securities (in shares)     12,553,864        
Issuance of common stock, net $ 55,263 55,263 $ 20 55,243      
Issuance of common stock, net (in shares) 20,994,748   1,957,139        
Share-based compensation expense $ 18,158 16,724   16,724     1,434
Other comprehensive income (loss) (264,889) (261,357)       (261,357) (3,532)
Redemption of OP Units for common stock 0 84,895 $ 55 87,120   (2,280) (84,895)
Redemption of OP Units for common stock (in shares)     5,573,293        
Ending Balance at Dec. 31, 2019 8,266,078 8,214,422 $ 5,416 9,010,194 (524,588) (276,600) 51,656
Ending Balance, common stock, shares outstanding (in shares) at Dec. 31, 2019     541,642,725        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Capital distributions (2,137)           (2,137)
Net income 197,449 196,212     196,212   1,237
Dividends and dividend equivalents declared (332,786) (332,786)     (332,786)    
Issuance of common stock — settlement of RSUs, net of tax (4,427) (4,427) $ 4 (4,431)      
Issuance of common stock — settlement of RSUs, net of tax (in shares)     386,717        
Issuance of common stock, net $ 686,723 686,723 $ 251 686,472      
Issuance of common stock, net (in shares) 25,474,941   25,088,224        
Share-based compensation expense $ 17,090 15,023   15,023     2,067
Other comprehensive income (loss) (271,917) (270,342)       (270,342) (1,575)
Ending Balance at Dec. 31, 2020 $ 8,556,073 8,504,825 $ 5,671 9,707,258 (661,162) (546,942) 51,248
Ending 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 $ (2,107)           (2,107)
Net income 262,776 261,425     261,425   1,351
Dividends and dividend equivalents declared (395,132) (395,132)     (395,132)    
Issuance of common stock — settlement of RSUs, net of tax (9,411) (9,411) $ 7 (9,418)      
Issuance of common stock — settlement of RSUs, net of tax (in shares)     675,870        
Settled amount of convertible securities 203,509 203,509 $ 89 203,420      
Settled amount of convertible securities (in shares)     8,943,374        
Issuance of common stock, net $ 933,790 933,790 $ 234 933,556      
Issuance of common stock, net (in shares) 33,927,772   23,383,528        
Share-based compensation expense $ 27,170 25,066   25,066     2,104
Other comprehensive income (loss) 262,136 260,553       260,553 1,583
Redemption of OP Units for common stock 0 13,117 $ 9 13,657   (549) (13,117)
Redemption of OP Units for common stock (in shares)     925,000        
Ending Balance at Dec. 31, 2021 $ 9,838,804 $ 9,797,742 $ 6,010 $ 10,873,539 $ (794,869) $ (286,938) $ 41,062
Ending Balance, common stock, shares outstanding (in shares) at Dec. 31, 2021 601,045,438   601,045,438        
v3.22.0.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
12 Months Ended
Nov. 09, 2021
Aug. 10, 2021
May 11, 2021
Feb. 10, 2021
Nov. 10, 2020
Aug. 12, 2020
May 13, 2020
Feb. 12, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]                      
Common stock dividends declared (in usd per share) $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.68 $ 0.60 $ 0.52
v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:      
Net income $ 262,776 $ 197,449 $ 147,111
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 592,135 552,530 533,719
Share-based compensation expense 27,170 17,090 18,158
Amortization of deferred leasing costs 10,746 11,733 10,621
Amortization of deferred financing costs 13,126 25,828 39,259
Amortization of debt discounts 6,244 5,458 7,343
Provisions for impairment 650 4,578 14,210
(Gains) losses on investments in equity securities, net 9,420 (29,723) (6,480)
Gain on sale of property, net of tax (60,008) (54,594) (96,336)
Change in fair value of derivative instruments 14,660 9,129 1,913
(Income) loss from investments in unconsolidated joint ventures, net of operating distributions 1,982 0 0
Other non-cash amounts included in net income 3,998 3,288 (89)
Changes in operating assets and liabilities:      
Other assets, net (15,095) (38,012) (10,890)
Accounts payable and accrued expenses 32,892 (27,040) 5,207
Resident security deposits 7,231 10,149 (1,208)
Other liabilities (267) 8,849 (408)
Net cash provided by operating activities 907,660 696,712 662,130
Investing Activities:      
Deposits for acquisition of single-family residential properties (60,135) (906) (395)
Acquisition of single-family residential properties (1,126,826) (621,697) (586,075)
Initial renovations to single-family residential properties (77,408) (98,769) (57,437)
Other capital expenditures for single-family residential properties (162,832) (172,284) (164,244)
Proceeds from sale of single-family residential properties 231,676 414,927 855,583
Repayment proceeds from retained debt securities 88,416 72,106 49,960
Proceeds from sale of investments in equity securities 31,504 0 0
Investments in unconsolidated joint ventures (65,000) (16,345) 0
Non-operating distributions from unconsolidated joint ventures 1,890 0 0
Other investing activities (20,843) (2,188) 4,834
Net cash (used in) provided by investing activities (1,159,558) (425,156) 102,226
Financing Activities:      
Payment of dividends and dividend equivalents (393,812) (332,151) (276,681)
Distributions to non-controlling interests (2,107) (2,137) (3,074)
Payment of taxes related to net share settlement of RSUs (9,411) (4,427) (8,164)
Payments on mortgage loans (1,766,865) (1,434,626) (997,421)
Proceeds from secured term loan 0 0 403,464
Payments on secured term loan 0 (101) 0
Proceeds from unsecured notes 1,938,036 0 0
Proceeds from term loan facility 0 2,500,000 0
Payments on term loan facility 0 (1,500,000) 0
Proceeds from revolving facility 400,000 320,000 485,000
Payments on revolving facility (400,000) (320,000) (485,000)
Proceeds from issuance of common stock, net 933,790 686,723 55,263
Deferred financing costs paid (16,990) (41,411) (2,613)
Other financing activities (23,653) (17,903) (8,876)
Net cash provided by (used in) financing activities 658,988 (146,033) (838,102)
Change in cash, cash equivalents, and restricted cash 407,090 125,523 (73,746)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4) 411,768 286,245 359,991
Cash, cash equivalents, and restricted cash, end of period (Note 4) 818,858 411,768 286,245
Supplemental cash flow disclosures:      
Interest paid, net of amounts capitalized 285,501 313,076 322,085
Cash paid for income taxes 809 1,284 2,781
Operating cash flows from operating leases 5,911 5,560 5,365
Financing cash flows from finance leases 2,720 2,382 498
Non-cash investing and financing activities:      
Accrued renovation improvements at period end 13,400 7,709 13,382
Accrued residential property capital improvements at period end 11,209 6,785 11,520
Transfer of residential property, net to other assets, net for held for sale assets 81,593 168,533 545,448
Change in other comprehensive loss from cash flow hedges 247,605 (280,773) (266,676)
ROU assets obtained in exchange for operating lease liabilities 1,452 6,427 1,721
ROU assets obtained in exchange for finance lease liabilities 115 9,561 0
2019 Convertible Notes      
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of debt discounts     5,586
Non-cash investing and financing activities:      
Net settlement of Convertible Notes in shares of common stock 0 0 229,944
2022 Convertible Notes      
Non-cash investing and financing activities:      
Net settlement of Convertible Notes in shares of common stock $ 203,509 $ 0 $ 0
v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
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) 601,045,438 567,117,666
v3.22.0.1
Organization and Formation
12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Formation 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 GP LLC, a wholly owned subsidiary of INVH (the “General Partner”), 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. These transactions 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 December 31, 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.
v3.22.0.1
Significant Accounting Policies
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements 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. These consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.
Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. 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 activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our consolidated statements of cash flows.
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 consolidated balance sheets as of December 31, 2021 and 2020, and the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 include an allocation of the net income attributable to the non-controlling interest holders. OP Units and vested OP Units granted in connection with share-based compensation awards 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, and its variants on our residents, associates, and suppliers. As such, we continue to closely monitor the impact of the pandemic on all aspects of our business and actively manage our response thereto in collaboration with our residents and business partners.
The ongoing COVID-19 outbreak in the United States has led entities directed by, or notionally affiliated with, the federal government as well as certain states, counties, and cities, including those in which we own properties and where our principal places of business are located, to impose ongoing measures in response to the COVID-19 pandemic, including temporary eviction moratoriums if certain criteria are met by residents, deferral of missed rent payments without incurring late fees, and restrictions on rent increases. We cannot predict if states, municipalities, local, and/or national authorities will renew, extend, or expand existing restrictions, if additional states or municipalities will implement similar restrictions, or when restrictions currently in place will expire. We believe that we are in material compliance with applicable federal, state, and local laws, regulations, ordinances, and restrictions regarding evictions, collections, rent increases, and late fees as appropriate. While none of the current and previous restrictions have materially impacted our ability to provide services to our residents or homes, additional or modified measures may negatively impact our ability to access our homes, complete service requests, or make our homes ready for new residents.
Since the outbreak commenced, 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. We continue to work with residents experiencing financial hardship to find solutions that keep them in their homes. This includes continuing to provide residents with information about rental assistance programs for which they may be eligible, application instructions, necessary documentation, and owner requirements.
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) our residents experiencing unemployment, deteriorating financial conditions, and declines in household income that impact their ability to fully meet their obligations to us, 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 or 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; (4) weaker economic conditions and a general decline in business activity that could adversely affect (i) our ability to acquire or dispose of single-family homes and (ii) the value of our homes and our business that could cause us to recognize impairments in value of our tangible assets or goodwill; and (5) our associates continuing to face COVID-19 health risks, workforce turnover, and remote work arrangements that could adversely impact our business and operating results.
Additionally, COVID-19 and related containment measures may also continue to interfere with the ability of our suppliers and other business partners to carry out their assigned tasks or supply materials or services at ordinary levels of
performance relative to the conduct of our business. We have continued to see a prolonged impact of the pandemic on our industry and business, with increased challenges for our residents.
In March 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 included 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. We also cannot predict if the federal government, states, or local authorities will continue to offer assistance programs or if such programs will be available to our residents (and if they are available, if our residents will take advantage of them).
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, duration, and severity of COVID-19 and its variants, the extent and duration of actions taken to contain the pandemic or mitigate its impact, the availability, distribution, acceptance, and efficacy of vaccines and therapeutic drugs, the proliferation of variants, 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.
Use of Estimates
The preparation of the 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 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 Residential Properties
The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our portfolio of over 80,000 single-family residential properties in 16 markets across the United States as of December 31, 2021:
Acquisition of Real Estate Assets: Upon acquisition, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Our purchases of homes are treated as asset acquisitions and are recorded at their purchase price, which is allocated between land, building and improvements, and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, bidding service and title fees, payments made to cure tax, utility, homeowners’ association (“HOA”), and other mechanic’s and miscellaneous liens, as well as other closing costs. Properties acquired in a business combination are recorded at fair value. The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar leases, including commissions and other related costs. The origination value of in-place lease intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease the property. In-place lease intangibles are amortized over the life of the leases and are recorded in other assets, net in our consolidated balance sheets.
Cost Capitalization: We incur costs to acquire, stabilize, and prepare our single-family residential properties to be leased. We capitalize these costs as a component of our investment in each single-family residential property, using specific identification and relative allocation methodologies, including renovation costs and other costs associated with activities that are directly related to preparing our properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities, HOA fees, and a portion of the salaries and benefits of the Manager’s employees who are directly responsible for the execution of our stabilization activities. The capitalization period associated with our stabilization activities begins at the time that such activities commence and concludes at the time that a single-family residential property is available to be leased.
Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home, a portion of the salaries and benefits of the Manager’s employees who are directly responsible for such improvements, and for certain furniture and fixtures additions. The determination of which costs to capitalize requires significant judgment. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative.
Depreciation: Costs capitalized in connection with single-family residential property acquisitions, stabilization activities, and on an ongoing basis are depreciated over their estimated useful lives on a straight-line basis. The depreciation period commences upon the completion of stabilization-related activities or upon the completion of improvements made on an ongoing basis. For those costs capitalized in connection with residential property acquisitions and stabilization activities and those capitalized on an ongoing basis, the weighted average useful lives range from 7 years to 28.5 years.
Provisions for Impairment: We continuously evaluate, by property, whether there are any events or changes in circumstances indicating that the carrying amount of our single-family residential properties may not be recoverable. Examples of such events and changes in circumstances that we consider include significant and persistent declines in an individual property’s net operating income, regional changes in home price appreciation as measured by certain independently developed indices, change in expected use of the property, significant adverse legal factors, substantive damage to the individual property as a result of natural disasters and other risks inherent in our business not covered by insurance proceeds, or a current expectation that a property will be disposed of prior to the end of its estimated useful life.
To the extent an event or change in circumstance is identified, a residential property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. Cash flow projections are prepared using internal analyses based on current rental, renewal, and occupancy rates, operating expenses, and inputs from our annual planning process that give consideration to each property’s historical results, current operating trends, and current market conditions. To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value. To determine the estimated fair value, we consider local broker price opinions (“BPOs”) and automated valuation model (“AVM”) data, each of which are important components of our process with no one information source being necessarily determinative. In order to validate the BPOs and AVM data received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, Fair Value Measurements. Additionally, we undertake an internal review to assess the relevance and appropriateness of comparable transactions that have been used, and any adjustments to comparable transactions made, in reaching the value opinions.
The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative.
Single-Family Residential Properties Held for Sale: From time to time, we may identify single-family residential properties to be sold. At the time that any such properties are identified, we perform an evaluation to determine whether or not such properties should be classified as held for sale in accordance with GAAP. Factors considered as part of our held for sale evaluation process include whether the following conditions have been met: (i) we have committed to a plan to sell a property; (ii) the property is immediately available for sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell a property have been initiated; (iv) the sale of a property is probable within one year (generally determined based upon listing for sale); (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. To the extent that these factors are all present, we cease depreciating the property, measure the property at the lower of its carrying amount or its fair value less estimated costs to sell, and present the property separately within other assets, net on our consolidated balance sheets. As of December 31, 2021
and 2020, we classified $20,022 and $44,163, respectively, as held for sale assets in our consolidated balance sheets (see Note 6).
Cash and Cash Equivalents
For purposes of presentation on both the consolidated balance sheets and statements of cash flows, we consider financial instruments with an original maturity of three months or less to be cash and cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size and the number of financial institutions at which our cash balances are held.
Restricted Cash
Restricted cash represents cash deposited in accounts related to certain rent deposits and collections, security deposits, property taxes, insurance premiums and deductibles, and capital expenditures (see Note 4). Amounts deposited in the reserve accounts associated with the mortgage loans and the secured term loan can only be used as provided for in the respective loan agreements (see Note 7), and security deposits held pursuant to lease agreements are required to be segregated. Accordingly, these items are separately presented within our consolidated balance sheets.
Investments in Debt Securities, net
Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within other assets, net on our consolidated balance sheets (see Note 6). These investments are recorded at amortized cost net of the amount expected not to be collected. Interest income, including amortization of any premium or discount, is classified as other, net in the consolidated statements of operations. For purposes of classification within the consolidated statements of cash flows, purchases of and repayments from these securities are classified as investing activities.
Investments in Equity Securities
Investments in equity securities consist of investments both with and without a readily determinable fair value. These are presented within other assets, net on our consolidated balance sheets (see Note 6). Investments with a readily determinable fair value are measured at fair value. Investments 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 investment in the same issuer. Unrealized gains and losses are included in other, net in the consolidated statements of operations.
Deferred Financing Costs
Costs incurred that are directly attributable to procuring external financing are deferred and amortized over the term of the related financing agreement as interest expense in the consolidated statements of operations, and we accelerate amortization if the debt is retired before the maturity date. Costs that are deferred for the procurement of such financing are presented either as an asset in other assets, net when associated with a revolving debt instrument and prior to funding of a loan or as a component of the liability for the related financing agreement.
Convertible Senior Notes
ASC 470-20, Debt with Conversion and Other Options, requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the issuance of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measure the fair value of the debt component of our convertible senior notes as of the issuance date based on our nonconvertible debt borrowing rate. In connection with SWH merger, we assumed convertible senior notes that were recorded at their estimated fair value based on our nonconvertible debt borrowing rate as of the Merger Date (see Note 7). The resulting discount from the outstanding principal balance of the convertible senior notes is being amortized using the effective interest rate method
over the periods to maturity. Amortization of this discount is recorded as interest expense in the consolidated statement of operations for the years ended December 31, 2021, 2020, and 2019.
Revenue Recognition and Resident Receivables
Rental revenues and other property income, net of any concessions and uncollectible amounts, consists primarily of rents collected under lease agreements related to our single-family residential properties. We enter into leases directly with our residents, and our leases typically have a term of one to two years. As a lessor, our leases with residents are classified as operating leases under ASC 842, Leases, (“ASC 842”). We elected the practical expedient in ASC 842 not to separate the lease and nonlease components of these operating leases with our residents. Our lease components consist primarily of rental income, pet rent, and smart home system fees. Nonlease components include resident reimbursements for utilities and various other fees, including late fees and lease termination fees, among others. The lease component is the predominant component in these arrangements, and as such, we recognize rental revenues and other property income in accordance with ASC 842 for the years ended December 31, 2021, 2020 and 2019.
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. Sales taxes and other similar taxes assessed by governmental authorities that we collect from residents are excluded from our rental revenues and other property income.
Leases Entered Into as a Lessee
We lease our corporate and regional offices, related office equipment, and a fleet of vehicles for use by our field associates and account for each as either an operating or finance lease pursuant to ASC 842 (see Note 6 and Note 14). Specifically, we account for leases for our corporate and regional offices as operating leases. In addition to monthly rent payments, we reimburse the lessors of our office spaces for our share of operating expenses as defined in the leases. Such amounts are not included in the measurement of the lease liability but are recognized as a variable lease expense when incurred. At this time, it is not reasonably certain that we will exercise any of the future renewal or termination options on these leases, and the measurement of the right-of-use (“ROU”) asset and lease liability is calculated assuming we will not exercise any of the remaining renewal or termination options.
We have elected the practical expedient under which the lease components of our office and vehicle fleet leases are not separated from the nonlease components. ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. We use our incremental borrowing rate to calculate the present value of our lease payments.
We have elected the short-term lease recognition exemption for our office equipment leases and therefore do not record these leases on our consolidated balance sheets. These office equipment leases are not material to our consolidated financial statements.
Deferred Leasing Costs
Costs associated with leasing our single-family residential properties, which consist primarily of commissions paid to third party leasing agents, are deferred in the period in which they are incurred as a component of deferred leasing costs and are subsequently amortized over the lease term. Deferred leasing costs are included as a component of other assets, net within our consolidated balance sheets and their amortization is classified as property operating and maintenance within the consolidated statements of operations (see Note 6). Costs incurred for the salaries and benefits of the Manager’s employees who perform leasing activities and in connection with leasing activities that do not result in the execution of a lease are expensed in the period incurred.
Goodwill
Goodwill incurred in connection with a business combination is not amortized as it has an indefinite life. We test goodwill for impairment annually, on October 31st, or more frequently if circumstances indicate that the goodwill carrying value may exceed its fair value. As of December 31, 2021, no impairment of goodwill has been recorded.
Fair Value Measurements
The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. This amount is determined based on an exit price approach, which contemplates the price that would be received to sell an asset (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. GAAP has established a valuation hierarchy based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;
Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
See Note 11 for further information related to our fair value measurements.
