(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES | ||||||||
EXCHANGE ACT OF 1934 |
Maryland | 46-1229660 | ||||||||
American Homes 4 Rent, L.P. | Delaware | 80-0860173 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Class A common shares of beneficial interest, $.01 par value | AMH | New York Stock Exchange | ||||||||||||
Series G perpetual preferred shares of beneficial interest, $.01 par value | AMH-G | New York Stock Exchange | ||||||||||||
Series H perpetual preferred shares of beneficial interest, $.01 par value | AMH-H | New York Stock Exchange |
American Homes 4 Rent | ||||||||||||||
Large accelerated filer | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | Smaller reporting company | ☐ | ||||||||||||
Emerging growth company | ||||||||||||||
American Homes 4 Rent, L.P. | ||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,122,442 | $ | 2,062,039 | |||||||
Buildings and improvements | 9,583,889 | 9,258,387 | |||||||||
Single-family properties in operation | 11,706,331 | 11,320,426 | |||||||||
Less: accumulated depreciation | (2,148,145) | (2,072,933) | |||||||||
Single-family properties in operation, net | 9,558,186 | 9,247,493 | |||||||||
Single-family properties under development and development land | 972,034 | 882,159 | |||||||||
Single-family properties held for sale, net | 140,627 | 114,907 | |||||||||
Total real estate assets, net | 10,670,847 | 10,244,559 | |||||||||
Cash and cash equivalents | 56,626 | 48,198 | |||||||||
Restricted cash | 150,354 | 143,569 | |||||||||
Rent and other receivables | 43,869 | 41,587 | |||||||||
Escrow deposits, prepaid expenses and other assets | 263,883 | 216,625 | |||||||||
Investments in unconsolidated joint ventures | 109,861 | 121,950 | |||||||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 11,441,385 | $ | 10,962,433 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | 410,000 | $ | 350,000 | |||||||
Asset-backed securitizations, net | 1,903,715 | 1,908,346 | |||||||||
Unsecured senior notes, net | 1,622,806 | 1,622,132 | |||||||||
Accounts payable and accrued expenses | 394,085 | 343,526 | |||||||||
Total liabilities | 4,330,606 | 4,224,004 | |||||||||
Commitments and contingencies (see Note 15) | 00 | ||||||||||
Equity | |||||||||||
Shareholders’ equity: | |||||||||||
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 347,642,888 and 337,362,716 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively) | 3,476 | 3,374 | |||||||||
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2022 and December 31, 2021) | 6 | 6 | |||||||||
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 15,400,000 shares issued and outstanding at March 31, 2022 and December 31, 2021) | 154 | 154 | |||||||||
Additional paid-in capital | 6,873,257 | 6,492,933 | |||||||||
Accumulated deficit | (445,709) | (438,710) | |||||||||
Accumulated other comprehensive income | 1,698 | 1,814 | |||||||||
Total shareholders’ equity | 6,432,882 | 6,059,571 | |||||||||
Noncontrolling interest | 677,897 | 678,858 | |||||||||
Total equity | 7,110,779 | 6,738,429 | |||||||||
Total liabilities and equity | $ | 11,441,385 | $ | 10,962,433 |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,600,906 | $ | 1,512,183 | |||
Buildings and improvements | 7,020,774 | 6,614,953 | |||||
Single-family properties held for sale, net | 50,370 | 87,430 | |||||
8,672,050 | 8,214,566 | ||||||
Less: accumulated depreciation | (869,551 | ) | (666,710 | ) | |||
Single-family properties, net | 7,802,499 | 7,547,856 | |||||
Cash and cash equivalents | 243,547 | 118,799 | |||||
Restricted cash | 119,574 | 131,442 | |||||
Rent and other receivables, net | 35,429 | 17,618 | |||||
Escrow deposits, prepaid expenses and other assets | 149,366 | 133,594 | |||||
Deferred costs and other intangibles, net | 13,516 | 11,956 | |||||
Asset-backed securitization certificates | 25,666 | 25,666 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 8,509,876 | $ | 8,107,210 | |||
Liabilities | |||||||
Revolving credit facility | $ | — | $ | — | |||
Term loan facility, net | 197,913 | 321,735 | |||||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 | |||||
Exchangeable senior notes, net | 110,771 | 108,148 | |||||
Secured note payable | 49,107 | 49,828 | |||||
Accounts payable and accrued expenses | 263,745 | 177,206 | |||||
Participating preferred shares derivative liability | 68,469 | 69,810 | |||||
Total liabilities | 2,671,449 | 3,169,590 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Shareholders’ equity: | |||||||
Class A common shares, $0.01 par value per share, 450,000,000 shares authorized, 273,605,703 and 242,740,482 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively | 2,736 | 2,427 | |||||
Class B common shares, $0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at September 30, 2017, and December 31, 2016 | 6 | 6 | |||||
Preferred shares, $0.01 par value per share, 100,000,000 shares authorized, 47,810,000 and 37,010,000 shares issued and outstanding at September 30, 2017, and December 31, 2016, respectively | 478 | 370 | |||||
Additional paid-in capital | 5,517,978 | 4,568,616 | |||||
Accumulated deficit | (417,609 | ) | (378,578 | ) | |||
Accumulated other comprehensive income | — | 95 | |||||
Total shareholders’ equity | 5,103,589 | 4,192,936 | |||||
Noncontrolling interest | 734,838 | 744,684 | |||||
Total equity | 5,838,427 | 4,937,620 | |||||
Total liabilities and equity | $ | 8,509,876 | $ | 8,107,210 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Other | 409 | 5,214 | 4,367 | 12,811 | |||||||||||
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 | |||||||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Other | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 | |||||||||||
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 | |||||||||||
Loss on early extinguishment of debt | — | (13,408 | ) | (6,555 | ) | (13,408 | ) | ||||||||
Gain on conversion of Series E units | — | — | — | 11,463 | |||||||||||
Remeasurement of participating preferred shares | 8,391 | (2,490 | ) | 1,341 | (2,940 | ) | |||||||||
Net income (loss) | 19,097 | (167 | ) | 45,959 | 1,108 | ||||||||||
Noncontrolling interest | 309 | 7,316 | (22 | ) | 10,391 | ||||||||||
Dividends on preferred shares | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Diluted | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Net income (loss) attributable to common shareholders per share: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Dividends declared per common share | $ | 0.05 | $ | 0.05 | $ | 0.15 | $ | 0.15 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized gain on interest rate cap agreement: | |||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income (loss) | — | 28 | (28 | ) | 130 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||||
Reclassification adjustment for realized gain included in net income (loss) | — | — | (67 | ) | — | ||||||||||
Other comprehensive income (loss) | — | 28 | (95 | ) | 130 | ||||||||||
Comprehensive income (loss) | 19,097 | (139 | ) | 45,864 | 1,238 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 309 | 7,308 | (5 | ) | 10,366 | ||||||||||
Dividends on preferred shares | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Comprehensive income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,116 | ) | $ | (253 | ) | $ | (35,778 | ) |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Rents and other single-family property revenues | $ | 356,105 | $ | 312,573 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 133,643 | 118,694 | |||||||||||||||||||||
Property management expenses | 26,034 | 23,699 | |||||||||||||||||||||
General and administrative expense | 17,282 | 15,205 | |||||||||||||||||||||
Interest expense | 27,567 | 28,005 | |||||||||||||||||||||
Acquisition and other transaction costs | 5,974 | 4,846 | |||||||||||||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||||||||||||||
Total expenses | 310,454 | 280,520 | |||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 22,044 | 16,069 | |||||||||||||||||||||
Other income and expense, net | 2,319 | 799 | |||||||||||||||||||||
Net income | 70,014 | 48,921 | |||||||||||||||||||||
Noncontrolling interest | 8,312 | 4,925 | |||||||||||||||||||||
Dividends on preferred shares | 5,763 | 13,782 | |||||||||||||||||||||
Net income attributable to common shareholders | $ | 55,939 | $ | 30,214 | |||||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 345,742,526 | 316,982,460 | |||||||||||||||||||||
Diluted | 346,480,823 | 317,441,397 | |||||||||||||||||||||
Net income attributable to common shareholders per share: | |||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.10 | |||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.09 | |||||||||||||||||||
Class A common shares | Class B common shares | Preferred shares | ||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | |||||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 242,740,482 | $ | 2,427 | 635,075 | $ | 6 | 37,010,000 | $ | 370 | $ | 4,568,616 | $ | (378,578 | ) | $ | 95 | $ | 4,192,936 | $ | 744,684 | $ | 4,937,620 | ||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 3,175 | — | — | 3,175 | — | 3,175 | ||||||||||||||||||||||||||||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 89,829 | 1 | — | — | — | — | 629 | — | — | 630 | — | 630 | ||||||||||||||||||||||||||||||||
Issuance of Class A common shares, net of offering costs of $10,759 | 30,676,080 | 307 | — | — | — | — | 683,700 | — | — | 684,007 | — | 684,007 | ||||||||||||||||||||||||||||||||
Issuance of perpetual preferred shares, net of offering costs of $9,355 | — | — | — | — | 10,800,000 | 108 | 260,537 | — | — | 260,645 | — | 260,645 | ||||||||||||||||||||||||||||||||
Redemptions of Class A units | 99,312 | 1 | — | — | — | — | 1,321 | — | — | 1,322 | (1,491 | ) | (169 | ) | ||||||||||||||||||||||||||||||
Distributions to equity holders: | ||||||||||||||||||||||||||||||||||||||||||||
Preferred shares | — | — | — | — | — | — | — | (46,122 | ) | — | (46,122 | ) | — | (46,122 | ) | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | (8,333 | ) | (8,333 | ) | ||||||||||||||||||||||||||||||
Common shares | — | — | — | — | — | — | — | (38,890 | ) | — | (38,890 | ) | — | (38,890 | ) | |||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | 45,981 | — | 45,981 | (22 | ) | 45,959 | |||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | (95 | ) | (95 | ) | — | (95 | ) | |||||||||||||||||||||||||||||
Balances at September 30, 2017 | 273,605,703 | $ | 2,736 | 635,075 | $ | 6 | 47,810,000 | $ | 478 | $ | 5,517,978 | $ | (417,609 | ) | $ | — | $ | 5,103,589 | $ | 734,838 | $ | 5,838,427 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Cash flow hedging instruments: | |||||||||||||||||||||||
Unrealized gain on cash flow hedging instrument | — | 9,230 | |||||||||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | (141) | (241) | |||||||||||||||||||||
Other comprehensive (loss) income | (141) | 8,989 | |||||||||||||||||||||
Comprehensive income | 69,873 | 57,910 | |||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | 8,287 | 6,185 | |||||||||||||||||||||
Dividends on preferred shares | 5,763 | 13,782 | |||||||||||||||||||||
Comprehensive income attributable to common shareholders | $ | 55,823 | $ | 37,943 |
