Invitation Homes (INVH) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	2020
Document Fiscal Period focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0939055
Entity Address, Address Line One	1717 Main Street,
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(972)
Local Phone Number	421-3600
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	INVH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Stock Outstanding (in shares)		543,767,670

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments in single-family residential properties:
Land	$ 4,498,591	$ 4,499,346
Building and improvements	13,844,299	13,747,818
Total gross investments in the properties	18,342,890	18,247,164
Less: accumulated depreciation	(2,126,400)	(2,003,972)
Investments in single-family residential properties, net	16,216,490	16,243,192
Cash and cash equivalents	297,060	92,258
Restricted cash	218,735	193,987
Goodwill	258,207	258,207
Other assets, net	602,853	605,266
Total assets	17,593,345	17,392,910
Liabilities:
Mortgage loans, net	6,137,744	6,238,461
Secured term loan, net	401,033	400,978
Term loan facility, net	1,494,469	1,493,747
Revolving facility	270,000	0
Convertible senior notes, net	335,559	334,299
Accounts payable and accrued expenses	180,222	186,110
Resident security deposits	150,160	147,787
Other liabilities	666,031	325,450
Total liabilities	9,635,218	9,126,832
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock, $0.01 par value per share, 900,000,000 shares authorized, none outstanding as of March 31, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value per share, 9,000,000,000 shares authorized, 543,767,445 and 541,642,725 outstanding as of March 31, 2020 and December 31, 2019, respectively	5,438	5,416
Additional paid-in capital	9,066,512	9,010,194
Accumulated deficit	(556,305)	(524,588)
Accumulated other comprehensive loss	(607,402)	(276,600)
Total stockholders' equity	7,908,243	8,214,422
Non-controlling interests	49,884	51,656
Total equity	7,958,127	8,266,078
Total liabilities and equity	$ 17,593,345	$ 17,392,910

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	543,767,670	541,642,725

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Rental revenues and other property income	$ 449,789	$ 435,500
Expenses:
Property operating and maintenance	166,916	160,346
Property management expense	14,372	15,160
General and administrative	14,228	26,538
Interest expense	84,757	93,983
Depreciation and amortization	135,027	133,609
Impairment and other	3,127	5,392
Total expenses	418,427	435,028
Other, net	3,714	3,125
Gain on sale of property, net of tax	15,200	17,572
Net income	50,276	21,169
Net income attributable to non-controlling interests	(320)	(347)
Net income attributable to common stockholders	49,956	20,822
Net income available to participating securities	(102)	(106)
Net income available to common stockholders — basic and diluted (Note 12)	$ 49,854	$ 20,716
Weighted average common shares outstanding — basic	542,549,512	521,440,822
Weighted average common shares outstanding — diluted	543,904,420	521,817,494
Net income per common share — basic	$ 0.09	$ 0.04
Net income per common share — diluted	$ 0.09	$ 0.04

CONSOLIDATED STATEMENTS OF OTHE

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 50,276	$ 21,169
Other comprehensive loss
Unrealized losses on interest rate swaps	(341,438)	(87,868)
(Gains) losses from interest rate swaps reclassified into earnings from accumulated other comprehensive loss	8,567	(10,863)
Other comprehensive loss	(332,871)	(98,731)
Comprehensive loss	(282,595)	(77,562)
Comprehensive loss attributable to non-controlling interests	1,749	1,271
Comprehensive loss attributable to common stockholders	$ (280,846)	$ (76,291)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total Stockholders' Equity	Non-Controlling Interests
Beginning Balance at Dec. 31, 2018	$ 8,369,186	$ 5,206	$ 8,629,462	$ (392,594)	$ (12,963)	$ 8,229,111	$ 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	(1,175)						(1,175)
Net income	21,169			20,822		20,822	347
Dividends and dividend equivalents declared	(67,965)			(67,965)		(67,965)
Issuance of common stock — settlement of RSUs, net of tax	(6,723)	$ 8	(6,731)			(6,723)
Issuance of common stock — settlement of RSUs, net of tax (in shares)		768,505
Share-based compensation expense	5,607		5,607			5,607
Total other comprehensive income	(98,731)				(97,113)	(97,113)	(1,618)
Redemption of OP Units for common stock	0	$ 36	56,720		(579)	56,177	(56,177)
Redemption of OP Units for common stock (in shares)		3,573,293
Ending Balance at Mar. 31, 2019	8,221,368	$ 5,250	8,685,058	(439,737)	(110,655)	8,139,916	81,452
Ending Balance, common stock, shares outstanding (in shares) at Mar. 31, 2019		524,989,775
Beginning Balance at Dec. 31, 2019	$ 8,266,078	$ 5,416	9,010,194	(524,588)	(276,600)	8,214,422	51,656
Beginning Balance, common stock, shares outstanding (in shares) at Dec. 31, 2019	541,642,725	541,642,725
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital distributions	$ (534)						(534)
Net income	50,276			49,956		49,956	320
Dividends and dividend equivalents declared	(81,673)			(81,673)		(81,673)
Issuance of common stock — settlement of RSUs, net of tax	(3,171)	$ 3	(3,174)			(3,171)
Issuance of common stock — settlement of RSUs, net of tax (in shares)		252,654
Issuance of common stock, net	$ 55,921	$ 19	55,902			55,921
Issuance of common stock, net (in shares)	2,124,720	1,872,066
Share-based compensation expense	$ 4,101		3,590			3,590	511
Total other comprehensive income	(332,871)				(330,802)	(330,802)	(2,069)
Ending Balance at Mar. 31, 2020	$ 7,958,127	$ 5,438	$ 9,066,512	$ (556,305)	$ (607,402)	$ 7,908,243	$ 49,884
Ending Balance, common stock, shares outstanding (in shares) at Mar. 31, 2020	543,767,670	543,767,445

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 12, 2020	Nov. 13, 2019	Aug. 15, 2019	May 15, 2019	Feb. 13, 2019	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.15	$ 0.13	$ 0.13	$ 0.13	$ 0.13	$ 0.15	$ 0.13

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities:
Net income	$ 50,276	$ 21,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,027	133,609
Share-based compensation expense	4,101	5,607
Amortization of deferred leasing costs	2,856	2,579
Amortization of deferred financing costs	7,952	10,150
Amortization of debt discounts	1,348	2,364
Provisions for impairment	2,471	3,253
Gain on sale of property, net of tax	(15,200)	(17,572)
Change in fair value of derivative instruments	1,091	2,351
Other noncash amounts included in net income	(185)	419
Changes in operating assets and liabilities:
Other assets, net	(10,787)	304
Accounts payable and accrued expenses	(4,534)	25,002
Resident security deposits	2,373	1,677
Other liabilities	932	2,271
Net cash provided by operating activities	177,721	193,183
Investing Activities:
Amounts deposited and held by others	(773)	(1,173)
Acquisition of single-family residential properties	(137,471)	(55,458)
Initial renovations to single-family residential properties	(31,042)	(9,644)
Other capital expenditures for single-family residential properties	(40,220)	(29,492)
Proceeds from sale of single-family residential properties	123,318	142,562
Repayment proceeds from retained debt securities	5,539	8,441
Other investing activities	(93)	(209)
Net cash provided by (used in) investing activities	(80,742)	55,027
Financing Activities:
Payment of dividends and dividend equivalents	(81,774)	(67,965)
Distributions to non-controlling interests	(534)	(1,175)
Payment of taxes related to net share settlement of RSUs	(3,171)	(6,723)
Payments on mortgage loans	(107,387)	(180,812)
Proceeds from revolving facility	320,000	20,000
Payments on revolving facility	(50,000)	(20,000)
Proceeds from issuance of common stock, net	55,921	0
Other financing activities	(484)	(108)
Net cash provided by (used in) financing activities	132,571	(256,783)
Change in cash, cash equivalents, and restricted cash	229,550	(8,573)
Cash, cash equivalents, and restricted cash, beginning of period (Note 4)	286,245	359,991
Cash, cash equivalents, and restricted cash, end of period (Note 4)	515,795	351,418
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	77,326	83,316
Cash paid for income taxes	362	866
Operating cash flows from operating leases	1,398	1,326
Financing cash flows from finance leases	454	108
Noncash investing and financing activities:
Accrued renovation improvements at period end	12,489	5,361
Accrued residential property capital improvements at period end	11,159	7,906
Transfer of residential property, net to other assets, net for held for sale assets	60,061	94,474
Change in other comprehensive loss from cash flow hedges	(333,949)	(101,049)
ROU assets obtained in exchange for operating lease liabilities	518	1,721
ROU assets obtained in exchange for finance lease liabilities	$ 7,285	$ 0

Organization and Formation

Organization and Formation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Formation	Note 1 — Organization and Formation Invitation Homes Inc. (“INVH”) is a real estate investment trust (“REIT”) that conducts its operations through Invitation Homes Operating Partnership LP (“INVH LP”). INVH LP was formed for the purpose of owning, renovating, leasing, and operating single-family residential properties. Through THR Property Management L.P., a wholly owned subsidiary of INVH LP (the “Manager”), we provide all management and other administrative services with respect to the properties we own. On February 6, 2017, INVH completed an initial public offering (“IPO”) , changed its jurisdiction of incorporation to Maryland, and amended its charter to provide for the issuance of up to 9,000,000,000 shares of common stock and 900,000,000 shares of preferred stock, in each case $0.01 par value per share. In connection with certain pre-IPO reorganization transactions, INVH LP became (1) owned by INVH directly and through Invitation Homes OP LLC, a wholly owned subsidiary of INVH, and (2) the owner of all of the assets, liabilities, and operations of certain pre-IPO ownership entities. These transactions were accounted for as a reorganization of entities under common control utilizing historical cost basis. On November 16, 2017 (the “Merger Date”), INVH and certain of its affiliates entered into a series of transactions with Starwood Waypoint Homes (“SWH”) and certain SWH affiliates which resulted in SWH and its operating partnership being merged into INVH and INVH LP, respectively, with INVH and INVH LP being the surviving entities (the “Mergers”). The Mergers were accounted for as a business combination in accordance with ASC 805, Business Combinations , and INVH was designated as the accounting acquirer. The limited partnership interests of INVH LP consist of common units and other classes of limited partnership interests that may be issued (the “OP Units”). As of March 31, 2020 , INVH owns 99.4% 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 6 ). References to “Invitation Homes,” the “Company,” “we,” “our,” and “us” refer, collectively, to INVH, INVH LP, and the consolidated subsidiaries of INVH LP.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 — Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with ASC 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. As described in Note 5, we have an investment in a joint venture with the Federal National Mortgage Association (“FNMA”), which is a voting interest entity. We do not hold a controlling financial interest in the joint venture but have significant influence over its operating and financial policies. Additionally, FNMA holds certain substantive participating rights that preclude the presumption of control by us; as such, we account for our investment using the equity method. In connection with the Mergers, we initially recorded this investment at fair value in connection with purchase accounting and have 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 venture are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests represent the OP Units not owned by INVH, including any vested OP Units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 , and the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 include an allocation of the net income attributable to the non-controlling interest holders. Vested OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed. Significant Risks and Uncertainties One of the most significant risks and uncertainties to our financial condition and results of operations is the potential adverse effect of the current pandemic resulting from the emergence of the novel coronavirus, or COVID-19 (see Note 15 for more information). Since the outbreak, a number of our residents have requested rent deferral and/or late fee relief, and components of our rental revenues and other property income have been impacted by the pandemic. In response, i n addition to temporary eviction moratoriums and measures imposed by some jurisdictions across the United States that allow residents to defer missed rent payments without incurring late fees, we have chosen to implement a temporary moratorium on evictions across all of our markets and have elected not to charge late fees in certain situations. Additionally, some jurisdictions have implemented other measures, including disaster declarations, which limit our ability to increase rents. We cannot predict if additional states or cities will implement similar restrictions, or when restrictions currently in place will expire. Certain other restrictions imposed by jurisdictions across the United States are intended to limit operations by businesses not deemed “essential businesses.” While we believe none of the current restrictions materially impact our ability to provide services to our residents or homes, future measures may negatively impact our ability to access our homes, complete service requests, or make our homes ready for new residents. Many experts predict that the outbreak will trigger, or even has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on our financial condition, results of operations, and cash flows in the near term due to, but not limited to, the following: (1) reduced economic activity that severely impacts the earnings or health of our residents, thereby causing them to be unable to fully meet their obligations to us and resulting in increases in uncollectible receivables and reductions in rental revenues and other property income; (2) governmental restrictions and moratoriums that negatively impact our ability to charge and collect rental revenues and other income or impose restrictions on our ability to provide services to our residents and homes; (3) negative financial impact of the pandemic that could impact our ability to access funds available under our Revolving Facility (as defined in Note 6) or affect future compliance with financial covenants of our Revolving Facility and other debt agreements; and (4) weaker economic conditions that could cause us to recognize impairments in value of our tangible assets or goodwill. The extent to which the COVID-19 pandemic impacts our operations, residents, and business partners will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, 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 COVID-19 pandemic, among others. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how companies measure credit losses for certain financial assets, excluding receivables arising from operating leases. This guidance requires an entity to estimate its expected credit loss and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. We adopted this standard as of January 1, 2020, and it did not have a material impact on our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ) (“ASU 2020-04”), which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offer Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates are inherently subjective in nature and actual results could differ from those estimates. Accounting Policies There have been no changes to our significant accounting policies that have had a material impact on our condensed consolidated financial statements and related notes, compared to those policies disclosed in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 . Recent Accounting Pronouncements Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be asked to provide rent deferrals, rent abatements, late fee waivers, and other lease concessions to lessees (collectively, “lease accommodations”). While the lease modification guidance in ASC 842, Leases , addresses routine changes to lease terms resulting from negotiations between a lessee and lessor, it did not contemplate the rapid implementation of lease accommodations to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease accommodations resulting from the COVID-19 pandemic. Under existing lease guidance, we would have been required to determine, on a lease by lease basis, if each lease accommodation resulted from a new arrangement reached with the resident (treated within the lease modification accounting framework) or if each was contemplated under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). If certain criteria are met, the Lease Modification Q&A allows lessors to bypass the lease by lease analysis and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We intend to elect not to apply the lease modification accounting framework, eliminating the requirement to perform a lease by lease analysis with respect to any lease accommodations. The impact of the Lease Modification Q&A on our condensed financial statements is dependent upon the extent of lease accommodations granted to residents as a result of the COVID-19 pandemic in future periods and the elections made at the time of entering into such lease accommodations.