Earnings Per Share
We present both basic and diluted earnings (loss) per common share (“EPS”) in our consolidated financial statements. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock outstanding for the period, excluding non-vested share-based awards. Our share-based awards consist of restricted stock units (“RSUs”), including certain RSUs that contain performance and market based vesting conditions (“PRSUs”), and Outperformance Awards (as defined in Note 10) (see Share-Based Compensation Expense below). Diluted EPS reflects the maximum potential dilution that could occur from non-vested share-based awards and the convertible senior notes using the “if-converted” method. For diluted EPS, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversion of these potential shares of common stock. Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period.
All outstanding non-vested share-based awards with nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities, as identified in Note 10. As such, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings in periods when we have net income.
Derivatives
We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes. We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value in our consolidated balance sheets. 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 have not elected to designate as hedges.
Pursuant to the terms of certain of our mortgage loans, we are required to maintain interest rate caps. 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 sale proceeds of the related interest rate caps are intended to offset each other. We have elected not to designate these interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”). We enter into interest rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to changes in the one-month London Interbank Offer Rate (“LIBOR”) (or a comparable or successor rate). We have elected to account for our interest rate swap agreements as effective cash flow hedges (collectively, the “Designated Hedges”). We assess the effectiveness of these interest rate swap
cash flow hedging relationships on an ongoing basis. The effect of these interest rate cap agreements and interest rate swap agreements is to reduce the variability of interest payments due to changes in LIBOR.
The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those in a liability position are included in other liabilities in our consolidated balance sheets. For Non-Designated Hedges, changes in fair value are reflected within interest expense in the consolidated statements of operations. For Designated Hedges, changes in fair value are reported as a component of other comprehensive income (loss) in our consolidated balance sheets and reclassified into earnings as interest expense in our consolidated statements of operations when the hedged transactions affect earnings. See Note 8 for further discussion of derivative financial instruments.
Share-Based Compensation Expense
We recognize share-based compensation expense for share-based awards based on their grant-date fair value, net of expected forfeitures, over the service period from the grant date to vest date for each tranche. The grant-date fair value of 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 PRSUs and Outperformance Awards with market condition vesting criteria are based on Monte-Carlo option pricing models. Compensation expense for share-based awards with performance conditions is adjusted based on the probable outcome of the performance conditions as of each reporting period.
Additional compensation expense is recognized if modifications to existing share-based award agreements result in an increase in the post-modification fair value of the units that exceeds their pre-modification fair value. Share-based compensation expense is presented as components of general and administrative expense and property management expense in our consolidated statements of operations. See Note 10 for further discussion of share-based compensation expense.
Income Taxes
We have elected to be treated as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification as a REIT depends on our ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership, and certain restrictions with regard to owned assets and categories of income. As a REIT, we are generally not subject to United States federal corporate income tax on our taxable income that is currently distributed to stockholders. However, if we fail to qualify as a REIT in any taxable year, our taxable income could be subject to United States federal and state and local income taxes at regular corporate rates.
Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as United States federal income and excise taxes in various situations, such as on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries (“TRSs”) is subject to federal, state, and local income taxes. A TRS is a subsidiary C corporation that has not elected REIT status and as such is subject to United States federal and state corporate income tax. We use TRS entities to facilitate our ability to perform non-real estate related activities and/or perform non-customary services for residents that cannot be offered directly by a REIT.
For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our net income or loss, generally through depreciation, impairment losses, or sales to third party entities.
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.
Our federal and various state and local jurisdiction tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. The years open to examination range from 2016 to present.
Segment Reporting
Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the Chief Executive Officer.
Under the provisions of ASC 280, Segment Reporting, we have determined that we have one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties. The CODM evaluates operating performance and allocates resources on a total portfolio basis. The CODM utilizes net operating income as the primary measure to evaluate performance of the total portfolio. The aggregation of individual homes constitutes the total portfolio. Decisions regarding acquisitions and dispositions of homes are made at the individual home level with a focus on accretive growth in high-growth locations where we have greater scale and density.
Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) 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 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 reporting period, with early adoption permitted beginning after December 15, 2020 and interim periods within that reporting period. The only new application of ASU 2020-06 relates to our 2022 Convertible Notes (as defined in Note 7), and these notes mature on January 15, 2022. As such, ASU 2020-06 will not materially affect our consolidated financial statements.
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”), which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. ASU 2021-01 became effective upon issuance, and optional expedient elections can be made through December 31, 2022. We are currently evaluating existing contracts and hedging relationships and the impact of adopting this ASU on our consolidated financial statements.
v3.22.0.1
Investments in Single-Family Residential Properties
12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Investments in Single-Family Residential Properties Investments in Single-Family Residential Properties
The following table sets forth the net carrying amount associated with our properties by component:
December 31,
2021
December 31, 2020
Land$4,737,938 $4,539,796 
Single-family residential property14,610,188 13,631,859 
Capital improvements540,252 515,479 
Equipment120,003 114,616 
Total gross investments in the properties20,008,381 18,801,750 
Less: accumulated depreciation(3,073,059)(2,513,057)
Investments in single-family residential properties, net$16,935,322 $16,288,693 
As of December 31, 2021 and 2020, the carrying amount of the residential properties above includes $125,236 and $119,929, respectively, of capitalized acquisition costs (excluding purchase price), along with $70,145 and $68,197,
respectively, of capitalized interest, $28,211 and $26,899, respectively, of capitalized property taxes, $4,762 and $4,654, respectively, of capitalized insurance, and $3,280 and $3,090, respectively, of capitalized HOA fees.
During the years ended December 31, 2021, 2020, and 2019, we recognized $585,101, $546,419, and $529,205 respectively, of depreciation expense related to the components of the properties, and $7,034, $6,111, and $4,514 respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the consolidated statements of operations. Further, during the years ended December 31, 2021, 2020, and 2019, impairments totaling $650, $4,578, and $14,210 respectively, have been recognized and are included in impairment and other in the consolidated statements of operations. See Note 11 for additional information regarding these impairments.
v3.22.0.1
Cash, Cash Equivalents, and Restricted Cash
12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows:
December 31,
2021
December 31, 2020
Cash and cash equivalents
$610,166 $213,422 
Restricted cash
208,692 198,346 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows
$818,858 $411,768 
Pursuant to the terms of the mortgage loans and the 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 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 December 31, 2021 and 2020, are set forth in the table below. As of December 31, 2021 and 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.
December 31,
2021
December 31, 2020
Resident security deposits$165,454 $158,244 
Collections21,402 22,978 
Property taxes12,615 7,511 
Capital expenditures4,368 4,919 
Letters of credit3,682 3,320 
Special and other reserves1,171 1,374 
Total$208,692 $198,346 
v3.22.0.1
Investments In Unconsolidated Joint Ventures
12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investments in unconsolidated joint ventures Investments In Unconsolidated Joint Ventures
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of December 31, 2021 and 2020:
Number of Properties OwnedCarrying Value
Ownership PercentageDecember 31,
2021
December 31, 2020December 31,
2021
December 31, 2020
Rockpoint(1)
20%2,004140$54,579 $15,589 
FNMA(2)
10%52257152,791 53,678 
Pathway Homes(3)
15%N/AN/A23,025 — 
Total$130,395 $69,267 
(1)Contains homes in markets within the Western United States, Southeast United States, Florida, and Texas.
(2)Contains homes primarily located in Arizona, California, and Nevada.
(3)As of December 31, 2021, represents an investment in Pathway Operating Company (defined below).

In October 2020, we entered into an agreement with Rockpoint Group, L.L.C. (“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 December 31, 2021, our remaining equity commitment to the joint venture is $19,400. The administrative member of the Rockpoint joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to Rockpoint’s approval of major decisions. We earn property and asset management fees for the Rockpoint joint venture.
We acquired our interest in the joint venture with the Federal National Mortgage Association (“FNMA”) via the SWH merger. The managing member of the FNMA joint venture is a wholly owned subsidiary of INVH LP and is responsible for the operations and management of the properties, subject to FNMA’s approval of major decisions. We earn property and asset management fees for the FNMA joint venture.
In November 2021, we entered into agreements with Pathway Homes and its affiliates, among others, to form a joint venture that will provide unique opportunities for customers to identify and purchase a home whereby they are able to first lease and then purchase the home in the future. As of December 31, 2021, we had fully funded our capital commitment to the operating company (“Pathway Operating Company”) which will provide the technology platform and asset management services for the entity that will own and lease the homes (“Pathway Property Company”). Pathway Homes and its affiliates are responsible for the operations and management of Pathway Operating Company, and we do not have a controlling interest in Pathway Operating Company. As of December 31, 2021, we have not made any investment in Pathway Property Company, and our remaining equity commitment is $225,000. Upon the acquisition of homes, a wholly owned subsidiary of INVH LP will provide property management and renovation oversight services for and earn fees from the homes owned by Pathway Property Company. As the asset manager, Pathway Operating Company is responsible for the operations and management of Pathway Property Company, and we do not have a controlling interest in Pathway Property Company.
For the year ended December 31, 2021, we recorded $1,546 of net losses from investments in unconsolidated joint ventures which is included in income (loss) from investments in unconsolidated joint ventures in the consolidated statements of operations. For the years ended December 31, 2020 and 2019, we recorded $599 and $1,668, respectively, of income from investments in unconsolidated joint ventures which is included in other, net in the consolidated statements of operations.
The fees earned from our joint ventures (as described above) are related party transactions. For the year ended December 31, 2021, we earned $4,893 of management fees which are included in joint venture management fees in the consolidated statements of operations. For the years ended December 31, 2020 and 2019, we earned $2,585 and $2,823, respectively, of management fees which are included in other, net in the consolidated statements of operations.
v3.22.0.1
Other Assets
12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
As of December 31, 2021 and 2020, the balances in other assets, net are as follows:
December 31,
2021
December 31, 2020
Investments in debt securities, net$157,173 $245,237 
Amounts deposited and held by others62,241 2,852 
Prepaid expenses41,490 41,347 
Rent and other receivables, net37,473 35,256 
Held for sale assets(1)
20,022 44,163 
ROU lease assets — operating and finance, net16,975 21,705 
Corporate fixed assets, net16,595 9,995 
Investments in equity securities16,337 47,189 
Deferred financing costs, net8,751 11,637 
Deferred leasing costs, net5,837 7,631 
Derivative instruments (Note 8)
Other12,164 11,274 
Total$395,064 $478,287 
(1)As of December 31, 2021 and 2020, 80 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 $157,173, net of unamortized discounts of $1,937, as of December 31, 2021. These investments in debt securities are classified as held to maturity investments. As of December 31, 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.
Amounts Deposited and Held by Others
Amounts deposited and held by others consists of earnest money deposits for the acquisition of single-family residential properties, including deposits made to homebuilders, and amounts owed to us for sold homes. See Note 14 for additional information about commitments related to these deposits made to homebuilders.
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 years ended December 31, 2021, 2020, and 2019, rental revenues and other property income includes $118,016, $91,573 and $92,759 of variable lease payments, respectively.
Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of December 31, 2021 are as follows:
YearLease Payments
to be Received
2022$1,174,909 
2023172,045 
2024553 
2025— 
2026— 
Thereafter— 
Total$1,347,507 

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 December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Other assets$10,959 $6,016 $12,942 $8,763 
Other liabilities (Note 14)13,256 5,784 15,988 8,389 
Weighted average remaining lease term3.7 years2.2 years4.0 years3.1 years
Weighted average discount rate3.2 %4.0 %3.5 %4.0 %
During the year ended December 31, 2020, we recorded $1,750 of impairment on one of our ROU lease assets in other, net in the consolidated statements of operations. We did not record any impairment on our ROU lease assets for the years ended December 31, 2021 and 2019. See Note 11 for additional information regarding this impairment.
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 December 31, 2021 and 2020, the values of our investments in equity securities are as follows:
December 31,
2021
December 31, 2020
Investments with a readily determinable fair value$10,499 $46,339 
Investments without a readily determinable fair value5,838 850 
Total$16,337 $47,189 
The components of gains (losses) on investments in equity securities, net for the years ended December 31, 2021, 2020, and 2019 are as follows:
For the Years Ended December 31,
202120202019
Net losses recognized on investments sold during the reporting period — with a readily determinable value$(5,483)$— $— 
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value(3,937)29,689 — 
Unrealized gains on investments still held at the reporting date — without a readily determinable fair value— 34 6,480 
Total $(9,420)$29,723 $6,480 
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 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 December 31, 2021 and 2020, the unamortized balances of these deferred financing costs are $8,751 and $11,637, respectively.
v3.22.0.1
Debt
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt 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 December 31, 2021 and 2020:
Outstanding Principal
Balance(5)
Origination
Date
Maturity
Date(1)
Maturity Date
if Fully Extended(2)
Interest
Rate
(3)
Range of Spreads(4)
December 31,
2021
December 31, 2020
IH 2017-1(6)
April 28,
2017
June 9,
2027
June 9,
2027
4.23%N/A$993,703 $994,787 
IH 2017-2(7)
November 9,
2017
November 9,
2021
N/AN/AN/A— 612,506 
IH 2018-1(7)(8)
February 8,
2018
March 9,
2022
March 9,
2025
0.98%76-131 bps568,495 646,021 
IH 2018-2(7)
May 8,
2018
June 9,
2022
June 9,
2025
1.15%95-133 bps629,237 693,988 
IH 2018-3(7)
June 28,
2018
July 9,
2022
July 9,
2025
1.22%105-135 bps204,637 1,036,561 
IH 2018-4(7)(9)
November 7,
2018
January 9,
2022
January 9,
2026
1.32%115-145 bps669,548 848,270 
Total Securitizations3,065,620 4,832,133 
Less: deferred financing costs, net
(9,767)(12,035)
Total $3,055,853 $4,820,098 
(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2021. For all other mortgage loans, 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 LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of December 31, 2021, LIBOR was 0.10%. IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.
(4)Range of spreads is based on outstanding principal balances as of December 31, 2021.
(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(6)Net of unamortized discount of $1,937 and $2,289 as of December 31, 2021 and 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 2018-4 mortgage loan has exercised the first extension option, and our IH 2018-1, IH 2018-2, and IH 2018-3 mortgage loans have exercised the second extension option. The maturity dates above reflect all extensions that have been exercised.
(8)On December 15, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-1 mortgage loan from March 9, 2022 to March 9, 2023.
(9)On January 19, 2022, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 was confirmed 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 December 31, 2021 and 2020, a total of 26,950 and 31,316 homes, respectively, with a gross book value of $6,043,652 and $6,888,308, respectively, and a net book value of $4,922,037 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 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 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 1.45%.
The retained certificates, net of discount, total $157,173 and $245,237 as of December 31, 2021 and 2020, respectively, and are classified as held to maturity investments and recorded in other assets, net on the 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 December 31, 2021, and through the date our consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants for the mortgage loans.
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 years ended December 31, 2021, 2020, and 2019, we made voluntary and mandatory prepayments of $1,766,865, $1,434,626, and $997,421, respectively, under the terms of the mortgage loan agreements. During the years ended December 31, 2021, 2020, and 2019, prepayments included the full repayment of the IH 2017-2, SWH 2017-1, and CSH 2016-2 mortgage loans, respectively.
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 December 31, 2021 and 2020:
Maturity
Date
Interest
Rate
(1)
December 31,
2021
December 31, 2020
Secured Term Loan
June 9, 20313.59%$403,363 $403,363 
Deferred financing costs, net
(2,050)(2,268)
Secured Term Loan, net
$401,313 $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 December 31, 2021 and 2020, respectively, with a gross book value of $801,318 and $791,860, respectively, and a net book value of $703,492 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 December 31, 2021, and through the date our consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants for the Secured Term Loan.
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 year ended December 31, 2020, we made mandatory prepayments of $101. No such prepayments were made during the years ended December 31, 2021 and 2019.
Unsecured Notes
Our unsecured notes are issued in connection with either an underwritten public offering pursuant to our existing shelf registration statement that automatically became effective upon filing with the SEC in July 2021 and expires in July 2024 or in connection with a private placement transaction with certain institutional investors (collectively, the “Unsecured Notes”). We utilize proceeds from the Unsecured Notes to fund: (i) repayments of then-outstanding indebtedness, including the Securitizations; (ii) closing costs in connection with the Unsecured Notes; and (iii) general costs associated with our operations and other corporate purposes, including acquisitions. Interest on the Unsecured Notes is payable semi-annually in arrears.
The following table sets forth a summary of our Unsecured Notes as of December 31, 2021 and 2020:
December 31,
2021
December 31, 2020
Total Unsecured Notes, net (1)
$1,938,425 $— 
Deferred financing costs, net
(16,451)— 
Total
$1,921,974 $— 
(1)Net of unamortized discount of $11,575 as of December 31, 2021.

Current Year Activity
The following activity occurred during the year ended December 31, 2021 with respect to the Unsecured Notes:
On May 25, 2021, in a private placement transaction, we issued (1) $150,000 aggregate principal amount of 2.46% Senior Notes, Series A due May 25, 2028 and (2) $150,000 aggregate principal amount of 3.18% Senior Notes, Series B which mature on May 25, 2036.
On August 6, 2021, in a public offering under our existing shelf registration statement, we issued $650,000 aggregate principal amount of 2.00% Senior Notes which mature on August 15, 2031.
On November 5, 2021, in a public offering under our existing shelf registration statement, we issued (1) $600,000 aggregate principal amount of 2.30% Senior Notes which mature on November 15, 2028 and (2) $400,000 aggregate principal amount of 2.70% Senior Notes which mature on January 15, 2034.
Prepayments
The Unsecured Notes are redeemable in whole at any time or in part from time to time, at our option, at a redemption price equal to (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest and (ii) a make-whole premium calculated in accordance with the respective loan agreements if the redemption occurs more than one month prior to the maturity date. The privately placed Unsecured Notes require any prepayment to be an amount not less than 5% of the aggregate principal amount then outstanding. If any of the Unsecured Notes issued publicly under our registration statement
are redeemed on or after a specified date that is either two or three months prior to the maturity date, the redemption price will not include a make-whole premium.
Guarantees
The Unsecured Notes are fully and unconditionally guaranteed, jointly and severally, by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub, LLC (“IH Merger Sub”). Prior to the September 17, 2021 execution of a parent guaranty agreement, the privately placed Unsecured Notes were not guaranteed.
Loan Covenants
The Unsecured Notes issued publicly under our registration statement contain customary covenants, including, among others, limitations on the incurrence of debt; and they include the following financial covenants related to the incurrence of debt: (i) an aggregate debt test; (ii) a debt service test; (iii) a maintenance of total unencumbered assets; and (iv) a secured debt test.
The privately placed Unsecured Notes contain customary covenants, including, among others, limitations on distributions, fundamental changes, and transactions with affiliates; and they 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.
The Unsecured Notes contain customary events of default (subject in certain cases to specified cure periods), the occurrence of which would allow the holders of notes to take various actions, including the acceleration of amounts due under the Unsecured Notes. As of December 31, 2021, and through the date our consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Unsecured Notes.