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 316,021,385 | $ | 3,160 | 635,075 | $ | 6 | 35,350,000 | $ | 354 | $ | 6,223,256 | $ | (443,522) | $ | 5,840 | $ | 5,789,094 | $ | 683,336 | $ | 6,472,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 8,110 | — | — | 8,110 | — | 8,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 246,425 | 2 | — | — | — | — | (1,523) | — | — | (1,521) | — | (1,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions of Class A units | 350,000 | 4 | — | — | — | — | 4,613 | — | 7 | 4,624 | (4,624) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | (13,782) | — | (13,782) | — | (13,782) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | (5,172) | (5,172) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($0.10 per share) | — | — | — | — | — | — | — | (31,795) | — | (31,795) | — | (31,795) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 43,996 | — | 43,996 | 4,925 | 48,921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | — | — | — | — | 7,729 | 7,729 | 1,260 | 8,989 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 316,617,810 | $ | 3,166 | 635,075 | $ | 6 | 35,350,000 | $ | 354 | $ | 6,234,456 | $ | (445,103) | $ | 13,576 | $ | 5,806,455 | $ | 679,725 | $ | 6,486,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A common shares | Class B common shares | Preferred shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares | Amount | Number of shares | Amount | Number of shares | Amount | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Shareholders’ equity | Noncontrolling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 337,362,716 | $ | 3,374 | 635,075 | $ | 6 | 15,400,000 | $ | 154 | $ | 6,492,933 | $ | (438,710) | $ | 1,814 | $ | 6,059,571 | $ | 678,858 | $ | 6,738,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | 7,405 | — | — | 7,405 | — | 7,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under share-based compensation plans, net of shares withheld for employee taxes | 280,172 | 2 | — | — | — | — | (2,621) | — | — | (2,619) | — | (2,619) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common shares, net of offering costs of $200 | 10,000,000 | 100 | — | — | — | — | 375,540 | — | — | 375,640 | — | 375,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to equity holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares (Note 10) | — | — | — | — | — | — | — | (5,763) | — | (5,763) | — | (5,763) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | — | (9,248) | (9,248) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares ($0.18 per share) | — | — | — | — | — | — | — | (62,938) | — | (62,938) | — | (62,938) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 61,702 | — | 61,702 | 8,312 | 70,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | — | — | — | (116) | (116) | (25) | (141) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 347,642,888 | $ | 3,476 | 635,075 | $ | 6 | 15,400,000 | $ | 154 | $ | 6,873,257 | $ | (445,709) | $ | 1,698 | $ | 6,432,882 | $ | 677,897 | $ | 7,110,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 2,453 | 1,829 | |||||||||
Noncash share-based compensation | 7,405 | 8,110 | |||||||||
Equity in net income of unconsolidated joint ventures | (1,478) | (366) | |||||||||
Return on investment from unconsolidated joint ventures | 2,598 | — | |||||||||
Gain on sale and impairment of single-family properties and other, net | (22,044) | (16,069) | |||||||||
Other changes in operating assets and liabilities: | |||||||||||
Rent and other receivables | (3,811) | (8,170) | |||||||||
Prepaid expenses and other assets | (6,530) | 5,742 | |||||||||
Deferred leasing costs | (535) | (975) | |||||||||
Accounts payable and accrued expenses | 11,245 | 23,242 | |||||||||
Amounts due from related parties | (529) | (338) | |||||||||
Net cash provided by operating activities | 158,742 | 151,997 | |||||||||
Investing activities | |||||||||||
Cash paid for single-family properties | (288,719) | (82,118) | |||||||||
Change in escrow deposits for purchase of single-family properties | 6,235 | (5,341) | |||||||||
Net proceeds received from sales of single-family properties and other | 51,407 | 46,304 | |||||||||
Proceeds received from storm-related insurance claims | 1,529 | — | |||||||||
Payments received on notes for sale of properties | 402 | — | |||||||||
Investment in unconsolidated joint ventures | (5,294) | (7,990) | |||||||||
Distributions from joint ventures | 22,587 | 25,893 | |||||||||
Renovations to single-family properties | (21,721) | (9,069) | |||||||||
Recurring and other capital expenditures for single-family properties | (24,185) | (26,033) | |||||||||
Cash paid for development activity | (244,621) | (141,618) | |||||||||
Other purchases of productive assets | (10,384) | (8,258) | |||||||||
Net cash used for investing activities | (512,764) | (208,230) | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of Class A common shares | 375,840 | — | |||||||||
Payments of Class A common share issuance costs | (200) | — | |||||||||
Proceeds from issuances under share-based compensation plans | 1,439 | 1,121 | |||||||||
Payments related to tax withholding for share-based compensation | (4,058) | (2,642) | |||||||||
Payments on asset-backed securitizations | (5,876) | (6,118) | |||||||||
Proceeds from revolving credit facility | 420,000 | 80,000 | |||||||||
Payments on revolving credit facility | (360,000) | — | |||||||||
Proceeds from liabilities related to consolidated land not owned | 19,794 | — | |||||||||
Distributions to noncontrolling interests | (9,306) | (7,758) | |||||||||
Distributions to common shareholders | (62,635) | (47,561) | |||||||||
Distributions to preferred shareholders | (5,763) | (13,782) | |||||||||
Net cash provided by financing activities | 369,235 | 3,260 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 15,213 | (52,973) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 191,767 | 265,077 | |||||||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 206,980 | $ | 212,104 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net income | $ | 45,959 | $ | 1,108 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 221,459 | 224,513 | |||||
Noncash amortization of deferred financing costs | 6,285 | 7,912 | |||||
Noncash amortization of discount on exchangeable senior notes | 2,624 | 1,955 | |||||
Noncash amortization of discount on ARP 2014-SFR1 securitization | — | 1,744 | |||||
Noncash share-based compensation | 3,175 | 2,744 | |||||
Provision for bad debt | 5,142 | 5,092 | |||||
Hurricane-related charges, net | 10,136 | — | |||||
Loss on early extinguishment of debt | 6,555 | 13,408 | |||||
Gain on conversion of Series E units to Series D units | — | (11,463 | ) | ||||
Remeasurement of participating preferred shares | (1,341 | ) | 2,940 | ||||
Equity in net earnings of unconsolidated ventures | (1,367 | ) | (418 | ) | |||
Net gain on sale of single-family properties and other | (6,375 | ) | (12,574 | ) | |||
Loss on impairment of single-family properties | 3,786 | 1,467 | |||||
Net gain on resolutions of mortgage loans | (17 | ) | (7,205 | ) | |||
Other changes in operating assets and liabilities: | |||||||
Rent and other receivables | (11,929 | ) | (12,110 | ) | |||
Prepaid expenses and other assets | (5,690 | ) | (429 | ) | |||
Deferred leasing costs | (5,361 | ) | (6,199 | ) | |||
Accounts payable and accrued expenses | 71,325 | 47,920 | |||||
Amounts payable to affiliates | 5,009 | (5,425 | ) | ||||
Net cash provided by operating activities | 349,375 | 254,980 | |||||
Investing activities | |||||||
Cash paid for single-family properties | (462,875 | ) | (187,886 | ) | |||
Change in escrow deposits for purchase of single-family properties | (2,710 | ) | (821 | ) | |||
Cash acquired in noncash business combinations | — | 25,020 | |||||
Payoff of credit facility in connection with ARPI merger | — | (350,000 | ) | ||||
Net proceeds received from sales of single-family properties and other | 68,618 | 71,894 | |||||
Net proceeds received from sales of non-performing loans | — | 44,538 | |||||
Purchase of commercial office buildings | — | (27,105 | ) | ||||
Collections from mortgage financing receivables | 83 | 17,687 | |||||
Distributions from unconsolidated joint ventures | 5,981 | 6,400 | |||||
Renovations to single-family properties | (31,208 | ) | (21,710 | ) | |||
Other capital expenditures for single-family properties | (26,725 | ) | (22,026 | ) | |||
Other purchases of productive assets | (38,060 | ) | — | ||||
Net cash used for investing activities | (486,896 | ) | (444,009 | ) | |||
Financing activities | |||||||
Proceeds from issuance of Class A common shares | 694,765 | — | |||||
Payments of Class A common share issuance costs | (10,444 | ) | — | ||||
Proceeds from issuance of perpetual preferred shares | 270,000 | 498,750 | |||||
Payments of perpetual preferred share issuance costs | (9,229 | ) | (15,922 | ) | |||
Proceeds from exercise of stock options | 988 | 2,777 | |||||
Repurchase of Class A common shares | — | (96,098 | ) | ||||
Redemptions of Class A units | (169 | ) | (399 | ) | |||
Payments on asset-backed securitizations | (472,470 | ) | (374,031 | ) | |||
Proceeds from revolving credit facility | 62,000 | 951,000 | |||||
Payments on revolving credit facility | (112,000 | ) | (876,000 | ) | |||
Proceeds from term loan facility | 25,000 | 250,000 | |||||
Payments on term loan facility | (100,000 | ) | — | ||||
Payments on secured note payable | (721 | ) | (687 | ) | |||
Distributions to noncontrolling interests | (8,333 | ) | (8,582 | ) | |||
Distributions to common shareholders | (38,890 | ) | (35,997 | ) | |||
Distributions to preferred shareholders | (46,122 | ) | (26,650 | ) | |||
Deferred financing costs paid | (3,974 | ) | (10,425 | ) | |||
Net cash provided by financing activities | 250,401 | 257,736 | |||||
Net increase in cash, cash equivalents and restricted cash | 112,880 | 68,707 | |||||
Cash, cash equivalents and restricted cash, beginning of period | 250,241 | 168,968 | |||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 363,121 | $ | 237,675 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental cash flow information | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | (40,871) | $ | (36,388) | |||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Accrued property renovations and development expenditures | $ | 57,500 | $ | 31,854 | |||||||
Transfers of completed homebuilding deliveries to properties | 112,911 | 72,862 | |||||||||
Property and land contributions to unconsolidated joint ventures | (10,605) | (23,835) | |||||||||
Property and land distributions from unconsolidated joint ventures | 8,397 | — | |||||||||
Unrealized gain on cash flow hedging instrument | — | 9,230 | |||||||||
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 746 | 537 | |||||||||
Accrued distributions to non-affiliates | 303 | 105 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Supplemental cash flow information | |||||||
Cash payments for interest, net of amounts capitalized | $ | (77,964 | ) | $ | (87,707 | ) | |
Supplemental schedule of noncash investing and financing activities | |||||||
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | 7,151 | $ | (226 | ) | ||
Transfer of term loan borrowings to revolving credit facility | $ | 50,000 | $ | — | |||
Transfer of deferred financing costs from term loan to revolving credit facility | $ | 1,524 | $ | — | |||
Transfers of completed homebuilding deliveries to properties | $ | 3,010 | $ | — | |||
Note receivable related to a bulk sale of properties, net of discount | $ | 5,635 | $ | — | |||
Merger with ARPI | |||||||
Single-family properties | $ | — | $ | 1,277,253 | |||
Restricted cash | $ | — | $ | 9,521 | |||
Rent and other receivables, net | $ | — | $ | 843 | |||
Escrow deposits, prepaid expenses and other assets | $ | — | $ | 35,134 | |||
Deferred costs and other intangibles, net | $ | — | $ | 22,696 | |||
Asset-backed securitization | $ | — | $ | (329,703 | ) | ||
Exchangeable senior notes, net | $ | — | $ | (112,298 | ) | ||
Accounts payable and accrued expenses | $ | — | $ | (38,485 | ) | ||
Class A common shares and units issued | $ | — | $ | (530,460 | ) |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Single-family properties: | |||||||||||
Land | $ | 2,122,442 | $ | 2,062,039 | |||||||
Buildings and improvements | 9,583,889 | 9,258,387 | |||||||||
Single-family properties in operation | 11,706,331 | 11,320,426 | |||||||||
Less: accumulated depreciation | (2,148,145) | (2,072,933) | |||||||||
Single-family properties in operation, net | 9,558,186 | 9,247,493 | |||||||||
Single-family properties under development and development land | 972,034 | 882,159 | |||||||||
Single-family properties held for sale, net | 140,627 | 114,907 | |||||||||