Investments in Single-Family Re

Investments in Single-Family Residential Properties	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Investments in Single-Family Residential Properties	Note 3 — Investments in Single-Family Residential Properties The following table sets forth the net carrying amount associated with our properties by component: March 31, 2020 December 31, 2019 Land $ 4,498,591 $ 4,499,346 Single-family residential property 13,218,445 13,121,179 Capital improvements 512,520 513,269 Equipment 113,334 113,370 Total gross investments in the properties 18,342,890 18,247,164 Less: accumulated depreciation (2,126,400 ) (2,003,972 ) Investments in single-family residential properties, net $ 16,216,490 $ 16,243,192 As of March 31, 2020 and December 31, 2019 , the carrying amount of the residential properties above includes $119,709 and $119,608 , respectively, of capitalized acquisition costs (excluding purchase price), along with $68,086 and $65,747 , respectively, of capitalized interest, $26,262 and $25,565 , respectively, of capitalized property taxes, $4,645 and $4,616 , respectively, of capitalized insurance, and $2,951 and $2,836 , respectively, of capitalized homeowners’ association (“HOA”) fees. During the three months ended March 31, 2020 and 2019 , we recognized $133,914 and $132,520 , respectively, of depreciation expense related to the components of the properties and $1,113 and $1,089 , respectively, of depreciation and amortization related to corporate furniture and equipment. These amounts are included in depreciation and amortization in the condensed consolidated statements of operations. Further, during the three months ended March 31, 2020 and 2019 , impairments totaling $2,471 and $3,253 , respectively, have been recognized and are included in impairment and other in the condensed consolidated statements of operations.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4 — Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: March 31, 2020 December 31, 2019 Cash and cash equivalents $ 297,060 $ 92,258 Restricted cash 218,735 193,987 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 515,795 $ 286,245 Pursuant to the terms of the mortgage loans and Secured Term Loan (as defined in Note 6 ), we are required to establish, maintain, and fund from time to time (generally, either monthly or at the time borrowings are funded) certain specified reserve accounts. These reserve accounts include, but are not limited to, the following types of accounts: (i) property tax reserves; (ii) insurance reserves; (iii) capital expenditure reserves; and (iv) HOA reserves. The reserve accounts associated with our mortgage loans and Secured Term Loan are under the sole control of the loan servicer. Additionally, we hold security deposits pursuant to resident lease agreements that we are required to segregate. We are also required to hold letters of credit by certain of our insurance policies. Accordingly, amounts funded to these reserve accounts, security deposit accounts, and other restricted accounts have been classified on our condensed consolidated balance sheets as restricted cash. The amounts funded, and to be funded, to the reserve accounts are subject to formulae included in the mortgage loan and Secured Term Loan agreements and are to be released to us subject to certain conditions specified in the loan agreements being met. To the extent that an event of default were to occur, the loan servicer has discretion to use such funds to either settle the applicable operating expenses to which such reserves relate or reduce the allocated loan amount associated with a residential property of ours. The balances of our restricted cash accounts, as of March 31, 2020 and December 31, 2019 , are set forth in the table below. As of March 31, 2020 and December 31, 2019 , 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. March 31, 2020 December 31, 2019 Resident security deposits $ 150,620 $ 148,186 Property taxes 35,753 10,443 Collections 21,026 24,034 Capital expenditures 5,633 5,627 Letters of credit 3,462 3,459 Special and other reserves 2,241 2,238 Total $ 218,735 $ 193,987