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 December 31, 2021 and 2020, respectively:
Maturity
Date
Interest
Rate
(1)
December 31,
2021
December 31, 2020
Term Loan Facility(2)
January 31, 20251.10%$2,500,000 $2,500,000 
Deferred financing costs, net
(21,878)(29,093)
Term Loan Facility, net$2,478,122 $2,470,907 
Revolving Facility(2)
January 31, 20250.99%$— $— 
(1)Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of December 31, 2021, the applicable margins were 1.00% and 0.89%,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 LoansLIBOR Rate Loans
Term Loan Facility0.00 %0.65%0.80%1.65%
Revolving Facility0.00 %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 LoansLIBOR Rate Loans
Term Loan Facility0.45%1.15%1.45%2.15%
Revolving Facility0.50%1.15%1.50%2.15%
2017 Term Loan Facility0.70%1.30%1.70%2.30%
2017 Revolving Facility0.75%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 December 31, 2021, and through the date our consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants for the Credit Facility.
Guarantees and Security
After we obtained the requisite Investment Grade Rating, our direct and indirect 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.
On September 17, 2021, as a result of the execution of a parent guaranty agreement, the obligations under the Credit Facility became guaranteed on a joint and several basis by INVH and two of its wholly owned subsidiaries, the General Partner and IH Merger Sub.
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 SWH merger, we assumed certain convertible senior notes. In July 2014, SWH issued $230,000 in aggregate principal amount of 3.00% convertible senior notes due 2019 (the “2019 Convertible Notes”). Interest on the 2019 Convertible Notes was payable semiannually in arrears on January 1st and July 1st of each year. The notes matured on July 1, 2019, and on that date we settled substantially all of the outstanding principal balance of the 2019 Convertible Notes with the issuance of 12,553,864 shares of our common stock.
In January 2017, SWH issued $345,000 in aggregate principal amount of 3.50% convertible senior notes due 2022 (the “2022 Convertible Notes” and together with the 2019 Convertible Notes, the “Convertible Senior Notes”). Interest on the 2022 Convertible Notes was payable semiannually in arrears on January 15th and July 15th of each year. Effective July 15, 2021, we notified note holders of our intent to settle conversions of the 2022 Convertible Notes in shares of common stock. During the year ended December 31, 2021, we settled $203,510 of principal balance outstanding of the 2022 Convertible Notes with the issuance of 8,943,374 shares of our common stock.The notes matured on January 15, 2022; and on January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271 (see Note 15).
The following table summarizes the terms of the Convertible Senior Notes outstanding as of December 31, 2021 and 2020:
Principal Amount
Coupon
Rate
Effective
Rate
(1)
Conversion
Rate
(2)
Maturity
Date
Remaining Amortization
Period
December 31,
2021
December 31, 2020
2022 Convertible Notes
3.50%5.12%44.0184January 15, 20220.04 years$141,490 $345,000 
Net unamortized fair value adjustment
(93)(5,596)
Total
$141,397 $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 December 31, 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. On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271 (see Note 15).
Terms of Conversion
On July 1, 2019, we settled substantially all of the outstanding balance of the 2019 Convertible Notes with the issuance of 12,553,864 shares of our common stock. At the settlement date, the conversion rate applicable to the 2019 Convertible Notes was 54.5954 shares of our common stock per $1,000 principal amount (actual $) of the 2019 Convertible Notes (equivalent to a conversion price of approximately $18.32 per common share — actual $). For the year ended December 31, 2019, interest expense for the 2019 Convertible Notes, including non-cash amortization of discounts, was $5,586.
As of December 31, 2021, the conversion rate applicable to the 2022 Convertible Notes is 44.0184 shares of our common stock per $1,000 principal amount (actual $) of the 2022 Convertible Notes (equivalent to a conversion price of approximately $22.72 per common share — actual $). At any time prior to July 15, 2021, holders were able to 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 were able to 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. During the year ended December 31, 2021, we settled $203,510 of principal balance outstanding of the 2022 Convertible Notes with the issuance of 8,943,374 shares of our common stock. On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271 (see Note 15).
The “if-converted” value of the 2022 Convertible Notes exceeds the principal amount by $140,895 as of December 31, 2021 as the closing market price of our common stock of $45.34 per common share (actual $) exceeds the implicit conversion price. For the years ended December 31, 2021, 2020, and 2019, interest expense for the 2022 Convertible Notes, including non-cash amortization of discounts, was $14,364, $17,181, and $16,929, respectively.
General Terms
We could 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 had incurred a fundamental change as defined in the indenture, holders were able to 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.
The indenture contained customary terms and covenants and events of default. If an event of default occurred and continued, the Convertible Notes Trustee, by notice to us, or the holders of at least 25% in aggregate principal amount of the
outstanding 2022 Convertible Notes, by notice to us and the Convertible Notes Trustee, were able to, and the Convertible Notes Trustee at the request of such holders was expected to, declare 100% of the principal of and accrued and unpaid interest on all the 2022 Convertible Notes to be due and payable. In the case of an event of default arising out of certain events of bankruptcy, insolvency, or reorganization in respect to us (as set forth in the indenture), 100% of the principal of and accrued and unpaid interest on the 2022 Convertible Notes would have automatically become due and payable.
Debt Maturities Schedule
The following table summarizes the contractual maturities of our debt as of December 31, 2021:
Year
Mortgage
Loans(1)(2)
Secured Term LoanUnsecured Notes
Term Loan Facility(3)
Revolving Facility(3)
Convertible Senior NotesTotal
2022$2,071,917 $— $— $— $— $141,490 $2,213,407 
2023— — — — — — — — 
2024— — — — — — — 
2025— — — 2,500,000 — — 2,500,000 
2026— — — — — — — 
Thereafter
995,640 403,363 1,950,000 — — — 3,349,003 
Total3,067,557 403,363 1,950,000 2,500,000 — 141,490 8,062,410 
Less: deferred financing costs, net
(9,767)(2,050)(16,451)(21,878)— — (50,146)
Less: unamortized fair value adjustment— — — — — (93)(93)
Less: unamortized debt discount(1,937)— (11,575)— — — (13,512)
Total
$3,055,853 $401,313 $1,921,974 $2,478,122 $— $141,397 $7,998,659 
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of December 31, 2021. If fully extended, we would have no mortgage loans maturing before 2025. 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 December 15, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-1 mortgage loan from March 9, 2022 to March 9, 2023. Additionally, on January 19, 2022, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 was confirmed by the lender (see Note 15).
(3)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
v3.22.0.1
Derivative Instruments
12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments 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 December 31, 2021:
Agreement Date
Forward
Effective Date
Maturity
Date
Strike
Rate
IndexNotional
Amount
April 19, 2018January 31, 2019January 31, 20252.86%One month LIBOR$400,000 
February 15, 2019March 15, 2019March 15, 20222.23%One month LIBOR800,000 
April 19, 2018March 15, 2019November 30, 20242.85%One month LIBOR400,000 
April 19, 2018March 15, 2019February 28, 20252.86%One month LIBOR400,000 
May 8, 2018March 9, 2020June 9, 20252.99%One month LIBOR325,000 
May 8, 2018June 9, 2020June 9, 20252.99%One month LIBOR595,000 
June 28, 2018August 7, 2020July 9, 20252.90%One month LIBOR1,100,000 
December 9, 2019July 15, 2021November 30, 20242.90%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.14%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.16%One month LIBOR400,000 

During the years ended December 31, 2021 and 2020, we terminated interest rate swaps and paid the counterparties $20,798 and $15,249, respectively, in connection with these terminations. During the year ended December 31, 2019, we modified the start date of an interest rate swap and paid the counterparty $8,239 in connection with the modification.
During the years ended December 31, 2021, 2020, and 2019, 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 $115,770 will be reclassified to earnings as an increase in interest expense.
During the year ended December 31, 2020, we accelerated the reclassification of certain amounts in other comprehensive income to earnings as a result of a portion of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts represented a loss of $3,111 and were recorded as interest expense in the accompanying consolidated statement of operations for the year ended December 31, 2020. We did not accelerate the reclassification of any amounts in other comprehensive income to earnings during the years ended December 31, 2021 and 2019.
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 7.56%.
Fair Values of Derivative Instruments on the Consolidated Balance Sheets
The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location
December 31,
2021
December 31, 2020Balance
Sheet Location
December 31,
2021
December 31, 2020
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$— $— Other liabilities$271,156 $539,560 
Derivatives not designated as hedging instruments:
Interest rate capsOther assetsOther liabilities— — 
Total$$$271,156 $539,560 
Offsetting Derivatives
We enter into master netting arrangements, which reduce risk by permitting net settlement of transactions with the same counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2021 and 2020:
December 31, 2021
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$271,156 $— $271,156 $— $— $271,156 

December 31, 2020
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$539,560 $— $539,560 $— $— $539,560 
Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Operations
The tables below present the effect of our derivative financial instruments in the consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019:
Amount of Gain (Loss) Recognized
in OCI on Derivative
Location of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount of Gain (Loss) Reclassified from Accumulated OCI into Net Income
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations
For the Years Ended December 31,For the Years Ended December 31,For the Years Ended December 31,
202120202019202120202019202120202019
Derivatives in cash flow hedging relationships:
Interest rate swaps$113,394 $(388,466)$(244,126)Interest expense$(148,742)$(116,549)$20,763 $322,661 $353,923 $367,173 

Location of
Loss
Recognized in
Net Income on Derivative
Amount of Loss Recognized in Net Income on Derivative
For the Years Ended December 31,
202120202019
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$129 $273 $126 
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 December 31, 2021, the fair value of certain derivatives in a net liability position was $271,156. If we had breached any of these provisions at December 31, 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 $279,451.
v3.22.0.1
Stockholders' Equity
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
As of December 31, 2021, we have issued 601,045,438 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 consolidated balance sheets and statements of equity. As of December 31, 2021, 2,538,285 outstanding OP Units are redeemable.
During the years ended December 31, 2021, 2020, and 2019, we issued 33,927,772, 25,474,941 and 20,994,748 shares of common stock, respectively.
2021 Public Offering
During the year ended December 31, 2021, we completed an underwritten public offering of 14,375,000 shares of our common stock, including 1,875,000 shares sold pursuant to the underwriters’ full exercise of the option to purchase additional shares. This offering generated net proceeds of $571,201, after giving effect to commissions and other costs totaling $3,799.
2020 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 year ended December 31, 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 “2019 ATM Equity Program”). During the years ended December 31, 2021, 2020, and 2019, we sold 9,008,528, 8,413,224 and 1,957,139 shares of our common stock, respectively, under our 2019 ATM Equity Program, generating net proceeds of $362,589, $239,190, and $55,263, respectively, after giving effect to Agent commissions and other costs totaling $6,225, $3,851, and $1,696, respectively. We terminated the 2019 ATM Equity Program immediately after entering into the 2021 ATM Equity Program (defined below).
On December 20, 2021, we entered into distribution agreements with a syndicate of banks (the “Agents” and the “Forward Sellers”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $1,250,000 of our common stock through the Agents and the Forward Sellers (the “2021 ATM Equity Program”). In addition to the issuance of shares of our common stock, the distribution agreements permit us to enter into separate forward sale transactions with certain forward purchasers who may borrow shares from third parties and, through affiliated Forward Sellers, offer a number of shares of our common stock equal to the number of shares of our common stock underlying the particular forward transaction. During the year ended December 31, 2021, we did not sell any shares of our common stock under our 2021 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 that 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 December 31, 2021:
Record Date
Amount
per Share
Pay DateTotal Amount Declared
Q4-2021November 9, 2021$0.17 November 24, 2021$102,180 
Q3-2021August 10, 20210.17 August 27, 202198,965 
Q2-2021May 11, 20210.17 May 28, 202197,054 
Q1-2021February 10, 20210.17 February 26, 202196,933 
Q4-2020November 10, 20200.15 November 25, 202084,911 
Q3-2020August 12, 20200.15 August 28, 202084,286 
Q2-2020May 13, 20200.15 May 29, 202081,916 
Q1-2020February 12, 20200.15 February 28, 202081,673 
On February 2, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on February 14, 2022, which is payable on February 28, 2022 (see Note 15).
v3.22.0.1
Share-Based Compensation
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
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 associates 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 RSUs, PRSUs, and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for EPS purposes, and PRSUs and Outperformance Awards are not.
Share-Based Awards
The following summarizes our share-based award activity during the years ended December 31, 2021, 2020, and 2019.
Annual Long Term Incentive Plan (“LTIP”):
Annual LTIP Awards Granted: During the years ended December 31, 2021, 2020, and 2019, we granted 675,627, 499,228, and 534,547 RSUs, respectively, pursuant to 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.
LTIP time-vesting RSUs vest in three equal annual installments based on an anniversary date of March 1st. LTIP PRSUs may be earned based on the achievement of certain measures over a three year performance period. 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 years ended December 31, 2021, 2020, and 2019, certain LTIP PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 159,180, 91,200, and 23,392 shares of common stock, respectively. Such awards are reflected as an increase in the number of awards granted and vested in the table below. Certain other LTIP PRSUs did not achieve performance criteria, resulting in the cancellation of 47,145, 5,348, and 52,896 awards during the years ended December 31, 2021, 2020, and 2019, respectively. Such awards are reflected as an increase in the number of awards forfeited/canceled in the table below.
Other Awards
Director Awards: During the year ended December 31, 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. During the years ended December 31, 2020 and 2019, INVH issued 58,690 and 53,704 time-vesting RSUs, which awards fully vested on the dates of INVH’s 2021 and 2020 annual stockholders meetings, respectively.
Supplemental Bonus Plan: Upon the completion of our IPO, $59,797 of supplemental bonus awards were converted into 2,988,120 time-vesting RSUs that generally vested in three equal installments unless otherwise modified. During the year ended December 31, 2019, the final supplemental bonus awards were fully vested.
Merger-Related Awards: During the year ended December 31, 2018, the grant date was established for 168,184 PRSUs issued in connection with the SWH merger. These merger-related PRSUs were eligible to be earned based on the achievement of certain measures over performance periods that began on the Merger Date and ended approximately one and a half to three years thereafter. The number of merger-related PRSUs earned was determined based on performance achieved during the performance period for each measure at certain threshold, target, or maximum levels and corresponding payout ranges. During the year ended December 31, 2019, vesting of all remaining time-vesting merger-related awards was accelerated in accordance with the terms of the award agreement.
During the year ended December 31, 2019, 77,926 of such PRSUs were forfeited; and during the year ended December 31, 2020, all outstanding merger-related PRSUs vested. Certain of these PRSUs achieved performance in excess of the target level, resulting in the issuance of an additional 4,756 shares of common stock which are reflected as an increase in the number of awards granted and vested in the table below.
Bonus and Retention Awards: During the year ended December 31, 2018, we granted 136,941 RSUs to employees (the “2018 Bonus Awards”). Each of the 2018 Bonus Awards is a time-vesting award which vests in three equal annual installments based on an anniversary date of March 1, 2018, subject to continued employment through the applicable vesting date. As of December 31, 2021, the retention awards issued during the year ended December 31, 2017 were fully vested.
Assumed Awards
In connection with the SWH merger, we assumed the terms of award agreements governing 949,698 (as calculated in number of INVH shares of common stock) non-vested RSUs granted prior to the Merger Date under SWH’s equity incentive plans. Each assumed award was a time-vesting award that was issued with service periods ranging from three years to four years, unless accelerated pursuant to the original agreement or otherwise modified. During the year ended December 31, 2020, the final SWH equity awards were fully vested.
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 years ended December 31, 2021, 2020, and 2019:
Time-Vesting AwardsPRSUs
Total Share-Based Awards(1)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Balance, December 31, 20181,595,644 $21.63 888,733 $22.09 2,484,377 $21.79 
Granted
242,224 23.44 369,419 24.27 611,643 23.94 
Vested(2)
(1,076,025)(21.46)(83,938)(21.21)(1,159,963)(21.45)
Forfeited / canceled
(76,774)(22.03)(249,138)(21.75)(325,912)(21.81)
Balance, December 31, 2019685,069 22.48 925,076 23.13 1,610,145 22.86 
Granted
225,760 28.25 428,114 29.61 653,874 29.14 
Vested(2)
(339,448)(22.81)(353,156)(22.04)(692,604)(22.42)
Forfeited / canceled
(11,258)(25.59)(24,223)(23.56)(35,481)(24.20)
Balance, December 31, 2020560,123 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)
(396,185)(23.44)(436,493)(23.31)(832,678)(23.37)
Forfeited / canceled
(19,102)(29.83)(68,106)(23.25)(87,208)(24.69)
Balance, December 31, 2021
397,085 $29.05 1,097,537 $28.38 1,494,622 $28.56 
(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 years ended December 31, 2021, 2020, and 2019 was $18,214, $12,625 and $30,526, respectively. During the years ended December 31, 2021, 2020, and 2019, 1,033, 2,109, and 295,459 RSUs, respectively, 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 years ended December 31, 2021, 2020, and 2019:
For the Years Ended December 31,
202120202019
Expected volatility(1)
33.2%17.2 %17.3%17.2 %17.4%
Risk-free rate0.31%0.85%2.25 %2.42%
Expected holding period (years)2.842.092.842.842.92
(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 years ended December 31, 2021, 2020, and 2019, we recognized share-based compensation expense as follows:
For the Years Ended December 31,
202120202019
General and administrative$21,743 $13,579 $15,083 
Property management expense
5,427 3,511 3,075 
Total$27,170 $17,090 $18,158 
As of December 31, 2021, there is $25,162 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 1.70 years.
v3.22.0.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 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 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 December 31, 2021 and 2020, refer to Note 6.
Recurring Fair Value Measurements
The following table displays the carrying values and fair values of financial instruments as of December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets carried at historical cost on the consolidated balance sheets:
Investments in debt securities(1)
Level 2$157,173 $161,356 $245,237 $249,736 
Liabilities carried at historical cost on the consolidated balance sheets:
Unsecured Notes — public offering(2)
Level 1$1,638,425 $1,599,001 $— $— 
Mortgage loans(3)
Level 23,065,620 3,110,862 4,832,133 4,923,107 
Unsecured Notes — private placement(4)
Level 2300,000 298,822 — — 
Secured Term Loan(5)
Level 3403,363 422,519 403,363 447,190 
Term Loan Facility(6)
Level 32,500,000 2,506,159 2,500,000 2,514,623 
Convertible Senior Notes(7)
Level 3141,397 141,631 339,404 351,166 
(1)The carrying values of investments in debt securities are shown net of discount.
(2)The carrying value of the Unsecured Notes — public offering includes unamortized discount of $11,575 and excludes $14,934 of deferred financing costs as of December 31, 2021.
(3)The carrying values of the mortgage loans are shown net of discount and excludes $9,767 and $12,035 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $1,517 of deferred financing costs as of December 31, 2021.
(5)The carrying value of the Secured Term Loan excludes $2,050 and $2,268 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(6)The carrying values of the Term Loan Facility excludes $21,878 and $29,093 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(7)The carrying values of the Convertible Senior Notes include unamortized discounts of $93 and $5,596 as of December 31, 2021 and 2020, respectively.

We value our Unsecured Notes — public offering using quoted market prices for each underlying issuance, a Level 1 price within the fair value hierarchy. The fair values of our investments in debt securities, Unsecured Notes — private placement, 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 period end.
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3.
Our assessment resulted in a transfer of the Unsecured Notes — private placement from Level 3 to Level 2 during the fourth quarter of 2021. These notes were issued in May 2021 and have a carrying value of $300,000, excluding deferred financing costs, and an estimated fair value of $298,822 as of December 31, 2021.