Total real estate assets, net | 10,670,847 | 10,244,559 | |||||||||
Cash and cash equivalents | 56,626 | 48,198 | |||||||||
Restricted cash | 150,354 | 143,569 | |||||||||
Rent and other receivables | 43,869 | 41,587 | |||||||||
Escrow deposits, prepaid expenses and other assets | 263,883 | 216,625 | |||||||||
Investments in unconsolidated joint ventures | 109,861 | 121,950 | |||||||||
Amounts due from affiliates | 25,666 | 25,666 | |||||||||
Goodwill | 120,279 | 120,279 | |||||||||
Total assets | $ | 11,441,385 | $ | 10,962,433 | |||||||
Liabilities | |||||||||||
Revolving credit facility | $ | 410,000 | $ | 350,000 | |||||||
Asset-backed securitizations, net | 1,903,715 | 1,908,346 | |||||||||
Unsecured senior notes, net | 1,622,806 | 1,622,132 | |||||||||
Accounts payable and accrued expenses | 394,085 | 343,526 | |||||||||
Total liabilities | 4,330,606 | 4,224,004 | |||||||||
Commitments and contingencies (see Note 15) | 0 | 0 | |||||||||
Capital | |||||||||||
Partners’ capital: | |||||||||||
General partner: | |||||||||||
Common units (348,277,963 and 337,997,791 units issued and outstanding at March 31, 2022 and December 31, 2021, respectively) | 6,059,620 | 5,686,193 | |||||||||
Preferred units (15,400,000 units issued and outstanding at March 31, 2022 and December 31, 2021) | 371,564 | 371,564 | |||||||||
Limited partner: | |||||||||||
Common units (51,376,980 units issued and outstanding at March 31, 2022 and December 31, 2021) | 677,646 | 678,582 | |||||||||
Accumulated other comprehensive income | 1,949 | 2,090 | |||||||||
Total capital | 7,110,779 | 6,738,429 | |||||||||
Total liabilities and capital | $ | 11,441,385 | $ | 10,962,433 |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Single-family properties: | |||||||
Land | $ | 1,600,906 | $ | 1,512,183 | |||
Buildings and improvements | 7,020,774 | 6,614,953 | |||||
Single-family properties held for sale, net | 50,370 | 87,430 | |||||
8,672,050 | 8,214,566 | ||||||
Less: accumulated depreciation | (869,551 | ) | (666,710 | ) | |||
Single-family properties, net | 7,802,499 | 7,547,856 | |||||
Cash and cash equivalents | 243,547 | 118,799 | |||||
Restricted cash | 119,574 | 131,442 | |||||
Rent and other receivables, net | 35,429 | 17,618 | |||||
Escrow deposits, prepaid expenses and other assets | 149,184 | 128,403 | |||||
Amounts due from affiliates | 25,848 | 30,857 | |||||
Deferred costs and other intangibles, net | 13,516 | 11,956 | |||||
Goodwill | 120,279 | 120,279 | |||||
Total assets | $ | 8,509,876 | $ | 8,107,210 | |||
Liabilities | |||||||
Revolving credit facility | $ | — | $ | — | |||
Term loan facility, net | 197,913 | 321,735 | |||||
Asset-backed securitizations, net | 1,981,444 | 2,442,863 | |||||
Exchangeable senior notes, net | 110,771 | 108,148 | |||||
Secured note payable | 49,107 | 49,828 | |||||
Accounts payable and accrued expenses | 263,745 | 177,206 | |||||
Participating preferred units derivative liability | 68,469 | 69,810 | |||||
Total liabilities | 2,671,449 | 3,169,590 | |||||
Commitments and contingencies | |||||||
Capital | |||||||
Partners' capital: | |||||||
General partner: | |||||||
Common units (274,240,778 and 243,375,557 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively) | 4,008,095 | 3,357,992 | |||||
Preferred units (47,810,000 and 37,010,000 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively) | 1,095,494 | 834,849 | |||||
Limited partners: | |||||||
Common units (55,449,466 and 55,555,960 units issued and outstanding at September 30, 2017, and December 31, 2016, respectively) | 736,320 | 746,174 | |||||
Accumulated other comprehensive income | — | 95 | |||||
Total partners' capital | 5,839,909 | 4,939,110 | |||||
Noncontrolling interest | (1,482 | ) | (1,490 | ) | |||
Total capital | 5,838,427 | 4,937,620 | |||||
Total liabilities and capital | $ | 8,509,876 | $ | 8,107,210 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Rents from single-family properties | $ | 207,490 | $ | 197,137 | $ | 613,245 | $ | 558,623 | |||||||
Fees from single-family properties | 2,843 | 2,898 | 8,137 | 7,819 | |||||||||||
Tenant charge-backs | 36,094 | 30,808 | 91,849 | 72,077 | |||||||||||
Other | 409 | 5,214 | 4,367 | 12,811 | |||||||||||
Total revenues | 246,836 | 236,057 | 717,598 | 651,330 | |||||||||||
Expenses: | |||||||||||||||
Property operating expenses | 97,944 | 92,488 | 267,203 | 238,987 | |||||||||||
Property management expenses | 17,447 | 18,335 | 52,367 | 53,177 | |||||||||||
General and administrative expense | 8,525 | 8,043 | 26,746 | 24,544 | |||||||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Other | 1,285 | 3,142 | 4,202 | 6,482 | |||||||||||
Total expenses | 238,025 | 232,008 | 672,800 | 657,911 | |||||||||||
Gain on sale of single-family properties and other, net | 1,895 | 11,682 | 6,375 | 12,574 | |||||||||||
Loss on early extinguishment of debt | — | (13,408 | ) | (6,555 | ) | (13,408 | ) | ||||||||
Gain on conversion of Series E units | — | — | — | 11,463 | |||||||||||
Remeasurement of participating preferred units | 8,391 | (2,490 | ) | 1,341 | (2,940 | ) | |||||||||
Net income (loss) | 19,097 | (167 | ) | 45,959 | 1,108 | ||||||||||
Noncontrolling interest | (31 | ) | (226 | ) | 8 | (446 | ) | ||||||||
Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Income allocated to Series C and D limited partners | — | 10,915 | — | 16,478 | |||||||||||
Net income (loss) attributable to common unitholders | $ | 1,875 | $ | (24,525 | ) | $ | (171 | ) | $ | (41,574 | ) | ||||
Weighted-average common units outstanding: | |||||||||||||||
Basic | 322,303,138 | 285,208,489 | 312,315,728 | 271,994,345 | |||||||||||
Diluted | 344,688,885 | 285,208,489 | 312,315,728 | 271,994,345 | |||||||||||
Net income (loss) attributable to common unitholders per unit: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Rents and other single-family property revenues | $ | 356,105 | $ | 312,573 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating expenses | 133,643 | 118,694 | |||||||||||||||||||||
Property management expenses | 26,034 | 23,699 | |||||||||||||||||||||
General and administrative expense | 17,282 | 15,205 | |||||||||||||||||||||
Interest expense | 27,567 | 28,005 | |||||||||||||||||||||
Acquisition and other transaction costs | 5,974 | 4,846 | |||||||||||||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||||||||||||||
Total expenses | 310,454 | 280,520 | |||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | 22,044 | 16,069 | |||||||||||||||||||||
Other income and expense, net | 2,319 | 799 | |||||||||||||||||||||
Net income | 70,014 | 48,921 | |||||||||||||||||||||
Preferred distributions | 5,763 | 13,782 | |||||||||||||||||||||
Net income attributable to common unitholders | $ | 64,251 | $ | 35,139 | |||||||||||||||||||
Weighted-average common units outstanding: | |||||||||||||||||||||||
Basic | 397,119,506 | 368,647,217 | |||||||||||||||||||||
Diluted | 397,857,803 | 369,106,154 | |||||||||||||||||||||
Net income attributable to common unitholders per unit: | |||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.10 | |||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.09 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized gain on interest rate cap agreement: | |||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income (loss) | — | 28 | (28 | ) | 130 | ||||||||||
Unrealized gain on investment in equity securities: | |||||||||||||||
Reclassification adjustment for realized gain included in net income (loss) | — | — | (67 | ) | — | ||||||||||
Other comprehensive income (loss) | — | 28 | (95 | ) | 130 | ||||||||||
Comprehensive income (loss) | 19,097 | (139 | ) | 45,864 | 1,238 | ||||||||||
Comprehensive (loss) income attributable to noncontrolling interests | (31 | ) | (226 | ) | 8 | (446 | ) | ||||||||
Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Income allocated to Series C and D limited partners | — | 10,915 | — | 16,478 | |||||||||||
Comprehensive income (loss) attributable to common unitholders | $ | 1,875 | $ | (24,497 | ) | $ | (266 | ) | $ | (41,444 | ) |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Cash flow hedging instruments: | |||||||||||||||||||||||
Unrealized gain on cash flow hedging instrument | — | 9,230 | |||||||||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | (141) | (241) | |||||||||||||||||||||
Other comprehensive (loss) income | (141) | 8,989 | |||||||||||||||||||||
Comprehensive income | 69,873 | 57,910 | |||||||||||||||||||||
Preferred distributions | 5,763 | 13,782 | |||||||||||||||||||||
Comprehensive income attributable to common unitholders | $ | 64,110 | $ | 44,128 |
General Partner | Limited Partners | Accumulated other comprehensive income | Total capital | ||||||||||||||||||||||||||||||||||||||
Common capital | Preferred capital amount | Common capital | |||||||||||||||||||||||||||||||||||||||
Number of units | Amount | Number of units | Amount | ||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 316,656,460 | $ | 4,928,819 | $ | 854,435 | 51,726,980 | $ | 682,316 | $ | 6,860 | $ | 6,472,430 | |||||||||||||||||||||||||||||
Share-based compensation | — | 8,110 | — | — | — | — | 8,110 | ||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 246,425 | (1,521) | — | — | — | — | (1,521) | ||||||||||||||||||||||||||||||||||
Redemptions of Class A units | 350,000 | 4,617 | — | (350,000) | (4,617) | — | — | ||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | (13,782) | — | — | — | (13,782) | ||||||||||||||||||||||||||||||||||
Common units ($0.10 per unit) | — | (31,795) | — | — | (5,172) | — | (36,967) | ||||||||||||||||||||||||||||||||||
Net income | — | 30,214 | 13,782 | — | 4,925 | — | 48,921 | ||||||||||||||||||||||||||||||||||
Total other comprehensive income | — | — | — | — | — | 8,989 | 8,989 | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 317,252,885 | $ | 4,938,444 | $ | 854,435 | 51,376,980 | $ | 677,452 | $ | 15,849 | $ | 6,486,180 |
General Partner | Limited Partners | Accumulated other comprehensive income | Total partners' capital | Noncontrolling interest | Total capital | ||||||||||||||||||||||||||||
Common capital | Preferred capital amount | Common capital | |||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | ||||||||||||||||||||||||||||||
Balances at December 31, 2016 | 243,375,557 | $ | 3,357,992 | $ | 834,849 | 55,555,960 | $ | 746,174 | $ | 95 | $ | 4,939,110 | $ | (1,490 | ) | $ | 4,937,620 | ||||||||||||||||
Share-based compensation | — | 3,175 | — | — | — | — | 3,175 | — | 3,175 | ||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 89,829 | 630 | — | — | — | — | 630 | — | 630 | ||||||||||||||||||||||||
Issuance of Class A common units, net of offering costs of $10,759 | 30,676,080 | 684,007 | — | — | — | — | 684,007 | — | 684,007 | ||||||||||||||||||||||||
Issuance of perpetual preferred units, net of offering costs of $9,355 | — | — | 260,645 | — | — | — | 260,645 | — | 260,645 | ||||||||||||||||||||||||
Redemptions of Class A units | 99,312 | 1,322 | — | (106,494 | ) | (1,491 | ) | — | (169 | ) | — | (169 | ) | ||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||
Preferred units | — | — | (46,122 | ) | — | — | — | (46,122 | ) | — | (46,122 | ) | |||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Common units | — | (38,890 | ) | — | — | (8,333 | ) | — | (47,223 | ) | — | (47,223 | ) | ||||||||||||||||||||
Net income (loss) | — | (141 | ) | 46,122 | — | (30 | ) | — | 45,951 | 8 | 45,959 | ||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | (95 | ) | (95 | ) | — | (95 | ) | |||||||||||||||||||||
Balances at September 30, 2017 | 274,240,778 | $ | 4,008,095 | $ | 1,095,494 | 55,449,466 | $ | 736,320 | $ | — | $ | 5,839,909 | $ | (1,482 | ) | $ | 5,838,427 |
General Partner | Limited Partners | Accumulated other comprehensive income | Total capital | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common capital | Preferred capital amount | Common capital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units | Amount | Number of units | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 337,997,791 | $ | 5,686,193 | $ | 371,564 | 51,376,980 | $ | 678,582 | $ | 2,090 | $ | 6,738,429 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 7,405 | — | — | — | — | 7,405 | ||||||||||||||||||||||||||||||||||||||||||||||