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5 — Other Assets As of March 31, 2020 and December 31, 2019 , the balances in other assets, net are as follows: March 31, 2020 December 31, 2019 Investments in debt securities, net $ 311,540 $ 316,991 Held for sale assets (1) 106,328 116,529 Investment in unconsolidated joint venture 54,629 54,778 Prepaid expenses 40,095 32,106 Rent and other receivables, net 25,048 25,244 ROU lease assets — operating and finance, net 20,613 13,768 Investments in equity securities 16,734 16,650 Corporate fixed assets, net 9,363 9,825 Deferred leasing costs, net 7,486 7,427 Amounts deposited and held by others 2,731 1,348 Deferred financing costs, net 2,172 2,765 Derivative instruments (Note 7) 22 1,643 Other 6,092 6,192 Total $ 602,853 $ 605,266 (1) As of March 31, 2020 and December 31, 2019 , 436 and 478 properties, respectively, are classified as held for sale. Investments in Debt Securities, net In connection with certain of our Securitizations (as defined in Note 6 ), we have retained and purchased certificates totaling $311,540 , net of unamortized discounts of $2,553 , as of March 31, 2020 . These investments in debt securities are classified as held to maturity investments. As of March 31, 2020 , we have not recognized any credit losses with respect to these investments in debt securities. As of December 31, 2019 , there were no gross unrecognized holding gains or losses, and there were no other than temporary impairments recognized in accumulated other comprehensive loss. As of March 31, 2020 , our retained certificates are scheduled to mature over the next two months to seven years . Investment in Unconsolidated Joint Venture We own a 10% interest in a joint venture with FNMA to operate, lease, and manage a portfolio of properties primarily located in Arizona, California, and Nevada. A wholly owned subsidiary of INVH LP is the managing member of the joint venture and is responsible for the operation and management of the properties, subject to FNMA’s approval of major decisions. As of March 31, 2020 and December 31, 2019 , the joint venture owned 618 and 641 properties, respectively. Right-of-Use (“ROU”) Lease Assets — Operating and Finance, net The following table presents supplemental information related to leases into which we have entered as a lessee as of March 31, 2020 : March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases Other assets $ 12,098 $ 8,515 $ 12,552 $ 1,216 Other liabilities 13,364 8,041 13,787 1,210 Weighted average remaining lease term 3.7 years 3.8 years 3.8 years 2.0 years Weighted average discount rate 4.0 % 4.0 % 4.0 % 4.0 % 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 are recorded net of any concessions and uncollectible amounts for all periods presented. Variable lease payments consist of resident reimbursements for utilities, and various other fees, including late fees and lease termination fees, among others. Variable lease payments are charged based on the terms and conditions included in the resident leases. For the three months ended March 31, 2020 and 2019 , rental revenues and other property income includes $25,047 and $21,330 , respectively, of variable lease payments. Future minimum rental revenues under leases existing on our single-family residential properties as of March 31, 2020 are as follows: Year Lease Payments to be Received Remainder of 2020 $ 877,619 2021 289,546 2022 13,304 2023 — 2024 — Thereafter — Total $ 1,180,469 Investments in Equity Securities We hold investments in equity securities without a readily determinable fair value. We have elected to measure the investments at cost, less any impairment, plus or minus changes resulting from observable price changes for identical or similar investments in the same issuers. As of March 31, 2020 and December 31, 2019 , the carrying amount of our investments in equity securities was $16,734 and $16,650 , respectively. During the three months ended March 31, 2020 , we recorded $34 of unrealized gains on our investments in equity securities which are included in other, net in the condensed consolidated statements of operations. No unrealized gains or losses were recorded during the three months ended March 31, 2019 . Deferred Financing Costs, net In connection with our Revolving Facility, we incurred $9,673 of financing costs during the year ended December 31, 2017 , which have been deferred as other assets, net on our condensed consolidated balance sheets. These deferred financing costs are being amortized as interest expense on a straight-line basis over the term of the Revolving Facility. As of March 31, 2020 and December 31, 2019 , the unamortized balances of these deferred financing costs are $2,172 and $2,765 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 6 — 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 March 31, 2020 and December 31, 2019 : Outstanding Principal Balance (5) Origination Date Maturity Date (1) Maturity Date if (2) Interest (3) Range of Spreads (4) March 31, 2020 December 31, 2019 IH 2017-1 (6) April 28, June 9, June 9, 4.23% N/A $ 995,481 $ 995,520 SWH 2017-1 (7) September 29, October 9, January 9, 2.56% 102-347 bps 739,955 744,092 IH 2017-2 (7) November 9, December 9, December 9, 2.13% 91-186 bps 619,596 624,475 IH 2018-1 (7) February 8, March 9, March 9, 2.11% 76-206 bps 785,217 793,720 IH 2018-2 (7)(8) May 8, June 9, June 9, 2.33% 95-230 bps 938,484 957,135 IH 2018-3 (7)(9) June 28, July 9, July 9, 2.34% 105-230 bps 1,148,526 1,213,035 IH 2018-4 (7) November 7, January 9, January 9, 2.41% 115-225 bps 931,849 938,430 Total Securitizations 6,159,108 6,266,407 Less: deferred financing costs, net (21,364 ) (27,946 ) Total $ 6,137,744 $ 6,238,461 (1) The maturity dates above reflect all extension options that have been exercised. (2) Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (3) Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements) , plus applicable servicing fees; as of March 31, 2020 , LIBOR was 0.99% . Our IH 2017-1 mortgage loan bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. (4) Range of spreads is based on outstanding principal balances as of March 31, 2020 . (5) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (6) Net of unamortized discount of $2,553 and $2,641 as of March 31, 2020 and December 31, 2019 , 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 a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender ). Our SWH 2017-1, IH 2017-2, and IH 2018-1 mortgage loans have exercised the first extension option. The maturity dates above reflect all extensions that have been exercised. (8) On March 6, 2020, we submitted a notification to request an extension of the maturity of the IH 2018-2 mortgage loan from June 9, 2020 to June 9, 2021 upon approval. (9) On April 7, 2020, we submitted a notification to request an extension of the maturity of the IH 2018-3 mortgage loan from July 9, 2020 to July 9, 2021 upon approval (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 March 31, 2020 and December 31, 2019 , a total of 35,911 and 37,040 homes, respectively, with a net book value of $6,922,627 and $7,137,576 , respectively, are pledged pursuant to the mortgage loans. Each Borrower Entity has the right, subject to certain requirements and limitations outlined in the respective loan agreements, to substitute properties. We are obligated to make monthly payments of interest for each mortgage loan. Transactions with Trusts Concurrent with the execution of each mortgage loan agreement, the respective third party lender sold each loan it originated to individual depositor entities (the “Depositor Entities”) who subsequently transferred each loan to Securitization-specific trust entities (the “Trusts”). The Depositor Entities for our currently outstanding Securitizations are wholly owned subsidiaries. We accounted for the transfers of the individual Securitizations from the wholly owned Depositor Entities to the respective Trusts as sales under ASC 860, Transfers and Servicing , with no resulting gain or loss as the Securitizations were both originated by the lender and immediately transferred at the same fair market value. As consideration for the transfer of each loan to the Trusts, the Trusts issued classes of certificates which mirror the components of the individual loans (collectively, the “Certificates”) to the Depositor Entities, except that Class R certificates do not have related loan components as they represent residual interests in the Trusts. The Certificates represent the entire beneficial interest in the Trusts. Following receipt of the Certificates, the Depositor Entities sold the Certificates to investors and used the proceeds as consideration for the loans sold to the Depositor Entities by the lenders. These transactions had no effect on our condensed consolidated financial statements other than with respect to Certificates we retained in connection with Securitizations or purchased at a later date. The Trusts are structured as pass-through entities that receive interest payments from the Securitizations and distribute those payments to the holders of the Certificates. The assets held by the Trusts are restricted and can only be used to fulfill the obligations of those entities. The obligations of the Trusts do not have any recourse to the general credit of any entities in these condensed consolidated financial statements. We have evaluated our interests in certain certificates of the Trusts held by us (discussed below) and determined that they do not create a more than insignificant variable interest in the Trusts. Additionally, the retained certificates do not provide us with any ability to direct activities that could impact the Trusts’ economic performance. Therefore, we do not consolidate the Trusts. Retained Certificates As the Trusts made Certificates available for sale to both domestic and foreign investors, sponsors of the mortgage loans are required to retain a portion of the risk that represents a material net economic interest in each loan pursuant to Regulation RR (the “Risk Retention Rules”) under the Securities Exchange Act of 1934, as amended. As such, loan sponsors are required to retain a portion of the credit risk that represents not less than 5% of the aggregate fair value of the loan as of the closing date. To fulfill these requirements, 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 SWH 2017-1, 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 3.47% . The retained certificates total $311,540 and $316,991 as of March 31, 2020 and December 31, 2019 , respectively, and are classified as held to maturity investments and recorded in other assets, net on the condensed consolidated balance sheets (see Note 5 ). 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 March 31, 2020 , and through the date our condensed consolidated financial statements were issued, we believe each Borrower Entity is in compliance with all affirmative and negative covenants. Prepayments For the mortgage loans, prepayments of amounts owed by us are generally not permitted under the terms of the respective mortgage loan agreements unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in such agreements. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a spread maintenance premium if prepayment occurs before the month following the one or two year anniversary of the closing dates of each of the mortgage loans except for IH 2017-1. For IH 2017-1, prepayments on or before December 2026 will require a yield maintenance premium. For the three months ended March 31, 2020 and 2019 , we made voluntary and mandatory prepayments of $107,387 and $180,812 , respectively, under the terms of the mortgage loan agreements. Secured Term Loan On June 7, 2019, 2019-1 IH Borrower LP, a consolidated subsidiary (“2019-1 IH Borrower” and one of our Borrower Entities), entered into a 12 year loan agreement with a life insurance company (the “Secured Term Loan”). The Secured Term Loan bears interest at a fixed rate of 3.59% , including applicable servicing fees, for the first 11 years and bears interest at a floating rate based on a spread of 147 bps, including applicable servicing fees, over one month LIBOR (subject to certain adjustments as outlined in the loan agreement) for the twelfth year. The Secured Term Loan is secured by first priority mortgages on a portfolio of single-family rental properties as well as a first priority pledge of the equity interests of 2019-1 IH Borrower. We utilized the proceeds from the Secured Term Loan to fund: (i) repayments of then-outstanding indebtedness; (ii) initial deposits into the Secured Term Loan’s reserve accounts; (iii) transaction costs related to the closing of the Secured Term Loan; and (iv) general corporate purposes. The following table sets forth a summary of our Secured Term Loan indebtedness as of March 31, 2020 and December 31, 2019 : Maturity Date Interest (1) March 31, 2020 December 31, 2019 Secured Term Loan June 9, 2031 3.59% $ 403,464 $ 403,464 Deferred financing costs, net (2,431 ) (2,486 ) Secured Term Loan, net $ 401,033 $ 400,978 (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 3,333 homes at March 31, 2020 and December 31, 2019 , with a net book value of $731,201 and $734,759 , 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 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 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 March 31, 2020 , and through the date our condensed consolidated financial statements were issued, we believe 2019-1 IH Borrower is in compliance with all affirmative and negative covenants. Prepayments Prepayments of the Secured Term Loan are generally not permitted unless such prepayments are made pursuant to the voluntary election or mandatory provisions specified in the loan agreement. The specified mandatory provisions become effective to the extent that a property becomes characterized as a disqualified property, a property is sold, and/or upon the occurrence of a condemnation or casualty event associated with a property. To the extent either a voluntary election is made, or a mandatory prepayment condition exists, in addition to paying all interest and principal, we must also pay certain breakage costs as determined by the loan servicer and a yield maintenance premium if prepayment occurs before June 9, 2030. As of March 31, 2020 , no such prepayments have been made. Term Loan Facility and Revolving Facility On February 6, 2017, we entered into a credit agreement with a syndicate of banks, financial institutions, and institutional lenders for a credit facility (the “Credit Facility”), which was amended on December 18, 2017 to include all entities and homes acquired in the Mergers. The Credit Facility provides $2,500,000 of borrowing capacity and consists of a $1,000,000 revolving facility (the “Revolving Facility”), which will mature on February 6, 2021, with a one year extension option, and a $1,500,000 term loan facility (the “Term Loan Facility”), which will mature on February 6, 2022. The Revolving Facility also includes borrowing capacity available for letters of credit and for short-term borrowings referred to as swing line borrowings, in each case subject to certain sublimits. 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 by an aggregate amount of up to $1,500,000 ) , subject to certain limitations. Proceeds from the Term Loan Facility were used to repay then-outstanding indebtedness and for general corporate purposes. 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 March 31, 2020 and December 31, 2019 : Maturity Interest (1) March 31, 2020 December 31, 2019 Term Loan Facility February 6, 2022 2.69% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (5,531 ) (6,253 ) Term Loan Facility, net $ 1,494,469 $ 1,493,747 Revolving Facility (2) February 6, 2021 2.74% $ 270,000 $ — (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of March 31, 2020 , the applicable margins were 1.70% and 1.75% , respectively, and LIBOR was 0.99% . (2) If we exercise the one year extension option, the maturity date will be February 6, 2022. 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% . The margin is based on a total leverage based grid. The margin for the Revolving Facility ranges from 0.75% to 1.30% in the case of base rate loans, and 1.75% to 2.30% in the case of LIBOR rate loans. The margin for the Term Loan Facility ranges from 0.70% to 1.30% in the case of base rate loans, and 1.70% to 2.30% in the case of LIBOR rate loans. In addition, the Credit Facility provides that, upon receiving an investment grade rating on its non-credit enhanced, senior unsecured long term debt of BBB- or better from Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or Baa3 or better from Moody’s Investors Service, Inc. (an “Investment Grade Rating Event”), we may elect to convert to a credit rating based pricing grid. In addition to paying interest on outstanding principal under the Credit Facility, we are required to pay a facility fee to the lenders under the Revolving Facility in respect of the unused commitments thereunder. The facility fee rate is based on the daily unused amount of the Revolving Facility and is either 0.35% or 0.20% per annum based on the unused facility amount. Upon converting to a credit rating pricing based grid, the unused facility fee will no longer apply and we will be required to pay a facility fee ranging from 0.125% to 0.300% . We are also required to pay customary letter of credit fees. 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) incur additional indebtedness that is secured on a pari passu basis with the Credit Facility. 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, (v) minimum unencumbered fixed charge coverage ratio, and (vi) minimum tangible net worth. 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 and all actions permitted to be taken by a secured creditor. As of March 31, 2020 , and through the date our condensed consolidated financial statements were issued, we believe we were in compliance with all affirmative and negative covenants. Guarantees and Security The obligations under the Credit Facility are guaranteed on a joint and several basis by each of our direct and indirect domestic wholly owned subsidiaries that own, directly or indirectly, unencumbered assets (the “Subsidiary Guarantors”), subject to certain exceptions. The guarantee provided by any Subsidiary Guarantor will be automatically released upon the occurrence of certain events, including if it no longer has a direct or indirect interest in an unencumbered asset or as a result of certain non-recourse refinancing transactions pursuant to which such Subsidiary Guarantor becomes contractually prohibited from providing its guaranty of the Credit Facility. In addition, INVH may be required to provide a guarantee of the Credit Facility under certain circumstances, including if INVH does not maintain its qualification as a REIT. The Credit Facility is collateralized by first priority or equivalent security interests in all the capital stock of, or other equity interests in, any Subsidiary Guarantor held by us and each of the Subsidiary Guarantors. The security interests granted under the Credit Facility will be automatically released upon the occurrence of certain events, including upon an Investment Grade Rating Event or if the total net leverage ratio is less than or equal to 8.00 : 1.00 for four consecutive fiscal quarters. Convertible Senior Notes In connection with the Mergers, we assumed SWH’s 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 we settled substantially all of the outstanding balance of the 2019 Convertible Notes through 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 is payable semiannually in arrears on January 15th and July 15th of each year. The 2022 Convertible Notes will mature on January 15, 2022. The following table summarizes the terms of the Convertible Senior Notes outstanding as of March 31, 2020 and December 31, 2019 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization March 31, 2020 December 31, 2019 2022 Convertible Notes 3.50% 5.12% 43.7694 January 15, 2022 1.79 years $ 345,000 $ 345,000 Net unamortized fair value adjustment (9,441 ) (10,701 ) Total $ 335,559 $ 334,299 (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 March 31, 2020 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. As of March 31, 2020 , the 2022 Convertible Notes do not meet the criteria for conversion. We have the option to settle the 2022 Convertible Notes in cash, common stock, or a combination thereof . 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 three months ended March 31, 2019 , interest expense for the 2019 Convertible Notes, including non-cash amortization of discounts, was $2,803 . As of March 31, 2020 , the conversion rate applicable to the 2022 Convertible Notes is 43.7694 shares of our common stock per $1,000 principal amount (actual $) of the 2022 Convertible Notes (equivalent to a conversion price of approximately $22.85 per common share — actual $). The conversion rate for the 2022 Convertible Notes is subject to adjustment in some events, but will not be adjusted for any accrued and unpaid interest. In addition, following certain events that occur prior to the maturity date, we will adjust the conversion rate for a holder who elects to convert its 2022 Convertible Notes in connection with such an event in certain circumstances. At any time prior to July 15, 2021, holders may convert the 2022 Convertible Notes at their option only under specific circumstances as defined in the indenture agreement, dated as of January 10, 2017, between us and our trustee, Wilmington Trust National Association (the “Convertible Notes Trustee”). On or after July 15, 2021 and until maturity, holders may convert all or any portion of the 2022 Convertible Notes at any time. Upon conversion, we will pay or deliver, as the case may be, cash, common stock, or a combination of cash and common stock, at our election. The “if-converted” value of the 2022 Convertible Notes was less than the principal amount by $22,304 as of March 31, 2020 as the closing market price of our common stock of $21.37 per common share (actual $) was less than the implicit conversion price. For the three months ended March 31, 2020 and 2019 , interest expense for the 2022 Convertible Notes, including non-cash amortization of discounts, was $4,279 and $4,217 , respectively. General Terms We may not redeem the 2022 Convertible Notes prior to their maturity date except to the extent necessary to preserve our status as a REIT for United States federal income tax purposes, as further described in the indenture. If we undergo a fundamental change as defined in the indenture, holders may require us to repurchase for cash all or any portion of their 2022 Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2022 Convertible Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date. The indenture contains customary terms and covenants and events of default. If an event of default occurs and is continuing, 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, may, and the Convertible Notes Trustee at the request of such holders shall, 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 will automatically become due and payable. Debt Maturities Schedule The following table summarizes the contractual maturities of our debt as of March 31, 2020 : Year Mortgage Loans (1) Secured Term Loan Term Loan Facility Revolving Facility (2) Convertible Senior Notes Total Remainder of 2020 $ 3,446,561 $ — $ — $ — $ — $ 3,446,561 2021 1,717,066 — — 270,000 — 1,987,066 2022 — — 1,500,000 — 345,000 1,845,000 2023 — — — — — — 2024 — — — — — — Thereafter 995,481 403,464 — — — 1,398,945 Total 6,159,108 403,464 1,500,000 270,000 345,000 8,677,572 Less: deferred financing costs, net (21,364 ) (2,431 ) (5,531 ) — — (29,326 ) Less: unamortized fair value adjustment — — — — (9,441 ) (9,441 ) Total $ 6,137,744 $ 401,033 $ 1,494,469 $ 270,000 $ 335,559 $ 8,638,805 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised. If fully extended, we would have no mortgage loans maturing before 2023. 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. (2) If we exercise the one year extension option, the maturity date will be in 2022.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7 — 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 LIBOR and is designated for hedge accounting purposes. LIBOR is set to expire at the end of 2021, 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 March 31, 2020 : Agreement Date Forward Maturity Strike Index Notional December 21, 2016 February 28, 2017 January 31, 2022 1.97% One month LIBOR $ 750,000 December 11, 2019 February 28, 2017 December 31, 2024 1.74% One month LIBOR 750,000 January 12, 2017 February 28, 2017 August 7, 2020 1.59% One month LIBOR 1,100,000 January 13, 2017 February 28, 2017 June 9, 2020 1.63% One month LIBOR 595,000 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One month LIBOR 400,000 February 15, 2019 March 15, 2019 March 15, 2022 2.23% One month LIBOR 800,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One month LIBOR 400,000 June 3, 2016 July 15, 2019 July 15, 2020 1.30% One month LIBOR 450,000 January 10, 2017 January 15, 2020 January 15, 2021 2.13% One month LIBOR 550,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One month LIBOR 595,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One month LIBOR 550,000 December 9, 2019 July 15, 2021 November 30, 2024 2.90% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One month LIBOR 400,000 During the three months ended March 31, 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 $135,646 will be reclassified to earnings as an increase in interest expense. Non-Designated Hedges Concurrent with entering into certain of the mortgage loan agreements and in connection with previous mergers, we entered into or acquired and maintain interest rate cap agreements with terms and notional amounts equivalent to the terms and amounts of the mortgage loans made by the third party lenders . Currently, each of our cap agreements is indexed to LIBOR, which is set to expire at the end of 2021. 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 3.24% to 5.31% . Fair Values of Derivative Instruments on the Condensed Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance March 31, 2020 December 31, 2019 Balance March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other $ — $ 1,643 Other liabilities $ 607,985 $ 275,679 Derivatives not designated as hedging instruments: Interest rate caps Other 22 — Other liabilities 7 — Total $ 22 $ 1,643 $ 607,992 $ 275,679 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 March 31, 2020 and December 31, 2019 : March 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 22 $ — $ 22 $ — $ — $ 22 Offsetting liabilities: Derivatives $ 607,992 $ — $ 607,992 $ — $ — $ 607,992 December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1,643 $ — $ 1,643 $ (1,054 ) $ — $ 589 Offsetting liabilities: Derivatives $ 275,679 $ — $ 275,679 $ (1,054 ) $ — $ 274,625 Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Loss and the Condensed Consolidated Statements of Operations The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive loss and the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 : Amount of Loss Recognized in OCI on Derivative Location of Gain Reclassified from Accumulated OCI into Net Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate swaps $ (341,438 ) $ (87,868 ) Interest expense $ (8,567 ) $ 10,863 $ 84,757 $ 93,983 Location of Amount of Loss Recognized in Net Income on Derivative For the Three Months Ended March 31, 2020 2019 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ (13 ) $ (33 ) 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 March 31, 2020 , the fair value of certain derivatives in a net liability position was $607,992 . If we had breached any of these provisions at March 31, 2020 , 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 $637,627 .