The following table displays the significant unobservable inputs used to develop our Level 3 fair value measurements as of December 31, 2021:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Term Loan$422,519 
Discounted Cash Flow
Effective Rate3.01%
Term Loan Facility2,506,159 
Discounted Cash Flow
Effective Rate1.10%2.50%
Convertible Senior Notes141,631 
Discounted Cash Flow
Effective Rate1.06%
(1)Our Level 3 fair value instruments require interest only payments.
Nonrecurring Fair Value Measurements
Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.
Single-Family Residential Properties
The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
For the Years Ended December 31,
202120202019
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount$— $451 $9,255 
Total impairments— (89)(2,193)
Fair value$— $362 $7,062 

For the Years Ended December 31,
202120202019
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$3,582 $21,427 $61,061 
Total impairments(650)(4,489)(12,017)
Fair value$2,932 $16,938 $49,044 
For additional information related to our single-family residential properties as of December 31, 2021 and 2020, refer to Note 3.
ROU Lease Assets
During the year ended December 31, 2020, we relocated one of our corporate offices and vacated the former location. As the expected undiscounted sublease payments through the remaining original lease term of the vacated office space no longer exceeded the carrying value of the related ROU lease asset, we concluded that the ROU lease asset was not fully recoverable. During the year ended December 31, 2020, we recorded impairment of $1,750 in other, net in the consolidated statements of operations. The fair value of the ROU lease asset measured at fair value on a nonrecurring basis, which is classified as Level 3 in the fair value hierarchy, was determined based on a discounted cash flow analysis reflective of the income expected from a sublease. We did not record any impairment of our ROU lease assets during the years ended December 31, 2021 and 2019. For additional information related to our ROU lease assets as of December 31, 2021 and 2020, refer to Note 6.
v3.22.0.1
Earnings per Share
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic and diluted EPS are calculated as follows:
For the Years Ended December 31,
202120202019
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted$261,098 $195,764 $145,068 
Denominator:
Weighted average common shares outstanding — basic577,681,070 553,993,321 531,235,962 
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards1,528,453 1,465,286 1,263,825 
Weighted average common shares outstanding — diluted579,209,523 555,458,607 532,499,787 
Net income per common share — basic$0.45 $0.35 $0.27 
Net income per common share — diluted$0.45 $0.35 $0.27 
Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the years ended December 31, 2021, 2020, and 2019, 16,939, 467, and 121, incremental shares attributed to non-vested share-based awards, respectively, are excluded from the denominator as their inclusion would have been anti-dilutive.
For the years ended December 31, 2021, 2020, and 2019, 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 year ended December 31, 2019, 6,225,341 potential shares of common stock for the 2019 Convertible Notes for the period prior to conversion are excluded from the computation of diluted EPS as they are anti-dilutive. For the years ended December 31, 2021, 2020, and 2019, using the “if-converted” method 11,293,203, 15,100,443, and 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes, respectively, 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 Convertible Senior Notes for the years ended December 31, 2021, 2020, and 2019. See Note 7 for further discussion about the 2022 Convertible Notes.
v3.22.0.1
Income Tax
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
We account for income taxes under the asset and liability method. For our 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 December 31, 2021 and 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 Code or were held by TRSs. These transactions resulted in $551, $870, and $2,490 of current income tax expense for the years ended December 31, 2021, 2020, and 2019, respectively, which has been recorded in gain on sale of property, net of tax in the consolidated statements of operations.
v3.22.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lease Commitments
The following table sets forth our fixed lease payment commitments as a lessee as of December 31, 2021, for the periods below:
Year
Operating
Leases
Finance
Leases
2022$4,579 $2,776 
20233,516 2,510 
20243,178 757 
20251,751 22 
2026716 — 
Thereafter
301 — 
Total lease payments14,041 6,065 
Less: imputed interest(785)(281)
Total lease liability$13,256 $5,784 
The components of lease expense for the years ended December 31, 2021, 2020, and 2019 are as follows:
For the Years Ended December 31,
202120202019
Operating lease cost:
Fixed lease cost$3,970 $4,324 $4,059 
Variable lease cost1,239 1,155 1,294 
Total operating lease cost$5,209 $5,479 $5,353 
Finance lease cost:
Amortization of ROU assets$2,825 $2,341 $491 
Interest on lease liabilities279 456 59 
Total finance lease cost$3,104 $2,797 $550 

New-Build Commitments
We have entered into binding purchase agreements with certain homebuilders for the purchase of 1,357 homes over the next six years. Estimated remaining commitments under these agreements total approximately $420,000 as of December 31, 2021.
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 December 31, 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 as well as congressional and regulatory inquiries and engagements. 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 consolidated financial statements.
v3.22.0.1
Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In connection with the preparation of the accompanying consolidated financial statements, we have evaluated events and transactions occurring after December 31, 2021, for potential recognition or disclosure.
Settlement of the 2022 Convertible Notes
On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271.
Extensions of Existing Mortgage Loans
On January 19, 2022, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 was confirmed by the lender.
Dividend Declaration
On February 2, 2022, our board of directors declared a dividend of $0.22 per share to stockholders of record on February 14, 2022, which is payable on February 28, 2022
v3.22.0.1
Schedule III Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2021
Schedule III Real Estate and Accumulated Depreciation [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
As of December 31, 2021
(dollar amounts in thousands)
 
   Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Close of Period 
Market 
Number of
Properties(1)
Number of
Encumbered
Properties(2)
Encumbrances(2)
Land
Depreciable
Properties  
Land
Depreciable
Properties
Land
Depreciable
Properties  
Total(3)
Accumulated
Depreciation  
Date of
Construction
Date
Acquired
Depreciable
Period
Atlanta
12,654 5,394 $449,672 $329,677 $1,650,049 $— $295,913 $329,677 $1,945,962 $2,275,639 $(411,684)1920-20212012-20217-28.5 years
Carolinas
5,253 1,944 189,851 191,336 827,923 — 116,675 191,336 944,598 1,135,934 (165,821)1900-20212012-20217-28.5 years
Chicago
2,562 — — 129,440 318,687 — 112,061 129,440 430,748 560,188 (112,709)1877-20152012-20177-28.5 years
Dallas
2,855 972 111,574 133,738 498,266 — 43,051 133,738 541,317 675,055 (66,097)1952-20212017-20217-28.5 years
Denver
2,658 1,179 183,917 235,501 646,090 — 58,147 235,501 704,237 939,738 (82,030)1885-20212017-20217-28.5 years
Houston
2,130 583 49,094 63,316 308,550 — 21,557 63,316 330,107 393,423 (49,921)1954-20142017-20217-28.5 years
Jacksonville
1,902 843 82,990 88,837 231,394 — 60,061 88,837 291,455 380,292 (81,905)1955-20212012-20217-28.5 years
Las Vegas
3,100 1,864 236,798 137,948 601,198 — 59,527 137,948 660,725 798,673 (107,885)1953-20192012-20217-28.5 years
Minneapolis
1,118 55 8,276 66,254 136,962 — 54,842 66,254 191,804 258,058 (56,072)1886-20152013-20157-28.5 years
Northern California
4,400 1,881 273,321 361,348 797,449 — 126,809 361,348 924,258 1,285,606 (195,571)1900-20172012-20217-28.5 years
Orlando
6,366 2,452 223,805 227,319 916,287 — 166,090 227,319 1,082,377 1,309,696 (219,046)1947-20212012-20217-28.5 years
Phoenix
8,742 3,687 365,443 370,676 1,190,732 — 208,281 370,676 1,399,013 1,769,689 (260,224)1925-20212012-20217-28.5 years
Seattle
4,027 1,131 138,819 328,674 727,263 — 167,256 328,674 894,519 1,223,193 (165,607)1890-20212012-20217-28.5 years
South Florida
8,229 1,897 238,158 713,672 1,479,921 — 232,684 713,672 1,712,605 2,426,277 (395,281)1922-20212012-20217-28.5 years
Southern California
7,860 3,608 633,175 1,011,995 1,506,186 — 238,975 1,011,995 1,745,161 2,757,156 (392,605)1900-20142012-20217-28.5 years
Tampa
8,445 2,771 282,238 348,207 1,259,266 — 212,291 348,207 1,471,557 1,819,764 (310,601)1923-20212012-20217-28.5 years
Total
82,301 30,261 $3,467,131 $4,737,938 $13,096,223 $— $2,174,220 $4,737,938 $15,270,443 $20,008,381 $(3,073,059)
(1)Number of properties represents 82,381 total properties owned less 80 properties classified as held for sale and recorded in other assets, net on the consolidated balance sheet as of December 31, 2021.
(2)Number of encumbered properties and encumbrances include the number of properties secured by first priority mortgages under the mortgage loans and the Secured Term Loan, as well as the aggregate value of outstanding debt attributable to such properties. Excluded from this is original issue discount, deferred financing costs, and 23 held for sale properties with an encumbered balance of $3,789.
(3)The gross aggregate cost of total real estate in the table above for federal income tax purposes was approximately $18.2 billion (unaudited) as of December 31, 2021.
INVITATION HOMES INC.
Schedule III Real Estate and Accumulated Depreciation
(dollar amounts in thousands)
 
For the Years Ended December 31,
 202120202019
Residential Real Estate 
Balance at beginning of period$18,801,750 $18,247,164 $18,229,974 
Additions during the period
Acquisitions1,126,826 621,697 586,075 
Initial renovations83,099 93,096 63,630 
Other capital expenditures167,256 167,549 168,575 
Deductions during the period
Dispositions and other(197,225)(407,762)(839,873)
Reclassifications
Properties held for sale, net of dispositions26,675 80,006 38,783 
Balance at close of period$20,008,381 $18,801,750 $18,247,164 
Accumulated Depreciation
Balance at beginning of period$(2,513,057)$(2,003,972)$(1,543,914)
Depreciation expense(585,101)(546,419)(529,205)
Dispositions and other27,633 44,974 70,382 
Reclassifications
Properties held for sale, net of dispositions(2,534)(7,640)(1,235)
Balance at close of period$(3,073,059)$(2,513,057)$(2,003,972)
v3.22.0.1
Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements 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. These consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
We consolidate wholly owned subsidiaries and entities we are otherwise able to control in accordance with GAAP. We evaluate each investment entity that is not wholly owned to determine whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, we then evaluate whether the entity should be consolidated. Under the VIE model, we consolidate an investment if we have control to direct the activities of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, we consolidate an investment if (1) we control the investment through ownership of a majority voting interest if the investment is not a limited partnership or (2) we control the investment through our ability to remove the other partners in the investment, at our discretion, when the investment is a limited partnership.
Based on these evaluations, we account for each of the investments in joint ventures described in Note 5 using the equity method. Our initial investments in the joint ventures are recorded at cost, except for any such interest initially recorded at fair value in connection with a business combination. 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 activities while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities on our consolidated statements of cash flows.
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 consolidated balance sheets as of December 31, 2021 and 2020, and the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019 include an allocation of the net income attributable to the non-controlling interest holders. OP Units and vested OP Units granted in connection with share-based compensation awards 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.
Use of Estimates
Use of Estimates
The preparation of the 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 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 Residential Properties
Investments in Single-Family Residential Properties
The following significant accounting policies affect the acquisition, disposition, recognition, classification, and fair value measurements (on a nonrecurring basis) related to our portfolio of over 80,000 single-family residential properties in 16 markets across the United States as of December 31, 2021:
Acquisition of Real Estate Assets: Upon acquisition, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Our purchases of homes are treated as asset acquisitions and are recorded at their purchase price, which is allocated between land, building and improvements, and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, bidding service and title fees, payments made to cure tax, utility, homeowners’ association (“HOA”), and other mechanic’s and miscellaneous liens, as well as other closing costs. Properties acquired in a business combination are recorded at fair value. The fair values of acquired in-place lease intangibles, if any, are based on the costs to execute similar leases, including commissions and other related costs. The origination value of in-place lease intangibles also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease the property. In-place lease intangibles are amortized over the life of the leases and are recorded in other assets, net in our consolidated balance sheets.
Cost Capitalization Cost Capitalization: We incur costs to acquire, stabilize, and prepare our single-family residential properties to be leased. We capitalize these costs as a component of our investment in each single-family residential property, using specific identification and relative allocation methodologies, including renovation costs and other costs associated with activities that are directly related to preparing our properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities, HOA fees, and a portion of the salaries and benefits of the Manager’s employees who are directly responsible for the execution of our stabilization activities. The capitalization period associated with our stabilization activities begins at the time that such activities commence and concludes at the time that a single-family residential property is available to be leased.Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home, a portion of the salaries and benefits of the Manager’s employees who are directly responsible for such improvements, and for certain furniture and fixtures additions. The determination of which costs to capitalize requires significant judgment. Accordingly, many factors are considered as part of our evaluation processes with no one factor necessarily determinative.
Depreciation Depreciation: Costs capitalized in connection with single-family residential property acquisitions, stabilization activities, and on an ongoing basis are depreciated over their estimated useful lives on a straight-line basis. The depreciation period commences upon the completion of stabilization-related activities or upon the completion of improvements made on an ongoing basis.
Provisions for Impairment Provisions for Impairment: We continuously evaluate, by property, whether there are any events or changes in circumstances indicating that the carrying amount of our single-family residential properties may not be recoverable. Examples of such events and changes in circumstances that we consider include significant and persistent declines in an individual property’s net operating income, regional changes in home price appreciation as measured by certain independently developed indices, change in expected use of the property, significant adverse legal factors, substantive damage to the individual property as a result of natural disasters and other risks inherent in our business not covered by insurance proceeds, or a current expectation that a property will be disposed of prior to the end of its estimated useful life.
To the extent an event or change in circumstance is identified, a residential property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. Cash flow projections are prepared using internal analyses based on current rental, renewal, and occupancy rates, operating expenses, and inputs from our annual planning process that give consideration to each property’s historical results, current operating trends, and current market conditions. To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value. To determine the estimated fair value, we consider local broker price opinions (“BPOs”) and automated valuation model (“AVM”) data, each of which are important components of our process with no one information source being necessarily determinative. In order to validate the BPOs and AVM data received and used in our assessment of fair value of real estate, we perform an internal review to determine if an acceptable valuation approach was used to estimate fair value in compliance with guidance provided by ASC 820, Fair Value Measurements. Additionally, we undertake an internal review to assess the relevance and appropriateness of comparable transactions that have been used, and any adjustments to comparable transactions made, in reaching the value opinions.
The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative.
Single Family Residential Properties Held for Sale Single-Family Residential Properties Held for Sale: From time to time, we may identify single-family residential properties to be sold. At the time that any such properties are identified, we perform an evaluation to determine whether or not such properties should be classified as held for sale in accordance with GAAP. Factors considered as part of our held for sale evaluation process include whether the following conditions have been met: (i) we have committed to a plan to sell a property; (ii) the property is immediately available for sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell a property have been initiated; (iv) the sale of a property is probable within one year (generally determined based upon listing for sale); (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. To the extent that these factors are all present, we cease depreciating the property, measure the property at the lower of its carrying amount or its fair value less estimated costs to sell, and present the property separately within other assets, net on our consolidated balance sheets
Cash and Cash Equivalents
Cash and Cash Equivalents
For purposes of presentation on both the consolidated balance sheets and statements of cash flows, we consider financial instruments with an original maturity of three months or less to be cash and cash equivalents. We maintain our cash and cash equivalents in multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size and the number of financial institutions at which our cash balances are held.
Restricted Cash
Restricted Cash
Restricted cash represents cash deposited in accounts related to certain rent deposits and collections, security deposits, property taxes, insurance premiums and deductibles, and capital expenditures (see Note 4). Amounts deposited in the reserve accounts associated with the mortgage loans and the secured term loan can only be used as provided for in the respective loan agreements (see Note 7), and security deposits held pursuant to lease agreements are required to be segregated. Accordingly, these items are separately presented within our consolidated balance sheets.
Investments in Debt Securities, net
Investments in Debt Securities, net
Investments in debt securities that we have a positive intent and ability to hold to maturity are classified as held to maturity and are presented within other assets, net on our consolidated balance sheets (see Note 6). These investments are recorded at amortized cost net of the amount expected not to be collected. Interest income, including amortization of any premium or discount, is classified as other, net in the consolidated statements of operations. For purposes of classification within the consolidated statements of cash flows, purchases of and repayments from these securities are classified as investing activities.
Investments in Equity Securities
Investments in Equity Securities
Investments in equity securities consist of investments both with and without a readily determinable fair value. These are presented within other assets, net on our consolidated balance sheets (see Note 6). Investments with a readily determinable fair value are measured at fair value. Investments 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 investment in the same issuer. Unrealized gains and losses are included in other, net in the consolidated statements of operations.
Deferred Financing and Leasing Costs
Deferred Financing Costs
Costs incurred that are directly attributable to procuring external financing are deferred and amortized over the term of the related financing agreement as interest expense in the consolidated statements of operations, and we accelerate amortization if the debt is retired before the maturity date. Costs that are deferred for the procurement of such financing are presented either as an asset in other assets, net when associated with a revolving debt instrument and prior to funding of a loan or as a component of the liability for the related financing agreement.
Deferred Leasing Costs
Costs associated with leasing our single-family residential properties, which consist primarily of commissions paid to third party leasing agents, are deferred in the period in which they are incurred as a component of deferred leasing costs and are subsequently amortized over the lease term. Deferred leasing costs are included as a component of other assets, net within our consolidated balance sheets and their amortization is classified as property operating and maintenance within the consolidated statements of operations (see Note 6). Costs incurred for the salaries and benefits of the Manager’s employees who perform leasing activities and in connection with leasing activities that do not result in the execution of a lease are expensed in the period incurred.
Convertible Senior Notes
Convertible Senior Notes
ASC 470-20, Debt with Conversion and Other Options, requires that the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the issuance of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measure the fair value of the debt component of our convertible senior notes as of the issuance date based on our nonconvertible debt borrowing rate. In connection with SWH merger, we assumed convertible senior notes that were recorded at their estimated fair value based on our nonconvertible debt borrowing rate as of the Merger Date (see Note 7). The resulting discount from the outstanding principal balance of the convertible senior notes is being amortized using the effective interest rate method
over the periods to maturity. Amortization of this discount is recorded as interest expense in the consolidated statement of operations for the years ended December 31, 2021, 2020, and 2019.
Revenue Recognition and Resident Receivables
Revenue Recognition and Resident Receivables
Rental revenues and other property income, net of any concessions and uncollectible amounts, consists primarily of rents collected under lease agreements related to our single-family residential properties. We enter into leases directly with our residents, and our leases typically have a term of one to two years. As a lessor, our leases with residents are classified as operating leases under ASC 842, Leases, (“ASC 842”). We elected the practical expedient in ASC 842 not to separate the lease and nonlease components of these operating leases with our residents. Our lease components consist primarily of rental income, pet rent, and smart home system fees. Nonlease components include resident reimbursements for utilities and various other fees, including late fees and lease termination fees, among others. The lease component is the predominant component in these arrangements, and as such, we recognize rental revenues and other property income in accordance with ASC 842 for the years ended December 31, 2021, 2020 and 2019.
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. Sales taxes and other similar taxes assessed by governmental authorities that we collect from residents are excluded from our rental revenues and other property income.