Common units issued under share-based compensation plans, net of units withheld for employee taxes | 280,172 | (2,619) | — | — | — | — | (2,619) | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common units, net of offering costs of $200 | 10,000,000 | 375,640 | — | — | — | — | 375,640 | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to capital holders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred units (Note 10) | — | — | (5,763) | — | — | — | (5,763) | ||||||||||||||||||||||||||||||||||||||||||||||
Common units ($0.18 per unit) | — | (62,938) | — | — | (9,248) | — | (72,186) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | 55,939 | 5,763 | — | 8,312 | — | 70,014 | ||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | — | — | — | — | — | (141) | (141) | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 348,277,963 | $ | 6,059,620 | $ | 371,564 | 51,376,980 | $ | 677,646 | $ | 1,949 | $ | 7,110,779 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities | |||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments | 2,453 | 1,829 | |||||||||
Noncash share-based compensation | 7,405 | 8,110 | |||||||||
Equity in net income of unconsolidated joint ventures | (1,478) | (366) | |||||||||
Return on investment from unconsolidated joint ventures | 2,598 | — | |||||||||
Gain on sale and impairment of single-family properties and other, net | (22,044) | (16,069) | |||||||||
Other changes in operating assets and liabilities: | |||||||||||
Rent and other receivables | (3,811) | (8,170) | |||||||||
Prepaid expenses and other assets | (6,530) | 5,742 | |||||||||
Deferred leasing costs | (535) | (975) | |||||||||
Accounts payable and accrued expenses | 11,245 | 23,242 | |||||||||
Amounts due from related parties | (529) | (338) | |||||||||
Net cash provided by operating activities | 158,742 | 151,997 | |||||||||
Investing activities | |||||||||||
Cash paid for single-family properties | (288,719) | (82,118) | |||||||||
Change in escrow deposits for purchase of single-family properties | 6,235 | (5,341) | |||||||||
Net proceeds received from sales of single-family properties and other | 51,407 | 46,304 | |||||||||
Proceeds received from storm-related insurance claims | 1,529 | — | |||||||||
Payments received on notes for sale of properties | 402 | — | |||||||||
Investment in unconsolidated joint ventures | (5,294) | (7,990) | |||||||||
Distributions from joint ventures | 22,587 | 25,893 | |||||||||
Renovations to single-family properties | (21,721) | (9,069) | |||||||||
Recurring and other capital expenditures for single-family properties | (24,185) | (26,033) | |||||||||
Cash paid for development activity | (244,621) | (141,618) | |||||||||
Other purchases of productive assets | (10,384) | (8,258) | |||||||||
Net cash used for investing activities | (512,764) | (208,230) | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of Class A common units | 375,840 | — | |||||||||
Payments of Class A common unit issuance costs | (200) | — | |||||||||
Proceeds from issuances under share-based compensation plans | 1,439 | 1,121 | |||||||||
Payments related to tax withholding for share-based compensation | (4,058) | (2,642) | |||||||||
Payments on asset-backed securitizations | (5,876) | (6,118) | |||||||||
Proceeds from revolving credit facility | 420,000 | 80,000 | |||||||||
Payments on revolving credit facility | (360,000) | — | |||||||||
Proceeds from liabilities related to consolidated land not owned | 19,794 | — | |||||||||
Distributions to common unitholders | (71,941) | (55,319) | |||||||||
Distributions to preferred unitholders | (5,763) | (13,782) | |||||||||
Net cash provided by financing activities | 369,235 | 3,260 | |||||||||
Net increase (decrease) increase in cash, cash equivalents and restricted cash | 15,213 | (52,973) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) | 191,767 | 265,077 | |||||||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 206,980 | $ | 212,104 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net income | $ | 45,959 | $ | 1,108 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 221,459 | 224,513 | |||||
Noncash amortization of deferred financing costs | 6,285 | 7,912 | |||||
Noncash amortization of discount on exchangeable senior notes | 2,624 | 1,955 | |||||
Noncash amortization of discount on ARP 2014-SFR1 securitization | — | 1,744 | |||||
Noncash share-based compensation | 3,175 | 2,744 | |||||
Provision for bad debt | 5,142 | 5,092 | |||||
Hurricane-related charges, net | 10,136 | — | |||||
Loss on early extinguishment of debt | 6,555 | 13,408 | |||||
Gain on conversion of Series E units to Series D units | — | (11,463 | ) | ||||
Remeasurement of participating preferred units | (1,341 | ) | 2,940 | ||||
Equity in net earnings of unconsolidated ventures | (1,367 | ) | (418 | ) | |||
Net gain on sale of single-family properties and other | (6,375 | ) | (12,574 | ) | |||
Loss on impairment of single-family properties | 3,786 | 1,467 | |||||
Net gain on resolutions of mortgage loans | (17 | ) | (7,205 | ) | |||
Other changes in operating assets and liabilities: | |||||||
Rent and other receivables | (11,929 | ) | (12,110 | ) | |||
Prepaid expenses and other assets | (5,690 | ) | (429 | ) | |||
Deferred leasing costs | (5,361 | ) | (6,199 | ) | |||
Accounts payable and accrued expenses | 71,325 | 47,920 | |||||
Amounts payable to affiliates | 5,009 | (5,425 | ) | ||||
Net cash provided by operating activities | 349,375 | 254,980 | |||||
Investing activities | |||||||
Cash paid for single-family properties | (462,875 | ) | (187,886 | ) | |||
Change in escrow deposits for purchase of single-family properties | (2,710 | ) | (821 | ) | |||
Cash acquired in noncash business combinations | — | 25,020 | |||||
Payoff of credit facility in connection with ARPI merger | — | (350,000 | ) | ||||
Net proceeds received from sales of single-family properties and other | 68,618 | 71,894 | |||||
Net proceeds received from sales of non-performing loans | — | 44,538 | |||||
Purchase of commercial office buildings | — | (27,105 | ) | ||||
Collections from mortgage financing receivables | 83 | 17,687 | |||||
Distributions from unconsolidated joint ventures | 5,981 | 6,400 | |||||
Renovations to single-family properties | (31,208 | ) | (21,710 | ) | |||
Other capital expenditures for single-family properties | (26,725 | ) | (22,026 | ) | |||
Other purchases of productive assets | (38,060 | ) | — | ||||
Net cash used for investing activities | (486,896 | ) | (444,009 | ) | |||
Financing activities | |||||||
Proceeds from issuance of Class A common units | 694,765 | — | |||||
Payments of Class A common unit issuance costs | (10,444 | ) | — | ||||
Proceeds from issuance of perpetual preferred units | 270,000 | 498,750 | |||||
Payments of perpetual preferred unit issuance costs | (9,229 | ) | (15,922 | ) | |||
Proceeds from exercise of stock options | 988 | 2,777 | |||||
Repurchase of Class A common units | — | (96,098 | ) | ||||
Redemptions of Class A units | (169 | ) | (399 | ) | |||
Payments on asset-backed securitizations | (472,470 | ) | (374,031 | ) | |||
Proceeds from revolving credit facility | 62,000 | 951,000 | |||||
Payments on revolving credit facility | (112,000 | ) | (876,000 | ) | |||
Proceeds from term loan facility | 25,000 | 250,000 | |||||
Payments on term loan facility | (100,000 | ) | — | ||||
Payments on secured note payable | (721 | ) | (687 | ) | |||
Distributions to noncontrolling interests | — | (230 | ) | ||||
Distributions to common unitholders | (47,223 | ) | (43,493 | ) | |||
Distributions to preferred unitholders | (46,122 | ) | (26,650 | ) | |||
Distributions to Series D convertible unitholders | — | (856 | ) | ||||
Deferred financing costs paid | (3,974 | ) | (10,425 | ) | |||
Net cash provided by financing activities | 250,401 | 257,736 | |||||
Net increase in cash, cash equivalents and restricted cash | 112,880 | 68,707 | |||||
Cash, cash equivalents and restricted cash, beginning of period | 250,241 | 168,968 | |||||
Cash, cash equivalents and restricted cash, end of period (see Note 3) | $ | 363,121 | $ | 237,675 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental cash flow information | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | (40,871) | $ | (36,388) | |||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Accrued property renovations and development expenditures | $ | 57,500 | $ | 31,854 | |||||||
Transfers of completed homebuilding deliveries to properties | 112,911 | 72,862 | |||||||||
Property and land contributions to unconsolidated joint ventures | (10,605) | (23,835) | |||||||||
Property and land distributions from unconsolidated joint ventures | 8,397 | — | |||||||||
Unrealized gain on cash flow hedging instrument | — | 9,230 | |||||||||
Noncash right-of-use assets obtained in exchange for operating lease liabilities | 746 | 537 | |||||||||
Accrued distributions to non-affiliates | 303 | 105 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Supplemental cash flow information | |||||||
Cash payments for interest, net of amounts capitalized | $ | (77,964 | ) | $ | (87,707 | ) | |
Supplemental schedule of noncash investing and financing activities | |||||||
Accounts payable and accrued expenses related to property acquisitions and renovations | $ | 7,151 | $ | (226 | ) | ||
Transfer of term loan borrowings to revolving credit facility | $ | 50,000 | $ | — | |||
Transfer of deferred financing costs from term loan to revolving credit facility | $ | 1,524 | $ | — | |||
Transfers of completed homebuilding deliveries to properties | $ | 3,010 | $ | — | |||
Note receivable related to a bulk sale of properties, net of discount | $ | 5,635 | $ | — | |||
Merger with ARPI | |||||||
Single-family properties | $ | — | $ | 1,277,253 | |||
Restricted cash | $ | — | $ | 9,521 | |||
Rent and other receivables, net | $ | — | $ | 843 | |||
Escrow deposits, prepaid expenses and other assets | $ | — | $ | 35,134 | |||
Deferred costs and other intangibles, net | $ | — | $ | 22,696 | |||
Asset-backed securitization | $ | — | $ | (329,703 | ) | ||
Exchangeable senior notes, net | $ | — | $ | (112,298 | ) | ||
Accounts payable and accrued expenses | $ | — | $ | (38,485 | ) | ||
Class A common units issued | $ | — | $ | (530,460 | ) |
March 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | 2021 | 2020 | ||||||||||||||||||||
Cash and cash equivalents | $ | 56,626 | $ | 75,237 | $ | 48,198 | $ | 137,060 | |||||||||||||||
Restricted cash | 150,354 | 136,867 | 143,569 | 128,017 | |||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 206,980 | $ | 212,104 | $ | 191,767 | $ | 265,077 |
September 30, 2017 | September 30, 2016 | ||||||
Balance Sheet: | |||||||
Cash and cash equivalents | $ | 243,547 | $ | 106,308 | |||
Restricted cash | 119,574 | 131,367 | |||||
Statement of Cash Flows: | |||||||
Cash, cash equivalents and restricted cash | $ | 363,121 | $ | 237,675 |
March 31, 2022 | December 31, 2021 | ||||||||||
Occupied single-family properties | $ | 8,814,850 | $ | 8,522,080 | |||||||
Single-family properties leased, not yet occupied | 110,242 | 77,221 | |||||||||
Single-family properties in turnover process | 180,864 | 184,170 | |||||||||
Single-family properties recently renovated or developed | 137,759 | 126,379 | |||||||||
Single-family properties newly acquired and under renovation | 314,471 | 337,643 | |||||||||
Single-family properties in operation, net | 9,558,186 | 9,247,493 | |||||||||
Development land | 612,237 | 549,653 | |||||||||
Single-family properties under development | 359,797 | 332,506 | |||||||||
Single-family properties held for sale, net | 140,627 | 114,907 | |||||||||
Total real estate assets, net | $ | 10,670,847 | $ | 10,244,559 |
September 30, 2017 | ||||||
Number of properties | Net book value | |||||
Leased single-family properties | 46,026 | $ | 7,130,878 | |||