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Note 8 — Stockholders' Equity As of March 31, 2020 , we have issued 543,767,445 shares of common stock. In addition, we issue OP Units from time to time which, upon vesting, are redeemable for shares of our common stock on a one -for-one basis or, in our sole discretion, cash and are reflected as non-controlling interests on our condensed consolidated balance sheets and statements of equity. As of March 31, 2020 , 3,463,285 outstanding OP Units are redeemable. During the three months ended March 31, 2020 , we issued 2,124,720 shares of common stock. Dividends To qualify as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and to pay tax at regular corporate rates to the extent that we annually distribute less than 100% of our net taxable income. We intend to pay quarterly dividends to our stockholders, which in the aggregate are approximately equal to or exceed our net taxable income in the relevant year. The timing, form, and amount of distributions, if any, to our stockholders, will be at the sole discretion of our board of directors. The following table summarizes our dividends declared from January 1, 2019 through March 31, 2020 : Record Date Amount per Share Pay Date Total Amount Declared Q1-2020 February 12, 2020 $ 0.15 February 28, 2020 $ 81,673 Q4-2019 November 13, 2019 0.13 November 27, 2019 70,693 Q3-2019 August 15, 2019 0.13 August 30, 2019 70,465 Q2-2019 May 15, 2019 0.13 May 31, 2019 68,334 Q1-2019 February 13, 2019 0.13 February 28, 2019 67,965 On April 24, 2020 , our board of directors declared a dividend of $0.15 per share to stockholders of record on May 13, 2020 , which is payable on May 29, 2020 (see Note 15 ). At the Market Equity Program On August 22, 2019, we entered into distribution agreements with a syndicate of banks (the “Agents”), pursuant to which we may sell, from time to time, up to an aggregate sales price of $800,000 of our common stock through the Agents (the “ATM Equity Program”). During the three months ended March 31, 2020 , we sold 1,872,066 shares of our common stock under our ATM Equity Program, generating net proceeds of $55,921 after giving effect to Agent commissions and other costs totaling $911 . As of March 31, 2020 , $686,209 remains available for future offerings under the ATM Equity Program.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 — Related Party Transactions Management Services One of our consolidated subsidiaries, as the managing member of a joint venture with FNMA (see Note 5 ), earns a management fee based upon the venture’s gross receipts. For the three months ended March 31, 2020 and 2019 , we earned $680 and $736 , respectively, of management fees which are included in other, net in the accompanying condensed consolidated statements of operations.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 10 — Share-Based Compensation Prior to completion of the IPO, our board of directors adopted, and our stockholders approved, the Invitation Homes Inc. 2017 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) to provide a means through which to attract and retain key personnel and to provide a means whereby our directors, officers, employees, 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, performance and market based vesting RSUs (“PRSUs”), and Outperformance Awards (defined below). Time-vesting RSUs are participating securities for earnings (loss) per common share (“EPS”) purposes, and PRSUs and Outperformance Awards are not. For detailed discussion of RSUs and PRSUs issued prior to January 1, 2020, refer to our Annual Report on Form 10-K for the year ended December 31, 2019. Share-Based Awards The following summarizes our share-based award activity during the three months ended March 31, 2020 . Annual Long Term Incentive Plan (“LTIP”): • Annual LTIP Awards Granted: During the three months ended March 31, 2020 , we granted 499,228 RSUs pursuant to LTIP awards (together with previously granted annual LTIP awards, “LTIP Awards”). Each award includes components which vest based on time-vesting conditions, market based vesting conditions, and performance based vesting conditions, each of which is s ubject to continued employment through the applicable vesting date . The time-vesting RSUs granted during the three months ended March 31, 2020 vest in three equal annual installments based on an anniversary date of March 1, 2020. The PRSUs granted during the three months ended March 31, 2020 may be earned based on the achievement of certain measures over a three year performance period that ends December 31, 2022. 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 three months ended March 31, 2020 , the Compensation Committee certified performance achievement with respect to Tranche 3 of our 2017 LTIP Awards. Certain PRSUs vested and achieved performance in excess of the target level, resulting in the issuance of an additional 91,200 shares of common stock. Such awards are reflected as an increase in the number of awards granted and vested in the table below. Certain other PRSUs did not achieve performance criteria, resulting in the cancellation of 5,348 awards. Such awards are reflected as an increase in the number of awards forfeited/canceled in the table below. 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 $12,550 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 three months ended March 31, 2020 : Time-Vesting Awards PRSUs Total Share-Based Awards (1) Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, December 31, 2019 685,069 $ 22.48 925,076 $ 23.13 1,610,145 $ 22.86 Granted 167,070 29.50 423,358 29.73 590,428 29.66 Vested (2) (210,039 ) (22.49 ) (152,967 ) (22.25 ) (363,006 ) (22.39 ) Forfeited / canceled (2,123 ) (22.43 ) (9,436 ) (21.86 ) (11,559 ) (21.96 ) Balance, March 31, 2020 639,977 $ 24.31 1,186,031 $ 25.61 1,826,008 $ 25.15 (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 d uring the three months ended March 31, 2020 was $7,779 . During the three months ended March 31, 2020 , no RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements. Grant-Date Fair Values The grant-date fair values of the RSAs, 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 three months ended March 31, 2020 : For the Three Months Ended March 31, 2020 Expected volatility (1) 17.2 % — 17.3% Risk-free rate 0.85% Expected holding period (years) 2.09 — 2.84 (1) Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index. Summary of Total Share-Based Compensation Expense During the three months ended March 31, 2020 and 2019 , we recognized share-based compensation expense as follows: For the Three Months Ended March 31, 2020 2019 General and administrative $ 3,268 $ 4,920 Property management expense 833 687 Total $ 4,101 $ 5,607 As of March 31, 2020 , there is $31,580 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 2.28 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11 — Fair Value Measurements The carrying amounts of restricted cash, certain components of other assets, accounts payable and accrued expenses, resident security deposits, and certain components of other liabilities approximate fair value due to the short maturity of these amounts. Our interest rate swap agreements and interest rate cap agreements are the only financial instruments recorded at fair value on a recurring basis within our condensed consolidated financial statements. The fair values of our interest rate caps and swaps, which are classified as Level 2 in the fair value hierarchy, are estimated using market values of instruments with similar attributes and maturities. See Note 7 for the details of the condensed balance sheet classification and the fair values for the interest rate caps and swaps. The following table displays the carrying values and fair values of financial instruments as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 311,540 $ 292,611 $ 316,991 $ 318,299 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 6,159,108 $ 5,787,279 $ 6,266,407 $ 6,292,261 Secured Term Loan (3) Level 3 403,464 398,456 403,464 411,213 Term Loan Facility (4) Level 3 1,500,000 1,471,179 1,500,000 1,500,444 Revolving Facility Level 3 270,000 264,805 — — Convertible Senior Notes (5) Level 3 335,559 347,569 334,299 346,489 (1) The carrying values of investments in debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and exclude $21,364 and $27,946 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (3) The carrying value of the Secured Term Loan excludes $2,431 and $2,486 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (4) The carrying value of the Term Loan Facility excludes $5,531 and $6,253 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (5) The carrying values of the Convertible Senior Notes include unamortized discounts of $9,441 and $10,701 as of March 31, 2020 and December 31, 2019 , respectively. The fair values of our investment in debt securities and mortgage loans, which are classified as Level 2 in the fair value hierarchy, are estimated based on market bid prices of comparable instruments at the end of the period. The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of March 31, 2020 : Quantitative Information about Level 3 Fair Value Measurement (1) Fair Value Valuation Technique Unobservable Input Rate Secured Term Loan $ 398,456 Discounted Cash Flow Effective Rate 3.72% Term Loan Facility 1,471,179 Discounted Cash Flow Effective Rate 3.01 % — 3.83% Revolving Facility 264,805 Discounted Cash Flow Effective Rate 3.06 % — 3.82% Convertible Senior Notes 347,569 Discounted Cash Flow Effective Rate 3.07% (1) Our Level 3 fair value instruments require interest only monthly payments. Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments. The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below: For the Three Months Ended March 31, 2020 2019 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 240 Total impairments — (30 ) Fair value $ — $ 210 For the Three Months Ended March 31, 2020 2019 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 10,800 $ 19,024 Total impairments (2,471 ) (3,223 ) Fair value $ 8,329 $ 15,801 For additional information related to our single-family residential properties as of March 31, 2020 and December 31, 2019 , refer to Note 3 .

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Note 12 — Earnings per Share Basic and diluted EPS are calculated as follows: For the Three Months Ended March 31, 2020 2019 (in thousands, except share and per share data) Numerator: Net income available to common stockholders — basic and diluted $ 49,854 $ 20,716 Denominator: Weighted average common shares outstanding — basic 542,549,512 521,440,822 Effect of dilutive securities: Incremental shares attributed to non-vested share-based awards 1,354,908 376,672 Weighted average common shares outstanding — diluted 543,904,420 521,817,494 Net income per common share — basic $ 0.09 $ 0.04 Net income per common share — diluted $ 0.09 $ 0.04 Incremental shares attributed to non-vested share-based awards are excluded from the computation of diluted EPS when they are anti-dilutive. For the three months ended March 31, 2020 and 2019 , 112,598 and 87,043 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 three months ended March 31, 2020 and 2019 , the vested OP Units have been excluded from the computation of EPS because all income attributable to the OP Units has been recorded as non-controlling interest and thus excluded from net income available to common stockholders. Using the “if-converted” method, 12,490,742 potential shares of common stock for the 2019 Convertible Notes are excluded from the computation of diluted EPS for the three months ended March 31, 2019 as they are anti-dilutive. For the three months ended March 31, 2020 and 2019 , 15,100,443 potential shares of common stock issuable upon the conversion of the 2022 Convertible Notes are also 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 three months ended March 31, 2020 and 2019 . See Note 6 for further discussion about the Convertible Senior Notes.