Leases Entered Into as a Lessee
Leases Entered Into as a Lessee
We lease our corporate and regional offices, related office equipment, and a fleet of vehicles for use by our field associates and account for each as either an operating or finance lease pursuant to ASC 842 (see Note 6 and Note 14). Specifically, we account for leases for our corporate and regional offices as operating leases. In addition to monthly rent payments, we reimburse the lessors of our office spaces for our share of operating expenses as defined in the leases. Such amounts are not included in the measurement of the lease liability but are recognized as a variable lease expense when incurred. At this time, it is not reasonably certain that we will exercise any of the future renewal or termination options on these leases, and the measurement of the right-of-use (“ROU”) asset and lease liability is calculated assuming we will not exercise any of the remaining renewal or termination options.
We have elected the practical expedient under which the lease components of our office and vehicle fleet leases are not separated from the nonlease components. ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. We use our incremental borrowing rate to calculate the present value of our lease payments.
We have elected the short-term lease recognition exemption for our office equipment leases and therefore do not record these leases on our consolidated balance sheets. These office equipment leases are not material to our consolidated financial statements.
Goodwill
Goodwill
Goodwill incurred in connection with a business combination is not amortized as it has an indefinite life. We test goodwill for impairment annually, on October 31st, or more frequently if circumstances indicate that the goodwill carrying value may exceed its fair value. As of December 31, 2021, no impairment of goodwill has been recorded.
Fair Value Measurements
Fair Value Measurements
The fair value of a financial instrument is the amount at which the instrument could be exchanged in an orderly transaction between two willing parties. This amount is determined based on an exit price approach, which contemplates the price that would be received to sell an asset (or paid to transfer a liability) in an orderly transaction between market participants at the measurement date. GAAP has established a valuation hierarchy based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;
Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
See Note 11 for further information related to our fair value measurements.
Earnings Per Share
Earnings Per Share
We present both basic and diluted earnings (loss) per common share (“EPS”) in our consolidated financial statements. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock outstanding for the period, excluding non-vested share-based awards. Our share-based awards consist of restricted stock units (“RSUs”), including certain RSUs that contain performance and market based vesting conditions (“PRSUs”), and Outperformance Awards (as defined in Note 10) (see Share-Based Compensation Expense below). Diluted EPS reflects the maximum potential dilution that could occur from non-vested share-based awards and the convertible senior notes using the “if-converted” method. For diluted EPS, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversion of these potential shares of common stock. Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period.
All outstanding non-vested share-based awards with nonforfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities, as identified in Note 10. As such, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings in periods when we have net income.
Derivatives
Derivatives
We enter into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes. We do not enter into Hedging Derivatives for trading or other speculative purposes, and all of our Hedging Derivatives are carried at fair value in our consolidated balance sheets. 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 have not elected to designate as hedges.
Pursuant to the terms of certain of our mortgage loans, we are required to maintain interest rate caps. 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 sale proceeds of the related interest rate caps are intended to offset each other. We have elected not to designate these interest cap agreements for hedge accounting (collectively, the “Non-Designated Hedges”). We enter into interest rate swap agreements to hedge the risk arising from changes in our interest payments on variable-rate debt due to changes in the one-month London Interbank Offer Rate (“LIBOR”) (or a comparable or successor rate). We have elected to account for our interest rate swap agreements as effective cash flow hedges (collectively, the “Designated Hedges”). We assess the effectiveness of these interest rate swap
cash flow hedging relationships on an ongoing basis. The effect of these interest rate cap agreements and interest rate swap agreements is to reduce the variability of interest payments due to changes in LIBOR.
The fair value of Hedging Derivatives that are in an asset position are included in other assets, net and those in a liability position are included in other liabilities in our consolidated balance sheets. For Non-Designated Hedges, changes in fair value are reflected within interest expense in the consolidated statements of operations. For Designated Hedges, changes in fair value are reported as a component of other comprehensive income (loss) in our consolidated balance sheets and reclassified into earnings as interest expense in our consolidated statements of operations when the hedged transactions affect earnings. See Note 8 for further discussion of derivative financial instruments.
Share-based Compensation Expense
Share-Based Compensation Expense
We recognize share-based compensation expense for share-based awards based on their grant-date fair value, net of expected forfeitures, over the service period from the grant date to vest date for each tranche. The grant-date fair value of 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 PRSUs and Outperformance Awards with market condition vesting criteria are based on Monte-Carlo option pricing models. Compensation expense for share-based awards with performance conditions is adjusted based on the probable outcome of the performance conditions as of each reporting period.
Additional compensation expense is recognized if modifications to existing share-based award agreements result in an increase in the post-modification fair value of the units that exceeds their pre-modification fair value. Share-based compensation expense is presented as components of general and administrative expense and property management expense in our consolidated statements of operations. See Note 10 for further discussion of share-based compensation expense.
Income Tax
Income Taxes
We have elected to be treated as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification as a REIT depends on our ability to meet the various requirements imposed by the Code, which are related to organizational structure, distribution levels, diversity of stock ownership, and certain restrictions with regard to owned assets and categories of income. As a REIT, we are generally not subject to United States federal corporate income tax on our taxable income that is currently distributed to stockholders. However, if we fail to qualify as a REIT in any taxable year, our taxable income could be subject to United States federal and state and local income taxes at regular corporate rates.
Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as United States federal income and excise taxes in various situations, such as on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries (“TRSs”) is subject to federal, state, and local income taxes. A TRS is a subsidiary C corporation that has not elected REIT status and as such is subject to United States federal and state corporate income tax. We use TRS entities to facilitate our ability to perform non-real estate related activities and/or perform non-customary services for residents that cannot be offered directly by a REIT.
For our TRS entities, deferred income taxes result from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for United States federal income tax purposes and are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We reduce deferred tax assets by recording a valuation allowance when we determine, based on available evidence, that it is more likely than not that the assets will not be realized. We recognize the tax consequences associated with intercompany transfers between the REIT and TRS entities when the related assets affect our net income or loss, generally through depreciation, impairment losses, or sales to third party entities.
Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position.
Our federal and various state and local jurisdiction tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. The years open to examination range from 2016 to present.
Segment Reporting
Segment Reporting
Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the Chief Executive Officer.
Under the provisions of ASC 280, Segment Reporting, we have determined that we have one reportable segment related to acquiring, renovating, leasing, and operating single-family homes as rental properties. The CODM evaluates operating performance and allocates resources on a total portfolio basis. The CODM utilizes net operating income as the primary measure to evaluate performance of the total portfolio. The aggregation of individual homes constitutes the total portfolio. Decisions regarding acquisitions and dispositions of homes are made at the individual home level with a focus on accretive growth in high-growth locations where we have greater scale and density.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In August 2020, the Financial Accounting Standards Board (“FASB”) 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 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 reporting period, with early adoption permitted beginning after December 15, 2020 and interim periods within that reporting period. The only new application of ASU 2020-06 relates to our 2022 Convertible Notes (as defined in Note 7), and these notes mature on January 15, 2022. As such, ASU 2020-06 will not materially affect our consolidated financial statements.
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”), which provides the option for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on contract modifications and hedge accounting. An example of such reform is the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Entities that make this optional expedient election would not have to remeasure the contracts at the modification date or reassess the accounting treatment if certain criteria are met and would continue applying hedge accounting for relationships affected by reference rate reform. ASU 2021-01 became effective upon issuance, and optional expedient elections can be made through December 31, 2022. We are currently evaluating existing contracts and hedging relationships and the impact of adopting this ASU on our consolidated financial statements.
v3.22.0.1
Investments in Single-Family Residential Properties (Tables)
12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Schedule of property carrying amount The following table sets forth the net carrying amount associated with our properties by component:
December 31,
2021
December 31, 2020
Land$4,737,938 $4,539,796 
Single-family residential property14,610,188 13,631,859 
Capital improvements540,252 515,479 
Equipment120,003 114,616 
Total gross investments in the properties20,008,381 18,801,750 
Less: accumulated depreciation(3,073,059)(2,513,057)
Investments in single-family residential properties, net$16,935,322 $16,288,693 
v3.22.0.1
Cash, Cash Equivalents, and Restricted Cash (Tables)
12 Months Ended
Dec. 31, 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 consolidated balance sheets that sum to the total of such amounts shown in the consolidated statements of cash flows:
December 31,
2021
December 31, 2020
Cash and cash equivalents
$610,166 $213,422 
Restricted cash
208,692 198,346 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows
$818,858 $411,768 
Schedule of restricted cash
The balances of our restricted cash accounts, as of December 31, 2021 and 2020, are set forth in the table below. As of December 31, 2021 and 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.
December 31,
2021
December 31, 2020
Resident security deposits$165,454 $158,244 
Collections21,402 22,978 
Property taxes12,615 7,511 
Capital expenditures4,368 4,919 
Letters of credit3,682 3,320 
Special and other reserves1,171 1,374 
Total$208,692 $198,346 
v3.22.0.1
Investments In Unconsolidated Joint Ventures (Tables)
12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
The following table summarizes our investments in unconsolidated joint ventures, which are accounted for using the equity method model of accounting, as of December 31, 2021 and 2020:
Number of Properties OwnedCarrying Value
Ownership PercentageDecember 31,
2021
December 31, 2020December 31,
2021
December 31, 2020
Rockpoint(1)
20%2,004140$54,579 $15,589 
FNMA(2)
10%52257152,791 53,678 
Pathway Homes(3)
15%N/AN/A23,025 — 
Total$130,395 $69,267 
(1)Contains homes in markets within the Western United States, Southeast United States, Florida, and Texas.
(2)Contains homes primarily located in Arizona, California, and Nevada.
(3)As of December 31, 2021, represents an investment in Pathway Operating Company (defined below).
v3.22.0.1
Other Assets (Tables)
12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of other assets
As of December 31, 2021 and 2020, the balances in other assets, net are as follows:
December 31,
2021
December 31, 2020
Investments in debt securities, net$157,173 $245,237 
Amounts deposited and held by others62,241 2,852 
Prepaid expenses41,490 41,347 
Rent and other receivables, net37,473 35,256 
Held for sale assets(1)
20,022 44,163 
ROU lease assets — operating and finance, net16,975 21,705 
Corporate fixed assets, net16,595 9,995 
Investments in equity securities16,337 47,189 
Deferred financing costs, net8,751 11,637 
Deferred leasing costs, net5,837 7,631 
Derivative instruments (Note 8)
Other12,164 11,274 
Total$395,064 $478,287 
(1)As of December 31, 2021 and 2020, 80 and 179 properties, respectively, are classified as held for sale.
Future minimum lease payments
Future minimum rental revenues and other property income under leases existing on our single-family residential properties as of December 31, 2021 are as follows:
YearLease Payments
to be Received
2022$1,174,909 
2023172,045 
2024553 
2025— 
2026— 
Thereafter— 
Total$1,347,507 
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 December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Other assets$10,959 $6,016 $12,942 $8,763 
Other liabilities (Note 14)13,256 5,784 15,988 8,389 
Weighted average remaining lease term3.7 years2.2 years4.0 years3.1 years
Weighted average discount rate3.2 %4.0 %3.5 %4.0 %
Investments in equity securities As of December 31, 2021 and 2020, the values of our investments in equity securities are as follows:
December 31,
2021
December 31, 2020
Investments with a readily determinable fair value$10,499 $46,339 
Investments without a readily determinable fair value5,838 850 
Total$16,337 $47,189 
Schedule of Gain (Loss) Equity Securities
The components of gains (losses) on investments in equity securities, net for the years ended December 31, 2021, 2020, and 2019 are as follows:
For the Years Ended December 31,
202120202019
Net losses recognized on investments sold during the reporting period — with a readily determinable value$(5,483)$— $— 
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value(3,937)29,689 — 
Unrealized gains on investments still held at the reporting date — without a readily determinable fair value— 34 6,480 
Total $(9,420)$29,723 $6,480 
v3.22.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2021
Debt Instrument [Line Items]  
Schedule of unsecured notes
The following table sets forth a summary of our Unsecured Notes as of December 31, 2021 and 2020:
December 31,
2021
December 31, 2020
Total Unsecured Notes, net (1)
$1,938,425 $— 
Deferred financing costs, net
(16,451)— 
Total
$1,921,974 $— 
(1)Net of unamortized discount of $11,575 as of December 31, 2021.
Schedule of credit facility
The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of December 31, 2021 and 2020, respectively:
Maturity
Date
Interest
Rate
(1)
December 31,
2021
December 31, 2020
Term Loan Facility(2)
January 31, 20251.10%$2,500,000 $2,500,000 
Deferred financing costs, net
(21,878)(29,093)
Term Loan Facility, net$2,478,122 $2,470,907 
Revolving Facility(2)
January 31, 20250.99%$— $— 
(1)Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of December 31, 2021, the applicable margins were 1.00% and 0.89%,respectively, and LIBOR was 0.10%.
(2)If we exercise the two six month extension options, the maturity date will be January 31, 2026.
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 LoansLIBOR Rate Loans
Term Loan Facility0.00 %0.65%0.80%1.65%
Revolving Facility0.00 %0.45%0.75%1.45%
Schedule of credit facility margins 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 LoansLIBOR Rate Loans
Term Loan Facility0.45%1.15%1.45%2.15%
Revolving Facility0.50%1.15%1.50%2.15%
2017 Term Loan Facility0.70%1.30%1.70%2.30%
2017 Revolving Facility0.75%1.30%1.75%2.30%
Schedule of convertible debt
The following table summarizes the terms of the Convertible Senior Notes outstanding as of December 31, 2021 and 2020:
Principal Amount
Coupon
Rate
Effective
Rate
(1)
Conversion
Rate
(2)
Maturity
Date
Remaining Amortization
Period
December 31,
2021
December 31, 2020
2022 Convertible Notes
3.50%5.12%44.0184January 15, 20220.04 years$141,490 $345,000 
Net unamortized fair value adjustment
(93)(5,596)
Total
$141,397 $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 December 31, 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. On January 18, 2022, we settled the outstanding principal balance of the 2022 Convertible Notes with the issuance of 6,216,261 shares of our common stock and a cash payment of $271 (see Note 15).
Schedule of maturities of long-term debt
The following table summarizes the contractual maturities of our debt as of December 31, 2021:
Year
Mortgage
Loans(1)(2)
Secured Term LoanUnsecured Notes
Term Loan Facility(3)
Revolving Facility(3)
Convertible Senior NotesTotal
2022$2,071,917 $— $— $— $— $141,490 $2,213,407 
2023— — — — — — — — 
2024— — — — — — — 
2025— — — 2,500,000 — — 2,500,000 
2026— — — — — — — 
Thereafter
995,640 403,363 1,950,000 — — — 3,349,003 
Total3,067,557 403,363 1,950,000 2,500,000 — 141,490 8,062,410 
Less: deferred financing costs, net
(9,767)(2,050)(16,451)(21,878)— — (50,146)
Less: unamortized fair value adjustment— — — — — (93)(93)
Less: unamortized debt discount(1,937)— (11,575)— — — (13,512)
Total
$3,055,853 $401,313 $1,921,974 $2,478,122 $— $141,397 $7,998,659 
(1)The maturity dates of the obligations are reflective of all extensions that have been exercised as of December 31, 2021. If fully extended, we would have no mortgage loans maturing before 2025. 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 December 15, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-1 mortgage loan from March 9, 2022 to March 9, 2023. Additionally, on January 19, 2022, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 was confirmed 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 December 31, 2021 and 2020:
Outstanding Principal
Balance(5)
Origination
Date
Maturity
Date(1)
Maturity Date
if Fully Extended(2)
Interest
Rate
(3)
Range of Spreads(4)
December 31,
2021
December 31, 2020
IH 2017-1(6)
April 28,
2017
June 9,
2027
June 9,
2027
4.23%N/A$993,703 $994,787 
IH 2017-2(7)
November 9,
2017
November 9,
2021
N/AN/AN/A— 612,506 
IH 2018-1(7)(8)
February 8,
2018
March 9,
2022
March 9,
2025
0.98%76-131 bps568,495 646,021 
IH 2018-2(7)
May 8,
2018
June 9,
2022
June 9,
2025
1.15%95-133 bps629,237 693,988 
IH 2018-3(7)
June 28,
2018
July 9,
2022
July 9,
2025
1.22%105-135 bps204,637 1,036,561 
IH 2018-4(7)(9)
November 7,
2018
January 9,
2022
January 9,
2026
1.32%115-145 bps669,548 848,270 
Total Securitizations3,065,620 4,832,133 
Less: deferred financing costs, net
(9,767)(12,035)
Total $3,055,853 $4,820,098 
(1)Maturity date represents repayment date for mortgage loans which have been repaid in full prior to December 31, 2021. For all other mortgage loans, 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 LIBOR (or a comparable or successor rate as provided for in our loan agreements), plus applicable servicing fees; as of December 31, 2021, LIBOR was 0.10%. IH 2017-1 bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees.
(4)Range of spreads is based on outstanding principal balances as of December 31, 2021.
(5)Outstanding principal balance is net of discounts and does not include deferred financing costs, net.
(6)Net of unamortized discount of $1,937 and $2,289 as of December 31, 2021 and 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 2018-4 mortgage loan has exercised the first extension option, and our IH 2018-1, IH 2018-2, and IH 2018-3 mortgage loans have exercised the second extension option. The maturity dates above reflect all extensions that have been exercised.
(8)On December 15, 2021, we submitted a notification to exercise an extension of the maturity date of the IH 2018-1 mortgage loan from March 9, 2022 to March 9, 2023.