Single-family properties being renovated | 858 | 179,208 | ||||
Single-family properties being prepared for re-lease | 392 | 49,341 | ||||
Vacant single-family properties available for lease | 2,270 | 392,702 | ||||
Single-family properties held for sale, net | 469 | 50,370 | ||||
Total | 50,015 | $ | 7,802,499 |
December 31, 2016 | ||||||
Number of properties | Net book value | |||||
Leased single-family properties | 44,798 | $ | 7,040,000 | |||
Single-family properties being renovated | 312 | 57,200 | ||||
Single-family properties being prepared for re-lease | 91 | 14,453 | ||||
Vacant single-family properties available for lease | 2,102 | 348,773 | ||||
Single-family properties held for sale, net | 1,119 | 87,430 | ||||
Total | 48,422 | $ | 7,547,856 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Single-family properties: | |||||||||||||||||||||||
Properties sold | 169 | 180 | |||||||||||||||||||||
Net proceeds (1) | $ | 50,259 | $ | 46,040 | |||||||||||||||||||
Net gain on sale | $ | 24,545 | $ | 15,350 | |||||||||||||||||||
Land: | |||||||||||||||||||||||
Net proceeds | $ | 1,148 | $ | 264 | |||||||||||||||||||
Net gain (loss) on sale | $ | 278 | $ | (77) |
March 31, 2022 | |||||
Remaining 2022 | $ | 570,546 | |||
2023 | 123,025 | ||||
2024 | 5,274 | ||||
2025 | 2 | ||||
Total | $ | 698,847 |
March 31, 2022 | December 31, 2021 | ||||||||||
Escrow deposits, prepaid expenses and other | $ | 96,145 | $ | 88,414 | |||||||
Commercial real estate, software, vehicles and FF&E, net | 63,438 | 62,462 | |||||||||
Consolidated land not owned | 39,714 | — | |||||||||
Notes receivable, net | 35,062 | 35,346 | |||||||||
Operating lease ROU assets | 17,300 | 17,269 | |||||||||
Deferred costs and other intangibles, net | 12,224 | 13,134 | |||||||||
Total | $ | 263,883 | $ | 216,625 |
March 31, 2022 | December 31, 2021 | ||||||||||
Deferred leasing costs | $ | 2,690 | $ | 3,090 | |||||||
Deferred financing costs | 22,491 | 22,491 | |||||||||
25,181 | 25,581 | ||||||||||
Less: accumulated amortization | (12,957) | (12,447) | |||||||||
Total | $ | 12,224 | $ | 13,134 |
September 30, 2017 | December 31, 2016 | ||||||
Deferred leasing costs | $ | 12,831 | $ | 7,470 | |||
Deferred financing costs | 11,244 | 6,552 | |||||
Intangible assets: | |||||||
Value of in-place leases | 4,623 | 4,739 | |||||
Trademark | 3,100 | 3,100 | |||||
Database | 2,100 | 2,100 | |||||
33,898 | 23,961 | ||||||
Less: accumulated amortization | (20,382 | ) | (12,005 | ) | |||
Total | $ | 13,516 | $ | 11,956 |
Deferred Leasing Costs | Deferred Financing Costs | Total | |||||||||||||||||||||
Remaining 2022 | $ | 1,171 | $ | 2,051 | $ | 3,222 | |||||||||||||||||
2023 | 44 | 2,722 | 2,766 | ||||||||||||||||||||
2024 | — | 2,730 | 2,730 | ||||||||||||||||||||
2025 | — | 2,722 | 2,722 | ||||||||||||||||||||
2026 | — | 784 | 784 | ||||||||||||||||||||
Total | $ | 1,215 | $ | 11,009 | $ | 12,224 |
Year | Deferred Leasing Costs | Deferred Financing Costs | Value of In-place Leases | Trademark | Database | |||||||||||||||
Remaining 2017 | $ | 1,240 | $ | 495 | $ | 31 | $ | 165 | $ | 75 | ||||||||||
2018 | 1,835 | 1,964 | 21 | 92 | 300 | |||||||||||||||
2019 | — | 1,964 | 2 | — | 300 | |||||||||||||||
2020 | — | 1,969 | — | — | 132 | |||||||||||||||
2021 | — | 1,964 | — | — | — | |||||||||||||||
Thereafter | — | 967 | — | — | — | |||||||||||||||
Total | $ | 3,075 | $ | 9,323 | $ | 54 | $ | 257 | $ | 807 |
Joint Venture Description | % Ownership at March 31, 2022 | Completed Homes at March 31, 2022 | Balances at March 31, 2022 | Balances at December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Alaska JV | 20 | % | 304 | $ | 22,051 | $ | 22,658 | ||||||||||||||||||||||||||||||||||||||||||||||
Institutional Investor JV | 20 | % | 855 | 29,058 | 28,695 | ||||||||||||||||||||||||||||||||||||||||||||||||
J.P. Morgan JV | 20 | % | 690 | 58,752 | 70,597 | ||||||||||||||||||||||||||||||||||||||||||||||||
1,849 | $ | 109,861 | $ | 121,950 |
Outstanding Principal Balance | |||||||||||
Interest Rate (1) | Maturity Date | September 30, 2017 | December 31, 2016 | ||||||||
AH4R 2014-SFR1 securitization (2) | N/A | N/A | $ | — | $ | 456,074 | |||||
AH4R 2014-SFR2 securitization | 4.42% | October 9, 2024 | 497,743 | 501,810 | |||||||
AH4R 2014-SFR3 securitization | 4.40% | December 9, 2024 | 513,361 | 517,827 | |||||||
AH4R 2015-SFR1 securitization (3) | 4.14% | April 9, 2045 | 539,199 | 543,480 | |||||||
AH4R 2015-SFR2 securitization (4) | 4.36% | October 9, 2045 | 468,461 | 472,043 | |||||||
Total asset-backed securitizations | 2,018,764 | 2,491,234 | |||||||||
Exchangeable senior notes | 3.25% | November 15, 2018 | 115,000 | 115,000 | |||||||
Secured note payable | 4.06% | July 1, 2019 | 49,107 | 49,828 | |||||||
Revolving credit facility (5) | 2.43% | June 30, 2022 | — | — | |||||||
Term loan facility (6) | 2.58% | June 30, 2022 | 200,000 | 325,000 | |||||||
Total debt (7) | 2,382,871 | 2,981,062 | |||||||||
Unamortized discount on exchangeable senior notes | (1,156 | ) | (1,883 | ) | |||||||
Equity component of exchangeable senior notes | (3,073 | ) | (4,969 | ) | |||||||
Deferred financing costs, net (8) | (39,407 | ) | (51,636 | ) | |||||||
Total debt per balance sheet | $ | 2,339,235 | $ | 2,922,574 |
Outstanding Principal Balance | |||||||||||||||||||||||
Interest Rate (1) | Maturity Date | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
AH4R 2014-SFR2 securitization | 4.42% | October 9, 2024 | $ | 471,981 | $ | 473,594 | |||||||||||||||||
AH4R 2014-SFR3 securitization | 4.40% | December 9, 2024 | 487,356 | 488,790 | |||||||||||||||||||
AH4R 2015-SFR1 securitization (2) | 4.14% | April 9, 2045 | 513,233 | 514,868 | |||||||||||||||||||
AH4R 2015-SFR2 securitization (3) | 4.36% | October 9, 2045 | 445,735 | 446,929 | |||||||||||||||||||
Total asset-backed securitizations | 1,918,305 | 1,924,181 | |||||||||||||||||||||
2028 unsecured senior notes (4) | 4.08% | February 15, 2028 | 500,000 | 500,000 | |||||||||||||||||||
2029 unsecured senior notes | 4.90% | February 15, 2029 | 400,000 | 400,000 | |||||||||||||||||||
2031 unsecured senior notes (5) | 2.46% | July 15, 2031 | 450,000 | 450,000 | |||||||||||||||||||
2051 unsecured senior notes | 3.38% | July 15, 2051 | 300,000 | 300,000 | |||||||||||||||||||
Revolving credit facility (6) | 1.55% | April 15, 2026 | 410,000 | 350,000 | |||||||||||||||||||
Total debt | 3,978,305 | 3,924,181 | |||||||||||||||||||||
Unamortized discounts on unsecured senior notes | (15,222) | (15,561) | |||||||||||||||||||||
Deferred financing costs, net (7) | (26,562) | (28,142) | |||||||||||||||||||||
Total debt per balance sheet | $ | 3,936,521 | $ | 3,880,478 |
Debt Maturities | |||||
Remaining 2022 | $ | 15,536 | |||
2023 | 20,714 | ||||
2024 | 951,418 | ||||
2025 | 10,302 | ||||
2026 | 420,302 | ||||
Thereafter | 2,560,033 | ||||
Total debt | $ | 3,978,305 | |||
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Gross interest cost | $ | 40,461 | $ | 33,883 | |||||||||||||||||||
Capitalized interest | (12,894) | (5,878) | |||||||||||||||||||||
Interest expense | $ | 27,567 | $ | 28,005 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Gross interest | $ | 28,125 | $ | 33,433 | $ | 90,044 | $ | 100,886 | |||||||
Capitalized interest | (1,533 | ) | (582 | ) | (3,171 | ) | (1,577 | ) | |||||||
Interest expense | $ | 26,592 | $ | 32,851 | $ | 86,873 | $ | 99,309 |
March 31, 2022 | December 31, 2021 | ||||||||||
Resident security deposits | $ | 110,275 | $ | 105,809 | |||||||
Accrued property taxes | 85,915 | 52,545 | |||||||||
Accrued construction and maintenance liabilities | 67,053 | 50,655 | |||||||||
Prepaid rent | 29,237 | 31,190 | |||||||||
Liability for consolidated land not owned (see Note 6) | 19,794 | — | |||||||||
Operating lease liabilities | 18,797 | 18,723 | |||||||||
Accrued interest | 17,575 | 33,332 | |||||||||
Accounts payable | 3,522 | 1,113 | |||||||||
Other accrued liabilities | 41,917 | 50,159 | |||||||||
Total | $ | 394,085 | $ | 343,526 |
September 30, 2017 | December 31, 2016 | ||||||
Accounts payable | $ | 1,091 | $ | 9 | |||
Accrued property taxes | 110,572 | 46,091 | |||||
Other accrued liabilities | 40,490 | 31,262 | |||||
Accrued construction and maintenance liabilities | 17,107 | 9,899 | |||||
Resident security deposits | 74,285 | 70,430 | |||||
Prepaid rent | 20,200 | 19,515 | |||||
Total | $ | 263,745 | $ | 177,206 |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Series | Issuance Date | Earliest Redemption Date | Dividend Rate | Outstanding Shares | Current Liquidation Value | Outstanding Shares | Current Liquidation Value | |||||||||||||||||||||||||||||||||||||
Series F perpetual preferred shares (1) | 4/24/2017 | 4/24/2022 | 5.875 | % | 6,200,000 | 155,000 | 6,200,000 | 155,000 | ||||||||||||||||||||||||||||||||||||
Series G perpetual preferred shares | 7/17/2017 | 7/17/2022 | 5.875 | % | 4,600,000 | 115,000 | 4,600,000 | 115,000 | ||||||||||||||||||||||||||||||||||||
Series H perpetual preferred shares | 9/19/2018 | 9/19/2023 | 6.250 | % | 4,600,000 | 115,000 | 4,600,000 | 115,000 | ||||||||||||||||||||||||||||||||||||
Total preferred shares | 15,400,000 | $ | 385,000 | 15,400,000 | $ | 385,000 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
Security | March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
Class A and Class B common shares | $ | 0.18 | $ | 0.10 | ||||||||||||||||||||||||||||||||||
6.500% Series D perpetual preferred shares (1) | — | 0.41 | ||||||||||||||||||||||||||||||||||||
6.350% Series E perpetual preferred shares (2) | — | 0.40 | ||||||||||||||||||||||||||||||||||||
5.875% Series F perpetual preferred shares (3) | 0.37 | 0.37 | ||||||||||||||||||||||||||||||||||||
5.875% Series G perpetual preferred shares | 0.37 | 0.37 | ||||||||||||||||||||||||||||||||||||
6.250% Series H perpetual preferred shares | 0.39 | 0.39 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Preferred income allocated to Series C convertible units | $ | — | $ | — | $ | — | $ | 3,027 | |||||||
Net income (loss) allocated to Class A units | 340 | (27 | ) | (30 | ) | 108 | |||||||||
Net income allocated to Series D convertible units | — | — | — | 133 | |||||||||||
Beneficial conversion feature | — | 7,569 | — | 7,569 | |||||||||||
Net (loss) income allocated to noncontrolling interest in a consolidated subsidiary | (31 | ) | (226 | ) | 8 | (446 | ) | ||||||||
$ | 309 | $ | 7,316 | $ | (22 | ) | $ | 10,391 |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (1) (in thousands) | |||||||||
Options outstanding at January 1, 2016 | 2,484,400 | $ | 16.22 | 8.0 | $ | 1,225 | ||||||
Granted | 708,000 | 14.15 | ||||||||||
Exercised | (172,250 | ) | 16.12 | 680 | ||||||||
Forfeited | (153,150 | ) | 16.36 | |||||||||
Options outstanding at September 30, 2016 | 2,867,000 | $ | 15.70 | 7.8 | $ | 17,021 | ||||||
Options exercisable at September 30, 2016 | 1,051,125 | $ | 16.04 | 7.1 | $ | 5,885 | ||||||
Options outstanding at January 1, 2017 | 2,826,500 | $ | 15.69 | 7.6 | $ | 14,956 | ||||||
Granted | 385,600 | 23.38 | ||||||||||
Exercised | (62,655 | ) | 15.77 | 444 | ||||||||
Forfeited | (85,250 | ) | 16.24 | |||||||||
Options outstanding at September 30, 2017 | 3,064,195 | $ | 16.64 | 7.1 | $ | 16,149 | ||||||
Options exercisable at September 30, 2017 | 1,681,595 | $ | 15.90 | 6.3 | $ | 9,764 |
2017 | 2016 | ||||||
Weighted-average fair value | $ | 3.82 | $ | 2.82 | |||
Expected term (years) | 7.0 | 7.0 | |||||
Dividend yield | 3.0 | % | 3.0 | % | |||
Volatility | 21.3 | % | 27.3 | % | |||
Risk-free interest rate | 2.2 | % | 1.5 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Options outstanding at beginning of period | 824,300 | 1,090,300 | |||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Exercised | (18,750) | (60,000) | |||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||
Options outstanding at end of period | 805,550 | 1,030,300 | |||||||||||||||||||||
Options exercisable at end of period | 800,550 | 992,800 |
2017 | 2016 | ||||
Restricted stock units at beginning of period | 130,150 | 91,650 | |||