Income Tax

Income Tax	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax	Note 13 — Income Tax We account for income taxes under the asset and liability method. For our taxable REIT subsidiaries (“TRSs”), deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We provide a valuation allowance, from time to time, for deferred tax assets for which we do not consider realization of such assets to be more likely than not. As of March 31, 2020 and December 31, 2019 , we have no t recorded any deferred tax assets and liabilities or unrecognized tax benefits. We do not anticipate a significant change in unrecognized tax benefits within the next 12 months. We have sold assets that were either subject to Section 337(d) of the Internal Revenue Code of 1986, as amended, or were held by TRSs. These transactions resulted in $130 and $761 of current income tax expense for the three months ended March 31, 2020 and 2019 , respectively, which has been recorded in gain on sale of property, net of tax in the condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 — Commitments and Contingencies Lease Commitments The following table sets forth our fixed lease payment commitments as a lessee as of March 31, 2020 , for the periods below: Year Operating Leases Finance Leases Remainder of 2020 $ 3,459 $ 1,905 2021 4,404 2,474 2022 2,827 1,913 2023 1,682 1,901 2024 1,530 478 Thereafter 529 — Total lease payments 14,431 8,671 Less: imputed interest (1,067 ) (630 ) Total lease liability $ 13,364 $ 8,041 As of March 31, 2020 , approximately $2,500 of finance leases for fleet vehicles with a lease term of 50 months have been entered into and are anticipated to commence during the next three months , and an operating lease of approximately $2,500 for office space with a lease term of approximately 62 months has been entered into and is anticipated to commence during the next nine months. The components of lease expense for the three months ended March 31, 2020 and 2019 are as follows: For the Three Months 2020 2019 Operating lease cost: Fixed lease cost $ 993 $ 981 Variable lease cost 335 343 Total operating lease cost $ 1,328 $ 1,324 Finance lease cost: Amortization of ROU assets $ 208 $ 108 Interest on lease liabilities 142 13 Total finance lease cost $ 350 $ 121 Insurance Policies Pursuant to the terms of certain of our loan agreements (see Note 6 ), 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 March 31, 2020 , there are no material contingent liabilities related to uninsured losses with respect to our properties. Legal Matters We are subject to various legal proceedings and claims that arise in the ordinary course of our business. We accrue a liability when we believe that it is both probable that a liability has been incurred and that we can reasonably estimate the amount of the loss. We do not believe that the final outcome of these proceedings or matters will have a material adverse effect on our condensed consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15 — Subsequent Events In connection with the preparation of the accompanying condensed consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2020 , for potential recognition or disclosure. COVID-19 We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business, including how it will impact our residents and business partners. While we did not incur significant disruptions from the pandemic during the three months ended March 31, 2020, we are unable to predict the impact that COVID-19 will have on our future financial condition, results of operations, and cash flows due to numerous uncertainties. In April and May, we received certain rent deferral requests as a result of COVID-19. We are evaluating each resident’s rent deferral request on an individual basis, considering a number of factors. Not all requests will ultimately result in deferral agreements, nor are we forgoing our contractual rights under our lease agreements. However, we have chosen to implement a temporary moratorium on evictions across all of our markets regardless of local requirements and have elected not to charge late fees in certain situations. Extension of Existing Mortgage Loan On April 7, 2020, we submitted a notification to request an extension of the maturity of the IH 2018-3 mortgage loan from July 9, 2020 to July 9, 2021 upon approval . Dividend Declaration On April 24, 2020 , our board of directors declared a dividend of $0.15 per share to stockholders of record on May 13, 2020 , which is payable on May 29, 2020 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the Securities and Exchange Commission for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 . These condensed consolidated financial statements include the accounts of INVH and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. In the opinion of management, all adjustments that are of a normal recurring nature considered necessary for a fair presentation of our interim financial statements have been included in these condensed consolidated financial statements. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. We consolidate entities when we own, directly or indirectly, a majority interest in the entity or are otherwise able to control the entity. We consolidate variable interest entities (“VIEs”) in accordance with ASC 810, Consolidation , if we are the primary beneficiary of the VIE as determined by our power to direct the VIE’s activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. As described in Note 5, we have an investment in a joint venture with the Federal National Mortgage Association (“FNMA”), which is a voting interest entity. We do not hold a controlling financial interest in the joint venture but have significant influence over its operating and financial policies. Additionally, FNMA holds certain substantive participating rights that preclude the presumption of control by us; as such, we account for our investment using the equity method. In connection with the Mergers, we initially recorded this investment at fair value in connection with purchase accounting and have 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 venture are reported as part of operating cash flows while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. Non-controlling interests represent the OP Units not owned by INVH, including any vested OP Units granted in connection with certain share-based compensation awards. Non-controlling interests are presented as a separate component of equity on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 , and the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 include an allocation of the net income attributable to the non-controlling interest holders. Vested OP Units are redeemable for shares of our common stock on a one-for-one basis or, in our sole discretion, cash, and redemptions of OP Units are accounted for as a reduction in non-controlling interests with an offset to stockholders’ equity based on the pro rata number of OP Units redeemed.
Adoption of New Accounting Standards and Recent Accounting Pronouncements	Recent Accounting Pronouncements Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be asked to provide rent deferrals, rent abatements, late fee waivers, and other lease concessions to lessees (collectively, “lease accommodations”). While the lease modification guidance in ASC 842, Leases , addresses routine changes to lease terms resulting from negotiations between a lessee and lessor, it did not contemplate the rapid implementation of lease accommodations to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic. In April 2020, the FASB staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease accommodations resulting from the COVID-19 pandemic. Under existing lease guidance, we would have been required to determine, on a lease by lease basis, if each lease accommodation resulted from a new arrangement reached with the resident (treated within the lease modification accounting framework) or if each was contemplated under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). If certain criteria are met, the Lease Modification Q&A allows lessors to bypass the lease by lease analysis and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We intend to elect not to apply the lease modification accounting framework, eliminating the requirement to perform a lease by lease analysis with respect to any lease accommodations. The impact of the Lease Modification Q&A on our condensed financial statements is dependent upon the extent of lease accommodations granted to residents as a result of the COVID-19 pandemic in future periods and the elections made at the time of entering into such lease accommodations. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how companies measure credit losses for certain financial assets, excluding receivables arising from operating leases. This guidance requires an entity to estimate its expected credit loss and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. We adopted this standard as of January 1, 2020, and it did not have a material impact on our condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ) (“ASU 2020-04”), which contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offer Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated

Investments in Single-Family _2

Investments in Single-Family Residential Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of property carrying amount	The following table sets forth the net carrying amount associated with our properties by component: March 31, 2020 December 31, 2019 Land $ 4,498,591 $ 4,499,346 Single-family residential property 13,218,445 13,121,179 Capital improvements 512,520 513,269 Equipment 113,334 113,370 Total gross investments in the properties 18,342,890 18,247,164 Less: accumulated depreciation (2,126,400 ) (2,003,972 ) Investments in single-family residential properties, net $ 16,216,490 $ 16,243,192

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Schedule of cash and cash equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of such amounts shown in the condensed consolidated statements of cash flows: March 31, 2020 December 31, 2019 Cash and cash equivalents $ 297,060 $ 92,258 Restricted cash 218,735 193,987 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 515,795 $ 286,245
Schedule of restricted cash	The balances of our restricted cash accounts, as of March 31, 2020 and December 31, 2019 , are set forth in the table below. As of March 31, 2020 and December 31, 2019 , 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. March 31, 2020 December 31, 2019 Resident security deposits $ 150,620 $ 148,186 Property taxes 35,753 10,443 Collections 21,026 24,034 Capital expenditures 5,633 5,627 Letters of credit 3,462 3,459 Special and other reserves 2,241 2,238 Total $ 218,735 $ 193,987

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	As of March 31, 2020 and December 31, 2019 , the balances in other assets, net are as follows: March 31, 2020 December 31, 2019 Investments in debt securities, net $ 311,540 $ 316,991 Held for sale assets (1) 106,328 116,529 Investment in unconsolidated joint venture 54,629 54,778 Prepaid expenses 40,095 32,106 Rent and other receivables, net 25,048 25,244 ROU lease assets — operating and finance, net 20,613 13,768 Investments in equity securities 16,734 16,650 Corporate fixed assets, net 9,363 9,825 Deferred leasing costs, net 7,486 7,427 Amounts deposited and held by others 2,731 1,348 Deferred financing costs, net 2,172 2,765 Derivative instruments (Note 7) 22 1,643 Other 6,092 6,192 Total $ 602,853 $ 605,266 (1) As of March 31, 2020 and December 31, 2019 , 436 and 478 properties, respectively, are classified as held for sale.
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 March 31, 2020 : March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases Other assets $ 12,098 $ 8,515 $ 12,552 $ 1,216 Other liabilities 13,364 8,041 13,787 1,210 Weighted average remaining lease term 3.7 years 3.8 years 3.8 years 2.0 years Weighted average discount rate 4.0 % 4.0 % 4.0 % 4.0 %
Lease Payments to be Received	Future minimum rental revenues under leases existing on our single-family residential properties as of March 31, 2020 are as follows: Year Lease Payments to be Received Remainder of 2020 $ 877,619 2021 289,546 2022 13,304 2023 — 2024 — Thereafter — Total $ 1,180,469

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Instrument [Line Items]
Schedule of convertible debt	The following table summarizes the terms of the Convertible Senior Notes outstanding as of March 31, 2020 and December 31, 2019 : Principal Amount Coupon Effective (1) Conversion (2) Maturity Remaining Amortization March 31, 2020 December 31, 2019 2022 Convertible Notes 3.50% 5.12% 43.7694 January 15, 2022 1.79 years $ 345,000 $ 345,000 Net unamortized fair value adjustment (9,441 ) (10,701 ) Total $ 335,559 $ 334,299 (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 March 31, 2020 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. As of March 31, 2020 , the 2022 Convertible Notes do not meet the criteria for conversion. We have the option to settle the 2022 Convertible Notes in cash, common stock, or a combination thereof .
Schedule of credit facility	The following table sets forth a summary of the outstanding principal amounts under the Credit Facility as of March 31, 2020 and December 31, 2019 : Maturity Interest (1) March 31, 2020 December 31, 2019 Term Loan Facility February 6, 2022 2.69% $ 1,500,000 $ 1,500,000 Deferred financing costs, net (5,531 ) (6,253 ) Term Loan Facility, net $ 1,494,469 $ 1,493,747 Revolving Facility (2) February 6, 2021 2.74% $ 270,000 $ — (1) Interest rates for the Term Loan Facility and the Revolving Facility are based on LIBOR plus an applicable margin. As of March 31, 2020 , the applicable margins were 1.70% and 1.75% , respectively, and LIBOR was 0.99% .
Schedule of maturities of long-term debt	The following table summarizes the contractual maturities of our debt as of March 31, 2020 : Year Mortgage Loans (1) Secured Term Loan Term Loan Facility Revolving Facility (2) Convertible Senior Notes Total Remainder of 2020 $ 3,446,561 $ — $ — $ — $ — $ 3,446,561 2021 1,717,066 — — 270,000 — 1,987,066 2022 — — 1,500,000 — 345,000 1,845,000 2023 — — — — — — 2024 — — — — — — Thereafter 995,481 403,464 — — — 1,398,945 Total 6,159,108 403,464 1,500,000 270,000 345,000 8,677,572 Less: deferred financing costs, net (21,364 ) (2,431 ) (5,531 ) — — (29,326 ) Less: unamortized fair value adjustment — — — — (9,441 ) (9,441 ) Total $ 6,137,744 $ 401,033 $ 1,494,469 $ 270,000 $ 335,559 $ 8,638,805 (1) The maturity dates of the obligations are reflective of all extensions that have been exercised. If fully extended, we would have no mortgage loans maturing before 2023. 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. (2) If we exercise the one year extension option, the maturity date will be in 2022.
Mortgage Loans
Debt Instrument [Line Items]
Schedule of long-term debt instruments	The following table sets forth a summary of our mortgage loan indebtedness as of March 31, 2020 and December 31, 2019 : Outstanding Principal Balance (5) Origination Date Maturity Date (1) Maturity Date if (2) Interest (3) Range of Spreads (4) March 31, 2020 December 31, 2019 IH 2017-1 (6) April 28, June 9, June 9, 4.23% N/A $ 995,481 $ 995,520 SWH 2017-1 (7) September 29, October 9, January 9, 2.56% 102-347 bps 739,955 744,092 IH 2017-2 (7) November 9, December 9, December 9, 2.13% 91-186 bps 619,596 624,475 IH 2018-1 (7) February 8, March 9, March 9, 2.11% 76-206 bps 785,217 793,720 IH 2018-2 (7)(8) May 8, June 9, June 9, 2.33% 95-230 bps 938,484 957,135 IH 2018-3 (7)(9) June 28, July 9, July 9, 2.34% 105-230 bps 1,148,526 1,213,035 IH 2018-4 (7) November 7, January 9, January 9, 2.41% 115-225 bps 931,849 938,430 Total Securitizations 6,159,108 6,266,407 Less: deferred financing costs, net (21,364 ) (27,946 ) Total $ 6,137,744 $ 6,238,461 (1) The maturity dates above reflect all extension options that have been exercised. (2) Represents the maturity date if we exercise each of the remaining one year extension options available, which are subject to certain conditions being met. (3) Except for IH 2017-1, interest rates are based on a weighted average spread over LIBOR (or a comparable or successor rate as provided for in our loan agreements) , plus applicable servicing fees; as of March 31, 2020 , LIBOR was 0.99% . Our IH 2017-1 mortgage loan bears interest at a fixed rate of 4.23% per annum, equal to the market determined pass-through rate payable on the certificates including applicable servicing fees. (4) Range of spreads is based on outstanding principal balances as of March 31, 2020 . (5) Outstanding principal balance is net of discounts and does not include deferred financing costs, net. (6) Net of unamortized discount of $2,553 and $2,641 as of March 31, 2020 and December 31, 2019 , 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 a replacement interest rate cap agreement from an approved counterparty within the required timeframe to the lender ). Our SWH 2017-1, IH 2017-2, and IH 2018-1 mortgage loans have exercised the first extension option. The maturity dates above reflect all extensions that have been exercised. (8) On March 6, 2020, we submitted a notification to request an extension of the maturity of the IH 2018-2 mortgage loan from June 9, 2020 to June 9, 2021 upon approval.
Secured Term Loan
Debt Instrument [Line Items]
Schedule of long-term debt instruments	The following table sets forth a summary of our Secured Term Loan indebtedness as of March 31, 2020 and December 31, 2019 : Maturity Date Interest (1) March 31, 2020 December 31, 2019 Secured Term Loan June 9, 2031 3.59% $ 403,464 $ 403,464 Deferred financing costs, net (2,431 ) (2,486 ) Secured Term Loan, net $ 401,033 $ 400,978 (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.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of interest rate swap instruments	The table below summarizes our interest rate swap instruments as of March 31, 2020 : Agreement Date Forward Maturity Strike Index Notional December 21, 2016 February 28, 2017 January 31, 2022 1.97% One month LIBOR $ 750,000 December 11, 2019 February 28, 2017 December 31, 2024 1.74% One month LIBOR 750,000 January 12, 2017 February 28, 2017 August 7, 2020 1.59% One month LIBOR 1,100,000 January 13, 2017 February 28, 2017 June 9, 2020 1.63% One month LIBOR 595,000 April 19, 2018 January 31, 2019 January 31, 2025 2.86% One month LIBOR 400,000 February 15, 2019 March 15, 2019 March 15, 2022 2.23% One month LIBOR 800,000 April 19, 2018 March 15, 2019 November 30, 2024 2.85% One month LIBOR 400,000 April 19, 2018 March 15, 2019 February 28, 2025 2.86% One month LIBOR 400,000 June 3, 2016 July 15, 2019 July 15, 2020 1.30% One month LIBOR 450,000 January 10, 2017 January 15, 2020 January 15, 2021 2.13% One month LIBOR 550,000 May 8, 2018 March 9, 2020 June 9, 2025 2.99% One month LIBOR 325,000 May 8, 2018 June 9, 2020 June 9, 2025 2.99% One month LIBOR 595,000 June 3, 2016 July 15, 2020 July 15, 2021 1.47% One month LIBOR 450,000 June 28, 2018 August 7, 2020 July 9, 2025 2.90% One month LIBOR 1,100,000 January 10, 2017 January 15, 2021 July 15, 2021 2.23% One month LIBOR 550,000 December 9, 2019 July 15, 2021 November 30, 2024 2.90% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.14% One month LIBOR 400,000 November 7, 2018 March 15, 2022 July 31, 2025 3.16% One month LIBOR 400,000
Summary of derivative financial instruments, fair value and location in consolidated balance sheets	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 : Asset Derivatives Liability Derivatives Fair Value as of Fair Value as of Balance March 31, 2020 December 31, 2019 Balance March 31, 2020 December 31, 2019 Derivatives designated as hedging instruments: Interest rate swaps Other $ — $ 1,643 Other liabilities $ 607,985 $ 275,679 Derivatives not designated as hedging instruments: Interest rate caps Other 22 — Other liabilities 7 — Total $ 22 $ 1,643 $ 607,992 $ 275,679
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 March 31, 2020 and December 31, 2019 : March 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 22 $ — $ 22 $ — $ — $ 22 Offsetting liabilities: Derivatives $ 607,992 $ — $ 607,992 $ — $ — $ 607,992 December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1,643 $ — $ 1,643 $ (1,054 ) $ — $ 589 Offsetting liabilities: Derivatives $ 275,679 $ — $ 275,679 $ (1,054 ) $ — $ 274,625
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 March 31, 2020 and December 31, 2019 : March 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 22 $ — $ 22 $ — $ — $ 22 Offsetting liabilities: Derivatives $ 607,992 $ — $ 607,992 $ — $ — $ 607,992 December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets/ Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets/ Liabilities Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Offsetting assets: Derivatives $ 1,643 $ — $ 1,643 $ (1,054 ) $ — $ 589 Offsetting liabilities: Derivatives $ 275,679 $ — $ 275,679 $ (1,054 ) $ — $ 274,625
Derivative Instruments, Gain (Loss)	The tables below present the effect of our derivative financial instruments in the condensed consolidated statements of comprehensive loss and the condensed consolidated statements of operations for the three months ended March 31, 2020 and 2019 : Amount of Loss Recognized in OCI on Derivative Location of Gain Reclassified from Accumulated OCI into Net Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Income Total Amount of Interest Expense Presented in the Condensed Consolidated Statements of Operations For the Three Months Ended March 31, For the Three Months Ended March 31, For the Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate swaps $ (341,438 ) $ (87,868 ) Interest expense $ (8,567 ) $ 10,863 $ 84,757 $ 93,983 Location of Amount of Loss Recognized in Net Income on Derivative For the Three Months Ended March 31, 2020 2019 Derivatives not designated as hedging instruments: Interest rate caps Interest expense $ (13 ) $ (33 )