(9)On January 19, 2022, the extension of the maturity date of the IH 2018-4 mortgage loan from January 9, 2022 to January 9, 2023 was confirmed 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 December 31, 2021 and 2020:
Maturity
Date
Interest
Rate
(1)
December 31,
2021
December 31, 2020
Secured Term Loan
June 9, 20313.59%$403,363 $403,363 
Deferred financing costs, net
(2,050)(2,268)
Secured Term Loan, net
$401,313 $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.
v3.22.0.1
Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2021:
Agreement Date
Forward
Effective Date
Maturity
Date
Strike
Rate
IndexNotional
Amount
April 19, 2018January 31, 2019January 31, 20252.86%One month LIBOR$400,000 
February 15, 2019March 15, 2019March 15, 20222.23%One month LIBOR800,000 
April 19, 2018March 15, 2019November 30, 20242.85%One month LIBOR400,000 
April 19, 2018March 15, 2019February 28, 20252.86%One month LIBOR400,000 
May 8, 2018March 9, 2020June 9, 20252.99%One month LIBOR325,000 
May 8, 2018June 9, 2020June 9, 20252.99%One month LIBOR595,000 
June 28, 2018August 7, 2020July 9, 20252.90%One month LIBOR1,100,000 
December 9, 2019July 15, 2021November 30, 20242.90%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.14%One month LIBOR400,000 
November 7, 2018March 15, 2022July 31, 20253.16%One month LIBOR400,000 
Summary of derivative financial instruments, fair value and location in consolidated balance sheets
The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020:
Asset DerivativesLiability Derivatives
Fair Value as ofFair Value as of
Balance
Sheet Location
December 31,
2021
December 31, 2020Balance
Sheet Location
December 31,
2021
December 31, 2020
Derivatives designated as hedging instruments:
Interest rate swapsOther assets$— $— Other liabilities$271,156 $539,560 
Derivatives not designated as hedging instruments:
Interest rate capsOther assetsOther liabilities— — 
Total$$$271,156 $539,560 
Summary of offsetting derivative assets The tables below present a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2021 and 2020:
December 31, 2021
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$271,156 $— $271,156 $— $— $271,156 

December 31, 2020
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
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 December 31, 2021 and 2020:
December 31, 2021
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
Offsetting liabilities:
Derivatives$271,156 $— $271,156 $— $— $271,156 

December 31, 2020
Gross Amounts Not Offset in the Statement of Financial Position
Gross Amounts of Recognized Assets/ LiabilitiesGross Amounts Offset in the Statement of Financial PositionNet Amounts of Assets/ Liabilities Presented in the Statement of Financial PositionFinancial InstrumentsCash Collateral ReceivedNet
Amount
Offsetting assets:
Derivatives$$— $$— $— $
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 consolidated statements of comprehensive income (loss) and the consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019:
Amount of Gain (Loss) Recognized
in OCI on Derivative
Location of Gain (Loss) Reclassified from Accumulated OCI into Net IncomeAmount of Gain (Loss) Reclassified from Accumulated OCI into Net Income
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations
For the Years Ended December 31,For the Years Ended December 31,For the Years Ended December 31,
202120202019202120202019202120202019
Derivatives in cash flow hedging relationships:
Interest rate swaps$113,394 $(388,466)$(244,126)Interest expense$(148,742)$(116,549)$20,763 $322,661 $353,923 $367,173 

Location of
Loss
Recognized in
Net Income on Derivative
Amount of Loss Recognized in Net Income on Derivative
For the Years Ended December 31,
202120202019
Derivatives not designated as hedging instruments:
Interest rate capsInterest expense$129 $273 $126 
v3.22.0.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Summary of dividends declared
The following table summarizes our dividends declared from January 1, 2020 through December 31, 2021:
Record Date
Amount
per Share
Pay DateTotal Amount Declared
Q4-2021November 9, 2021$0.17 November 24, 2021$102,180 
Q3-2021August 10, 20210.17 August 27, 202198,965 
Q2-2021May 11, 20210.17 May 28, 202197,054 
Q1-2021February 10, 20210.17 February 26, 202196,933 
Q4-2020November 10, 20200.15 November 25, 202084,911 
Q3-2020August 12, 20200.15 August 28, 202084,286 
Q2-2020May 13, 20200.15 May 29, 202081,916 
Q1-2020February 12, 20200.15 February 28, 202081,673 
v3.22.0.1
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 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 years ended December 31, 2021, 2020, and 2019:
Time-Vesting AwardsPRSUs
Total Share-Based Awards(1)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Number Weighted
Average Grant
Date Fair Value
(Actual $)
Balance, December 31, 20181,595,644 $21.63 888,733 $22.09 2,484,377 $21.79 
Granted
242,224 23.44 369,419 24.27 611,643 23.94 
Vested(2)
(1,076,025)(21.46)(83,938)(21.21)(1,159,963)(21.45)
Forfeited / canceled
(76,774)(22.03)(249,138)(21.75)(325,912)(21.81)
Balance, December 31, 2019685,069 22.48 925,076 23.13 1,610,145 22.86 
Granted
225,760 28.25 428,114 29.61 653,874 29.14 
Vested(2)
(339,448)(22.81)(353,156)(22.04)(692,604)(22.42)
Forfeited / canceled
(11,258)(25.59)(24,223)(23.56)(35,481)(24.20)
Balance, December 31, 2020560,123 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)
(396,185)(23.44)(436,493)(23.31)(832,678)(23.37)
Forfeited / canceled
(19,102)(29.83)(68,106)(23.25)(87,208)(24.69)
Balance, December 31, 2021
397,085 $29.05 1,097,537 $28.38 1,494,622 $28.56 
(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 years ended December 31, 2021, 2020, and 2019 was $18,214, $12,625 and $30,526, respectively. During the years ended December 31, 2021, 2020, and 2019, 1,033, 2,109, and 295,459 RSUs, respectively, 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 years ended December 31, 2021, 2020, and 2019:
For the Years Ended December 31,
202120202019
Expected volatility(1)
33.2%17.2 %17.3%17.2 %17.4%
Risk-free rate0.31%0.85%2.25 %2.42%
Expected holding period (years)2.842.092.842.842.92
(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 years ended December 31, 2021, 2020, and 2019, we recognized share-based compensation expense as follows:
For the Years Ended December 31,
202120202019
General and administrative$21,743 $13,579 $15,083 
Property management expense
5,427 3,511 3,075 
Total$27,170 $17,090 $18,158 
As of December 31, 2021, there is $25,162 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 1.70 years.
v3.22.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of carrying values and fair values of financial instruments
The following table displays the carrying values and fair values of financial instruments as of December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets carried at historical cost on the consolidated balance sheets:
Investments in debt securities(1)
Level 2$157,173 $161,356 $245,237 $249,736 
Liabilities carried at historical cost on the consolidated balance sheets:
Unsecured Notes — public offering(2)
Level 1$1,638,425 $1,599,001 $— $— 
Mortgage loans(3)
Level 23,065,620 3,110,862 4,832,133 4,923,107 
Unsecured Notes — private placement(4)
Level 2300,000 298,822 — — 
Secured Term Loan(5)
Level 3403,363 422,519 403,363 447,190 
Term Loan Facility(6)
Level 32,500,000 2,506,159 2,500,000 2,514,623 
Convertible Senior Notes(7)
Level 3141,397 141,631 339,404 351,166 
(1)The carrying values of investments in debt securities are shown net of discount.
(2)The carrying value of the Unsecured Notes — public offering includes unamortized discount of $11,575 and excludes $14,934 of deferred financing costs as of December 31, 2021.
(3)The carrying values of the mortgage loans are shown net of discount and excludes $9,767 and $12,035 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(4)The carrying value of the Unsecured Notes — private placement excludes $1,517 of deferred financing costs as of December 31, 2021.
(5)The carrying value of the Secured Term Loan excludes $2,050 and $2,268 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(6)The carrying values of the Term Loan Facility excludes $21,878 and $29,093 of deferred financing costs as of December 31, 2021 and 2020, respectively.
(7)The carrying values of the Convertible Senior Notes include unamortized discounts of $93 and $5,596 as of December 31, 2021 and 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 December 31, 2021:
Quantitative Information about Level 3 Fair Value Measurement(1)
Fair ValueValuation TechniqueUnobservable InputRate
Secured Term Loan$422,519 
Discounted Cash Flow
Effective Rate3.01%
Term Loan Facility2,506,159 
Discounted Cash Flow
Effective Rate1.10%2.50%
Convertible Senior Notes141,631 
Discounted Cash Flow
Effective Rate1.06%
(1)Our Level 3 fair value instruments require interest only payments.
Schedule of impaired assets, measured at fair value on a nonrecurring basis
The single-family residential properties for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below:
For the Years Ended December 31,
202120202019
Investments in single-family residential properties, net held for use (Level 3):
Pre-impairment amount$— $451 $9,255 
Total impairments— (89)(2,193)
Fair value$— $362 $7,062 
For the Years Ended December 31,
202120202019
Investments in single-family residential properties, net held for sale (Level 3):
Pre-impairment amount$3,582 $21,427 $61,061 
Total impairments(650)(4,489)(12,017)
Fair value$2,932 $16,938 $49,044 
v3.22.0.1
Earnings per Share (Tables)
12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Basic and diluted earnings per share calculation
Basic and diluted EPS are calculated as follows:
For the Years Ended December 31,
202120202019
(in thousands, except share and per share data)
Numerator:
Net income available to common stockholders — basic and diluted$261,098 $195,764 $145,068 
Denominator:
Weighted average common shares outstanding — basic577,681,070 553,993,321 531,235,962 
Effect of dilutive securities:
Incremental shares attributed to non-vested share-based awards1,528,453 1,465,286 1,263,825 
Weighted average common shares outstanding — diluted579,209,523 555,458,607 532,499,787 
Net income per common share — basic$0.45 $0.35 $0.27 
Net income per common share — diluted$0.45 $0.35 $0.27 
v3.22.0.1
Commitment and Contingencies (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2021, for the periods below:
Year
Operating
Leases
Finance
Leases
2022$4,579 $2,776 
20233,516 2,510 
20243,178 757 
20251,751 22 
2026716 — 
Thereafter
301 — 
Total lease payments14,041 6,065 
Less: imputed interest(785)(281)
Total lease liability$13,256 $5,784 
Schedule of lease costs
The components of lease expense for the years ended December 31, 2021, 2020, and 2019 are as follows:
For the Years Ended December 31,
202120202019
Operating lease cost:
Fixed lease cost$3,970 $4,324 $4,059 
Variable lease cost1,239 1,155 1,294 
Total operating lease cost$5,209 $5,479 $5,353 
Finance lease cost:
Amortization of ROU assets$2,825 $2,341 $491 
Interest on lease liabilities279 456 59 
Total finance lease cost$3,104 $2,797 $550 
v3.22.0.1
Organization and Formation (Details) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Feb. 06, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Common stock, shares authorized (in shares) 9,000,000,000 9,000,000,000 9,000,000,000
Preferred stock, shares authorized (in shares) 900,000,000 900,000,000 900,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Percentage ownership of the combined entity after the transaction 99.60%    
v3.22.0.1
Significant Accounting Policies (Details)
property in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
property
market
Dec. 31, 2020
USD ($)
Summary Of Significant Accounting Policies [Line Items]    
Conversion ratio from units to shares 1  
Number of real estate properties | property 80  
Number of real estate markets | market 16  
Held for sale assets $ 20,022,000 $ 44,163,000
Impairment of goodwill $ 0  
Minimum    
Summary Of Significant Accounting Policies [Line Items]    
Lessor leasing arrangements, operating leases, term of contract 12 months  
Minimum | Single Family    
Summary Of Significant Accounting Policies [Line Items]    
Weighted-average useful lives 7 years  
Maximum    
Summary Of Significant Accounting Policies [Line Items]    
Lessor leasing arrangements, operating leases, term of contract 2 years  
Maximum | Single Family    
Summary Of Significant Accounting Policies [Line Items]    
Weighted-average useful lives 28 years 6 months  
v3.22.0.1
Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Real Estate [Abstract]    
Land $ 4,737,938 $ 4,539,796
Single-family residential property 14,610,188 13,631,859
Capital improvements 540,252 515,479
Equipment 120,003 114,616
Total gross investments in the properties 20,008,381 18,801,750
Less: accumulated depreciation (3,073,059) (2,513,057)
Investments in single-family residential properties, net $ 16,935,322 $ 16,288,693
v3.22.0.1
Investments in Single-Family Residential Properties - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Capitalized acquisition costs, net $ 125,236 $ 119,929  
Capitalized interest costs 70,145 68,197  
Capitalized property taxes, net 28,211 26,899  
Capitalized insurance, net 4,762 4,654  
Capitalized HOA fees, net 3,280 3,090  
Depreciation and amortization 592,135 552,530 $ 533,719
Provisions for impairment 650 4,578 14,210
Real estate properties      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization 585,101 546,419 529,205
Furniture and equipment      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization $ 7,034 $ 6,111 $ 4,514
v3.22.0.1
Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 610,166 $ 213,422    
Restricted cash 208,692 198,346    
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 818,858 $ 411,768 $ 286,245 $ 359,991
v3.22.0.1
Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash $ 208,692 $ 198,346
Resident security deposits    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash 165,454 158,244
Collections    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash 21,402 22,978
Property taxes    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash 12,615 7,511
Capital expenditures    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash 4,368 4,919
Letters of credit    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash 3,682 3,320
Special and other reserves    
Restricted Cash and Cash Equivalents Items [Line Items]    
Restricted cash $ 1,171 $ 1,374
v3.22.0.1
Investments In Unconsolidated Joint Ventures (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
Schedule of Equity Method Investments [Line Items]      
Investments in unconsolidated joint ventures $ 130,395 $ 69,267  
Remaining equity commitment 19,400    
Income (loss) from investments in unconsolidated joint ventures (1,546) 0 $ 0
Joint venture management fees $ 4,893 0 0
Other, net      
Schedule of Equity Method Investments [Line Items]      
Income (loss) from investments in unconsolidated joint ventures   599 1,668
Joint venture management fees   $ 2,585 $ 2,823
Rockpoint      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 20.00%    
Number of real estate properties owned by joint venture | property 2,004 140  
Investments in unconsolidated joint ventures $ 54,579 $ 15,589  
FNMA      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 10.00%    
Number of real estate properties owned by joint venture | property 522 571  
Investments in unconsolidated joint ventures $ 52,791 $ 53,678  
Pathway      
Schedule of Equity Method Investments [Line Items]      
Ownership Percentage 15.00%    
Investments in unconsolidated joint ventures $ 23,025 $ 0  
Remaining equity commitment $ 225,000    
v3.22.0.1
Other Assets - Narrative (Details) - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]      
Investments in debt securities, net $ 157,173,000 $ 245,237,000  
Unamortized discount 13,512,000    
Allowance for credit loss 0    
Variable lease income 118,016,000 91,573,000 $ 92,759,000
Operating lease impairment loss   1,750,000  
Financing costs 11,846,000    
Debt issuance costs, unamortized balance $ 8,751,000 11,637,000  
Minimum      
Schedule of Investments [Line Items]      
Lessor leasing arrangements, operating leases, term of contract 12 months    
Maximum      
Schedule of Investments [Line Items]      
Lessor leasing arrangements, operating leases, term of contract 2 years    
Residential Mortgage Backed Securities      
Schedule of Investments [Line Items]      
Investments in debt securities, net $ 157,173,000    
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]      
Unamortized discount $ 1,937,000    
IH1 2017-1 | Mortgage Loans      
Schedule of Investments [Line Items]      
Unamortized discount $ 1,937,000 $ 2,289,000  
v3.22.0.1
Other Assets - Schedule of Other Assets (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Investments in debt securities, net $ 157,173 $ 245,237
Amounts deposited and held by others 62,241 2,852
Prepaid expenses 41,490 41,347
Rent and other receivables, net 37,473 35,256
Held for sale assets 20,022 44,163
ROU lease assets — operating and finance, net 16,975 21,705
Corporate fixed assets, net 16,595 9,995
Investments in equity securities 16,337 47,189
Deferred financing costs, net 8,751 11,637
Deferred leasing costs, net 5,837 7,631
Derivative instruments (Note 8) 6 1
Other 12,164 11,274
Total $ 395,064 $ 478,287
Number properties held-for-sale | property 80 179
v3.22.0.1
Other Assets - Schedule of Rent Revenues (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
2022 $ 1,174,909
2023 172,045
2024 553
2025 0
2026 0
Thereafter 0
Total $ 1,347,507
v3.22.0.1
Other Assets - Schedule of Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Schedule of Investments [Line Items]    
Operating Lease, Right-of-Use Asset $ 10,959 $ 12,942
Operating Lease, Liability $ 13,256  
Operating Lease, Weighted Average Remaining Lease Term 3 years 8 months 12 days 4 years
Lessee, Operating Lease, Weighted Avg Discount Rate 3.20% 3.50%
Finance Lease, Right-of-Use Asset $ 6,016 $ 8,763
Finance Lease, Liability $ 5,784 $ 8,389
Finance Lease, Weighted Average Remaining Lease Term 2 years 2 months 12 days 3 years 1 month 6 days
Lessee, Finance Lease, Weighted Avg Discount Rate 4.00% 4.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Other liabilities    
Schedule of Investments [Line Items]    
Operating Lease, Liability $ 13,256 $ 15,988
v3.22.0.1
Other Assets - Schedule of Investments in Equity Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Investments with a readily determinable fair value $ 10,499 $ 46,339
Investments without a readily determinable fair value 5,838 850
Total $ 16,337 $ 47,189
v3.22.0.1
Other Assets - Gains (Losses) on Equity Securities (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
Net losses recognized on investments sold during the reporting period — with a readily determinable value $ (5,483) $ 0 $ 0
Net unrealized gains (losses) on investments still held at the reporting date — with a readily determinable fair value (3,937) 29,689 0
Unrealized gains on investments still held at the reporting date — without a readily determinable fair value 0 34 6,480
Total $ (9,420) $ 29,723 $ 6,480
v3.22.0.1
Debt - Schedule of Mortgage Loans (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
extension
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]    
Less: deferred financing costs, net $ (50,146)  
Total 7,998,659  
Unamortized discount $ 13,512  
London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Debt instrument, variable rate 0.10%  
Mortgage Loans    
Debt Instrument [Line Items]    
Outstanding Principal Balance $ 3,065,620 $ 4,832,133
Less: deferred financing costs, net (9,767) (12,035)
Total 3,055,853 4,820,098
Unamortized discount $ 1,937  
IH1 2017-1 | Mortgage Loans    
Debt Instrument [Line Items]    
Interest Rate 4.23%  
Outstanding Principal Balance $ 993,703 994,787
Debt instrument term 10 years  
Unamortized discount $ 1,937 2,289
IH 2017-2 | Mortgage Loans    
Debt Instrument [Line Items]    
Outstanding Principal Balance $ 0 612,506
IH 2018-1 | Mortgage Loans    
Debt Instrument [Line Items]    
Interest Rate 0.98%  
Outstanding Principal Balance $ 568,495 646,021
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 1.31%  
IH 2018-2 | Mortgage Loans    
Debt Instrument [Line Items]    
Interest Rate 1.15%  
Outstanding Principal Balance $ 629,237 693,988
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 1.33%  
IH 2018-3 | Mortgage Loans    
Debt Instrument [Line Items]    
Interest Rate 1.22%  
Outstanding Principal Balance $ 204,637 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 1.35%  
IH 2018-4 | Mortgage Loans    
Debt Instrument [Line Items]    
Interest Rate 1.32%  
Outstanding Principal Balance $ 669,548 $ 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 1.45%  
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans    
Debt Instrument [Line Items]    
Debt instrument term 2 years  
Extension term 1 year  
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans | Minimum    
Debt Instrument [Line Items]    
Basis spread 0.76%  
Debt instrument term 2 years  
Number of extensions | extension 3  
IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 | Mortgage Loans | Maximum    
Debt Instrument [Line Items]    
Basis spread 1.45%  
Number of extensions | extension 5  
v3.22.0.1
Debt - Mortgage Loans Narrative (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
extension
property
loan
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]      
Number of real estate properties | property 80,000    
Gross book value $ 20,008,381 $ 18,801,750  
Investments in single-family residential properties, net 16,935,322 16,288,693  
Investments in debt securities, net 157,173 245,237  
Payments on mortgage loans $ (1,766,865) $ (1,434,626) $ (997,421)
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      
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]      
Number of components | 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      
Debt Instrument [Line Items]      
Number of components | loan 6    
Debt instrument term 2 years    
Extension term 1 year    
Mortgage Loans | Residential Real Estate      
Debt Instrument [Line Items]      
Number of real estate properties | property 26,950 31,316  
Gross book value $ 6,043,652 $ 6,888,308  
Investments in single-family residential properties, net $ 4,922,037 $ 5,761,551  
Mortgage Loans | Minimum | IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4      
Debt Instrument [Line Items]      
Debt instrument term 2 years    
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      
Debt Instrument [Line Items]      
Number of extensions | extension 5    
Basis spread 1.45%    
v3.22.0.1
Debt - Secured Term Loan Narrative (Details)
$ in Thousands
12 Months Ended
Jun. 07, 2019
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
property
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]        
Number of real estate properties | property   80,000    
Gross book value   $ 20,008,381 $ 18,801,750  
Investments in single-family residential properties, net   16,935,322 16,288,693  