Units awarded | 174,000 | 74,100 | |||
Units vested | (42,475 | ) | (27,250 | ) | |
Units forfeited | (16,200 | ) | (6,550 | ) | |
Restricted stock units at end of the period | 245,475 | 131,950 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
RSUs outstanding at beginning of period | 1,050,599 | 651,537 | |||||||||
Awarded | 395,759 | 453,560 | |||||||||
Vested | (335,826) | (164,203) | |||||||||
Forfeited | (19,523) | (12,399) | |||||||||
RSUs outstanding at end of period | 1,091,009 | 928,495 |
For the Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
PSUs outstanding at beginning of period | 92,319 | — | |||||||||
Awarded | 202,104 | 92,319 | |||||||||
Vested | — | — | |||||||||
Forfeited | — | — | |||||||||
PSUs outstanding at end of period | 294,423 | 92,319 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
General and administrative expense | $ | 4,030 | $ | 4,342 | |||||||||||||||||||
Property management expenses | 999 | 999 | |||||||||||||||||||||
Acquisition and other transaction costs | 2,376 | 2,769 | |||||||||||||||||||||
Total noncash share-based compensation expense | $ | 7,405 | $ | 8,110 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Noncontrolling interest | 8,312 | 4,925 | |||||||||||||||||||||
Dividends on preferred shares | 5,763 | 13,782 | |||||||||||||||||||||
Allocation to participating securities (1) | 197 | 93 | |||||||||||||||||||||
Numerator for income per common share–basic and diluted | $ | 55,742 | $ | 30,121 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding–basic | 345,742,526 | 316,982,460 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | 738,297 | 458,937 | |||||||||||||||||||||
Weighted-average common shares outstanding–diluted (3) | 346,480,823 | 317,441,397 | |||||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.10 | |||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.09 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Preferred distributions | 5,763 | 13,782 | |||||||||||||||||||||
Allocation to participating securities (1) | 197 | 93 | |||||||||||||||||||||
Numerator for income per common unit–basic and diluted | $ | 64,054 | $ | 35,046 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common units outstanding–basic | 397,119,506 | 368,647,217 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Share-based compensation plan and forward sale equity contracts (2) | 738,297 | 458,937 | |||||||||||||||||||||
Weighted-average common units outstanding–diluted | 397,857,803 | 369,106,154 | |||||||||||||||||||||
Net income per common unit: | |||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.10 | |||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.09 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
AH4R 2014-SFR2 securitization | $ | 468,743 | $ | 475,379 | $ | 470,039 | $ | 479,464 | |||||||||||||||
AH4R 2014-SFR3 securitization | 483,887 | 491,209 | 485,005 | 495,659 | |||||||||||||||||||
AH4R 2015-SFR1 securitization | 509,283 | 517,777 | 510,585 | 521,639 | |||||||||||||||||||
AH4R 2015-SFR2 securitization | 441,802 | 450,543 | 442,717 | 455,264 | |||||||||||||||||||
Total asset-backed securitizations | 1,903,715 | 1,934,908 | 1,908,346 | 1,952,026 | |||||||||||||||||||
2028 unsecured senior notes, net | 495,364 | 508,265 | 495,166 | 554,895 | |||||||||||||||||||
2029 unsecured senior notes, net | 396,130 | 424,764 | 395,990 | 463,840 | |||||||||||||||||||
2031 unsecured senior notes, net | 440,354 | 398,624 | 440,095 | 442,953 | |||||||||||||||||||
2051 unsecured senior notes, net | 290,958 | 251,940 | 290,881 | 304,461 | |||||||||||||||||||
Total unsecured senior notes, net | 1,622,806 | 1,583,593 | 1,622,132 | 1,766,149 | |||||||||||||||||||
Revolving credit facility | 410,000 | 410,000 | 350,000 | 350,000 | |||||||||||||||||||
Total debt | $ | 3,936,521 | $ | 3,928,501 | $ | 3,880,478 | $ | 4,068,175 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Less: | |||||||||||||||
Noncontrolling interest | 309 | 7,316 | (22 | ) | 10,391 | ||||||||||
Dividends on preferred shares | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Allocation to participating securities (1) | 12 | — | — | — | |||||||||||
Numerator for basic income (loss) per common share | $ | 1,523 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Add back: | |||||||||||||||
Dividends on participating preferred shares (2) | 5,569 | — | — | — | |||||||||||
Remeasurement of participating preferred shares (2) | (8,391 | ) | — | — | — | ||||||||||
Numerator for diluted loss per common share | $ | (1,299 | ) | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | |||
Denominator: | |||||||||||||||
Weighted-average common shares outstanding–basic | 266,767,313 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Participating preferred shares (2) | 22,385,747 | — | — | — | |||||||||||
Weighted-average common shares outstanding–diluted | 289,153,060 | 238,401,343 | 256,768,343 | 232,036,802 | |||||||||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Less: | |||||||||||||||
Noncontrolling interest | (31 | ) | (226 | ) | 8 | (446 | ) | ||||||||
Preferred distributions | 17,253 | 13,669 | 46,122 | 26,650 | |||||||||||
Income allocated to Series C and D limited partners | — | 10,915 | — | 16,478 | |||||||||||
Allocation to participating securities (1) | 12 | — | — | — | |||||||||||
Numerator for basic income (loss) per common unit | $ | 1,863 | $ | (24,525 | ) | $ | (171 | ) | $ | (41,574 | ) | ||||
Add back: | |||||||||||||||
Distributions to participating preferred units (2) | 5,569 | — | — | — | |||||||||||
Remeasurement of participating preferred units (2) | (8,391 | ) | — | — | — | ||||||||||
Numerator for diluted loss per common unit | $ | (959 | ) | $ | (24,525 | ) | $ | (171 | ) | $ | (41,574 | ) | |||
Denominator: | |||||||||||||||
Weighted-average common units outstanding–basic | 322,303,138 | 285,208,489 | 312,315,728 | 271,994,345 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Participating preferred units (2) | 22,385,747 | — | — | — | |||||||||||
Weighted-average common units outstanding–diluted | 344,688,885 | 285,208,489 | 312,315,728 | 271,994,345 | |||||||||||
Net income (loss) per common unit: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.09 | ) | $ | — | $ | (0.15 | ) | |||||
Diluted | $ | — | $ | (0.09 | ) | $ | — | $ | (0.15 | ) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
AH4R 2014-SFR1 securitization | $ | — | $ | — | $ | 456,074 | $ | 465,343 | |||||||
AH4R 2014-SFR2 securitization | 497,743 | 506,835 | 501,810 | 510,941 | |||||||||||
AH4R 2014-SFR3 securitization | 513,361 | 523,653 | 517,827 | 530,549 | |||||||||||
AH4R 2015-SFR1 securitization | 539,199 | 546,630 | 543,480 | 553,689 | |||||||||||
AH4R 2015-SFR2 securitization | 468,461 | 477,401 | 472,043 | 483,901 | |||||||||||
Total asset-backed securitizations (1) | 2,018,764 | 2,054,519 | 2,491,234 | 2,544,423 | |||||||||||
Exchangeable senior notes, net (2) | 110,771 | 143,297 | 108,148 | 142,808 | |||||||||||
Secured note payable | 49,107 | 49,383 | 49,828 | 50,053 | |||||||||||
Term loan facility (3) | 200,000 | 200,000 | 325,000 | 325,000 | |||||||||||
Total debt | $ | 2,378,642 | $ | 2,447,199 | $ | 2,974,210 | $ | 3,062,284 |
September 30, 2017 | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Participating preferred shares derivative liability | $ | — | $ | — | $ | 68,469 | $ | 68,469 |
December 31, 2016 | ||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Participating preferred shares derivative liability | $ | — | $ | — | $ | 69,810 | $ | 69,810 |
Description | January 1, 2017 | Conversions | Remeasurement included in earnings | September 30, 2017 | ||||||||||||
Liabilities: | ||||||||||||||||
Participating preferred shares derivative liability | $ | 69,810 | $ | — | $ | (1,341 | ) | $ | 68,469 |
Description | January 1, 2016 | Conversions | Gain and remeasurement included in earnings | September 30, 2016 | ||||||||||||
Liabilities: | ||||||||||||||||
Contingently convertible Series E units liability | $ | 69,957 | $ | (58,494 | ) | $ | (11,463 | ) | $ | — | ||||||
Participating preferred shares derivative liability | $ | 62,790 | $ | — | $ | 2,940 | $ | 65,730 |
Total Single-Family Properties (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Market | Number of Single-Family Properties | % of Total Single-Family Properties | Gross Book Value (millions) | % of Gross Book Value Total | Avg. Gross Book Value per Property | Avg. Sq. Ft. | Avg. Property Age (years) | Avg. Year Purchased or Delivered | ||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | 5,690 | 10.0 | % | $ | 1,183.7 | 10.1 | % | $ | 208,034 | 2,167 | 16.9 | 2016 | ||||||||||||||||||||||||||||||||||||||
Dallas-Fort Worth, TX | 4,310 | 7.5 | % | 738.7 | 6.3 | % | 171,394 | 2,113 | 17.9 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Charlotte, NC | 3,900 | 6.8 | % | 802.4 | 6.9 | % | 205,748 | 2,099 | 17.2 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Phoenix, AZ | 3,334 | 5.8 | % | 656.6 | 5.6 | % | 196,946 | 1,834 | 18.2 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Nashville, TN | 3,118 | 5.5 | % | 722.9 | 6.2 | % | 231,839 | 2,108 | 15.6 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 2,932 | 5.1 | % | 488.3 | 4.2 | % | 166,541 | 1,930 | 19.2 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Houston, TX | 2,850 | 5.0 | % | 490.6 | 4.2 | % | 172,146 | 2,103 | 16.2 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Jacksonville, FL | 2,770 | 4.8 | % | 558.9 | 4.8 | % | 201,781 | 1,935 | 14.3 | 2016 | ||||||||||||||||||||||||||||||||||||||||
Tampa, FL | 2,662 | 4.7 | % | 571.5 | 4.9 | % | 214,682 | 1,940 | 15.1 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Raleigh, NC | 2,167 | 3.8 | % | 421.9 | 3.6 | % | 194,694 | 1,886 | 16.4 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Columbus, OH | 2,134 | 3.7 | % | 394.1 | 3.4 | % | 184,663 | 1,867 | 19.9 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Cincinnati, OH | 2,134 | 3.7 | % | 404.9 | 3.5 | % | 189,751 | 1,848 | 19.3 | 2014 | ||||||||||||||||||||||||||||||||||||||||
Orlando, FL | 1,840 | 3.2 | % | 362.6 | 3.1 | % | 197,054 | 1,899 | 18.9 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | 1,830 | 3.2 | % | 526.9 | 4.5 | % | 287,922 | 2,227 | 16.2 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Greater Chicago area, IL and IN | 1,686 | 3.0 | % | 315.1 | 2.7 | % | 186,917 | 1,869 | 20.6 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Las Vegas, NV | 1,597 | 2.8 | % | 384.9 | 3.3 | % | 241,031 | 1,879 | 14.3 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Charleston, SC | 1,512 | 2.6 | % | 335.8 | 2.9 | % | 222,077 | 1,970 | 11.7 | 2016 | ||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | 1,331 | 2.3 | % | 253.2 | 2.2 | % | 190,253 | 1,938 | 13.8 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Seattle, WA | 1,106 | 1.9 | % | 349.0 | 3.0 | % | 315,583 | 2,002 | 12.5 | 2017 | ||||||||||||||||||||||||||||||||||||||||
Savannah/Hilton Head, SC | 990 | 1.7 | % | 194.4 | 1.7 | % | 196,390 | 1,887 | 13.6 | 2016 | ||||||||||||||||||||||||||||||||||||||||
All Other (2) | 7,236 | 12.9 | % | 1,549.9 | 12.9 | % | 214,197 | 1,900 | 17.0 | 2015 | ||||||||||||||||||||||||||||||||||||||||
Total/Average | 57,129 | 100.0 | % | $ | 11,706.3 | 100.0 | % | $ | 204,910 | 1,989 | 16.8 | 2015 |
Market | Number of Single-family Properties (1) | % of Total Single-family Properties | Avg. Gross Book Value per Property | Avg. Sq. Ft. | Avg. Property Age (years) | Avg. Year Purchased | ||||||||||||
Dallas-Fort Worth, TX | 4,354 | 8.8 | % | $ | 162,364 | 2,121 | 13.9 | 2014 | ||||||||||
Atlanta, GA | 4,319 | 8.7 | % | 165,430 | 2,114 | 16.4 | 2014 | |||||||||||
Houston, TX | 3,158 | 6.4 | % | 159,123 | 2,113 | 11.8 | 2014 | |||||||||||
Charlotte, NC | 3,248 | 6.6 | % | 181,934 | 2,064 | 14.1 | 2014 | |||||||||||
Indianapolis, IN | 2,897 | 5.8 | % | 151,377 | 1,933 | 15.0 | 2013 | |||||||||||
Phoenix, AZ | 2,768 | 5.6 | % | 162,343 | 1,815 | 14.9 | 2014 | |||||||||||