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of dividends declared	The following table summarizes our dividends declared from January 1, 2019 through March 31, 2020 : Record Date Amount per Share Pay Date Total Amount Declared Q1-2020 February 12, 2020 $ 0.15 February 28, 2020 $ 81,673 Q4-2019 November 13, 2019 0.13 November 27, 2019 70,693 Q3-2019 August 15, 2019 0.13 August 30, 2019 70,465 Q2-2019 May 15, 2019 0.13 May 31, 2019 68,334 Q1-2019 February 13, 2019 0.13 February 28, 2019 67,965

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [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 three months ended March 31, 2020 : Time-Vesting Awards PRSUs Total Share-Based Awards (1) Number Weighted Number Weighted Average Grant Date Fair Value (Actual $) Number Weighted Balance, December 31, 2019 685,069 $ 22.48 925,076 $ 23.13 1,610,145 $ 22.86 Granted 167,070 29.50 423,358 29.73 590,428 29.66 Vested (2) (210,039 ) (22.49 ) (152,967 ) (22.25 ) (363,006 ) (22.39 ) Forfeited / canceled (2,123 ) (22.43 ) (9,436 ) (21.86 ) (11,559 ) (21.96 ) Balance, March 31, 2020 639,977 $ 24.31 1,186,031 $ 25.61 1,826,008 $ 25.15 (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 d uring the three months ended March 31, 2020 was $7,779 . During the three months ended March 31, 2020 , no RSUs were accelerated pursuant to the terms and conditions of the Omnibus Incentive Plan and related award agreements.
Schedule of share-based payment awards valuation assumptions	The grant-date fair values of the RSAs, 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 three months ended March 31, 2020 : For the Three Months Ended March 31, 2020 Expected volatility (1) 17.2 % — 17.3% Risk-free rate 0.85% Expected holding period (years) 2.09 — 2.84 (1) Expected volatility was estimated based on the historical volatility of INVH’s realized returns and the applicable index.
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by type	During the three months ended March 31, 2020 and 2019 , we recognized share-based compensation expense as follows: For the Three Months Ended March 31, 2020 2019 General and administrative $ 3,268 $ 4,920 Property management expense 833 687 Total $ 4,101 $ 5,607 As of March 31, 2020 , there is $31,580 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 2.28 years.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of carrying values and fair values of financial instruments	The following table displays the carrying values and fair values of financial instruments as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets carried at historical cost on the condensed consolidated balance sheets: Investments in debt securities (1) Level 2 $ 311,540 $ 292,611 $ 316,991 $ 318,299 Liabilities carried at historical cost on the condensed consolidated balance sheets: Mortgage loans (2) Level 2 $ 6,159,108 $ 5,787,279 $ 6,266,407 $ 6,292,261 Secured Term Loan (3) Level 3 403,464 398,456 403,464 411,213 Term Loan Facility (4) Level 3 1,500,000 1,471,179 1,500,000 1,500,444 Revolving Facility Level 3 270,000 264,805 — — Convertible Senior Notes (5) Level 3 335,559 347,569 334,299 346,489 (1) The carrying values of investments in debt securities are shown net of discount. (2) The carrying values of the mortgage loans are shown net of discount and exclude $21,364 and $27,946 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (3) The carrying value of the Secured Term Loan excludes $2,431 and $2,486 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (4) The carrying value of the Term Loan Facility excludes $5,531 and $6,253 of deferred financing costs as of March 31, 2020 and December 31, 2019 , respectively. (5) The carrying values of the Convertible Senior Notes include unamortized discounts of $9,441 and $10,701 as of March 31, 2020 and December 31, 2019
Fair value measurement inputs and valuation techniques	The following table displays the significant unobserverable inputs used to develop our Level 3 fair value measurements as of March 31, 2020 : Quantitative Information about Level 3 Fair Value Measurement (1) Fair Value Valuation Technique Unobservable Input Rate Secured Term Loan $ 398,456 Discounted Cash Flow Effective Rate 3.72% Term Loan Facility 1,471,179 Discounted Cash Flow Effective Rate 3.01 % — 3.83% Revolving Facility 264,805 Discounted Cash Flow Effective Rate 3.06 % — 3.82% Convertible Senior Notes 347,569 Discounted Cash Flow Effective Rate 3.07% (1) Our Level 3 fair value instruments require interest only monthly payments.
Schedule of impaired assets, measured at fair value on a nonrecurring basis	The assets for which we have recorded impairments, measured at fair value on a nonrecurring basis, are summarized below: For the Three Months Ended March 31, 2020 2019 Investments in single-family residential properties, net held for use (Level 3): Pre-impairment amount $ — $ 240 Total impairments — (30 ) Fair value $ — $ 210 For the Three Months Ended March 31, 2020 2019 Investments in single-family residential properties, net held for sale (Level 3): Pre-impairment amount $ 10,800 $ 19,024 Total impairments (2,471 ) (3,223 ) Fair value $ 8,329 $ 15,801

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and diluted earnings per share calculation	Basic and diluted EPS are calculated as follows: For the Three Months Ended March 31, 2020 2019 (in thousands, except share and per share data) Numerator: Net income available to common stockholders — basic and diluted $ 49,854 $ 20,716 Denominator: Weighted average common shares outstanding — basic 542,549,512 521,440,822 Effect of dilutive securities: Incremental shares attributed to non-vested share-based awards 1,354,908 376,672 Weighted average common shares outstanding — diluted 543,904,420 521,817,494 Net income per common share — basic $ 0.09 $ 0.04 Net income per common share — diluted $ 0.09 $ 0.04

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , for the periods below: Year Operating Leases Finance Leases Remainder of 2020 $ 3,459 $ 1,905 2021 4,404 2,474 2022 2,827 1,913 2023 1,682 1,901 2024 1,530 478 Thereafter 529 — Total lease payments 14,431 8,671 Less: imputed interest (1,067 ) (630 ) Total lease liability $ 13,364 $ 8,041
Schedule of lease costs	The components of lease expense for the three months ended March 31, 2020 and 2019 are as follows: For the Three Months 2020 2019 Operating lease cost: Fixed lease cost $ 993 $ 981 Variable lease cost 335 343 Total operating lease cost $ 1,328 $ 1,324 Finance lease cost: Amortization of ROU assets $ 208 $ 108 Interest on lease liabilities 142 13 Total finance lease cost $ 350 $ 121

Organization and Formation (Det

Organization and Formation (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Feb. 06, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock, Shares Authorized	9,000,000,000	9,000,000,000	9,000,000,000
Preferred Stock, Shares Authorized	900,000,000	900,000,000	900,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Business Combination, Percentage Ownership Of The Combined Entity After The Transaction By Stockholders Of The Company	99.40%

Investments in Single-Family _3

Investments in Single-Family Residential Properties - Net Carrying Amount of Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 4,498,591	$ 4,499,346
Single-family residential property	13,218,445	13,121,179
Capital improvements	512,520	513,269
Equipment	113,334	113,370
Total gross investments in the properties	18,342,890	18,247,164
Less: accumulated depreciation	(2,126,400)	(2,003,972)
Investments in single-family residential properties, net	$ 16,216,490	$ 16,243,192

Investments in Single-Family _4

Investments in Single-Family Residential Properties - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Capitalized acquisition costs, net	$ 119,709		$ 119,608
Capitalized interest costs	68,086		65,747
Capitalized property taxes, net	26,262		25,565
Capitalized insurance, net	4,645		4,616
Capitalized HOA fees, net	2,951		$ 2,836
Depreciation and amortization	135,027	$ 133,609
Provisions for impairment	2,471	3,253
Real estate properties
Property, Plant and Equipment [Line Items]
Depreciation and amortization	133,914	132,520
Furniture and equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,113	$ 1,089

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 297,060	$ 92,258
Restricted cash	218,735	193,987
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 515,795	$ 286,245	$ 351,418	$ 359,991

Cash, Cash Equivalents, and R_4

Cash, Cash Equivalents, and Restricted Cash - Schedule of Restricted Cash Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 218,735	$ 193,987
Resident security deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	150,620	148,186
Property taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	35,753	10,443
Collections
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	21,026	24,034
Capital expenditures
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,633	5,627
Letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	3,462	3,459
Special and other reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 2,241	$ 2,238

Schedule of Other Assets (Detai

Schedule of Other Assets (Details) $ in Thousands	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in debt securities, net	$ 311,540	$ 316,991
Held for sale assets(1)	106,328	116,529
Investment in unconsolidated joint venture	54,629	54,778
Prepaid expenses	40,095	32,106
Rent and other receivables, net	25,048	25,244
ROU lease assets — operating and finance, net	20,613	13,768
Investments in equity securities	16,734	16,650
Corporate fixed assets, net	9,363	9,825
Deferred leasing costs, net	7,486	7,427
Amounts deposited and held by others	2,731	1,348
Deferred financing costs, net	2,172	2,765
Derivative instruments (Note 7)	22	1,643
Other	6,092	6,192
Total	$ 602,853	$ 605,266
Number Of Real Estate Properties Classified As Held-For-Sale | property	436	478

Other Assets - Narrative (Detai

Other Assets - Narrative (Details)	Dec. 31, 2019USD ($)property	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2017USD ($)
Schedule of Investments [Line Items]
Investments in debt securities, net	$ 316,991,000	$ 311,540,000
Debt Instrument, Unamortized Discount		9,441,000
Held-to-maturity securities, unrecognized holding gain	0
Held-to-maturity securities, unrecognized holding loss	0
Other than temporary impairment recognized in other comprehensive income	0
Operating Lease, Variable Lease Income		25,047,000	$ 21,330,000
Investments in equity securities	16,650,000	16,734,000
Equity Securities, FV-NI, Gain (Loss)		34,000	$ 0
Debt Issuance Costs, Line of Credit Arrangements, Gross				$ 9,673,000
Debt issuance costs, unamortized balance	$ 2,765,000	2,172,000
Debt securities, held to maturity, allowance for credit loss		$ 0
Joint venture with FNMA | Merger with Starwood Waypoint Homes
Schedule of Investments [Line Items]
Interest joint venture		10.00%
Number of real estate properties owned by joint venture | property	641	618
Minimum
Schedule of Investments [Line Items]
Lessor leasing arrangements, operating leases, term of contract		12 months
Residential Mortgage Backed Securities
Schedule of Investments [Line Items]
Investments in debt securities, net		$ 311,540,000
Residential Mortgage Backed Securities | Minimum
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		2 months
Residential Mortgage Backed Securities | Maximum
Schedule of Investments [Line Items]
Marketable securities, expected maturity term		7 years
Mortgage Loans
Schedule of Investments [Line Items]
Debt Instrument, Unamortized Discount		$ 0
IH1 2017-1 | Mortgage Loans
Schedule of Investments [Line Items]
Debt Instrument, Unamortized Discount	$ 2,641,000	$ 2,553,000