Payments on secured term loan   $ 0 $ 101 $ 0
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   20.00%    
Limitation on collateral substitution   100.00%    
Number of special releases allowed after first anniversary   4    
Special release of collateral   15.00%    
Secured Term Loan | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Basis spread 1.47%      
Residential Real Estate | Secured Term Loan        
Debt Instrument [Line Items]        
Number of real estate properties | property   3,334 3,332  
Gross book value   $ 801,318 $ 791,860  
Investments in single-family residential properties, net   $ 703,492 $ 719,762  
Fixed Rate | Secured Term Loan        
Debt Instrument [Line Items]        
Debt instrument term 11 years      
v3.22.0.1
Debt - Schedule of Secured Term Loan (Details) - USD ($)
$ in Thousands
Jun. 07, 2019
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Long-term debt, gross   $ 8,062,410  
Less: deferred financing costs, net   (50,146)  
Total   $ 7,998,659  
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   (2,050) (2,268)
Total   $ 401,313 $ 401,095
Debt instrument term 12 years    
London Interbank Offered Rate (LIBOR) | Secured Term Loan      
Debt Instrument [Line Items]      
Basis spread 1.47%    
Fixed Rate | Secured Term Loan      
Debt Instrument [Line Items]      
Debt instrument term 11 years    
v3.22.0.1
Debt - Unsecured Notes Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Nov. 05, 2021
Aug. 06, 2021
May 25, 2021
Debt Instrument [Line Items]        
Long-term debt, gross $ 8,062,410      
Unsecured Notes        
Debt Instrument [Line Items]        
Long-term debt, gross $ 1,950,000      
Unsecured Notes | Unsecured Notes - May 2028        
Debt Instrument [Line Items]        
Long-term debt, gross       $ 150,000
Fixed interest rate       2.46%
Unsecured Notes | Unsecured Notes - May 2036        
Debt Instrument [Line Items]        
Long-term debt, gross       $ 150,000
Fixed interest rate       3.18%
Unsecured Notes | Unsecured Notes - August 2031        
Debt Instrument [Line Items]        
Long-term debt, gross     $ 650,000  
Fixed interest rate     2.00%  
Unsecured Notes | Unsecured Notes - November 2028        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 600,000    
Fixed interest rate   2.30%    
Unsecured Notes | Unsecured Notes - January 2034        
Debt Instrument [Line Items]        
Long-term debt, gross   $ 400,000    
Fixed interest rate   2.70%    
v3.22.0.1
Debt - Schedule of Unsecured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Less: deferred financing costs, net $ (50,146)  
Total 7,998,659  
Unamortized discount 13,512  
Unsecured Notes    
Debt Instrument [Line Items]    
Outstanding Principal Balance 1,938,425 $ 0
Less: deferred financing costs, net (16,451) 0
Total 1,921,974 $ 0
Unamortized discount $ 11,575  
v3.22.0.1
Debt - Term Loan Facility and Revolving Facility Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Dec. 08, 2020
Dec. 31, 2017
Line of Credit Facility [Line Items]        
Line of credit facility, current borrowing capacity     $ 3,500,000  
Revolving Facility | Minimum        
Line of Credit Facility [Line Items]        
Line of credit facility, facility fee percentage   0.10%    
Line of credit facility, unused capacity, commitment fee percentage   0.20%    
Revolving Facility | Maximum        
Line of Credit Facility [Line Items]        
Line of credit facility, facility fee percentage   0.30%    
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  
Line of Credit | Revolving Facility | London Interbank Offered Rate (LIBOR)        
Line of Credit Facility [Line Items]        
Basis spread 0.89%      
Line of Credit | Term Loan Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, current borrowing capacity     $ 2,500,000  
Line of Credit | Term Loan Facility | London Interbank Offered Rate (LIBOR)        
Line of Credit Facility [Line Items]        
Basis spread 1.00%      
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 Term Loan Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, current borrowing capacity       $ 1,500,000
v3.22.0.1
Debt - Schedule of Term Loan Facility and Revolving Facility (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Line of Credit Facility [Line Items]      
Long-term debt, gross $ 8,062,410 $ 8,062,410  
Less: deferred financing costs, net (50,146) (50,146)  
Total $ 7,998,659 $ 7,998,659  
London Interbank Offered Rate (LIBOR)      
Line of Credit Facility [Line Items]      
Debt instrument, variable rate 0.10% 0.10%  
Line of Credit | Term Loan Facility      
Line of Credit Facility [Line Items]      
Interest Rate 1.10% 1.10%  
Long-term debt, gross $ 2,500,000 $ 2,500,000 $ 2,500,000
Less: deferred financing costs, net (21,878) (21,878) (29,093)
Total $ 2,478,122 $ 2,478,122 2,470,907
Line of Credit | Revolving Facility      
Line of Credit Facility [Line Items]      
Interest Rate 0.99% 0.99%  
Long-term debt, gross $ 0 $ 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 0.89%    
v3.22.0.1
Debt - Margins on Facilities (Details) - Line of Credit
12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.00%
Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread 1.00%  
Revolving Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread 0.89%  
Credit grade rating pricing grid | Minimum | Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.00%
Credit grade rating pricing grid | Minimum | Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   0.80%
Credit grade rating pricing grid | Minimum | Revolving Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.00%
Credit grade rating pricing grid | Minimum | Revolving Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   0.75%
Credit grade rating pricing grid | Maximum | Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.65%
Credit grade rating pricing grid | Maximum | Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.65%
Credit grade rating pricing grid | Maximum | Revolving Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.45%
Credit grade rating pricing grid | Maximum | Revolving Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.45%
Leverage based pricing grid | Minimum | Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.45%
Leverage based pricing grid | Minimum | Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.45%
Leverage based pricing grid | Minimum | Revolving Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.50%
Leverage based pricing grid | Minimum | Revolving Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.50%
Leverage based pricing grid | Minimum | 2017 Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.70%
Leverage based pricing grid | Minimum | 2017 Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.70%
Leverage based pricing grid | Minimum | 2017 Revolving Credit Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   0.75%
Leverage based pricing grid | Minimum | 2017 Revolving Credit Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   1.75%
Leverage based pricing grid | Maximum | Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   1.15%
Leverage based pricing grid | Maximum | Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   2.15%
Leverage based pricing grid | Maximum | Revolving Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   1.15%
Leverage based pricing grid | Maximum | Revolving Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   2.15%
Leverage based pricing grid | Maximum | 2017 Term Loan Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   1.30%
Leverage based pricing grid | Maximum | 2017 Term Loan Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   2.30%
Leverage based pricing grid | Maximum | 2017 Revolving Credit Facility | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread   1.30%
Leverage based pricing grid | Maximum | 2017 Revolving Credit Facility | London Interbank Offered Rate (LIBOR)    
Line of Credit Facility [Line Items]    
Basis spread   2.30%
v3.22.0.1
Debt - Convertible Senior Notes Narrative (Details)
12 Months Ended
Jan. 18, 2022
shares
Dec. 31, 2021
USD ($)
$ / shares
Jul. 01, 2019
USD ($)
$ / shares
Rate
shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 31, 2017
USD ($)
Jul. 31, 2014
USD ($)
Debt Instrument [Line Items]                
Number of converted shares issued | shares     12,553,864          
Settled amount of convertible securities       $ 203,509,000   $ 229,944,000    
Amortization of debt discounts       $ 6,244,000 $ 5,458,000 7,343,000    
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%        
Debt Instrument, Redemption, Period One                
Debt Instrument [Line Items]                
Debt instrument, convertible conversion price (in dollars per share) | $ / shares   $ 22.72   $ 22.72        
2019 Convertible Notes                
Debt Instrument [Line Items]                
Number of converted shares issued | shares     12,553,864          
Debt instrument, convertible, conversion ratio | Rate     5459.54%          
Principal amount used for conversion     $ 1,000          
Debt instrument, convertible conversion price (in dollars per share) | $ / shares     $ 18.32          
Amortization of debt discounts           5,586,000    
2019 Convertible Notes | Debt Instrument, Redemption, Period One                
Debt Instrument [Line Items]                
Convertible senior notes amount               $ 230,000,000
Interest Rate               3.00%
2022 Convertible Notes                
Debt Instrument [Line Items]                
Convertible senior notes amount             $ 345,000,000  
Interest Rate             3.50%  
2022 Convertible Notes | Subsequent Event                
Debt Instrument [Line Items]                
Number of converted shares issued | shares 6,216,261              
2022 Convertible Notes | Debt Instrument, Redemption, Period One                
Debt Instrument [Line Items]                
Convertible senior notes amount   $ 141,490,000   $ 141,490,000 345,000,000      
Interest Rate   3.50%   3.50%        
Debt instrument, convertible, conversion ratio       44.0184        
Principal amount used for conversion   $ 1,000   $ 1,000        
Settled amount of convertible securities       $ 203,510,000        
If-converted value in excess of principal   $ 140,895,000            
Share price (in usd per share) | $ / shares   $ 45.34   $ 45.34        
Amortization of debt discounts       $ 14,364,000 $ 17,181,000 $ 16,929,000    
v3.22.0.1
Debt - Schedule of Convertible Senior Notes (Details)
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Nov. 16, 2017
USD ($)
Jan. 31, 2017
USD ($)
Convertible Notes Payable [Abstract]        
Net unamortized fair value adjustment $ (93,000)      
Total 141,397,000 $ 339,404,000    
Convertible Senior Notes        
Convertible Notes Payable [Abstract]        
Net unamortized fair value adjustment $ (93,000) (5,596,000)    
2022 Convertible Notes        
Convertible Notes Payable [Abstract]        
Interest Rate       3.50%
Principal Amount       $ 345,000,000
2022 Convertible Notes | Debt Instrument, Redemption, Period One        
Convertible Notes Payable [Abstract]        
Interest Rate 3.50%      
Effective Rate 5.12%      
Conversion Rate 44.0184      
Remaining Amortization Period 14 days      
Principal Amount $ 141,490,000 $ 345,000,000    
Convertible debt, fair value disclosures     $ 324,252,000  
Principal amount used for conversion $ 1,000      
v3.22.0.1
Debt - Debt Maturities Schedule (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
extension
Dec. 31, 2020
USD ($)
Year    
2022 $ 2,213,407  
2023 0  
2024 0  
2025 2,500,000  
2026 0  
Thereafter 3,349,003  
Total 8,062,410  
Less: deferred financing costs, net (50,146)  
Less: unamortized fair value adjustment 93  
Less: unamortized debt discount (13,512)  
Total 7,998,659  
Mortgage Loans    
Year    
2022 2,071,917  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 995,640  
Total 3,067,557  
Less: deferred financing costs, net (9,767) $ (12,035)
Less: unamortized fair value adjustment 0  
Less: unamortized debt discount (1,937)  
Total 3,055,853 4,820,098
Secured Term Loan    
Year    
2022 0  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 403,363  
Total 403,363 403,363
Less: deferred financing costs, net (2,050) (2,268)
Less: unamortized fair value adjustment 0  
Less: unamortized debt discount 0  
Total 401,313 401,095
Unsecured Notes    
Year    
2022 0  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 1,950,000  
Total 1,950,000  
Less: deferred financing costs, net (16,451) 0
Less: unamortized fair value adjustment 0  
Less: unamortized debt discount (11,575)  
Total 1,921,974 0
Term Loan Facility    
Year    
2022 0  
2023 0  
2024 0  
2025 2,500,000  
2026 0  
Thereafter 0  
Total 2,500,000  
Less: deferred financing costs, net (21,878) (29,093)
Less: unamortized fair value adjustment 0  
Less: unamortized debt discount 0  
Total $ 2,478,122  
Number of extensions | extension 2  
Extension term 6 months  
Revolving Facility    
Year    
2022 $ 0  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 0  
Total 0  
Less: deferred financing costs, net 0  
Less: unamortized fair value adjustment 0  
Less: unamortized debt discount 0  
Total 0  
Convertible Senior Notes    
Year    
2022 141,490  
2023 0  
2024 0  
2025 0  
2026 0  
Thereafter 0  
Total 141,490  
Less: deferred financing costs, net 0  
Less: unamortized fair value adjustment 93 $ 5,596
Less: unamortized debt discount 0  
Total $ 141,397  
v3.22.0.1
Derivative Instruments - Narrative (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Derivative [Line Items]      
Cost to terminate swap $ 20,798 $ 15,249  
Cost to modify start date of swap     $ 8,239
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months 115,770    
Derivative loss recognized in earnings   3,111  
Derivative liability amount offset against collateral 271,156 $ 539,560  
Assets needed for immediate settlement, aggregate fair value $ 279,451    
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 7.56%    
Interest rate caps | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Debt service coverage ratio 1.2    
v3.22.0.1
Derivative Instruments - Interest Rate Swap Instruments (Details) - Designated as Hedging Instrument - London Interbank Offered Rate (LIBOR)
$ in Thousands
Dec. 31, 2021
USD ($)
Interest Rate Swap 1  
Derivative [Line Items]  
Strike Rate 2.86%
Notional Amount $ 400,000
Interest Rate Swap 2  
Derivative [Line Items]  
Strike Rate 2.23%
Notional Amount $ 800,000
Interest Rate Swap 3  
Derivative [Line Items]  
Strike Rate 2.85%
Notional Amount $ 400,000
Interest Rate Swap 4  
Derivative [Line Items]  
Strike Rate 2.86%
Notional Amount $ 400,000
Interest Rate Swap 5  
Derivative [Line Items]  
Strike Rate 2.99%
Notional Amount $ 325,000
Interest Rate Swap 6  
Derivative [Line Items]  
Strike Rate 2.99%
Notional Amount $ 595,000
Interest Rate Swap 7  
Derivative [Line Items]  
Strike Rate 2.90%
Notional Amount $ 1,100,000
Interest Rate Swap 8  
Derivative [Line Items]  
Strike Rate 2.90%
Notional Amount $ 400,000
Interest Rate Swap 9  
Derivative [Line Items]  
Strike Rate 3.14%
Notional Amount $ 400,000
Interest Rate Swap 10  
Derivative [Line Items]  
Strike Rate 3.16%
Notional Amount $ 400,000
v3.22.0.1
Derivative Instruments - Fair Values of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Asset Derivatives $ 6 $ 1
Liability Derivatives 271,156 539,560
Other assets    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 6 1
Other liabilities    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 271,156 539,560
Interest rate swaps | Designated as Hedging Instrument | Other assets    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 0 0
Interest rate swaps | Designated as Hedging Instrument | Other liabilities    
Derivatives, Fair Value [Line Items]    
Liability Derivatives 271,156 539,560
Interest rate caps | Not Designated as Hedging Instrument | Other assets    
Derivatives, Fair Value [Line Items]    
Asset Derivatives 6 1
Interest rate caps | Not Designated as Hedging Instrument | Other liabilities    
Derivatives, Fair Value [Line Items]    
Liability Derivatives $ 0 $ 0
v3.22.0.1
Derivative Instruments - Offsetting of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Offsetting assets:    
Gross Amounts of Recognized Assets $ 6 $ 1
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Assets Presented in the Statement of Financial Position 6 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 6 1
Offsetting liabilities:    
Gross Amounts of Recognized Liabilities 271,156 539,560
Gross Amounts Offset in the Statement of Financial Position 0 0
Net Amounts of Liabilities Presented in the Statement of Financial Position 271,156 539,560
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 $ 271,156 $ 539,560
v3.22.0.1
Derivative Instruments - Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) Recognized in OCI on Derivative $ 113,394 $ (388,466) $ (244,126)
Interest expense 322,661 353,923 367,173
Interest rate caps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss Recognized in Net Income on Derivative 129 273 126
AOCI into Net Loss | Reclassified from AOCI      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense (148,742) (116,549) 20,763
Cash Flow Hedging | Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Gain (Loss) Recognized in OCI on Derivative $ 113,394 $ (388,466) $ (244,126)
v3.22.0.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
12 Months Ended
Feb. 02, 2022
$ / shares
Nov. 09, 2021
$ / shares
Aug. 10, 2021
$ / shares
May 11, 2021
$ / shares
Feb. 10, 2021
$ / shares
Nov. 10, 2020
$ / shares
Aug. 12, 2020
$ / shares
Jun. 04, 2020
shares
May 13, 2020
$ / shares
Feb. 12, 2020
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 20, 2021
USD ($)
Aug. 22, 2019
USD ($)
Dec. 31, 2018
shares
Class of Stock [Line Items]                                
Common stock, shares outstanding (in shares)                     601,045,438 567,117,666        
Conversion ratio from units to shares                     1          
Redeemable OP Units outstanding (in units)                     2,538,285          
Issuance of common stock (in shares)                     33,927,772 25,474,941 20,994,748      
Issuance of common stock, net | $                     $ 933,790 $ 686,723 $ 55,263      
Common stock dividends declared (in usd per share) | $ / shares   $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.15 $ 0.15   $ 0.15 $ 0.15 $ 0.68 $ 0.60 $ 0.52      
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)                     14,375,000          
Issuance of common stock, net | $                     $ 571,201 $ 447,533        
Commissions and other costs | $                     3,799 6,861        
Total ATM Equity Program Amount                                
Class of Stock [Line Items]                                
Issuance of common stock, net | $                     362,589 239,190 $ 55,263      
Commissions and other costs | $                     $ 6,225 $ 3,851 $ 1,696      
Aggregate sales price | $                           $ 1,250,000 $ 800,000  
Common Stock                                
Class of Stock [Line Items]                                
Common stock, shares outstanding (in shares)                     601,045,438 567,117,666 541,642,725     520,647,977
Issuance of common stock (in shares)                     23,383,528 25,088,224 1,957,139      
Issuance of common stock, net | $                     $ 234 $ 251 $ 20      
Common Stock | Public Offering                                
Class of Stock [Line Items]                                
Issuance of common stock (in shares)               16,675,000                
Shares sold pursuant to underwriters exercise option               2,175,000     1,875,000          
Common Stock | Total ATM Equity Program Amount                                
Class of Stock [Line Items]                                
Issuance of common stock (in shares)                     9,008,528 8,413,224 1,957,139      
Subsequent Event                                
Class of Stock [Line Items]                                
Common stock dividends declared (in usd per share) | $ / shares $ 0.22                              
v3.22.0.1
Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Nov. 24, 2021
Nov. 09, 2021
Aug. 27, 2021
Aug. 10, 2021
May 28, 2021
May 11, 2021
Feb. 26, 2021
Feb. 10, 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
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity [Abstract]                                      
Amount per Share (in usd per share)   $ 0.17   $ 0.17   $ 0.17   $ 0.17   $ 0.15   $ 0.15   $ 0.15   $ 0.15 $ 0.68 $ 0.60 $ 0.52
Total Amount Declared $ 102,180   $ 98,965   $ 97,054   $ 96,933   $ 84,911   $ 84,286   $ 81,916   $ 81,673        
v3.22.0.1
Share-Based Compensation - Narrative (Details)
$ in Thousands
12 Months Ended
May 01, 2019
USD ($)
Nov. 16, 2017
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
installment
shares
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 91,200 23,392  
Forfeited in period due to performance target level not met     47,145 5,348 52,896  
LTIP Agreement | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)     675,627 499,228 534,547  
Bonus Awards | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)           136,941
Number of annual installments | installment           3
Supplemental Bonus Plan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Aggregate fair value granted during period | $         $ 59,797  
Awards granted         2,988,120  
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]            
Award vesting period 3 years          
Aggregate grant-date fair 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 58,690 53,704  
Merger With Starwood Waypoint Homes | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)           168,184
Awards granted       4,756    
Awards assumed in business combination   949,698        
Forfeited in period         77,926  
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]            
Award vesting rights 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]            
Award vesting rights 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]            
Award vesting rights 50.00%          
Minimum | Merger With Starwood Waypoint Homes | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   3 years        
Maximum | Merger With Starwood Waypoint Homes | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period   4 years        
v3.22.0.1
Share-Based Compensation - Summary of Total Share-Based Awards (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Omnibus Incentive Plan      
Restricted Stock and Restricted Stock Units Outstanding      
Vested (in shares) (1,033) (2,109) (295,459)
Total Share-Based Awards      
Restricted Stock and Restricted Stock Units Outstanding      
Balance, Beginning of period (in shares) 1,535,934 1,610,145 2,484,377
Granted (in shares) 878,574 653,874 611,643
Vested (in shares) (832,678) (692,604) (1,159,963)
Forfeited/cancelled (in shares) (87,208) (35,481) (325,912)
Balance, Ending of period (in shares) 1,494,622 1,535,934 1,610,145
Vested, fair value $ 18,214 $ 12,625 $ 30,526
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value      