Nashville, TN | 2,557 | 5.2 | % | 202,594 | 2,108 | 13.3 | 2014 | |||||||||||
Greater Chicago area, IL and IN | 2,033 | 4.1 | % | 180,753 | 1,896 | 16.1 | 2013 | |||||||||||
Cincinnati, OH | 1,993 | 4.0 | % | 172,939 | 1,852 | 15.3 | 2013 | |||||||||||
Raleigh, NC | 1,968 | 4.0 | % | 179,187 | 1,858 | 12.9 | 2014 | |||||||||||
All Other (2) | 20,251 | 40.8 | % | 179,481 | 1,904 | 14.4 | 2014 | |||||||||||
Total / Average | 49,546 | 100.0 | % | $ | 174,014 | 1,968 | 14.4 | 2014 |
Total Single-Family Properties (1) | ||||||||||||||||||||||||||||||||
Market | Avg. Occupied Days Percentage (2) | Avg. Monthly Realized Rent per property (3) | Avg. Original Lease Term (months) (4) | Avg. Remaining Lease Term (months) (4) | Avg. Blended Change in Rent (5) | |||||||||||||||||||||||||||
Atlanta, GA | 96.1 | % | $ | 1,877 | 12.0 | 6.1 | 10.6 | % | ||||||||||||||||||||||||
Dallas-Fort Worth, TX | 97.1 | % | 1,961 | 12.2 | 5.9 | 8.1 | % | |||||||||||||||||||||||||
Charlotte, NC | 96.6 | % | 1,819 | 12.3 | 6.0 | 8.2 | % | |||||||||||||||||||||||||
Phoenix, AZ | 96.0 | % | 1,767 | 11.9 | 6.3 | 12.0 | % | |||||||||||||||||||||||||
Nashville, TN | 97.3 | % | 1,951 | 12.0 | 6.1 | 8.7 | % | |||||||||||||||||||||||||
Indianapolis, IN | 95.7 | % | 1,625 | 12.0 | 6.1 | 7.2 | % | |||||||||||||||||||||||||
Houston, TX | 96.4 | % | 1,812 | 12.5 | 5.6 | 5.6 | % | |||||||||||||||||||||||||
Jacksonville, FL | 97.3 | % | 1,841 | 12.0 | 6.0 | 9.6 | % | |||||||||||||||||||||||||
Tampa, FL | 97.9 | % | 1,952 | 12.0 | 6.1 | 10.7 | % | |||||||||||||||||||||||||
Raleigh, NC | 95.6 | % | 1,736 | 12.4 | 6.2 | 7.9 | % | |||||||||||||||||||||||||
Columbus, OH | 94.7 | % | 1,870 | 12.0 | 6.3 | 6.9 | % | |||||||||||||||||||||||||
Cincinnati, OH | 95.7 | % | 1,822 | 11.9 | 6.4 | 7.6 | % | |||||||||||||||||||||||||
Orlando, FL | 97.9 | % | 1,907 | 12.0 | 5.6 | 8.5 | % | |||||||||||||||||||||||||
Salt Lake City, UT | 95.8 | % | 2,070 | 12.1 | 6.6 | 8.4 | % | |||||||||||||||||||||||||
Greater Chicago area, IL and IN | 97.2 | % | 2,077 | 12.3 | 6.2 | 8.4 | % | |||||||||||||||||||||||||
Las Vegas, NV | 93.9 | % | 1,920 | 11.9 | 6.4 | 10.5 | % | |||||||||||||||||||||||||
Charleston, SC | 92.6 | % | 1,947 | 12.0 | 6.3 | 7.3 | % | |||||||||||||||||||||||||
San Antonio, TX | 94.3 | % | 1,763 | 12.0 | 5.9 | 6.9 | % | |||||||||||||||||||||||||
Seattle, WA | 94.3 | % | 2,311 | 12.0 | 6.9 | 9.3 | % | |||||||||||||||||||||||||
Savannah/Hilton Head, SC | 96.3 | % | 1,785 | 11.9 | 6.7 | 10.6 | % | |||||||||||||||||||||||||
All Other (6) | 95.8 | % | 1,857 | 12.0 | 6.3 | 8.8 | % | |||||||||||||||||||||||||
Total/Average | 96.2 | % | $ | 1,872 | 12.1 | 6.2 | 8.8 | % |
Total Single-family Properties (1) | |||||||||||||||||
Market | Leased Percentage (2) | Occupancy Percentage (2) | Avg. Contractual Monthly Rent Per Property (2) | Avg. Original Lease Term (months) (2) | Avg. Remaining Lease Term (months) (2) | Avg. Blended Change in Rent (3) | |||||||||||
Dallas-Fort Worth, TX | 94.0 | % | 92.9 | % | $ | 1,662 | 11.9 | 6.4 | 4.9 | % | |||||||
Atlanta, GA | 94.0 | % | 93.5 | % | 1,465 | 12.0 | 6.8 | 5.8 | % | ||||||||
Houston, TX | 90.2 | % | 89.3 | % | 1,595 | 12.3 | 6.8 | 1.5 | % | ||||||||
Charlotte, NC | 88.6 | % | 88.2 | % | 1,508 | 12.0 | 6.7 | 4.1 | % | ||||||||
Indianapolis, IN | 95.0 | % | 94.3 | % | 1,350 | 12.8 | 6.9 | 3.9 | % | ||||||||
Phoenix, AZ | 97.7 | % | 97.3 | % | 1,238 | 12.4 | 6.6 | 6.9 | % | ||||||||
Nashville, TN | 92.1 | % | 91.4 | % | 1,656 | 12.1 | 6.5 | 3.6 | % | ||||||||
Greater Chicago area, IL and IN | 95.4 | % | 94.4 | % | 1,784 | 13.0 | 7.3 | 3.5 | % | ||||||||
Cincinnati, OH | 94.5 | % | 93.8 | % | 1,519 | 12.7 | 7.2 | 3.7 | % | ||||||||
Raleigh, NC | 93.6 | % | 92.7 | % | 1,456 | 12.0 | 6.7 | 3.7 | % | ||||||||
All Other (4) | 92.2 | % | 91.4 | % | 1,527 | 12.2 | 6.6 | 4.0 | % | ||||||||
Total / Average | 92.9 | % | 92.2 | % | $ | 1,523 | 12.2 | 6.7 | 4.1 | % |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 262,720 | $ | 38,945 | $ | 301,665 | |||||||||||||||||||||||||||||
Fees from single-family properties | 4,995 | 1,092 | 6,087 | ||||||||||||||||||||||||||||||||
Bad debt | (3,137) | (782) | (3,919) | ||||||||||||||||||||||||||||||||
Core revenues | 264,578 | 39,255 | 303,833 | ||||||||||||||||||||||||||||||||
Property tax expense | 44,532 | 16.8 | % | 7,410 | 18.9 | % | 51,942 | 17.1 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 4,688 | 1.8 | % | 720 | 1.8 | % | 5,408 | 1.8 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 18,045 | 6.8 | % | 3,958 | 10.1 | % | 22,003 | 7.2 | % | ||||||||||||||||||||||||||
Insurance | 2,877 | 1.1 | % | 496 | 1.3 | % | 3,373 | 1.1 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 19,111 | 7.2 | % | 4,569 | 11.6 | % | 23,680 | 7.8 | % | ||||||||||||||||||||||||||
Core property operating expenses | 89,253 | 33.7 | % | 17,153 | 43.7 | % | 106,406 | 35.0 | % | ||||||||||||||||||||||||||
Core NOI | $ | 175,325 | 66.3 | % | $ | 22,102 | 56.3 | % | $ | 197,427 | 65.0 | % |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||||||||||||
Rents from single-family properties | $ | 244,237 | $ | 24,084 | $ | 268,321 | |||||||||||||||||||||||||||||
Fees from single-family properties | 4,528 | 646 | 5,174 | ||||||||||||||||||||||||||||||||
Bad debt | (5,852) | (865) | (6,717) | ||||||||||||||||||||||||||||||||
Core revenues | 242,913 | 23,865 | 266,778 | ||||||||||||||||||||||||||||||||
Property tax expense | 42,601 | 17.5 | % | 4,807 | 20.1 | % | 47,408 | 17.8 | % | ||||||||||||||||||||||||||
HOA fees, net (2) | 4,402 | 1.8 | % | 565 | 2.4 | % | 4,967 | 1.9 | % | ||||||||||||||||||||||||||
R&M and turnover costs, net (2) | 15,809 | 6.6 | % | 2,427 | 10.2 | % | 18,236 | 6.8 | % | ||||||||||||||||||||||||||
Insurance | 2,498 | 1.0 | % | 290 | 1.2 | % | 2,788 | 1.0 | % | ||||||||||||||||||||||||||
Property management expenses, net (3) | 19,393 | 8.0 | % | 2,807 | 11.8 | % | 22,200 | 8.3 | % | ||||||||||||||||||||||||||
Core property operating expenses | 84,703 | 34.9 | % | 10,896 | 45.7 | % | 95,599 | 35.8 | % | ||||||||||||||||||||||||||
Core NOI | $ | 158,210 | 65.1 | % | $ | 12,969 | 54.3 | % | $ | 171,179 | 64.2 | % |
For the Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Former ARPI Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||
Rents from single-family properties | $ | 158,491 | $ | 18,771 | $ | 30,228 | $ | 207,490 | |||||||||||||||||||
Fees from single-family properties | 2,099 | 313 | 431 | 2,843 | |||||||||||||||||||||||
Bad debt expense | (1,755 | ) | (195 | ) | (349 | ) | (2,299 | ) | |||||||||||||||||||
Core revenues | 158,835 | 18,889 | 30,310 | 208,034 | |||||||||||||||||||||||
Property tax expense | 28,011 | 17.6 | % | 3,290 | 17.4 | % | 5,317 | 17.5 | % | 36,618 | 17.6 | % | |||||||||||||||
HOA fees, net (2) | 3,117 | 2.0 | % | 398 | 2.1 | % | 731 | 2.4 | % | 4,246 | 2.0 | % | |||||||||||||||
R&M and turnover costs, net (2) | 13,720 | 8.6 | % | 1,764 | 9.4 | % | 2,482 | 8.2 | % | 17,966 | 8.6 | % | |||||||||||||||
Insurance | 1,450 | 0.9 | % | 231 | 1.2 | % | 300 | 1.0 | % | 1,981 | 1.0 | % | |||||||||||||||
Property management expenses, net (3) | 12,041 | 7.6 | % | 1,431 | 7.6 | % | 2,298 | 7.6 | % | 15,770 | 7.6 | % | |||||||||||||||
Core property operating expenses | 58,339 | 36.7 | % | 7,114 | 37.7 | % | 11,128 | 36.7 | % | 76,581 | 36.8 | % | |||||||||||||||
Core NOI | $ | 100,496 | 63.3 | % | $ | 11,775 | 62.3 | % | $ | 19,182 | 63.3 | % | $ | 131,453 | 63.2 | % |
For the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Former ARPI Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||
Rents from single-family properties | $ | 154,610 | $ | 13,122 | $ | 29,405 | $ | 197,137 | |||||||||||||||||||
Fees from single-family properties | 2,228 | 265 | 405 | 2,898 | |||||||||||||||||||||||
Bad debt expense | (1,805 | ) | (457 | ) | (347 | ) | (2,609 | ) | |||||||||||||||||||
Core revenues | 155,033 | 12,930 | 29,463 | 197,426 | |||||||||||||||||||||||
Property tax expense | 27,755 | 17.9 | % | 2,656 | 20.5 | % | 5,460 | 18.5 | % | 35,871 | 18.2 | % | |||||||||||||||
HOA fees, net (2) | 3,046 | 2.0 | % | 242 | 1.9 | % | 743 | 2.5 | % | 4,031 | 2.0 | % | |||||||||||||||
R&M and turnover costs, net (2) | 13,947 | 8.9 | % | 1,525 | 11.9 | % | 2,907 | 9.8 | % | 18,379 | 9.3 | % | |||||||||||||||
Insurance | 1,667 | 1.1 | % | 187 | 1.4 | % | 372 | 1.3 | % | 2,226 | 1.1 | % | |||||||||||||||
Property management expenses, net (3) | 12,948 | 8.4 | % | 1,079 | 8.3 | % | 2,461 | 8.4 | % | 16,488 | 8.4 | % | |||||||||||||||
Core property operating expenses | 59,363 | 38.3 | % | 5,689 | 44.0 | % | 11,943 | 40.5 | % | 76,995 | 39.0 | % | |||||||||||||||
Core NOI | $ | 95,670 | 61.7 | % | $ | 7,241 | 56.0 | % | $ | 17,520 | 59.5 | % | $ | 120,431 | 61.0 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Core revenues and Same-Home core revenues | |||||||||||||||||||||||
Rents and other single-family property revenues | $ | 356,105 | $ | 312,573 | |||||||||||||||||||
Tenant charge-backs | (52,272) | (45,795) | |||||||||||||||||||||
Core revenues | 303,833 | 266,778 | |||||||||||||||||||||
Less: Non-Same-Home core revenues | 39,255 | 23,865 | |||||||||||||||||||||
Same-Home core revenues | $ | 264,578 | $ | 242,913 |
Core property operating expenses and Same-Home core property operating expenses | |||||||||||||||||||||||
Property operating expenses | $ | 133,643 | $ | 118,694 | |||||||||||||||||||
Property management expenses | 26,034 | 23,699 | |||||||||||||||||||||
Noncash share-based compensation - property management | (999) | (999) | |||||||||||||||||||||
Expenses reimbursed by tenant charge-backs | (52,272) | (45,795) | |||||||||||||||||||||
Core property operating expenses | 106,406 | 95,599 | |||||||||||||||||||||
Less: Non-Same-Home core property operating expenses | 17,153 | 10,896 | |||||||||||||||||||||
Same-Home core property operating expenses | $ | 89,253 | $ | 84,703 |
Core NOI and Same-Home Core NOI | |||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (22,044) | (16,069) | |||||||||||||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||||||||||||||
Acquisition and other transaction costs | 5,974 | 4,846 | |||||||||||||||||||||
Noncash share-based compensation - property management | 999 | 999 | |||||||||||||||||||||
Interest expense | 27,567 | 28,005 | |||||||||||||||||||||
General and administrative expense | 17,282 | 15,205 | |||||||||||||||||||||
Other income and expense, net | (2,319) | (799) | |||||||||||||||||||||
Core NOI | 197,427 | 171,179 | |||||||||||||||||||||
Less: Non-Same-Home Core NOI | 22,102 | 12,969 | |||||||||||||||||||||
Same-Home Core NOI | $ | 175,325 | $ | 158,210 | |||||||||||||||||||
For the Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | (Unaudited) | ||||||
Core revenues | |||||||
Total revenues | $ | 246,836 | $ | 236,057 | |||
Tenant charge-backs | (36,094 | ) | (30,808 | ) | |||
Bad debt expense | (2,299 | ) | (2,609 | ) | |||
Other revenues | (409 | ) | (5,214 | ) | |||
Core revenues | $ | 208,034 | $ | 197,426 |
Core property operating expenses | |||||||
Property operating expenses | $ | 97,944 | $ | 92,488 | |||
Property management expenses | 17,447 | 18,335 | |||||
Noncash share-based compensation - property management | (417 | ) | (411 | ) | |||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | |||
Bad debt expense | (2,299 | ) | (2,609 | ) | |||
Core property operating expenses | $ | 76,581 | $ | 76,995 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | ||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | ||||
Loss on early extinguishment of debt | — | 13,408 | |||||
Hurricane-related charges, net | 10,136 | — | |||||
Gain on sale of single-family properties and other, net | (1,895 | ) | (11,682 | ) | |||
Depreciation and amortization | 74,790 | 75,392 | |||||
Acquisition fees and costs expensed | 1,306 | 1,757 | |||||
Noncash share-based compensation - property management | 417 | 411 | |||||
Interest expense | 26,592 | 32,851 | |||||
General and administrative expense | 8,525 | 8,043 | |||||
Other expenses | 1,285 | 3,142 | |||||
Other revenues | (409 | ) | (5,214 | ) | |||