Other Assets Schedule of Leases

Other Assets Schedule of Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets and Liabilities, Lessee [Abstract]
Operating Lease, Right-of-Use Asset	$ 12,098	$ 12,552
Finance Lease, Right-of-Use Asset	8,515	1,216
Operating Lease, Liability	13,364	13,787
Finance Lease, Liability	$ 8,041	$ 1,210
Operating Lease, Weighted Average Remaining Lease Term	3 years 8 months 12 days	3 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	2 years
Lessee, Operating Lease, Discount Rate	4.00%	4.00%
Lessee, Finance Lease, Discount Rate	4.00%	4.00%

Other Assets Schedule of Rent R

Other Assets Schedule of Rent Revenues (Details) $ in Thousands	Mar. 31, 2020USD ($)
Schedule of rent revenues [Abstract]
Remainder of 2020	$ 877,619
2021	289,546
2022	13,304
2023	0
2024	0
Thereafter	0
Total	$ 1,180,469

Debt - Schedule of Mortgage Loa

Debt - Schedule of Mortgage Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)extension	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Less: deferred financing costs, net	$ (29,326)
Long-term Debt	8,638,805
Debt Instrument, Unamortized Discount	9,441
Repayments of Secured Debt	$ 107,387	$ 180,812
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, variable rate	0.99%
Mortgage Loans
Debt Instrument [Line Items]
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 6,159,108		$ 6,266,407
Less: deferred financing costs, net	(21,364)		(27,946)
Long-term Debt	6,137,744		6,238,461
Debt Instrument, Unamortized Discount	0
IH1 2017-1 | Mortgage Loans
Debt Instrument [Line Items]
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 995,481		995,520
Fixed interest rate	4.23%
Debt Instrument, Term	10 years
Debt Instrument, Unamortized Discount	$ 2,553		2,641
SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans
Debt Instrument [Line Items]
Debt Instrument, Term	2 years
Debt Instrument, Extended Term	1 year
SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	0.76%
Debt Instrument, Term	2 years
Debt Instrument, Number Of Extensions | extension	3
SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member] | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	3.47%
Debt Instrument, Number Of Extensions | extension	5
SWH 2017-1 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.56%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 739,955		744,092
SWH 2017-1 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	1.02%
SWH 2017-1 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	3.47%
IH 2017-2 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.13%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 619,596		624,475
IH 2017-2 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	0.91%
IH 2017-2 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	1.86%
IH 2018-1 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.11%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 785,217		793,720
IH 2018-1 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	0.76%
IH 2018-1 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	2.06%
IH 2018-2 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.33%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 938,484		957,135
IH 2018-2 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	0.95%
IH 2018-2 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	2.30%
IH 2018-3 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.34%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 1,148,526		1,213,035
IH 2018-3 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	1.05%
IH 2018-3 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	2.30%
IH 2018-4 | Mortgage Loans
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.41%
Long-Term Debt, Net Of Unamortized Discount (Premium)	$ 931,849		$ 938,430
IH 2018-4 | Mortgage Loans | Minimum
Debt Instrument [Line Items]
Basis spread	1.15%
IH 2018-4 | Mortgage Loans | Maximum
Debt Instrument [Line Items]
Basis spread	2.25%

Debt - Mortgage Loans Narrative

Debt - Mortgage Loans Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertyextensionloan	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2018
Debt Instrument [Line Items]
Investments in debt securities, net	$ 311,540		$ 316,991
Real Estate Investment Property, Net	16,216,490		$ 16,243,192
Repayments of Secured Debt	$ (107,387)	$ (180,812)
Mortgage Loans
Debt Instrument [Line Items]
Debt instrument, loan principal as a percentage of mortgage pool				5.00%
Mortgage Loans | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Debt instrument, loan principal as a percentage of mortgage pool	5.00%
Mortgage Loans | IH1 2017-1
Debt Instrument [Line Items]
Debt Instrument, Number Of Loans | loan	2
Debt Instrument, Term	10 years
Fixed interest rate	4.23%
Mortgage Loans | IH1 2017-1 | Class B Certificates
Debt Instrument [Line Items]
Fixed interest rate	4.23%
Mortgage Loans | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Number Of Loans | loan	6
Debt Instrument, Term	2 years
Debt Instrument, Extended Term	1 year
Mortgage Loans | Residential Real Estate
Debt Instrument [Line Items]
Number of Real Estate Properties | property	35,911		37,040
Real Estate Investment Property, Net	$ 6,922,627		$ 7,137,576
Mortgage Loans | Minimum | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	2 years
Debt Instrument, Number Of Extensions | extension	3
Basis spread	0.76%
Mortgage Loans | Maximum | SWH 2017-1, IH 2017-2, IH 2018-1, IH 2018-2, IH 2018-3, IH 2018-4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Number Of Extensions | extension	5
Basis spread	3.47%

Debt Debt - Secured Term Loan N

Debt Debt - Secured Term Loan Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Debt Instrument [Line Items]
Real Estate Investment Property, Net	$ 16,216,490	$ 16,243,192
Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Term	12 years
Fixed interest rate	3.59%
Secured Term Loan | Maximum
Debt Instrument [Line Items]
Annual Limitation on Collateral Substitution, Percentage	20.00%
Limitation on Collateral Substitution, Percentage	100.00%
Special Releases Allowed After First Anniversary	4
Special Release of Collateral, Percentage	15.00%
Residential Real Estate | Secured Term Loan
Debt Instrument [Line Items]
Number of Real Estate Properties | property	3,333	3,333
Real Estate Investment Property, Net	$ 731,201	$ 734,759
Fixed Rate [Member] | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Term	11 years
London Interbank Offered Rate (LIBOR) | Secured Term Loan | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.47%

Debt Debt - Schedule of Secured

Debt Debt - Schedule of Secured Term Loan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 8,677,572
Less: deferred financing costs, net	(29,326)
Long-term Debt	$ 8,638,805
Secured Term Loan
Debt Instrument [Line Items]
Fixed interest rate	3.59%
Long-term Debt, Gross	$ 403,464	$ 403,464
Less: deferred financing costs, net	(2,431)	(2,486)
Long-term Debt	$ 401,033	$ 400,978
Debt Instrument, Term	12 years
Fixed Rate [Member] | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Term	11 years
London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.47%

Debt - Term Loan Facility and R

Debt - Term Loan Facility and Revolving Facility (Details) $ in Thousands	Feb. 06, 2017USD ($)	Mar. 31, 2020
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 2,500,000
Debt instrument, number of maturity date extensions	1 year
Revolving Facility | Minimum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.20%
Line of credit facility, facility fee percentage		0.125%
Revolving Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage		0.35%
Line of credit facility, facility fee percentage		0.30%
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity	$ 1,500,000
Debt covenant, net leverage ratio		8
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		1.75%
Line of Credit | Revolving Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.75%
Line of Credit | Revolving Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.75%
Line of Credit | Revolving Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.30%
Line of Credit | Revolving Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.30%
Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 1,500,000
Line of Credit | Term Loan Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.70%
Line of Credit | Term Loan Facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		1.70%
Line of Credit | Term Loan Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		0.70%
Line of Credit | Term Loan Facility | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread		2.30%
Line of Credit | Term Loan Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread		1.30%

Debt Debt - Schedule of Term Lo

Debt Debt - Schedule of Term Loan Facility and Revolving Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 8,677,572
Less: deferred financing costs, net	(29,326)
Long-term Debt	$ 8,638,805
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument, variable rate	0.99%
Line of Credit | Term Loan Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	2.69%
Long-term Debt, Gross	$ 1,500,000	$ 1,500,000
Less: deferred financing costs, net	(5,531)	(6,253)
Long-term Debt	$ 1,494,469	1,493,747
Line of Credit | Revolving Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	2.74%
Long-term Debt, Gross	$ 270,000	$ 0
Line of Credit | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Term Loan Facility
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.70%
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Facility
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes Narrative (Details)	Jul. 01, 2019shares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2014USD ($)
Debt Instrument [Line Items]
Amortization of debt discounts		$ 1,348,000	$ 2,364,000
Share Price | $ / shares		$ 21.37
Debt instrument, percentage of repurchase price to principal amount if company undergoes fundamental change		100.00%
Debt instrument, event of default minimum percentage of principal amount		25.00%
Debt instrument, percentage of repurchase price to principal amount if company defaults		100.00%
2019 Convertible Notes | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Convertible senior notes amount						$ 230,000,000
Coupon Rate						3.00%
Debt Conversion, Converted Instrument, Shares Issued | shares	12,553,864	12,553,864
Debt instrument, convertible, conversion ratio		0.0545954
Debt Instrument, Principal Amount Used For Conversion		$ 1,000
Debt instrument, convertible conversion price (in dollars per share) | $ / shares		$ 18.32
Amortization of debt discounts		$ 2,803,000
2022 Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Convertible, If-converted Value in Excess of Principal		(22,304,000)
2022 Convertible Notes | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Convertible senior notes amount		$ 345,000,000		$ 345,000,000	$ 345,000,000
Coupon Rate		3.50%			3.50%
Debt instrument, convertible, conversion ratio		0.0437694
Debt Instrument, Principal Amount Used For Conversion		$ 1,000
Debt instrument, convertible conversion price (in dollars per share) | $ / shares		$ 22.85
Amortization of debt discounts		$ 4,279,000	$ 4,217,000

Debt - Schedule of Convertible

Debt - Schedule of Convertible Senior Notes (Details)	3 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 16, 2017USD ($)	Jan. 31, 2017USD ($)	Jul. 31, 2014USD ($)
Convertible Notes Payable [Abstract]
Net unamortized fair value adjustment	$ (9,441,000)
Total	$ 335,559,000	$ 334,299,000
2019 Convertible Notes | Debt Instrument, Redemption, Period One [Member]
Convertible Notes Payable [Abstract]
Coupon Rate					3.00%
Conversion Rate	0.0545954
Principal Amount					$ 230,000,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000
2022 Convertible Notes | Debt Instrument, Redemption, Period One [Member]
Convertible Notes Payable [Abstract]
Coupon Rate	3.50%			3.50%
Effective Rate	5.12%
Conversion Rate	0.0437694
Remaining Amortization Period	1 year 9 months 14 days
Principal Amount	$ 345,000,000	$ 345,000,000		$ 345,000,000
Convertible debt, fair value disclosures			$ 324,252,000
Debt Instrument, Principal Amount Used For Conversion	$ 1,000

Debt - Debt Maturities Schedule

Debt - Debt Maturities Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Year
Remainder of 2020	$ 3,446,561
2021	1,987,066
2022	1,845,000
2023	0
2024	0
Thereafter	1,398,945
Total	8,677,572
Less: deferred financing costs, net	(29,326)
Less: unamortized fair value adjustment	(9,441)
Long-term Debt	8,638,805
Mortgage Loans
Year
Remainder of 2020	3,446,561
2021	1,717,066
2022	0
2023	0
2024	0
Thereafter	995,481
Total	6,159,108
Less: deferred financing costs, net	(21,364)	$ (27,946)
Less: unamortized fair value adjustment	0
Long-term Debt	6,137,744	6,238,461
Secured Term Loan
Year
Remainder of 2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	403,464
Total	403,464	403,464
Less: deferred financing costs, net	(2,431)	(2,486)
Less: unamortized fair value adjustment	0
Long-term Debt	401,033	400,978
Term Loan Facility
Year
Remainder of 2020	0
2021	0
2022	1,500,000
2023	0
2024	0
Thereafter	0
Total	1,500,000
Less: deferred financing costs, net	(5,531)	(6,253)
Less: unamortized fair value adjustment	0
Long-term Debt	1,494,469
Revolving Facility
Year
Remainder of 2020	0
2021	270,000
2022	0
2023	0
2024	0
Thereafter	0
Total	270,000
Less: deferred financing costs, net	0
Less: unamortized fair value adjustment	0
Long-term Debt	270,000
Convertible Senior Notes
Year
Remainder of 2020	0
2021	0
2022	345,000
2023	0
2024	0
Thereafter	0
Total	345,000
Less: deferred financing costs, net	0
Less: unamortized fair value adjustment	(9,441)	$ (10,701)
Long-term Debt	$ 335,559

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	$ 135,646
Derivative Liability, Fair Value, Amount Offset Against Collateral	607,992	$ 274,625
Assets Needed for Immediate Settlement, Aggregate Fair Value	$ 637,627
Not Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Interest rate cap	3.24%
Not Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Interest rate cap	5.31%
Interest rate caps | Not Designated as Hedging Instrument
Derivative [Line Items]
Debt service coverage ratio	1.2