Balance, Beginning of period (in dollars per share) $ 25.70 $ 22.86 $ 21.79
Granted (in dollars per share) 28.26 29.14 23.94
Vested (in dollars per share) (23.37) (22.42) (21.45)
Forfeited (in dollars per share) (24.69) (24.20) (21.81)
Balance, Ending of period (in dollars per share) $ 28.56 $ 25.70 $ 22.86
Time-Vesting Awards      
Restricted Stock and Restricted Stock Units Outstanding      
Balance, Beginning of period (in shares) 560,123 685,069 1,595,644
Granted (in shares) 252,249 225,760 242,224
Vested (in shares) (396,185) (339,448) (1,076,025)
Forfeited/cancelled (in shares) (19,102) (11,258) (76,774)
Balance, Ending of period (in shares) 397,085 560,123 685,069
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value      
Balance, Beginning of period (in dollars per share) $ 24.54 $ 22.48 $ 21.63
Granted (in dollars per share) 30.30 28.25 23.44
Vested (in dollars per share) (23.44) (22.81) (21.46)
Forfeited (in dollars per share) (29.83) (25.59) (22.03)
Balance, Ending of period (in dollars per share) $ 29.05 $ 24.54 $ 22.48
PRSUs      
Restricted Stock and Restricted Stock Units Outstanding      
Balance, Beginning of period (in shares) 975,811 925,076 888,733
Granted (in shares) 626,325 428,114 369,419
Vested (in shares) (436,493) (353,156) (83,938)
Forfeited/cancelled (in shares) (68,106) (24,223) (249,138)
Balance, Ending of period (in shares) 1,097,537 975,811 925,076
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value      
Balance, Beginning of period (in dollars per share) $ 26.36 $ 23.13 $ 22.09
Granted (in dollars per share) 27.44 29.61 24.27
Vested (in dollars per share) (23.31) (22.04) (21.21)
Forfeited (in dollars per share) (23.25) (23.56) (21.75)
Balance, Ending of period (in dollars per share) $ 28.38 $ 26.36 $ 23.13
v3.22.0.1
Share-Based Compensation - Fair Value Inputs (Details)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value Assumptions      
Expected volatility 33.20%    
Expected volatility, minimum   17.20% 17.20%
Expected volatility, maximum   17.30% 17.40%
Risk-free rate 0.31% 0.85%  
Risk-free rate, minimum     2.25%
Risk-free rate, maximum     2.42%
Expected holding period (years) 2 years 10 months 2 days    
Minimum      
Fair Value Assumptions      
Expected holding period (years)   2 years 1 month 2 days 2 years 10 months 2 days
Maximum      
Fair Value Assumptions      
Expected holding period (years)   2 years 10 months 2 days 2 years 11 months 1 day
v3.22.0.1
Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation arrangement, allocated share-based compensation expense $ 27,170 $ 17,090 $ 18,158
Employee service share-based compensation not yet recognized $ 25,162    
Share-based compensation arrangement, weighted average remaining contractual terms 1 year 8 months 12 days    
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation arrangement, allocated share-based compensation expense $ 21,743 13,579 15,083
Property management expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Share-based compensation arrangement, allocated share-based compensation expense $ 5,427 $ 3,511 $ 3,075
v3.22.0.1
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets carried at historical cost on the consolidated balance sheets    
Investments in debt securities, net $ 157,173 $ 245,237
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 13,512  
Deferred financing costs, net 50,146  
Unamortized fair value adjustment 93  
Level 2    
Assets carried at historical cost on the consolidated balance sheets    
Investments in debt securities, net 157,173 245,237
Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 11,575  
Deferred financing costs, net 16,451 0
Unamortized fair value adjustment 0  
Unsecured Notes | Private Placement Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Deferred financing costs, net 1,517  
Unsecured Notes | Public Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Deferred financing costs, net 14,934  
Mortgage Loans    
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 1,937  
Deferred financing costs, net 9,767 12,035
Unamortized fair value adjustment 0  
Secured Term Loan    
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 0  
Deferred financing costs, net 2,050 2,268
Unamortized fair value adjustment 0  
Term Loan Facility    
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 0  
Deferred financing costs, net 21,878 29,093
Unamortized fair value adjustment 0  
Convertible Senior Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Unamortized discount 0  
Deferred financing costs, net 0  
Unamortized fair value adjustment 93 5,596
Fair Value | Level 2    
Assets carried at historical cost on the consolidated balance sheets    
Investments in debt securities 161,356 249,736
Fair Value | Unsecured Notes | Level 1 | Public Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 1,599,001 0
Fair Value | Unsecured Notes | Level 2 | Private Placement Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 298,822 0
Fair Value | Unsecured Notes | Level 3 | Private Placement Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 298,822  
Fair Value | Mortgage Loans | Level 2    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 3,110,862 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 422,519 447,190
Fair Value | Term Loan Facility | Level 3    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 2,506,159 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 141,631 351,166
Carrying Value | Unsecured Notes | Level 1 | Public Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 1,638,425 0
Carrying Value | Unsecured Notes | Level 2 | Private Placement Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 300,000 0
Carrying Value | Unsecured Notes | Level 3 | Private Placement Unsecured Notes    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 300,000  
Carrying Value | Mortgage Loans | Level 2    
Liabilities carried at historical cost on the consolidated balance sheets    
Liabilities carried at historical cost 3,065,620 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 | 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 $ 141,397 $ 339,404
v3.22.0.1
Fair Value Measurements Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurement (Details) - Valuation Technique, Discounted Cash Flow - Level 3
12 Months Ended
Dec. 31, 2021
Secured Term Loan  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value Inputs, Effective Rate 3.01%
Term Loan Facility | Minimum  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value Inputs, Effective Rate 1.10%
Term Loan Facility | Maximum  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value Inputs, Effective Rate 2.50%
Convertible Senior Notes  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Fair Value Inputs, Effective Rate 1.06%
v3.22.0.1
Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Investments in single-family residential properties, net held for use and held for sale impairment adjustments      
Provisions for impairment $ (650) $ (4,578) $ (14,210)
Operating lease impairment loss   1,750  
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 3,582 21,427 61,061
Provisions for impairment (650) (4,489) (12,017)
Fair value 2,932 16,938 49,044
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 9,255
Provisions for impairment 0 (89) (2,193)
Fair value $ 0 $ 362 $ 7,062
v3.22.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Numerator:      
Net income available to common stockholders — basic $ 261,098 $ 195,764 $ 145,068
Net income available to common stockholders — diluted $ 261,098 $ 195,764 $ 145,068
Denominator:      
Weighted average common shares outstanding — basic 577,681,070 553,993,321 531,235,962
Incremental shares attributed to non-vested share-based awards 1,528,453 1,465,286 1,263,825
Weighted average common shares outstanding — diluted 579,209,523 555,458,607 532,499,787
Net income per common share — basic (in usd per share) $ 0.45 $ 0.35 $ 0.27
Net income per common share — diluted (in usd per share) $ 0.45 $ 0.35 $ 0.27
2019 Convertible Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted EPS     6,225,341
2022 Convertible Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted EPS 11,293,203 15,100,443 15,100,443
Non-vested share-based awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted EPS 16,939 467 121
v3.22.0.1
Income Tax (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Deferred tax assets $ 0 $ 0  
Deferred tax liabilities 0 0  
Income tax expense $ 551 $ 870 $ 2,490
v3.22.0.1
Commitments and Contingencies - Schedule of Fixed Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2022 $ 4,579  
2023 3,516  
2024 3,178  
2025 1,751  
2026 716  
Thereafter 301  
Total lease payments 14,041  
Less: imputed interest (785)  
Total lease liability 13,256  
Finance Lease, Liability, Payment, Due [Abstract]    
2022 2,776  
2023 2,510  
2024 757  
2025 22  
2026 0  
Thereafter 0  
Total lease payments 6,065  
Less: imputed interest (281)  
Total lease liability $ 5,784 $ 8,389
v3.22.0.1
Commitments and Contingencies - Schedule of lease costs (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating lease cost:      
Operating lease fixed cost $ 3,970 $ 4,324 $ 4,059
Operating lease variable cost 1,239 1,155 1,294
Total operating lease cost 5,209 5,479 5,353
Finance lease cost:      
Amortization of ROU assets 2,825 2,341 491
Interest on lease liabilities 279 456 59
Total finance lease cost $ 3,104 $ 2,797 $ 550
v3.22.0.1
Commitments and Contingencies - Narrative (Details) - Inventories
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
property
Long-term Purchase Commitment [Line Items]  
Number of homes committed to be purchased | property 1,357
Purchase period 6 years
Remaining commitments | $ $ 420,000
v3.22.0.1
Subsequent Events - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Feb. 02, 2022
Jan. 18, 2022
Nov. 09, 2021
Aug. 10, 2021
May 11, 2021
Feb. 10, 2021
Nov. 10, 2020
Aug. 12, 2020
May 13, 2020
Feb. 12, 2020
Jul. 01, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Subsequent Event [Line Items]                            
Number of converted shares issued                     12,553,864      
Common stock dividends declared (in usd per share)     $ 0.17 $ 0.17 $ 0.17 $ 0.17 $ 0.15 $ 0.15 $ 0.15 $ 0.15   $ 0.68 $ 0.60 $ 0.52
Subsequent Event                            
Subsequent Event [Line Items]                            
Common stock dividends declared (in usd per share) $ 0.22                          
Three Point Five Zero Convertible Senior Notes [Member] | Subsequent Event                            
Subsequent Event [Line Items]                            
Number of converted shares issued   6,216,261                        
Equity component settled with cash   $ 271                        
v3.22.0.1
Schedule III Real Estate and Accumulated Depreciation - Summary of Properties (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
property
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number Of Units Owned | property 82,381      
Number of Properties | property 82,301      
Number of Encumbered Properties | property 30,261      
Amount of Encumbrances $ 3,467,131      
Initial cost to company        
Land 4,737,938      
Depreciable Properties 13,096,223      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 2,174,220      
Gross amount at which carried at close of period        
Land 4,737,938      
Depreciable Properties 15,270,443      
Total 20,008,381 $ 18,801,750 $ 18,247,164 $ 18,229,974
Accumulated Depreciation   $ (3,073,059) $ (2,513,057) $ (2,003,972) $ (1,543,914)
Number Of Units Classified In Other Assets, Net | property 80      
Number Of Encumbered Units Held For Sale | property 23      
Amount Of Encumbrances Held For Sale $ 3,789      
Federal Income Tax Basis $ 18,200,000      
Atlanta        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 12,654      
Number of Encumbered Properties | property 5,394      
Amount of Encumbrances $ 449,672      
Initial cost to company        
Land 329,677      
Depreciable Properties 1,650,049      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 295,913      
Gross amount at which carried at close of period        
Land 329,677      
Depreciable Properties 1,945,962      
Total 2,275,639      
Accumulated Depreciation   $ (411,684)      
Carolinas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 5,253      
Number of Encumbered Properties | property 1,944      
Amount of Encumbrances $ 189,851      
Initial cost to company        
Land 191,336      
Depreciable Properties 827,923      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 116,675      
Gross amount at which carried at close of period        
Land 191,336      
Depreciable Properties 944,598      
Total 1,135,934      
Accumulated Depreciation   $ (165,821)      
Chicago        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2,562      
Number of Encumbered Properties | property 0      
Amount of Encumbrances $ 0      
Initial cost to company        
Land 129,440      
Depreciable Properties 318,687      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 112,061      
Gross amount at which carried at close of period        
Land 129,440      
Depreciable Properties 430,748      
Total 560,188      
Accumulated Depreciation   $ (112,709)      
Dallas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2,855      
Number of Encumbered Properties | property 972      
Amount of Encumbrances $ 111,574      
Initial cost to company        
Land 133,738      
Depreciable Properties 498,266      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 43,051      
Gross amount at which carried at close of period        
Land 133,738      
Depreciable Properties 541,317      
Total 675,055      
Accumulated Depreciation   $ (66,097)      
Denver        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2,658      
Number of Encumbered Properties | property 1,179      
Amount of Encumbrances $ 183,917      
Initial cost to company        
Land 235,501      
Depreciable Properties 646,090      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 58,147      
Gross amount at which carried at close of period        
Land 235,501      
Depreciable Properties 704,237      
Total 939,738      
Accumulated Depreciation   $ (82,030)      
Houston        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2,130      
Number of Encumbered Properties | property 583      
Amount of Encumbrances $ 49,094      
Initial cost to company        
Land 63,316      
Depreciable Properties 308,550      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 21,557      
Gross amount at which carried at close of period        
Land 63,316      
Depreciable Properties 330,107      
Total 393,423      
Accumulated Depreciation   $ (49,921)      
Jacksonville        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 1,902      
Number of Encumbered Properties | property 843      
Amount of Encumbrances $ 82,990      
Initial cost to company        
Land 88,837      
Depreciable Properties 231,394      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 60,061      
Gross amount at which carried at close of period        
Land 88,837      
Depreciable Properties 291,455      
Total 380,292      
Accumulated Depreciation   $ (81,905)      
Las Vegas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 3,100      
Number of Encumbered Properties | property 1,864      
Amount of Encumbrances $ 236,798      
Initial cost to company        
Land 137,948      
Depreciable Properties 601,198      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 59,527      
Gross amount at which carried at close of period        
Land 137,948      
Depreciable Properties 660,725      
Total 798,673      
Accumulated Depreciation   $ (107,885)      
Minneapolis        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 1,118      
Number of Encumbered Properties | property 55      
Amount of Encumbrances $ 8,276      
Initial cost to company        
Land 66,254      
Depreciable Properties 136,962      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 54,842      
Gross amount at which carried at close of period        
Land 66,254      
Depreciable Properties 191,804      
Total 258,058      
Accumulated Depreciation   $ (56,072)      
Northern California        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 4,400      
Number of Encumbered Properties | property 1,881      
Amount of Encumbrances $ 273,321      
Initial cost to company        
Land 361,348      
Depreciable Properties 797,449      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 126,809      
Gross amount at which carried at close of period        
Land 361,348      
Depreciable Properties 924,258      
Total 1,285,606      
Accumulated Depreciation   $ (195,571)      
Orlando        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 6,366      
Number of Encumbered Properties | property 2,452      
Amount of Encumbrances $ 223,805      
Initial cost to company        
Land 227,319      
Depreciable Properties 916,287      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 166,090      
Gross amount at which carried at close of period        
Land 227,319      
Depreciable Properties 1,082,377      
Total 1,309,696      
Accumulated Depreciation   $ (219,046)      
Phoenix        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 8,742      
Number of Encumbered Properties | property 3,687      
Amount of Encumbrances $ 365,443      
Initial cost to company        
Land 370,676      
Depreciable Properties 1,190,732      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 208,281      
Gross amount at which carried at close of period        
Land 370,676      
Depreciable Properties 1,399,013      
Total 1,769,689      
Accumulated Depreciation   $ (260,224)      
Seattle        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 4,027      
Number of Encumbered Properties | property 1,131      
Amount of Encumbrances $ 138,819      
Initial cost to company        
Land 328,674      
Depreciable Properties 727,263      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 167,256      
Gross amount at which carried at close of period        
Land 328,674      
Depreciable Properties 894,519      
Total 1,223,193      
Accumulated Depreciation   $ (165,607)      
South Florida        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 8,229      
Number of Encumbered Properties | property 1,897      
Amount of Encumbrances $ 238,158      
Initial cost to company        
Land 713,672      
Depreciable Properties 1,479,921      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 232,684      
Gross amount at which carried at close of period        
Land 713,672      
Depreciable Properties 1,712,605      
Total 2,426,277      
Accumulated Depreciation   $ (395,281)      
Southern California        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 7,860      
Number of Encumbered Properties | property 3,608      
Amount of Encumbrances $ 633,175      
Initial cost to company        
Land 1,011,995      
Depreciable Properties 1,506,186      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 238,975      
Gross amount at which carried at close of period        
Land 1,011,995      
Depreciable Properties 1,745,161      
Total 2,757,156      
Accumulated Depreciation   $ (392,605)      
Tampa        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 8,445      
Number of Encumbered Properties | property 2,771      
Amount of Encumbrances $ 282,238      
Initial cost to company        
Land 348,207      
Depreciable Properties 1,259,266      
Cost capitalized subsequent to acquisition        
Land 0      
Depreciable Properties 212,291      
Gross amount at which carried at close of period        
Land 348,207      
Depreciable Properties 1,471,557      
Total 1,819,764      
Accumulated Depreciation   $ (310,601)      
Minimum | Atlanta        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Carolinas        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Chicago        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Dallas        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Denver        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Houston        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Jacksonville        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Las Vegas        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Minneapolis        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Northern California        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Orlando        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Phoenix        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Seattle        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | South Florida        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Southern California        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Minimum | Tampa        
Gross amount at which carried at close of period        
Depreciable Period 7 years      
Maximum | Atlanta        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Carolinas        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Chicago        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Dallas        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Denver        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Houston        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Jacksonville        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Las Vegas        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Minneapolis        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Northern California        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Orlando        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Phoenix        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Seattle        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | South Florida        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Southern California        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
Maximum | Tampa        
Gross amount at which carried at close of period        
Depreciable Period 28 years 6 months      
v3.22.0.1
Schedule III Real Estate and Accumulated Depreciation - Residential Real Estate (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Residential Real Estate      
Balance at beginning of period $ 18,801,750 $ 18,247,164 $ 18,229,974
Additions during the period      
Acquisitions 1,126,826 621,697 586,075
Initial renovations 83,099 93,096 63,630
Other capital expenditures 167,256 167,549 168,575
Deductions during the period      
Dispositions and other (197,225) (407,762) (839,873)
Reclassifications      
Properties held for sale, net of dispositions 26,675 80,006 38,783
Balance at close of period 20,008,381 18,801,750 18,247,164
Accumulated Depreciation      
Balance at beginning of period (2,513,057) (2,003,972) (1,543,914)
Depreciation expense (585,101) (546,419) (529,205)
Dispositions and other 27,633 44,974 70,382
Reclassifications      
Properties held for sale, net of dispositions (2,534) (7,640) (1,235)
Balance at close of period $ (3,073,059) $ (2,513,057) $ (2,003,972)