Tenant charge-backs | 36,094 | 30,808 | |||||
Expenses reimbursed by tenant charge-backs | (36,094 | ) | (30,808 | ) | |||
Bad debt expense excluded from operating expenses | 2,299 | 2,609 | |||||
Bad debt expense included in revenues | (2,299 | ) | (2,609 | ) | |||
Core NOI | 131,453 | 120,431 | |||||
Less: Non-Same-Home Core NOI | 30,957 | 24,761 | |||||
Same-Home Core NOI | 100,496 | 95,670 | |||||
Less: Same-Home capital expenditures | 8,968 | 8,949 | |||||
Same-Home Core NOI After Capital Expenditures | $ | 91,528 | $ | 86,721 |
For the Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Former ARPI Properties | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||
Rents from single-family properties | $ | 473,441 | $ | 49,242 | $ | 90,562 | $ | 613,245 | |||||||||||||||||||
Fees from single-family properties | 5,948 | 920 | 1,269 | 8,137 | |||||||||||||||||||||||
Bad debt expense | (3,947 | ) | (467 | ) | (728 | ) | (5,142 | ) | |||||||||||||||||||
Core revenues | 475,442 | 49,695 | 91,103 | 616,240 | |||||||||||||||||||||||
Property tax expense | 84,245 | 17.7 | % | 9,502 | 19.1 | % | 16,305 | 17.9 | % | 110,052 | 17.9 | % | |||||||||||||||
HOA fees, net (2) | 9,071 | 1.9 | % | 995 | 2.0 | % | 2,165 | 2.4 | % | 12,231 | 2.0 | % | |||||||||||||||
R&M and turnover costs, net (2) | 35,240 | 7.4 | % | 4,334 | 8.7 | % | 6,374 | 6.9 | % | 45,948 | 7.4 | % | |||||||||||||||
Insurance | 4,423 | 0.9 | % | 615 | 1.2 | % | 807 | 0.9 | % | 5,845 | 0.9 | % | |||||||||||||||
Property management expenses, net (3) | 36,455 | 7.7 | % | 3,805 | 7.7 | % | 6,985 | 7.7 | % | 47,245 | 7.7 | % | |||||||||||||||
Core property operating expenses | 169,434 | 35.6 | % | 19,251 | 38.7 | % | 32,636 | 35.8 | % | 221,321 | 35.9 | % | |||||||||||||||
Core NOI | $ | 306,008 | 64.4 | % | $ | 30,444 | 61.3 | % | $ | 58,467 | 64.2 | % | $ | 394,919 | 64.1 | % |
For the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Same-Home Properties (1) | % of Core Revenue | Non-Same- Home and Other Properties | % of Core Revenue | Former ARPI Properties (4) | % of Core Revenue | Total Properties | % of Core Revenue | ||||||||||||||||||||
Rents from single-family properties | $ | 458,279 | $ | 32,595 | $ | 67,749 | $ | 558,623 | |||||||||||||||||||
Fees from single-family properties | 6,156 | 812 | 851 | 7,819 | |||||||||||||||||||||||
Bad debt expense | (3,907 | ) | (657 | ) | (528 | ) | (5,092 | ) | |||||||||||||||||||
Core revenues | 460,528 | 32,750 | 68,072 | 561,350 | |||||||||||||||||||||||
Property tax expense | 83,269 | 18.1 | % | 6,756 | 20.6 | % | 12,284 | 18.0 | % | 102,309 | 18.2 | % | |||||||||||||||
HOA fees, net (2) | 8,955 | 1.9 | % | 669 | 2.0 | % | 1,653 | 2.4 | % | 11,277 | 2.0 | % | |||||||||||||||
R&M and turnover costs, net (2) | 35,953 | 7.8 | % | 3,537 | 10.9 | % | 6,145 | 9.0 | % | 45,635 | 8.1 | % | |||||||||||||||
Insurance | 5,185 | 1.1 | % | 551 | 1.7 | % | 854 | 1.3 | % | 6,590 | 1.2 | % | |||||||||||||||
Property management expenses, net (3) | 39,446 | 8.6 | % | 2,792 | 8.5 | % | 5,780 | 8.5 | % | 48,018 | 8.6 | % | |||||||||||||||
Core property operating expenses | 172,808 | 37.5 | % | 14,305 | 43.7 | % | 26,716 | 39.2 | % | 213,829 | 38.1 | % | |||||||||||||||
Core NOI | $ | 287,720 | 62.5 | % | $ | 18,445 | 56.3 | % | $ | 41,356 | 60.8 | % | $ | 347,521 | 61.9 | % |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | (Unaudited) | ||||||
Core revenues | |||||||
Total revenues | $ | 717,598 | $ | 651,330 | |||
Tenant charge-backs | (91,849 | ) | (72,077 | ) | |||
Bad debt expense | (5,142 | ) | (5,092 | ) | |||
Other revenues | (4,367 | ) | (12,811 | ) | |||
Core revenues | $ | 616,240 | $ | 561,350 |
Core property operating expenses | |||||||
Property operating expenses | $ | 267,203 | $ | 238,987 | |||
Property management expenses | 52,367 | 53,177 | |||||
Noncash share-based compensation - property management | (1,258 | ) | (1,166 | ) | |||
Expenses reimbursed by tenant charge-backs | (91,849 | ) | (72,077 | ) | |||
Bad debt expense | (5,142 | ) | (5,092 | ) | |||
Core property operating expenses | $ | 221,321 | $ | 213,829 |
Core NOI, Same-Home Core NOI and Same-Home Core NOI After Capital Expenditures | |||||||
Net income | $ | 45,959 | $ | 1,108 | |||
Remeasurement of participating preferred shares | (1,341 | ) | 2,940 | ||||
Gain on conversion of Series E units | — | (11,463 | ) | ||||
Loss on early extinguishment of debt | 6,555 | 13,408 | |||||
Hurricane-related charges, net | 10,136 | — | |||||
Gain on sale of single-family properties and other, net | (6,375 | ) | (12,574 | ) | |||
Depreciation and amortization | 221,459 | 224,513 | |||||
Acquisition fees and costs expensed | 3,814 | 10,899 | |||||
Noncash share-based compensation - property management | 1,258 | 1,166 | |||||
Interest expense | 86,873 | 99,309 | |||||
General and administrative expense | 26,746 | 24,544 | |||||
Other expenses | 4,202 | 6,482 | |||||
Other revenues | (4,367 | ) | (12,811 | ) | |||
Tenant charge-backs | 91,849 | 72,077 | |||||
Expenses reimbursed by tenant charge-backs | (91,849 | ) | (72,077 | ) | |||
Bad debt expense excluded from operating expenses | 5,142 | 5,092 | |||||
Bad debt expense included in revenues | (5,142 | ) | (5,092 | ) | |||
Core NOI | 394,919 | 347,521 | |||||
Less: Non-Same-Home Core NOI | 88,911 | 59,801 | |||||
Same-Home Core NOI | 306,008 | 287,720 | |||||
Less: Same-Home capital expenditures | 21,077 | 22,223 | |||||
Same-Home Core NOI After Capital Expenditures | $ | 284,931 | $ | 265,497 |
For the Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 158,742 | $ | 151,997 | $ | 6,745 | |||||||||||
Net cash used for investing activities | (512,764) | (208,230) | (304,534) | ||||||||||||||
Net cash provided by financing activities | 369,235 | 3,260 | 365,975 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 15,213 | $ | (52,973) | $ | 68,186 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 349,375 | $ | 254,980 | |||
Net cash used for investing activities | (486,896 | ) | (444,009 | ) | |||
Net cash provided by financing activities | 250,401 | 257,736 | |||||
Net increase in cash, cash equivalents and restricted cash | $ | 112,880 | $ | 68,707 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income attributable to common shareholders | $ | 55,939 | $ | 30,214 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 8,312 | 4,925 | |||||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (22,044) | (16,069) | |||||||||||||||||||||
Adjustments for unconsolidated joint ventures | (371) | 382 | |||||||||||||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||||||||||||||
Less: depreciation and amortization of non-real estate assets | (2,992) | (2,788) | |||||||||||||||||||||
FFO attributable to common share and unit holders | $ | 138,798 | $ | 106,735 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition, other transaction costs and other | 5,974 | 4,846 | |||||||||||||||||||||
Noncash share-based compensation - general and administrative | 4,030 | 4,342 | |||||||||||||||||||||
Noncash share-based compensation - property management | 999 | 999 | |||||||||||||||||||||
Core FFO attributable to common share and unit holders | $ | 149,801 | $ | 116,922 | |||||||||||||||||||
Recurring Capital Expenditures | (11,178) | (9,651) | |||||||||||||||||||||
Leasing costs | (535) | (975) | |||||||||||||||||||||
Adjusted FFO attributable to common share and unit holders | $ | 138,088 | $ | 106,296 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 1,535 | $ | (21,152 | ) | $ | (141 | ) | $ | (35,933 | ) | ||||
Adjustments: | |||||||||||||||
Noncontrolling interests in the Operating Partnership | 340 | 7,542 | (30 | ) | 10,838 | ||||||||||
Net (gain) on sale / impairment of single-family properties and other | (596 | ) | (11,115 | ) | (2,589 | ) | (11,107 | ) | |||||||
Depreciation and amortization of real estate assets | 73,037 | 73,790 | 215,409 | 220,168 | |||||||||||
FFO attributable to common share and unit holders | $ | 74,316 | $ | 49,065 | $ | 212,649 | $ | 183,966 | |||||||
Adjustments: | |||||||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Noncash share-based compensation - general and administrative | 699 | 480 | 1,917 | 1,578 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Noncash interest expense related to acquired debt | 910 | 1,474 | 2,624 | 3,699 | |||||||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Core FFO attributable to common share and unit holders | $ | 79,393 | $ | 69,085 | $ | 237,612 | $ | 206,193 | |||||||
Recurring capital expenditures (1) | (11,600 | ) | (10,411 | ) | (27,140 | ) | (25,183 | ) | |||||||
Leasing costs | (1,960 | ) | (2,119 | ) | (5,361 | ) | (6,199 | ) | |||||||
Adjusted FFO attributable to common share and unit holders | $ | 65,833 | $ | 56,555 | $ | 205,111 | $ | 174,811 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 70,014 | $ | 48,921 | |||||||||||||||||||
Interest expense | 27,567 | 28,005 | |||||||||||||||||||||
Depreciation and amortization | 99,954 | 90,071 | |||||||||||||||||||||
EBITDA | $ | 197,535 | $ | 166,997 | |||||||||||||||||||
Gain on sale and impairment of single-family properties and other, net | (22,044) | (16,069) | |||||||||||||||||||||
Adjustments for unconsolidated joint ventures | (371) | 382 | |||||||||||||||||||||
EBITDAre | $ | 175,120 | $ | 151,310 | |||||||||||||||||||
Noncash share-based compensation - general and administrative | 4,030 | 4,342 | |||||||||||||||||||||
Noncash share-based compensation - property management | 999 | 999 | |||||||||||||||||||||
Acquisition, other transaction costs and other | 5,974 | 4,846 | |||||||||||||||||||||
Adjusted EBITDAre | $ | 186,123 | $ | 161,497 | |||||||||||||||||||
Recurring Capital Expenditures | (11,178) | (9,651) | |||||||||||||||||||||
Leasing costs | (535) | (975) | |||||||||||||||||||||
Fully Adjusted EBITDAre | $ | 174,410 | $ | 150,871 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Net income (loss) | $ | 19,097 | $ | (167 | ) | $ | 45,959 | $ | 1,108 | ||||||
Interest expense | 26,592 | 32,851 | 86,873 | 99,309 | |||||||||||
Depreciation and amortization | 74,790 | 75,392 | 221,459 | 224,513 | |||||||||||
EBITDA | $ | 120,479 | $ | 108,076 | $ | 354,291 | $ | 324,930 | |||||||
Noncash share-based compensation - general and administrative | 699 | 480 | 1,917 | 1,578 | |||||||||||
Noncash share-based compensation - property management | 417 | 411 | 1,258 | 1,166 | |||||||||||
Acquisition fees and costs expensed | 1,306 | 1,757 | 3,814 | 10,899 | |||||||||||
Net (gain) on sale / impairment of single-family properties and other | (596 | ) | (11,115 | ) | (2,589 | ) | (11,107 | ) | |||||||
Hurricane-related charges, net | 10,136 | — | 10,136 | — | |||||||||||
Loss on early extinguishment of debt | — | 13,408 | 6,555 | 13,408 | |||||||||||
Gain on conversion of Series E units | — | — | — | (11,463 | ) | ||||||||||
Remeasurement of participating preferred shares | (8,391 | ) | 2,490 | (1,341 | ) | 2,940 | |||||||||
Adjusted EBITDA | $ | 124,050 | $ | 115,507 | $ | 374,041 | $ | 332,351 |
September 30, 2017 | December 31, 2016 | |||||||
Impact to future earnings due to variable rate debt, before the effect of capitalization: | ||||||||
Rate increase of 1% | $ | 2,000 | $ | 7,813 | (1) | |||
Rate decrease of 1% (2) | $ | (2,000 | ) | $ | (4,087 | ) |
Exhibit Number | Exhibit Document | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 |
Exhibit Number | Exhibit Document | |||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
10.1 | † | |||||||
31.1 | ||||||||
31.2 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
Cover Page Interactive Data File (formatted as Inline XBRL and |
AMERICAN HOMES 4 RENT | ||
Chief Financial Officer | ||
(Principal Financial Officer and duly authorized signatory of registrant) | ||
Date: |
AMERICAN HOMES 4 RENT, L.P. | ||
By: American Homes 4 Rent, its General Partner | ||
/s/ Christopher C. Lau | ||
Christopher C. Lau | ||
Chief Financial Officer | ||
(Principal Financial Officer and duly authorized signatory of registrant) | ||
Date: May 6, 2022 |