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap Instruments (Details) - Designated as Hedging Instrument - London Interbank Offered Rate (LIBOR) $ in Thousands	Mar. 31, 2020USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Strike Rate	1.97%
Derivative Asset, Notional Amount	$ 750,000
Interest Rate Swap 2
Derivative [Line Items]
Strike Rate	1.74%
Derivative Asset, Notional Amount	$ 750,000
Interest Rate Swap 3
Derivative [Line Items]
Strike Rate	1.59%
Derivative Asset, Notional Amount	$ 1,100,000
Interest Rate Swap 4
Derivative [Line Items]
Strike Rate	1.63%
Derivative Asset, Notional Amount	$ 595,000
Interest Rate Swap 5
Derivative [Line Items]
Strike Rate	2.86%
Derivative Asset, Notional Amount	$ 400,000
Interest Rate Swap 6
Derivative [Line Items]
Strike Rate	2.23%
Derivative Asset, Notional Amount	$ 800,000
Interest Rate Swap 7
Derivative [Line Items]
Strike Rate	2.85%
Derivative Asset, Notional Amount	$ 400,000
Interest Rate Swap 8
Derivative [Line Items]
Strike Rate	2.86%
Derivative Asset, Notional Amount	$ 400,000
Interest Rate Swap 9
Derivative [Line Items]
Strike Rate	1.30%
Derivative Asset, Notional Amount	$ 450,000
Interest Rate Swap 10
Derivative [Line Items]
Strike Rate	2.13%
Derivative Asset, Notional Amount	$ 550,000
Interest Rate Swap 11
Derivative [Line Items]
Strike Rate	2.99%
Derivative Asset, Notional Amount	$ 325,000
Interest Rate Swap 12
Derivative [Line Items]
Strike Rate	2.99%
Derivative Asset, Notional Amount	$ 595,000
Interest Rate Swap 13
Derivative [Line Items]
Strike Rate	1.47%
Derivative Asset, Notional Amount	$ 450,000
Interest Rate Swap 14
Derivative [Line Items]
Strike Rate	2.90%
Derivative Asset, Notional Amount	$ 1,100,000
Interest Rate Swap 15
Derivative [Line Items]
Strike Rate	2.23%
Derivative Asset, Notional Amount	$ 550,000
Interest Rate Swap 16
Derivative [Line Items]
Strike Rate	2.90%
Derivative Asset, Notional Amount	$ 400,000
Interest Rate Swap 17
Derivative [Line Items]
Strike Rate	3.14%
Derivative Asset, Notional Amount	$ 400,000
Interest Rate Swap 18
Derivative [Line Items]
Strike Rate	3.16%
Derivative Asset, Notional Amount	$ 400,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 22	$ 1,643
Liability Derivatives	607,992	275,679
Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	22	1,643
Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	607,992	275,679
Interest rate swaps | Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	1,643
Interest rate swaps | Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	607,985	275,679
Interest rate caps | Not Designated as Hedging Instrument | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	22	0
Interest rate caps | Not Designated as Hedging Instrument | Other liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 7	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Offsetting assets:
Gross Amounts of Recognized Assets	$ 22	$ 1,643
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets Presented in the Statement of Financial Position	22	1,643
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	(1,054)
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	22	589
Offsetting liabilities:
Gross Amounts of Recognized Liabilities	607,992	275,679
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities Presented in the Statement of Financial Position	607,992	275,679
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	(1,054)
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Net Amount	$ 607,992	$ 274,625

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	$ 84,757	$ 93,983
Interest rate caps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in Net Income on Derivative	(13)	(33)
AOCI into Net Loss | Reclassified from AOCI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense	(8,567)	10,863
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in OCI on Derivative	$ (341,438)	$ (87,868)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 24, 2020$ / shares	Feb. 12, 2020$ / shares	Nov. 13, 2019$ / shares	Aug. 15, 2019$ / shares	May 15, 2019$ / shares	Feb. 13, 2019$ / shares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019$ / sharesshares	Dec. 31, 2019shares	Aug. 22, 2019USD ($)	Dec. 31, 2018shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares							543,767,670		541,642,725
Issuance of common stock (in shares) | shares							2,124,720
Redeemable OP Units outstanding (in units) | shares							3,463,285
Dividends declared per common share | $ / shares		$ 0.15	$ 0.13	$ 0.13	$ 0.13	$ 0.13	$ 0.15	$ 0.13
Issuance of common stock, net — ATM Equity Program							$ 55,921
Merger with Starwood Waypoint Homes
Class of Stock [Line Items]
Conversion ratio from units to shares							1
Total ATM Equity Program Amount [Member]
Class of Stock [Line Items]
Common Stock, Beginning Amount Authorized										$ 800,000
Commissions and Other Costs							$ 911
Common Stock, Remaining Amount Authorized							$ 686,209
Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares) | shares							543,767,445	524,989,775	541,642,725		520,647,977
Issuance of common stock (in shares) | shares							1,872,066
Issuance of common stock, net — ATM Equity Program							$ 19
Common Stock | Total ATM Equity Program Amount [Member]
Class of Stock [Line Items]
Issuance of common stock (in shares) | shares							1,872,066
Total Stockholders' Equity
Class of Stock [Line Items]
Issuance of common stock, net — ATM Equity Program							$ 55,921
Total Stockholders' Equity | Total ATM Equity Program Amount [Member]
Class of Stock [Line Items]
Issuance of common stock, net — ATM Equity Program							$ 55,921
Subsequent Event
Class of Stock [Line Items]
Dividends declared per common share | $ / shares	$ 0.15

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2020	Feb. 12, 2020	Nov. 27, 2019	Nov. 13, 2019	Aug. 30, 2019	Aug. 15, 2019	May 31, 2019	May 15, 2019	Feb. 28, 2019	Feb. 13, 2019	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared		$ 0.15		$ 0.13		$ 0.13		$ 0.13		$ 0.13	$ 0.15	$ 0.13
Dividends, total amount declared	$ 81,673		$ 70,693		$ 70,465		$ 68,334		$ 67,965

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transactions [Abstract]
Management fees earned	$ 680	$ 736

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	May 01, 2019	Mar. 31, 2020
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)		91,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Forfeited in Period Due to Performance Target Level Not Met		5,348
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		9,436
Granted (in shares)		423,358
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		11,559
Granted (in shares)		590,428
LTIP Agreement | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		499,228
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, number of shares authorized (in shares)		16,000,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting period	3 years
Stock Granted, Value, Share-based Compensation, Gross	$ 12,550
Share-based Compensation Award, Tranche One | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Share-based Compensation Award, Tranche Two | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Share-based Compensation Award, Tranche Three | Omnibus Incentive Plan | Restricted Stock Units (RSUs) - Performance-Based and OP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Total Share-Based Awards (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Time-Vesting Awards
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	685,069
Granted (in shares)	167,070
Vested (in shares)	(210,039)
Forfeited/cancelled (in shares)	(2,123)
Balance, Ending of period (in shares)	639,977
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 22.48
Granted (in dollars per share) | $ / shares	29.50
Vested (in dollars per share) | $ / shares	(22.49)
Forfeited (in dollars per share) | $ / shares	(22.43)
Balance, Ending of period (in dollars per share) | $ / shares	$ 24.31
PRSUs
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	925,076
Granted (in shares)	423,358
Vested (in shares)	(152,967)
Forfeited/cancelled (in shares)	(9,436)
Balance, Ending of period (in shares)	1,186,031
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 23.13
Granted (in dollars per share) | $ / shares	29.73
Vested (in dollars per share) | $ / shares	(22.25)
Forfeited (in dollars per share) | $ / shares	(21.86)
Balance, Ending of period (in dollars per share) | $ / shares	$ 25.61
Restricted Stock and Restricted Stock Units
Restricted Stock and Restricted Stock Units Outstanding
Balance, Beginning of period (in shares)	1,610,145
Granted (in shares)	590,428
Vested (in shares)	(363,006)
Forfeited/cancelled (in shares)	(11,559)
Balance, Ending of period (in shares)	1,826,008
Vested, fair value | $	$ 7,779
Restricted Stock and Restricted Stock Units Weighted Average Grant Date Fair Value
Balance, Beginning of period (in dollars per share) | $ / shares	$ 22.86
Granted (in dollars per share) | $ / shares	29.66
Vested (in dollars per share) | $ / shares	(22.39)
Forfeited (in dollars per share) | $ / shares	(21.96)
Balance, Ending of period (in dollars per share) | $ / shares	$ 25.15
Omnibus Incentive Plan
Restricted Stock and Restricted Stock Units Outstanding
Vested (in shares)	0

Share-Based Compensation - Fair

Share-Based Compensation - Fair Value Inputs (Details)	3 Months Ended
	Mar. 31, 2020
Fair Value Assumptions
Expected volatility, minimum	17.20%
Expected volatility, maximum	17.30%
Risk-free rate	0.85%
Minimum
Fair Value Assumptions
Expected holding period (years)	2 years 1 month 2 days
Maximum
Fair Value Assumptions
Expected holding period (years)	2 years 10 months 2 days

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 4,101	$ 5,607
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee service share-based compensation not yet recognized	$ 31,580
Share-based compensation arrangement, weighted average remaining contractual terms	2 years 3 months 10 days
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 3,268	4,920
Property Management Expense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation arrangement, allocated share-based compensation expense	$ 833	$ 687

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	$ 29,326
Debt Instrument, Unamortized Discount	9,441
Mortgage Loans
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	21,364	$ 27,946
Debt Instrument, Unamortized Discount	0
Secured Term Loan
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	2,431	2,486
Debt Instrument, Unamortized Discount	0
Term Loan Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	5,531	6,253
Debt Instrument, Unamortized Discount	0
Revolving Facility
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0
Debt Instrument, Unamortized Discount	0
Convertible Senior Notes
Liabilities carried at historical cost on the consolidated balance sheets
Deferred financing costs, net	0
Debt Instrument, Unamortized Discount	9,441	10,701
Fair Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	292,611	318,299
Fair Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	5,787,279	6,292,261
Fair Value | Secured Term Loan | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	398,456	411,213
Fair Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,471,179	1,500,444
Fair Value | Revolving Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	264,805	0
Fair Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	347,569	346,489
Carrying Value | Level 2
Assets carried at historical cost on the consolidated balance sheets
Investments in debt securities	311,540	316,991
Carrying Value | Mortgage Loans | Level 2
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	6,159,108	6,266,407
Carrying Value | Secured Term Loan | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	403,464	403,464
Carrying Value | Term Loan Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	1,500,000	1,500,000
Carrying Value | Revolving Facility | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	270,000	0
Carrying Value | Convertible Senior Notes | Level 3
Liabilities carried at historical cost on the consolidated balance sheets
Liabilities carried at historical cost	$ 335,559	$ 334,299

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurement (Details) - Valuation Technique, Discounted Cash Flow - Level 3	3 Months Ended
	Mar. 31, 2020
Secured Term Loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.72%
Term Loan Facility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.01%
Term Loan Facility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.83%
Revolving Facility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.06%
Revolving Facility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.82%
Convertible Senior Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Effective Rate	3.07%

Fair Value Measurements - Impai

Fair Value Measurements - Impaired Assets, Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments in single-family residential properties, net held for use and held for sale impairment adjustments
Total impairments	$ (2,471)	$ (3,253)
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	10,800	19,024
Total impairments	(2,471)	(3,223)
Fair value	8,329	15,801
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	240
Total impairments	0	(30)
Fair value	$ 0	$ 210

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income available to common stockholders — basic and diluted	$ 49,854	$ 20,716
Denominator:
Shares used in calculation — basic	542,549,512	521,440,822
Incremental shares attributed to non-vested share-based awards	1,354,908	376,672
Weighted average common shares outstanding — diluted	543,904,420	521,817,494
Net income per share — basic	$ 0.09	$ 0.04
Net income per share — diluted	$ 0.09	$ 0.04
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to common stockholders — diluted	$ 49,854	$ 20,716
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS	112,598	87,043
2019 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS		12,490,742
2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted EPS	15,100,443	15,100,443

Income Tax (Details)

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Gross	$ 0		$ 0
Deferred Tax Liabilities, Gross	0		$ 0
Income tax expense (benefit) recognized in gain on sale of property, net of tax	$ 130	$ 761

Commitments and Contingencies S

Commitments and Contingencies Schedule of fixed lease costs (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due [Abstract]
Remainder of 2020	$ 3,459
2021	4,404
2022	2,827
2023	1,682
2024	1,530
Thereafter	529
Total lease payments	14,431
Less: imputed interest	(1,067)
Total operating lease liability	13,364	$ 13,787
Finance Lease Liabilities, Payments, Due [Abstract]
Remainder of 2020	1,905
2021	2,474
2022	1,913
2023	1,901
2024	478
Thereafter	0
Total lease payments	8,671
Less: imputed interest	(630)
Total finance lease liability	$ 8,041	$ 1,210

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Finance Lease Obligations
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded Unconditional Purchase Obligation, Purchases	$ 2,500
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract	50 months
Operating Lease Obligations
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded Unconditional Purchase Obligation, Purchases	$ 2,500
Lessee, Finance Lease, Lease Not yet Commenced, Term of Contract	62 months

Commitments and Contingencies_2

Commitments and Contingencies Schedule of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease, Cost [Abstract]
Fixed lease cost	$ 993	$ 981
Variable lease cost	335	343
Total operating lease cost	1,328	1,324
Amortization of ROU assets	208	108
Interest on lease liabilities	142	13
Total finance lease cost	$ 350	$ 121

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - $ / shares	Apr. 24, 2020	Feb. 12, 2020	Nov. 13, 2019	Aug. 15, 2019	May 15, 2019	Feb. 13, 2019	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Dividends declared per common share		$ 0.15	$ 0.13	$ 0.13	$ 0.13	$ 0.13	$ 0.15	$ 0.13
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.15